April 23, 2019 – The Debtor requested Court authority to (i) access $25.0mn in debtor-in-possession (“DIP”) financing, ($1.8mn on an interim basis) to be provided by GE Capital US Holdings, Inc. ("GECUSH," the sole member of the DebtorFN1) [Docket No. 7] and (ii) file certain confidential information related to the DIP financing (ie, details as…
April 22, 2019 − Fuse, LLC and eight affiliated Debtors (“Fuse” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-10872. The Company, a cross-platform entertainment media brand for multicultural youth, is represented by James E. O'Neill of Pachulski, Stang, Ziehl & Jones…
April 22, 2019 – The Court hearing the Sears Holdings Corporation case issued an order approving the appointment of Paul E. Harner as independent fee examiner [Docket No. 3307]. Fees to date in the Sears cases have now well eclipsed the $50.0mn mark (February 2019 M.O.R. notes $52.9mn, including the U.S. Trustee), with Lazard Freres…
The winners of our the Bankruptcy Data Industry Best rankings for 2018 received their awards last week at the American Bankruptcy Institute's annual meeting in DC. In a ceremony during the Friday Luncheon, New Generation Research CEO James Hammond revealed the winners in the for categories tracked: Investment Bank, Law Firm, Financial Advisory, and Claims…
April 18, 2019 – The Debtors filed a Fourth Amended Plan and a related Disclosure Statement [Docket Nos. 2529 and 2530]. The Debtors also filed redlines of these documents showing changes from the versions filed on April 1, 2019 [Docket No. 2533]. Amendments to the Fourth Amended Plan reflect the removal of certain nonconsensual third…
April 12, 2019 – The Court hearing the Diesel USA cases confirmed the Debtors' First Amended Joint Chapter 11 Plan of Reorganization and Disclosure Statement [Docket No. 116]. On March 5, 2019, Diesel USA filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-10432. In its…
April 18, 2019 – The Court hearing the CTI Foods cases confirmed the Debtors' Joint Prepackaged Chapter 11 Plan and Disclosure Statement [Docket No. 177]. On March 11, 2019, CTI Foods, LLC and its affiliated debtors, filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-10497….
April 18, 2019 – The Court hearing the Westmoreland Coal Company cases issued an order [Docket No. 1763] approving a $15.0mn settlement reached between the U.S. Trustee Program (the "USTP") and McKinsey Recovery and Transformtion Services ("McKinsey"); a settlement which will see (i) the $15.0mn allocated in three $5.0mn tranches to the reorganized debtors in…
April 17, 2019 – The Debtors, acting at the direction of the Restructuring Sub-Committee (“Subcommittee”) of the Restructuring Committee of the Board of Directors (“Board”) of Sears, filed an adversary complaint against Edward Lampert, the ESL Defendants, Fairholme, and certain of the Borad's directors, (the “DefendantsFN1”) alleging fraud, theft and breaches of fiduciary duty and…
April 17, 2019 – 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 July 16, 2019 and September 14, 2019, respectively [Docket No. 658]. Absent the requested relief, the Plan filing and solicitation dates are…
