June 4, 2020 – The Court hearing the APC Automotive Technologies Intermediate Holdings cases issued an order authorizing the Debtors to (i) access $30.0mn of interim debtor-in-possession (“DIP”) financing under a new money DIP term loan facility (the “DIP Term Loan Facility”), (ii) access $90.0mn under a DIP ABL facility (the “DIP ABL Facility” largely…

June 3, 2020 – The Debtors filed solicitation versions of their prepackaged Chapter 11 Plan and Disclosure Statement [Docket Nos. 23 and 24, respectively]; and further filed a motion requesting approval of (i) the Disclosure Statement, (ii) proposed Plan solicitation and voting procedures and (iii) a proposed timetable culminating in a July 10th confirmation hearing…

June 3, 2020 – The Court hearing the Ravn Air Group cases approved bidding procedures relating to a sale of substantially all of the Debtors’ assets (the “Sale”) and has authorized the Debtors to enter into one or more stalking horse agreements [Docket No. 295]. An auction date has not been set (the Debtors are…

June 2, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors' request to access $900.0mn of debtor-in-possession (“DIP”) financing saving particular wrath for a roll-up of $225.0mn of prepetition debt that further protects DIP lenders, impairing previously unencumbered assets that are worth "hundreds of millions of dollars" at the…

June 3, 2020 – APC Automotive Technologies Intermediate Holdings, LLC and 12 affiliated Debtors (“APC” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-11466. The Debtors, a leading supplier of automotive, light truck, and heavy-duty undercar replacement parts, are represented by Domenic…

May 29, 2020 – The Debtors filed a motion requesting each of a bidding procedures order and a sales order [Docket No. 69]. The bidding procedures order would approve (i) bidding procedures in relation to the sale of the Debtors’ assets, notably airport-based concession agreements (the “Sale”), including bidder protections and (ii) a proposed auction/sale…

June 1, 2020 – Libbey Glass Inc. and ten affiliated Debtors (“Libbey” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-11439. The Debtors, one of the world's largest glass tableware manufacturers, are represented by John H. Knight of Richards, Layton & Finger,…

May 27, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ request to access the $290.0mn balance of a $400.0mn debtor-in-possession (“DIP”) financing facility, arguing that the Court should not at "this early stage of the case [issue] a host of benefits to the DIP Lenders and Prepetition Secured…

May 26, 2020 – The Debtors requested Court authority for a $25.5mn private sale of "at least" 45 of the Debtors’ restaurant locations to GPEE Lender, LLC (the “Purchaser”) [Docket No. 241]. The Purchaser is an entity created by (i) GP Investments, Ltd. (“GP”), which is the ultimate owner of each of the Debtors, and…

[Developing story] May 27, 2020 – Tuesday Morning Corporation and six affiliated Debtors (Nasdaq "TUES;" “TMC” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Texas, lead case number 20-31476. The Debtors, "off-price retailers" operating 687 stores in 39 states, are represented by Ian T. Peck…