March 5, 2019 – The Court hearing the Parker Drilling Company cases confirmed the Debtors' Amended Joint Plan of Reorganization [Docket No. 459, filed on March 7, 2019]. On November 12, 2018, Parker Drilling Company and 19 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas,…
March 6, 2019 – The Debtors filed (i) a Joint Chapter 11 Plan, (ii) a related Disclosure Statement and (iii) a scheduling motion [Docket Nos. 145,146 and 147, respectively]. Plan Summary The Disclosure Statement provides the following summary of the Plan, "In December 2018, the Company began in earnest negotiating with groups of holders of…
March 5, 2019 – The Debtors notified [Docket No. 294] the Court that further to an existing bidding procedures order [Docket No. 199], the Debtors had selected SB360 Capital Partner, LLC (“SB360”) as the successful bidder in an auction of the Debtors’ inventory assets held on March 5, 2019. SB360 outbid a joint venture composed…
March 5, 2019 − Quinn Emanuel Urquhart & Sullivan has added restructuring partners Patricia (“Patty”) Tomasco to its Houston office and Deborah Newman to it New York office. Ms. Tomasco, who joins from Jackson Walker’s Houston office, has more than 30 years’ experience solving corporate insolvency problems. She focuses on workouts, distressed acquisitions and corporate…
March 5, 2019 – The Debtors’ Official Committee of Unsecured Creditors (the “Creditors Committee”) objected to the Debtors’ motion for (i) the appointment of an independent director (the “Investigation Motion”) and (ii) the retention of Kirkland & Ellis as counsel to the independent director [Docket No. 498]. The Debtors’ Official Committee of Equity Security Holders…
March 5, 2019 – Diesel USA filed for Chapter 11 of Reorganization [Docket No. 28] and related Disclosure Statement [Docket No. 29]. As the Debtor makes clear as to a Plan where there are no impaired classes, this Chapter 11 process is primarily about an opportunity to reject burdensome leases, a fact which will not…
March 5, 2019 − Diesel USA Inc. ("Diesel USA" or the "Company") filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-10432. The Company, a wholly-owned subsidiary of Italy’s Diesel S.p.A. (the "Parent") and the United States member of the international Diesel brand family of companies,…
March 4, 2019 – The Court hearing the Gymboree Group cases issued a pair of orders approving (i) the sale of assets related to the Debtors' Janie and Jack® business to The Gap, Inc. (the “JJ Successful Bidder” or “The Gap”) for $35.0mn [Docket No. 484] and (ii) the sale of certain intellectual property assets…
March 1, 2019 – Stretto, a market-leading bankruptcy-technology firm serving the corporate-restructuring and consumer-bankruptcy industries, has acquired CINgroup® and its Best Case® Bankruptcy/CINcompass® software and data-services platforms. In a press release announcing the acquisition, Stretto commented, “CINgroup, including Best Case Bankruptcy, CINcompass and CIN Legal Data Services®, represent the leading brands in bankruptcy. Serving…
March 4, 2019 − Magnum Construction Management (f/k/a Munilla Construction Management, “MCM” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Florida, lead case number 19-12821. The Company, a family-owned, Miami-based, construction company specializing in heavy civil construction, is represented by Jordi Guso of Berger Singerman…
