Unsecured creditor

Celsius to Transition to Mining-Only NewCo following Bankruptcy Court’s Confirmation of Plan

Retrieved on: 
Tuesday, November 21, 2023
Finance, Cryptocurrency, Blockchain, Professional Services, Technology, Celsius Network, Bitcoin, Alvarez and Marsal, United States bankruptcy court, Disclosure, Security (finance), Mining, LLP, Kirkland & Ellis, Perella Weinberg Partners, Unsecured creditor, White & Case, Centerview Partners, Committee, Debtor, Bankruptcy, Fahrenheit, Plan, Celsius

On November 9, 2023, the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) confirmed Celsius Network LLC’s (“Celsius” and together with its debtor affiliates, the “Debtors”) chapter 11 plan (the “Plan”).

Key Points: 
  • On November 9, 2023, the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) confirmed Celsius Network LLC’s (“Celsius” and together with its debtor affiliates, the “Debtors”) chapter 11 plan (the “Plan”).
  • This was the core business of the new company that was proposed to be created with Fahrenheit, LLC that was described in the Plan (the “Fahrenheit NewCo”).
  • Celsius is in discussions with certain parties regarding the terms and conditions of the future management of the Mining NewCo.
  • In the coming weeks, the Debtors intend to file a motion with the Bankruptcy Court to approve modifications to the Plan to reflect the new Mining NewCo transaction.

Western Global Airlines Successfully Completes Financial Restructuring

Retrieved on: 
Monday, December 4, 2023
WGA, United States bankruptcy court, DIP, Weil, Gotshal & Manges, MD-11, Workforce, Unsecured creditor, Airport, FTI Consulting, Aircraft, Plan, Hearing, Court, Bankruptcy, Face, Boeing 747-400, Airline, Security (finance), Western Global Airlines

ESTERO, Fla., Dec. 4, 2023 /PRNewswire/ -- Western Global Airlines ("WGA" or the "Company"), a US FAA 121 certified long-haul wide-body cargo airline with worldwide coverage, announced today that the Company has successfully completed its comprehensive financial restructuring. The Company's Plan of Reorganization (the "Plan") was confirmed by the U.S. Bankruptcy Court for the District of Delaware after receiving overwhelming support by all voting classes of creditors and the unanimous support of the Official Committee of Unsecured Creditors. Under the Plan, WGA has materially reduced its debt by more than $460 million and infused significant new capital into the Company, while preserving its seasoned workforce and long-term relationships with customers and suppliers. 

Key Points: 
  • ESTERO, Fla., Dec. 4, 2023 /PRNewswire/ -- Western Global Airlines ("WGA" or the "Company"), a US FAA 121 certified long-haul wide-body cargo airline with worldwide coverage, announced today that the Company has successfully completed its comprehensive financial restructuring.
  • "As the Founder and CEO of Western Global Airlines, my top priority has always been to preserve the long-term viability of our Company and protect our people.
  • I look forward to sharing the Company's successes with our loyal employees and for Western Global to continue to serve as a critical partner for our customers.
  • For more information about Western Global Airlines' Chapter 11 case, including terms of the transactions consummated in connection with the Company's emergence, please visit https://cases.stretto.com/WGA or call the Company's hotline at 844.500.8484 (for toll-free U.S. and Canada calls) or 949.522.9797 (for tolled international calls).

THE DIOCESE OF ROCKVILLE CENTRE FILES FIRST AMENDED PLAN OF REORGANIZATION AS ROADMAP TO EMERGENCE

Retrieved on: 
Tuesday, November 28, 2023
United States bankruptcy court, Disclosure, Arrowood station, Motion, Substance abuse, Risk, Unsecured creditor, Catholic Church, State court, Insurance, Calendar, Rockville Centre, New York, Uncertainty, Committee, Food security, Housing, Survivor, Lawyer, Mental health, Plan, Bankruptcy, Education, Life insurance, Diocese

ROCKVILLE CENTRE, N.Y., Nov. 28, 2023 /PRNewswire/ -- The Diocese of Rockville Centre ( www.drvc.org ) (the "Diocese") filed its Amended Plan and Disclosure Statement today, offering a total of $200 million in compensation as its best and final proposal for settling with survivors of abuse.

Key Points: 
  • ROCKVILLE CENTRE, N.Y., Nov. 28, 2023 /PRNewswire/ -- The Diocese of Rockville Centre ( www.drvc.org ) (the "Diocese") filed its Amended Plan and Disclosure Statement today, offering a total of $200 million in compensation as its best and final proposal for settling with survivors of abuse.
  • Under the Plan, the $200 million settlement fund includes a Diocese contribution of $50 million and a contribution of $150 million from parishes, co-insured parties, and other Catholic ministries.
  • In addition, the Diocese and all affiliate parties are contributing the value of their substantial rights against third-party insurance companies as part of the Plan.
  • The Plan offers an immediate minimum cash payment of $100,000 to each claimant with a lawsuit against a non-debtor contributor.

