July 13, 2022 (Updated July 14th) – Celsius Network Limited and seven affiliated Debtors (“Celsius” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 22-10964 (Judge Martin Glenn). The Debtors, which own and operate a P2P lending platform allowing users to…
July 10, 2022 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) filed a redacted version of their sealed July 8th objection to the Debtors' proposed debtor-in-possession ("DIP") financing motion [Docket No. 399, with sealed objection filed at Docket No. 390] which argues that the Debtors' $85.0mn Term DIP Loan "inappropriately and impermissibly elevate[s]…
July 7, 2022 – The Debtors filed a motion requesting Court approval of a private $5.0mn sale of their Chicago-based plastics manufacturing assets (the “Acquired Assets”) to i2Poly, Inc. (“Buyer”) [Docket No. 111]. The asset purchase agreement (the “APA”) executed in connection with the proposed sale is attached to the motion as Exhibit B. The…
July 7, 2022 – The U.S. Trustee assigned to the Debtors' cases (the "U.S. Trustee") and the Debtors' Official Committee of Unsecured Creditors (the “Committee”) have each objected to the Debtors’ bidding procedures motion [Docket Nos. 85 and 86, respectively]. UPDATE: At a July 7th hearing, Judge J. Kate Stickles agreed with the arguments presented…
July 5, 2022 – Voyager Digital Holdings, Inc. and two affiliated debtors (Toronto Stock Exchange (TSX); "Voyager" or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York"*, lead case number 22-10943 (Judge TBA). The Debtors, who offer crypto-currency brokerage services, are represented by Joshua A….
June 28, 2022 – The Court hearing the Flexible Funding cases confirmed the Debtors’ Amended Plan of Liquidation, with the confirmation order subsequently issued on July 13th at Docket No. 435. The delay in the order reflects a late resolution of an objection filed by Medalist Partners Opportunity Master Fund II-A, L.P. ("Medalist") [Dkt. No….
July 5, 2022 – SAS AB and 13 affiliated Debtors ("SAS" or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 22-10925 (Judge Michael E. Wiles). The Debtors, Scandinavia’s leading airline, are represented by Gary Holtzer of Weil, Gotshal & Manges LLP….
June 30, 2022 – Enjoy Technology, Inc. and two affiliated debtors (NASDAQ: ENJY; "Enjoy" or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 22-10580 (Judge TBA). The Debtors, who "provide a revolutionary commerce-at-home experience for consumers through the Debtors’ network of mobile retail…
June 29, 2022 – The Debtors filed a motion requesting each of a bidding procedures order and a sale order. The bidding procedures order would: (i) approve bidding procedures for the sale of substantially all of the Debtors' assets (the “Sale”), (ii) authorize the Debtors to enter into stalking horse arrangements with Corsicana Acquisition LLC…
June 23, 2022 – Further to the Court's May 6th bidding procedure order [Docket No. 136] and an auction held on June 22, 2022, the Debtor notified the Court that stalking horse Rockland Capital, LLC (“Rockland”) had been selected as the successful bidder ($144.75mn purchase price), with LS Power Equity Advisors, LLC (“LS Power”) chosen as…
