April 23, 2020 – The Court hearing the SpeedCast International Limited cases issued an order authorizing the Debtors (i) to access $35.0mn of new money debtor-in-possession (“DIP”) financing on an interim basis and (ii) use cash collateral [Docket No. 49].  The $35.0mn is part of a larger $180.0mn DIP financing package being provided by an…

April 22, 2020 – The Debtors filed a Revised First Amended Plan and a related Disclosure Statement [Docket Nos. 1315 and 1316, respectively] with each attaching a redline showing changes to the version filed on April 6, 2020. The Disclosure Statement also attaches a detailed liquidation analysis. There is no good news here, as summed…

April 22, 2020 – Citing lack of continued funding under a now defaulted debtor-in-possession (“DIP”) facility and debtor mismanagement, creditor CONSOL Energy Inc., (“CONSOL”) has filed a motion seeking conversion of the Debtors’ Chapter 11 cases to cases under Chapter 7 or in the alternative, the appointment of a Chapter 11 Trustee [Docket No. 1318]. …

April 21, 2020 – The Court hearing the Alta Mesa Resources cases extended the periods during which the Debtors have an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including July 7, 2020, and September 3, 2020, respectively [Docket No. 1573]. Absent the requested relief, the Plan filing and…

April 20, 2020 – The Debtors’ have notified the Court hearing their Chapter 11 cases that they intend to seek an extension of an existing suspension order through and including May 31, 2020 [Docket No. 234]. On March 27, 2020, the Court issued an initial order that suspended all deadlines and activities in the Debtors'…

April 20, 2020 – The Debtors notified the Court that their Modified Amended Joint Chapter 11 Plan of Reorganization became effective as of April 20, 2020 [Docket No. 542]. The Court had previously approved the Debtors’ Plan on April 11, 2020 [Docket No. 520]. On December 29, 2019, Melinta Therapeutics, Inc. and five affiliated debtors…

April 17, 2020 – Investor Macquarie Septa ("Macquarie") filed a motion seeking dismissal of a majority of the Debtors' Chapter 11 cases (ie those of KPI Intermediate Holdings, Inc. and the Debtors sitting structurally below, the "KPI Intermediate Debtors," see structure chart below), arguing that the directors of KPI Intermediate Holdings lacked the corporate authority…

April 15, 2020 – The Court hearing the Pace Industries cases issued an interim order authorizing the Debtors to (i) access a $125.0mn senior secured super-priority asset-based revolving credit facility (the "DIP Revolver Facility"), of which approximately $92.1mn will be used to roll-up the entirety of the Debtors' prepetition ABL obligations, (ii) $21.0mn of a…

April 15, 2020 – The Debtors filed a motion requesting an order approving (i) the $1.352bn private sale (the “Sale”) of Debtors’ businesses in Washington, Oregon, Idaho, and Montana (the “Pacific Northwest Assets”) and (ii) authorizing the Debtors to assume a May 2019 purchase agreement (the “Purchase Agreement”) with Northwest Fiber, LLC (the “Purchaser”) in…

April 15, 2020 – Yuma Energy, Inc. and three affiliated Debtors (NYSE American: YUMA, “Yuma” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Texas, lead case number 20-41455. The Debtors, an independent Houston-based exploration and production company with production and development activities in the Rocky…