November 12, 2019 – The Court hearing the Weatherford International cases has authorized the Debtors to enter into (i) a November 11, 2019 commitment letter and (ii) a series of fee letters; in each case relating to the Debtors' anticipated exit financing [Docket No.433, which attaches an executed version of the commitment letter, although the…

November 25, 2019 – The Court hearing the Bumble Bee Parent cases issued an order authorizing the Debtors to (i) access $240.0mn of debtor-in-possession (“DIP”) financing and (ii) use cash collateral [Docket No. 68]. The approved DIP financing consists of (a) $40.0mn of what will ultimately be an $80.0mn, new money, multiple draw term loan…

November 26, 2019 – The Court hearing the Barneys New York cases 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 April 2, 2020 and June 1, 2020, respectively [Docket No. 552]. The Court, perhaps unsurprisingly, given the intermingling…

November 18, 2019 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) filed an emergency motion seeking conversion of the Debtors’ Chapter 11 cases to cases under Chapter 7 [Docket No. 458]. This motion follows a similar November 14th filing by the U.S. Trustee assigned to the Debtors' cases [Docket No. 441]. In both…

November 21, 2019 – The Debtors Ad Hoc Committee of Holders of Preferred Equity (the “Ad Hoc Committee”) filed a motion seeking to terminate the Debtors' exclusive Plan filing and solicitation periods with the intention to subsequently file "a fully funded and confirmable alternative" Plan (the "AHC Plan") [Docket No. 216]. The Ad Hoc Committee…

November 21, 2019− Bumble Bee Parent, Inc. and four affiliated Debtors (“Bumble Bee” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-12502. The Debtors, one of North America’s largest branded shelf-stable seafood providers, are represented by Pauline K. Morgan of Young Conaway…

November 20, 2019 – At a continued hearing relating to a motion filed by CoBank, ACB, as Administrative Agent and Lender (“CoBank”), Judge Peter C. McKittrick issued an order (to be redrafted by CoBank's counsel) giving CoBank relief from the automatic stay imposed by section 362 of the Bankruptcy Code (the “Automatic Stay”), but (i)…

November 20, 2019 – Black Diamond Commercial Finance ("BDCF"), as Administrative Agent for the Debtors' 2015 term loans (the "Term Loans," $51.0mn outstanding as at Petition date), filed a complaint against the Debtors alleging that the credit agreement in respect of the Term Loans is subject to "multiple defaults" which render invalid a 2018 refinancing…

GCX Limited – Plan Supplement Includes Liquidation Analysis, Financial Projections, and Details of the New Board November 20, 2019 – The Debtors filed a Plan Supplement to their Joint Pre-Packaged Chapter 11 Plan [Docket No. 156] in anticipation of their December 4th Plan confirmation hearing. The Supplement attached the following documents: Exhibit A: Liquidation Analysis…

November 19, 2019 – The Court hearing the Dura Automotive Systems cases issued an order (i) approving bidding procedures in respect of a sale of substantially all the Debtors’ assets, including in respect of bid protections and credit bidding, and (ii) scheduling an auction/sale timetable culminating with an auction, if necessary, on January 27, 2020…