April 27, 2020 – The Debtors filed a Chapter 11 Plan of Liquidation and a related Disclosure Statement [Docket Nos. 112 and 113, respectively]. They further filed a motion requesting Court approval of (i) the Disclosure Statement (ii) Plan solicitation and voting procedures and (iii) a proposed timetable culminating in a June 22nd Plan confirmation…

April 27, 2020 – The Court hearing the Alta Mesa Resources cases issued an order conditionally approving (i) the KFM Debtors' Disclosure Statement, (ii) proposed Plan solicitation and voting procedures and (iii) a proposed timetable which culminates in a May 27th combined hearing [Docket No. 1623]. On April 22nd, the Court issued a substantially identical…

April 27, 2020 – The Court hearing the Frontier Communications Corporation cases issued an order (i) approving the $1.352bn private sale (the “Sale”) of the Debtors’ businesses in Washington, Oregon, Idaho and Montana (the “Pacific Northwest Assets”) and (ii) authorizing the Debtors to assume a May 18, 2019 purchase agreement (the “Purchase Agreement”) with Northwest…

April 24, 2020 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ motion for authorization to access debtor-in-possession (“DIP”) financing from their prepetition lenders (BNP Paribas), arguing that the proposed financing is insufficient, its fees onerous and its milestones too short to allow for a sales process or to possibly…

April 26, 2020 – Cinemex Holdings USA, Inc. and one affiliated Debtor (dba "CMX Cinema," "CMX” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Florida, lead case number 20-14696. The Debtors, the operator of approximately 40 cinemas and a wholly-owned subsidiary of Mexico's Grupo Cinemex,…

April 23, 2020 – Industrial Realty Group, LLC (“IRG”) filed a motion to compel the Debtors to return two deposits made in respect of assets that IRG bid on in the Debtors' recently completed auction process [Docket No. 1756]. IRG asserts that it bid on two asset groups, (i) the "Hayward Assets" which the Debtors…

April 23, 2020 – SpeedCast International Limited and 32 affiliated Debtors (formerly listed on Australia's ASX, ticker "SDA," “Speedcast” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 20-10343. The Debtors, an international remote communications and information technology services provider, are represented…

April 23 , 2020 – Creative Hairdressers, Inc. and one affiliated Debtors (“CHI” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Maryland, lead case number 20-14583. The Debtors, one of the nation’s largest independent family owned chain of hair salons, are represented by Joel L. Sher…

April 23, 2020 – The Court hearing the SpeedCast International Limited cases issued an order authorizing the Debtors (i) to access $35.0mn of new money debtor-in-possession (“DIP”) financing on an interim basis and (ii) use cash collateral [Docket No. 49].  The $35.0mn is part of a larger $180.0mn DIP financing package being provided by an…

April 22, 2020 – The Debtors filed a Revised First Amended Plan and a related Disclosure Statement [Docket Nos. 1315 and 1316, respectively] with each attaching a redline showing changes to the version filed on April 6, 2020. The Disclosure Statement also attaches a detailed liquidation analysis. There is no good news here, as summed…