January 31, 2019 – Mayflower Communities, Inc. (“Mayflower,” d/b/a The Barrington of Carmel) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Texas, lead case number 18-30283. The Company, a Delaware not-for-profit senior living community located in Carmel, Indiana and wholly-owned by Senior Quality Lifestyles Corporation (“SQLC,” itself a…

January 30, 2019 – The Debtors’ debtor-in-possession (“DIP”) lenders have objected [Docket No. 614] to the Debtors’ request for Court approval of (i) the adequacy of Debtors’ Disclosure Statement and (ii) proposed Plan solicitation and notice procedures [Docket No.  524].  The DIP lenders contend that the Debtors’ Plan contravenes the clear agreement between the DIP…

January 30, 2019 – Responding to the Debtors’ emergency motion of January 29, 2019 [Docket No. 49], the Court issued an order [Docket No. 64] (i) approving auction and bidding procedures, (ii) scheduling an auction and sale hearing and (ii) authorizing the abandonment of any assets not otherwise sold at the auction. Time is clearly…

January 28, 2019 – The Debtors notified the Court that (i) on January 28, 2019, the Debtors and the necessary consenting stakeholders executed a first amendment to the Debtors’ restructuring support agreement dated December 12, 2018, (the “RSA Amendment” and the “RSA,” respectively), (ii) executed a joinder agreement to the RSA with Saba Capital Management,…

January 29, 2019 – In a first bit of jockeying on the constitution of the Debtors’ classes, the Debtors’ Ad Hoc Group of Institutional Bondholders (the “Ad Hoc Group”) objected to the Debtors’ motion requesting joint administration of the Chapter 11 cases of PG&E Corporation (PG&E”) and Pacific Gas and Electric Co. (“Utility”). The concern…

January 29, 2019 – The Debtors filed a motion requesting Court authority to access $5.5bn of debtor-in-possession (“DIP”) financing comprised of three components: (i) a DIP revolving credit facility with aggregate commitments of $3.5 bn, including a DIP letter of credit (L/C) sub-facility in an aggregate amount of $1.5 billion (b) a DIP term loan…

January 29, 2019 – The U.S. Trustee assigned to the Synergy Pharmaceuticals case appointed an Official Committee of Equity Security Holders of the Debtors to be comprised of (i) Samuel Goldstein of Laguna Beach, CA, (ii) Jerome Lewis Jennings of Burnee, IL, (iii) John J. Sastry of Chesterfield, MO, (iv) Michael L. Meyer of Newport…