Debtor in possession

NanoString Takes Steps to Restructure Its Business and Protect Its Mission to Map the Universe of Biology

Retrieved on: 
Monday, February 5, 2024
Health, Genetics, Other Science, Research, Science, Biotechnology, Universe, Genomics, File, Patent, European, DSP, Debtor in possession, SMI, United States bankruptcy court, AlixPartners, DIP, Sale, LLP, Willkie Farr & Gallagher, Workforce, Bankruptcy

“NanoString has powerful product platforms, strong relationships with our customers throughout the scientific community, an enviable workforce, and conviction in the integrity of our innovation process.

Key Points: 
  • “NanoString has powerful product platforms, strong relationships with our customers throughout the scientific community, an enviable workforce, and conviction in the integrity of our innovation process.
  • NanoString is currently the primary target of an extensive litigation campaign being conducted by 10x Genomics, Inc. (10x).
  • In one case, 10x acquired patents from a defunct company for the apparent purpose of generating litigation with NanoString.
  • Explore strategic alternatives including a potential sale of all or part of the Company’s business to new owners who will continue the Company’s mission.

Oramed Announces $101,875,000 Short-Term Senior Secured Note Transaction with Scilex Holding Company

Retrieved on: 
Thursday, September 21, 2023
Bankruptcy, Senior, Debtor in possession, Note, DIP, Sale, Hearing, TASE, United States bankruptcy court, Security (finance), Oramed

NEW YORK, Sept. 21, 2023 /PRNewswire/ -- Oramed Pharmaceuticals Inc. (Nasdaq: ORMP) (TASE:ORMP) today announced that on September 21, 2023, Oramed and Scilex Holding Company ("Scilex") entered into a Securities Purchase Agreement pursuant to which Scilex issued a Senior Secured Promissory Note (the "Note") to Oramed.

Key Points: 
  • NEW YORK, Sept. 21, 2023 /PRNewswire/ -- Oramed Pharmaceuticals Inc. (Nasdaq: ORMP) (TASE:ORMP) today announced that on September 21, 2023, Oramed and Scilex Holding Company ("Scilex") entered into a Securities Purchase Agreement pursuant to which Scilex issued a Senior Secured Promissory Note (the "Note") to Oramed.
  • The Note is the culmination of Scilex's assumption of Sorrento Therapeutics Inc.'s ("Sorrento") approximately $100 million senior secured Debtor In Possession ("DIP") term loan facility with Oramed.
  • Oramed previously announced the execution of term sheets relating to the Note on September 13, 2023.
  • "We believe that this Senior Secured Note, along with the warrant package, is a favorable outcome to Oramed while also supporting Scilex in executing on its growth opportunities."

Frontier Communications Announces $1.8 Billion First Lien Secured Notes Offering and $1.0 Billion Second Lien Secured Notes Offering

Retrieved on: 
Thursday, November 19, 2020
Technology, Networks, Telecommunications, Money, Finance, Economy, Property law, Business law, Bankruptcy, United States bankruptcy law, Lien, Debt, Second lien loan, Frontier Airlines, Debtor in possession

Frontier Communications Corporation (OTC: FTRCQ) (Frontier Communications) announced today that it intends to offer $1.8 billion aggregate principal amount of First Lien Secured Notes due 2028 (the First Lien Secured Notes) and $1.0 billion aggregate principal amount of Second Lien Secured Notes due 2029 (the Second Lien Secured Notes and, together with the First Lien Secured Notes, the Notes) in a private transaction.

Key Points: 
  • Frontier Communications Corporation (OTC: FTRCQ) (Frontier Communications) announced today that it intends to offer $1.8 billion aggregate principal amount of First Lien Secured Notes due 2028 (the First Lien Secured Notes) and $1.0 billion aggregate principal amount of Second Lien Secured Notes due 2029 (the Second Lien Secured Notes and, together with the First Lien Secured Notes, the Notes) in a private transaction.
  • On August 27, 2020, the Bankruptcy Court confirmed Frontier Communications plan of reorganization (the Plan) for the resolution of the outstanding claims against and interests in Frontier Communications pursuant to section 1121(a) of the Bankruptcy Code.
  • On September 17, 2020, the Bankruptcy Court issued a final order authorizing Frontier Communications to obtain debtor-in-possession financing, including approval for this offering.
  • Frontier Communications has no obligation to update or revise these forward-looking statements and does not undertake to do so.

