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March 24, 2021 – The Debtors filed a Third Amended Plan of Reorganization and a related Disclosure Statement [Docket Nos. 1115 and 1117, respectively]; and separately filed blacklines showing minor changes to the version filed on March 23, 2021 [Docket Nos. 1116 and 1118].
On March 23rd, the Debtors filed a Second Amended Plan of Reorganization and a related Disclosure Statement [Docket Nos. 1098 and 1102, respectively], and separately filed blacklines showing changes to the versions filed on March 16, 2021. [Docket Nos. 1099 and 1104].
The March 24th filings appear to have been made in advance of the scheduled March 24th Hearing.
At the conclusion of that hearing (at which until recently approval of the Disclosure Statement was supposed to be considered; albeit against a 38-objection headwind to which the Debtors responded at Docket No. 1124]), Judge Isgur adopted a new timetable which will now see the Disclosure Statement considered at an April 14th hearing and the confirmation of the Plan to be considered on May 17th.
First up, however, is a March 29th discovery conference at which, inter alia, next steps in respect of objections to the Debtors' proposed backstop arrangements will be considered. Although clearly granting objectors more time, Judge Isgur makes it clear that he is leaning towards approval of the backstop arrangements (several more being negotiated according to Debtors' counsel) and ultimately the Disclosure Statement. Returning repeatedly to the exercise of the Debtors' business judgment, Judge Isgur comments that the proposed $185.0mn second lien backstop ($85.0mn of new money) appears "reasonably priced" and that he "intends to find a way to approve the Disclosure Statement."
The Debtors' emergency motion for approval of the backstop commitment is filed at Docket No. 1023 (Backstop Commitment Letter at Exhibit B) and a representative objection is filed at Docket No. 1110. A description of the Second Lien Backstop Commitment Letter is found on page 41 of the Disclosure Statement [Docket No. 1117]
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