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April 25, 2019 – The Debtors filed a Revised First Amended Plan and a related Disclosure Statement [Docket Nos. 348 and 349], each of which include redlines showing changes from versions of the documents filed on April 22, 2019 [Docket Nos. 321 and 329, respectively].  The Court subsequently (i) approved the adequacy of the Disclosure…

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April 24, 2019 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected [Docket No. 331] to the Debtors’ Disclosure Statement, arguing that it is woefully inadequate as to information on the Recapitalization Transaction and amounts to nothing more than a "placeholder" for a "patently unconfirmable Plan." The Committe is not reticent as to…

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April 24, 2019 – The U.S. Trustee for Region 3 objected to the Debtors' bidding procedures motion, arguing that the proposed break-up and expense reimbursement fees "are not truly bid protections, but rather blocking devices to make it more costly for other bidders to propose a qualified bid. Approving a Break-Up Fee and Expense Reimbursement…

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April 23, 2019 − WMC Mortgage LLC ("WMC" or the "Debtor") filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-10879. The Company, an indirectly held subsidiary of General Electric Company ("GE") historically involved in the origination of home mortgage loans, is represented by Russell C….

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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…

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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…

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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…

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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…

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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…