April 3, 2019 – The U.S. Trustee assigned to the Aceto Corporation cases has objected to (i) the Debtors' request for approval of a key employee investment plan (the "KEIP") and a key employee retention plan (the "KERP") and (ii) a related seal motion [Docket Nos. 309 and 310]. The objections pick apart what many…

April 2, 2019 – The U.S. Trustee assigned to the CTI Foods cases filed multiple objections to the Debtors’ application for retention of professionals, arguing that those professionals have failed to properly follow rules relating to disclosing parties in interest. The Centerview objection adds a further troubling complaint for professionals serving as investment bankers, that…

April 1, 2019 – The Debtors filed a motion requesting each of a bidding procedures order (the “Bidding Procedures Order”) and a sales order (the “Sales Order”) [Docket No. 25].  The Bidding Procedures order would authorize (i) proposed bidding procedures, including bid protections, (ii) entry into an agreement with stalking horse bidder (the “Option Agreement…

April 1, 2019 – The Debtors requested Court authority to access $11.0mn in debtor-in-possession (“DIP”) financing ($4.0mn on interim basis) to be provided by Orchids Investment (“OI” or the “DIP Lender”) and (ii) use of cash collateral [Docket No. 18]. OI, an affiliate of stakeholder Black Diamond Capital Management, L.L.C. , is also the presumptive…

April 1, 2019 − Orchids Paper Products Company (NYSE American: TIS) and two affiliated Debtors (together, “Orchids Paper” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-10729. The Company, a leading national supplier of high quality consumer tissue products primarily serving the…

April 1, 2019 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected [Docket No. 1156] to the Debtors Second Amended Plan [Docket No. 1140] accusing the Debtors of an underhanded, if not unexpected, attempt to force through a last minute settlement and an Amended Plan in advance of an April 3rd confirmation hearing….

April 1, 2019 – The Debtors requested Court authority to access up to $255.0mn of debtor-in-possession (“DIP”) financing ($85.0 on an interim basis from certain pre-petition lenders. The DIP financing is to be comprised of (i) $72.5mn in new money term loans (the “DIP Term Loans”), (ii) $55.0mn in letter of credit term loans  (the…

March 31, 2019 − Vanguard Natural Resources, Inc.  and 11 affiliated Debtors (f/k/a VNR Finance Corp., now “VNR” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 19-31786. The Company, an independent exploration and production company focused on the production and development…

April 1, 2019 − Southcross Energy Partners, LP (OTCQX: SXEE) and 26 affiliated Debtors (together “Southcross” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-10702. The Company, a master limited partnership that provides natural gas gathering, processing, treating, compression and transportation services…