May 23, 2023 – The Court hearing the Bighorn Restaurant cases issued an order: (i) approving bidding procedures in relation to the sale of the substantially all of the Debtors’ assets, (ii) authorizing the Debtors to select one or more stalking horse bidders, (iii) authorizing the Debtors to offer bid protections to any selected stalking…

May 24, 2023 – Plastiq Inc. and two affiliated debtors (together “Plastiq” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case No. 23-10671 (Judge Brendan Linehan Shannon). The Debtors, who "provide a leading software platform for business-to-business payment automation," are represented by Matthew B….

May 24, 2023 – QualTek Services Inc. and 17 affiliated debtors (NASDAQ: QTEK; together “QualTek*” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case No. 23-90584 (Judge Christopher M. Lopez). The Blue Bell, PA- based Debtors, "a leading infrastructure services provider," are represented…

May 22, 2023 – The Court hearing the Nielsen & Bainbridge cases issued an order authorizing the Debtors to amend their existing debtor-in-possession (“DIP”) financing arrangements to increase new money borrowings by $6.3mn, with the further DIP borrowings comprised of: (i) an additional $1.7mn of new money borrowing headroom under the DIP financing facility generally…

Athersys, Inc (NASDAQ: ATHX) announced (with 8-K here) it has reached an agreement with a supplier critical to "the scale-up and manufacturing of clinical and commercial grade MultiStem® using Athersys’ bioreactor production processes." Further to the agreement, Athersys will pay the supplier $11.8mn in monthly cash payments of $250,000 each, beginning October 2023 and will…

May 23, 2023 – Benefytt Technologies Inc. and 17 affiliated debtors (together “Benefytt” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case No. 23-90566 (Judge Christopher M. Lopez). The Debtors, "a health insurance technology company that develops and operates Medicare and private health…

[Just filed. Developing story.] May 22, 2023 – Privately held Paradox Resources, LLC and six affiliated debtors (together “Paradox” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case No. 23-90558 (Judge David R. Jones ). The Houston-based Debtors, "a Texas-based independent midstream company…

May 19, 2023 – The Court hearing the Pill Club Pharmacy Holdings cases issued an order:  (i) approving bidding procedures in relation to the sale of certain of the Debtors’ assets (namely customer lists and IP), (ii) authorizing the Debtors to enter into stalking horse arrangements with Pepper Park LLC* (the “Buyer,” set to assume…

May 14, 2023 – Monitronics International Inc and nine affiliated debtors (dba "Brinks Home," together “Monitronics” or the “Debtors”) filed for Chapter 11 protection (on a "partially prepackaged" basis) with the U.S. Bankruptcy Court in the Southern District of Texas, lead case No. 23-90332 (Judge TBD). The Dallas-Fort Worth based Debtors, "one of the largest home…

May 16, 2023 – The Court hearing the Venator Materials cases issued an order authorizing the Debtors to: (i) access up to $100.0mn in new money, debtor-in-possession (“DIP”) financing being provided by participating prepetition lenders (the “DIP Lenders*” owed approximately $954.0mn in respect of a prepetition debt, effectively everyone holding funded debt excluding the prepetition…