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August 1, 2022 –  HeartBrand Holdings, Inc. and one affiliated debtor (together “HeartBrand” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case No. 22-90127 (Judge Jones). The Debtors, Texas cattle/beef producers with a focus on Japanese Akaushi beef, are represented by Harry A….

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July 26, 2022 – Further to a July 8th bidding procedures order [Docket No. 95], the Debtors notified the Court that, absent any further qualified bids, the auction scheduled for July 28th had been cancelled and stalking horse 37 Baking Holdings, LLC (the “Stalking Horse Bidder,” $20.0mn credit bid*) had been named as the successful…

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July 27, 2022 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected (more specifically, filed an "opposition") to proposed debtor-in-possession (“DIP”) financing [Docket No. 152] arguing that the "DIP Loan is likely some of the most expensive money ever submitted to this Court for approval" and would simply accelerate an almost inevtitable adminsitrative…

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July 26, 2022 – The Court hearing the Enjoy Technology cases issued an order: (i) approving proposed bidding procedures in relation to the sale of substantially all of the Debtors’ assets, (ii) authorizing the debtors to designate Asurion, LLC ("Asurion" or the “Stalking Horse Bidder,” $110.0mn opening bid) as the stalking horse bidder, (iii) approving…

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July 26, 2022 – Aearo Technologies LLC and six affiliated debtors (together “Aereo Technologies” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Indiana, lead case No. 22-02890 (Judge TBD). The Debtors, wholly-owned subsidiaries of 3M (NYSE: MMM), are represented by Jeffrey A. Hokanson of Ice…

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July 25, 2022 – The Debtor filed a motion to extend (for a fourth time) the periods during which it has an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including September 1, 2022, and October 31, 2022, respectively [Docket No. 2058]. Absent the requested relief, the Plan filing,…

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July 25, 2022 – The Debtors have filed an execution version of the stalking horse asset purchase agreement (the “APA”) entered into with Asurion, LLC (the “Stalking Horse Bidder,” $110.0mn opening bid) [Docket No. 191]. The eagerly awaited APA details an offer comprised of cash less what is outstanding under the Debtor's $55.0mn DIP (including…

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July 21, 2022 – The Debtors filed a motion seeking Court authority to engage Quinn Emanuel Urquhart & Sullivan, LLP (“Quinn Emanuel”) as special counsel to the Special Committee of Voyager LLC effective from July 13, 2022; with Quinn Emmanuel to assist, inter alia, in the Special Committee's investigation of $650.0mn of loans made to…

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July 24, 2022 – The Debtors, who filed a bidding procedures motion on July 21st, have responded emphatically to press releases issued by (i) FTX Trading Ltd. ("FTX"), owner and operator of FTX.com and (ii) KaJ Labs [Docket Nos. 137 and 136, respectively].  The press releases and the Debtors' responses will deepen a sense that…

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July 18, 2022 – The Court hearing the GTT Communications cases has extended (for a second time) the periods during which the Debtors have an exclusive right to file a Plan, and solicit acceptances thereof, through and including October 1, 2022 and November 30, 2022, respectively [Docket No. 540]. Absent the requested relief, the Plan…