August 17, 2022 – The Court hearing the GenapSys case issued an order: (i) approving bidding procedures in respect of the sale of substantially all the Debtor's assets, (ii) authorizing the Debtor to select one or more stalking horses (and offer bidder protections* to any selected stalking horse) and (iii) adopting an auction/sale timetable culminating…

August 17,2022 – The Court hearing the GenapSys case issued an order authorizing the Debtor to: (i) access $4.1mn (increased by $100k) in new money, debtor-in-possession (“DIP”) financing being provided by Oxford Finance, LLC (the “DIP Lender,” also its prepetition secured lender) on a final basis and (ii) continue using cash collateral [Docket No. 173…

August 15, 2022 – The Debtors filed a motion seeking Court authority for a private sale of certain mortgage servicing rights ("MSRs")* to BSI Financial Services, Inc (the “Buyer”) [Docket No. 328]. The Sale agreement is attached as Exhibit B to the motion. * "MSRs or SCRs [Servicing Contract Rights], as applicable: (i) which have…

August 12, 2022 – Landlord Intercity Investment Properties, Inc. (the “Landlord”) filed a motion to dismiss the Debtors’ Chapter 11 cases [Docket No. 541] arguing that the Debtors' Plan, premised in part on the Debtors' ability to use Chapter 11 to modify (as opposes to assume or reject in its entirety) their lease with the…

August 14, 2022 – The Ad Hoc Group of TopCo Noteholders (the “Ad Hoc Group” or the “TopCo Noteholders*”) objected to the Debtors’ requested DIP Financing [Docket No. 49]. The Ad Hoc Group argues that an August 2021 repayment/exchange of Brookfield’s approximately $411.0mn in unsecured Altera Parent notes with secured notes issued by Debtor Altera…

August 15, 2022 – The Court hearing the Cherry Man Industries, Inc. case issued an order authorizing the Chapter 11 Trustee assigned to the Debtor’s case to: (i) sell substantially all of the Debtor’s assets to Euro Style, LLC (the "Buyer," an acquisition entity to be created by CSC Generation Holdings, Inc.*) and (ii) enter…

August 12, 2022 – The Debtors filed a First Amended Chapter 11 Plan and a related Disclosure Statement [Docket Nos. 287 and 288, respectively]; and further filed a motion requesting Court approval of (a) the Disclosure Statement, (ii) proposed Plan solicitation and voting procedures and (iii) sa timetable culminating in a November 1st Plan confirmation…

August 12, 2022 – The Debtors filed an emergency motion requesting authorization to enter into stalking horse arrangements with Sequencing Health, Inc.* (the “Buyer” or “Stalking Horse,” $10.0mn cash bid, although Debtors value total consideration at $42.0mn) [Docket No. 149, which attaches the Buyer's asset purchase agreement (the “APA”) at Exhibit B]. On July 11th…

August 13, 2022 – The Debtors requested Court authority to: (i) obtain debtor-in-possession (“DIP”) financing to be provided by an affiliate of Brookfield Asset Management ("Brookfield," the Debtors' ultimate parent and Plan sponsor) consisting of (a) a $50.0mn new money term loan facility ($25.0mn interim) and (b) a $20.0mn roll-up of bridge financing provided by…