September 25, 2018 – The Court hearing the Pacific Drilling case approves the Debtors’ Equity Commitment Agreement with Quantum Pacific (Gibraltar) Limited [Docket No. 616]. As previously reported [Docket No. 535], “The agreement includes a commitment premium (the “Commitment Premium”) of $40 million in new equity which the Debtors believe is necessary to induce support…

September 25, 2018 – The U.S. Trustee filed a pair of substantially identical objections to (i) the Second Amended Chapter 11 Plans of Taj Debtors and the Tru Inc Debtors [Docket No. 4935] and (ii) the Second Amended Chapter 11 Plans of Toys Delaware Debtors and Geoffrey Debtors [Docket No. 4937]. In Docket No. 4935,…

September 25, 2018 – The Debtors filed with the Court an executed copy of their Amended and Restated Asset Purchase Agreement dated as of September 25, 2018 (the “Stalking Horse APA”)  between the Debtors and Summit Health, Inc. (the “Stalking Horse Bidder”), a subsidiary of Quest Diagnostics Incorporated [Docket No.151]. In respect of consideration the…

September 25, 2018 – The Court hearing the RMH Franchise Holdings case, sided with the Debtors in a dispute with Applebee’s over whether Applebee’s had terminated the Debtors’ franchise agreements prior to the Petition Date [Docket No. 568].  In its judgment the Court states, “Applebee’s sent a termination letter in September 2017 that explicitly gave…

September 25, 2018 – The U.S. Trustee in the Samuels Jewelers case filed an objection [Docket No. 278] to the Debtors’ motion for entry of an order authorizing the Debtors’ proposed key employee retention program (the “KERP”) and key employee incentive program (the “KEIP”) [Docket No. 137]. The Trustee states, “The U.S. Trustee objects to…

September 20, 2018 – EXCO Resources filed with the U.S. Bankruptcy Court a monthly operating report for August 2018 [Docket No. 1075]. For the month, the Debtors reported net income of $2.1 million and operating income of $9.3 million on $32.7 million in total revenues, the latter comprised principally of (i) $9.1 million in oil…

September 11, 2018 – The Relay Company (f/k/a The Rockport Company) filed with the Court a motion to extend the periods during which the Company has an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including December 10, 2018 and February 11, 2019, respectively [Docket No. 489]. Absent the…

September 21, 2018 – The Relay Company (f/k/a The Rockport Company) filed a Combined Plan and Disclosure Statement [Docket No. 505]. The Court documents explain, “This Combined Plan and Disclosure Statement contemplates the creation of a Liquidating Trust from which, under the terms of this Combined Plan and Disclosure Statement and the Liquidating Trust Agreement,…

September 24, 2018 – Gibson Brands filed a Plan Supplement [Docket No. 812] to its Fourth Amended Joint Plan of Reorganization [Docket No. 566] which contains the following documents: (i) Exhibit A: New Exit ABL Facility Documents, (ii) Exhibit B: Amended Organizational Documents, (iii) Exhibit C: New Common Stock Agreement, (iv) Exhibit D: Reorganized Debtors’…

September 24, 2018 – iHeartMedia filed a motion requesting (i) Court authority for its acquisition of Stuff Media LLC pursuant to a Membership Interest Purchase Agreement, dated August 29, 2018, amongst, inter alia, the Debtors and Stuff Media LLC (the “Purchase Agreement”) and (ii) that the Court grant administrative expense status to all amounts due…