March 29, 2023 – Further to the terms of a Restucturing Support Agreement (the "RSA"), which requires the Debtors to continue to market their assets in the hopes of securing cash consideration in excess of the Debtors' $349.1mn of prepetition and DIP debt (although see below as to encouragement of "lower preliminary bids"), the Debtors…

EnLink Midstream, LLC has announced its plan to offer an additional $300 million of senior notes due 2030, subject to market conditions. These notes will be issued under the same indenture as the $700 million of senior notes due 2030 that EnLink previously issued in August 2022, and will be treated as a single class…

March 29, 2023 – The Debtors requested Court authority to enter into a $120.0mn (“DIP”) financing facility* to be provided by certain affiliates, managed funds, or accounts of Oaktree Capital Management, L.P. (collectively the “DIP Lenders”) and (ii) use cash collateral [Docket No. 14, with the DIP Credit Agreement attached as Exhibit A]. *The DIP…

March 28, 2023 – PacificCo Inc. and 14 affiliated debtors (dba Catalina, together “PacificCo” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case No. 23-10470 (Judge TBA). The Debtors, "a leader in shopper intelligence and highly targeted in-store, TV, radio and digital…

March 27, 2023 – First Citizens BancShares has announced that it will acquire Silicon Valley Bank ("SVB") further to which it will purchase about $72.0bn in loans at a discount of $16.5bn and the transfer of deposits worth $56.0bn.  The FDIC, which took control of SVB earlier this month, said in a separate statement that approximately…

March 27, 2023 – Publicly traded Codiak BioSciences, Inc. and one affiliated debtor (Nasdaq: CDAK; “Codiak” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case No. 23-10350 (Judge TBA). The Debtors, a Cambridge, Massachusetts-based "clinical-stage biopharmaceutical company focused on pioneering the development of exosome-based…

March 22, 2023 – The Debtor's Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtor’s March 20th motion to convert its Chapter 11 case to a case under Chapter 7 [Docket No. 379] arguing that its "extensive negotiations with Goli…are likely to pave the path toward a settlement of claims and a value-maximizing…

March 22, 2023 – Further to a March 8th bidding procedures order [Docket No. 351] and an auction held on March 21st, the Debtors notified the Court that Winning Bidders had been designated in respect of a majority of their 90 restaurant locations (several did not have bids) and that the Debtors’ stalking horse 13th…

March 22, 2023 – Amsterdam House Continuing Care Retirement Community, Inc. (d/b/a as “The Amsterdam at Harborside,” “AHCCRC” or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Eastern District of New York, lead case No. 23-70989 (Judge Alan S. Trust). The Debtor, "a best-in-class senior living community which is…

March 21, 2023 – The Court hearing the Starry Group Holdings cases issued an order: (i) approving bidding procedures in relation to the sale of substantially all of the Debtors’ assets and/or Reorganized Equity (the “Reorganized Equity”), (ii) authorizing the Debtors to enter into a stalking horse arrangement (none selected yet) and (iii) adopting a…