September 17, 2013 – Oak Point Partners, Inc. acquired the remnant assets of the Levitt and Sons, LLC, et al., Bankruptcy Estate in September 2013. On November 9, 2007, Levitt and Sons, LLC and its related entities (“Levitt and Sons”) filed a chapter 11 petition in the United States Bankruptcy Court for the Southern District…
[Developing Story] May 26, 2020 – LATAM Airlines Group S.A. and 28 affiliated Debtors (NYSE (ADRs): LTM, “LATAM” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 20-11254. The Debtors, a Chilean-based airline holding company, are represented by Lisa M. Schweitzer…
May 22, 2020 – Unit Corporation and five affiliated Debtors (NYSE: UNT; "Unit” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 20-32740. The Debtors, a Tulsa-based oil and gas E&P company, are represented by Harry Perrin of Vinson & Elkins L.L.P….
[Developing Story] May 22, 2020 – The Hertz Corporation and 29 affiliated Debtors (NYSE: HTZ ; “Hertz” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-11218. The Debtors, operators of the Hertz, Dollar and Thrifty vehicle rental brands, are represented by Mark…
May 21, 2020 – At a May 20th hearing, the Court hearing the CraftWorks Parent cases issued an order authorizing the Debtors (i) to access $25.4mn of debtor-in-possession (“DIP”) financing on a final basis and (ii) continue use cash collateral [Docket No. 535]. The DIP financing is provided by prepetition first lien lenders fronted by…
May 20, 2020 − Akorn, Inc. and 16 affiliated Debtors (Nasdaq: AKRX, “Akorn” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-11177. The Debtors, a specialty generic pharmaceutical company, are represented by Paul N. Heath of Richards, Layton & Finger, PA. Further…
May 18, 2020 –The Debtors and their investment banker Evercore Group L.L.C. ("Evercore") have elicited several heated objections relating to Evercore's retention and the retention's proposed fee structure, a fee structure that could result in fees for Evercore of "$129 million based on events that reasonably could be expected to occur." The Evercore retention motion…
May 19, 2020 – The Debtors requested Court authority to (i) access $40.0mn of debtor-in-possession (“DIP”) financing, to be provided by BTC Holdings Fund I, LLC and certain of the Debtors’ prepetition secured lenders ( the “DIP Lenders”) and agented by Blue Torch Finance LLC, and (ii) use cash collateral [Docket No. 26]. The motion…
May 18, 2020 – The Debtors filed a "Prearranged" Chapter 11 Plan of Reorganization and related Disclosure Statement [Docket Nos. 247 and 248]. Plan Highlights The $311.0mn prepetition ABL Credit Agreement to be repaid in full in cash. Holders of $1,337.4mn of prepetition term loans will get 76.5% of the the emerged Debtors' new common…
May 19, 2020 – The Debtors filed a motion requesting Court authority to wind-down their retail operations as soon as stores begin reopening following COVID-19 closures [Docket No. 671]. The Debtors' motion is brutally clear-headed and concise; the global pandemic has completely "derail[ed] all efforts to secure a going-concern bidder…upending the financial models underpinning the…
