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May , 2020 – Stage Stores, Inc. and one affiliated Debtor (NYSE: SSI; “Stage” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 20-32564. The Debtors, the operators of a network of 700 specialty department stores and off-price retail stores across the…

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May 7, 2020 – The Debtors filed a motion requesting each of a bidding procedures order and a sales order [Docket No. 16]. The bidding procedures order would approve (i) bidding procedures in relation to the sale of the Debtors’ assets (the “Sale”), including bidder protections for stalking horse bidder Techniplas Acquisition Co, LLC (the…

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May 7, 2020 – The Debtors filed an emergency motion to access $675.0mn of debtor-in-possession (“DIP”) financing and use cash collateral [Docket No. 104]. The expensive DIP financing (see detail as to interest rates and fees totaling more than 20% below), backstopped by parties to the Debtors' restructuring support agreement and with Cortland Capital Markets…

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May 7, 2020 – Neiman Marcus Group LTD LLC  and 23 affiliated Debtors (“Neiman Marcus ” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 20-32519. The Debtors, a luxury, multi-branded, omni-channel fashion retailer, are represented by Matthew D. Cavenaugh of Jackson…

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May 6, 2020 – The Debtors requested Court authority to (i) access $20.5mn debtor-in-possession (“DIP”) financing, including $10.25mn on an interim basis, from Lion/Hendrix Cayman Limited, the prepetition holder of four notes (the “DIP Lender” and also the Debtors' credit bidding stalking horse in a section 363 auction/sale process) and (ii) use cash collateral [Docket…

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May 6, 2020 – John Varvatos Enterprises, Inc. and two affiliated Debtors (“John Varvatos” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-11043. The Debtors, a "rock 'n roll" lifestyle brand men's clothing retailer, are represented by Derek C. Abbott of Nichols…

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May 5, 2020 – The Debtors filed a motion requesting each of a bidding procedures order and a sale order. The bidding procedures order would approve bidding procedures for the sale of substantially all of the assets (the “Sale”) and the sale order would authorize the Sale [Docket No. 564]. The Debtors have yet to…

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May 4, 2020 – The Debtors requested Court authority to (i) access $20.0mn of debtor-in-possession (“DIP”) financing, $9.0mn on an interim basis, and (ii) use cash collateral [Docket No. 21].  The DIP financing is to be provided by TRT Holdings, Inc. ("TRT") which acquired Gold's Gym from private equity firm Brockway Moran & Partners in…

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May 4, 2020 – GGI Holdings, LLC (Gold's Gym) and one affiliated Debtors (“Gold's Gym” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Texas, lead case number 20-31318. The Debtors, an iconic chain of fitness centers founded in Venice Beach in 1965 and made famous…

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May 1, 2020 – The Court hearing the OneWeb Global Limited cases issued an order authorizing the Debtors to (i) access $10.0mn of new money debtor-in-possession ("DIP") term loans being provided initially by SoftBank, (ii) roll-up $30.0mn of prepetition debt and (iii) use cash collateral [Docket No. 121].  The present $10.0mn of financing is part…