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China Fishery Group Limited – Court Approves Bidding Procedures Pushed by Chapter 11 Trustee for Peruvian OpCo Assets (Qualified Bids Must Top $995mn) Minimum), Schedules July 15th Sale Hearing

New Generation Research/April 26, 2021

April 23, 2021 – The Court hearing the China Fishery Group Limited cases issued an order approving (i) proposed bidding procedure for the sale of substantially all of Debtor CFG Peru Singapore’s equity interests in CFGI (the “CFGI Equity Interests” and the “Sale,” respectively) and (ii) an auction/sale timetable culminating in a May 7, 2021…

AeroCentury Corp. – Court Approves Bidding Procedures and Drake (ie Falko) Stalking Horse Arrangements; Sale Hearing Set for May 25th

New Generation Research/April 23, 2021April 23, 2021

April 22, 2021 – The Court hearing the AeroCentury cases issued an order (i) approving bidding procedures, including bidder protections, in respect of the Debtors’ proposed sale of substantially all of their assets, (ii) authorizing the Debtors to enter into a stalking horse asset purchase agreement (the “APA”) with Drake Asset Management Jersey Limited (“Drake”…

The Hertz Corporation – Files Another Amended Plan and Disclosure Statement to Reflect Flurry of Sponsor Proposals that Will See Equity Receiving Warrants and General Unsecureds Made Whole; More Plan/Plot Twists to Come?

New Generation Research/April 22, 2021April 23, 2021

April 21, 2021 – In advance of their scheduled April 21st Disclosure Statement hearing, the Debtors filed a Fourth Amended Joint Chapter 11 Plan of Reorganization and a related Disclosure Statement [Docket Nos. 4077 and 4081, respectively]; and separately filed a redline of showing changes to the versions filed on April 15, 2021 [Docket No….

Carla’s Pasta, Inc. – Court Approves $27.5mn Asset Sale to Tribe 9 Affiliates after Admonishing Debtors for Falling Short on Adequate Protection Obligations

New Generation Research/April 22, 2021

April 21, 2021 – The Court hearing the Carla’s Pasta cases issued a bench ruling approving the $27.5mn sale of the Debtors' assets to CP Foods LLC and NFP Real Estate LLC (affiliates of stalking horse Tribe 9 Foods (“Tribe 9” or the “Stalking Horse”)) [Docket No. 454]. The Court's bench ruling makes significant amendments…

Durr Mechanical Construction – Files Third Amended Plan and Related Disclosure Statement in Long-Running Bankruptcy; Priority Tax Claims Now Impaired and Debtor Updates on PSEG and DEP Disputes

New Generation Research/April 20, 2021April 29, 2021

April 19, 2021 – The Debtor filed a Third Amended Chapter 11 Plan of Liquidation and a related Disclosure Statement [with Plan attached to the Disclosure Statement at Docket No. 518]; and separately filed redlines showing changes to the versions filed on March 11, 2021 [Docket No. 519]. The amended Plan now treats Priority Tax…

Connections Community Support Programs, Inc. – Delaware Healthcare Not-for-Profit Seeks Bankruptcy Shelter Citing Multiple Pressures on Liquidity, Will Pursue Going Concern Sale

New Generation Research/April 20, 2021

April 19 , 2021 – Connections Community Support Programs, Inc. (“CCSP” or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 21-10723. The Debtor, a Delaware-based not-for-profit providing a "comprehensive array of health care, housing, and employment opportunities," is represented by Mark L. Desgrosseilliers of…

The Hertz Corporation – Files Another Plan and Disclosure Statement in Advance of Rescheduled April 21st Hearing; First and Second Lien Lenders Continue to Raise Concerns Over Plan Treatment

New Generation Research/April 19, 2021April 19, 2021

April 16, 2021 – The Debtors filed a Third Modified Second Amended Joint Chapter 11 Plan of Reorganization and a related Disclosure Statement [Docket Nos. 3954 and 3963, respectively], and separately filed a redline of each showing changes to the version filed on April 15, 2021 [Docket Nos. 3955 and. 3964, respectively]. The revised documents…

The Hertz Corporation – Files Amended Plan with Increased Recovery for General Unsecureds and Creditors’ Committee Support (Disclosure Statement Followed on April 15th), Urges Court to Approve Disclosure Statement While Markets Are “Hot”

New Generation Research/April 16, 2021

April 14, 2021 – The Debtors filed a Second Modified Second Amended Joint Chapter 11 Plan and a related redline showing changes from the version filed on April 10, 2021 [Docket Nos 3897 and. 3898, respectively]. On April 15th, the Debtors filed a Second Modified Second Revised Disclosure Statement and a related redline showing changes…

Avianca Holdings S.A. – Seeks Third Plan Exclusivity Extension; Details Cost-Cutting Measures, CBAs, Shift to Narrow-Body Fleet (Fleet Strategy Changes Yielding 35%/$2bn Reduction in Capital Costs), Advances in Negotiations as to Exit Capital Structure

New Generation Research/April 15, 2021

April 14, 2021 – The Debtors filed a motion to extend (for a third time) the periods during which they have an exclusive right to file a Plan and solicit acceptances thereof, through and including September 2, 2021 and November 2, 2021, respectively [Docket No. 1534]. Absent the requested relief, the exclusive periods are scheduled…

The Hertz Corporation – Files Amended Plan with Increased Recovery for General Unsecureds and Creditors’ Committee Support, Urges Court to Approve Disclosure Statement While Markets Are “Hot”