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…

[Developing Story] May 26, 2020 – LATAM Airlines Group S.A. and 28 affiliated Debtors (NYSE (ADRs): LTM, “LATAM” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 20-11254. The Debtors, a Chilean-based airline holding company, are represented by Lisa M. Schweitzer…

May 22, 2020 – Unit Corporation and five affiliated Debtors (NYSE: UNT; "Unit” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 20-32740. The Debtors, a Tulsa-based oil and gas E&P company, are represented by Harry Perrin of Vinson & Elkins L.L.P….

[Developing Story] May 22, 2020 – The Hertz Corporation and 29 affiliated Debtors (NYSE: HTZ ; “Hertz” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-11218. The Debtors, operators of the Hertz, Dollar and Thrifty vehicle rental brands, are represented by Mark…

May 21, 2020 –  At a May 20th hearing, the Court hearing the CraftWorks Parent cases issued an order authorizing the Debtors (i) to access $25.4mn of debtor-in-possession (“DIP”) financing on a final basis and (ii) continue use cash collateral [Docket No. 535]. The DIP financing is provided by prepetition first lien lenders fronted by…

May 20, 2020 − Akorn, Inc. and 16 affiliated Debtors (Nasdaq: AKRX, “Akorn” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-11177. The Debtors, a specialty generic pharmaceutical company, are represented by Paul N. Heath of Richards, Layton & Finger, PA. Further…

May 18, 2020 –The Debtors and their investment banker Evercore Group L.L.C. ("Evercore") have elicited several heated objections relating to Evercore's retention and the retention's proposed fee structure, a fee structure that could result in fees for Evercore of "$129 million based on events that reasonably could be expected to occur." The Evercore retention motion…

May 19, 2020 – The Debtors requested Court authority to (i) access $40.0mn of debtor-in-possession (“DIP”) financing, to be provided by BTC Holdings Fund I, LLC and certain of the Debtors’ prepetition secured lenders ( the “DIP Lenders”) and agented by Blue Torch Finance LLC, and (ii) use cash collateral [Docket No. 26]. The motion…