May 2, 2019 – Just after 9pm on May 1st (21:04:47 to be exact), the Court hearing the Sungard Availability Services Capital cases acknowledged receipt of the lead Debtor's lead Chapter 11 Petition. Just 20.5 hours later (17:31:42) the Court's confirmation order was filed. For the second time in four months, Judge Drain of the…

May 1, 2019 – The Debtors requested Court authority to (i) access $100mn in debtor-in-possession (“DIP”) financing, $50mn on an interim basis, and (ii) use of cash collateral [Docket No. 5]. The motion also provides detail as to the Debtors' anticipated exit financing arrangements, with all amounts borrowed under the requested DIP financing to be…

May 2, 2019 – The Debtors' Official Committee of Unsecured Creditors (the “Committee”) objected [Docket No. 665] to the Debtors' proposed sales of its Toprol-XL assets and its Vimovo assets to "purportedly secured lender" Deerfield Management Company (together with affiliates, "Deerfield") and separately joined a related objection filed by AstraZeneca AB (“AstraZeneca”) [Docket Nos. 113…

May 1, 2019 − Kona Grill, Inc. and eight affiliated Debtors (“Kona Grill” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-10953. The Company, which owns and operates restaurants serving contemporary American favorites, sushi, and alcoholic beverages throughout the United States and…

April 30, 2019 – Oaktree Capital Management, L.P., on behalf of itself and certain of its managed funds and accounts (collectively, “Oaktree”), objected [Docket No. 1883] to the Debtors, Disclosure Statement, citing (i) the lack of disclosure as to the "Secured Lender Settlement" (which Oaktree refers to as the "Insider Settlement") as indicative of a…

April 30, 2019 – The Court hearing the Vanguard Natural Resources cases issued an order authorizing the Debtors to (i) access $130.0mn in debtor-in-possession (“DIP”) financing on a final basis, comprised of (a) a $65.0mn revolving facility (the “DIP Revolving Facility”) and (b) a $65.0mn roll up (the “Roll Up”) of each DIP lender’s ratable…

April 29, 2019 – The Debtors filed an Amended Plan and a related Disclosure Statement [Docket Nos. 246 and 347]; each of which included redlines showing changes from versions of those documents filed on March 25, 2019 [Docket Nos. 252 and 253]. The Disclosure Statement notes, “The Plan contemplates a restructuring pursuant to which (a)…

April 29, 2019 – The Court hearing the PG&E Corporation case issued an order approving the Debtors’ Short-Term Incentive Plan as modified by the Debtors further to a Court hearing held on April 23, 2019 and the Court's consideration of numerous objections (the “Modified 2019 STIP”) [Docket No. 1751]. The Modified 2019 STIP reflects a…

April 29, 2019 – The Court hearing the Sizmek case issued an order (i) authorizing the Debtors' private sale of the their Demand-Side Platform (“DSP”) and Data Management Platform (”DMP”) assets to Zeta Global Holdings Corp ("Zeta Global" or the “Purchaser”) for a price consisting of (a) $10.0mn in cash, (b) $2.5mn-$5.0mn in Zeta Global…