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Case 1:20-bk-12043 Doc 3 Filed 07/22/20 Entered 07/22/20 17:38:25 Desc Main <br /> Document Page 17 of 42 <br /> paid a fee of $100,000 per month, payable monthly in advance during the term of his <br /> engagement. <br /> 35. The Debtors also engaged Evercore Group L.L.C. ("Evercore") to provide <br /> investment banking services to the Debtors including, but not limited to, contacting interested <br /> parties to explore possible sale or sales of the Debtors' assets.3 Evercore engaged in an extensive <br /> marketing process prior to the Petition Date. The Debtors eventually received a stalking horse <br /> bid from their prepetition lenders for substantially all of the Debtors' assets. The stalking horse <br /> bid is in conjunction with a chapter 1 I bankruptcy where the prepetition lenders are providing <br /> debtor-in-possession financing. After an extensive and deliberate process taking into account the <br /> many challenges the Debtors face and the benefit of the stalking horse bid provided by their <br /> prepetition lenders, the Debtors have determined in their business judgment that the <br /> commencement of these chapter 1 I cases is the best course of action to preserve and maximize <br /> liquidity and value for their stakeholders. <br /> III. First Day Motions and Applications' <br /> 36. Concurrently with the filing of the chapter 1 I cases, the Debtors filed the First <br /> Day Motions and Applications requesting various forms of relief. Generally, the First Day <br /> Motions and Applications have been designated to meet the goals of: (a) preserving and <br /> protecting the Debtors' chapter 11 estates, including by paying certain claims of employees, <br /> essential suppliers, lienholders and vendors; (b) obtaining necessary debtor in possession <br /> financing to provide the Debtors' estates with sufficient liquidity to operate; and (c) establishing <br /> procedures for the smooth and efficient functioning of the Debtors' estates. I believe that the <br /> 3 Energy Ventures Analysis, Inc.replaced Evercore on approximately July 17,2020,and Energy Ventures Analysis, <br /> Inc. will provide financial advisory services in connection with the Debtors' proposed sale process. <br /> a In this Section III,capitalized terms used herein but undefined shall have the meanings ascribed to them in the First <br /> Day Motions or Applications,as applicable. <br /> 17 <br />