September 29, 2022 – The Texas State Securities Board (the “SSB”) and the Texas Department of Banking (the “DOB,” and, together with the SSB, “Texas”) have objected to the Debtors’ motion to sell stablecoin [Docket No. 922] arguing that the Debtors' are seeking authority for "troublingly broad permission to sell assets insufficiently defined for purposes…
September 26, 2022 – The U.S. Trustee assigned to the Debtors’ cases filed an objection to the Debtors’ Disclosure Statement arguing that it suffers from informational deficiencies that render it inadequate [Docket No. 477] including: failure to specify assets to be liquidated; failure to specify the expected recovery for general unsecured creditors or when that…
September 28, 2022 – Further to a July 22nd bidding procedures order [Docket No. 141] and absent any further qualified bids in advance of a September 27th bid deadline, the Debtors notified the Court that reluctant stalking horse (and debtor-in-possession, or "DIP," lender) Serene Investment Management, LLC ("Serene" or the “Stalking Horse Bidder”), has been…
September 28, 2022 – The Court hearing the Norwich Roman Catholic Diocesan Corporation case has extended (for a fifth time) the periods during which the Debtor has an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including November 18, 2022 (NB: The Debtor also agrees NOT to file a…
September 28, 2022 – Judge Mary Walrath said she would approve the Debtors' access to a re-worked debtor-in-possession facility on an interim basis, but joined the Office of the U.S. Trustee at Wednesday's first-day hearing in raising concerns over the $150.0mn roll-up portion of the $200.0mn credit agreement. Under the revised proposal, which was still…
September 27, 2022 – The Wall Street Journal is reporting that Canadian theater chain Cineplex Inc. ("Cineplex") is revisting the possibility of a merger with Cineworld Group Plc’s US arm (Regal Entertainment Group), and has discussed a potential deal with the UK company’s lenders. This would mark a dramatic twist in the contentious Cineplex/Cineworld merger…
September 27, 2022 – Further to a September 6th bidding procedures order [Docket No. 107], the Debtors filed a "Notice of Cap Credit Bid and Floor" [Docket No. 129], which provides: “In accordance with the Bid Procedures, the Backstop Lenders, on behalf of the DIP Lenders and/or Noteholders, as the case may be, have agreed…
September 27, 2022 – Further to an August 5th bidding procedures order [Docket No. 248, the Debtors designated crypto exchange West Realm Shires Inc. (“FTX US”) as the successful bidder at an auction for substantially all of their assets which began on September 13th [Docket No. 457]. The Debtors and FTX US have committed to…
September 26, 2022 – Phoenix Services Topco, LLC and eight affiliated debtors (together, "Phoenix Services," or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case No. 22-10906 (Judge TBA). The Debtors, "a premier provider of outsourced slag handling, metal reclamation, and other complementary services to…
September 22, 2022 – The Court hearing the HONX case has extended the periods during which the Debtor has an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including November 2, 2022 and January 2, 2023, respectively [Docket No. 328]. Absent the requested relief, the Plan filing, and solicitation…
