The bankruptcy of another substantial automotive supplier (the fifth in 2009) came with no first day motions that might help the supplier base. However, General Motors Corporation, Ford Motor Company and Chrysler, LLC once more have stepped up with DIP financing to keep a supplier operating while the parts are resourced.
There were a large number of first day motions, but they did not include any motions with respect to critical vendor payments. The Michigan bankruptcy courts have not embraced such motions; in stark contrast to the willingness of the Delaware bankruptcy courts to grant such motions without blinking.
The first day motions included a motion to authorize DIP financing in the form of a $9,690,000 revolving line of credit from GM, Ford and Chrysler. DIP financing from automakers at one point was big news. Now it is old hat. Automotive parts suppliers Fluid Routing Solutions, Cadence Innovation and Contech all received DIP financing from one or more automakers.
The following is a complete listing of the first day motions filed:
- Debtors’ First Day Motion For Order Directing Joint Administration Of Cases
- Debtors’ First Day Motion for Order Pursuant to Sections 105(A), 363(B), and 507(A) of the Bankruptcy Code Authorizing (I) Payment of Wages, Compensation, and Employee Benefits (II) Continuation of Employee Benefit Programs and (III) Financial Institutions to Honor and Process Checks and Transfers Related Thereto
- Debtors’ First Day Motion for Order Pursuant to Bankruptcy Code Sections 105(A), 363, 364 and 503(B)(1) Authorizing (I) Continued Maintenance of Existing Bank Accounts, (II) Continued Use of Existing Business Forms and (III) Continued Use of Existing Cash Management System
- Debtors’ First Day Motion for Order Pursuant to Section 521 of the Bankruptcy Code and Rule 1007(C) of the Federal Rules of Bankruptcy Procedure Extending Time to File Schedules and Statements of Financial Affairs
- Debtors’ Motion for Entry of an Order Pursuant to Sections 105(A) and 521(A) of the Bankruptcy Code, Bankruptcy Rule 1007(A), and Local Rule 1007-2 (I) Waiving the Requirement that Each Debtor File a Separate Mailing Matrix of Creditors and Equity Security Holders, (II) Authorizing the Filing of a Consolidated List of Top 30 Unsecured Creditors, and (III) Authorizing the Mailing of Initial Notices
- Debtors Motion for Entry of an Order Pursuant to Sections 105(A) and 521(A) of the Bankruptcy Code, Bankruptcy Rule 1007(A), and Local Rule 1007-2 (I) Waiving the Requirement that Each Debtor File a Separate Mailing Matrix of Creditors and Equity Security Holders, (II) Authorizing the Filing of a Consolidated List of Top 30 Unsecured Creditors, and (III) Authorizing the Mailing of Initial Notice
- Debtors’ First Day Motion to Allow Waiver of Investment and Deposit Requirements Under Sections 105 and 345 of the Bankruptcy Code
- Emergency First Day Motion of the Debtors Pursuant to Sections 105(A), 361, 362, 363, 364, 507 and 552 of the Bankruptcy Code and Bankruptcy Rule 4001(B) for Entry of Interim and Final Orders (A) Authorizing Post-Petition Financing; (B) Authorizing Use of Cash Collateral; (C) Granting Adequate Protection; and (D) Scheduling a Final Hearing on the Motion
- Debtors’ First Day Motion for Entry of an Order Under Local Rule 9001-1 Designating Cases as “Large Bankruptcy Cases”
- Debtors’ First Day Application to Employ Foley & Lardner LLP as General Bankruptcy Counsel Pursuant to 11 U.S.C. Sections 327(A), 328(A), 329 & 1107, Rules 2014(A) & 2016(B) of the Federal Rules of Bankruptcy Procedure and Local Bankruptcy Rule 2014-1
- Debtors’ First Day Application for Order Pursuant to 28 U.S.C. §156(C) and Bankruptcy Rule 2002 Authorizing Employment and Retention of Administar Services Group LLC as Claims, Noticing, and Balloting Agent
- Debtors’ First Day Motion for Order Pursuant to Sections 366 and 105 of the Bankruptcy Code (I) Prohibiting Utilities From Altering, Refusing, or Discontinuing Service to the Debtors and (II) Establishing Certain Procedures to Determine Requests for Adequate Assurance of Payment
- Debtors’ Motion for an Order Pursuant to Bankruptcy Code Sections 102 and 105, Bankruptcy Rule 2002 and Local Rules 2002-1 and 9013-5 Establishing Certain Notice, Case Management and Administrative Procedures