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…

September 17, 2013 – Oak Point Partners, Inc. acquired the remnant assets of the Levitt and Sons, LLC, et al., Bankruptcy Estate in September 2013. On November 9, 2007, Levitt and Sons, LLC and its related entities (“Levitt and Sons”) filed a chapter 11 petition in the United States Bankruptcy Court for the Southern District…

[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…