July 25, 2022 – The Debtor filed a motion to extend (for a fourth time) the periods during which it has an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including September 1, 2022, and October 31, 2022, respectively [Docket No. 2058]. Absent the requested relief, the Plan filing,…

July 25, 2022 – The Debtors have filed an execution version of the stalking horse asset purchase agreement (the “APA”) entered into with Asurion, LLC (the “Stalking Horse Bidder,” $110.0mn opening bid) [Docket No. 191]. The eagerly awaited APA details an offer comprised of cash less what is outstanding under the Debtor's $55.0mn DIP (including…

July 21, 2022 – The Debtors filed a motion seeking Court authority to engage Quinn Emanuel Urquhart & Sullivan, LLP (“Quinn Emanuel”) as special counsel to the Special Committee of Voyager LLC effective from July 13, 2022; with Quinn Emmanuel to assist, inter alia, in the Special Committee's investigation of $650.0mn of loans made to…

July 24, 2022 – The Debtors, who filed a bidding procedures motion on July 21st, have responded emphatically to press releases issued by (i) FTX Trading Ltd. ("FTX"), owner and operator of FTX.com and (ii) KaJ Labs [Docket Nos. 137 and 136, respectively].  The press releases and the Debtors' responses will deepen a sense that…

July 18, 2022 – The Court hearing the GTT Communications cases has extended (for a second time) the periods during which the Debtors have an exclusive right to file a Plan, and solicit acceptances thereof, through and including October 1, 2022 and November 30, 2022, respectively [Docket No. 540]. Absent the requested relief, the Plan…

July 18, 2022 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) filed a combined objection to the Debtors’ proposed debtor-in-possession ("DIP") financing and bidding procedures citing that an APA and DIP Credit Agreement must be finalized before their approval [Docket No. 142]. The recently formed Committee, noting that it has only just engaged…

July 15, 2022 – The Debtor filed an Amended Disclosure Statement and a related redline showing changes to the version of the Disclosure Statement filed on May 31, 2022 [Docket Nos. 151 and 152, respectively]. The Amended Disclosure Statement, which now notes target dates of October 6th and October 20th for Plan confirmation and Plan…

July 18, 2022 – The Debtors filed a First Amended Chapter 11 Plan (which attaches a blackline showing changes to the version filed on May 10, 2022) and a Disclosure Statement Supplement [Docket Nos. 455 and 456, respectively].  The Debtors' May 10th Plan and Disclosure Statement (latter approved for solicitation) reflected what was then still…

July 18, 2022 – The Court hearing the WC Braker Portfolio case denied a motion filed by ATX Braker SR, LLC (“ATX" or “Mortgage Lender”) seeking dismissal of the Debtor’s Chapter 11 case [Docket No. 120]. On May 13th, ATX  filed a motion seeking dismissal of the Debtor’s Chapter 11 case [Docket No. 24] arguing…

July 18, 2022 – In advance of their July 27th Plan confirmation hearing, the Debtors filed a Modified First Amended Plan of Liquidation and a related blackline showing minor changes to the version of Plan filed on June 8, 2022 [Docket Nos. 616 and 617, respectively]. The Debtors also filed (i) a memorandum of law…