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September 9, 2021 – Further to the Court's July 29th order refusing to approve the Debtors' Disclosure Statement because the underlying Plan "fails to satisfy section 1129(a)(9) [ie pay holders of adminsitartive claims] of the Bankruptcy Code and is therefore patently unconfirmable,” the Debtors have now filed a motion to dismiss their Chapter 11 cases…

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September 8, 2021 – The Court hearing the Easterday Ranches cases issued an order (i) authorizing the Debtors to designate Blue Tag Farms, LLC as the stalking horse bidder (the "Stalking Horse Bidder," purchase price $14.0mn) in respect of the Debtors' farm equipment and related personal property (collectively, the “Equipment”), (ii) authorizing the Debtors to…

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September 8, 2021 – A.B.C. Carpet Co., Inc and two affiliated debtors (dba as ABC Carpet & Home; “A.B.C. Carpet” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 21-11591 (Judge David Jones). The Debtors, "a mission-driven home and lifestyle brand…

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September 7, 2021 – The Court hearing the Intelsat S.A. cases issued issued an order approving (i) the Debtors’ Disclosure Statement, (ii) proposed Plan solicitation and voting procedures and (iii) a proposed timetable culminating in a plan confirmation hearing beginning November 8, 2021 [Docket No. 2815].  The Court's written order comes a week after Judge…

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September 2, 2021 – With their Plan confirmation hearing underway, the Debtors have now filed a Fifth Amended Chapter 11 Plan which attaches a redline showing changes to the version filed on August 27, 2021 [Docket No. 2557]. Also attached is a revised proposed confirmation order and a revised resolution chart (each with a blackline)….

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September 1, 2021 – In a further sign of market support for their post-emergence prospects, the Debtors filed a motion seeking authority to convert $940.0mn of debtor-in-possession ("DIP") borrowings owed to lenders in respect of their fully drawn Tranche B Loans (approximately $790.0mn of principal and $150.0mn of interest and exit fees) into equity further…

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September 1, 2021 – Arguing that the sudden decision of their prepetition lender to terminate access to cash collateral left it administratively insolvent, the Debtor has filed a motion to convert its Chapter 11 case to one filed one under Chapter 7 [Docket No. 442]. Until September 1st, the Debtor was confident that its completed…

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August 27, 2021 – The Court hearing the Purdue Pharma issued a bench ruling confirming the Debtors' Eleventh Amended Plan of Reorganization. Judge Drain's confirmation ruling is subject to two changes to Plan language which will likely be made overnight. Stating that the primary issues before him were whether a bankruptcy Court could and should…

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August 27, 2021 – The Court hearing the Purdue Pharma cases issued a bench ruling confirming the Debtors' Eleventh Amended Plan of Reorganization. Stating that the primary issues before him were whether a bankruptcy Court could and should be the forum/means to resolve mass claims based on a harmful product, Judge Drain, sounding exhausted and…

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August 31, 2021 – The Court hearing the GBG USA cases issued an order approving (i) proposed bidding procedures for the sale of substantially all of the Debtors' assets, (ii) bidder protections for stalking horse Tengram Capital Partners (“Tengram,” $17.3mn bid in respect of the Debtors’ Aquatalia assets) and (iii) an auction/sale timetable culminating in…