October 3, 2018 – Further to the motions of Punjab National Bank and the U.S. Trustee, the Court hearing the Samuels Jewelers case issued an order directing the appointment of an examiner to conduct an investigation into (i) the relationship between the Debtors and Mehul Choksi and (ii) any alleged fraud involving the Debtors and…

October 2, 2018 – In a late afternoon hearing, the Court hearing the Gibson Brands case confirmed the Debtors’  Fifth Amended Joint Chapter 11 Plan of Reorganization [Docket No. 842, Confirmation Order at Docket No. 872]. In a press release issued by the Company, Brian Fox, Gibson’s Chief Restructuring Officer said, “Today’s confirmation of our…

October 1, 2018 – Gibson Brands filed with the U.S. Bankruptcy Court a monthly operating report for August 2018 [Docket No. 862]. For the month, the consolidated Debtors reported operating income of $4.5 million and a net loss of $6.2 million on $23.8 million in net sales, the net loss reflecting primarily (i) $7.7 million…

October 2, 2018 – Geoffrey, LLC, Toys “R” Us, Inc.’s intellectual property holding company subsidiary, announced that it was proceeding with a proposal to sell substantially all of its assets to a group of investors led by Geoffrey, LLC’s existing secured lenders. The press release states, “The announcement was made following a five month marketing…

October 2, 2018 – The Court hearing the ActiveCare case approved [Docket No.187] the (i) asset purchase agreement (“the APA”) between the Debtors and stalking horse bidder Telcare LLC (“Telcare” or “Purchaser”), a subsidiary of Biotelemetry, Inc. and (ii) the sale to Telcare of substantially all of the Debtors’ assets. The order states, “The Auction…

October 1, 2018 – iHeartMedia filed with the U.S. Bankruptcy Court a monthly operating report for August 2018 [Docket No. 1533]. For the month, the Company reported operating income of $76.8 million and a net Income of $66.9 million on $299.4 million in revenue. Operating expenses for the period were $222.0 million, comprised principally of…

October 2, 2018 – The Relay Company (f/k/a The Rockport Company) filed with the U.S. Bankruptcy Court a monthly operating report for August 2018 [Docket No. 530]. For the month, the the consolidated Debtors (which excludes Rockport Canada ULC) reported a loss from operations of $67.8 million and a net loss of $67.8 million on…

October 1, 2018 – Gibson Brands filed with the U.S. Bankruptcy Court a monthly operating report for August 2018 [Docket No. 862]. For the month, the consolidated Debtors reported operating income of $4.5 million and a net loss of $6.2 million on $23.8 million in net sales, the net loss reflecting primarily (i) $7.7 million…