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April 7, 2021 – Stoneway Capital Ltd. and five affiliated Debtors (“Stoneway” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 21-10646 (Judge ). The Debtors, whose principal business is the construction, ownership and operation of four power generation facilities located…

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April 6, 2021 – The Debtors requested Court authority to (i) access $60.0mn of debtor-in-possession (“DIP”) financing in the form of a super-priority credit facility being provided by prepetition lender The Boeing Company (with $22.0mn to be available upon issuance of an interim DIP order) and (ii) use cash collateral [Docket No. 12 with credit…

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April  5, 2021 – TECT Aerospace Group Holdings, Inc. and six affiliated Debtors (“TECT Aerospace” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 21-10670. The Wichita, Kansas based Debtors, who manufacture "complex aerostructure components," are represented by Paul N. Heath of Richards,…

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April 1, 2021 – As required by their March 9th final cash collateral order [Docket No. 253], the Debtors have now provided a comprehensive restructuring proposal to the coordinating committee of secured lenders (the “CoCom”) and the ad hoc group of certain prepetition secured parties (the “Ad Hoc Group”); a redacted copy of which they…

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March 31, 2021 – The Debtors notified the Court that their Second Amended Joint Chapter 11 Plan of Liquidation had become effective as of March 31, 2021 [Docket No. 888].  On January 29, 2021, the Court hearing the Debtors’ cases confirmed the Debtors’ Plan [Docket No. 753] with effectiveness conditioned on the completion of a…

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March 30, 2021 – The Debtors notified the Court that their Second Amended Prepackaged Joint Chapter 11 Plan of Reorganization became effective as of March 30, 2021 [Docket No. 220]. The Court had previously confirmed the Debtors' Plan on March 5, 2021 [Docket No. 203]. On January 11th, Ferrellgas Partners, L.P. (OTC: FGPRQ; “HoldCo”) and…

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March 29, 2021 – The Debtor requested each of a bidding procedures order and a sale order in respect of the sale of its ownership interests in Finacity Corporation (the “Finacity Equity”) (the “Sale”) [Docket No. 19]. The requested bidding procedures order would (i) authorize the Debtor to enter into stalking horse arrangements with the…

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March 25, 2021 – The Debtor filed a motion requesting authority to access $2.0mn in debtor in possession (“DIP”) financing, including $1.5mn on interim basis; with the $500k balance $500k to be made available with a final DIP order [Docket No. 7 with credit agreement attached]. To give a bit of perspective on just how…

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March 25, 2021 – Further to a February 26th bidding procedures order [Docket No. 164] and an auction held on March 24, 2021, the Debtors notified the Court that they had designated stalking horse bidder Stellex/CF Buyer (US) LLC ("Stellex" or the "U.S. Buyer") as the successful bidder in respect of their U.S. assets; with…

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March 24, 2021 – The Debtors filed a Third Amended Plan of Reorganization and a related Disclosure Statement [Docket Nos. 1115 and 1117, respectively]; and separately filed blacklines showing minor changes to the version filed on March 23, 2021 [Docket Nos. 1116 and 1118].  On March 23rd, the Debtors filed a Second Amended Plan of…