December 17, 2019 – The Court hearing the Fusion Connect cases issued an order confirming the Debtors’ Third Amended Joint Chapter 11 Plan [Docket No. 680]. On June 3, 2019, Fusion Connect, Inc. and 18 affiliated Debtors (“Fusion” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District…
December 16, 2019 − Clover Technologies Group, LLC (a/k/a 4L Holdings Corporation) and six affiliated Debtors (“Clover” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-12680. The Debtors, the world’s largest collector and recycler of imaging supplies, are represented by Domenic E….
December 13, 2019 – As it had signalled at a December 9th sale hearing, the Debtor filed a motion seeking conversion of the Debtor's Chapter 11 case to a case under Chapter 7 [Docket No. 254]. For the Debtor, which was only able to generate $1.7mn in asset sale proceeds at a disappointing December 5th…
December 13, 2019 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ request for access to $4.5mn of final debtor-in-posession ("DIP") financing to be provided by GT Gettaxi Limited (“Gett” or the “DIP Lender,” organized in Cyprus, based in Israel and the Debtors' ultimate parent), arguing that (i) the funds…
December 13, 2019 – The (former) Debtors notified the Court [Docket No. 483] that their Second Amended Joint Prepackaged Plan had become effective as of December 13, 2019. The Court had previously approved the Debtors’ Plan on September 11, 2019 [Docket No. 343]. On July 1, 2019, Weatherford International Plc (formerly, NYSE: WFT) and two…
December 12, 2019 – The Debtors filed a Third Amended Plan which includes a blackline showing changes from the version of the Plan filed on November 8, 2019 [Docket No. 648]. In anticipation of a December 17th Plan confirmation hearing, the Debtors also filed (i) a Plan Supplement which includes revised exit financing documentation (terms…
December 11, 2019 – The Debtors filed a Joint Chapter 11 Plan of Reorganization and Liquidation and a related Disclosure Statement [Docket Nos. 66 and 67, respectively]. In an unusual combination of reorganization and liquidation, the Debtors intend to reorganize around a single Debtor ("GT Forge") who will hold on to the Debtors' accumulated net…
December 11, 2019 – The Court hearing the PES Holdings cases issued an order approving (i) the adequacy of the Debtors’ Disclosure Statement, (ii) proposed Plan solicitation and voting procedures and (iii) a proposed timetable culminating in a Plan confirmation hearing set for February 6, 2020 [Docket No. 671]. Also on December 11th, the Debtors…
December 10, 2019 – Pre-petition and debtor-in-possession ("DIP") lender Melody Lenders objected to the Debtors' proposed sale of substantially all of its assets to Hex L.L.C. ("Hex") [Docket No. 393]. On December 6th, the Debtors notified the Court that Hex had emerged as the successful bidder in an auction held on December 5th; Hex's bid…
December 10, 2019 – The Debtors filed a motion requesting each of a bidding procedures order and a sales order [Docket No. 48]. The bidding procedures order would approve bidding procedures in relation to the sale of the Debtors’ Taylor Express assets (the “Sale”), including bidder protections and a proposed auction/sale schedule; and the sale…
