December 28, 2018 – The Debtors filed a Memorandum of Law in support of their request that (i) the Court approve the adequacy of the Debtors’ Disclosure Statement and (ii) confirm the Debtors’ Joint Prepackaged Plan [Docket No. 251]. The Memorandum attaches (as Exhibit A) an “Objection Summary Chart.”    The memorandum states, “The Plan…

December 31, 2018 – Synergy Pharmaceuticals has filed a motion seeking approval of a key employee incentive plan (the “KEIP”) for the Debtors’ Chief Executive Officer and Chief Financial Officer [Docket No. 142].   The KEIP motion states, “As the Debtors implement the process for the sale of substantially all of their assets (the ‘Sale’),…

December 31, 2018 – The Ad Hoc Committee of Equity Holders (the “Ad Hoc Committee”) has objected [Docket No. 137] to the Debtors’ sale motion [Docket No. 17], arguing that, given the recent success of certain drugs, the Debtors have been too quick to seek Chapter 11 protection.   The objection states, “The Ad Hoc…

December 28, 2018 – The Court hearing the Sears Holdings case issued an order approving on a final basis the Debtors’ authority to enter into a $350mn, multiple draw, junior debtor-in-possession (“DIP”) term loan (the “Junior DIP Financing”) [Docket No. 1436].  The Junior DIP Financing is being provided pursuant to superpriority junior lien secured DIP…

December 28, 2018 – Edward Lampert’s ESL, Investment, Inc. (“ESL”) reportedly submitted an offer for a substantial portion of the Debtors’ assets just moments in advance of an impending Court deadline. As first reported by CNBC, the $4.4bn offer, made through ESL affiliate Transform Holdings, Inc., is for 425 of Sears’ stores and is supported…

December 21, 2018 – The Court hearing the Waypoint Leasing Holdings case issued an order [Docket No. 159] approving the Debtors’ proposed bidding procedures and bid protections (including a $19.5mn break fee) in respect of the proposed $650mn sale of the Debtors’ assets to Macquarie Rotorcraft Leasing Holdings Limited (“Macquarie”).    As previously reported [Docket…

December 26, 2018 – The U.S. Trustee objected [Docket No. 6058] to the Debtors’ motion for Court approval of the adequacy of the Wayne Real Estate Parent Company, LLC (“Wayne”) Disclosure Statement [Docket No. 6055].   The objection states, “The failure to provide a creditor with formal notice in time to file an objection to…

December 26, 2018 – Promise Healthcare Group requested Court approval of (i) bidding procedures in respect of the sale of the certain assets (the “Select Assets”) to Select Medical Corporation, (b) stalking horse bid protections in respect of the sale and (iii) procedural steps related to the sale [Docket No. 355].    The sale motion…

December 26, 2018 – Further to a sale hearing held on December 18, 2018, The Court hearing the Sears Holdings case approved the $60 million sale of the Debtors’ Home Improvement Business to stalking horse bidder Service.com [Docket No. 1417].  As previously cited from the motion requesting Court approval [Docket No. 450], “On November 2,…