December 11, 2020 – The Debtors’ filed an Amended Plan of Reorganization and related Disclosure Statement showing changes to the versions filed on October 15, 2020 [Docket Nos. 787 and 788, respectively]. The amended Plan revises the proposed treatment of Existing Equity Interests in Valaris to read, "if Holders of Existing Interests in Valaris vote…

December 28, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ proposed debtor-in-possession ("DIP") financing arguing that as proposed the DIP financing would "guarantee that the Debtors’ estates will be administratively insolvent before and after the proposed sale, and are for sole benefit of the Debtors’ lender and equity…

December 28, 2020 – Further to its November 23rd bidding procedures order [Docket No. 136], the Court hearing the YouFit Health Clubs cases issued an order approving the sale of the Debtors’ assets to YF FC Acquisition, LLC (the “Buyer,” an acquisition entity created by prepetition-turned-DIP lenders) [Docket No. 564]. The November 10, 2020 asset…

December 28, 2020 – The Debtors notified the Court that their Modified Prepackaged Chapter 11 Plan of Reorganization had become effective as of December 24, 2020 [Docket No. 267]. The Court had previously confirmed the Debtors’ Plan on December 14, 2020 [Docket No. 241]. On October 12, 2020, MD America Energy, LLC and five affiliated…

December 23, 2020 – The Debtors filed a pair of motions seeking approval of (i) a proposed key employee retention program (the “KERP”) that would cover (42) KERP Participants at a maximum aggregate cost of $259k and (ii) a proposed key employee incentive program (the “KEIP”) that would cover (5) KEIP Participants at a maximum…

December 23, 2020 – The Debtor filed a second motion seeking an order extending the periods during which it has an exclusive right to file a Plan and solicit acceptances thereof, through and including February 28, 2021 and May 1, 2021, respectively [Docket No. 630]. Absent the requested relief, the Plan filing and solicitation periods…

December 23, 2020 – The Debtors filed with the Court a motion to extend the periods during which they have an exclusive right to file a Plan and solicit acceptances thereof, through and including February 26, 2021 and April 27, 2021, respectively [Docket No. 557]. Absent the requested relief, the Plan filing period is scheduled…

December 23, 2020 – The Debtors filed with the Court a motion to extend the periods during which they have an exclusive right to file a Plan and solicit acceptances thereof, through and including April 8, 2021 and June 7, 2021, respectively [Docket No. 384]. Absent the requested relief, the Plan filing and solicitation periods…

December 27, 2020 – The Debtors filed their Fourth Amended Plan with an attached redline showing changes to the version filed on December 13, 2020 [Docket No. 2630]. The amended Plan adds details about the proposed distribution for Holders of Convenience Claims, which, specifically, will be a Pro Rata share of $10,000,000, with the Pro…