January 28, 2021 – The Debtor filed a motion to extend the period during which they have an exclusive right to file solicit acceptances in respect of their already filed Plan, through and including April 27, 2021 [Docket No. 367]. Absent the requested relief, the Plan solicitation period is scheduled to expire on February 26,…
January 28, 2021 – The Court hearing the LATAM Airlines Group S.A. cases has extended the periods during which the Debtors have an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including June 30, 2021 and August 23, 2021, respectively [Docket No. 1760]. Absent the requested relief, the Plan…
January 28, 2021 – The Debtors’ filed their modified Third Amended Plan of Reorganization with an attached redline showing changes to the version filed on December 30, 2020 [Docket No. 988]. The Debtors had filed what appears to be an identical Plan (except for changes as to the filing date, shifting from January 27th to…
January 28, 2021 – The Debtors filed a motion requesting each of a bidding procedures order and a sale order [Docket No. 197]. The bidding procedures order would (i) approve proposed bidding procedures, including bidder protections, in respect of a sale of substantially all of the Debtors' assets, (ii) authorize the Debtors to enter into…
January 28, 2021 – Privately-held Belk Inc. ("Belk," or the "Debtors"), a retailer with 291 stores across 16 southeastern states, has published a Prepackaged Plan and a related Disclosure Statement that it is in the process of distributing to stakeholders. In a January 26th press release, Belk announced that it had entered into a Restructuring…
January 26, 2021 – The Debtors' Official Committee of Equity Securities Holders (the “Equity Committee”) has filed a motion requesting termination of the Debtors’ Plan exclusivity periods so that they could be in position to file a competing Plan. On January 22, 2021, the Debtors filed an Amended Chapter 11 Plan which abruptly shifted from…
January 25, 2021 – L'Occitane, Inc. (“L'Occitaine or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of New Jersey, lead case number 21-10632. The Debtor, a leading U.S. retailer of beauty and well-being products, are represented by Mark E. Hall of Fox Rothschild LLP. Further board-authorized engagements include…
January 26, 2021 – Privately held CiCi's Holdings, Inc.and eight affiliated Debtors (dba cicis pizza; “CiCi's” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Texas, lead case number 21-30146. The Debtors, a pizza company with 318 locations across 26 states (96% franchised), are represented by…
January 25, 2021 – The Debtors requested Court authority to (i) access $20.0mn of new money, debtor-in-possession (“DIP”) financing and (ii) use cash collateral [Docket No. 20]. The DIP financing is being provided by existing second lien noteholders (with ICG Debt Administration LLC, or “ICG,” serving as administrative agent and collateral agent) in the form…
January 25, 2021 – The Debtors announced that they have reached a plan support agreement (the "PSA") with holders of over 70% of each of their senior unsecured notes and revolving credit facility loans. Further to the agreement, the senior unsecured notes would be equitized and over $2.1bn of debt eliminated. Both groups of stakeholders…
