August 3, 2021 – Further to the Court’s June 8th bidding procedures order [Docket No. 956] and the completion of an auction which commenced on July 19th, the Debtors have now filed an executed asset purchase agreement in respect of their Wells Fargo Assets (vessels encumbered by prepetition Wells Fargo loans, the “Pennantia APA”) amongst…

August 1, 2021 – Alpha Latam Management, LLC and six affiliated Debtors (dba AlphaCredit, “Alpha Latam” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 21-11109 (Judge TBD). The Debtors, "a technology-enabled financial services company that have historically provided consumer lending products in…

July 29, 2021 – The Court hearing the Brazos Electric Power Cooperative case extended the periods during which the Debtor has an exclusive right to file a Plan and solicit acceptances thereof, through and including October 27, 2021 and December 28, 2021, respectively [Docket No. 961]. Absent the relief, the initial Plan filing and solicitation…

July 29, 2021 – The Debtors filed a motion requesting each of a bidding procedures order and a sale order [Docket No. 15]. The bidding procedures order would (i) authorize bidding procedures in respect of a sale of substantially all of the Debtors' assets (the "Sale"), (ii) approve bidder protections for stalking horse Tengram Capital…

July 29, 2021 – The Debtors requested Court authority to (i) access $16.0mn of new money, debtor-in-possession (“DIP”) financing and (ii) use cash collateral [Docket No. 14, with credit agreement attached at Exhibit 1].  The financing, to be provided Hilco Global affiliate ReStore Capital, LLC, comes in the form of a delayed draw term loan facility;…

July 29, 2021 – GBG USA Inc and nine affiliated Debtors (“GBG” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 21-11369 (Judge TBD). The Debtors, primarily engaged in operating the wholesale and direct-to-consumer footwear and apparel business of Hong Kong-based…

July 28, 2021 – Creditors 507 Summit LLC (“507”) and Peak Credit LLC (“Peak”) have objected to the sale of the Debtors’ "Wells Fargo Collateral" (vessels encumbered by prepetition Wells Fargo loans) and presented the Debtors and the Court with the outline of an alternative restructuring that "permit[s] a reorganization that would result in realization…

July 28, 2021 – The Debtors’ notified the Court that their Plan of Reorganization had become effective as of July 28, 2021 [Docket No.293]. The Court had previously confirmed the Debtors’ Plan on April 26, 2021 [Docket No. 263]. On February 3, 2021, Frontera Holdings LLC and five affiliated Debtors (“Frontera” or the “Debtors”) filed…

July 26, 2021 – The Debtors filed a motion requesting each of a bidding procedures order and a sales order [Docket No. 191]. The bidding procedures order would (i) approve bidding procedures in respect of a sale of substantially all of the Debtors' assets (the "Sale"), (ii) authorize the Debtors to select one or more…

July 24, 2021 – The Debtors have filed a Plan of Reotganization and a related Disclosure Statement [Docket Nos. 862 and 861, respectively]; and further filed a motion requesting approval of (i) the Disclosure Statement, (ii) proposed Plan solicitation and voting procedures and (iii) a proposed timetable culminating in a Plan confirmation hearing likely to…