December 21, 2020 – The Debtors notified the Court that their Revised Modified Second Amended Chapter 11 Plan of Reorganization had become effective as of December 21, 2020 [Docket No. 202]. The Court had previously confirmed the Debtors’ Plan on December 15, 2020 [Docket No. 195]. On October 19, 2020, Smartours, LLC and one affiliated…
December 21, 2020 – The Court hearing the MUJI U.S.A. case confirmed the Debtor's Amended Plan of Reorganization [Docket No. 277]. On July 10, 2020, MUJI U.S.A. Limited (“Muji” or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-11805. The Debtor, a minimalist…
The Board of Directors of Veritiv Corporation has approved an expansion of the restructuring plan previously announced on July 9, 2020, according to a Form 8-K filed on December 21, 2020. The Company said it has commenced the 2020 Restructuring Plan earlier this year in response to the impact of the COVID-19 pandemic on its…
December 21, 2020 – PBS Brand Co., LLC and 12 affiliated Debtors (dba Punch Bowl Social, “PBS Brand” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-13157. The Debtors, Glendale, Colorado-based owners and operators of restaurants, are represented by Jeffrey R. Waxman…
December 18, 2020 – The Debtors filed their First Amended Plan and Disclosure Statement, including blacklines of each showing changes to the versions filed on November 6, 2020 [Docket No. 749] On the same day, the Debtors further filed a revised proposed Disclosure Statement Order, which shows changes from the original proposed order made to…
December 18, 2020 – Further to the Court's bidding procedures order [Docket No. 112], and absent any further qualified bids beyond that of stalking horse Gorham Acquisition, LLC (the “Purchaser”), the Court hearing the Gorham Paper and Tissue cases issued an order approving the proposed $8.75mn sale of substantially all of the Debtors’ assets to…
December 18, 2020 – The Court hearing the Town Sports International cases issued an order confirming the Debtors' Second Amended Joint Plan of Liquidation [Docket No. 828]. The Plan's confirmation comes notwithstanding the Debtors' failure to garner the support of their prepetition term loan lenders who have unusually now been crammed down by the Plan's…
December 18, 2020 – The Court hearing the NorthEast Gas Generation, LLC cases issued an order confirming the Debtors' First Amended Plan [Docket No. ]. On June 18, 2020, NorthEast Gas Generation, LLC and three affiliated Debtors (“NEG" or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of…
December 18, 2020 – The Court hearing the Briggs & Stratton Corporation cases confirmed the Debtors’ Second Amended Joint Chapter 11 Plan [Docket No. 1485]. In issuing its order, the Court rejected the Debtors' two remaining objections (filed by the U.S. Trustee and the SEC, respectively) which related to the third-party release mechanics. On July…
On December 18, 2020, S&P Global Ratings assigned a CCC+ issuer credit rating on BlackBrush Oil & Gas, LP. The Company recently issued a $75 million first-lien term loan after an out-of-court restructuring with its lenders in September 2020. The restructuring included the $75 million first-lien term loan due in 2025 priced at LIBOR +…
