November 18, 2019 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) filed an emergency motion seeking conversion of the Debtors’ Chapter 11 cases to cases under Chapter 7 [Docket No. 458]. This motion follows a similar November 14th filing by the U.S. Trustee assigned to the Debtors' cases [Docket No. 441]. In both…
November 18, 2019 − Approach Resources Inc. and six affiliated Debtors (NASDAQ Global Select: AREX, “Approach” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 19-36444. The Debtors, who engage in the exploration, development, production and acquisition of unconventional oil and gas…
November 14, 2019 – The Court hearing the Destination Maternity Corporation case issued an order approving bidding procedure for the sale of assets [Docket No. 253] and scheduled sale hearing for December 12, 2019. Significantly, the order preserves the expedited auction/sale timetable which culminates in a December 12th sale hearing. The order includes one significant…
November 14, 2019− HRI Holding Corp. and 38 affiliated Debtors (d/b/a as Houlihan's Restaurants, Inc. “HRI or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-12415. The Debtors, who own and operate forty-seven restaurants under the Houlihan's, J. Gilbert’s, Bristol and Devon brands,…
November 12, 2019 – Natixis, New York Branch (“Natixis”), in its capacity as the administrative agent on behalf of lenders to a $60.0mn credit facility filed a motion (i) to appoint a chapter 11 trustee for Debtors MDC Energy LLC (“MDC”), Ward I, LLC (“Ward”) and MDC Reeves Energy LLC (“Reeves”) or (ii) in the…
November 12, 2019 − Southern Foods Group, LLC (d/b/a/ Dean Foods Company) and 42 affiliated Debtors (NYSE: DF, “Dean Foods” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 19-19-36313. The Debtors, the largest processor and direct-to-store distributor of fresh and other…
November 11, 2019 − MTE Holdings LLC has added four further affiliate debtors to its Chapter 11 cases and filed a declaration in support of the Chapter 11 filings [Docket No. 50] which casts light on the heated conflict betwen the Debtors and lenders led by Riverstone Credit Management LLC (“Riverstone”) whom the Debtors accuse…
November 8, 2019 – The Court hearing the Verity Health System (“VHS”) case approved the Debtors’ amended key employee incentive plan (the “KEIP”) [Docket No. 3565] to allow for asset sale delays and keep KEIP employees within the scope of the plan. The Debtors' motion [Docket No. 3240] stated, “The first stage occurred relatively quickly…
October 22, 2019 − MTE Holdings LLC (together with six later added affiliates, “MTE Holdings” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-12269. The Debtors, which conduct oil and gas exploration, drilling and development operations in the Permian Basin in Texas,…
November 9, 2019 – With the clock ticking towards a November 12th Plan confirmation hearing,the Debtors have changed restructuring paths, yet again. Having surprised their creditors with an eleventh hour announcement heralding a toggle to an asset sale; they have now toggled back to an equitization transaction; apparently unable to drum up sufficient support from…
