December 17, 2018 – The Court hearing the Toys “R” Us, Inc. case confirmed the Chapter 11 Plan of affiliate Debtors Taj and TRU Inc. [Docket No. 5979]. This follows on the heels of a comprehensive settlement reached last week amongst (i) the Debtors, (ii) Toys (Labuan) Holding Limited (the “Asia JV”), (iii) the TRU…
December 17, 2018 – The NORDAM Group filed an Amended Joint Postpackaged Chapter 11 Plan [Docket No. 780] and a related Disclosure Statement [Docket No. 781]. The Debtors also requested that the Court approve the adequacy of the Disclosure Statement on a conditional basis, with a final approval to be issued at a hearing scheduled…
December 14, 2018 – The United Mine Workers of America (“UMWA”) objected to the Debtors’ proposed “Valued Employee Program” [Docket No. 779]. The objection states, “The retention program handsomely rewards management and supervisory personnel. Debtors admit that it covers only 14% of total employees, and those who are covered are only non-bargaining unit employees,…
December 14, 2018 – Hooper Holmes filed a Joint Plan of Liquidation [Docket No. 292] and Disclosure Statement [Docket No. 293]. The Disclosure Statement notes, “The Plan provides that a Liquidating Trust is to be created as of the Effective Date, or as soon as reasonably practical thereafter. All property of the Estates constituting the…
December 14, 2018 – Westmoreland Coal Company filed a Joint Chapter 11 Plan [Docket No. 788] and related Disclosure Statement [Docket No. 789] with blacklines to show changes from the versions filed on October 25, 2018 [Docket Nos. 294 and 293, respectively]. The following is an updated summary of classes, claims, voting rights and…
December 14, 2018 – Oaktree Capital Management, Courage Capital Management, AlbaCore Capital LLP, and Deutsche Bank AG Cayman Islands Branch (collectively, the “Objecting Parties”) objected to Evercore Group’s (“Evercore”) investment banking fees [Docket No. 181]. The Objecting Parties state, “The Objecting Parties do not object to the Debtors’ retention of Evercore or contest Evercore’s qualifications….
December 13, 2018 – Relativity Media and its Official Committee of Unsecured Creditors filed a Joint Liquidating Plan [Docket No. 633] and related Disclosure Statement [Docket No. 634]. The Disclosure Statement, which was approved on December 14, 2018 [Docket No. 636], states, “The Plan establishes the Liquidating Trust, which will, among other things, undertake the…
December 13, 2018 – The Court hearing the Parker Drilling case approved [Docket No. 80] the Debtors’ $50.0mn superpriority asset-based revolving credit facility (the “DIP Credit Facility”) provided by Bank of America, N.A. (“Bank of America”) and Deutsche Bank AG New York Branch (“Deutsche Bank,” and together with Bank of America, the “DIP Lenders”), with…
December 13, 2018 – The Court hearing the Synergy Pharmaceuticals case issued an interim order authorizing the Debtor to (i) enter into the debtor-in-possession (“DIP”) financing arrangements described below and (ii) access cash collateral [Docket No. 48]. The present order (the “First Interim Order”) anticipates the filing of two subsequent orders; the “Second Interim Order”…
December 13, 2018 – Mien Co. Ltd (“Mien”) objected to the Debtors’ request to obtain debtor-in-possession (“DIP”) financing [Docket No. 1202]. The objection states, “There is little doubt that the Debtors need this financing, it is unclear to Mien, a trade vendor with approximately $484,000 in 503(b)(9) claims and an aggregate of almost $4 million…
