November 10, 2022 – The Court hearing the Madison Square Boys & Girls Club case issued an order authorizing the Debtor to access $11.0mn in alternative debtor-in-possession (“DIP”) financing being provided by Carver Federal Savings Bank ("Carver" or the “DIP Lender”) [Docket No. 283], with the proceeds to be used in the first instance to…

November 8, 2022 – The Debtors filed a motion seeking a bidding procedures order that would: (i) approve bidding procedures in relation to the sale of substantially all of the Debtors’ assets, (ii) authorize the Debtors to enter into stalking horse arrangements (yet to be selected) and offer bid protections (eg, break-up fee of 3%)…

November 4, 2022 – The Debtor requested Court authority to enter into a $1.5mn Post-Petition Loan Agreement (the “Agreement”) with SP 180 Fund, LLC (“Lender”)*[Docket No. 227, with a form of the Agreement attached at Exhibit A.]  The proceeds of the debtor-in-possession ("DIP") financing are to be used to renovate the Debtor's Denver, Colorado off-campus…

November 4, 2022 – The Court hearing the StorCentric cases issued an order approving $35.2mn sale of substantially all of the Debtors’ assets to Enceladus Development Venture III, LLC ("Enceladus" or the “Buyer”) [Docket No. 361] with debtor-in-possession ("DIP") Lender Serene Investment Management, LLC ("Serene" or the “Stalking Horse Bidder”) named as the back-up bidder….

November 2, 2022 – Trustee and Plan Sponsor UMB Bank, N.A. ("UMB") * filed a bidding procedures motion requesting (i) approval of bidding procedures in relation to the sale of substantially all of the Debtors’ assets, (ii) authority to enter into stalking horse arrangements with Bay 9 Holdings LLC or its designee (the “Stalking Horse Bidder,”…

November 1, 2022 – Further to the September 16th bidding procedures order [Docket No. 107] and apparently with only a single qualified bid beyond that of credit-bidding prepetition lenders (the "Backstop Lenders," $40.0mn credit bid), the Debtor notified the Court that a November 2nd auction had been cancelled and Operadora CICSA, S.A. de C.V.* ($60.0mn…

October 23, 2022 – The Debtor requested Court authority to: (i) enter into debtor-in-possession (“DIP”) financing arrangements with prepetition lender JMB Capital Partners Lending, LLC ("JMB" or the “DIP Lender”) and (ii) access cash collateral [Docket No. 9, with the DIP Credit Agreement attached as Exhibit B].  The DIP financing is comprised of: (a) $5.9mn…

October 23, 2022 – PhaseBio Pharmaceuticals, Inc. (Nasdaq: PHAS, “PhaseBio ” or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case No. 22-10995 (Judge TBA). The Debtor, "engaged in the research and development of specialized, highly innovative therapies for patients with serious cardiovascular disease," is…

October 20, 2022 – The Court hearing the Celsius Network cases took "under submission" motions for (i) approval of the bidding procedures for the Debtors' proposed sale of their assets and (ii) to appoint an official preferred equity committee at a hearing held Thursday. The Debtors told the Court that a revised proposed bidding procedures…

October 19, 2022 – The Debtors requested Court authority to: (i) access $10.2mn in debtor-in-possession (“DIP”) financing and (ii) use cash collateral [Docket No. 423]. The DIP financing, provided by "certain" holders of bonds issued under the Debtors' existing DIP financing arrangements (others declined to participate), is to come in the form of senior, secured,…