February 11, 2019 – The Debtors’ Official Committee of Unsecured Creditors (the “Creditors Committee”) objected [Docket No. 2544] the Debtors’ motion to extend their Plan exclusivity period [Docket No. 2312] by a period of four months. In what may be a sign of things to come, ie a continued fight between the Creditors Committee and…

February 11, 2019 – Ditech Holding Corporation (“Ditech” or the “Company,” f/k/a Walter Investment Management Corp) and 13 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 19-10412. The Company, an independent servicer and originator of mortgage loans and servicer of reverse…

February 8, 2019 – The Debtors filed a Third Amended Disclosure Statement [Docket No. 758] which attaches a redline showing changes from version filed on February 7, 2019. [Docket Nos. 731]. The amendments reflect changes agreed between the parties during a telephonic hearing held on February 8, 2019 and do not include any changes to…

February 7, 2019 – The Debtors requested Court authority to (i) enter into a commitment letter for a $325mn term loan facility (the “Term Loan Commitment Letter”) with Goldman Sachs Bank USA (“Goldman Sachs” and the “Term Loan Facility,” respectively) and a related fee letter and (ii) enter into a commitment letter (the “ABL Commitment…

February 8, 2019 – The Debtors (or “SKB”) filed a notice of winning bidder announcing JDH Capital Company (“JDH,” a subsidiary of Texas oil and gas company Hilcorp) as the successful bidder in an auction held on February 6, 2019.  Rabo AgriFinance, LLC (“Rabo”) a senior lender probably thrilled to avoid a winning bid, has…

February 7, 2019 – On Thursday, following three intensive days of firmly kicking the tires on ESL Investments, Inc.’s (“ESL”) $5.2bn purchase of the Debtors’ “going concern” assets, Judge Robert Drain of the Southern District of New York gave the deal the go ahead. Approval of the sale allows the Debtors a new life and…

October 31, 2018 – Oak Point Partners acquired the remnant assets of the Devon Health Services, Inc. Bankruptcy Estate (Devon Health Svcs) in October 2018. On November 22, 2013, Devon Health Svcs filed a voluntary petition under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Pennsylvania,…

February 7, 2019 – The Debtors requested Court approval for supplemental debtor-in-possession (“DIP”) financing and continued access to cash collateral [Docket No. 754]. The Debtors explain that the need for additional financing results from “the complex regulatory and licensure approval process related to the Sale [of the Debtors assets to DIP lender Project Build Behavioral…

February 6, 2019 – The Court hearing the Advanced Sports case issued an order [Docket No. 505] approving the Debtors’ sale of assets pursuant to three separate asset purchase agreements, (i) the Asset Purchase Agreement between the Debtors and BikeCo, LLC (“BikeCo,” wholly owned by Tiger Capital Group, LLC (“Tiger”) and Advanced Holdings Co., Ltd….

February 6, 2019 – Things Remembered and three affiliated Debtors (the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-10234. The Company, an omnichannel retailer of personalized gifts and merchandise marketed through a portfolio of physical stores, an online store and a catalog center…