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Aearo Technologies LLC – 3M Puts Subsidiaries into Bankruptcy as Exposure to Defective Military Earplug Litigation Mounts, Will Record $1.2bn Pre-Tax Charge to Fund Trust and Case Expenses

New Generation Research/July 26, 2022July 26, 2022

July 26, 2022 – Aearo Technologies LLC and six affiliated debtors (together “Aereo Technologies” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Indiana, lead case No. 22-02890 (Judge TBD). The Debtors, wholly-owned subsidiaries of 3M (NYSE: MMM), are represented by Jeffrey A. Hokanson of Ice…

Brazos Electric Power Cooperative, Inc. – Seeks Fourth (Short) Extension of Exclusive Plan Filing Period and Files Summary of Mediation Settlement Reached with ERCOT (but Not Yet with Creditors’ Committee); Confident Plan Can be Filed by September 1st

New Generation Research/July 26, 2022

July 25, 2022 – The Debtor filed a motion to extend (for a fourth time) the periods during which it has an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including September 1, 2022, and October 31, 2022, respectively [Docket No. 2058]. Absent the requested relief, the Plan filing,…

Enjoy Technology, Inc. – In Advance of Key July 26th Hearing, Files Asset Purchase Agreement in Respect $110mn (Cash/Credit) Asurion Stalking Horse Bid

New Generation Research/July 26, 2022July 26, 2022

July 25, 2022 – The Debtors have filed an execution version of the stalking horse asset purchase agreement (the “APA”) entered into with Asurion, LLC (the “Stalking Horse Bidder,” $110.0mn opening bid) [Docket No. 191]. The eagerly awaited APA details an offer comprised of cash less what is outstanding under the Debtor's $55.0mn DIP (including…

Voyager Digital Holdings, Inc. – Special Committee Looks to Engage Quinn Emmanuel to Investigate $650mn of Loans Made to 3AC in March 2022

New Generation Research/July 25, 2022

July 21, 2022 – The Debtors filed a motion seeking Court authority to engage Quinn Emanuel Urquhart & Sullivan, LLP (“Quinn Emanuel”) as special counsel to the Special Committee of Voyager LLC effective from July 13, 2022; with Quinn Emmanuel to assist, inter alia, in the Special Committee's investigation of $650.0mn of loans made to…

Voyager Digital Holdings, Inc. – Debtors Assail FTX/Alameda Offer as “Clear and Intentional Subversion of the Bankruptcy Process”….”Low-Ball Bid Dressed Up as a White Knight Rescue”

New Generation Research/July 25, 2022July 25, 2022

July 24, 2022 – The Debtors, who filed a bidding procedures motion on July 21st, have responded emphatically to press releases issued by (i) FTX Trading Ltd. ("FTX"), owner and operator of FTX.com and (ii) KaJ Labs [Docket Nos. 137 and 136, respectively]. The press releases and the Debtors' responses will deepen a sense that…

GTT Communications, Inc. – Court Allows Second Exclusivity Extensions Period until October 1st as Regulatory Approvals Continue to Delay Emergence

New Generation Research/July 21, 2022

July 18, 2022 – The Court hearing the GTT Communications cases has extended (for a second time) the periods during which the Debtors have an exclusive right to file a Plan, and solicit acceptances thereof, through and including October 1, 2022 and November 30, 2022, respectively [Docket No. 540]. Absent the requested relief, the Plan…

Enjoy Technology, Inc. – Following U.S. Trustee Objection, Creditors’ Committee Objects to DIP Financing and Bidding Procedures Motions as Rushed Effort to Assist Asurion LLC Loan-to-Own Strategy

New Generation Research/July 20, 2022

July 18, 2022 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) filed a combined objection to the Debtors’ proposed debtor-in-possession ("DIP") financing and bidding procedures citing that an APA and DIP Credit Agreement must be finalized before their approval [Docket No. 142]. The recently formed Committee, noting that it has only just engaged…

All Year Holdings Limited – Files Amended Disclosure Statement; Notes Decelopments re: Weiss Adversary Proceeding, Taz Partners Claim and Intention to Complete $60mn Sale to Paragraph Partners LLC by October 20th

New Generation Research/July 20, 2022July 25, 2022

July 15, 2022 – The Debtor filed an Amended Disclosure Statement and a related redline showing changes to the version of the Disclosure Statement filed on May 31, 2022 [Docket Nos. 151 and 152, respectively]. The Amended Disclosure Statement, which now notes target dates of October 6th and October 20th for Plan confirmation and Plan…

ION Geophysical Corporation – Files First Amended Plan and Disclosure Statement Supplement to Reflect Concretized Sale Path, Now Proposes July 28th Confirmation Hearing

New Generation Research/July 19, 2022

July 18, 2022 – The Debtors filed a First Amended Chapter 11 Plan (which attaches a blackline showing changes to the version filed on May 10, 2022) and a Disclosure Statement Supplement [Docket Nos. 455 and 456, respectively]. The Debtors' May 10th Plan and Disclosure Statement (latter approved for solicitation) reflected what was then still…

WC Braker Portfolio, LLC – For Now, Court Rebuffs Dismissal Effort and “Bad Faith” Filing Arguments; Finds Continued Stay in Bankruptcy for Natin Paul-Controlled Debtor “In Best Interests of Creditors”