June 30, 2020 – The Debtors notified the Court that their Second Amended Joint Chapter 11 Plan had become effective as of June 30, 2020 [Docket No. 1417]. On April 30, 2020, the Court confirmed the Debtors’ the Second Amended Joint Chapter 11 Plan of Reorganization [Docket No. 1212]. On August 11, 2019, Sanchez Energy…
July 1, 2020 – NPC International, Inc. and seven affiliated Debtors (“NPC” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 20-33353. The Debtors, the USA's largest restaurant franchisee with 1,227 Pizza Hut restaurants and 393 Wendy’s restaurants, are represented by Alfredo…
June 29, 2020 – Further to a June 29th Plan confirmation hearing, the Court hearing the Quorum Health Corporation cases confirmed the Debtors' Prepackaged Chapter 11 Plan of Reorganization. The Court's confirmation order was issued on June 30th [Docket No. 556]. On April 7, 2020, Quorum Health Corporation and over 100 affiliated Debtors (NYSE: QHC,…
[Developing story] June 28, 2020 – Chesapeake Energy Corporation and 40 affiliated Debtors (NYSE: CHK; “Chesapeake” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 20-33233. The Debtors, an independent E&P with "a geographically diverse portfolio of onshore U.S. unconventional liquids and…
June 25, 2020 – The Court hearing the Windstream Holdings cases confirmed the Debtors' First Amended Joint Chapter 11 Plan of Reorganization. Judge Robert Drain left several large stakeholders deeply disappointed with his order approving a Plan which Judge Drain himself conceded was an "unfortunate result, obviously." The Court's Plan confirmation order was filed on…
June 24, 2020 – The Debtors filed a motion requesting Court authority to (i) begin a U.S. and Canadian store closing/sales process and (ii) assume an existing consulting agreement with each of (a) Tiger Capital Group, LLC and Great American Group, LLC (collectively, the “U.S. Consultant”) and (b) Tiger Asset Solutions Canada, ULC and GA…
June 22, 2020 – The Debtors filed a First Amended Joint Chapter 11 Plan of Reorganization with technical modification [Docket No. 2201] which included a redline showing changes from the version of the Plan filed on May 14, 2020 [1812]. The technical modification did not include any changes to the Debtors' classes, claims, voting rights,…
June 22, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) (i) objected to the Debtors’ proposed Chapter 11 Plan of Liquidation and (ii) filed a cross-motion seeking to convert the Debtors' Chapter 11 cases to Chapter 7 cases [Docket No. 356]. Of course, the Committee doesn't want either a liquidation or conversion…
June 16, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ proposed $435.0mn debtor-in-possession (“DIP”) financing, arguing that it unduly protects the Debtors' senior lenders (who have been "cede[d] control of these cases") and improperly impinges on the Committee's fiduciary duty "to maximize recoveries for its constituents" [Docket No….
June 15, 2020 — Vinson & Elkins (“V&E”) announced the addition of George Howard as a partner in the firm’s Restructuring & Reorganization practice. Mr Howard, who joins V&E from Skadden, Arps, Slate, Meagher & Flom, will be based in the firm’s New York office. V&E managing partner Scott Wulfe commented, “George is a great…
