/

February 25, 2023 – Largely tracking arguments made by the Debtors' Official Committee of Unsecured Creditors for Tort Claimants – Related to Use of Combat Arms Version 2 Earplugs (the “CAE Committee”) in their February 2nd motion to dismiss [Docket No. 1066], the U.S. Trustee assigned to the Debtor’s case has filed its own motion…

/

February 24, 2023 – The Debtors notified the Court that their Amended Prepackaged Chapter 11 Plan of Reorganization has become effective as of February 24, 2023 [Docket No. 214]. The Court had previously confirmed the Debtors’ prepackaged Plan on February 16, 2023 [Docket No. 204]. On January 9, 2023, privately held Nautical Solutions, L.L.C. and…

/

February 25, 2023 – HyreCar, Inc. (OTCMKTS: HYRE; “HyreCar“ or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 23-10259 (Judge John T. Dorsey). The Debtor, who operates a “virtual car-sharing marketplace that allows individual and commercial car owners to rent their idle cars…

/

February 23, 2023 – Following a continued first day hearing, the Court hearing the Tuesday Morning Corporation cases issued an interim order (i) approving a proposed procedures for store closing sale and (ii) adopting proposed sale guidelines [Docket No. 250]. Unusually, the Debtors will be embarking on the store closing process without a store closing…

/

February 22, 2023 – Lucira Health, Inc. (Nasdaq: LHDX; “Lucira“ or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 23-10242 (Judge Mary F. Walrath). The Debtor, a developer of infectious disease test kits, is represented by Sean M. Beach of Young Conaway Stargatt…

/

February 16, 2023 – Privately held Stanadyne LLC and three affiliate debtors (“Stanadyne“ or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware lead case number 23-10207 (Judge John T. Dorsey). Jacksonville, NC-based Standadyne, “a global automotive technology leader in engine-based fuel and air management systems*," is…

/

February 15, 2023 – The Court hearing the Avaya cases issued an order authorizing the Debtors to: (i) access $400.0mn in new money (albeit with almost $100.0mn earmarked to settle prepetition borrowings), debtor-in-possession (“DIP”) financing, on an interim basis under a Term Loan DIP facility (the “DIP Term Loan Facility”) and (ii) use cash collateral…

/

February 15, 2023 – Wells Fargo Bank, National Association (“Wells Fargo”), in its capacity as administrative agent and collateral agent under the Debtors' Prepetition ABL Credit Agreement, has been quick off the mark to express its dissatisfaction with the way that the Debtors are prosecuting their Chapter 11 cases, filing objections to: (i) the Debtors'…

/

February 14, 2023 – The Debtors requested Court authority to: (i) access $51.5mn of new money, debtor-in-possession (“DIP”) financing (including $25.0mn on interim basis, a portion of which will be used to repay a $3,170,000 bridge loan), with Cantor Fitzgerald Securities serving as administrative agent and Invictus Special Situations Master I, L.P.  agreeing to serve…

/

February 14, 2023 – The Debtors filed a motion requesting Court authority to close 264 underperforming stores (the "Closing Stores") [Docket No. 15, with a list of the Closing Stores beginning on p.33, we also attach an Excel spreadsheet]. Somewhat unusually, the motion does not include a request to appoint a consultant in respect of…