March 8, 2022 – The Debtor's filed a motion seeking approval of the sale of its real property located at 944 Airole Way, Los Angeles, CA 90077 (the “Property”) to Richard Saghian who was the winning bidder ($141.0mn consideration comprised of a $126.0mn purchase price plus a $15.0mn commission*) at an auction which concluded on…
March 3, 2022 – The Debtors filed a Second Amended Plan of Reorganization and a related Disclosure Statement [Docket Nos. 473 and 474, respectively] withe each attaching a redline showing changes to the versions filed on February 4, 2022. The Limerick, Ireland based Debtors own the world’s largest fleet of regional aircraft and filed for…
March 2, 2022 – The Court hearing the Teligent 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 May 12, 2022 and July 11, 2022, respectively [Docket No. 535]. Absent the requested relief, the Plan filing and solicitation…
February 23, 2022 – The Chapter 11 Trustee appointed to the Debtors' cases notified the Court that Permico Founders, LLC (the “Purchaser," an affiliate of Texas midstream assets specialist Permico Energia) had been designated as the successful bidder ($3.7mn bid) in a sale of substantially all of the Debtors' assets [Docket No. 388]. The Purchaser's…
