March 29, 2019− Sizmek, Inc.  and 7 affiliated Debtors (“Sizmek” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 19-10971. The Company, an independent buy-side advertising platform, is represented by Stephen E. Hessler of Kirkland & Ellis. Further board-authorized engagements include…

March 28, 2019 – Further to the Court’s bidding procedures order [Docket No. 141], an auction held on March 25, 2019, and a post-auction process that continued to attract further bids, the Debtors notified the Court [Docket No. 1120] that it had designated successful bidders in respect of what ended up being two groupings of…

March 28, 2019 – Mar-Bow Value Partners (collectively with Jay Alix, “Mar-Bow”) has objected to a motion filed by the U.S. Trustee assigned to the Westmoreland Coal Company cases that seeks approval of a settlement between (i) the U.S. Trustee and (ii) McKinsey Recovery and Transformation Services ("McKinsey") [Docket No. 1663]. The present objection follows…

March 26, 2019 – The Debtors notified the Court [Docket No. 493] that their Amended Joint Chapter 11 Plan had become effective as of March 26, 2019. The Court had previously confirmed the Debtors' Plan on March 7, 2019 [Docket No. 459]. On November 12, 2018, Parker Drilling Company and 19 affiliated Debtors filed for…

March 25, 2019 – The Debtors filed (i) a Joint Plan and a related Disclosure Statement [Docket Nos. 252 and 253] and (ii) a motion requesting approval of the Disclosure Statement; and Plan solicitation and voting procedures [Docket No. 254]. The Disclosure Statement notes, “The Plan contemplates a restructuring pursuant to which (a) Allowed DIP…

March 20, 2019 – The Debtors requested Court approval for a key employee incentive plan (the “KEIP”) that would cover 31 employees and have an estimated cost of $2.5mn. The KEIP also includes terms relating to a subset of 12 employees that would apply should the Debtors choose to “toggle” from a reorganization transaction to…

March 19, 2019 – LBI Media 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 July 19, 2019 and September 17, 2019, respectively [Docket No. 696]. Absent the requested relief, the Plan filing…

March 18, 2019 – Certain holders (the “Noteholders”) of the Debtors' 11½%/13½% PIK Toggle Second Priority Secured Subordinated Notes due 2020, Series II (the “Second Lien Notes”) objected [Docket No. 690] to the Debtors' modified second amended joint Chapter 11 Plan of reorganization [Docket No. 621]. The Noteholders accuse the Debtors and the Debtors' first…

March 15, 2019 – The Court hearing the Aceto Corporation cases issued an order [Docket No. 142] approving (i) the Debtors’ proposed bidding procedures in respect of a section 363 asset sale, (ii) bid protections for the stalking horse bidder NMC Atlas  (the “Buyer” or “Stalking Horse Bidder”) and (iii) an auction schedule. The Debtors…