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…

October 8, 2018 –  Hooper Holmes filed a notice stating that, absent the receipt of any qualified bids other than that of the stalking horse bidder (the “Stalking Horse Bidder”), its planned auction had been cancelled and the Stalking Horse Bidder had been designated the Successful Bidder for the Transferred Assets [Docket No. 184]. The…

October 9, 2018 – Westmoreland Coal Company requested Court approval for debtor-in-possession (“DIP”) financing [Docket No. 17] in respect of which Wilmington Savings Fund Society, FSB is to serve as collateral agent, the “DIP Facility Agent”. The DIP financing motion explains, “The DIP facility and the loan commitment for the WLB Debtors is to enter…

October 9, 2018 – The Court hearing the Mattress Firm case approved on an interim basis the Debtors’ debtor-in-possession (“DIP”) financing [Docket No. 184] in respect of which Barclays Bank PLC is to serve as administrative agent and co-collateral agent (the “ABL DIP Agents”) and Citizens Bank is to serve as a co-collateral agent. The…