December 29, 2020 – The Debtors filed their Chapter 11 Plan of Reorganization and a related Disclosure Statement [Docket Nos. 370 and 371, respectively], and further filed a motion requesting Court approval of (i) the Disclosure Statement, (ii) proposed Plan solicitation and voting procedures and (iii) a proposed timetable culminating in a Plan confirmation hearing…

December 29, 2020 – Further to objections from the U.S. Trustee assigned to the Debtors' cases and Lion Capital Americas, Inc. ("Lion Capital") and after discussions with the IRS over a potential tax liability relating to the Debtors' sale of their assets to Taiwanese fishing giant FCF Co., Ltd. ("FCF"), the Debtors have filed a…

December 29, 2020 – The Debtors filed a motion requesting that the Court hearing their Chapter 11 cases enforce its Plan confirmation order, specifically provisions within that order relating to their now terminated $587.5mn sale to CSGP Holdings, LLC (the “Stalking Horse Bidder,” an affiliate of publicly traded commercial real estate information company CoStar Group,…

December 28, 2020 – The Court hearing the Bainbridge Uinta Holdings cases has extended the periods during which the Debtors have an exclusive right to file a Plan and solicit acceptances thereof, through and including February 28, 2021 and April 29, 2021, respectively [Docket No. 190]. Absent the relief, the Plan filing and solicitation periods…

December 28, 2020 – The Debtors requested Court approval of (i) a key employee incentive plan (“KEIP”) for 5 senior leadership employees with a maximum aggregate award amount of $1.97mn, consisting of (a) $619,500 in Track 1 bonuses and (b) $1.35mn in Track 2 bonuses (summarized below) and (ii) a key employee retention plan (“KERP”)…

December 28, 2020 – 203 W 107th Street LLC and 10 affiliated Debtors (collectively, the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 20-12973. The Debtors, owners, developers and operators of multifamily residential properties in Harlem, are represented by Mark Frankel of…

December 28, 2020 – The Debtors filed a motion seeking approval for the private $25.0mn sale of a jack-up rig (the "ENSCO 101" or the the "Rig") to Russian entity JSC Arktikmorneftegazrazvedka (the “Buyer”). A memorandum of agreement between Debtor/seller Ensco Offshore International Company (“Ensco” or the “Seller”) and the Buyer is attached to the…

December 11, 2020 – The Debtors’ filed an Amended Plan of Reorganization and related Disclosure Statement showing changes to the versions filed on October 15, 2020 [Docket Nos. 787 and 788, respectively]. The amended Plan revises the proposed treatment of Existing Equity Interests in Valaris to read, "if Holders of Existing Interests in Valaris vote…

December 28, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ proposed debtor-in-possession ("DIP") financing arguing that as proposed the DIP financing would "guarantee that the Debtors’ estates will be administratively insolvent before and after the proposed sale, and are for sole benefit of the Debtors’ lender and equity…