May 29, 2019 – “Good luck guys.” With that Judge Thomas Saladino ended day two of the Debtors’ Plan confirmation hearing and left a stunned gathering of advisors to digest his refusal to confirm the Debtors’ Plan. Acknowledging the professionalism of the assembled teams of advisors and that he was disappointing the vast majority of…

May 28, 2019 – The Debtors requested Court authority to (i) access $28.5mn in debtor-in-possession (“DIP”) financing ($15.0mn on an interim basis) to be provided by certain of the Debtors' prepetition first lien lendersFN1 (those same lenders having precipitated the Debtors' Chapter 11 filings by declaring an event of default and and sweeping up $8.1mn…

May 25, 2019 – Transform Holdco ("Transform," owned by ESL Investments, Inc.) filed a complaint against the Debtors [Docket No. 4033] listing a "litany of breaches" of the January 17, 2019 asset purchase agreement further to which Transform agreed to purchase the Debtors' going concern business for mixed consideration of $5.2bn. In its prayer for…

May 24, 2019 – Creditor McKesson Corporation (“McKesson”) objected [Docket No. 1431] to the Debtors' Second Amended Joint Chapter 11 Plan; objecting vigorously to perceived attempts to slide the Plan past the Court at the last minute to benefit insiders (notably with the removal of an opt out provision relating to the release of those…

December 5, 2018 – Oak Point Partners acquired the remnant assets of the BearingPoint, Inc. Liquidating Trust (BearingPoint) in December 2018. On February 18, 2009, BearingPoint and its debtor affiliates each filed a voluntary petition under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York,…

May 23, 2019 – The Debtors requested Court authority to (i) enter into an asset purchase agreement (the "Credit Bid APA") with Kemmerer Operators, LLC (the "Credit Bid Purchaser") further to which the Credit Bid Purchaser would acquire the Debtors' Wyoming-based Kemmerer mining assets for a $300.0mn credit bid  (the "Kemmerer Assets" and "Sale," respectively)…

May 20, 2019 − Aegerion Pharmaceuticals, Inc and one affiliated Debtor ("Aegerion" or the "Debtors") filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 19-11632. The Company, a wholly-owned subsidiary of Novelion Therapeutics Inc. ("Novelion," NASDAQ: NVLN), a biopharmaceutical dedicated to developing and commercializing prescription…

May 20, 2019 – The Court hearing the Orchids Paper Products Company case issued an order (i) approving amended bidding procedures for the Debtors' sale of assets, including the removal of proposed break-up and expense reimbursement fees, (ii) authorizing entry into a pair of agreements with the stalking horse bidder (an “Option Agreement" and "Stalking…