Search Results for: "Creditor"
American Heritage Billiards, a leading seller and distributor of billiard tables, is selling off inventory and IP in a receivership sale on October 14, 2020.
[Editor’s Note: This article was originally published on LinkedIn on September 20, 2020.] There has been a significant uptick in the number of articles appearing in mainstream media (e.g. newspapers) about the wave of bankruptcies that has already started to appear. One article (linked here), authored by Matt Egan for CNN Business and published about a week ago, caught my particular attention. It is well-written but there were a few things about it that were wrong or, at least, not entirely right. And, so here I am with my thoughts… In […]
How Unique Issues in Healthcare Restructuring Set It Apart from Corporate Restructuring Over the past decade, arguably no industry experienced such dramatic regulatory change or consistent legislative uncertainty as healthcare. Today, continued efforts to repeal, defund, replace, or amend the Affordable Care Act—coupled with rising pharmaceutical costs, increased competition, massive capital investment expenses, etc.—virtually assure a challenging economic environment for healthcare companies for years to come. However, given the stakes involved—and the unfortunate fact that healthcare restructuring provides little time for “on the job training”—practitioners must enter such engagements […]
August 25, 2020 – In an unusual twist to an unusual asset sale process, the Court hearing the Northwest Company cases approved the $31.46mn sale of the Debtors’ assets to Ashford Textiles, LLC and Ashford Partners, LLC (together, “Ashford” or “Purchaser”) [Docket No. 301]. The asset purchase agreement (the “APA”) governing terms of the sale is attached to the order as Exhibit 1. On August 7th, the Debtors named Ashford as the back-up bidder, with Cathay Home, Inc. (“Cathay”) named as the successful bidder, notwithstanding that the Cathay bid was […]
Two Decisions that Clarify “Receipt” of Goods in Administrative Expense Claims Section 503(b)(9) of the Bankruptcy Code1 allows a creditor an administrative expense claim (i.e., a claim with payment priority over other pre-bankruptcy claims) for the value of goods that the debtor “received” within 20 days before filing for bankruptcy. But what precisely does “received” mean in this context? Suppose the parties agree that shipments will be free on board (“FOB”) at the origin, or the shipping point. Then, the buyer files for bankruptcy. Does the seller have an […]
Chilled Credit Bidding and the Section 363 Sale Section 363(k) of the Bankruptcy Code (the “Code”) allows a secured creditor to bid at a section 363 sale and use the amount of their claim to offset the purchase price at the sale, called “credit bidding.” A court may limit this right “for cause.” The “for cause” standard is not defined in the Code, and disagreement exists as to what constitutes “for cause.” Traditional bases for limiting credit bidding include challenges related to the lien itself, failure to correctly assert the […]
The ABCs of ABCs, Business Bankruptcy, & Corporate Restructuring/Insolvency This installment of our series is required reading for the next, which attempts the audacious task of describing a “typical” chapter 11. And if you didn’t get it, the title of this installment, “Chapter 11—If You’ve Seen One, You’ve Seen Them All,” is intended to be sarcastic. That said… The Predictability of Chapter 11 and Likely Outcomes When a company files chapter 11, its experience will bear some resemblance to every chapter 11 that came before. We’re not saying anything momentous […]
The Complexity of Student Loan Debt in Bankruptcy… Demystified Student loan debt has hit a record $1.6 trillion. This number is staggering on its own, but as millions of Americans lose their jobs and source of income during the COVID-19 pandemic, student loan borrowers have to look at their options for repayment. The U.S. government is allowing borrowers to suspend all federal loan principal and interest payments until September 30, 2020, but this still leaves many private loan borrowers at the hands of their lenders. For those experiencing extreme financial […]
NOTICE OF PUBLIC SALE BY ASSIGNEE FOR THE BENEFIT OF CREDITORS OF ARLINGTON PLATING COMPANY SALE OF ASSETS: Notice is hereby given that on Tuesday, June 23, 2020 at 2:00 pm, CST (the “Date of Sale”), at the offices of Rally Capital Services, LLC, 350 North LaSalle St, Suite 1100, Chicago, IL 60654, Howard B. Samuels, not individually, but solely as Assignee for the Benefit of Creditors (the “Assignee”) of Arlington Plating Company (“Company”), shall hold a public auction (“Auction”) in accordance with applicable Illinois law (the “Sale”) to offer for sale (i) substantially all assets used in connection with the operation of the Company’s business of providing anodizing finishes on aluminum, magnesium, steel and stainless steel, as well as copper alloys and zinc die cast surfaces (the “Business”) and (ii) the interest of Chicago Title Trust No. 8002383358 in and to the real property, land, improvements, fixtures (the “Real […]
PUBLIC NOTICE OF ASSET SALE: Lake Street Landscape Supply, LLC – June 2nd-12th Matthew Brash of Newpoint Advisors Corporation, not individually, but solely as assignee (“Assignee”) for the benefit of creditors of Lake Street Landscape Supply, LLC (“Lake Street”), a sustainable landscape materials, supplies, tools and machinery company, announces the public sale of Lake Street’s assets (“Assets”). 1. Dates and Location of Sale. The Assets will be sold at Lake Street (1810 W. Lake Street, Chicago, Illinois 60612) June 2, 2020-June 12, 2020 (8am-1pm) or by appointment only. 2. More info about the Assets. The Assets include all of the Assignee’s right, title and interest in and to all of its assets whether tangible or intangible, real or personal or mixed, owned or leased (including indirect and other forms of benefit interest) wherever located and by whomever possessed including but not limited to: Landscaping materials Landscaping tools Landscaping machinery Specialty […]