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June 8, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors tabulation of votes, arguing that the Debtors are "trying to stack the deck to get the Plan confirmed" by excluding votes in the Plan's critical class 4 ("General Unsecured Claims"); votes, which if counted, would have dramatically impacted…

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June 8, 2020 – Each of the Debtors and the Debtors' Official Committee of Unsecured Creditors (the “Committee”) have filed objections [Docket Nos. 594 and 604, respectively] to shareholder motions seeking appointment of an equity committee and/or dismissal of the Debtors' cases.  The objections are careful not to further stir shareholder emotions, with the Debtors'…

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June 5, 2020 – The Delaware Trust Company, as successor indenture trustee (“Convertible Notes Trustee”) for the Debtors' 1.25% convertible senior notes due 2020 (the “Convertible Notes,” principal $190.0mn) objected to the Debtors’ Disclosure Statement, arguing that "fatal confirmation issues exist and, if they are not resolved, will be prosecuted by the Convertible Notes Trustee…

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June 5, 2020 – The Debtor's Official Committee of Unsecured Creditors (the “Committee”) filed a Chapter 11 Plan and a related Disclosure Statement [Docket Nos. 382 and 383, respectively]; and further filed a motion requesting Court approval of (i) the Disclosure Statement, (ii) proposed Plan solicitation and voting procedures, and (iii) a proposed timetable culminating…

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June 7, 2020 – The Court hearing the Ravn Air Group cases issued an order approving (i) the Debtors’ Disclosure Statement, (ii) proposed Plan solicitation and voting procedures,and (iii) a proposed timetable culminating in a June 25, 2020 Plan confirmation hearing [Docket No. 318]. The Plan confirmation hearing, previously scheduled for July 9th, has been…

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June 5, 2020 – The Court hearing the J.C. Penney Company cases issued an order authorizing the Debtors (i) to access $900.0mn of debtor-in-possession (“DIP”) financing on a final basis and (ii) to continue using cash collateral [Docket No. 566]. On May 16th, the Court issued an interim order approving the use of $500.0mn of…

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June 2, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors' request to access $900.0mn of debtor-in-possession (“DIP”) financing saving particular wrath for a roll-up of $225.0mn of prepetition debt that further protects DIP lenders, impairing previously unencumbered assets that are worth "hundreds of millions of dollars" at the…

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June 4, 2020 – The Court hearing the APC Automotive Technologies Intermediate Holdings cases issued an order authorizing the Debtors to (i) access $30.0mn of interim debtor-in-possession (“DIP”) financing under a new money DIP term loan facility (the “DIP Term Loan Facility”), (ii) access $90.0mn under a DIP ABL facility (the “DIP ABL Facility” largely…

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June 3, 2020 – The Debtors filed solicitation versions of their prepackaged Chapter 11 Plan and Disclosure Statement [Docket Nos. 23 and 24, respectively]; and further filed a motion requesting approval of (i) the Disclosure Statement, (ii) proposed Plan solicitation and voting procedures and (iii) a proposed timetable culminating in a July 10th confirmation hearing…

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June 3, 2020 – The Court hearing the Ravn Air Group cases approved bidding procedures relating to a sale of substantially all of the Debtors’ assets (the “Sale”) and has authorized the Debtors to enter into one or more stalking horse agreements [Docket No. 295]. An auction date has not been set (the Debtors are…