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August 22, 2019 – The Debtors filed a Combined Chapter 11 Plan of Liquidation and Disclosure Statement [Docket Nos. 308] and further requested a Court order that would (i) conditionally approve their Disclosure Statement, (ii) approve Plan solicitation and voting procedures and (iii) approve a proposed timetable, including a September 30, 2019 Plan confirmation hearing…

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August 19, 2019 – An ad hoc committee of the Debtors' equity security holders (the “Equity Committee”) objected [Docket No. 561] to the adequacy of the Debtors' Disclosure Statement, citing the lack of any credible valuation efforts on the part of the of the Debtors and arguing that the intentional shortcoming is a "sleight of…

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September 24, 2012 – Oak Point Partners acquired the remnant assets of the Breuners Home Furnishings Corp., et al., Bankruptcy Estate in September 2012. On July 14, 2004, Breuners Home Furnishings Corp. and its related entities (“Breuners Home Furnishings”) filed a chapter 11 petition in the United States Bankruptcy Court for the District of Delaware,…

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August 16, 2019 − Privately held Avenue Stores, LLC and three affiliated Debtors (“Avenue” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-11842. The Debtors,  a national specialty fashion retailer of women’s plus-sized apparel, are represented by Andrew L. Magaziner of Young…

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August 16, 2019 – The Court hearing the PG&E cases has rejected a pair of motions from key stakeholder groups (ie, the “Ad Hoc Committee of Senior Unsecured Noteholders” and the "Ad Hoc Group of Subrogation Claim Holders") that requested termination of the Debtors' exclusive right to file a Chapter 11 Plan [Docket Nos. 3569…

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August 15, 2019 – The Court hearing the Barneys New York cases issued a second interim order authorizing the Debtors to access further debtor-in-possession ("DIP") financing of $142.0mn to be provided by Brigade Capital Management and B. Riley Financial (the “new Lenders”) [Docket No. 127]. This second tranche (the new Lenders had each provided $37.5mn…

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August 12, 2019 − Mishti Holdings LLC  and two affiliated Debtors (d/b/a Lolli & Pops and Candyopolis, the “L&P Companies ” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-11813. The Debtors, owner-operators of retail candy stores, are represented by Derek C….

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August 13, 2019 – Certain holders of the Debtors' unsecured notes (the “Ad Hoc Group”) objected [Docket No. 74] to the Debtors' request for $350.0mn in debtor-in-possession ("DIP") financing on numerous grounds: accusing the Debtors of ignoring their pleas for a place at the pre-petition table; accusing the holders of the Debtors' 7.25% Senior Secured…

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August 12, 2019 – The Debtors requested Court authority to (i) access up to $350.0mn in debtor-in-possession (“DIP”) financing to be provided by certain of the Debtors' pre-petition secured noteholders and (ii) use cash collateral [Docket No. 26].  The DIP financing will consist of of (i) a $175.0mn "new money," term loan credit facility, $50.0mn…

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August 9, 2019 –  On August 7, 2019, the Court hearing the Barneys New York cases issued an order authorizing the Debtors to access $75.0mn in debtor-in-possession (“DIP”) financing to be provided by Gordon Brothers and Hilco Global. In frantic, last-minute developments, that has all changed. The Debtors have now filed a notice to amend…