November 2, 2020 – The Court hearing the Town Sports International cases issued an order approving the Debtors’ proposed key employee retention plan (the “KERP”) that covers 135 non-insider employees at a maximum cost of $1.5mn [Docket No. 548]. The KERP motion stresses the important of the eligible participants to the Debtors' ability to complete…

November 3, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ Disclosure Statement and proposed solicitation procedures; arguing that (i) the Disclosure Statement is informationally deficient, (ii) the Plan "patently unconfirmable" and (iii) the Debtors have simply run out of time to provide creditors with adequate notice of what…

November 3, 2020 – The Debtors filed a Second Amended Chapter 11 Plan and a related Disclosure Statement [Docket Nos. 1233 and 1234, respectively]; and further filed a redline showing changes to the versions of those documents filed on October 29th [Docket No. 1235]. The amended Plan documents do not materially amend the treatment of…

October 30, 2020 – The Debtors filed an Amended Disclosure Statement for their Second Amended Plan and solicitation versions of their Plan and Disclosure Statement [Docket Nos. 1622, 1644 and 1645, respectively]. Also on October 30th, the Court issued an order approving (i) the adequacy of the Disclosure Statement, (ii) proposed Plan solicitation and voting…

October 30, 2020 – The Debtors filed an amended Plan and a related Disclosure Statement [Docket Nos. 331 and 332, respectively]; and further filed a redline of each document showing changes to the version filed on September 22, 2020 [Docket Nos. 333 and 334, respectively]. Changes to the Amended Plan and Disclosure Statement largely reflect…

November 2, 2020 – Further to its October 2nd bidding procedures order, and following the Debtors' cancellation of an October 23rd auction, the Court hearing the Cosmoledo cases has issued an order approving the sale of substantially all the Debtors’ assets to credit bidding stalking horse MK USA, LLC (the “Stalking Horse”) [Docket No. 166]….

November 2, 2020 – In advance of a scheduled November 3rd hearing, the Debtors have filed blacklined versions of their First Amended Plan and Disclosure Statement showing changes to the versions of documents filed on October 20, 2020 [Docket No. 549]. The Debtors do not appear to have filed clean copies of the Plan documents….