November 16, 2018 – The U.S. Trustee filed an objection [Docket No. 785] to the Debtors’ First Amended Joint Chapter 11 Plan. The U.S. Trustee asserts, “Significant issues have been raised by numerous of the Debtors’ creditors in their objections to confirmation of the Plan. These issues include, but are not limited to, feasibility of…

November 16, 2018 – Snow Covered Capital filed an objection [Docket No. 999] to the motion of the Debtors’ Official Committee of Unsecured Creditors to convert the Chapter 11 cases to a cases under Chapter 7 [Docket No. 964]. Snow Covered Capital asserts, “In the Motion to Convert, the UCC proposes to place enormous responsibilities…

November 16, 2018 – Advanced Sports Enterprises, Inc. (“ASE” or the “Company”) and four affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Middle District of North Carolina, lead case number 18-80860. The Company, which designs, markets and sells premium bicycle brands through a distribution network that reaches 80 markets…

November 14, 2018 – Sears Holdings’ Official Committee of Unsecured Creditors filed an objection [Docket No. 740] to the Debtors’ debtor-in-possession (“DIP”) financing motion and cash management motion [Docket Nos. 7 and 5, respectively].  The Committee asserts, “The granting of the joint and several suprpriority claims and related liens in respect of the rolled up…

November 15, 2018 – Sears Holdings requested Court approval of (i) a Key Employee Incentive Plan (the “KEIP”) for 18 employees and (ii) a Key Employee Retention Plan (the “KERP”) for 322 non-insiders [Docket No. 766].  The motion explains, “The [KEIP] program provides a total, incentive-based award opportunity ranging from approximately $1.06 million per quarter…

November 15, 2018 – The Court hearing the Westmoreland Coal Company case approved the Debtor’s request to (i) enter into a stalking horse purchase agreement with an entity formed on behalf of the Debtors’ prepetition secured creditors in respect of the sale of substantially all of the Debtors’ assets and (ii) adopt related bidding procedures…

August 28, 2018 – Oak Point Partners acquired the remnant assets of the Berkline-BenchCraft Holdings, LLC, et al. Bankruptcy Estates (Berkline-BenchCraft) in August 2018. On May 2, 2011, Berkline-BenchCraft and its affiliates each filed a voluntary petition under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware,…

November 13, 2018 – The Court hearing the Toys “R” Us case confirmed the Fourth Amended Chapter 11 Plans of Toys Delaware and Geoffrey (the “Delaware-Geoffrey Plan”) [Docket No. 5623]. The Debtors filed the Delaware Geoffrey-Plan on November 12, 2018 [Docket No. 5602] and subsequently filed a Second Amended Plan Supplement for the Delaware Geoffrey-Plan…