[Developing Story] May 15, 2020 – J.C. Penney Company, Inc. and 17 affiliated Debtors (NYSE: JCP; “JCPenney” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 20-20182. The Debtors, one of the nation’s largest apparel and home retailers, are represented by Matthew…

May 14, 2020 – The Debtors filed a motion requesting each of a bidding procedures order and a sales order [Docket No. 197]. The bidding procedures order would approve bidding procedures for a sale of substantially all of the Debtors’ assets (the “Sale”), including bidder protections and an auction schedule. The sale order would authorize…

[Developing Story] May 14, 2020 – Ultra Petroleum Corp. and seven affiliated Debtors (OTCQX: UPLC; "Ultra” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 20-32631. The Debtors, an oil and natural gas E&P operating principally in Wyoming, are represented by Matthew…

May 13, 2020 – GACP Finance Co., LLC, as debtor-in-possession ("DIP") FILO lender ("GACP" or the “DIP FILO Lender”), filed a motion asking the Court to enforce its  December 12, 2019 final DIP order and thereby protect the "rapidly disappearing" collateral supporting $90.0mn in DIP financing GACP has furnished to the Debtors; including by blocking…

April 22, 2020 – Citing lack of continued funding under a now defaulted debtor-in-possession (“DIP”) facility and debtor mismanagement, creditor CONSOL Energy Inc., (“CONSOL”) has filed a motion seeking conversion of the Debtors’ Chapter 11 cases to cases under Chapter 7 or in the alternative, the appointment of a Chapter 11 Trustee [Docket No. 1318]. …

May 13, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors' most recent motion to extend their exclusive Plan filing and solicitation periods, arguing that absent "sufficient funds to satisfy all administrative and priority claims," the Debtors do not have a confirmable Plan, and therefore no need for (or…

May 13, 2020 – The Court hearing the Stage Stores cases issued an interim order that allows the Debtors to "immediately" begin their store closing process [Docket No. 144].  The order reads in part: "The Debtors are authorized…to immediately conduct the Store Closing Sales at the Closing Locations in accordance with this Interim Order, the…

May 14, 2020 – Intelsat S.A. and 34 affiliated Debtors (NYSE: I; “Intelsat” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Eastern District of Virginia, lead case number 20-32299. The Debtors, one of the world’s largest satellite services businesses, are represented by Michael A. Condyles of Kutak Rock…

May 11, 2020 – Prepetition lender PNC Bank, National Association objected to the Debtors’ proposed Key Employee Retention Plan (the "KERP") and Key Employee Incentive Plan (the "KEIP”) arguing that (i) the proposed $4.0mn of payments "are excessive and unnecessary" in respect of Debtors (and their management) who are projecting a $20.0mn liquidity shortfall as…