December 10, 2020 – The Debtors notified the Court that their Prepackaged Plan of Reorganization had become effective as of December 10, 2020. The Court had previously confirmed the Debtors’ Plan on November 30, 2020 [Docket No. 213]. On November 1, 2020, Pennsylvania Real Estate Investment Trust and 68 affiliated Debtors (NYSE: PEI; “PREIT” or…

December 10, 2020 – The Court hearing the SAExploration Holdings cases issued an order confirming the Debtors’ Second Amended Chapter 11 Plan of Reorganization and separately approved Plan modifications submitted to the Court on December 8th [Docket Nos. 360 and 361, respectively]. The December 8th modifications reflect an 11th-hour $625k settlement reached with the Debtors’…

December 10, 2020 –  Further to a November 19th bidding procedures order [Docket No. 421] and the conclusion of a December 10th auction, the Debtor designated Binderholz Enfield LLC as the Successful Bidder ($83.4mn cash bid) in a sale of substantially all of the Debtor’s assets, with stalking horse Mayr-Melnhof Holz Holding AG (“MM-H”) designated…

December 10, 2020 – U.S. Trustee assigned to the Debtors' cases objected to the Debtors’ Third Amended Joint Plan of Reorganization finding fault with (i) the Plan's affirmative opt-out requirements in respect of third party releases and (ii) the proposed payment of the fees in respect of stakeholders who have not "made a substantial contribution…

December 10, 2020 – The Debtors filed their Second Amended Joint Chapter 11 Plan of Reorganization and a related redline showing changes from the version filed on November 16, 2020 [Docket Nos. 171 and 172, respectively]. They separately filed a memorandum of law in support of Plan confirmation (the "Memorandum") [Docket No. 174]. The most…