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July 15, 2022 – The U.S. Trustee assigned to the Debtors’ cases (the “U.S. Trustee”) has objected to proposed bidding procedures [Docket No. 137] arguing that the Debtors' presumptive stalking horse Asurion, LLC (“Asurion,” also the Debtors’ DIP lender) should not be the beneficiary of bidder protections until an executed asset purchase agreement has been…

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July 15, 2022 – The Debtors filed a motion requesting an order that would authorize them to: (i) honor customer withdrawals in respect of customer cash held at Metropolitan Commercial Bank ("MC FBO"), (ii) liquidate cryptocurrency from customer accounts with a negative balance, (iii) sweep cash held in third-party exchanges, (iv) conduct ordinary course reconciliation of…

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July 14, 2022 – The Debtor filed a motion to extend the periods during which it has an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including November 14, 2022 and January 13, 2023, respectively [Docket No. 286]. Absent the requested relief, the Plan filing and solicitation periods were…

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July 14, 2022 – The Court hearing the Stimwave Technologies cases issued an order authorizing the Debtors to: (i) access a further $28.0mn of new money, debtor-in-possession (“DIP”) financing and (ii) continue using cash collateral [Docket No. 158]. Previously the Debtors had been authorized to access a first $12.0mn tranche of what is in total…

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July 14, 2022 – Judge Mary F. Walrath said at a hearing held Thursday that she will grant the Debtors' motion to enter into a stalking horse agreement under which 245 Park Member LLC (the "Stalking Horse Bidder" or "S.L. Green") will sponsor a Plan of Reorganization with respect to the Debtors' 245 Park Avenue…

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July 13, 2022 – The Court hearing the LaForta – Gestao e Investimentos case issued an order authorizing the Debtor to: (i) access a further $9.5mn of new money, debtor-in-possession (“DIP”) financing (the “Second Draw”) being provided by certain prepetition lenders and (ii) continue using cash collateral [Docket No. 62, which attached the draft DIP…

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July 13, 2022 (Updated July 14th) – Celsius Network Limited and seven affiliated Debtors (“Celsius” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 22-10964 (Judge Martin Glenn). The Debtors, which own and operate a P2P lending platform allowing users to…

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July 10, 2022 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) filed a redacted version of their sealed July 8th objection to the Debtors' proposed debtor-in-possession ("DIP") financing motion [Docket No. 399, with sealed objection filed at Docket No. 390] which argues that the Debtors' $85.0mn Term DIP Loan "inappropriately and impermissibly elevate[s]…

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July 7, 2022 – The Debtors filed a motion requesting Court approval of a private $5.0mn sale of their Chicago-based plastics manufacturing assets (the “Acquired Assets”) to i2Poly, Inc. (“Buyer”) [Docket No. 111]. The asset purchase agreement (the “APA”) executed in connection with the proposed sale is attached to the motion as Exhibit B. The…

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July 7, 2022 – The U.S. Trustee assigned to the Debtors' cases (the "U.S. Trustee") and the Debtors' Official Committee of Unsecured Creditors (the “Committee”) have each objected to the Debtors’ bidding procedures motion [Docket Nos. 85 and 86, respectively]. UPDATE: At a July 7th hearing, Judge J. Kate Stickles agreed with the arguments presented…