October 27, 2021 – The Debtor filed a motion to extend (for a second time) the periods during which they have an exclusive right to file a Plan and solicit acceptances thereof, through and including March 28, 2022 and May 25, 2022, respectively [Docket No. 1258]. Absent the requested relief, the Plan filing and solicitation…
October 27, 2021 – The Debtor filed a motion to extend (for a second time) the periods during which they have an exclusive right to file a Plan and solicit acceptances thereof, through and including March 28, 2022 and May 25, 2022, respectively [Docket No. 1258]. Absent the requested relief, the Plan filing and solicitation…
October 26, 2021 – The Court hearing the Seadrill Limited cases issued an order confirming the Debtors’ Second Amended Chapter 11 Plan of Reorganization [Docket No. 1158]. On February 10, 2021, Seadrill Limited and 85 affiliated Debtors (OSE: SDRL,OTCQX:SDRLF; “Seadrill” or the “Debtors”) filed for Chapter 11 protection noting estimated assets of $7.291bn and estimated…
October 26, 2021 – Freshly detached from the Greensill Capital Inc. Chapter 11 case and now owned by White Oak Global Advisors, LLC (“White Oak”), Finacity Corporation ("Finacity") teamed up with German Banking giant DZ Bank in a 2.5-year, $150 million trade receivables securitization for the Greenwich, CT Nitron Group ("Nitron"). The newly arranged facility…
October 22, 2021 – The Debtors filed a motion to induce dismiss their Chapter 11 cases, arguing that “there are insufficient funds available to confirm a plan of liquidation” although they do anticipate that "approximately $3.9 million [will be available] for distribution to their creditors" [Docket No. 1142]. The Debtors, who are now into the third…
October 21, 2021 – Further to the completion of an asset sale process, the Court hearing the Paper Store cases issued an order approving the Debtors' request for a "structured dismissal" of their Chapter 11 cases [Docket No. 564]. On July 14, 2020, the Paper Store, LLC and one affiliated Debtor (“TPS” or the “Debtors”)…
October 18, 2021 – The Court hearing the LATAM Airlines Group S.A cases issued an order authorizing the Debtors to access $750.0mn of Tranche B debtor-in-possession (“DIP”) financing on a final basis [Docket No. 3378]. The financing is to be provided by Oaktree Capital Management, L.P and Apollo Management Holdings, L.P. (NB: Oaktree and Apollo…
October 18, 2021 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) filed a Plan of Liquidation and a related Disclosure Statement [Docket Nos. 478 and 479, respectively]; and further filed a motion requesting Court approval of (i) the Disclosure Statement, (ii) proposed Plan voting and solicitation procedures and (iii) a proposed timetable culminating…
October 15, 2021 – The Court hearing the GBG USA cases issued an amended order approving the sale of Aquatalia Assets to Saadia Group LLC (the “Purchaser”) with that order now reflecting a reduced cash purchase price of $19.75mn [Docket No. 301]. The adjusted purchase price follows a notice of default filed by the Purchaser…
October 14, 2021 – The Court hearing the TECT Aerospace Group Holdings cases has extended the periods during which the Debtors have an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including January 3, 2022 and March 2, 2022, respectively [Docket No. 553]. Absent the requested relief, the Plan…
