June 28, 2023 – Further to a February 24th bidding procedures order [Docket No. 854] and absent any further qualified bids, the Debtors notified the Court that an oft-delayed auction had been cancelled and Blast Asset Acquisition LLC* ($362.0 million cash bid) designated as the Successful Bidder for substantially all of the Debtors’ assets [Docket…

June 29, 2023 – iMedia Brands, Inc. and 11 affiliated debtors (Nasdaq: IMBI*; together “iMedia” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case No. 23-10852 (Judge TBD). The Debtors, a global media company capitalizing on the convergence of entertainment, ecommerce, and advertising," are…

June 27, 2023 – The Debtors filed a motion requesting each of a bidding procedures order and a sale order [Docket No. 16]. The bidding procedures order would: (i) approve bidding procedures in relation to the sale(s) of substantially all or any portion of the Debtors’ assets (the “Sale”), (ii) authorize the Debtors to select…

June 26, 2023 – Lordstown Motors Corp. and two affiliated debtors (Nasdaq: RIDE; together “Lordstown” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case No. 23-10831 (Judge TBD). The Debtors, "an original equipment manufacturer (OEM) of electric light-duty vehicles focused on the commercial fleet…

June 22, 2023 – The Debtor filed a motion to extend (for a first time) the periods during which it has an exclusive right to file a Plan, and solicit acceptances thereof, through and including September 20, 2023 and November 20, 2023 [Docket No. 420]. Absent the requested relief, the Plan filing, and solicitation periods…

June 22, 2023 – Further a June 13th auction and a June 22nd sale hearing, the Court hearing the Ryze Renewables II cases issued an order approving the sale of the substantially all of the Debtors’ assets, including their Las Vegas biofuels refinery, to Edgewood Renewables, LLC (the “Buyer” or “Successful bidder,” $36.5mn purchase price)…

June 21, 2023 –The Debtors have filed an executed stalking horse asset purchase agreement (the “APA”) entered into with ABG-Regatta LLC, a Delaware limited liability company (the “Buyer” or “Stalking Horse Bidder,” an affiliate of Authentic Brands Group, with bid protections including a $1.59mn break-up fee and a $1.0mn expense reimbursement [Docket No. 63, with…

June 15, 2023 – The Court hearing the Bed Bath & Beyond Inc. cases issued a final order authorizing the Debtors to access: (i) $40.0mn in new money, debtor-in-possession (“DIP”) financing provided by certain prepetition lenders (with Sixth Street Specialty Lending, Inc. as administrative agent), (ii) roll-up $200.0mn of amounts owed to Sixth Street, et…

June 14, 2023 – The Rockport Company, LLC and four affiliated debtors (together “Rockport” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case No. 23-10774 (Judge TBD). The Newton, Massachusetts based Debtors, "a leading global designer, distributor, and retailer of comfort footwear around the…

June 13, 2023 – Further to an April 25th bidding procedures order [Docket No. 92], and in advance of an oft-extended June 12th deadline, the Debtors notified the Court that they had selected Overstock.com, Inc. ($21.5 cash bid) as their stalking horse bidder in respect of a sale of substantially all of BBBY's intellectual property…