September 24 – First NBC Bank Holding Company filed with the U.S. Bankruptcy Court a monthly operating report for July 2018 [Docket No. 457]. For the month, the Debtors reported a $62,143 net loss on zero revenue. The Debtors further reported $71,402 in professional fees and $62,143 in cash disbursements.
September 24 – First NBC Bank Holding Company filed with the U.S. Bankruptcy Court a monthly operating report for August 2018 [Docket No. 458]. For the month, the Debtors reported a $62,669 net loss on zero revenue; The Debtors further reported $96,245 in professional fees and $62,669 in cash disbursements.
September 24, 2018 – Further to the Court order issued on September 18, 2018 [Docket No. 4715] authorizing the Debtors to take those steps necessary to the disposition of certain French assets (the “France Sale Order”), Toys "R" Us filed with the Court a proposed “France Transition Services Agreement [Docket No. 4907]. The notice accompanying the proposed agreement states, “pursuant to the France Sale Order, the Debtors hereby file the proposed Transition Services Agreement between Toys “R” Us-Delaware, Inc. (‘Toys Delaware’) and [a not yet named] Purchaser, attached hereto as Exhibit A (the ‘Transition Services Agreement’) and the related proposed Escrow Agreement, attached hereto as Exhibit B (the ‘TSA Escrow Agreement)….the Ad Hoc Group of Taj Noteholders has consented to the allocation to Toys Delaware of $1 million in cash proceeds from the sale of the France Business (to be paid to Toys Delaware in connection with the closing of the sale of the France Business) in consideration for entry into the Transition Services Agreement….Pursuant to the France Sale Order, if no objections are filed with the Court before the Objection Deadline [October 1, 2018] (or any objection is consensually resolved), the Transition Services Agreement and the related TSA Escrow Agreement shall be deemed automatically approved”
September 24, 2018 – Lockwood International notified the Court of a stipulation regarding the sale of Canadian real estate [Docket No. 718]. The notice states, “Lockwood Holdings, Inc. and certain of its affiliates…and Wells Fargo Bank, N.A. (collectively, the “Parties”), hereby stipulate and agree that, notwithstanding any document executed in connection with the sales of certain real estate owned by the Debtors in Canada, the Parties agree that their relative rights and obligations are fully reserved and governed by the Court’s orders approving such sales (which appear at Docket Nos. 664 and 665), Title 11 of the U.S. Code, and applicable law.”
September 24, 2018 - Gibson Brands filed a Plan Supplement [Docket No. 812] to its Fourth Amended Joint Plan of Reorganization [Docket No. 566] which contains the following documents: (i) Exhibit A: New Exit ABL Facility Documents, (ii) Exhibit B: Amended Organizational Documents, (iii) Exhibit C: New Common Stock Agreement, (iv) Exhibit D: Reorganized Debtors’ Directors and Officers, (v) Exhibit E: Management Incentive Plan, (vi) Exhibit F: Profits Interest Anti-Dilution Provisions, (vii) Exhibit G: Notice Regarding New Exit Take-Out Facility and Prepetition Secured Noteholders’ Class 7 Treatment, (viii) Exhibit H: Rejected Executory Contract/ Unexpired Lease List and (ix) Exhibit I: Management Employment and Consulting Agreements.
Exhibit G notes, “Pursuant to Article II.C. of the Plan, at the election of the Required Lenders, the DIP Facility Claims shall be either (i) refinanced with the proceeds of the New Take Out Facility, (ii) exchanged in full for New Common Stock at a price per share equal to 80% of Plan Value, or (iii) indefeasibly paid in full through a combination of (i) and (ii). The Required Lenders have elected to exchange the DIP Facility Claims in full for New Common Stock at a price per share equal to 80% of Plan Value. Pursuant to Article III.E.(7) of the Plan, at the election of the Required Supporting Noteholders, the Holders of Gibson Holdings Claims in Class 7 on account of the Allowed Prepetition Secured Notes Claims may, prior to or after the Effective Date, waive the Prepetition Secured Noteholders’ recovery in Class 7 and instead treat such Holders’ recovery in Class 5 as being also on account of their Gibson Holdings Claims in Class 7.”