July 22, 2019 – The Debtors requested Court authority to access (i) $100.0mn in debtor-in-possession (“DIP”) financing, including $65.0mn on interim basis, (the “DIP Term Loan”) and (iii) use of cash collateral [Docket No. 37]. The DIP facility as proposed also includes an option to borrow an additional $20.0mn (the "Incremental Facility"). The motion states,…
July 22, 2019 – An ad hoc committee of the Debtors' equityholders asked the Court for an order appointing a statutory committee of equity security holders (an “Equity Committee”) that they insist is needed to conduct an investigation regarding (i) the events leading to the Debtors' May 10, 2019, Restructuring Support Agreement (the “RSA”) with…
July 21, 2019 − PES Holdings, LLC and seven affiliated Debtors (“Philadelphia Energy” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-11626. The Debtors, who own and operate the Point Breeze and Girard Point oil refineries in Philadelphia, are represented by Laura…
July 19, 2019− Privately held Blackhawk Mining, LLC and 21 affiliated Debtors (“Blackhawk” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-11595. The Debtors, a Kentucky-based operator of ten coal mining complexes in West Virginia and Kentucky, are represented by Christopher M….
July 18, 2019 – The Debtors objected to a motion filed by the Ad Hoc Committee (defined below) to terminate the Debtors’ exclusive Plan filing and solicitation periods (the “Termination Motion”) [Docket No. 3075] and pushed back on a term sheet for an alternative Plan proposed by the Ad Hoc Committee as "an attempt to…
July 16, 2019 – The Debtors filed a motion requesting each of a bidding procedures order and a sales order. The bidding procedures order would (i) approve bidding procedures in respect of the sale(s) of subtantially all of the Debtors' assets (the "Sales") and (ii) approve procedures for selecting one or more stalking horses, including…
July 16, 2019 − Publicly-traded Emerge Energy Services LP (formerly NYSE: EMES and now OTC: EMESZ) and four affiliated Debtors ("Emerge Energy" or the "Debtors") filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-11563. The Debtors, a Delaware limited partnership that is engaged in the…
December 12, 2018 – Oak Point Partners acquired the remnant assets of Laclede Steel Company in December 2018. On July 27, 2001, Laclede Steel filed a voluntary petition under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Missouri, assigned Case No. 01-48321. Thereafter, on May 19,…
July 11, 2019 − Privately-held Shale Support Global Holdings, LLC and seven affiliated Debtors ("Shale Support" or the "Debtors") filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 19-33884. The Company, a provider of logistical services and frac-sand or “proppant” products, is represented by Karl…
July 11, 2019 – Tensie Axton has joined FTI Consulting, Inc. (NYSE: FCN) as a Senior Managing Director in its Turnaround & Restructuring Services practice within the Corporate Finance & Restructuring segment in a move that will further bolster the firm’s restructuring capabilities, notably in the troubled healthcare sector. Ms. Axton, who will be based…
