January 14, 2022 – The Debtor filed a motion to extend the periods during which it has an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including June 13, 2022 and August 10, 2022 respectively [Docket No. 295]. Absent the requested relief, the Plan filing and solicitation periods are…
January 14, 2022 – Further to a December 15th bidding procedures order [Docket No. 290] and an auction occurring on January 13th and 14th, the Debtors have notified the Court as to the designation of successful bidders for each of their three major asset groupings, ie their New Jersey manufacturing facility, their Canadian assets and…
January 13, 2022 – The Court hearing the Nordic Aviation Capital Designated Activity cases issued an interim order authorizing the Debtors to (i) access $60.0mn of new money debtor-in-possession (“DIP”) financing on an interim basis (the “Initial DIP Term Loans”) and (ii) use cash collateral [Docket No. 171]. The current DIP financing is part of…
January 12, 2022 – The Court hearing the Seadrill New Finance Limited cases confirmed the Debtors’ Prepackaged Plan of Reorganization in what was a one-day stay in bankruptcy for this particular cluster of Seadrill Limited companies which had not otherwise been included as debtors in the Seadrill Limited cases [Docket No. 62]. As has become…
January 5, 2022 – The Debtors' claims agent has filed "preliminary" voting results in respect of the Debtors' Second Modified Fifth Amended Plan of Reorganization; with those voting results serving to trigger another round of largely media-focused challenges to the Plan's viability driven by victims' representatives who continue to oppose the Plan or are at…
January 5, 2022 – The Court hearing the Intelsat S.A. cases issued a final order authorizing the Debtors to enter into a series of replacement debtor-in-possession ("DIP") financing arrangements totalling $7.875bn; with this financing automatically converting into exit financing when the Debtors emerge from bankruptcy [Docket No. 3986]. As discussed further below, this order also…
January 4, 2022 – The Court hearing the Strike, LLC cases issued a final order authorizing the Debtors to (i) access the $18.0mn balance of what is in total $26.0m of new money, debtor-in-possession (“DIP) financing being made available by prepetition lender American Industrial Partners, Ltd. (“AIP,” also the Debtors' stalking horse) and (ii) continue…
January 4, 2022 – The Debtors’ notified the Court that the First Amended Plan of Liquidation (as filed by the Debtors' Official Committee of Unsecured Creditors, or the “Committee”) had become effective as of January 3, 2022 [Docket No. 591, which also attaches a January 3, 2022 Liquidating Trust Agreement]. The Court had previously confirmed…
January 4, 2022 – The Debtors filed a motion to extend (for a second time) the periods during which they have an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including March 24, 2022 and May 25, 2022, respectively [Docket No. 414]. Absent the requested relief, the Plan filing…
January 2, 2022 – Creditor FitzWalter Capital Partners (Financial Trading) Limited (“FWCP”), which describes itself as the Security Agent and authorized representative for the Debtors' only secured lenders, filed a motion asking the Court to to dismiss or abstain from hearing the Debtors' Chapter 11 cases [Docket No. 22]. On December 17, 2021, the Debtors,…
