January 23, 2019 – Further to approved bidding procedures [Docket No. 159], the Debtors notified the Court that they had designated three successful credit bidders in respect of three individual groupings of assets (ie helicopters). The Debtors have eight groupings of assets for sale, WAC 1 (30 helicopters), WAC 2 (6), WAC 3 (45), WAC…

January 28, 2019 – With former Virginia governor Terry McAuliffe all but declaring his candidacy in the presidential 2020 race on January 24, attention will inevitably turn to the circumstances surrounding the bankruptcy of the government-subsidized electric car company that he helped found.   The latest bankruptcy filings from January 25 show GreenTech Automotive being…

January 25, 2019 – Further to the cancellation of the auction planned for January 15, 2019 and the Debtors’ designation of stalking horse bidder Vermillion Power (the “Stalking Horse Bidder”) as the successful bidder in respect of the Debtors’ West Lorain assets (the “West Lorain Assets”), the Court hearing the FirstEnergy Solutions case approved [Docket…

January 25, 2019 – The Debtors filed a notice detailing the results of an auction held in respect of the Debtors’ pharmacy assets on January 23, 2019. Walgreens Boots Alliance was named the successful bidder in respect of about half of the pharmacies auctioned off (@63 stores). Albertsons (7), CVS (13), Hy-Vee (6), Lewis Drug…

January 25, 2019 – Talen Montana, LLC (“Talen”) objected to confirmation of the Debtors’ Plan, arguing that the Debtors’ recently announced intention to reject certain coal supply agreements between Talen and the Debtors, without otherwise presenting a legitimate justification for doing so, renders the Plan unconfirmable. Talen also suggests that there exists a non-legitimate rationale…

January 16, 2019 – The Court hearing the Westmoreland Coal case appointed U.S. Bankruptcy Court Judge Marvin Isgur as a mediator and ordered that (i) Mar-Bow Value Partners, LLC and Jay Alix (collectively, Mar-Bow), (ii) McKinsey Recovery and Transformtion Services (“McKinsey”) and (iii) the Debtors to appear before Judge Isgur for mediation [Docket No. 1088]. …

January 23, 2019 – Further to the Debtors’ January 22, 2019 auction and its selection of successfull and back-up bidders [Docket No. 125], the Debtors received Court approval [Docket No. 129] for (i) an asset purchase agreement (the “SCM APA”) between (a) the Debtors and (b) SCM Lifescience Co., LTD. and Genexine,Inc., (collectively, the “Buyers”)…

January 23, 2019 – Sam Kane Beef Processors (“SKB” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 19-20020 [Docket No. 1]. The Company, which has operated a meat-packing plant in Corpus Christi, Texas since 1949 (see “God Bless America” and “People…

January 23, 2019 – Maremont Corporation and 3 affiliated Debtors (“Maremont” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-10118 {Docket No. 1]. The Debtors,each a wholly-owned, non-operating subsidiary of Meritor, Inc. (“Meritor,” NYSE: MTOR) historically involved in the manufacturing of automobile…

January. 22, 2019 – Irvine, California-based Bankruptcy Management Solutions (BMS) unveiled a new name and brand, Stretto, intended to “reflect the company’s growth and evolution into a full-service bankruptcy-administration technology and services provider.”   Eric Kurtzman, co-CEO at Stretto, stated, “We’re excited to announce the launch of our new brand and, in essence, a new…