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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,”…

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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…

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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…

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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…

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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…

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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,…

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October 18, 2022 – The Court hearing the GT Real Estate Holdings case has extended (for a first time) the periods during which the Debtor has an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including January 27, 2023, and March 28, 2023, respectively [Docket No. 537]. Absent the requested relief,…

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October 17, 2022 – The Bank of New York Mellon (“BNYM*” or the “Trustee”) objected to the Debtors’ Disclosure Statement, arguing that it would fail to treat all members of Class 4 ("Unsecured Notes Claims") equally in the event that the Debtors proceed with an "Equitization Transaction" [Docket No. 1364]. As it stands, the Trustee…

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October 17, 2022 – Further to a bidding procedures order [Docket No. 122], the Debtor notified the Court that, absent any further qualified bids beyond that of stalking horse bidder VMware, Inc.* (the “Stalking Horse Bidder,” also the Debtor’s DIP Lender, $14.5mn cash and credit bid), an auction of the Debtors' assets scheduled for October 19th…

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October 17, 2022 – The Court hearing the Sungard AS New Holdings cases issued an order confirming the Plan element of the Debtors’ Second Amended Combined Plan and Disclosure Statement [Docket No. 763, with a revised Second Amended Combined Plan and Disclosure Statement (the “Combined Document”) and a related redline showing changes from the version…