Search Results for: "Creditor"
The SBA’s Views, Court Rulings and Options for Your Company You need to restructure your debt and/or deal as soon as possible with assertive creditors. You want to preserve your company, and you would benefit (or already have benefited) from Paycheck Protection Program (PPP) funds as a bridge. What do you do? Can you risk Chapter 11? Are PPP loans for Chapter 11 debtors available? If not, what are your options? The CARES Act – which has led to two rounds of funding thus far – has proven to be […]
When is Your Company’s Attorney-Client Communication No Longer a Secret? Imagine if every secret and strategy that you had ever shared with your attorney were laid open for the world to see. A trustee in a business bankruptcy case may well have the power to review, publish, and wield all of the debtor’s attorney-client communication, including those communications that the debtor’s principals reasonably believed were permanently encased in a fortress of secrecy. The trustee can thus gain major ammunition for claims against insiders, business partners, vendors, attorneys, accountants, advisors, […]
Notice of Asset Sale By order of Assignee for the Benefit of Creditors Insolvency Services Group, Inc. This nationally branded destination management company (name confidential, hereafter “DMC”) was a leading, rapidly growing, nationally branded destination services management company that planned and organized over 1,700 events, corporate meetings and excursions annually for a variety of high-profile customers including MGM, Wells Fargo, AT&T and many others. DMC has been listed as a top 25 DMC nationally by Special Events Magazine for each of the last 13 years. DMC has 16 offices across the country, consisting of both company-owned and operated and licensed affiliate offices. On Monday May 4, 2020 DMC laid off nearly all of its employees and on Friday May 8, 2020 executed a General Assignment for the benefit of creditors in favor of Insolvency Services Group, Inc.
ATLANTA (June 1, 2020) – Keen-Summit Capital Partners LLC (Keen-Summit) is pleased to announce the expansion of its presence in the Southeast with the formal addition of Jennifer Meyerowitz to Keen-Summit’s team. Ms. Meyerowitz, a senior bankruptcy, turnaround and restructuring professional, will be based in the firm’s Atlanta office. Ms. Meyerowitz brings Keen-Summit over 20 years of restructuring and bankruptcy experience. Prior to joining Keen-Summit, Ms. Meyerowitz was a managing director at Keen-Summit’s partner, Summit Investment Management (Denver). “We are so excited to have Jennifer join our group and expand our network, expertise and capabilities. Jennifer is the consummate professional,” said Harold Bordwin, Keen-Summit’s Managing Director and Co-Principal. Prior to that, Ms. Meyerowitz led the Bankruptcy and Restructuring Practice Group at Garden City Group (GCG), managing both the sales and operations teams. Before she joined GCG, Ms. Meyerowitz served in operations, business development, consulting and other leadership roles, including as […]
Considerations for Distressed Private Equity You are a PE fund manager. Your fund employs a loan-to-own strategy (also referred to as distressed private equity) to effect take-overs of target companies. You are accustomed to exerting powerful leverage in chapter 11 cases, particularly when you buy enough claims to confirm a plan or to block confirmation of a plan by other parties. For a plan to be approved consensually, each class of claims or interests must approve it. Approval by a class of claims requires a “yes” vote by a […]
Is the Jury In or Out on Chapter 11 Bankruptcy Gifts? The gifting doctrine in bankruptcy is not new and often is used to obtain creditor consensus to a debtor’s proposed exit—either through a chapter 11 plan or a Section 363 sale. Bankruptcy “gifts” typically involve a structurally senior class voluntarily giving some of its property or distribution to a structurally junior class of creditors or equity holders. Bankruptcy courts across the nation have reached differing and, at times, seemingly inconsistent decisions regarding the gifting doctrine. Some courts view […]
How You Can Use Your Personal Experience and Expertise to Formulate and Investment Thesis It’s time to take an in-depth look at distressed debt investing and how you can use your personal experience in conjunction with company valuation methods to make decisions. Most investors will want to enter the distressed investing space by relying on the expertise of various funds that focus on these types of investments. Thus, I’ll address here the constraints that an individual investor faces and how one who is determined to make his or her […]
NOTICE OF PUBLIC SALE ON MAY 13TH ASSETS OF CALUMET ABRASIVES CO., INC. 1. What is for sale? Certain items of machinery and equipment belonging to Debtor (defined below) and used in the manufacture of industrial abrasive cutting and grinding products (the “Collateral”). The Collateral includes, without limitation, molding presses, mixing equipment, testing equipment and support items. 2. Who is the Debtor? Calumet Abrasives Co., Inc., an Indiana corporation (“Debtor”). 3. Who is selling the Collateral? First Midwest Bank, an Illinois banking corporation (“Creditor”), as the holder and owner of certain credit agreements (including, but not limited to, certain business loan agreements, promissory notes, security agreements and other collateral documents) evidencing indebtedness, and securing payment thereof, owed by Debtor to Creditor. 4. When and where is the sale? The sale will be held on May 13, 2020 at 2:00 p.m. and will be conducted remotely using a call-in phone number […]
Below is a list of DailyDAC’s recent Distressed Asset Central Weekly newsletters. Opening the Kimono: Operational and Financial Reporting Obligations at the Outset of a Chapter 11 Case Sent on May 21, 2024 CRA Adds New State Directors from East to West Sent on May 14, 2024 DailyDAC, LLC Acquires National Law Forum, LLC Sent on May 7, 2024 Deciphering California Receiverships Sent on April 30, 2024 CRA Expands its Reach to Indiana and Oregon with Announcement of New State Directors Sent on April 23, 2024 My Credit Bid Capped […]
Application of Section 503(b)(1)(A) and 503(b)(9) in the Sears Chapter 11 Filing Precedent setting rulings in the Sears chapter 11 case could radically alter how vendors support companies who file for bankruptcy in the future. Historically the presumption and practice in the vast majority of bankruptcy cases has been that vendors receive priority status for goods delivered beginning not only 20 days prior to the filing, but also continuing after the filing. Bankruptcy code Section 503(b)(9) applies to goods delivered prior to the petition, and Section 503(b)(1)(A) applies afterwards. Because […]