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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…

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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…

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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…

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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…

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December 10, 2019 – The Debtors filed a Second Amended Plan and a related blackline showing pages changed from the version filed on November 1, 2019 [Docket Nos. 682 and 683, respectively]. The changes all relate to the treatment of third-party releases; the Debtors' Court-rejected Plan having included an affirmative opt-out requirement…meaning that the failure…

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December 10, 2019 – The Court hearing the Specialty Retail Shops Holding Corp cases has extended the periods during which the Debtors have an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including July 16, 2020 and September 16, 2020, respectively [Docket No. 2102]. Absent the requested relief, the…

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December 9, 2019 – Further to its November 13th bidding procedures order [Docket No. 205] and a December 5th auction, the Court hearing the Sienna Biopharmaceuticals cases approved [Docket No. 247] the $1.7mn sale of Debtor’s Topical Photoparticle Therapy assets to Sebacia, Inc. (the “Buyer”). The asset purchase agreement (the “APA”) governing the terms of…

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December 9, 2019 – The Debtors filed their first Amended Disclosure Statement with an attached redline [Docket No. 579] showing changes to the version of the document filed on November 15, 2019. The amendments are almost entirely comprised of new language highlighting the treatment of administrative claims which currently face a recovery in the range…

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December 9, 2019 – The Debtors filed a motion [Docket No. 5038] seeking authority to enter into a December 6th restructuring support agreement (the “Tort Claimants RSA”) that resolves the treatment and discharge of individual fire claims arising from the 2017 and 2018 Northern California fires. The Tort Claimants RSA and a related term sheet,…

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December 6, 2019 – The Debtors announced that they have reached a $13.5bn settlement with the Official Committee of Tort Claimants (the "TCC") and with representatives of individuals with claims resulting from the 2015 Butte Fire, 2017 Northern California Wildfires and 2018 Camp Fire (the "Wildfire Claims"). For the Debtors, this is their third critical…