June 3, 2019 – The Debtors requested Court authority to (i) access $94.5mn in debtor-in-possession (“DIP”) financing ($42.0mn on an interim basis) and (ii) use cash collateral [Docket No. 19]. $27.5mn of the DIP financing will be used to roll-up prepetition debt ($12.0mn of which will be rolled-up upon issuance of the interim DIP order)….

June 4, 2019 – An ad hoc group (the “Ad Hoc Group”) of unaffiliated holders of the Debtors’ 10.625% Senior Pay-In-Kind Notes due 2019 (the “Notes”) objected [Docket No. 71] to the Debtors' motion requesting Court authority to access $6.25mn in debtor-in-possession (“DIP”) financing to be provided by SPCP Group, LLC, an affiliate of Silver…

June 4, 2019 − O'BENCO IV LP ("O'BENCO" or the "Debtor") filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Eastern District of Texas, lead case number 19-60384. The Company, a private, direct E&P investment vehicle with an existing investor base comprised of institutions, family offices and high net worth individuals, is…

June 3, 2019 – The Debtors' Official Committee of Equity Security Holders (the “Equity Committee”) objected viscerally [Docket No. 605] to the Debtors’ Disclosure Statement, citing numerous structural and informational deficiences, but saving special scorn for: (i) the Debtors’ willingness to give its controlling shareholder, Al Gonsoulin, the exclusive right to purchase a substantial interest in…

June 3, 2019 − Fusion Connect, Inc. and 18 affiliated Debtors ("Fusion" or the "Debtors") filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 19-11811. Fusion, a provider of integrated cloud solutions to small, medium, and large businesses, is represented by Sunny Singh of…

May 31, 2019 – Further to the Court's May 29th refusal to confirm the Debtors' Plan, the Debtors have now filed a Third Amended Plan and a motion requesting confirmation of that Plan [Docket No. 1495 and 1494, respectively]. The motion requesting confirmation was accompanied by a redline showing changes from the version filed on…

November 27, 2018 – Oak Point Partners acquired the remnant assets of the MPC Plan Trust of the Mississippi Phosphates Corporation, et al., Bankruptcy Estates in November 2018. On October 27, 2014, Mississippi Phosphates and its affiliates each filed a voluntary petition under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court…

June 3, 2019 – Publicly traded FTD Companies, Inc. (NASDAQ: FTD) and 14 affiliated Debtors (“FTD” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 19-11240. FTD, an iconic premier floral and gifting company, is represented by Daniel J. DeFranceschi of Richards Layton…

May 30, 2019 – The U.S. Trustee assigned to the PHI, Inc. cases objected [Docket No. 576] to the Debtors' Disclosure Statement, raising concerns about "impermissible release and exculpation provisions" included in the Debtors' Plan and Disclosure Statement; concerns amplified by the Debtors' choice of "opt-out" releases….and yet further exacerbated as to crammed down classes…