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December 6, 2022 – The Debtors and Bond Trustee UMB Bank, N.A. (“UMB” and together with the Debtors, the “Plan Sponsors”) filed a First Amended Plan of Reorganization and a related Disclosure Statement [Docket Nos. 869 and 870, respectively] and separately filed redline showing changes to the versions filed on November 2, 2022 [Docket No….

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December 2, 2022 – The Debtors requested Court authority to: (i) access $5.0mn in new money, debtor-in-possession (“DIP”) financing, including $2.0mn on an interim basis, to be provided by Project Crush Acquisition Corp LLC (the “DIP Lender,” which appears to be an acquisition entity created by Digital Brands Group,* NASDAQ: DBGI; "DBGI") and (ii) use…

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December 2, 2022 – The Court hearing the CalPlant I Holdco cases has extended (for a third time) the periods during which the Debtors have an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including April 5, 2023 and June 5, 2023, respectively [Docket No. 476]. Absent the requested…

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December 1, 2022 – The Court hearing the GWG Holdings cases has extended (for a fourth time) the periods during which the Initial Debtors (the DLP Debtors joining the Initial Debtors in bankruptcy on October 31st and not needing extensions) have an exclusive right to file a Chapter 11 Plan and solicit acceptances thereof, through…

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November 30, 2022 – Winc, Inc. and two affiliated debtors (NYSE American: WBEV; together “Winc” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case No. 22-11238 (Judge Laurie Selber Silverstein). The Debtors, who "develop, produce, and sell alcoholic beverages through wholesale and direct to…

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November 17, 2022 – The Debtors filed a motion requesting each of a bidding procedures order, a sale order and a dismissal order [Docket No. 179]. The bidding procedures order would: (i) approve bidding procedures in relation to the sale of substantially all of the Debtors’ assets (the “Sale”), (ii) authorize the Debtors to select…

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November 17, 2022 – In a declaration filed in support of first day filings [Docket No. 24], the Debtors’ newly minted CEO, John J. Ray III, provides his chilling initial impressions as to the historical business practices of his new employer and eviscerates the reputation of his predecessor, Samuel Bankman-Fried ("SBF"), who resigned in the…

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November 15, 2022 – The Court hearing the California-Nevada Methodist Homes case issued an order [Docket No. 589] authorizing the Debtor to amend the terms of its already Court-approved $34.0mn sale to Pacifica Companies, LLC ("Pacifica" or the “Purchaser”). Previously, on February 8th, further to an auction held on February 2nd and a sale hearing…

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November 1, 2022 – Further to the September 16th bidding procedures order [Docket No. 107] and apparently with only a single qualified bid beyond that of credit-bidding prepetition lenders (the "Backstop Lenders," $40.0mn credit bid), the Debtor notified the Court that a November 2nd auction had been cancelled and Operadora CICSA, S.A. de C.V.* ($60.0mn…

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[Developing Story] November 11, 2022 – FTX Trading Ltd. (dba FTX.com), West Realm Shires Services Inc. (dba FTX US), Alameda Research Ltd and approximately 130 other affiliated companies (together, the "FTX Group" or the "Debtors") have filed for bankruptcy in Delaware (Judge John T. Dorsey). The Debtors’ lead petition notes over 100,000 creditors; estimated assets…