February 18, 2019 – The Debtors requested that the Court hearing the Aceto Corporation case issue both a bidding procedures order and a sale order. The bidding procedures order would authorize (i) the Debtors’ proposed bidding procedures in respect of a potential section 363 asset sale of the Debtors’ Chemical Plus Business (the “Sale”), (ii)…

February 22, 2019 – The Debtors requested Court authority to access $25mn in debtor-in-possession (“DIP”) financing, $17mn on an interim basis; with the financing to be used to purchase augmentation inventory to further maximize proceeds being generated during the Debtors’ store closing sales [Docket No. 216]. The DIP motion states, “The proposed DIP Facility and…

February 19, 2019 – The Court hearing the Verity Health System case issued an order [Docket No. 1572] approving (i) proposed bidding procedures for a sale of substantially all of the Debtors’ assets (the "Sale") and (ii) a form of asset purchase agreement (the "Stalking Horse APA") to serve as a base for an agreement…

February 19, 2019 – The Debtors requested Court authority to appoint Joseph Farnan to the Debtors’ Board of Directors as an independent director nunc pro tunc (effective from February 13, 2019) and to compensate and indemnify Mr. Farnan for his service in such capacity in accordance with the terms of an Independent Director Services Agreement…

February 20, 2019 – Barings LLC (“Barings”) filed an emergency motion seeking the appointment of an examiner to investigate the Debtors’ Plan and a Plan process it believes "has been improperly usurped by the Backstop Commitment Group@ [Docket No. 363]. The motion states, “Barings, on behalf of certain of its managed funds and investment accounts,…

February 20, 2019 – A group of representative governmental bodies of communities that were impacted by the 2017 Northern California Wildfires and the 2018 Camp Fire (the “Public Entities”) objected [Docket No. 494] to the Debtors' proposed $5.5bn debtor-in-possession (“DIP”) credit facility [Docket No. 23]. The Public Entities objection was subsequently joined by the SLF…

February 20, 2019 – The Debtors requested Court approval of a key employee incentive plan (the “KEIP”) for two senior executives [Docket No. 36]. The motion states, “The Debtors have identified two (2) executives to receive payments under the KEIP (collectively, the ‘KEIP Participants’), both of whom possess institutional knowledge and skills that are essential…

February 20, 2019 – Aceto Corporation and eight affiliated Debtors (“Aceto” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of New Jersey, lead case number 19-13448. The Company, an international company engaged in the development, marketing, sale and distribution of human health products, pharmaceutical ingredients and performance…