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…
July 15, 2022 – The Debtor filed an Amended Disclosure Statement and a related redline showing changes to the version of the Disclosure Statement filed on May 31, 2022 [Docket Nos. 151 and 152, respectively]. The Amended Disclosure Statement, which now notes target dates of October 6th and October 20th for Plan confirmation and Plan…
August 5, 2022 – The Debtors filed a First Amendment to their RSA (defined below) which attaches a redline of their Amended Restructuring Term Sheet at Exhibit B [Docket No. 1015]. On May 9, 2022, the Debtors entered into a restructuring support agreement (the “RSA”) with an ad hoc group of unsecured noteholders (the “Consenting…
August 8, 2022 – The Court hearing the Footprint Power Salem Harbor Development cases has extended the periods during which the Debtors have an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including November 18, 2022 and January 17, 2023, respectively [Docket No. 363]. Absent the requested relief, the…
August 5, 2022 – The Court hearing the Voyager Digital Holdings cases issued an order: (i) approving proposed bidding procedures in respect of the sale of substantially all of the Debtors’ assets, (ii) authorizing the Debtors to select a stalking horse bidder, and offer bidder protections to any selected stalking horse, and (iii) approving an…
August 5, 2022 – The Court hearing the Voyager Digital Holdings cases issued an order authorizing the Debtors to: (i) honor customer withdrawals in respect of customer cash held at Metropolitan Commercial Bank (“MC FBO”), (ii) liquidate cryptocurrency from customer accounts with a negative balance, (iii) sweep cash held in third-party exchanges, (iv) conduct ordinary…
July 25, 2022 – Sam Bankman-Fried (of Alameda Ventures Ltd. and FTX Trading Ltd., "Alameda" and FTX, respectively) has fired back in a Twitter thread at the Debtors' July 24th response [Docket No. 137] to a July 22nd FTX press release outlining an FTX offer for Voyager's assets. Kirkland & Ellis ("Kirkland"), the Debtors' counsel,…
