December 17, 2020 – The Court hearing the Southland Royalty Company case has extended the periods during which the Debtor has an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including February 19, 2021 and April 26, 2021, respectively [Docket No. 1214]. Absent this relief, the Plan filing and…

December 16, 2020 – The U.S. Trustee assigned to the Debtors' cases objected to the proposed confirmation of the Debtors’ Plan of Reorganization [Docket No. 1842], arguing, among other things, that the Debtors should be required to provide more details on former Equity Committee member Osmium Capital's role in the Plan process and a related…

December 17, 2020 – The Debtors filed a Joint Plan of Liquidation and related Disclosure Statement [Docket No. 88 and 87, respectively]. All three voting creditor classes will need to get in line behind holders of DIP Financing claims, which must be paid in full in cash before the other classes will see any recovery…

December 17, 2020 – The Court hearing the Hertz Corporation cases issued an order approving (i) proposed bidding procedures, including bidder protections for stalking horse Freedom Acquirer LLC (the “Stalking Horse Bidder”) in respect of the sale of the Donlen Corporation and its Debtor subsidiaries (collectively, “Donlen Corp.” or the "Donlen Assets") and (ii) the…

December 17, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ "inappropriate and offensive" debtor-in-possession ("DIP") financing proposals on multiple grounds relating to the outsized control of DIP lenders over the Debtors and their bankruptcy cases [Docket No. 128].  The Committee argues that the DIP lenders, leveraging that control…

December 16, 2020 – In anticipation of a December 18th Plan confirmation hearing, the Debtors filed a Second Amended Plan and a related blackline showing changes to the version filed on November 6, 2020. [Docket No. 1434]. The Debtors have also filed (i) a memorandum of law in support of the Plan confirmation (the "Memorandum")…

December 17, 2020 – The Court hearing the Furniture Factory Ultimate Holding cases issued an order (i) approving the Debtors' asset purchase agreement (the “APA”) with American Freight FFO, LLC (the “Purchaser,” an affiliate of Franchise Group, Inc.; NASDAQ: FRG) and (ii) the sale of substantially all of the Debtors' assets to the Purchaser for…