August 15, 2022 – The Court hearing the Cherry Man Industries, Inc. case issued an order authorizing the Chapter 11 Trustee assigned to the Debtor’s case to: (i) sell substantially all of the Debtor’s assets to Euro Style, LLC (the "Buyer," an acquisition entity to be created by CSC Generation Holdings, Inc.*) and (ii) enter…
August 12, 2022 – The Debtors filed a First Amended Chapter 11 Plan and a related Disclosure Statement [Docket Nos. 287 and 288, respectively]; and further filed a motion requesting Court approval of (a) the Disclosure Statement, (ii) proposed Plan solicitation and voting procedures and (iii) sa timetable culminating in a November 1st Plan confirmation…
August 12, 2022 – The Debtors filed an emergency motion requesting authorization to enter into stalking horse arrangements with Sequencing Health, Inc.* (the “Buyer” or “Stalking Horse,” $10.0mn cash bid, although Debtors value total consideration at $42.0mn) [Docket No. 149, which attaches the Buyer's asset purchase agreement (the “APA”) at Exhibit B]. On July 11th…
August 13, 2022 – The Debtors requested Court authority to: (i) obtain debtor-in-possession (“DIP”) financing to be provided by an affiliate of Brookfield Asset Management ("Brookfield," the Debtors' ultimate parent and Plan sponsor) consisting of (a) a $50.0mn new money term loan facility ($25.0mn interim) and (b) a $20.0mn roll-up of bridge financing provided by…
August 12, 2022 – The Court hearing the Aluminum Shapes case confirmed the Debtors' Chapter 11 Plan of Liquidation as filed by the Debtor’s Official Committee of Unsecured Creditors (the “Committee” or the “Plan Proponent”) [Docket No. 619]. On August 15, 2021, Aluminum Shapes, L.L.C. (“Aluminum Shapes” or the “Debtor”) filed for Chapter 11 protection…
August 12, 2022 – Altera Infrastructure L.P. and 37 affiliated debtors (fka "Teekay Offshore Partners L.P.," and together “Altera*” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case No. 22-90130 (Judge Isgur). The Debtors, "a global energy infrastructure services partnership primarily focused on…
August 11, 2022 – The Debtors filed a motion requesting Court approval of a proposed key employee incentive plan (the “KEIP”) that includes 8 senior executives (the “KEIP Participants”) and comes at a maximum cost of $36.0mn [Docket No. 366]. A hearing to consider the motion is scheduled for August 24, 2022, with objections due…
August 11, 2022 – The Debtors filed a motion to extend (for a first time) the period during which the Debtors have an exclusive right to file a Chapter 11 Plan through and including February 8, 2023 [Docket No. 534]. Absent the requested relief, the Plan filing period is scheduled to expire on August 12,…
August 11, 2022 – The Debtor filed a first draft of its Chapter 11 Plan of Reorganization and a related Disclosure Statement [Docket Nos. 295 and 296, respectively]; and separately filed a motion requesting Court approval of (i) the Disclosure Statement (conditionally), (ii) proposed Plan solicitation and voting procedures and (iii) scheduling a Plan confirmation…
August 9, 2022 – The Debtors and the Debtors' Official Committee of Unsecured Creditors (the “Creditors’ Committee” and, together with the Debtors, the “Movants”) filed a motion requesting Court approval of a global settlement that will see @$175.0mn* injected into the Debtors' coffers and otherwise resolve outstanding disputes** which have drained the Debtors resources (@$25.0mn…
