June 6, 2019 – The Debtors filed a motion requesting each of a bidding procedures order and a sale order. The bidding procedures order would authorize the Debtors' to (i) adopt proposed bidding procedures in respect of one or more sales of the Debtors' assets (the "Sale(s)"), (ii) enter into one or more stalking horse…
June 6, 2019 – Further to Court ordered mediation efforts led by Judge David R. Jones, the Debtors have announced a settlement with their Official Committee of Unsecured Creditors (“the UCC”) and lender Thirty Two, LLC (the "Settlement" and the "Settling Parties," respectively) that “resolves all pending UCC objections and motions and will provide the…
June 5, 2019 – The Court hearing the Westmoreland Coal Company cases issued an order approving the WMLP Debtors' Disclosure Statement and confirming the Debtors' Amended Joint Plan of Liquidation for the WMLP Debtors as modified. In what was effectively the last piece of the pre-confirmation puzzle, also on June 5, 2019, the Court issued…
June 5, 2019 – The Court hearing the Westmoreland Coal Company case issued an order authorizing the Debtors to (i) enter into an asset purchase agreement (the "Credit Bid APA") with Kemmerer Operators, LLC (the "Credit Bid Purchaser") further to which the Credit Bid Purchaser will acquire the Debtors' Wyoming-based Kemmerer mining assets for a…
June 3, 2019 – The Debtors requested Court authority to (i) access $94.5mn in debtor-in-possession (“DIP”) financing ($42.0mn on an interim basis) and (ii) use cash collateral [Docket No. 19]. $27.5mn of the DIP financing will be used to roll-up prepetition debt ($12.0mn of which will be rolled-up upon issuance of the interim DIP order)….
June 4, 2019 – An ad hoc group (the “Ad Hoc Group”) of unaffiliated holders of the Debtors’ 10.625% Senior Pay-In-Kind Notes due 2019 (the “Notes”) objected [Docket No. 71] to the Debtors' motion requesting Court authority to access $6.25mn in debtor-in-possession (“DIP”) financing to be provided by SPCP Group, LLC, an affiliate of Silver…
June 4, 2019 − O'BENCO IV LP ("O'BENCO" or the "Debtor") filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Eastern District of Texas, lead case number 19-60384. The Company, a private, direct E&P investment vehicle with an existing investor base comprised of institutions, family offices and high net worth individuals, is…
June 3, 2019 – The Debtors' Official Committee of Equity Security Holders (the “Equity Committee”) objected viscerally [Docket No. 605] to the Debtors’ Disclosure Statement, citing numerous structural and informational deficiences, but saving special scorn for: (i) the Debtors’ willingness to give its controlling shareholder, Al Gonsoulin, the exclusive right to purchase a substantial interest in…
June 3, 2019 − Fusion Connect, Inc. and 18 affiliated Debtors ("Fusion" or the "Debtors") filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 19-11811. Fusion, a provider of integrated cloud solutions to small, medium, and large businesses, is represented by Sunny Singh of…
May 31, 2019 – Further to the Court's May 29th refusal to confirm the Debtors' Plan, the Debtors have now filed a Third Amended Plan and a motion requesting confirmation of that Plan [Docket No. 1495 and 1494, respectively]. The motion requesting confirmation was accompanied by a redline showing changes from the version filed on…
