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May 20, 2022 ­­– Further to the Court's March 14th bidding procedure order [Docket No. 91], the Debtors notified the Court that they had (i) cancelled an auction scheduled for May 19th and (ii) selected Formentera Partners Fund I, LP as the successful bidder (the "Successful Bidder" or the “Purchaser”) in respect of the sale…

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May 9, 2022 – The Debtors requested Court authority to (i) access $30.0mn of debtor-in-possession (“DIP”) financing, of which $20.0mn is to be made available on an interim basis, and (ii) have nonconsensual use of cash collateral [Docket No. 17]. The financing is to be made available by JMB Capital Partners Lending, LLC ("JMB" or…

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May 9, 2022 – The Debtors requested Court authority to (i) access $5.0mn of new money, debtor-in-possession (“DIP”) financing to be provided by prepetition lender APE V Cypress, LLC (the “Lender,” an affiliate of PE house Argonaut Private Equity or "Argonaut") and (ii) use cash collateral [Docket No. 13]. The proposed DIP financing will come…

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May 4, 2022 – The Court hearing the Brazos Electric Power Cooperative case has extended the periods during which the Debtor has an exclusive right to file a Plan and solicit acceptances thereof, through and including July 26, 2022 and September 22, 2022, respectively [Docket No. 1757]. Absent the relief, the Plan filing and solicitation…

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[Just filed. Developing story] May 2, 2022 – WC Braker Portfolio, LLC (“WC Braker” or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Western District of Texas, lead case number 22-10293 (Judge Tony M. Davis). The Debtor, owner of a 13-building office complex in Austin, Texas called "the Offices…

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April 30, 2022 –  Brickchurch Enterprises, Inc. (“BCE” or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Eastern District of New York, lead case number 22-70914 (Judge Alan S. Trust). The Debtor, which owns a large beachfront property in Southampton, NY, is represented by the Law Offices of Craig…

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April 18, 2022 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) filed a motion to dismiss the Debtors’ Chapter 11 cases or alternatively convert the cases to Chapter 7, arguing that notwithstanding their "important assistance…[in] the extremely successful sale of substantially all of the Debtors’ assets," the Debtors and their prepetition senior secured…

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April 11, 2022 –  Ector County Energy Center LLC (“ECEC” or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 22-10320 (Judge TBA). The Debtor, owner/operators of a 330 MW natural gas-fired electricity-generating "peaker*" facility in Odessa, Texas, is represented by Christopher A. Ward of…

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April 6, 2022 – General unsecured creditor Tilden Marcellus, LLC has objected (again) to the Debtors’ Second Amended Combined Plan of Liquidation and Disclosure Statement (the “Combined Document”) [Docket No. 1039] arguing that "the Plan must be modified to provide for appropriate implementation and enforcement of the Disputed Claims Reserve." That reserve fund, to be…

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April 4, 2022 – The Debtors filed a Revised Chapter 11 Plan and a related Disclosure Statement [Docket Nos. 435 and 436, respectively]; and separately filed blacklines of each showing changes to the versions filed on March 22, 2022 [Docket No. 437] which reflect the terms of the now 75% supported Fifth Amended RSA which…