Hertz Global Holdings Secures A $4 Billion Commitment For Fleet Financing To Support A Refreshed And Robust Vehicle Fleet

Retrieved on: 
Thursday, November 5, 2020
OpenTravel Alliance, Park Ridge, New Jersey, Ford Motor Company, Lee County, Florida, The Hertz Corporation, Investment, Finance, Financial markets, Debtor in possession, Hertz Car Sales, Dollar Thrifty Automotive Group

Upon approval, and together with the up to $1 billion of Hertz's debtor-in-possession financing that may be used for equity in the fleet financing subsidiary, Hertz will have access to up to $5 billion in total funding to support its fleet financing needs.

Key Points: 
  • Upon approval, and together with the up to $1 billion of Hertz's debtor-in-possession financing that may be used for equity in the fleet financing subsidiary, Hertz will have access to up to $5 billion in total funding to support its fleet financing needs.
  • Hertz plans to refresh its rental car fleet in 2021 and anticipates the purchase of approximately 229,000 vehicles.
  • To execute that plan, Hertz will create a newly-formed special purpose entity that will be a direct wholly-owned subsidiary of The Hertz Corporation.
  • The Hertz Corporation is one of the largest worldwide vehicle rental companies, and the Hertz brand is one of the most recognized globally.

Franchise Group, Inc. to Acquire FFO Home

Retrieved on: 
Thursday, November 5, 2020
Franchise Group, Franchises, American Freight, Franchising, Debtor in possession, FFO, Companies, Service companies

In addition, Franchise Group is providing FFO with a debtor-in-possession loan as part of its bankruptcy proceedings.

Key Points: 
  • In addition, Franchise Group is providing FFO with a debtor-in-possession loan as part of its bankruptcy proceedings.
  • The Transaction is expected to close by the end of 2020 at which time Franchise Group plans to merge and rebrand the FFO stores with its American Freight business.
  • Brian Kahn, CEO of Franchise Group stated, FFO provides us a great opportunity to expand our store footprint and growth at American Freight.
  • With the support of Franchise Group, we are asking the court to approve the sale agreement, said FFO Home CEO, Hank Mullany.

Frontier Communications Announces $1.150 Billion First Lien Secured Notes Offering

Retrieved on: 
Monday, September 28, 2020
Technology, VoIP, Audio, Video, Telecommunications, Mobile, Wireless, Networks, Internet, Property law, Business law, United States bankruptcy law, Law, Articles, Lien, Debtor in possession, Common law, Bankruptcy, Frontier Airlines, Bankruptcy in the United States, Automatic stay

Frontier Communications Corporation (OTC: FTRCQ) (Frontier Communications) announced today that it intends to offer $1.150 billion aggregate principal amount of First Lien Secured Notes due 2027 (the First Lien Secured Notes) in a private transaction.

Key Points: 
  • Frontier Communications Corporation (OTC: FTRCQ) (Frontier Communications) announced today that it intends to offer $1.150 billion aggregate principal amount of First Lien Secured Notes due 2027 (the First Lien Secured Notes) in a private transaction.
  • The offering of First Lien Secured Notes is subject to market and other conditions.
  • On August 21, 2020, the Bankruptcy Court confirmed Frontier Communications plan of reorganization (the Plan) for the resolution of the outstanding claims against and interests in Frontier Communications pursuant to section 1121(a) of the Bankruptcy Code.
  • On September 17, 2020, the Bankruptcy Court issued a final order authorizing Frontier Communications to obtain debtor-in-possession financing, including approval for this offering.

