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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…

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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…

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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”…

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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…

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December 13, 2018 – The Debtors’ Official Committee of Unsecured Creditors (the “Committee”) requested an urgent Court hearing to be held on December 18, 2018 in order to clarify that a guaranteed $8mn recovery is still on the table; notwithstanding recent statements by Omega Healthcare Investors (“Omega”) that call into question Omega’s intentions under its…

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December 12, 2018 – Checkout Holding requested Court authority enter into a multiple-draw super-priority senior secured term debtor-in-possession (“DIP”) loan facility in an aggregate principal amount not to exceed $275 million (the “DIP Facility”) agented by JPMorgan Chase Bank N.A, including interim authority to draw up to $60 million. [Docket No. 30]. The DIP Facility…

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December 12, 2018 – Parker Drilling filed a Joint Chapter 11 Plan [Docket No. 17] and related Disclosure Statement [Docket No. 21].  The Disclosure Statement provides the following overview of the Debtors restructuring efforts: “The Debtors face obsolescence risk and technology changes while remaining capital constrained. A meaningful investment will be critical for the Debtors…

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December 12, 2018 – The United Mine Workers of America objected [Document No. 417] to the Debtors’ proposed Key Employee Incentive Plan (the “KEIP”) and Key Employee Retention Plan (the “KERP”)  [Docket No. 354].    The objection states, “It is undisputed that Debtors did not consult union representatives in the design of the retention programs…

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December 12, 2018 – Synergy Pharmaceuticals requested Court authority to enter into a $115 million debtor-in-possession (“DIP”) loan arrangement [Docket No. 15].    The motion states, “In the weeks leading up to the Petition Date, the Debtors and their advisors engaged in extensive, hard-fought negotiations with their prepetition lenders regarding potential proposals for debtor-in-possession financing…