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…

March 8, 2019 – The Debtors’ Official Committee of Tort Claimants (the “Committee”) objected to the Debtors’ proposed debtor-in-possession (“DIP”) financing motion [Docket No. 23]. The objection [Docket No. 800] states, “The Debtors and the DIP Lenders propose financing terms that may constitute 'market' terms on Wall Street or in a standard business bankruptcy case,…

March 8, 2019 – Each of (i) McKinsey Recovery and Transformtion Services ("McKinsey") and (ii) Mar-Bow Value Partners, LLC and Jay Alix (collectively, "Mar-Bow") have responded to the "Mediator's Notice" [Docket No. 1406] filed by the Court appointed mediator, Judge Marvin Isgur on February 19, 2019. The Mediator's Notice updated the bankruptcy Court on mediation…

March 6, 2019 – The Debtors filed (i) a Joint Chapter 11 Plan, (ii) a related Disclosure Statement and (iii) a scheduling motion [Docket Nos. 145,146 and 147, respectively]. Plan Summary The Disclosure Statement provides the following summary of the Plan, "In December 2018, the Company began in earnest negotiating with groups of holders of…