Katten Boosts New York Insolvency and Restructuring Team with Addition of Lucy Kweskin

Retrieved on: 
Wednesday, November 15, 2023
American Bankruptcy Institute, Columbia Law School, Unsecured creditor, Government, Insolvency, Mayer Brown, Sam Kweskin, Intellectual property, Financial services, Security (finance)

NEW YORK, Nov. 15, 2023 /PRNewswire/ -- Katten announced today that Lucy F. Kweskin has joined the firm as a partner in the Insolvency and Restructuring practice in New York.

Key Points: 
  • NEW YORK, Nov. 15, 2023 /PRNewswire/ -- Katten announced today that Lucy F. Kweskin has joined the firm as a partner in the Insolvency and Restructuring practice in New York.
  • "She is a creative and hard-working restructuring partner who exemplifies the best of legal talent and provides outstanding client service, which the Katten team strives to excel at for all clients."
  • Most recently, Kweskin served as a global restructuring partner at Mayer Brown, where she excelled representing firm clients in all aspects of corporate restructuring matters.
  • "Katten is extremely proud and excited to have Lucy join its growing and strong Insolvency and Restructuring practice," said Reisman.

Entwistle & Cappucci LLP Announces Settlement of Customer Property Dispute with the FTX Debtors

Retrieved on: 
Tuesday, October 17, 2023
Professional Services, Residential Building & Real Estate, Commercial Building & Real Estate, Legal, Construction & Property, Government, FTX, Bankruptcy, Fraud, KYC, Unsecured creditor, Title 11 of the United States Code, UCC, Settlement, Digital marketing, Official Committee of Equity Security Holders, Ad Hoc Committee on the Palestinian Question, United States bankruptcy court, 2nd Central Executive Committee of the Chinese Communist Party, Release, United States Bankruptcy Court for the Eastern and Western Districts of Arkansas, Executive Committee, Justice, 2017–2018 Department of Justice metadata seizures, Cryptocurrency, Customer, Debtor, Entwistle

Entwistle & Cappucci LLP today announced the settlement of that portion of its Customer Class Action that raised Customer property claims against FTX Trading Ltd. (d.b.a.

Key Points: 
  • Entwistle & Cappucci LLP today announced the settlement of that portion of its Customer Class Action that raised Customer property claims against FTX Trading Ltd. (d.b.a.
  • FTX.com), and its affiliated debtors (together, the “FTX Debtors”), as part of the proposed settlement of Customer property disputes in the pending FTX chapter 11 cases (the “Customer Shortfall Settlement”).
  • The Customer Shortfall Settlement resolves, among other things, Customer property litigation filed against the FTX Debtors by Entwistle & Cappucci LLP as part of a broader adversary Customer Class Action filed in the Bankruptcy Court against the Debtors and various individual defendants, including Sam Bankman-Fried and other insiders.
  • The Customer Shortfall Settlement resolves the dispute by providing Customers a claim against the FTX Debtors that, although unsecured, has an equitable priority to certain property segregated at or taken from the exchanges.

Celsius Disclosure Statement Approved by Court

Retrieved on: 
Thursday, August 17, 2023
Professional Services, Other Professional Services, Blockchain, Technology, Cryptocurrency, Finance, Asset Management, Celsius Network, Centerview Partners, LLP, Interim, Bankruptcy, Stretto, Plan, Kirkland & Ellis, Chapter 11, Title 11, United States Code, Eastern Time Zone, Celsius, Standardized Natural Hazards Disclosure Statement, Committee, Official Committee of Equity Security Holders, Perella Weinberg Partners, White & Case, Wind, United States bankruptcy court, BRIC, Willkie Farr & Gallagher, Alvarez and Marsal, Court, Disclosure, Unsecured creditor, Security (finance), Fahrenheit, NewCo

Celsius Network LLC (“Celsius” or the “Company”) announced today that its Disclosure Statement was approved by the United States Bankruptcy Court for the Southern District of New York (“the Court”).

Key Points: 
  • Celsius Network LLC (“Celsius” or the “Company”) announced today that its Disclosure Statement was approved by the United States Bankruptcy Court for the Southern District of New York (“the Court”).
  • The Solicitation Package will include Celsius’ Disclosure Statement and Plan, detailed voting instructions, and additional important information.
  • Celsius encourages customers to read the Disclosure Statement in full to learn more about the Plan.
  • The full terms of the Plan and Disclosure Statement, as well as additional information about the Chapter 11 filing, including Court documents, can be found online free of charge at https://cases.stretto.com/celsius .

iMedia Brands Completes Successful Transaction for Asset Sale to IV Media, LLC

Retrieved on: 
Wednesday, August 16, 2023
Communications, Media, Sale, LLP, Bankruptcy, Partnership, Huron Consulting Group, IV, Hearing, Manufacturing execution system, PLLC, Communication, Official Committee of Equity Security Holders, Ropes & Gray, OTC, United States bankruptcy court, Unsecured creditor, Christopher & Banks

Global media company iMedia Brands, Inc. (the “Company” or “iMedia”) (OTC: IMBIQ) today announced that it has successfully closed its Asset and Equity Purchase Agreement (“AEPA”) with IV Media, LLC (“IV Media”), a subsidiary of Innovation Ventures, LLC, the producer and distributor of 5-hour ENERGY® shots.

