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July 20, 2020 – Lakeland Tours, LLC and 22 affiliated Debtors (dba WorldStrides, Inc., “Lakeland” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 20-11647. The Debtors, a leading "educational travel and experiences organization," are represented by Nicole L. Greenblatt of…

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July 16, 2020 – The Debtors filed a motion requesting each of a bidding procedures order and a sales order [Docket No. 154]. The bidding procedures order would approve (i) proposed bidding procedures relating to a sale of substantially all of the Debtors' assets (the "Sale") and (ii) a proposed timetable culminating in an August…

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July 14, 2020 – The Paper Store, LLC and one affiliated Debtor (“TPS” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Massachusetts, lead case number 20-40743 (Judge Panos). The Debtors, "the largest family-owned and operated specialty gift business in the Northeast," are represented by Paul J….

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July 10, 2020 – The Court hearing the Tuesday Morning Corporation cases issued a final order authorizing the Debtors to access $25.0mn of debtor-in-possession (“DIP”) financing to be provided by Franchise Group, Inc. (“FGI”). This has been something of a wild ride, with the Debtors twice switching providers of this DIP financing; for a month…

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July 13, 2020 – Privately held Congoleum Corporation (“Congoleum” or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of New Jersey, lead case number 20-18488 (Judge Kaplan). The Debtor, one of North America’s largest manufacturers of resilient flooring, is represented by Warren A. Usatine of Cole Schotz P.C….

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July 10, 2020 – Further to a June 23rd bidding procedures order [Docket No. 101] and a July 9th auction, the Debtors have designated Presidio Investment Holdings LLC ("Presidio," $91.0mn bid) as the successful bidder for their assets [Docket No. 195]. This was an unusual auction in several respects, with the Debtors comfortably exceeding a…

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July 12, 2020 – Hi-Crush Inc. and 21 affiliated Debtors (NYSE: HCR; "Hi-Crush" or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 20-33495 (Judge Jones). The Debtors, a frac sand producer, are represented by Timothy A. Davidson II of Hunton Andrews Kurth…

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July 10, 2020 – In developments that will have caused some to flashback to the dramatic, and ultimately disastrous (for the Debtors), Barneys bankruptcy of last summer, fellow New York retailing institution Brooks Brothers Group, Inc. has had a chaotic, last-minute, all-change development as to its debtor-in-possession ("DIP") financing arrangements.  In a flurry of last-minute…

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July 6, 2020 – Further to their July 2nd announcement that they had agreed a sale of their assets to a consortium led by Her Majesty’s Government ("HMG") and Bharti Global Limited ("Bharti," and together with HMG, the "Plan Sponsor"), the Debtors have requested authority to amend their existing debtor-in-possession (“DIP”) facility to allow for…

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July 6, 2020 – Further to an objection filed by their prepetition senior lenders (the "Bank Group"), the Debtors have filed a revised motion which requests authority to (i) access $45.0mn of debtor-in-possession (“DIP”) financing to be provided by JMB Capital and (ii) use cash collateral [Docket No. 196].  The requested DIP financing has been…