December 5, 2020 –The Debtors filed a Plan Supplement which attached, inter alia, documentation relating to the Debtors' proposed $200.0mn exit facility [Docket No. 1301]. The “Exit Facility Agreement” is attached to the Plan Supplement at Exhibit B. Terms of Exit Facility Credit Agreement: Borrower: 24 Hour Fitness Worldwide, Inc. Administrative and Collateral Agent: Wilmington…
December 17, 2020 – The Court hearing the Guitar Center cases confirmed the Debtors’ Amended Prepackaged Plan of Reorganization [Docket No. 320]. On November 21, 2020, Guitar Center, Inc. and seven affiliated Debtors (“Guitar Center” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Eastern District of Virginia, lead…
December 17, 2020 – The Court hearing the Guitar Center cases issued a final order authorizing the Debtors to (i) access $375.0mn in debtor-in-possession (“DIP”) financing and (ii) continue using cash collateral [Docket No. 315]. The Court issued an interim DIP financing order on November 23, 2020 [Docket No. 81]. All of the requested financing…
December 16, 2020 – Further to the October 19th bidding procedures order [Docket No. 113] and the December 10th auction cancellation notice, the Court hearing the Impresa Holdings Acquisition Corporation cases has approved the Debtors’ $10.5mn asset purchase agreement (the “APA”) with Crestview Aerospace LLC (the “Purchaser”) in relation to the sale of their assets…
December 16, 2020 – The Court hearing the Francesca’s Holdings Corporation cases issued an interim order approving the Debtors’ assumption of a store closing consultancy agreement with Tiger Capital Group, LLC (the “Consultant”) and (ii) approving store closing procedures (the “Store Closing Procedures”) [Docket No. 154]. As of December 1, 2020, the Debtors operated 558…
December 16, 2020 – Further to the November 20th bidding procedures order [Docket No. 105] and the December 10th auction cancellation, the Court hearing the NS8 case issued a pair of orders approving a sale of (i) certain of the Debtor's intellectual property to Deduce, Inc. (the “IP Purchaser”) and (ii) substantially all of the…
December 17, 2020 – The Court overseeing the FIC Restaurants, Inc. cases confirmed the Debtors' Second Amended Combined Plan of Liquidation and approved the adequacy of the accompanying Disclosure Statement on a final basis [Docket No. 278]. On October 30, 2020, FIC Restaurants, Inc. and four affiliated Debtors (dba Friendly's; “Friendlys” or the “Debtors”) filed…
December 17, 2020 – The Debtors filed their Third Amended Plan and related Disclosure Statement [Docket Nos. 427 and 428, respectively]. They separately filed a redline of each showing changes to the versions filed on December 15, 2020 [Docket Nos. 429 and 430, respectively]. Also on December 17, 2020, the Court issued an order approving…
December 17, 2020 – The Debtors filed a Memorandum in Support of Confirmation of their Second Amended Plan that responds to an outstanding objection raised by Black Diamond and asks the Court to overrule the objection [Docket No. 1143]. The Debtors put specific emphasis on rebutting one of a list of concerns that Black Diamond…
December 16, 2020 – In anticipation of their scheduled December 17th Plan confirmation hearing, the Debtors filed an amended prepackaged Plan of Reorganization and a related redline showing changes to version filed on November 21, 2020 [Docket Nos. 282 and 286, respectively]. Also filed were (i) revised Plan voting results [Docket No. 272], (ii) the…
