November 19, 2018 – The Court hearing the Sears Holdings’ case approved the Debtors’ sale of Medium Term Notes [Docket No. 826]. The order states in part, “The Debtors are authorized, but not directed, in consultation with the Creditors’ Committee, to sell the MTNs to the party or parties that provide the highest or best…

November 19, 2018 – The Court hearing the Sears Holdings case approved the Debtors’ motion requesting authority to (i) implement procedures for store closing sales and (ii) assume a liquidation consulting agreement with Abacus Advisors Group [Docket No. 823].    As previously reported [Docket Nos. 23 and 337], “The motion attaches a list of the…

 November 19, 2018 – The Court hearing the Sears Holdings case approved the Debtors’ proposed global bidding and sale procedures [Docket No. 816] and timetable relating to the sale of the Debtors’ “Go Forward Stores.” As previously reported [Docket No. 429], “By this Motion, the Debtors seek approval of global bidding and sale procedures (the…

November 19, 2018 – American Tire Distributors requested Court approval of work fee letter in connection with its anticipated exit financing, and payment of fees and expenses thereunder [Docket No. 344]. The exit financing motion explains, “The Debtors’ restructuring support agreement and plan of reorganization contemplate that their approximately $980 million DIP facility will be…

November 19, 2018 – David’s Bridal requested Court approval of debtor-in-possession (“DIP”) financing [Docket No. 17] to be provided through Bank of America and Cantor Fitzgerald Securities. The DIP financing motion explains, “The Debtors seek authority to (i) obtain senior secured postpetition financing on a superpriority basis consisting of a senior secured superpriority revolving credit…

November 19, 2018 – David’s Bridal, Inc. and three affiliated Debtors (together, “David’s Bridal” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 18-12635 [Docket No. 1]. The Company, an international bridal retailer and the largest U.S. destination for bridal gowns, wedding-related apparel,…

November 16, 2018 – The Court hearing the Sears Holdings’ case issued an order (i) approving bidding procedures for the sale of Sears Home Improvement Business (the “SHIP Business”), (ii) approving stalking horse bid protections, (iii) scheduling auction and (iv) approving the sale of SHIP Business in accordance with a November 2, 2018 asset purchase…

November 16, 2018 – EXCO Resources requested Court authority to enter into exit financing agreements, and incur and pay related fees, indemnities, and expenses [Docket No. 1273]. The exit financing notes motion, “The Debtors, in consultation with their advisors, have negotiated, and the Plan expressly contemplates, Exit Facilities that will facilitate the Debtors’ emergence from…

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…