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…
April 17, 2019 – The Debtors filed a Chapter 11 Plan, a related Disclosure Statement and a motion requesting the Court's approval of the Disclosure Statement [Docket Nos. 3275, 3276 and 3277, respectively]. The Disclosure Statement notes, “The Debtors commenced these Chapter 11 Cases with the goal of selling substantially all of their assets (the…
April 16, 2019 – Further to the Debtors’ March 15, 2019 motion [Docket No. 148], the Court hearing the Decor Holdings cases issued an order (ii) approving the adequacy of the Debtors’ Disclosure Statement, (ii) authorizing the Debtors’ proposed solicitation and Plan voting procedures and (iii) scheduling a May 2, 2019 confirmation hearing [Docket No….
April 16, 2019 – Further to a bidding procedures order [Docket No. 142] and an auction held on April 12, 2019, the Court hearing the Aceto Corporation cases issued an order [Docket No. 429] approving the sale of the Debtors' Chemical Plus Business to NMC Atlas, L.P (an affiliate of New Mountain Capital) for an…
April 12, 2019 – Sears Holdings Corporation filed a motion to extend the periods (for a second time) during which the Company has an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including June 12, 2019 and August 13, 2019, respectively [Docket No. 3183]. Absent the requested relief, the…
April 15, 2019 – The Debtors (i) filed a prepackaged Plan and a related Disclosure Statement [Docket Nos. 20 and 19, respectively] and (ii) scheduled a May 6, 2019 combined hearing to approve the Disclosure Statement and confirm the Plan [Docket No. 21]. In a press release announcing the filing, the debtors provided the following detail…
April 11, 2019 – The Court hearing the FirstEnergy Solutions Corp ("FES") cases issued an order denying the Debtors' motion requesting approval of their Disclosure Statement [Docket No. 2500]. The Court's order states, "Due to the breadth and ambiguity of the nonconsensual third-party releases proposed in Section VIII.E. of the Plan, the Court concludes that…
