December7, 2018 – Privately held Durr Mechanical Construction (“DMC” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 18-13968 [Docket No. 1]. The Company, a mechanical contractor specializing in the installation, rigging, setting, assembly, alignment and grouting of assorted process and…

December 6, 2018 – In a letter addressed to Lazard Frères & Co. and filed with the SEC, ESL Investments, Inc. (“ESL”) submitted an indicative bid (the “Indicative Bid”) expressing an interest in acquiring, via a newly-formed entity (“Newco”), substantially all of the go-forward retail footprint and other assets and component businesses of Sears Holdings…

December 6, 2018 – Stalking Horse Bidder LADMC, LLC (“LADMC”) filed a motion [Docket No. 232] objecting to the Debtors’ proposed bidding procedures, citing concerns over “amorphous” terms that threaten the integrity of the Debtors’ sale process.   The objection [Docket No. 232] states, “LADMC opposes the new proposed language. Subsection (a) nominally sets a…

December 5, 2018 – The Debtors requested Court authority to enter into a settlement agreement (the “Settlement Agreement”) between the Debtors, the “Guilds” (comprised of DGA, SAG-AFTRA, and WGA West), certain agents acting on behalf of lenders and the Debtors’ Official Committee of Unsecured Creditors (the “Committee” and, together with the Debtors, the Guilds and…

December 5, 2018 – The Debtors filed an exit facility commitment letter (the “Exit Facility Commitment Letter”) sent by Fortress Credit Corp (“Fortress”) to AFH Franchise Holdings detailing Fortress’s agreement to provide the reorganized Debtors with a senior secured term facility in an aggregate principal amount of $50mn (the “Term Facility”) and a senior secured…

December 5, 2018 – The Court hearing the Mission Coal Company case granted the Debtors’ motion to enter into a asset purchase agreement with the Debtors’ debtor-in-possession (“DIP”) lenders (the “Stalking Horse Purchase Agreement”) as well as approving proposed bidding procedures for the sale of the Debtors’ assets [Docket No. 395].   In the motion…

December 5, 2018 – The Debtors filed an amended Plan of Liquidation [Docket No. 604] and Disclosure Statement [Docket No. 605]. The Disclosure Statement summarizes the Plan as follows, “Holders of Allowed Administrative Expense Claims, Allowed Priority Tax Claims, and Allowed Priority Non-Tax Claims will be paid in full in Cash. Further, in accordance with…

December 4, 2018 – Citing an “extended stay in Chapter 11,” the Debtors requested Court approval to amend their debtor-in-possession (“DIP”) facility to (i) allow for an additional $22 million of DIP financing and (ii) extend the maturity date of the facility through March 31, 2019, [Docket No. 923]. The motion states, “The Debtors filed…

December 4, 2018 – Senior Care Centers and 120 affiliated Debtors (together, “Senior Care”) or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Texas, lead case number 18-33967 [Docket No.1]. The Company, a Dallas-based, skilled nursing and long-term care industry leader in Texas and Louisiana, is…