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December 16, 2020 – The Debtors requested Court authority to (i) access $30.3mn in debtor-in-possession (“DIP”) financing consisting of (i) a new money multi-draw term loan facility in an aggregate principal amount of $15.3mn ($5.1mn to be made available with an interim DIP order), (ii) upon issuance of a final DIP order, “roll-up” of $15.0mn…

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December 16, 2020 – The Court hearing the Approach Resources cases confirmed the Debtors’ Second Amended Plan of Liquidation [Docket No. 712]. On November 18, 2019, Approach Resources Inc. and six affiliated Debtors (NASDAQ Global Select: AREX, “Approach” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District…

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December 11, 2020 – The Court hearing the Studio Movie Grill Holdings cases issued an order approving bid procedures for the sale of the Debtors’ assets (the “Sale”) [Docket No. 335]. The motion [Docket No. 133] indicates that there is no guarantee that the Debtors will choose the sale path to bring its chapter 11…

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December 11, 2020 – The Court hearing the Studio Movie Grill Holdings cases issued an order approving the key employee incentive plan (the (“KEIP”) for thirty-three key employees with an award pool ranging from $83k to $322k [Docket No. 331]. The motion notes that keeping the proposed participants with the company is key while the…

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December 11, 2020 – The Court hearing the Rubio’s Restaurants cases issued an order approving the Debtors’ key employee incentive plan (the “KEIP”) for eight members of the senior management team [Docket No. 270]. The KEIP order specifies that "the Motion is withdrawn without prejudice with respect to the relief requested for the Debtors’ Chief…

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December 15, 2020 – The Debtors filed a notice which attached (i) an amendment to the Debtors' November 4th asset purchase agreement (the “APA”) with stalking horse American Freight FFO, LLC (the “Purchaser”) and (ii) a transition services agreement (the "TSA") between the Debtors and the Purchaser [Docket No. 178, with the APA amendment attached…

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December 15, 2020 – Further to the November 23rd bidding procedures order [Docket No. 136] and absent the receipt of any other qualified bids, the Debtors canceled the auction scheduled for December 21, 2020 and designated YF FC Acquisition, LLC (the “Stalking Horse Bidder"), an acquisition entity created by the prepetition-turned-DIP lenders) as the Successful…

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December 15, 2020 – The Court hearing the NS8 case issued a final order authorizing the Debtor to (i) access $10.0mn in debtor-in-possession (“DIP”) financing and (ii) continue using cash collateral [Docket No. 165]. The DIP financing is being provided by Alter Domus in two tranches: (i) an $8.0mn Tranche A and (ii) a $2.0mn…

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December 15, 2020 – The Court hearing the Dura Automotive Systems cases approved the conversion of the Debtors’ Chapter 11 cases to Chapter 7 [Docket No. 1276]. On October 17, 2019, Dura Automotive Systems, LLC and six affiliated Debtors (“Dura” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the…

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December 15, 2020 – The Court hearing the BDC Inc. (f/k/a Borden Dairy Company) cases confirmed the Debtors’ Second Amended Combined Plan of Liquidation [Docket No. 1331]. On January 5, 2020, Borden Dairy Company and 17 affiliated Debtors (“Borden” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District…