June 14, 2020 – Skillsoft Corporation and 15 affiliated Debtors (“Skillsoft” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-11532. The Debtors, a global leader in education software and corporate learning, are represented by Mark D. Collins of Richards, Layton & Finger,…

June 11, 2020 – The Debtors filed a motion seeking Court authority to enter into a sale agreement with Jefferies LLC (“Jefferies,” agreement noting 3% commission at Exhibit B) whereby Jefferies would sell up to $1.0bn of the Debtors' common stock through at-the-market ("ATM") transactions (and leveraging an existing shelf registration statement). The extremely unusual…

June 11, 2020 – The Court hearing the J.C. Penney Company cases issued a final order allowing the Debtors to (i) “immediately” (from June 12th) conduct their store closing process and (ii) assume a prepetition Consulting Agreement with Hilco Merchant Resources, LLC, and Gordon Brothers Retail Partners, LLC (and, together with Great American Group, LLC…

May 30, 2020 – LVI Intermediate Holdings, Inc.and 17 affiliated Debtors (dba Vision Group Holdings; “LVI” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 20-11413. The Debtors, the operators of a national chain of laser eye centers, are represented by G. David…

June 9, 2020 – In furtherance of stage one of a two stage real estate strategy, the Debtors requested Court authority to enter into (i) a lease and purchase option agreement with TMG Bay Area Investments II, LLC (“TMG BAI”), an affiliate of Bay Area property developer, TMG Partners R.E., LLC (“TMG”), and (ii) subject…

June 9, 2020 – The Court hearing the Tuesday Morning Corporation cases issued a final order allowing the Debtors to (i) “immediately continue” their store closing process and (ii) assume a prepetition Consulting Agreement with Great American Group, LLC (the “Consultant”) to manage the store closing process [Docket No. 197]. On May 29th, the Court…

June 8, 2020 – The Debtors filed a motion seeking Court authority to implement a pair of performance-based incentive programs (“PBIPs”); one which will cover eight members of the Debtors’ senior leadership team (the "Insider PBIP") and have a maximum cost of $16.1mn ($5.3mn for the CEO) and one which will cover 44 members of…

June 8, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors tabulation of votes, arguing that the Debtors are "trying to stack the deck to get the Plan confirmed" by excluding votes in the Plan's critical class 4 ("General Unsecured Claims"); votes, which if counted, would have dramatically impacted…

June 8, 2020 – Each of the Debtors and the Debtors' Official Committee of Unsecured Creditors (the “Committee”) have filed objections [Docket Nos. 594 and 604, respectively] to shareholder motions seeking appointment of an equity committee and/or dismissal of the Debtors' cases.  The objections are careful not to further stir shareholder emotions, with the Debtors'…

June 5, 2020 – The Delaware Trust Company, as successor indenture trustee (“Convertible Notes Trustee”) for the Debtors' 1.25% convertible senior notes due 2020 (the “Convertible Notes,” principal $190.0mn) objected to the Debtors’ Disclosure Statement, arguing that "fatal confirmation issues exist and, if they are not resolved, will be prosecuted by the Convertible Notes Trustee…