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 Debtor filed a motion to convert its Chapter 11 case to a case under Chapter 7 arguing that its hopes to reorganize in Chapter 11 had been dashed by the extended nature of the COVID-19 pandemic which "was continuing with no end in sight in respect of the resumption of…
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…
May 7, 2020 – The Debtors filed a motion requesting each of a bidding procedures order and a sales order [Docket No. 16]. The bidding procedures order would approve (i) bidding procedures in relation to the sale of the Debtors’ assets (the “Sale”), including bidder protections for stalking horse bidder Techniplas Acquisition Co, LLC (the…
May 7, 2020 – The Debtors filed an emergency motion to access $675.0mn of debtor-in-possession (“DIP”) financing and use cash collateral [Docket No. 104]. The expensive DIP financing (see detail as to interest rates and fees totaling more than 20% below), backstopped by parties to the Debtors' restructuring support agreement and with Cortland Capital Markets…
