November 15, 2018 – The Court hearing the Westmoreland Coal Company case approved the Debtor’s request to (i) enter into a stalking horse purchase agreement with an entity formed on behalf of the Debtors’ prepetition secured creditors in respect of the sale of substantially all of the Debtors’ assets and (ii) adopt related bidding procedures…
November 15, 2018 – Gastar Exploration filed with the Court a notice of commencement of its prepackaged Chapter 11 Plan and details relating to its Chapter 11 timetable [ Docket No. 179]. The notice also provides further information on projected recoveries. The notice states, “The Plan is a ‘prepackaged’ plan of reorganization. The primary purpose…
August 28, 2018 – Oak Point Partners acquired the remnant assets of the Berkline-BenchCraft Holdings, LLC, et al. Bankruptcy Estates (Berkline-BenchCraft) in August 2018. On May 2, 2011, Berkline-BenchCraft and its affiliates each filed a voluntary petition under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware,…
November 13, 2018 – The Court hearing the Toys “R” Us case confirmed the Fourth Amended Chapter 11 Plans of Toys Delaware and Geoffrey (the “Delaware-Geoffrey Plan”) [Docket No. 5623]. The Debtors filed the Delaware Geoffrey-Plan on November 12, 2018 [Docket No. 5602] and subsequently filed a Second Amended Plan Supplement for the Delaware Geoffrey-Plan…
November 9, 2018 – Elements Behavioral Health filed with the Court a Combined Plan and Disclosure Statement [Docket No. 569]. The following is a summary of classes, claims, voting rights and estimated recoveries under the Plan: Class 1 (“DIP Facility Claims”) is unimpaired, deemed to accept and not allowed to vote on the Plan….
November 14, 2018 – Sears Holdings filed with the Court of a term sheet detailing a $350 million debtor-in-possession (“DIP”) multiple draw term loan facility (the GACP Junior DIP Facility”) to be provided by Great American Capital Partners Finance (“GACP”) to Sears Roebuck Acceptance Corp. and Kmart Corp. and certain of their affiliates [Docket No….
November 13, 2018 – American Tire Distributors filed an Amended Joint Plan of Reorganization [Docket No. 331] and related Disclosure Statement [Docket No. 332]. According to the Disclosure Statement, “Pursuant to the restructuring support agreement entered into in connection with these Chapter 11 Cases, the Debtors, the Consenting Noteholders holding approximately 75% of the principal…
November 13, 2018 – The Bank of New York Mellon (“BNYM”) filed an objection [Docket No. 4210] to Disclosure Statement for the Title III Plan of Adjustment of the Debts of Puerto Rico Sales Tax Financing Corporation [Doc. No. 4073]. BNYM asserts, “BNYM serves as trustee for all of the Existing Securities issued by COFINA…
November 13, 2018 – Lehman Brothers Holdings filed an objection [Docket No. 4213] to the Title III Plan of Adjustment of the Debts of Puerto Rico Sales Tax Financing Corporation. The objection explains, “While the Disclosure Statement is extensive as befits the nature of this case, it nevertheless fails to provide adequate information for creditors…
November 14, 2018 – Rex Energy Corporation’s Amended Plan of Liquidation was declared effective and the Company emerged from Chapter 11 protection [Docket No. 1046]. The Court had previously confirmed the Debtors’ Plan on October 16, 2018 [Docket No. 1011]. The Debtors shifted to a Plan of Liquidation from a Plan of Reorganization after the…
