December 28, 2018 – Edward Lampert’s ESL, Investment, Inc. (“ESL”) reportedly submitted an offer for a substantial portion of the Debtors’ assets just moments in advance of an impending Court deadline. As first reported by CNBC, the $4.4bn offer, made through ESL affiliate Transform Holdings, Inc., is for 425 of Sears’ stores and is supported…

December 21, 2018 – The Court hearing the Waypoint Leasing Holdings case issued an order [Docket No. 159] approving the Debtors’ proposed bidding procedures and bid protections (including a $19.5mn break fee) in respect of the proposed $650mn sale of the Debtors’ assets to Macquarie Rotorcraft Leasing Holdings Limited (“Macquarie”).    As previously reported [Docket…

December 26, 2018 – The U.S. Trustee objected [Docket No. 6058] to the Debtors’ motion for Court approval of the adequacy of the Wayne Real Estate Parent Company, LLC (“Wayne”) Disclosure Statement [Docket No. 6055].   The objection states, “The failure to provide a creditor with formal notice in time to file an objection to…

December 26, 2018 – Promise Healthcare Group requested Court approval of (i) bidding procedures in respect of the sale of the certain assets (the “Select Assets”) to Select Medical Corporation, (b) stalking horse bid protections in respect of the sale and (iii) procedural steps related to the sale [Docket No. 355].    The sale motion…

December 26, 2018 – Further to a sale hearing held on December 18, 2018, The Court hearing the Sears Holdings case approved the $60 million sale of the Debtors’ Home Improvement Business to stalking horse bidder Service.com [Docket No. 1417].  As previously cited from the motion requesting Court approval [Docket No. 450], “On November 2,…

December 21, 2018 – The Court hearing the Mission Coal Company case issued an order [Docket No. 490] approving (i) bidding procedures in respect of the sale of the Debtors’ assets and (ii) the proposed $145mn credit bid of the Debtors’ debtor-in-possession (“DIP”) lenders (the “DIP Lenders”). On December 5, 2018, the Court had previously…

December 24, 2018 – Toys “R” Us filed a Chapter 11 Plan [Docket No. 6053] and a related Disclosure Statement [Docket No. 6054] of Wayne Real Estate Parent Company (Toys “R” Us, the “Debtors,” and Wayne Real Estate Parent Company, the “Wayne Debtor”).   The Disclosure Statement provides the following overview of the TRU Retail…

December 24, 2018 – The Court hearing the Synergy Pharmaceuticals case issued a second interim order  [Docket No. 113] authorizing the Debtors to access (i) interim debtor-in-possession (“DIP”) financing, consisting of $8mn in new money DIP loans” and $16mn of  roll up DIP loans, and (ii) access cash collateral. The $8.0mn in interim financing authorized…

December 20, 2018 – SL Agent objected [Docket No. 1357] to the Debtors’ motion for the sale of property [Docket No. 938]. SL Agent is the agent for the Debtors’ Third Amended and Restated Loan Agreement, dated as of June 4, 2018 (the “Loan Agreement,” which had $831.4mn outstanding as of the Petition date). The…

December 20, 2018 – Frank Theatres Bayonne/South Cove, LLC and 23 affiliated Debtors (Frank Theatres” or the “Company”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of New Jersey, lead case number 18-34808 [Docket No. 1]. The Company, which operates pure play movie theaters, combination movie theater/family entertainment complexes, and…