January 29, 2019 –The Court hearing the Toys “R” Us case issued an order [Docket No. 6328] confirming the Second Amended Chapter 11 Plan of Wayne Real Estate Parent LLC (the “Wayne Debtor”) [Docket No. 6285].   This is the third Toys “R” Us Plan to be confirmed and/or declared effective in recent weeks with…

January 29, 2019 – Westmoreland Resource Partners, LP (“WMLP”) and certain of its subsidiaries (collectively, the “WMLP Debtors”) objected to the Debtors’ Joint Chapter 11 Plan (“WLB Plan”) [Docket No. 1200] citing concerns that the Plan as drafted will leave it without the means to continue their operations. The corporate structure is complicated, but is…

January 28, 2019 – The Debtors Unsecured Creditors Committee (the “Committee”) filed a 360 page objection to the Debtors’ proposed $5.5bn sale of going concern assets to Edward Lampert’s ESL Investments (“ESL”) [Docket No. 2042]. The scathing attack does not stop with Lampert and ESL, but describes the Debtors as failing to run a meaningful…

January 29, 2019 – PG&E Corporation (“PG&E,” NYSE: PCG) and its primary operating subsidiary, Pacific Gas and Electric Company (“Utility” and together with PG&E, the “Debtors” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of California, lead case number 19-30088 [Docket No. 1].  PG&E is a…

January 23, 2019 – Further to approved bidding procedures [Docket No. 159], the Debtors notified the Court that they had designated three successful credit bidders in respect of three individual groupings of assets (ie helicopters). The Debtors have eight groupings of assets for sale, WAC 1 (30 helicopters), WAC 2 (6), WAC 3 (45), WAC…

January 28, 2019 – With former Virginia governor Terry McAuliffe all but declaring his candidacy in the presidential 2020 race on January 24, attention will inevitably turn to the circumstances surrounding the bankruptcy of the government-subsidized electric car company that he helped found.   The latest bankruptcy filings from January 25 show GreenTech Automotive being…

January 25, 2019 – Further to the cancellation of the auction planned for January 15, 2019 and the Debtors’ designation of stalking horse bidder Vermillion Power (the “Stalking Horse Bidder”) as the successful bidder in respect of the Debtors’ West Lorain assets (the “West Lorain Assets”), the Court hearing the FirstEnergy Solutions case approved [Docket…

January 25, 2019 – The Debtors filed a notice detailing the results of an auction held in respect of the Debtors’ pharmacy assets on January 23, 2019. Walgreens Boots Alliance was named the successful bidder in respect of about half of the pharmacies auctioned off (@63 stores). Albertsons (7), CVS (13), Hy-Vee (6), Lewis Drug…

January 25, 2019 – Talen Montana, LLC (“Talen”) objected to confirmation of the Debtors’ Plan, arguing that the Debtors’ recently announced intention to reject certain coal supply agreements between Talen and the Debtors, without otherwise presenting a legitimate justification for doing so, renders the Plan unconfirmable. Talen also suggests that there exists a non-legitimate rationale…

January 16, 2019 – The Court hearing the Westmoreland Coal case appointed U.S. Bankruptcy Court Judge Marvin Isgur as a mediator and ordered that (i) Mar-Bow Value Partners, LLC and Jay Alix (collectively, Mar-Bow), (ii) McKinsey Recovery and Transformtion Services (“McKinsey”) and (iii) the Debtors to appear before Judge Isgur for mediation [Docket No. 1088]. …