February 26, 2019 – The Debtors notified the Court that they had postponed until February 28, 2019 the auction initially scheduled for February 25, 2109 [Docket No. 409]. This is the second such postponement and reflects dynamic, pre-auction efforts; including last-minute interest from new potential bidders for (i) the Debtors' Janie and Jack assets and…

February 26, 2019 – The Court hearing the Synergy Pharmaceuticals case issued a final order [Docket No. 454] authorizing the Debtors to access debtor-in-possession (“DIP”) financing of $159.1mn (the “DIP Loans”) which is comprised of (i) approximately $114.1mn of loans representing a partial “roll-up” of prepetition secured obligations and (ii) $45.0mn of “new money” loans…

February 26, 2019 – The Debtors’ Official Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ request for Court approval of the adequacy of the Debtors’ Disclosure Statement arguing that it “is inadequate, inaccurate and describes a plan that is not confirmable on its face” [Docket No. 515]. The objection states, “The Debtors’ approach…

February 25, 2019 – Further to a scheduled hearing, the Court hearing the Nine West Holdings case confirmed [Docket No. 1308] the Debtors' Third Amended Joint Plan of Reorganization ending a lengthy and often acrimonious Chapter 11 that pitted the Debtors' equity holders Sycamore Partners Management and Kohlberg Kravis Roberts & Co (together, the "Equity…

February 25, 2019 – The Court hearing the Innovative Mattress Solutions case issued an order [Docket No. 334] approving (i) bidding procedures in respect of the sale of substantially all of the Debtors' assets (the "Sale"), including certain bid protections, (ii) an asset purchase agreement, dated February 12, 2019, between the Debtors and Tempur World,…

February 25, 2019 − Windstream Holdings and more than 200 affiliated Debtors (NASDAQ: WIN; “Windstream” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 19-22312. The Company, a FORTUNE 500 company and a leading provider of advanced network communications and technology…