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October 6, 2021 – The Debtors filed a bidding procedures motion [Docket No. 213] which requests Court approval of (i) proposed bidding procedures for a sale of substantially all of Debtors' assets and (ii) a proposed timetable culminating in an March 28th auction and a TBD sale hearing. The proposed bidding procedures are part of…

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October 6, 2021 – The Court hearing the CMC II, LLC cases has issued an order approving the sale of substantially all of the Debtors' assets to CPSTN Operations LLC ("CPSTN" or the "Purchaser," a non-debtor affilate) [Docket No. 590] for consideration that includes the entirety of amounts owed by the Debtors to CPSTN under…

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October 5, 2021 – Markel CATCo Reinsurance Fund Ltd. and three affiliated Debtors (“[Markel CATCo” or the “Debtors”) filed for Chapter 15 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 21-11733. The Debtors, an insurance-linked investment fund creator and manager, are represented by Skadden, Arps, Slate, Meagher…

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October 4, 2021 – Further to the Debtors' request, the Court hearing the Forever 21 Cases has issued an order approving procedures for the dismissal of the Debtors’ Chapter 11 cases [Docket No. 2118]. The order follows the late resolution of an objection filed by the U.S. Trustee assigned to the Debtors' case which had…

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October 4, 2021 – Further to a September 21st bidding procedures order [Docket No. 436] and the completion of an auction held on October 1st, the Debtors notified the Court that they have designated BBQ Growth, LLC ("BBQ" or the "Purchaser," an affiliate of BBQ Holdings Inc.  as the successful bidder for substantially all of…

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September 28, 2021 – The Debtors filed a motion to extend the periods during which they have an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including February 3, 2022 and April 5, 2022, respectively [Docket No. 1151]. Absent the requested relief, the Plan filing and solicitation periods are…

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September 27, 2021 – The Debtor filed a motion seeking dismissal of its Chapter 11 case [Docket No. 125]. As the Debtor, founded in 2013 to provide "high speed inspection and metrology technology to the semiconductor packaging industry," points out, this is an unusual dismissal motion, reflecting a "result rarely seen in bankruptcy cases."  Following…

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September 27, 2021 – The Court hearing the TECT Aerospace Group Holdings cases issued a further amended final debtor-in-possession ("DIP") order which extends the “Maturity Date” in respect of the Debtors' DIP credit agreement until December 31, 2021 [Docket No. 513].  This is the third time that the Maturity Date has been extended in respect…

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September 22, 2021 – Further to the Court's September 15th bidding procedures order [Docket No. 198], the Debtors have now filed a motion seeking authority to enter into a stalking horse arrangements with Cerberus South American Investments, LLC ("Cerberus") in respect of the sale certain of "certain loans in the Sellers’ loan portfolio and certain…