May 16, 2023 – The Court hearing the MLCJR LLC cases has given the Debtors authority to: (i) access $75.0mn in new money debtor-in-possession (“DIP”) financing (including $50.0mn on an interim basis) to be provided by prepetition lenders BP Energy Company (“bpec”) and Amarillo National Bank (“ANB,” and together with bpec, the “DIP Lenders”) and…

May 15, 2023 –The Debtors have filed an executed stalking horse asset purchase agreement (the “APA”) entered into with ARC Burger, LLC* (the “Stalking Horse Bidder,” $11.7mn cash purchase price with bid protections including a $351k break-up fee and a $150k expense reimbursement [Docket No. 123, with copy of the Stalking Horse Purchase Agreement attached…

May 11, 2023 – The Debtors filed a bidding procedures motion [Docket No. 92] seeking: (i) approval of bidding procedures in relation to the sale of the substantially all of the Debtors’ assets, (ii) authority to offer any selected stalking horse bidder protections and (iii) approval of a proposed auction/sale timetable culminating in an auction…

May 15, 2023 – The Debtors requested Court authority to: (i) access $75.0mn in new money debtor-in-possession (“DIP”) financing (including $50.0mn on an interim basis) to be provided by prepetition lenders BP Energy Company (“bpec”) and Amarillo National Bank (“ANB,” and together with bpec, the “DIP Lenders”) and (ii) use cash collateral [Docket No. 18,…

May 15, 2023 – Vice Group Holding Inc. and 31 affiliated debtors (together “Vice Media” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case No. 23-10738 (Judge TBD). The Debtors, "a global multi-platform media company," are represented by Albert Togut of Togut,…

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 14, 2023 – Venator Materials PLC and 23 affiliated debtors (NYSE: VNTR; together, “Venator” or the “Debtors”) filed for Chapter 11 protection (on a "prepackaged*" basis) with the U.S. Bankruptcy Court in the Southern District of Texas, lead case No. 23-10520 (Judge David R Jones). The Debtors, "a global manufacturer and marketer of [paint-related]…

[Just filed. Developing story.] May 14, 2023 – Kidde-Fenwal, Inc. (“KFI” or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case No. 23-10638 (Judge TBD). The Ashland, Massachussetts based Debtor*, "an industrial fire detection and suppression company that operates two commercial business lines, Kidde Fire…

[Just filed. Developing story.] May 14, 2023 – Athenex, Inc. and five affiliated debtors (NASDAQ: ATNX*,  together “Athenex” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case No. 23-90295 (Judge David R Jones). The Debtors, "a global biopharmaceutical company dedicated to the discovery,…

May 11, 2023 – The Debtors filed a bidding procedures motion [Docket No. 92] seeking: (i) approval of bidding procedures in relation to the sale of the substantially all of the Debtors’ assets, (ii) authority to offer any selected stalking horse bidder protections and (iii) approval of a proposed auction/sale timetable culminating in an auction…