March 28, 2019 – Mar-Bow Value Partners (collectively with Jay Alix, “Mar-Bow”) has objected to a motion filed by the U.S. Trustee assigned to the Westmoreland Coal Company cases that seeks approval of a settlement between (i) the U.S. Trustee and (ii) McKinsey Recovery and Transformation Services ("McKinsey") [Docket No. 1663]. The present objection follows…

March 26, 2019 – The Debtors notified the Court [Docket No. 493] that their Amended Joint Chapter 11 Plan had become effective as of March 26, 2019. The Court had previously confirmed the Debtors' Plan on March 7, 2019 [Docket No. 459]. On November 12, 2018, Parker Drilling Company and 19 affiliated Debtors filed for…

March 25, 2019 – The Debtors filed (i) a Joint Plan and a related Disclosure Statement [Docket Nos. 252 and 253] and (ii) a motion requesting approval of the Disclosure Statement; and Plan solicitation and voting procedures [Docket No. 254]. The Disclosure Statement notes, “The Plan contemplates a restructuring pursuant to which (a) Allowed DIP…

March 20, 2019 – The Debtors requested Court approval for a key employee incentive plan (the “KEIP”) that would cover 31 employees and have an estimated cost of $2.5mn. The KEIP also includes terms relating to a subset of 12 employees that would apply should the Debtors choose to “toggle” from a reorganization transaction to…

March 19, 2019 – LBI Media filed with the Court a motion to extend the periods during which the Company has an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including July 19, 2019 and September 17, 2019, respectively [Docket No. 696]. Absent the requested relief, the Plan filing…

March 18, 2019 – Certain holders (the “Noteholders”) of the Debtors' 11½%/13½% PIK Toggle Second Priority Secured Subordinated Notes due 2020, Series II (the “Second Lien Notes”) objected [Docket No. 690] to the Debtors' modified second amended joint Chapter 11 Plan of reorganization [Docket No. 621]. The Noteholders accuse the Debtors and the Debtors' first…

March 15, 2019 – The Court hearing the Aceto Corporation cases issued an order [Docket No. 142] approving (i) the Debtors’ proposed bidding procedures in respect of a section 363 asset sale, (ii) bid protections for the stalking horse bidder NMC Atlas  (the “Buyer” or “Stalking Horse Bidder”) and (iii) an auction schedule. The Debtors…

March 15, 2019 – The U.S. Trustee assigned to Synergy Pharmaceuticals cases objected to the retention of Houlihan Lokey Capital, Inc. (“Houlihan”) as financial advisor and investment banker to the Debtors’ Official Committee of Equity Security Holders (the “Equity Committee”) [Docket No. 555], citing unreasonableness of Houlihan's fees in the liquidation context and the lack…

March 14, 2019 − At 11:45pm (moments before a March 15, 2019 maturity date in respect of $500mn in unsecured senior notes) PGI, Inc. and four affiliated Debtors (“PHI” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Texas, lead case number 19-30923. The Company, one…