May 13, 2020 – The Court hearing the Stage Stores cases issued an interim order that allows the Debtors to "immediately" begin their store closing process [Docket No. 144].  The order reads in part: "The Debtors are authorized…to immediately conduct the Store Closing Sales at the Closing Locations in accordance with this Interim Order, the…

May 14, 2020 – Intelsat S.A. and 34 affiliated Debtors (NYSE: I; “Intelsat” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Eastern District of Virginia, lead case number 20-32299. The Debtors, one of the world’s largest satellite services businesses, are represented by Michael A. Condyles of Kutak Rock…

May 11, 2020 – Prepetition lender PNC Bank, National Association objected to the Debtors’ proposed Key Employee Retention Plan (the "KERP") and Key Employee Incentive Plan (the "KEIP”) arguing that (i) the proposed $4.0mn of payments "are excessive and unnecessary" in respect of Debtors (and their management) who are projecting a $20.0mn liquidity shortfall as…

May 11, 2020 – The Debtors filed a motion requesting Court authority (i) to “close stores and begin wind-down operations” and (ii) to continue an existing relationship with Gordon Brothers Retail Partners, LLC ("Gordon Brothers" or "Consultant") further to which Gordon Brothers will manage the store closing process [Docket No. 27]. The Debtors are seeking…

May 11, 2020 – The Court hearing the Pace Industries cases denied a motion filed by minority investor Macquarie Septa (US) I, LLC ("Macquarie") seeking a dismissal of several of the Debtors’ Chapter 11 cases [Docket No. 173]. Macquarie had argued that, absent its consent, the Debtors did not have the requisite corporate authority to…

May 11, 2020 – The Court hearing the Pioneer Energy Services Corp cases confirmed the Debtors' Prepackaged Chapter 11 Plan of Reorganization [Docket No. 331]. On March 1, 2020, Pioneer Energy Services Corp. and nine affiliated Debtors (until a September 2019 delisting NYSE: PES; “Pioneer” or the “Debtors”) filed for Chapter 11 protection with the…

Oak Point Partners, LLC acquires remnant assets of the Liquidating Trust for the Plastech Engineered Products, Inc. Bankruptcy Estates September 11, 2017 – Oak Point Partners, LLC acquired the remnant assets of the Liquidating Trust for the Plastech Engineered Products, Inc. Bankruptcy Estates (Plastech) in October 2017. On February 1, 2008, Plastech and its affiliates…

May 8, 2020 – The Court hearing the Neiman Marcus Group cases issued an order authorizing the Debtors to (i) access $275.0mn of debtor-in-possession (“DIP”) financing on interim basis and (ii) use cash collateral [Docket No. 254]. The $275.0mn is part of a $675.0mn DIP package requested by the Debtors the day before (May 7,…

May , 2020 – Stage Stores, Inc. and one affiliated Debtor (NYSE: SSI; “Stage” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 20-32564. The Debtors, the operators of a network of 700 specialty department stores and off-price retail stores across the…