Francesca’s Holdings Corporation – Women’s Fashion Boutique Gains Access to $15mn (New Money) DIP Financing from Tiger Finance, January 4th Final Hearing December 8, 2020 – The Court hearing the Francesca’s Holdings Corporation cases authorized the Debtors to (i) access $15.0mn in debtor-in-possession (“DIP”) financing on an interim basis and (ii) use cash collateral [Docket…

December 4, 2020 – The Debtors filed a motion requesting (i) authority to assume a store closing consultancy agreement with Tiger Capital Group, LLC (the “Consultant”) and (ii) approval of proposed store closing procedures (the “Store Closing Procedures”) [Docket No. 46]. As of December 1, 2020, the Debtors operated 558 boutiques in 45 states and…

December 8, 2020 – The Court hearing the Superior Energy Services cases issued an interim debtor-in-possession ("DIP") order authorizing the Debtors to (i) roll up $47.7mn of prepetition letters of credit ("LOC") and (ii) use cash collateral  [Docket No. 97]. On December 7th, the Debtors requested access to $120.0mn of DIP financing (in the form…

December 7, 2020 – The Debtor filed a motion to extend (for a third time) the periods during which it has an exclusive right to file a Plan and solicit acceptances thereof, through and including February 19, 2021 and April 26, 2021, respectively [Docket No. 1175]. Absent the requested relief, the Plan filing and solicitation…

December 7, 2020 – The Debtors filed with the Court a motion to extend the periods during which the Company has an exclusive right to file a Plan and solicit acceptances thereof, through and including April 16, 2021 and June 15, 2021, respectively [Docket No. 757]. Absent the requested relief, the Plan filing and solicitation…

December 7, 2020 – The Debtors requested Court authority to (i) access $15.6mn of debtor-in-possession (“DIP”) financing to be provided by prepetition senior secured lender NHTV ULM Holdings (the “Lender,” also serving as a credit bidding stalking horse) and (ii) use cash collateral [Docket No. 20]. The proposed DIP financing includes a $1.3mn roll-up of…

December 7, 2020 – The Debtors filed motions requesting each of a bidding procedures order and a sales order [Docket Nos. 18 and 19, respectively]. The bidding procedures order would (i) authorize the Debtors’ to enter into a Stalking Horse Purchase Agreement with NHTV (AIV) ULM BIDCO LLC (the “Stalking Horse Bidder” with a $20.0mn…

December 7, 2020 – The U.S. Trustee assigned to te Debtors cases objected the Debtors’ First Amended Prepackaged Plan [Docket No. 757] citing several defects relating to proposed release party provisions including that the Plan "proposes broad third-party releases, purports to exculpate conduct taking place after the Effective Date and inappropriately seeks a discharge for…

December 4, 2020 – The Court hearing the VIPC Holdings Liquidating (f/n/a VIP Cinema Holdings, Inc.) cases issued an order dismissing of the Debtors' Chapter 11 cases [Docket No. 418]. On September 29, 2020 and further to a request from the Debtors, the Court hearing the VIPC Holdings Liquidating (f/n/a VIP Cinema Holdings, Inc.) cases…