hhgregg filed with the U.S. Bankruptcy Court a motion for authority approving a key employee retention program ((KERP) for certain non-insiders. The motion explains, “The KERP is structured to ensure the retention of 38 of the Debtors’ non-insider employees (the ‘KERP Participants’) whose efforts will be critical to completing the Debtors’ wind-down both during and…

The U.S. Bankruptcy Court granted final approval to US Dataworks’ D.I.P. financing motion. As previously reported, “The Debtor has obtained a commitment for a fully underwritten $150,000 debtor-in-possession financing facility (the ‘DIP Facility’) from TBB, who is to serve as the DIP Lender and which also, intends to purchase the Debtor’s assets….The DIP Facility commitment…

Oakridge Holdings and one affiliated Debtor filed for Chapter 11 protection with the U.S. bankruptcy Court in the District of Minnesota, lead case number 17-31669. The Company, which designs, engineers and manufactures aviation ground support equipment, is represented by Kenneth C. Edstrom of Sapientia Law Group. The U.S. Trustee assigned to the case scheduled a…

Paragon Offshore announced that the High Court of Justice, Chancery Division, Companies Court of England and Wales granted an order appointing two partners of Deloitte LLP as administrators of the Company (“Joint Administrators”). As previously disclosed by the Company, the appointment of the Joint Administrators is a necessary component of its Chapter 11 Plan filed…

China Fishery Group’s Chapter 11 trustee filed with the U.S. Bankruptcy Court a motion for an order authorizing the Company to obtain inter-company post-petition financing on a super-priority administrative claim basis. The motion explains, “The Trustee determined that certain of the non-Debtor affiliates in which CFG Peru Singapore has a direct or indirect interest, the…

Vanguard Natural Resources’ ad hoc equity creditors’ committee filed with the U.S. Bankruptcy Court an emergency motion to set a status conference on the Debtor’s Disclosure Statement and to continue the May 30, 2017 Disclosure Statement hearing. The motion explains, “As of the filing of this Motion, the Debtors still have not filed an amendment…

According to documents filed with the SEC, Avaya entered into separate confidentiality agreements effective as of May 16, 2017 with certain members of an ad hoc group of certain first and second lien creditors of the Company (“Ad Hoc Crossholder Group”). In connection with ongoing discussions with the Ad Hoc Crossholder Group regarding potential restructurings…