December 28, 2020 – The Court hearing the Bainbridge Uinta Holdings cases has extended the periods during which the Debtors have an exclusive right to file a Plan and solicit acceptances thereof, through and including February 28, 2021 and April 29, 2021, respectively [Docket No. 190]. Absent the relief, the Plan filing and solicitation periods…
December 28, 2020 – The Debtors requested Court approval of (i) a key employee incentive plan (“KEIP”) for 5 senior leadership employees with a maximum aggregate award amount of $1.97mn, consisting of (a) $619,500 in Track 1 bonuses and (b) $1.35mn in Track 2 bonuses (summarized below) and (ii) a key employee retention plan (“KERP”)…
December 28, 2020 – 203 W 107th Street LLC and 10 affiliated Debtors (collectively, the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 20-12973. The Debtors, owners, developers and operators of multifamily residential properties in Harlem, are represented by Mark Frankel of…
December 28, 2020 – The Debtors filed a motion seeking approval for the private $25.0mn sale of a jack-up rig (the "ENSCO 101" or the the "Rig") to Russian entity JSC Arktikmorneftegazrazvedka (the “Buyer”). A memorandum of agreement between Debtor/seller Ensco Offshore International Company (“Ensco” or the “Seller”) and the Buyer is attached to the…
December 11, 2020 – The Debtors’ filed an Amended Plan of Reorganization and related Disclosure Statement showing changes to the versions filed on October 15, 2020 [Docket Nos. 787 and 788, respectively]. The amended Plan revises the proposed treatment of Existing Equity Interests in Valaris to read, "if Holders of Existing Interests in Valaris vote…
December 28, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ proposed debtor-in-possession ("DIP") financing arguing that as proposed the DIP financing would "guarantee that the Debtors’ estates will be administratively insolvent before and after the proposed sale, and are for sole benefit of the Debtors’ lender and equity…
December 28, 2020 – Further to its November 23rd bidding procedures order [Docket No. 136], the Court hearing the YouFit Health Clubs cases issued an order approving the sale of the Debtors’ assets to YF FC Acquisition, LLC (the “Buyer,” an acquisition entity created by prepetition-turned-DIP lenders) [Docket No. 564]. The November 10, 2020 asset…
December 28, 2020 – The Debtors notified the Court that their Modified Prepackaged Chapter 11 Plan of Reorganization had become effective as of December 24, 2020 [Docket No. 267]. The Court had previously confirmed the Debtors’ Plan on December 14, 2020 [Docket No. 241]. On October 12, 2020, MD America Energy, LLC and five affiliated…
On December 28, 2020, V.F. Corporation completed its previously announced acquisition of Supreme Holdings, Inc. (Supreme) pursuant to the Agreement and Plan of Merger, dated as of November 8, 2020, by and among VF, New Ross Acquisition Corp., a wholly owned subsidiary of VF (Merger Sub), Supreme and TC Group VI, L.P., solely in its…
December 23, 2020 – The Debtors filed a pair of motions seeking approval of (i) a proposed key employee retention program (the “KERP”) that would cover (42) KERP Participants at a maximum aggregate cost of $259k and (ii) a proposed key employee incentive program (the “KEIP”) that would cover (5) KEIP Participants at a maximum…
