March 28, 2022 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) filed a motion asking the Court to reconsider a March 14th bidding procedures order in respect of a sale of substantially all of the Debtors’ assets (the “Sale”) [Docket No. 166]. The motion for "reconsideration" is procedurally unusual, but is an effort…
March 25, 2022 – The U.S. Trustee assigned to the Debtors' cases has objected to the Debtors’ proposed debtor-in-possession ("DIP") financing [Docket No. 152] arguing that it would grant "a superpriority claim of pre-petition debt over post-petition debt, including certain unmortgaged Mississippi real estate and chapter 5 avoidance actions," with the promotion of that pre-petition…
March 25, 2022 – Privately held* Volunteer Energy Services Inc. (“VESI” or the “Debtor”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Ohio, lead case number 22-50804 (Judge Preston). The Debtor, "a leading Midwestern natural gas and electricity supplier", is represented by David M. Whittaker of Isaac Wiles…
March 22, 2022 – Following up on their objection to the Debtors' request for a third set of exclusivity extensions [Docket No. 1199] which flagged their strong preference for a quick dismissal of the Debtors' cases, the Debtors' Official Committee of Unsecured Creditors’ (the “Committee”) has now actioned that sentiment with a motion to dismiss…
March 16, 2022 – At a March 16th hearing, the Court hearing the GVS Portfolio I B cases confirmed the Debtors' Fourth Amended Plan of Reorganization. A confirmation order was subsequently issued on March 21st [Docket No. 873, with blackline noting changes to the order (and modifying the Plan) as proposed on March 15th at…
March 10, 2022 – The Debtors filed a motion requesting each of a bidding procedures order and a sale order [Docket No. 16]. The bidding procedures order would (i) approve bidding procedures in respect of the sale of substantially all of the Debtors’ assets (the "Sale"), (ii) authorize the Debtors to select a stalking horse…
March 10, 2022 – The Court hearing the Klausner Lumber Two case issued an order confirming the First Amended Plan of Liquidation filed by the Debtor and its Official Committee of Unsecured Creditors (the “Committee,” and together with the Debtor, the “Plan Proponents”) [Docket No. 1285]. The confirmation order comes after a two day hearing…
March 9, 2022 – The Debtors filed a third Amended Plan of Reorganization and a related Disclosure Statement [Docket Nos. 513 and 515, respectively] with each attaching a redline showing changes to the version filed on March 3, 2022. UPDATE: On April 5, 2022, the Debtors filed a technically modified Third Amended Plan of Reorganization…
March 1, 2022 – The Court hearing the Permico Midstream Partners Holdings cases issued an order approving the $3.7mn sale of substantially all of the Debtors’ assets to Permico Founders, LLC (the “Purchaser,” an affiliate of Texas midstream assets specialist Permico Energia) [Docket No. 396]. The Purchaser's APA is attached to the order at Exhibit…
March 8, 2022 – The Debtor's filed a motion seeking approval of the sale of its real property located at 944 Airole Way, Los Angeles, CA 90077 (the “Property”) to Richard Saghian who was the winning bidder ($141.0mn consideration comprised of a $126.0mn purchase price plus a $15.0mn commission*) at an auction which concluded on…
