/

April 1, 2021 – As required by their March 9th final cash collateral order [Docket No. 253], the Debtors have now provided a comprehensive restructuring proposal to the coordinating committee of secured lenders (the “CoCom”) and the ad hoc group of certain prepetition secured parties (the “Ad Hoc Group”); a redacted copy of which they…

/

March 31, 2021 – The Debtors notified the Court that their Second Amended Joint Chapter 11 Plan of Liquidation had become effective as of March 31, 2021 [Docket No. 888].  On January 29, 2021, the Court hearing the Debtors’ cases confirmed the Debtors’ Plan [Docket No. 753] with effectiveness conditioned on the completion of a…

/

March 30, 2021 – The Debtors notified the Court that their Second Amended Prepackaged Joint Chapter 11 Plan of Reorganization became effective as of March 30, 2021 [Docket No. 220]. The Court had previously confirmed the Debtors' Plan on March 5, 2021 [Docket No. 203]. On January 11th, Ferrellgas Partners, L.P. (OTC: FGPRQ; “HoldCo”) and…

/

March 29, 2021 – The Debtor requested each of a bidding procedures order and a sale order in respect of the sale of its ownership interests in Finacity Corporation (the “Finacity Equity”) (the “Sale”) [Docket No. 19]. The requested bidding procedures order would (i) authorize the Debtor to enter into stalking horse arrangements with the…

/

March 25, 2021 – The Debtor filed a motion requesting authority to access $2.0mn in debtor in possession (“DIP”) financing, including $1.5mn on interim basis; with the $500k balance $500k to be made available with a final DIP order [Docket No. 7 with credit agreement attached]. To give a bit of perspective on just how…

/

March 25, 2021 – Further to a February 26th bidding procedures order [Docket No. 164] and an auction held on March 24, 2021, the Debtors notified the Court that they had designated stalking horse bidder Stellex/CF Buyer (US) LLC ("Stellex" or the "U.S. Buyer") as the successful bidder in respect of their U.S. assets; with…

/

March 24, 2021 – The Debtors filed a Third Amended Plan of Reorganization and a related Disclosure Statement [Docket Nos. 1115 and 1117, respectively]; and separately filed blacklines showing minor changes to the version filed on March 23, 2021 [Docket Nos. 1116 and 1118].  On March 23rd, the Debtors filed a Second Amended Plan of…

/

March 24, 2021 – The Court hearing the Le Tote cases confirmed the Debtors’ Second Amended Joint Chapter 11 Plan [Docket No. 1092]. On August 2, 2020, Le Tote, Inc. and four affiliated Debtors (“Le Tote” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Eastern District of Virginia,…

/

March 16, 2021 – The U.S. Trustee assigned to the Debtor's cases and the Debtor's Official Committee of Unsecured Creditors (the “Committee”) have each objected to the Debtor's proposed key employee incentive plan (the "KEIP") arguing that it is "a disguised retention plan" [Docket Nos. 332 and 334, respectively] and urging the Court to reject…

/

March 16, 2021 – The Court hearing the PBS Brand Co cases issued an order approving the sale of substantially all of the Debtors’ assets to prepetition and debtor-in-possession (“DIP”) lender CrowdOut Capital, LLC (“CrowdOut” or the “Stalking Horse Bidder”) [Docket No. 409]. The asset purchase agreement governing the terms of the $32.4mn sale has…