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May 12, 2021 – Further to the conclusion of a 36-hour auction and the designation of a private equity group comprised of Certares Opportunities LLC (“Certares”), Knighthead Capital Management, LLC (“Knighthead”) and Apollo Capital Management, LP (“Apollo”) as the successful bidder and now Plan sponsors (the "Plan Sponsors"), the Debtors have moved quickly to file…

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May 11, 2021 – Further to an emergency supplemental motion filed by the Debtors requesting dismissal of their cases, the Court has dismissed each of the Debtors Chapter 11 cases with immediate effect [Docket Nos. 343 and 347, respectively].  This sudden flurry of events comes after the Debtors' discussion with the Small Business Administration (the…

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May 11, 2021 – The Debtors have filed a pair of motions (to (a) extend certain deadlines and (b) shorten notice/objections periods at Docket Nos, 4632 and 4633, respectively) which provide some insight as to where we stand in the auction pitting rival private equity groups (i) Certares Opportunities LLC, Knighthead Capital Management, LLC and…

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May 10, 2021 – Further to (i) an April 2nd bidding procedures order [Docket No. 310] and (ii) an extension of a May 3rd bid deadline to allow the Debtors, Midcap Funding Investment XI LLC ("MidCap") and Elliott Investment Management L.P. ("Elliott") to further refine Elliott's bid, the Debtors notified the Court that they had…

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May 7, 2021 – The Debtors’ filed a combined bidding procedures and sale motion [Docket No. 152]. The requested bidding procedures order would authorize (i) the Debtors’ proposed bidding procedures in respect of a potential section 363 asset sale of their Everett, Washington assets (the “Sale”), including bidder protections for stalking horse Wipro Givon USA,…

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May 6, 2021 – The Debtors filed a First Amended Chapter 11 Plan of Reorganization and a related Disclosure Statement [Docket Nos. 333 and 334, respectively]. The Debtors have not filed blacklines to show changes to versions of the documents filed on April 30th, but there appear to be several changes as to the treatment…

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May 4, 2021 – The Debtors issued a press release confirming widely circulated reports as to a new offer for the Hertz businesses submitted by Certares Opportunities LLC, Knighthead Capital Management, LLC and Apollo Capital Management, LP (together, the "Alternative Sponsor Group"), but publicly declined to comment on the status of that offer. As has…

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May 3, 2021 – Two weeks after Certares Opportunities LLC and Knighthead Capital Management, LLC (together, the "Alternative Sponsor Group") woke the Debtors up with a last-minute, late-night offer that triggered a further round of bidding and that resulted in a once unthinkable recovery for the Debtors' shareholders, the Alternative Sponsor Group has shaken up…

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April 30, 2021 – The Court hearing the Meade Instruments cases confirmed the First Amended Plan of Reorganization filed by the Debtors' Official Committee of Unsecured Creditors (the “Committee” or “Plan Proponent”) [Docket No. 392].  The confirmed Plan includes significant amendments which reflect a partial settlement with Plan objectors Sheppard, Mullin, Richter & Hampton LLP…

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April 30, 2021 – Plan Proponents notify Court that their amended Plan of Liquidation had become effective as of April 30, 2021 [Docket No. 381]. The Court had previously approved the Plan, proposed collectively by the Debtors, their Prepetition Lender and the Official Committee of Unsecured Creditors (together, the “Plan Proponents”), on April 28, 2021…