December 17, 2020 – The Court hearing the Hertz Corporation cases issued an order approving (i) proposed bidding procedures, including bidder protections for stalking horse Freedom Acquirer LLC (the “Stalking Horse Bidder”) in respect of the sale of the Donlen Corporation and its Debtor subsidiaries (collectively, “Donlen Corp.” or the "Donlen Assets") and (ii) the…

December 17, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ "inappropriate and offensive" debtor-in-possession ("DIP") financing proposals on multiple grounds relating to the outsized control of DIP lenders over the Debtors and their bankruptcy cases [Docket No. 128].  The Committee argues that the DIP lenders, leveraging that control…

December 16, 2020 – In anticipation of a December 18th Plan confirmation hearing, the Debtors filed a Second Amended Plan and a related blackline showing changes to the version filed on November 6, 2020. [Docket No. 1434]. The Debtors have also filed (i) a memorandum of law in support of the Plan confirmation (the "Memorandum")…

December 17, 2020 – The Court hearing the Furniture Factory Ultimate Holding cases issued an order (i) approving the Debtors' asset purchase agreement (the “APA”) with American Freight FFO, LLC (the “Purchaser,” an affiliate of Franchise Group, Inc.; NASDAQ: FRG) and (ii) the sale of substantially all of the Debtors' assets to the Purchaser for…

On December 17, 2020, S&P Global Ratings affirmed its CCC+ issuer credit rating on CPI Card Group Inc. The outlook revision reflects the Company's strong operating performance in 2020, which improved its cash flow generation and leverage metrics, according to the ratings agency. The Company's cash flow and liquidity also improved materially, generating about $7…