January 21, 2019 – The Debtors notified the Court [Docket No. 1112] hearing the Westmoreland Coal Company case that further to Court approved bidding procedures [Docket No. 519], and having not received any qualified bids other than that of the stalking horse bidder (the “Stalking Horse Bidder”), it had cancelled the auction scheduled for January…

January 18, 2019 – The Court hearing the Shopko Stores case issued an order authorizing (i) debtor-in-possession (“DIP”) financing consisting of (a) a senior secured superpriority revolving credit facility up to the aggregate principal amount of up to $400mn, (b) a senior secured first-in-last-out revolving credit facility of up to $30mn and (c) a senior…

January 17, 2019 – The Debtors notified the Court hearing the Advanced Sports Enterprises case that, further to an auction held on January 16, 2019, HTM USA HOLDINGS, LLC (“Head” or the “Buyer”) had been chosen as the successfull bidder (the “Successful Bidder”) in respect of a purchase of substantially all of the Debtors’ assets…

January 17, 2018 – The Debtors requested Court authority, subsequently granted [Docket Nos. 62 and 86], to (a) assume an agency agreement, dated as of January 16, 2019, (the “Agency Agreement”)  with Great American Group WF, Tiger Capital Group,  Gordon Brothers Retail Partners, and Hilco Merchant Resources (collectively, the  “Agent”) and (b) to conduct store…

January 18, 2019 – The Debtors notified the Court hearing the David’s Bridal case that they had emerged from their Chapter 11 bankruptcy effective January 18, 2019 [Docket No. 290]. The Court had previously blessed the adequacy of the Debtors’ Disclosure Statement and confirmed the Debtors’ Joint Prepackaged Chapter 11 Plan on January 4, 2019…

January 17, 2019 – The Debtors announced that they had ESL Investments, Inc. (“ESL”) as the winning bidder in the Debtors’ auction. In a brief, somewhat anticlimactic, press release, the Debtors stated, “Sears Holdings Corporation …today announced that ESL Investments, Inc. was selected as the winning bidder in the Company’s auction. Subject to Bankruptcy Court…

January 17, 2019 – The Debtors’ Official Committee of Unsecured Creditors (the “Creditors Committee”), clearly deeply disappointed by its inability to block the Debtors’ choice of ESL Investments, Inc. (“ESL”) as the winning bidder in the Debtors’ auction for going concern assets, fully opened up a new battlefront against Edward Lampert, ESL and implicitly the…

January 17, 2019 – The Court hearing the Checkout Holding case issued a final order [Docket No. 222] (i) authorizing the Debtors to obtain $275.0mn in debtor-in-possession (“DIP”) financing (including a roll-up of $150mn in prepetition first lien debt) and (ii) approving the Debtors’ request for confidential treatment of the entirety a DIP fee letter…

January 17, 2019 – The Debtors requested Court authority to (i) enter into interim and final debtor-in-possession (“DIP”) financing arrangements with SPECIAL SITUATIONS INVESTING GROUP, INC., as administrative agent and as collateral agent for the Lenders and (ii) use cash collateral [Docket No. 33]. The DIP financing is a $30mn new money multiple draw term…

January 16, 2019 – Creditor McKesson Corporation (“McKesson”), filed an objection to the Debtors’ emergency motion for debtor-in-possession (“DIP”) financing [Docket No. 35].    The objection states, “McKesson holds a valid reclamation claim against the Debtor in connection with goods delivered to the Debtor prepetition and valued at approximately $67.2 million. McKesson objects to the…