IT’SUGAR, a subsidiary of BBX Capital Corporation and BBX Capital Florida LLC, has Filed for Chapter 11 Bankruptcy Protection

Retrieved on: 
Wednesday, September 23, 2020
Other Professional Services, Restaurant, Bar, Other Retail, Finance, Specialty, Professional services, Food, Beverage, Retail, BBX Capital Corporation, Title 11 of the United States Code, United States bankruptcy law, BBX, Bankruptcy in the United States, Chapter 11, Title 11, United States Code, Bankruptcy, Debtor in possession, Ion Media, Companies, Finance

BBX Capital Corporation (NYSE: BBX)(OTCQX: BBXTB) (Parent) and its subsidiary, BBX Capital Florida LLC (New BBX Capital), announced today that their subsidiary, ITSUGAR LLC and its subsidiaries (ITSUGAR), has filed voluntary petitions under Chapter 11 of Title 11 of the U.S. Code (the Bankruptcy Code).

Key Points: 
  • BBX Capital Corporation (NYSE: BBX)(OTCQX: BBXTB) (Parent) and its subsidiary, BBX Capital Florida LLC (New BBX Capital), announced today that their subsidiary, ITSUGAR LLC and its subsidiaries (ITSUGAR), has filed voluntary petitions under Chapter 11 of Title 11 of the U.S. Code (the Bankruptcy Code).
  • The Chapter 11 filings were made in the U.S. Bankruptcy Court for the Southern District of Florida (the Bankruptcy Court).
  • Subject to Bankruptcy Court approval, a subsidiary of New BBX Capital will provide debtor-in-possession (DIP) financing to ITSUGAR under the protections of the Bankruptcy Code.
  • About BBX Capital Corporation: BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB) is a Florida-based diversified holding company.

Chesapeake Energy Corporation's "First-Day Motions" Approved By Court

Retrieved on: 
Tuesday, June 30, 2020
United States bankruptcy law, Title 11 of the United States Code, Chapter 11, Title 11, United States Code, Debtor-in-possession financing, Debtor in possession, Dip, Ion Media, Economy, Business

Chesapeake intends to use the proceedings to strengthen its balance sheet and restructure its legacy contractual obligations to achieve a more sustainable capital structure.

Key Points: 
  • Chesapeake intends to use the proceedings to strengthen its balance sheet and restructure its legacy contractual obligations to achieve a more sustainable capital structure.
  • Chesapeake will operate in the ordinary course during the Chapter 11 process.
  • The Court has also approved, on an interim basis, the Company's $925 million in debtor-in-possession ("DIP") financing, which Chesapeake has secured from certain lenders under its revolving credit facility.
  • The DIP financing will provide Chesapeake the capital necessary to fund its operations during the Court-supervised Chapter 11 reorganization proceedings.

Pier 1 Intends to Pursue Orderly Wind‑Down of Business Operations

Retrieved on: 
Tuesday, May 19, 2020
Online Retail, Home Goods, Retail, Business law, United States bankruptcy law, Bankruptcy, Insolvency, Dip, Closing, Debtor in possession, Liquidation, Law

As part of the wind-down, the Company intends to sell its inventory and remaining assets, including its intellectual property and e-commerce business, through the court-supervised process.

Key Points: 
  • As part of the wind-down, the Company intends to sell its inventory and remaining assets, including its intellectual property and e-commerce business, through the court-supervised process.
  • This decision follows months of working to identify a buyer who would continue to operate our business going forward.
  • Pier 1 intends to initiate store closing efforts and liquidation sales once store locations can reopen, in compliance with COVID-19 guidelines from local government and health officials.
  • The Companys debtor-in-possession (DIP) lenders have agreed to allow Pier 1 to overdraw the DIP facility by approximately $40 million to support the Companys continued operations through the wind-down period.

 JCPenney to Reduce Debt and Strengthen Financial Position Through Restructuring Support Agreement

Retrieved on: 
Friday, May 15, 2020
Fashion, Online Retail, Cosmetics, Retail, Luxury, Department Stores, Specialty, United States bankruptcy law, J. C. Penney, Debtor in possession, Economy of the United States, Retailers, Retailing

JCPenney has approximately $500 million in cash on hand as of the Chapter 11 filing date.

Key Points: 
  • JCPenney has approximately $500 million in cash on hand as of the Chapter 11 filing date.
  • JCPenney has received commitments for $900 million in debtor-in-possession (DIP) financing from its existing first lien lenders, which includes $450 million of new money.
  • Implementing the financial restructuring will allow JCPenney to accelerate its store optimization strategy.
  • As part of its ongoing transformation, JCPenney will reduce its store footprint to better align its business with the current operating environment.