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…

April 1, 2019 – Hexion Holdings LLC and 17 affiliated Debtors (f/k/a Momentive Specialty Chemicals and Borden Chemicals; and now together “Hexion” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-10684. The Company, a global leader in thermoset resins, is represented by…

March 29, 2019− Sizmek, Inc.  and 7 affiliated Debtors (“Sizmek” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 19-10971. The Company, an independent buy-side advertising platform, is represented by Stephen E. Hessler of Kirkland & Ellis. Further board-authorized engagements include…

March 28, 2019 – Further to the Court’s bidding procedures order [Docket No. 141], an auction held on March 25, 2019, and a post-auction process that continued to attract further bids, the Debtors notified the Court [Docket No. 1120] that it had designated successful bidders in respect of what ended up being two groupings of…