April 1, 2019 – The Debtors requested Court authority to access debtor-in-possession (“DIP”) financing totalling $700.0mn ($600.0mn on interim basis) to be comprised of (i) a $350.0mn DIP ABL facility (the “DIP ABL Facility”), and (ii) a $350.0mn DIP term loan facility (the “DIP Term Loan Facility”) [Docket No. 62]. The $600.0mn of interim financing…
April 1, 2019 – The Debtors requested Court authority to access up to $255.0mn of debtor-in-possession (“DIP”) financing ($85.0 on an interim basis from certain pre-petition lenders. The DIP financing is to be comprised of (i) $72.5mn in new money term loans (the “DIP Term Loans”), (ii) $55.0mn in letter of credit term loans (the…
March 31, 2019 − Vanguard Natural Resources, Inc. and 11 affiliated Debtors (f/k/a VNR Finance Corp., now “VNR” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 19-31786. The Company, an independent exploration and production company focused on the production and development…
April 1, 2019 − Southcross Energy Partners, LP (OTCQX: SXEE) and 26 affiliated Debtors (together “Southcross” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-10702. The Company, a master limited partnership that provides natural gas gathering, processing, treating, compression and transportation services…
April 1, 2019 – Hexion Holdings LLC and 17 affiliated Debtors (f/k/a Momentive Specialty Chemicals and Borden Chemicals; and now together “Hexion” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-10684. The Company, a global leader in thermoset resins, is represented by…
March 29, 2019− Sizmek, Inc. and 7 affiliated Debtors (“Sizmek” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 19-10971. The Company, an independent buy-side advertising platform, is represented by Stephen E. Hessler of Kirkland & Ellis. Further board-authorized engagements include…
March 28, 2019 – Further to the Court’s bidding procedures order [Docket No. 141], an auction held on March 25, 2019, and a post-auction process that continued to attract further bids, the Debtors notified the Court [Docket No. 1120] that it had designated successful bidders in respect of what ended up being two groupings of…
March 28, 2019 – Mar-Bow Value Partners (collectively with Jay Alix, “Mar-Bow”) has objected to a motion filed by the U.S. Trustee assigned to the Westmoreland Coal Company cases that seeks approval of a settlement between (i) the U.S. Trustee and (ii) McKinsey Recovery and Transformation Services ("McKinsey") [Docket No. 1663]. The present objection follows…
March 26, 2019 – The Debtors notified the Court [Docket No. 493] that their Amended Joint Chapter 11 Plan had become effective as of March 26, 2019. The Court had previously confirmed the Debtors' Plan on March 7, 2019 [Docket No. 459]. On November 12, 2018, Parker Drilling Company and 19 affiliated Debtors filed for…
March 25, 2019 – The Debtors filed (i) a Joint Plan and a related Disclosure Statement [Docket Nos. 252 and 253] and (ii) a motion requesting approval of the Disclosure Statement; and Plan solicitation and voting procedures [Docket No. 254]. The Disclosure Statement notes, “The Plan contemplates a restructuring pursuant to which (a) Allowed DIP…
