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May 27, 2021 – The Debtors filed a Modified Amended Prepackaged Plan and a related redline (changed pages only) showing changes to the version filed on April 29, 2021 [Docket Nos. 143 and 144, respectively]. The changes, incorporated in the summary chart below, largely reflect an evolving description of how holders of prepetition notes will…

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May 26, 2021 – Further to the Court’s April 9th bidding procedures order [Docket No. 399] and the completion of auctions on May 24th, the Debtors notified the Court that they have designated (i) Indorama Ventures Holdings L.P. ($63.87 bid) as the successful bidder for their CarbonLite Recycling LLC assets, including the Dallas Facility (the…

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May 25, 2021 – The Debtors filed a first amended combined Plan of Liquidation and Disclosure Statement (the "Combined Document") and a blackline showing changes to the version filed on May 5, 2021 [Docket Nos. 737 and 738, respectively]. The Combined Document, filed on the eve of a hearing at which approval of the Disclosure…

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May 24, 2021 – Seadrill Partners notified te Court hearing their cases that they emerged from bankruptcy as of May 24, 2021 [Docket No. 586]. The Debtors' Fourth Amended Plan of Reorganization was confirmed on May 14th. On December 1, 2020, Seadrill Partners LLC and 28 affiliated Debtors (“Seadrill Partners” or the “Debtors”) filed for…

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May 21, 2021 – The Court hearing the MobiTV cases issued an order approving the sale of substantially all of the Debtors’ assets (the “Sale”) to TiVo Corporation ("TiVo," $17.4mn cash purchase price, plus up to $6.5mn in cure costs and employee-related obligations, see below) [Docket No. 292]. The TiVo asset purchase agreement, not previously…

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May 21, 2021 – The Debtors filed a motion requesting approval of (i) a proposed bidding procedures order and (ii) a proposed sale order [Docket No. 192]. The bidding procedures order would approve (i) bidding procedures in relation to the sale of two Kansas manufacturing facilities and headquarters (the "Sale" and the “Kansas Assets,” respectively)…

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May 13, 2021 – The Debtors have filed a pair of notices which include proposed amendments to their Disclosure Statement Supplement filed on May 12th [Docket No. 4670]; notably in respect of (i) projected recoveries for the Debtors' general unsecured creditors and (ii) revised disclosure as to the Debtors' valuation of bids submitted in the…

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May 13, 2021 – The Court hearing the Paper Source, Inc cases issued an order approving the $91.5mn sale of substantially all of the Debtors’ “premier paper and gift store” assets to Papershop HoldCo Inc. (the “Purchaser,” an affiliate of Elliott Investment Management L.P. or “Elliott”) [Docket No. 486]. The asset purchase agreement (“APA”) governing…

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May 12, 2021 – Further to the conclusion of a 36-hour auction and the designation of a private equity group comprised of Certares Opportunities LLC (“Certares”), Knighthead Capital Management, LLC (“Knighthead”) and Apollo Capital Management, LP (“Apollo”) as the successful bidder and now Plan sponsors (the "Plan Sponsors"), the Debtors have moved quickly to file…

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May 11, 2021 – Further to an emergency supplemental motion filed by the Debtors requesting dismissal of their cases, the Court has dismissed each of the Debtors Chapter 11 cases with immediate effect [Docket Nos. 343 and 347, respectively].  This sudden flurry of events comes after the Debtors' discussion with the Small Business Administration (the…