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April 17, 2020 – Investor Macquarie Septa ("Macquarie") filed a motion seeking dismissal of a majority of the Debtors' Chapter 11 cases (ie those of KPI Intermediate Holdings, Inc. and the Debtors sitting structurally below, the "KPI Intermediate Debtors," see structure chart below), arguing that the directors of KPI Intermediate Holdings lacked the corporate authority…

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April 15, 2020 – The Court hearing the Pace Industries cases issued an interim order authorizing the Debtors to (i) access a $125.0mn senior secured super-priority asset-based revolving credit facility (the "DIP Revolver Facility"), of which approximately $92.1mn will be used to roll-up the entirety of the Debtors' prepetition ABL obligations, (ii) $21.0mn of a…

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April 15, 2020 – The Debtors filed a motion requesting an order approving (i) the $1.352bn private sale (the “Sale”) of Debtors’ businesses in Washington, Oregon, Idaho, and Montana (the “Pacific Northwest Assets”) and (ii) authorizing the Debtors to assume a May 2019 purchase agreement (the “Purchase Agreement”) with Northwest Fiber, LLC (the “Purchaser”) in…

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April 15, 2020 – Yuma Energy, Inc. and three affiliated Debtors (NYSE American: YUMA, “Yuma” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Texas, lead case number 20-41455. The Debtors, an independent Houston-based exploration and production company with production and development activities in the Rocky…

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April 14, 2020 – Frontier Communications Corporation and more than 100 affiliated Debtors (Nasdaq: FTR, “Frontier” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 20-22476. The Debtors, a provider of communications services in the United States, are represented by Stephen…

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April 13, 2020 – The Court hearing the Ample Hills Holdings cases issued an order (i) approving proposed bidding procedures, including stalking horse bidder protections (combined break-up fee and expenses capped at 3%), (ii) authorizing the selection of a stalking horse and (iii) approving an auction/sale timetable culminating in an auction on June 11th and…

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April 13, 2020 – Alpha Entertainment LLC (XFL) and one affiliated Debtor (“XFL” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-10940. The Debtors, owners of a start-up professional football league, are represented by Michael R. Nestor of Young Conaway Stargatt &…

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April 14, 2020 – Longview Power, LLC and one affiliated Debtors (“Longview” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-10951. The Debtors, owner/operators of a 710 net megawatt supercritical coal-fired power generation facility located in Maidsville, West Virginia (the "Longview Plant"),…

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April 13, 2020 – The Debtor requested Court authority to (i) access $3.5mn of debtor-in-possession (“DIP”) financing ($750k on an interim basis) to be provided by prepetition lender Vince McMahon (interest rate 4.25%), and (ii) use cash collateral [Docket No. 7]. The balance of the $3.5mn DIP financing, which does not appear to include a…

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April 13, 2020 – The Court hearing the Murray Metallurgical Coal Holdings case issued an order approving (i) proposed bidding procedures for sale (the “Sale”) of Murray Oak Grove Coal, LLC (“Oak Grove Assets”), including bidder protections, and (ii) an auction/sale timetable, culminating in an April 29th auction and a May 7th sale hearing [Docket…