March 13, 2019 – The Debtors filed a Plan and a related Disclosure Statement [Docket Nos. 165 and 166]. This is an unusual Plan in that the Debtors insist that there are no impaired classes (although the Debtors' existing secured lenders ("LNV," with whom they are currently entangled in an adversary proceeding) might disagree with…

March 8, 2019 – The Debtors’ Official Committee of Tort Claimants (the “Committee”) objected to the Debtors’ proposed debtor-in-possession (“DIP”) financing motion [Docket No. 23]. The objection [Docket No. 800] states, “The Debtors and the DIP Lenders propose financing terms that may constitute 'market' terms on Wall Street or in a standard business bankruptcy case,…

March 8, 2019 – Each of (i) McKinsey Recovery and Transformtion Services ("McKinsey") and (ii) Mar-Bow Value Partners, LLC and Jay Alix (collectively, "Mar-Bow") have responded to the "Mediator's Notice" [Docket No. 1406] filed by the Court appointed mediator, Judge Marvin Isgur on February 19, 2019. The Mediator's Notice updated the bankruptcy Court on mediation…

March 6, 2019 – The Debtors filed (i) a Joint Chapter 11 Plan, (ii) a related Disclosure Statement and (iii) a scheduling motion [Docket Nos. 145,146 and 147, respectively]. Plan Summary The Disclosure Statement provides the following summary of the Plan, "In December 2018, the Company began in earnest negotiating with groups of holders of…

March 5, 2019 – The Debtors notified [Docket No. 294] the Court that further to an existing bidding procedures order [Docket No. 199], the Debtors had selected SB360 Capital Partner, LLC (“SB360”) as the successful bidder in an auction of the Debtors’ inventory assets held on March 5, 2019. SB360 outbid a joint venture composed…

March 5, 2019 − Quinn Emanuel Urquhart & Sullivan has added restructuring partners Patricia (“Patty”) Tomasco to its Houston office and Deborah Newman to it New York office. Ms. Tomasco, who joins from Jackson Walker’s Houston office, has more than 30 years’ experience solving corporate insolvency problems. She focuses on workouts, distressed acquisitions and corporate…

March 5, 2019 – The Debtors’ Official Committee of Unsecured Creditors (the “Creditors Committee”) objected to the Debtors’ motion for (i) the appointment of an independent director (the “Investigation Motion”) and (ii) the retention of Kirkland & Ellis as counsel to the independent director [Docket No. 498]. The Debtors’ Official Committee of Equity Security Holders…