April 2, 2020 – The Court hearing the Pioneer Energy Services cases issued an order approving a Supplement to the Debtors’ Disclosure Statement, otherwise approved on March 2nd, that updates risk factors and financial projections to reflect the COVID-19 Pandemic [Docket No. 168]. The motion and order are interesting from both a bankruptcy practice perspective…
April 2, 2020 – The Court hearing the CraftWorks Parent cases issued an order authorizing the Debtors to (i) access an additional $4.0mn of loans under their debtor-in-possession (“DIP”) financing facility (the “Second Interim Financing”), and (ii) continue using cash collateral [Docket No. 247]. On March 5th, the Court had previously authorized the Debtors to…
April 1, 2020 – The Debtors filed a motion requesting each of a bidding procedures order and a sale order. The bidding procedures order would (i) proposed bidding procedures for an anticipated section 363 auction/sale process in respect of substantially all of the Debtors assets (the “Sale”) and (ii) a proposed auction/sale schedule culminating in…
April 1, 2020 – The Court hearing the Murray Metallurgical Coal Holdings cases has approved the $31.0mn sale of Murray Maple Eagle Coal, LLC (“Maple Eagle Assets”) to stalking horse Panther Creek Mining, LLC (the “Buyer”) [Docket No. 326]. The stalking horse asset purchase agreement is attached to the Debtors' bidding procedures motion motion as…
March 31, 2020 – The Debtors have filed a motion seeking Court authority to (i) access an additional $4.0mn of loans under their debtor-in-possession ("DIP") financing facility (the “Second Interim Financing”) and (ii) continue using cash collateral [Docket No. 206]. On March 5th, the Court had previously authorized the Debtors to access $12.0mn of the…
April 1, 2020 – Whiting Petroleum Corporation and four affiliated Debtors (NYSE: WLL, “Whiting” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 20-32021. The Debtors, one of the largest independent exploration and production companies in the USA, are represented by Matthew…
March 31, 2020 − The Debtors announced the results of an auction process which had a bidding deadline of March 30th. Further to completion of the auction and as required by the Court's March 19th bidding procedures order [Docket No. 1178], the Debtors filed a notice of bid results [Docket No. 1270] and sales orders…
March 31, 2020 – Dean & DeLuca New York, Inc. and six affiliated Debtors (“Dean & DeLuca” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 20-10916. The Debtors, a multi-channel retailer of premium gourmet and delicatessen food and beverage products,…
March 30, 2020 – Citing an “unprecedented market downturn,” the Debtors have asked the Court for permission to stop paying certain retiree healthcare benefits. The suspension of payments, the Debtors argue, would save the Debtors an estimated $200k a day without prejudicing the medical coverage of any of their retired employees. This because the U.S….
March 30, 2020 – The Debtors notified the Court that their Amended Joint Prepackaged Chapter 11 Plan had become effective as of March 30, 2020 [Docket No. 116] . Previously, on March 24, 2020, the Court confirmed the Debtors’ Amended Joint Prepackaged Plan [Docket No. 76]. The Debtors also filed amended versions of key exit…
