September 21, 2018 – On July 12, 2018, Agrokor d.d. (“Agrokor”) and eight affiliated Debtors filed for Chapter 15 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 18-12104. [Docket No. 1] Previously, on April 10, 2017, Agrokor commenced proceedings under the Croatian Extraordinary Administration Law (the “CEAL”)…

September 26, 2018 – The Court hearing the Heritage Home Group case approved the sale of the Debtors’ Luxury Brands Business assets, including the Debtors’ Hickory Chair, Maitland-Smith and Pearson brands, to Hickory Chair, LLC (the “Purchaser”) [Docket No. 324]. The auction previously scheduled for September 20, 2018 was cancelled as the Purchaser was the…

September 25, 2018 – J & M Sales requested Court approval for (i) a proposed critical vendor bailment program with respect to $15,000,000 of new critical vendor deliveries and (ii) entry into bailment agreements with critical vendors and a related escrow agreement with Michael Fallas [Docket No. 491]. The motion notes, “Despite entry of the…

September 26, 2018 – The Court hearing The NORDAM Group case (i) approved the Debtors’ settlement and global resolution with Gulfstream Aerospace Corporation (“GAC”) that resolves a longstanding dispute with respect to the Debtors’ production of “Nacelle Systems with Podding” for GAC’s G500 and G600 aircraft (the “PW800 Program”) and (ii) approved the Debtors’ asset…

September 25, 2018 – The Court hearing the Pacific Drilling case approves the Debtors’ Equity Commitment Agreement with Quantum Pacific (Gibraltar) Limited [Docket No. 616]. As previously reported [Docket No. 535], “The agreement includes a commitment premium (the “Commitment Premium”) of $40 million in new equity which the Debtors believe is necessary to induce support…

September 25, 2018 – The U.S. Trustee filed a pair of substantially identical objections to (i) the Second Amended Chapter 11 Plans of Taj Debtors and the Tru Inc Debtors [Docket No. 4935] and (ii) the Second Amended Chapter 11 Plans of Toys Delaware Debtors and Geoffrey Debtors [Docket No. 4937]. In Docket No. 4935,…

September 25, 2018 – The Debtors filed with the Court an executed copy of their Amended and Restated Asset Purchase Agreement dated as of September 25, 2018 (the “Stalking Horse APA”)  between the Debtors and Summit Health, Inc. (the “Stalking Horse Bidder”), a subsidiary of Quest Diagnostics Incorporated [Docket No.151]. In respect of consideration the…

September 25, 2018 – The Court hearing the RMH Franchise Holdings case, sided with the Debtors in a dispute with Applebee’s over whether Applebee’s had terminated the Debtors’ franchise agreements prior to the Petition Date [Docket No. 568].  In its judgment the Court states, “Applebee’s sent a termination letter in September 2017 that explicitly gave…

September 25, 2018 – The U.S. Trustee in the Samuels Jewelers case filed an objection [Docket No. 278] to the Debtors’ motion for entry of an order authorizing the Debtors’ proposed key employee retention program (the “KERP”) and key employee incentive program (the “KEIP”) [Docket No. 137]. The Trustee states, “The U.S. Trustee objects to…

September 20, 2018 – EXCO Resources filed with the U.S. Bankruptcy Court a monthly operating report for August 2018 [Docket No. 1075]. For the month, the Debtors reported net income of $2.1 million and operating income of $9.3 million on $32.7 million in total revenues, the latter comprised principally of (i) $9.1 million in oil…