October 26, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ Disclosure Statement [Docket No. 1550] alleging "glaring deficiencies" that render the "Disclosure Statement…both facially and substantively deficient with respect to critical Plan-related issues" and leaves unsecured creditors without any hope of arriving at an informed decision as to…

October 26, 2020 – The Court hearing the J.C. Penney Company Inc. 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 an November 14th Plan confirmation hearing [Docket No. 1655].  The Debtors also filed solicitation versions of their Plan…

October 26, 2020 – The Court hearing the Grupo Aeroméxico case 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 February 25, 2021 and April 26, 2021, respectively [Docket No. 577]. Absent the requested relief, the exclusive periods are…

October 26, 2020 – Further to a September 17th bidding procedures order [Docket No. 164] and an October 13th auction [Docket No. 266], the Court hearing the KB US Holdings cases approved the $96.4mn sale of 30 of the Debtors' stores (the “Sale”) to ACME Markets, Inc. (the “Buyer”) [Docket No. 307]. The asset purchase…

October 26, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors' proposed $1.65bn of debtor-in-possession ("DIP") financing [Docket No. 1603] arguing that "the consensual priming DIP that the Debtors selected has serious flaws from the perspective of unsecured creditors."  Those flaws "impermissibly prefer" prepetition first and second lien holders…

October 26, 2020 – The Debtors notified the Court that their Fourth Amended Plan of Reorganization had become effective as of October 26, 2020 [Docket No. 1039]. The Court had previously confirmed the Debtors’ Plan on October 16, 2020 [Docket No. 977]. On May 19, 2020, Exide Holdings, Inc. and four affiliated Debtors (“Exide” or…

October 26, 2020 – Rubio's Restaurants, Inc. and three affiliated Debtors (dba "Rubio's Coastal Grill," “Rubio's” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-12688. The Debtors, operators and franchisors of approximately 170 limited service restaurants in California, Arizona and Nevada, are…