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May 19, 2023 – The Court hearing the Pill Club Pharmacy Holdings cases issued an order:  (i) approving bidding procedures in relation to the sale of certain of the Debtors’ assets (namely customer lists and IP), (ii) authorizing the Debtors to enter into stalking horse arrangements with Pepper Park LLC* (the “Buyer,” set to assume…

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May 14, 2023 – Monitronics International Inc and nine affiliated debtors (dba "Brinks Home," together “Monitronics” or the “Debtors”) filed for Chapter 11 protection (on a "partially prepackaged" basis) with the U.S. Bankruptcy Court in the Southern District of Texas, lead case No. 23-90332 (Judge TBD). The Dallas-Fort Worth based Debtors, "one of the largest home…

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May 16, 2023 – The Court hearing the Venator Materials cases issued an order authorizing the Debtors to: (i) access up to $100.0mn in new money, debtor-in-possession (“DIP”) financing being provided by participating prepetition lenders (the “DIP Lenders*” owed approximately $954.0mn in respect of a prepetition debt, effectively everyone holding funded debt excluding the prepetition…

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May 16, 2023 – The Court hearing the MLCJR LLC cases has given the Debtors authority to: (i) access $75.0mn in new money debtor-in-possession (“DIP”) financing (including $50.0mn on an interim basis) to be provided by prepetition lenders BP Energy Company (“bpec”) and Amarillo National Bank (“ANB,” and together with bpec, the “DIP Lenders”) and…

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May 15, 2023 –The Debtors have filed an executed stalking horse asset purchase agreement (the “APA”) entered into with ARC Burger, LLC* (the “Stalking Horse Bidder,” $11.7mn cash purchase price with bid protections including a $351k break-up fee and a $150k expense reimbursement [Docket No. 123, with copy of the Stalking Horse Purchase Agreement attached…

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May 11, 2023 – The Debtors filed a bidding procedures motion [Docket No. 92] seeking: (i) approval of bidding procedures in relation to the sale of the substantially all of the Debtors’ assets, (ii) authority to offer any selected stalking horse bidder protections and (iii) approval of a proposed auction/sale timetable culminating in an auction…

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May 15, 2023 – The Debtors requested Court authority to: (i) access $75.0mn in new money debtor-in-possession (“DIP”) financing (including $50.0mn on an interim basis) to be provided by prepetition lenders BP Energy Company (“bpec”) and Amarillo National Bank (“ANB,” and together with bpec, the “DIP Lenders”) and (ii) use cash collateral [Docket No. 18,…

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May 15, 2023 – Vice Group Holding Inc. and 31 affiliated debtors (together “Vice Media” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case No. 23-10738 (Judge TBD). The Debtors, "a global multi-platform media company," are represented by Albert Togut of Togut,…

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May 14, 2023 – Monitronics International Inc and nine affiliated debtors (dba "Brinks Home," together “Monitronics” or the “Debtors”) filed for Chapter 11 protection (on a "partially prepackaged" basis) with the U.S. Bankruptcy Court in the Southern District of Texas, lead case No. 23-90332 (Judge TBD). The Dallas-Fort Worth based Debtors, "one of the largest home…

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May 14, 2023 – Venator Materials PLC and 23 affiliated debtors (NYSE: VNTR; together, “Venator” or the “Debtors”) filed for Chapter 11 protection (on a "prepackaged*" basis) with the U.S. Bankruptcy Court in the Southern District of Texas, lead case No. 23-10520 (Judge David R Jones). The Debtors, "a global manufacturer and marketer of [paint-related]…