June 28, 2019 − Weatherford International plc (NYSE: WFT) and two affiliated debtors (together, "Weatherford" or the "Debtors") disclosed in a June 28, 2019 SEC filing that they intend to file Chapter 11 Petitions with the Southern District of Texas on Monday, July 1st. The SEC filing follows the Debtors' May 10, 2019 announcement of…

June 26, 2019 – Just hours before a scheduled 2pm auction, the Debtor designated a further qualified bidder in respect of the sale of its assets; a last minute development to which stalking horse Angelo, Gordon Energy Servicer, LLC ("AG") vigorously objected [Docket No. 380], arguing that the new bid included assets not otherwise included…

June 25, 2019 – The Court hearing the Imerys Talc America case has extended the periods during which the Debtors have an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including September 11, 2019 and November 12, 2019, respectively [Docket No. 744]. Absent the requested relief, the Plan filing…

June 24, 2019 − Privately-held HDR Holding, Inc. and one affiliated Debtor (trading as Schramm Inc., "HDR Holding" or the "Debtors") filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-11396. The Debtors, a Pennsylvania manufacturer and global supplier to the hydraulic drill industry, are represented…

June 24, 2019 − Joerns WoundCo Holdings, Inc. and 12 affiliated Debtors (trading as Joerns Healthcare, “WoundCo” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-11401. WoundCo, a manufacturer and distributor of medical equipment, is represented by Jeffrey M. Schlerf of Fox…

June 24, 2019 – The Court hearing the Hexion Holdings cases has confirmed the Debtors Second Amended Chapter 11 Plan (confirmation order subsequently filed at Docket No. 920 on June 25th). In a rather bare bones press release, the Debtors announced that they expect to emerge from Chapter 11 in early July. That may have…

June 14, 2019 – The Court hearing the Triangle Petroleum Corporation cases approved the adequacy of the Debtors' Disclosure Statement and confirmed the Debtors' Chapter 11 Plan of Reorganization [Docket No. 71]. The Debtors' will emerge from bankruptcy in the hands of secured noteholder J.P. Morgan Securities, LLC (“JPMS”) who are in line for an…

June 20, 2019 – The Debtors filed a motion to approve a key employee incentive plan (the “KEIP”) for twelve senior executives (the “KEIP Participants”) that would provide an aggregate award pool of between $5.4mn to $16.4mn [Docket No. 2664]. As with a related motion seeking approval of the terms of employment for new CEO…

June 20, 2019 – The Debtors filed a motion seeking approval of terms of employment for William D. Johnson who has been chosen to serve as the Debtors' Chief Executive Officer (“CEO”) and President. Mr Johnson will also serve on the Debtors' board [Docket No. 2662]. The motion of the Debtors, besieged with wildfire safety-related…

June 19, 2019 – The Court hearing the Cambrian Holding Company cases issued an interim order authorizing the Debtors to (i) access $12.0mn in debtor in possession (“DIP”) financing on an interim basis and (ii) use cash collateral [Docket No. 116]. On June 17, 2019, lenders Deutsche Bank AG, London Branch, Tennenbaum Opportunities Partners V, LP…