Key Points: 
  • Global media company iMedia Brands, Inc. (the “Company” or “iMedia”) (OTC: IMBIQ) today announced that it has successfully closed its Asset and Equity Purchase Agreement (“AEPA”) with IV Media, LLC (“IV Media”), a subsidiary of Innovation Ventures, LLC, the producer and distributor of 5-hour ENERGY® shots.
  • Through the AEPA, IV Media has acquired substantially all assets of iMedia Brands on a going-concern basis, including its ShopHQ Networks, 1-2-3.tv, iMDS, J.W.
  • “On behalf of iMedia, I am pleased to announce the purchase of iMedia’s operating assets by IV Media,” said James Alt, Chief Transformation Officer, iMedia.
  • With IV Media’s partnership, iMedia will continue delivering customers the diverse range of brands they desire through captivating content.

BlockFi’s Disclosure Statement Conditionally Approved by Court

Retrieved on: 
Thursday, August 3, 2023
Blockchain, Cryptocurrency, Baby Boomers, Finance, Professional Services, Technology, Consumer, Digital Cash Management, Digital Assets, Moelis & Company, BIA, Bankruptcy, Plan, Haynes, Failure, Creditor, Kirkland & Ellis, FTX, BlockFi, Eastern Time Zone, BPC, Official Committee of Equity Security Holders, Wind, United States bankruptcy court, Title 11 of the United States Code, Kroll, Convenience, Standardized Natural Hazards Disclosure Statement, Unsecured creditor, Disclosure, Berkeley Research Group, Solicitation, Security (finance), Wallet

BlockFi Inc. and certain of its affiliates (“BlockFi” or “the Company”) today announce that its Disclosure Statement was conditionally approved by the United States Bankruptcy Court for the District of New Jersey (“the Court”) on August 2, 2023.

Key Points: 
  • BlockFi Inc. and certain of its affiliates (“BlockFi” or “the Company”) today announce that its Disclosure Statement was conditionally approved by the United States Bankruptcy Court for the District of New Jersey (“the Court”) on August 2, 2023.
  • BlockFi’s Chapter 11 Plan (“Plan”) maximizes recovery for clients and provides for the quickest possible distributions to clients.
  • BlockFi’s eligible creditors have the opportunity to vote in favor of the Plan and will receive BlockFi’s Disclosure Statement and Plan, detailed voting instructions, and additional important information.
  • Capitalized terms used that are not otherwise defined herein shall have the meanings given to them in the Plan and Disclosure Statement.

Surgalign Successfully Completes Auction and Names Successful Bidders For Asset Sales

Retrieved on: 
Friday, July 28, 2023
LLP, Bankruptcy, Success, Marketing, Official Committee of Equity Security Holders, White & Case, United States bankruptcy court, Sale, Interest, Title 11 of the United States Code, Kroll, OTC, Unsecured creditor, Auction, Financial adviser

The Official Committee of Unsecured Creditors participated in the auction as a consultation party.

Key Points: 
  • The Official Committee of Unsecured Creditors participated in the auction as a consultation party.
  • In addition, Augmedics’s bid for the digital health assets consists of a cash purchase price of $900,000 and the assumption of certain liabilities, as set forth in the asset purchase agreement.
  • The Successful Bidders and the Company will work to close the transactions promptly following approval of the sales by the Bankruptcy Court.
  • Additional information about Surgalign’s chapter 11 proceedings is available through the Company’s claims agent Kroll Restructuring Administration LLC (“Kroll”).

Sorrento Announces Launch of Voluntary Offering to Dividend Short Holders with Deadline to Participate by July 27, 2023

Retrieved on: 
Friday, July 21, 2023
Bankruptcy, United States bankruptcy court, Therapy, FedEx, Official Committee of Equity Security Holders, Infection, Cancer, Equity, Electric Bond and Share Company v. Securities and Exchange Commission, Sale, Prospectus, Title 11 of the United States Code, SAN, Offering, Order, OTC, Form, Security (finance), Unsecured creditor

Dividend Short Holders may elect to participate in the Offering.

Key Points: 
  • Dividend Short Holders may elect to participate in the Offering.
  • Participants in the Offering may receive a release for any claims and causes of action that Sorrento or Scilex may have relating to naked or otherwise impermissible short-selling.
  • The deadline to participate in the Offering is July 27, 2023, subject to any extensions granted by Sorrento following consultation with the Equity Committee.
  • The Offering of the Restricted Scilex Stock by Sorrento would be made pursuant to a Registration Statement on Form S-1 (Registration No.