Jennifer Hammer, Director of Insurance of the State of Illinois (the statutory and Court-affirmed rehabilitator of Triad Guaranty Insurance Corporation [TGIC] and Triad Guaranty Assurance Corporation [TGAC]) filed with the U.S. Bankruptcy Court an objection to the Company’s Disclosure Statement. The objection asserts, “The Motion should be denied since the Disclosure Statement does not contain…

Perfumania Holdings filed with the U.S. Bankruptcy Court a motion for interim and final orders authorizing the Debtors to assume an agency agreement; to sell certain assets through store closing sales; authorizing customary bonuses to employees at closing business locations; waiving compliance with contractual store closing sale restrictions and authorizing the Debtors to abandon certain…

Quadrant 4 Systems’ official committee of unsecured creditors filed with the U.S. Bankruptcy Court an objection to the Company’s post-petition financing motion. The committee asserts, “The Proposed Final Order is not a proper exercise of the Debtor’s business judgment. The Debtor has no meaningful leverage in its negotiations with its primary lender, BMO Harris Bank,…

The Commonwealth of Pennsylvania, Department of Revenue filed with the U.S. Bankruptcy Court an objection to Gymboree’s First Amended Joint Plan of Reorganization. The objection asserts, “While the Debtors’ Plan provides for payment of Allowed Priority Tax Claims in a manner consistent with section 1129(a)(9)(C) of the Bankruptcy Code, the Plan does not set forth…

The U.S. Trustee assigned to the Gymboree case filed with the U.S. Bankruptcy Court an objection to Gymboree’s Joint Chapter 11 Plan of Reorganization. The Trustee asserts, “Gymboree Corporation and certain of its direct and indirect subsidiaries…have proposed a plan containing broad third-party release and exculpation provisions, provisions the Fourth Circuit has ruled ‘should be…

CGG Holding (U.S.) filed with the U.S. Bankruptcy Court a Revised Joint Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, “The Plan is part of a comprehensive reorganization of the Company in France and the United States through plans approved (i) in the Safeguard and (ii) under chapter 11…

The U.S. Bankruptcy Court issued an order approving Avaya’s Disclosure Statement and scheduled a November 15, 2017 hearing to consider the First Amended Joint Chapter 11 Plan of Reorganization, with objections due by November 1, 2017. As previously reported, “In developing the Plan, the Debtors engaged in good faith negotiations with many of their key…

The U.S. Bankruptcy Court issued an order approving Unilife’s motion for the private sale of certain real property located in York, PA, free and clear of all liens, claims, rights and encumbrances and release of rights in restricted account. As previously reported, “The buyer is First National Bank of Pennsylvania. The sale of the Property…