August 29, 2022 – The Court hearing the Talen Energy Supply cases issued an order authorizing the Debtors to enter into an August 4th amended and restated commitment letter (the “Backstop Commitment Letter”) further to which certain unsecured noteholders (the "Backstop Parties") have agreed to backstop up to $1.55bn of a proposed $1.9bn rights issue…
August 29, 2022 – The Court hearing the OSG Group Holdings cases confirmed the Debtors’ Amended Prepackaged Plan of Reorganization and approved the related Disclosure Statement on a final basis [Docket No. 164]. On August 6, 2022, OSG Group Holdings and 19 affiliated Debtors (“OSG” or the “Debtors”) filed for Chapter 11 protection noting noted…
August 29, 2022 – The Debtors requested Court authority to: (i) access up to $275.0mn in new money, debtor-in-possession (“DIP”) financing from certain of their prepetition lenders (ie, the Ad Hoc Term Loan Lender Group which holds 67% of the outstanding obligations under the Debtors' Prepetition Credit Agreement) and (ii) use cash collateral [Docket No….
August 29, 2022 – Privately held Level Four Orthotics & Prosthetics, Inc. and five affiliated debtors (dba Restore POC and together “Restore POC” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case No. 22-10807 (Judge TBA). The Debtors, a North Carolina provider of custom…
August 29, 2022 – Lumileds Holding B.V. and nine affiliated debtors (together, “Lumileds” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case No. 22-11155 (Judge Lisa G. Beckerman). The Debtors, "a global leader in innovative lighting solutions," are represented by George A….
August 23, 2022 – ExpressJet Airlines LLC (dba aha! Airlines) (“ExpressJet” or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case No.22-10787 (Judge TBD). The Debtor, a regional U.S. airline headquartered in College Park, Georgia*, is represented by Eric D. Schwartz of Morris, Nichols, Arsht…
August 23, 2022 – Carestream Health, Inc. and eight affiliated debtors (together “Carestream*” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case No. 22-10778 (Judge TBD). The Debtors, a worldwide provider of medical imaging systems, are represented by Laura Davis Jones of Pachulski Stang…
August 22, 2022 – The Debtor's Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors' August 4th amended debtor-in-possession ("DIP") financing motion, arguing that it provides bond trustee UMB Bank, N.A. ("UMB Bank," also the Debtors' DIP lender) with control over the Debtors' ongoing litigation with its landlord; that litigation not only "an…
August 19, 2022 – The Debtors' Official Committee of Unsecured Creditors (“Committee*”) has objected to the Debtors’ proposed $1.9mn key employee retention plan (the “KERP”) [Docket No. 316] arguing that the Debtors' non-insider management, far from needing incentives to stick around, are lucky to have jobs at all given dramatically reduced operations and "barren" opportunities…
August 18, 2022 – An Ad Hoc Group of Unsecured Noteholders (the “Unsecured Noteholder Group”) has filed a motion to terminate the Debtors’ exclusive periods [Docket No. 66] arguing that, in executing a restructuring support agreement with first lien creditors which will have those creditors credit bid first lien debt for the Debtors' assets, the…
