September 7, 2022 – The Debtors requested Court authority to: (i) access $1.94bn in new money, debtor-in-possession (“DIP”) financing to be provided by an ad hoc group of Prepetition First Lien Lenders (the "Ad Hoc Group" or “DIP Lenders”) and (ii) use cash collateral [Docket No. 52]. A DIP Term Sheet is attached as Exhibit…

September 6, 2022 – The Court hearing the 8e14 Networks case issued an order: (i) approving bidding procedures in respect of the Debtor's proposed sale of substantially all of its assets (the “Sale”), (ii) authorizing the Debtor to enter into stalking horse arrangements with VMware, Inc. (the "Buyer" or “Stalking Horse Bidder,” also the Debtor's…

September 5, 2022 – The Debtors filed a motion requesting each of a bidding procedures order and a sale order [Docket No. 12]. The bidding procedures order would: (i) approve bidding procedures in relation to the sale of substantially all of the Debtors’ assets (the "Sale"), (ii) authorize the Debtors to enter into stalking horse…

September 2, 2022 – The Debtors filed a motion to extend the periods during which they have an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including January 3, 2023 and March 6, 2023, respectively [Docket No. 765]. Absent the requested relief, the initial Plan filing and solicitation periods…

September 6, 2022 – The Court hearing the LaForta – Gestao e Investimentos case issued an order: (i) approving proposed bidding procedures for the sale of the Debtor’s assets (ie, the semisubmersible drilling rig "La Muralla IV"), and (ii) approving a timetable culminating in a November 2, 2022 auction and a November 15, 2022 sale…

September 2, 2022 – The Debtors filed a First Amended Combined Plan and Disclosure Statement, (the “Combined Document”) which attaches a redline showing changes from the version filed on June 3, 2022 [Docket No. 627].  The Combined Document reflects developments in the Debtors' sale process which has borne modest fruit and which has otherwise pushed…

September 1, 2022 – The Court hearing the Celsius Network cases issued an order: (i) approving bidding procedures in respect of the sale (the “Sale”) of the Debtors’ equity interests in non-Debtor GK8 Ltd. (“GK8” and such equity interests the “GK8 Assets”), (ii) authorizing the Debtors to select one or more stalking horse bidders (none…

August 31, 2022 – The Court hearing Masten Space Systems case issued a final order authorizing the Debtor to: (i) access a further $500k balance of what is in total $1.4mn of new money DIP financing from Astrobotic Technology, Inc. (“Astrobotic” or the “DIP Lender,” also the Debtor's stalking horse) and (ii) continue using cash…

August 29, 2022 – The Court hearing the Talen Energy Supply cases issued an order authorizing the Debtors to enter into an August 4th amended and restated commitment letter (the “Backstop Commitment Letter”) further to which certain unsecured noteholders (the "Backstop Parties") have agreed to backstop up to $1.55bn of a proposed $1.9bn rights issue…

August 29, 2022 – The Court hearing the OSG Group Holdings cases confirmed the Debtors’ Amended Prepackaged Plan of Reorganization and approved the related Disclosure Statement on a final basis [Docket No. 164]. On August 6, 2022, OSG Group Holdings and 19 affiliated Debtors (“OSG” or the “Debtors”) filed for Chapter 11 protection noting noted…