January 29, 2019 – In a first bit of jockeying on the constitution of the Debtors’ classes, the Debtors’ Ad Hoc Group of Institutional Bondholders (the “Ad Hoc Group”) objected to the Debtors’ motion requesting joint administration of the Chapter 11 cases of PG&E Corporation (PG&E”) and Pacific Gas and Electric Co. (“Utility”). The concern…

January 29, 2019 – The Debtors filed a motion requesting Court authority to access $5.5bn of debtor-in-possession (“DIP”) financing comprised of three components: (i) a DIP revolving credit facility with aggregate commitments of $3.5 bn, including a DIP letter of credit (L/C) sub-facility in an aggregate amount of $1.5 billion (b) a DIP term loan…

January 29, 2019 – The U.S. Trustee assigned to the Synergy Pharmaceuticals case appointed an Official Committee of Equity Security Holders of the Debtors to be comprised of (i) Samuel Goldstein of Laguna Beach, CA, (ii) Jerome Lewis Jennings of Burnee, IL, (iii) John J. Sastry of Chesterfield, MO, (iv) Michael L. Meyer of Newport…

January 29, 2019 –The Court hearing the Toys “R” Us case issued an order [Docket No. 6328] confirming the Second Amended Chapter 11 Plan of Wayne Real Estate Parent LLC (the “Wayne Debtor”) [Docket No. 6285].   This is the third Toys “R” Us Plan to be confirmed and/or declared effective in recent weeks with…

January 29, 2019 – Westmoreland Resource Partners, LP (“WMLP”) and certain of its subsidiaries (collectively, the “WMLP Debtors”) objected to the Debtors’ Joint Chapter 11 Plan (“WLB Plan”) [Docket No. 1200] citing concerns that the Plan as drafted will leave it without the means to continue their operations. The corporate structure is complicated, but is…

January 28, 2019 – The Debtors Unsecured Creditors Committee (the “Committee”) filed a 360 page objection to the Debtors’ proposed $5.5bn sale of going concern assets to Edward Lampert’s ESL Investments (“ESL”) [Docket No. 2042]. The scathing attack does not stop with Lampert and ESL, but describes the Debtors as failing to run a meaningful…

January 29, 2019 – PG&E Corporation (“PG&E,” NYSE: PCG) and its primary operating subsidiary, Pacific Gas and Electric Company (“Utility” and together with PG&E, the “Debtors” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of California, lead case number 19-30088 [Docket No. 1].  PG&E is a…

January 23, 2019 – Further to approved bidding procedures [Docket No. 159], the Debtors notified the Court that they had designated three successful credit bidders in respect of three individual groupings of assets (ie helicopters). The Debtors have eight groupings of assets for sale, WAC 1 (30 helicopters), WAC 2 (6), WAC 3 (45), WAC…

January 28, 2019 – With former Virginia governor Terry McAuliffe all but declaring his candidacy in the presidential 2020 race on January 24, attention will inevitably turn to the circumstances surrounding the bankruptcy of the government-subsidized electric car company that he helped found.   The latest bankruptcy filings from January 25 show GreenTech Automotive being…