July 10, 2020 – The Court hearing the Tuesday Morning Corporation cases issued a final order authorizing the Debtors to access $25.0mn of debtor-in-possession (“DIP”) financing to be provided by Franchise Group, Inc. (“FGI”). This has been something of a wild ride, with the Debtors twice switching providers of this DIP financing; for a month…

July 13, 2020 – Privately held Congoleum Corporation (“Congoleum” or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of New Jersey, lead case number 20-18488 (Judge Kaplan). The Debtor, one of North America’s largest manufacturers of resilient flooring, is represented by Warren A. Usatine of Cole Schotz P.C….

July 10, 2020 – Further to a June 23rd bidding procedures order [Docket No. 101] and a July 9th auction, the Debtors have designated Presidio Investment Holdings LLC ("Presidio," $91.0mn bid) as the successful bidder for their assets [Docket No. 195]. This was an unusual auction in several respects, with the Debtors comfortably exceeding a…

July 12, 2020 – Hi-Crush Inc. and 21 affiliated Debtors (NYSE: HCR; "Hi-Crush" or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 20-33495 (Judge Jones). The Debtors, a frac sand producer, are represented by Timothy A. Davidson II of Hunton Andrews Kurth…

July 10, 2020 – In developments that will have caused some to flashback to the dramatic, and ultimately disastrous (for the Debtors), Barneys bankruptcy of last summer, fellow New York retailing institution Brooks Brothers Group, Inc. has had a chaotic, last-minute, all-change development as to its debtor-in-possession ("DIP") financing arrangements.  In a flurry of last-minute…

July 6, 2020 – Further to their July 2nd announcement that they had agreed a sale of their assets to a consortium led by Her Majesty’s Government ("HMG") and Bharti Global Limited ("Bharti," and together with HMG, the "Plan Sponsor"), the Debtors have requested authority to amend their existing debtor-in-possession (“DIP”) facility to allow for…

July 6, 2020 – Further to an objection filed by their prepetition senior lenders (the "Bank Group"), the Debtors have filed a revised motion which requests authority to (i) access $45.0mn of debtor-in-possession (“DIP”) financing to be provided by JMB Capital and (ii) use cash collateral [Docket No. 196].  The requested DIP financing has been…

July 5, 2020 – Further to a February 18th bidding procedures order [Docket No. 102], the Debtors notified the Court hearing their cases that they had (i) selected Pier 1 Imports Online, Inc. (the "Stalking Horse Bidder") in connection with the sale of intellectual property assets and (ii) scheduled an auction in respect of those…

July 3, 2020 – Lucky Brand Dungarees, LLC and four affiliated Debtors (“Lucky Brand” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-11768 (Judge Sontchi). The Debtors, a fashion designer and premium denim manufacturer (112 specialty retail stores and 98 outlet stores…

June 30, 2020 – The Debtors notified the Court that their Second Amended Joint Chapter 11 Plan had become effective as of June 30, 2020 [Docket No. 1417]. On April 30, 2020, the Court confirmed the Debtors’ the Second Amended Joint Chapter 11 Plan of Reorganization [Docket No. 1212]. On August 11, 2019, Sanchez Energy…