October 11, 2018 – Elements Behavioral Health requested Court approval for supplemental debtor-in-possession (“DIP”) financing and continued access to cash collateral [Docket No. 503]. The financing motion explains, “Among other things, the Final DIP Order authorized the Debtors to enter into the DIP Credit Agreement, pursuant to which the Debtors were able to borrow up…

October 11, 2018 – The Court hearing the Aralez Pharmaceuticals US case authorized the Debtors’ proposed (i) bidding and sale procedures related to the separate sales of (a) the Debtors’ VIMOVO royalties and Canadian operations to an acquisition subsidiary of Nuvo Pharmaceuticals in a transaction valued at $110 million and (b) the Debtors’ TOPROL assets…

October 11, 2018 – Nighthawk Energy filed with the Court an Amended Plan of Liquidation [Docket No. 215] and a related Disclosure Statement [Docket No. 216]. The Disclosure Statement notes, “The Plan proposed in these Chapter 11 Cases is the culmination of the Debtors’ efforts to maximize value for creditors and other parties in interest…

September 14, 2018 – Oaktree Capital Management filed with the Court an objection [Docket No. 989] to the confirmation of the Debtors’ Modified Second Amended Joint Chapter 11 Plan of Reorganization [Docket No. 939]. Oaktree asserts, “On September 10, 2018, the Debtors filed the Current RSA Plan to make purportedly ‘technical modifications’ to the Initially…

On September 23, 2018, ESL Partners, L.P. (the eponymously named investment vehicle of Edward S Lampert, “Mr. Lampert”) delivered a proposal (the “ESL Proposal”) to the Board of Sears Holdings Corporation outlining a plan to rescue the Sears retail empire (including inter alia, 506 Sears stores and 365 KMart stores) from bankruptcy and possible liquidation…

October 10, 2018 – The Court hearing the RDX Technologies case issued an order granting Creditors CWT Canada II, GEM Holdco and Resource Recovery Corporation (together, the “Objecting Creditors”) summary judgment and denying confirmation of the “Plan of Reorganization dated April 4th, 2018 proposed by the Debtor (DE 50)” [Docket No. 132]. The order states,…

October 10, 2018 – iHeartMedia filed with the Court a Fifth Amended Joint Plan of Reorganization [Docket No. 1605] and a related Disclosure Supplement [Docket No. 1606]. The Disclosure Supplement notes, “Subsequent to the Bankruptcy Court entering the Disclosure Statement Order on September 20, 2018, the Debtors commenced solicitation of votes for the Fourth Amended…

October 10, 2018 – The U.S. Trustee assigned to the Zohar III case filed an objection [Docket No. 472] to Lynn Tilton’s motion for a protective order in respect of the financial statements of portfolio companies [Docket No. 454]. The U.S. Trustee asserts, “The Movants must meet their burden of demonstrating that the financial information…

October 10, 2018 – The Court hearing the Westmoreland Coal Company case has approved the Debtors request to obtain interim debtor-in-possession (“DIP”) financing [Docket No. 92].  The order states, “The Debtors are authorized to execute and deliver the DIP Loan Documents and borrow money under the DIP Facility, on an interim basis, up to an…

October 9, 2018 – Color Spot Nurseries filed a further amended Combined Plan of Liquidation & Disclosure Statement [Docket Nos. 410 and 411]. The Court documents explain, “Because the Plan is a liquidating plan, the ‘liquidation value’ in the hypothetical chapter 7 liquidation analysis for purposes of the ‘best interests’ test is substantially similar to…