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…

March 15, 2019 – The U.S. Trustee assigned to Synergy Pharmaceuticals cases objected to the retention of Houlihan Lokey Capital, Inc. (“Houlihan”) as financial advisor and investment banker to the Debtors’ Official Committee of Equity Security Holders (the “Equity Committee”) [Docket No. 555], citing unreasonableness of Houlihan's fees in the liquidation context and the lack…

March 14, 2019 − At 11:45pm (moments before a March 15, 2019 maturity date in respect of $500mn in unsecured senior notes) PGI, Inc. and four affiliated Debtors (“PHI” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Texas, lead case number 19-30923. The Company, one…

March 14, 2019 – The Court hearing the BeavEx Holding Corporation case issued an order [Docket No. 151] authorizing (i) the Debtors’ proposed bidding procedures in respect of a potential section 363 asset sale, (ii) bid protections for stalking horse bidder TForce and (iii) an auction schedule. The Debtors have entered into an asset purchase…

March 13, 2019 – The Debtors filed a Plan and a related Disclosure Statement [Docket Nos. 165 and 166]. This is an unusual Plan in that the Debtors insist that there are no impaired classes (although the Debtors' existing secured lenders ("LNV," with whom they are currently entangled in an adversary proceeding) might disagree with…