April 29, 2019 – The Debtors filed an Amended Plan and a related Disclosure Statement [Docket Nos. 246 and 347]; each of which included redlines showing changes from versions of those documents filed on March 25, 2019 [Docket Nos. 252 and 253]. The Disclosure Statement notes, “The Plan contemplates a restructuring pursuant to which (a)…

April 29, 2019 – The Court hearing the PG&E Corporation case issued an order approving the Debtors’ Short-Term Incentive Plan as modified by the Debtors further to a Court hearing held on April 23, 2019 and the Court's consideration of numerous objections (the “Modified 2019 STIP”) [Docket No. 1751]. The Modified 2019 STIP reflects a…

April 29, 2019 – The Court hearing the Sizmek case issued an order (i) authorizing the Debtors' private sale of the their Demand-Side Platform (“DSP”) and Data Management Platform (”DMP”) assets to Zeta Global Holdings Corp ("Zeta Global" or the “Purchaser”) for a price consisting of (a) $10.0mn in cash, (b) $2.5mn-$5.0mn in Zeta Global…

April 25, 2019 – The Court hearing the Synergy Pharmaceuticals case issued an order confirming [Docket No. 713] the Debtors' modified Fourth Amended Plan [Docket No. 712]. On December 12, 2018, Synergy Pharmaceuticals (“Synergy” or the “Company”) and one affiliated Debtor filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District…

April 25, 2019 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) filed a motion to requesting conversion of the Debtors'  Chapter 11 cases to cases under Chapter 7 [Docket No. 1152], arguing that the ill-fated, ill-managed  Debtors are now insolvent and that the "bleeding should come to an end." The Committee aslo filed…

April 25, 2019 – The Debtors objected [Docket No. 337] to a motion filed by the their Official Committee of Unsecured Creditors' (the "Committee," joined in objecting by Delaware Trust Company as Indenture trustee for the Debtors’ unsecured 5.25% Senior Notes) which requested an adjournment of a scheduled Disclosure Statement hearing [Docket No. 268]. The…

April 25, 2019 – The Debtors filed a Revised First Amended Plan and a related Disclosure Statement [Docket Nos. 348 and 349], each of which include redlines showing changes from versions of the documents filed on April 22, 2019 [Docket Nos. 321 and 329, respectively].  The Court subsequently (i) approved the adequacy of the Disclosure…

April 24, 2019 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected [Docket No. 331] to the Debtors’ Disclosure Statement, arguing that it is woefully inadequate as to information on the Recapitalization Transaction and amounts to nothing more than a "placeholder" for a "patently unconfirmable Plan." The Committe is not reticent as to…

April 24, 2019 – The U.S. Trustee for Region 3 objected to the Debtors' bidding procedures motion, arguing that the proposed break-up and expense reimbursement fees "are not truly bid protections, but rather blocking devices to make it more costly for other bidders to propose a qualified bid. Approving a Break-Up Fee and Expense Reimbursement…