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September 14, 2022 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) has added its voice to that of prepetition bond trustee and debtor-in-possession lender (“DIP”) lender UMB Bank, N.A. (the "Bond Trustee") and objected to the August 12th case dismissal motion filed by landlord Intercity Investment Properties, Inc. (the “Landlord”) [Docket No. 627]….

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September 14, 2022 – The Court hearing the CalPlant I Holdco cases issued a second order that amends an existing final debtor-in-possession (“DIP”) order and authorizes the Debtors to access a further $18.3mn of DIP financing [Docket No. 403]. The extra financing, which with the exception of quantum has substantially identical terms as earlier DIP…

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September 13, 2022 – The RiverStone Insurers ("RiverStone") filed a motion to dismiss the Debtors’ Chapter 11 cases, arguing that in addition to the Debtors' demonstrable failure over three years to progress their cases towards a confirmable Plan…the Debtors, lacking a "valid reorganizational purpose" have no right to be in a bankruptcy court at all…

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September 13, 2022 – Following a September 13th hearing, the Court hearing the Brazos Electric Power Cooperative cases issued an order approving: (i) the Debtors' Disclosure Statement (conditionally), (ii) proposed Plan solicitation and voting procedures and (iii) a proposed timetable culminating in a November 14th Plan confirmation hearing [Docket No. 2271]. In anticipation of that…

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September 9, 2022 – The Court hearing the SAS AB cases authorized the Debtors to access $700.0mn (approximately SEK 7.0bn) of debtor-in-possession (“DIP”) financing being provided by Apollo Global Management (“Apollo” or the “DIP Lender”) [Docket No. 331]. A revised proposed order (which attached the execution version of the August 13th DIP credit agreement) is…

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September 6, 2022 – The Debtor filed a first amended Subchapter V Plan of Liquidation and separately filed a blackline of the document showing changes from the version filed on August 29, 2022 [Docket Nos. 121 and 123, respectively].  As discussed further below, on September 6th, the Debtor received Court approval for (i) bidding procedures…

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September 8, 2022 – The Court hearing the Cineworld Group cases issued an interim order authorizing the Debtors to: (i) access $1.78bn of debtor-in-possession (the “DIP”) financing (the “Interim Amount”) consisting of (a) $514.0mn of new money working capital term loans (the “Working Capital DIP Commitments”), (b) $1.0bn of DIP Loans which shall be used…

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September 8, 2022 – The Court hearing the Ruby Pipeline case issued an order: (i) approving the proposed bidding procedures for the sale of the Debtor’s assets, (ii) authorizing the Debtor to select one or more stalking horse(s), and offer (unspecified) bidder protections to any selected stalking horse, and (iii) adopting a proposed auction/sale timetable…

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September 8, 2022 – The Debtors notified the Court that their Third Amended Plan of Reorganization had become effective as of September 8, 2022 [Docket No. 551]. The Court had previously confirmed the Debtors’ Plan on April 27, 2022 [Docket No. 328]. As discussed below, the gap between confirmation and effectiveness was caused by a…

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September 7, 2022 – The Debtors filed a motion requesting each of a bidding procedures order and a sale order [Docket No. 406]. The bidding procedures order would: (i) approve bidding procedure in relation to the sale of substantially all of the Debtors’ assets (the “Sale(s)”), (ii) authorize the Debtors to select one or more…