April 6 , 2020 – Ravn Air Group, Inc. and seven affiliated Debtors (“Ravn” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-10755. The Debtors, Alaska's largest regional air carrier and network, are represented by Victoria Guilfoyle of Blank Rome LLP. Further…
[To be updated] April 7 , 2020 – Quorum Health Corporation and over 100 affiliated Debtors (NYSE: QHC, “Quorum Health” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-10766. The Debtors, an operator of general acute care hospitals and outpatient services in…
April 6, 2020 – Further to attempts by Alpine Energy Acquisitions (the “Purchaser” or "Stalking Horse") to back out of its Court-approved purchase of substantially all of the Debtors' assets, the Debtors have asked the Court to enforce its March 4th sale order and the asset purchase agreement (“APA”) executed amongst the Debtors and the…
April 6, 2020 – The Debtors requested Court authority to (i) access $12.0mn in debtor-in-possession (“DIP”) financing, including $6.0mn on interim basis, from its prepetition secured lenders and (ii) use cash collateral [Docket No. 13]. The proposed DIP financing also includes the roll-up of $24.0mn of prepetition debt upon issuance of a final DIP financing…
April 6, 2020 – Only one business day after receiving the Debtors' emergency motion to convert their cases to Chapter 7, the Court has done just that; taking an unwell but stable Chapter 11 debtor (otherwise managing an orderly store closing process and asset sale) off of the Chapter 11 ventilator: "breathing room" no longer…
April 3, 2020 – The Debtor has filed a second request to extend the periods during which it has an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including August 4, 2020, and October 3, 2020, respectively [Docket No. 255]. Absent the requested relief, the Plan filing and solicitation…
April 5, 2020 – Further to the completion of an auction process that completed on March 31st and an April 3rd sale hearing, the Court hearing the Southern Foods Group cases approved the Debtors' $433.0mn sale of 44 facilities to the Dairy Farmers of America, Inc (“DFA” or the “Purchaser”) [Docket No. 1572]. The asset…
April 2, 2020 – The Court hearing the Pioneer Energy Services cases issued an order approving a Supplement to the Debtors’ Disclosure Statement, otherwise approved on March 2nd, that updates risk factors and financial projections to reflect the COVID-19 Pandemic [Docket No. 168]. The motion and order are interesting from both a bankruptcy practice perspective…
April 2, 2020 – The Court hearing the CraftWorks Parent cases issued an order authorizing the Debtors to (i) access an additional $4.0mn of loans under their debtor-in-possession (“DIP”) financing facility (the “Second Interim Financing”), and (ii) continue using cash collateral [Docket No. 247]. On March 5th, the Court had previously authorized the Debtors to…
April 1, 2020 – The Debtors filed a motion requesting each of a bidding procedures order and a sale order. The bidding procedures order would (i) proposed bidding procedures for an anticipated section 363 auction/sale process in respect of substantially all of the Debtors assets (the “Sale”) and (ii) a proposed auction/sale schedule culminating in…
