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March 27, 2023 – First Citizens BancShares has announced that it will acquire Silicon Valley Bank ("SVB") further to which it will purchase about $72.0bn in loans at a discount of $16.5bn and the transfer of deposits worth $56.0bn.  The FDIC, which took control of SVB earlier this month, said in a separate statement that approximately…

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[Just filed. Developing story.] March 27, 2023 – Publicly traded Codiak BioSciences, Inc. and one affiliated debtor (Nasdaq: CDAK; “Codiak” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case No. 23-10350 (Judge TBA). The Debtors, a Cambridge, Massachusetts-based "clinical-stage biopharmaceutical company focused on pioneering…

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March 22, 2023 – The Debtor's Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtor’s March 20th motion to convert its Chapter 11 case to a case under Chapter 7 [Docket No. 379] arguing that its "extensive negotiations with Goli…are likely to pave the path toward a settlement of claims and a value-maximizing…

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March 22, 2023 – Further to a March 8th bidding procedures order [Docket No. 351] and an auction held on March 21st, the Debtors notified the Court that Winning Bidders had been designated in respect of a majority of their 90 restaurant locations (several did not have bids) and that the Debtors’ stalking horse 13th…

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March 22, 2023 – Amsterdam House Continuing Care Retirement Community, Inc. (d/b/a as “The Amsterdam at Harborside,” “AHCCRC” or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Eastern District of New York, lead case No. 23-70989 (Judge Alan S. Trust). The Debtor, "a best-in-class senior living community which is…

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March 21, 2023 – The Court hearing the Starry Group Holdings cases issued an order: (i) approving bidding procedures in relation to the sale of substantially all of the Debtors’ assets and/or Reorganized Equity (the “Reorganized Equity”), (ii) authorizing the Debtors to enter into a stalking horse arrangement (none selected yet) and (iii) adopting a…

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March 21, 2023 – The Court hearing the Stimwave Technologies cases issued an order confirming the Debtors’ Second Amended Plan of Liquidation [Docket No. 791]. In a related development, on March 9th, the Debtors' former CEO Laura Perryman was arrested in Florida and charged with one count of healthcare fraud* and one count of conspiracy…

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March 21, 2023 – Further to agreements reached at a March 16th Plan confirmation hearing (as reflected in the March 17th Plan and amended confirmation order, see below), the Court hearing the Times Square JV cases issued an order confirming the Debtors’ Third Amended Plan of Reorganization [Docket No. 260]. Case Evolution On December 28,…

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University bookstore operator Barnes and Noble Education (BNED) hired Houlihan Lokey according to a report by Bloomberg.  The article cited declining college enrollments and loans maturing later next year as catalysts for the engagement. Barnes and Noble Education shares closed at $1.62 Monday, giving the company a market capitalization of $85 Million. Barnes and Noble Education…

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March 17, 2023 – In advance of a March 20th hearing, the Debtors (in conjunction with their credit bidding stalking horse, the "Stalking Horse Bidder*") filed a further revised stalking horse asset purchase agreement (the “APA”) [Docket No. 240, with the revised APA and a related redline attached] which they assert addresses issues raised by…