November 20, 2020 – Further to a motion filed by Ashford Textiles, LLC (“Ashford”, the “Purchaser”), the Court hearing the Northwest Company cases has converted the Debtors’ Chapter 11 cases to cases under Chapter 7 [Docket No. 388]. The order comes over the objections of the Debtors, the Debtors' Official Committee of Unsecured Creditors (the…
November 22, 2020 – The Debtors requested Court authority to (i) access debtor-in-possession (“DIP”) financing and (ii) use cash collateral [Docket No. 33]. The proposed DIP financing includes two sources of DIP financing, (a) a term DIP facility (the "Term DIP Facility") and (b) an ABL DIP facility (the "ABL DIP Facility" and together with…
November 20, 2020 – The Court hearing the RTI Holding Company cases issued an order (i) approving proposed bidding procedures, including bidder protections for any selected stalking horse, and (ii) an auction/sale timetable culminating in an auction (if topping bid, defined below, received) on January 19, 2021 and a sale hearing on February 4, 2021…
November 20, 2020 – The Debtors filed an Amended Prepackaged Chapter 11 Plan, with “Additional Technical Modifications,” and a blackline showing changes to the version filed on November 1, 2020 [Docket Nos. 168 and 169, respectively]. In advance of their scheduled November 24th Plan confirmation hearing, the Debtors also filed (i) a memorandum of law…
November 20, 2020 – The Debtors filed an Amended Prepackaged Chapter 11 Plan and a related blackline showing changes to the version of the Plan filed on October 26, 2020 [Docket Nos. 178 and 179, respectively]. Changes to the Plan principally relate to the creation of a $500k cash pool for those general unsecured creditors…
November 19, 2020 – The Court hearing the Rubio’s Restaurants cases issued an order approving the Debtors’ Key Employee Retention Plan (the “KERP”) covering 20 non-insiders at a maximum aggregate cost of $224,500, inclusive of a $65,000 discretionary pool [Docket No. 173]. On October 30, 2020, the Debtors had filed a motion requesting approval of…
Phunware Inc. announced that on November 19, 2020, the Company received a written notification from the Listing Qualifications Staff of the Nasdaq Stock Market LLC notifying the Company that the closing bid price for its common stock had been below $1.00 for the last 30 consecutive business days and that the Company therefore is not…
November 20, 2020 – The Debtors notified the Court that their Modified Third Amended Plan of Reorganization had become effective as of November 20, 2020 [Docket No. 686]. The Court previously confirmed the Debtors’ Plan on October 2, 2020 [Docket No. 622]. On March 28, 2020, OneWeb Global Limited and 18 affiliated Debtors (“OneWeb” or…
November 20, 2020 – The Debtors’ Modified Second Amended Plan was confirmed by the Court [Docket No. 723]. On July 31, 2020, Noble Corporation plc and 39 affiliated Debtors (NYSE: NE; “Noble” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 20-33826…
November 18, 2020 – The Court hearing the K.G. Im, LLC cases has extended the periods during which the Debtors have an exclusive right to file a Chapter 11 Plan and solicit acceptances thereof, through and including February 23, 2021 and April 24, 2021, respectively [Docket No. 320]. Absent the relief, the Plan filing and…
