November 29, 2018 – The Court hearing the Commonwealth of Puerto Rico case approved [Docket No. 4382] the Disclosure Statement of The Puerto Rico Sales Tax Financing Corporation (“COFINA” or the “Debtor”) and fixed a confirmation hearing date in respect of the Debtors’ Plan. The Court order states, “With respect to Claims in Classes…
October 31, 2018 – Gastar Exploration (OTCQB: GSTC) and one affiliated Debtor (together, the “Company” or “Gastar”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 18-36057 [Docket No. 1]. The Company, a pure play Mid-Continent independent energy company engaged in the exploration, development and…
November 28, 2018 – The Court hearing the Gastar Exploration case approved the Debtors’ debtor-in-possession (“DIP”) financing motion which will allow it to access up to $383 million in DIP financing on a final basis [Docket No. 213]. As previously reported in respect of the Debtors’ DIP motion [Docket No. 33], “This motion requests…
November 27, 2018 – The Debtors requested Court authority to enter into debtor-in-possession (“DIP”) financing arrangements which would provide interim access of up to $6 million [Docket No. 8]. The motion states, “The Debtors seek authorization to obtain DIP Financing under a multiple-draw super-priority senior secured term loan facility in an aggregate principal amount not…
November 27, 2018 – The Debtors’ Official Committee of Unsecured Creditors (the “Committee”) objected [Docket No. 193] to the Debtors’ use of cash collateral. The objection asserts, “The Debtors seek authority to use the purported cash collateral of the Prepetition Secured Parties to continue refining and selling raw materials to maximize value in a manner…
November 27, 2018 – Elements Behavioral Health filed an Amended Chapter 11 Combined Plan and Disclosure Statement [Docket No. 589]. The Plan explains, “The Combined Plan and Disclosure Statement is a liquidating Chapter 11 Plan. The Combined Plan and Disclosure Statement provides that upon the Effective Date: (i) Creditor Trust Assets will be transferred to…
November 27, 2018 – The Debtors’ Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ motion to obtain final debtor-in-possession (“DIP”) financing. The objection states, “The DIP Facility has been partially drawn to bridge the Debtors’ liquidity in the immediate post-petition aftermath to project completion with respect to only the Columbia Gas Project….
November 27, 2018 – The court hearing the LBI Media case approved the Debtors’ request for interim debtor-in-possession (“DIP”) financing [Docket No. 86]. As previously reported in respect of the Debtors’ motion [Docket No. 12], “The Debtors seek authorization to obtain DIP Financing under a multiple-draw super-priority senior secured term loan facility in an aggregate…
November 27, 2018 – The Debtors’ Official Committee of Unsecured Creditors (“the Committee”) filed an objection [Docket No. 112] to the approval of the Debtors’s sale motion [Docket No. 59]. The objection states, “The Debtors seek approval of overly aggressive, off-market bid procedures and bid protection designed to ensure the sale of substantially all of…
November 27, 2018 – RMH Franchise Holdings requested Court authority to (i) enter into a stalking horse asset purchase agreement (the “Stalking Horse APA”) with ACON Equity Partners III, LP (“ACON” or the “Stalking Horse Bidder”) in relation to the Debtors’ sale of its interests in approximately 135 Applebee’s restaurant locations (the “Purchased Assets”) for…
