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Yellow Corporation – Court Approves Stalking Horse Arrangements with Estes Express Lines ($1.525bn Cash Bid for Owned Property); Debtors Cite “Substantially Below Market” Bid Protections in Choosing Estes Over Old Dominion (For Now)

New Generation Research/September 22, 2023

September 21, 2023 – The Court hearing the Yellow Corporation cases issued an order approving: (i) stalking horse arrangements with Estes Express Lines (“Estes,” $1.525bn cash bid) in relation to the sale of substantially all of the Debtors’ owned real estate (the "Owned Properties") and (ii) authorizing the Debtors to offer Estes "substantially below market"…

Evangelical Retirement Homes of Greater Chicago, Incorporated – Seeks 60-Day Extension of Exclusive Plan Filing Period As It Ponders How It Will Present Painful Sale and Plan to Residents

New Generation Research/September 21, 2023

September 20, 2023 – The Debtor filed a motion to extend the periods during which it has an exclusive right to file a Plan, and solicit acceptances thereof, through and including December 6, 2023 and February 5, 2024 [Docket No. 250]. Absent the requested relief, the Plan filing, and solicitation periods are scheduled to expire…

American Physician Partners, LLC – As Flagged at End of July, Emergency Room Staffing Company Files for Bankruptcy with $589.6mn of Funded Debt and $40.0mn of Trade Debt, Cites COVID, Inflation/Rising Costs and “Problematic” No Surprises Act

New Generation Research/September 19, 2023September 20, 2023

September 18, 2023 – American Physician Partners, LLC* and 99 affiliated debtors (“American Physician Partners,” “APP,” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case No. 23-11469 (Judge TBrendan Linehan Shannon). The Brentwood, Tennessee-based Debtors, "providers of emergency medicine, hospital medicine, and critical care…

Sorrento Therapeutics, Inc. – After Court-Approved Purchaser Oramed Gets Cold Feet and Subsequent Emergency Mediation with Judge Isgur, Court Approves $145.25mn Sale of Scilex Stock to Junior DIP Lender (and Non-Debtor Affililiate) Scilex Holding Company

New Generation Research/September 14, 2023September 21, 2023

September 12, 2023 – The Court hearing the Sorrento Therapeutics, Inc. cases issued an order: (i) approving the sale of the Debtors’ Scilex Stock to Junior DIP Lender Scilex Holding Company (“Purchaser” or “Scilex,” $145.25mn purchase price*) and (ii) conditionally vacating the earlier August 30th Oramed sale order [Docket No. 1316, with September 11th executed…

Noble House Home Furnishings, LLC – E-Commerce/Big Box Furniture Distributor Buffeted by Pandemic Boom/Bust Cycle Files for Bankruptcy with $74mn of Funded Debt and $65mn of Trade Debt; GigaCloud Technology to Serve as Stalking Horse in Going Concern Sale

New Generation Research/September 12, 2023

September 11, 2023 – Noble House Home Furnishings, LLC and three affiliated debtors (“Noble House” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas lead case No. 23-90773 (Judge Christopher M. Lopez). The Chatsworth, California based Debtors, "a distributor, manufacturer and retailer of indoor and…

Soft Surroundings Holdings, LLC – Women’s Apparel and Soft Furnishing Retailer Controlled by Brentwood Associates Files for Bankruptcy with $69mn of Funded Debt, Will Sell DTC/E-Commerce Assets to Coldwater Creek and Liquidate 44 Bricks and Mortar Stores

New Generation Research/September 11, 2023September 12, 2023

September 10, 2023 – Soft Surroundings Holdings, LLC and three affiliated debtors (together “Soft Surroundings” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case No. 23-90769 (Judge Christopher M. Lopez). The Debtors*, "a leading direct-to-consumer nationwide Company, selling women’s apparel, accessories, beauty products,…

Benitago Inc. – Amazon Seller Aggregator Files for Bankruptcy with Over $100mn of Debt as Covid-Driven Online Boom Fades into Bust with Return to In-Person Shopping

New Generation Research/August 31, 2023September 6, 2023

August 30, 2023 – Benitago Inc. and 28 affiliated debtors; together “Benitago” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case No. 23-11394 (Judge Sean H. Lane). The Debtors,"an e-commerce brand incubator and aggregator [ie, an Amazon seller aggregator]" are represented by…

Sorrento Therapeutics, Inc. – Court Approves Judge Isgur-Driven Mediation Settlement With “Nant Parties”; Settlement Toggle Has Debtors Either Paying Nant Parties Almost $200mn or “Walking Away” from Ownership Interests in Nant Related Ventures

New Generation Research/August 15, 2023

August 14, 2023 – The Court hearing the Sorrento Therapeutics, Inc. issued an order approving a settlement reached with Nant Parties* arrived at after mediation conducted by Judge Marvin Isgur [Docket No. 1205]. *Immunotherapy NANTibody, LLC (“NANTibody”), NantCell, Inc. (“NantCell”), NantPharma, LLC (“NantPharma”), and their respective Related Parties (collectively, the “Nant Parties”). As described in…

Condor Inversiones SpA – Holding Companies for Chilean Wind and Solar Projects File for Bankruptcy with Over $100mn of Debt; Allege Strong-Arm, Self-Dealing Tactics by Norwegian Indirect Majority Shareholder Aker Horizons ASA

New Generation Research/August 11, 2023

[Just filed. Developing story.] August 11, 2023 – Condor Inversiones SpA and two affiliated debtors (together, the “Inversiones Debtors” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case No. 23-90761 (Judge David R. Jones). The Debtors, holding companies for Chilean wind and solar…

SAS AB – Court Grants Third Lengthy Set of Exclusivity Extensions for as Search for Potential Exit Sponsor Continues; with Creditors’ Committee Commenting on “Very Promising Results”