November 29, 2018 – The Debtors’ Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ proposed bidding procedures [Docket No. 37], citing concerns over sale price transparency and inappropriate bid protections.  The objection states, “First, the Bidding Procedures are devoid of a clear explanation of the Purchase Price and the net realizable cash consideration…

November 26, 2018 – The Debtors’ Committee of Unsecured Creditors (the “Committee”) objected to the Debtors’ DIP financing motion [Docket No. 872]. The objection [Docket No. 884] states, “[The Committee objects to] (i) the Debtors’ request to impose on their estates and their unsecured creditors a 5:1 Roll Up of prepetition secured debt to maximum…

November 29, 2018 – The Debtors requested Court authority (i) for the sale of thirteen  parcels of non-residential real property (the “Real Property,” comprised of 12 K-Mart stores and 1 Sears store) and (ii) for the assumption and assignment of certain unexpired leases of the Debtors in connection with the sale (the “Assumed Leases,” and…

November 29, 2018 – The Court hearing the NORDAM Group case approved the Debtors’ exit financing motion and also approved a related motion requesting confidential treatment of portions of exit financing documents filed with the Court [Docket No. 723].    In the motion requesting authority to enter into the exit facilities [Docket No, 694], the…

October 31, 2018 – Gastar Exploration (OTCQB: GSTC) and one affiliated Debtor (together, the “Company” or “Gastar”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 18-36057 [Docket No. 1]. The Company, a pure play Mid-Continent independent energy company engaged in the exploration, development and…

November 27, 2018 – The Debtors requested Court authority to enter into debtor-in-possession (“DIP”) financing arrangements which would provide interim access of up to $6 million [Docket No. 8]. The motion states, “The Debtors seek authorization to obtain DIP Financing under a multiple-draw super-priority senior secured term loan facility in an aggregate principal amount not…