May 18, 2020 – The Debtors filed a "Prearranged" Chapter 11 Plan of Reorganization and related Disclosure Statement [Docket Nos. 247 and 248]. Plan Highlights The $311.0mn prepetition ABL Credit Agreement to be repaid in full in cash. Holders of $1,337.4mn of prepetition term loans will get 76.5% of the the emerged Debtors' new common…

May 19, 2020 – The Debtors filed a motion requesting Court authority to wind-down their retail operations as soon as stores begin reopening following COVID-19 closures [Docket No. 671]. The Debtors' motion is brutally clear-headed and concise; the global pandemic has completely "derail[ed] all efforts to secure a going-concern bidder…upending the financial models underpinning the…

May 18, 2020 – Hornbeck Offshore Services, Inc. and 13 affiliated Debtors (OTCQB:HOSS; “Hornbeck” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 20-31920. The Debtors, a leading provider of offshore service vessels primarily in the Gulf of Mexico and Latin America,…

May 15, 2020 – Bondholders Lapis Advisers, LP and Amundi Pioneer Asset Management, Inc. (together, the “Plan Sponsors”) filed a Chapter 11 Plan and a related Disclosure Statement [Docket Nos. 364 and 365, respectively]; and further filed a motion requesting Court approval of (i) their Disclosure Statement (ii) Plan solicitation and voting procedures and (iii)…

May 19, 2020 – Exide Holdings, Inc. and four affiliated Debtors (“Exide” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20- 11157. The Debtors, a global provider of stored electrical-energy solutions, are represented by Daniel J. DeFranceschi of Richards, Layton & Finger,…

[Developing Story] May 18, 2020 – Centric Brands Inc. and 34 affiliated Debtors (NASDAQ: CTRC; “Centric” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 20-22637. The Debtors, a "leading lifestyle brand collective" including more than 100 licensed brands, are represented…

May 17, 2020 – Comcar Industries, Inc. and 32 affiliated Debtors (“Comcar” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-11120. The Debtors, a national truck transportation services company, are represented by Stuart M. Brown of DLA Piper LLP (US). Further board-authorized…

May 15, 2020 – Privately-held Gavilan Resources LLC and three affiliated Debtors (“Gavilan” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Souhern District of Texas, lead case number 20-32656. The Debtors, who acquire, develop, and produce oil and natural gas assets in the Eagle Ford shale play in…

[Developing Story] May 15, 2020 – J.C. Penney Company, Inc. and 17 affiliated Debtors (NYSE: JCP; “JCPenney” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 20-20182. The Debtors, one of the nation’s largest apparel and home retailers, are represented by Matthew…

May 14, 2020 – The Debtors filed a motion requesting each of a bidding procedures order and a sales order [Docket No. 197]. The bidding procedures order would approve bidding procedures for a sale of substantially all of the Debtors’ assets (the “Sale”), including bidder protections and an auction schedule. The sale order would authorize…