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January 17, 2023 –  Party City Holdco Inc. and 13 affiliate debtors (NYSE: PRTY; "PCHI" or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 23-90005 (Judge TBA). The Woodcliff Lake, N.J.- based  Debtors, “a global leader in the celebrations industry” (770 owned…

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January 11, 2023 – Further to a November 15th bidding procedures order [Docket No. 784], and a lengthy auction that concluded on January 11th, the Chapter 11 Trustee (the “Trustee”) appointed to the Debtor's case notified the Court that Quadrum Development Corp. (the “Buyer,” U.S. property portfolio here) had been designated as the successful bidder in…

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January 12, 2023 – The Court hearing the Vital Pharmaceuticals cases issued an order authorizing the Debtors to: (i) access a further $66.0mn of new money debtor-in-possession (“DIP”) financing being provided by prepetition lender Truist Bank (“Truist”), (ii) roll-up $235.0mn (reduced by $120.0mn) of amounts owed to Truist under an August 2020 Revolving Credit and Term…

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January 11, 2023 – Further to a November 15th bidding procedures order [Docket No. 784], and a lengthy auction that concluded on January 11th, the Chapter 11 Trustee (the “Trustee”) appointed to the Debtor's case notified the Court that Quadrum Development Corp. (the “Buyer,” U.S. property portfolio here) had been designated as the successful bidder in…

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January 11, 2023 – Tricida, Inc. (NASDAQ: TCDA; "Tricida" or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 23-10024 (Judge TBA). The Debtor, a clinical-stage biopharmaceutical company*, is represented by Sean Beach of Young Conway Stargatt & Taylor, LLP. Further board-authorized engagements include: (i)…

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January 11, 2023 – American Virtual Cloud Technologies, Inc. and two affiliate debtors (dba Kandy; Nasdaq: AVCT; AVCT" or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware lead case number 23-10020 (Judge Mary F. Walrath). Atlanta-based AVCT “establishes and operates cloud-based communications marketplaces for telecom carriers*"…

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January 10, 2023 – Quotient Limited (formerly Nasdaq:QTNT and now OTC:QTNTF; "Quotient" or the “Debtor”) filed for Chapter 11 protection (on a prepackaged basis) with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 23- 90003 (Judge David R. Jones). The Debtor, “a commercial-stage diagnostics company,” is represented by James T….

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January 4, 2023 – At a January 4th status hearing, Debtors' counsel Joshua Sussberg of Kirkland & Ellis took Judge Marvin Isgur (and Isgur's courtroom) through an update (presentation here) which focused on the Debtors' recent operational performance and the knock-on impact of that performance on the trajectory of the Debtors' cases.  Judge Isgur ultimately…

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January 3, 2023 – The Debtors filed a motion to extend (for a second time) the periods during which they have an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including May 3, 2023 and July 5, 2023, respectively [Docket No. 1067]. Absent the requested relief, the Plan filing…

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December 30, 2022 – Further to the Court's revised bidding procedures order of October 6th [Docket No. 1287], the Debtor notified the Court that SAM Real Estate, LLC* had been designated as the stalking horse bidder (the “Stalking Horse Bidder,” $20mn bid) in respect of the sale of Debtor's MTPC, LLC assets (ie its Nashville,…