September 4, 2019 – The Debtors notified the Court [Docket No. 959] that their Chapter 11 Plan of Reorganization had become effective as of September 4, 2019. The Court had previously approved the Debtors' Plan on August 2, 2019 [Docket No. 880]. At 11:45 pm on March 14, 2019, moments before a March 15, 2019…
September 4, 2019 – The Debtors' claims agent notified the Court of the results of Plan voting [Docket No. 313]. There were two classes that were entitled to vote on the Plan and each of them voted to accept; although holders of more than 20% of the Debtors' common stock (set to get a 1%…
February 19, 2019 – Oak Point Partners acquired the remnant assets of the O.W. Bunker North America Inc. Liquidating Trust (OW Bunker) in February 2019. On November 13, 2014, OW Bunker and its affiliated debtors each filed a voluntary petition under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the…
September 4, 2019 − uBiome, Inc. (“uBiome” or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 19- 11938. The Debtor, a "leading" microbial genomics company, is represented by Michael R. Nestor of Young Conaway Stargatt & Taylor, LLP. Further board-authorized engagements include (i) Goldin…
September 3, 2019 – Further to the Court's bidding procedures order [Docket No. 210], the Debtors notified the Court that, absent any further qualified bids, BTcP Pharma, LLC ("BTcP" or the "Buyer") had been designated as the successful bidder in respect of the Debtors' sale of their Subsys® business (ie "the business of developing, manufacturing…
September 3, 2019 – Further to the Debtors' bidding procedures motion [Docket No. 21], the Court hearing the Jack Cooper Ventures cases issued an order authorizing the Debtors to (i) enter into an asset purchase agreement with stalking horse bidder JC Buyer Company, Inc. (the “Stalking Horse” or "Purchaser," a credit bidding affiliate of funds…
September 3, 2019 – The Court hearing the Orchids Paper Products Company cases issued a final order authorizing the Debtors to (i) access $11.0mn in debtor-in-possession (“DIP”) financing to be provided by Orchids Investment (“OI” or the “DIP Lender”), an affiliate of stakeholder Black Diamond Capital Management, L.L.C. and (ii) use cash collateral [Docket No….
August 30, 2019 – The Debtors' Official Committee of Unsecured Creditors (the “Committee” which is comprised of the Debtors’ major trade vendors, landlords and a union) objected to the Debtors’ proposed “smoke and mirrors" debtor-in-possession (“DIP”) financing (i) fails to provide the cash necessary “to conduct a fulsome sale process or even to replenish inventory…
August 30, 2019 – The Debtors requested Court authority to (i) sell twenty-four of their restaurants to Kona Grill Acquisition, LLC (the “Purchaser”) for a cash purchase price of $25.0mn in a private sale and (ii) distribute proceeds of that sale to its debtor-in-possession ("DIP") lender Keybank National Association [Docket No. 372]. The asset purchase…
August 30, 2019 – The Debtors notified the Court [Docket No. 222] that their Joint Partial Prepackaged Plan of Reorganization has become effective as of August 30, 2019. The Court had previously approved the Debtors' Plan on August 7, 2019, [Docket No. 199]. On June 30, 2019, Monitronics International, Inc. and eight affiliated Debtors (d/b/a…
