BKY Cases and Plans


July 24, 2017
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Dealing With Distress for Fun & Profit – Installment #17 – Overview (of DIP Financing and Cash Collateral Motions)

By: Michael Brandess and Luke Smith     A written tour of business bankruptcy and its alternatives. Editors’ Note:  we started this series (click here to start reading from the beginning) with a broad overview of business bankruptcy and its alternatives.  Our last few installments have focused on explaining how a creditor can, when its customer files bankruptcy, collect as much as possible on what it is owed (read about How To Protect Your Claim and about...

April 24, 2017
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90 Second Lesson: When To Request Relief From the Automatic Stay

By the Editorial staff of Commercial Bankruptcy Investor

Editors’ Note:  This is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to info@dailydac.com and we will try to answer it.    QUESTION: How do I know if I should request relief from a debtor’s automatic stay? ANSWER: At the outset of a bankruptcy case, a secured creditor, a party to litigation in another court, or any other party potentially entitled to stay relief must decide whether...

May 4, 2015
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Revel AC Files Revised Proposed Plan of Liquidation and Disclosure Statement

Breaking News Alerts from Chapter11Dockets.com


Sunday night, the company behind the failed Revel hotel/casino development in Atlantic City filed a revised proposal for its plan of liquidation and accompanying disclosure statement.  Among the changes included in Sunday's edition of the proposed disclosure statement are estimated amounts for the various classes of claims against Revel AC.  Revel estimates that there will be $43 million of allowed general unsecured claims which would result in an estimated recovery to unsecured creditors of only 3.7%....

April 17, 2015
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The Rumors of Kanye West Buying Karmaloop Have Been Greatly Exaggerated

Jon Petersen
Distressed Debt/Equities Research Team
jpetersen@dailydac.com


There has been a lot of hot air blown in the past couple of weeks regarding Kanye West and Dame Dash being interested in buying the troubled e-commerce retailer Karmaloop. The two made a series of Instagram posts where they described with some bluster how they were purchasing the company. "We just about to do some new shit, you know, stick together culturally -- take over the world and create a whole new industry and...

March 9, 2015
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RECOMMENDED READING: The Investor’s End Game in Chapter 11

From the Editorial Staff of Commercial Bankruptcy Investor


In "Restructurings and Distressed Investing,"[1] James Inness and John Houghton of Latham & Watkins explain that an investor’s return depends upon the debtor making appropriate operational, financial and corporate alterations – of course – but also upon the investor conserving its power to effect such changes (usually in concert with other constituents) according to a realistic time horizon conceived at the outset of the case. Even as substantial operational changes are executed, an investor must attend...

March 2, 2015
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The Dolan Company Files Final Report

Breaking News Alerts from Chapter11Dockets.com


The Dolan Company filed its final report with the Delaware bankruptcy court today.  The final report (a copy of which is available by clicking here) discloses the outcomes for various parties-in-interest in the company's Chapter 11 bankruptcy cases.  As a result of the terms of the prepackaged plan of reorganization that was confirmed by Bankruptcy Judge Brendan Linehan Shannon, outcomes for creditors were much better than is common in bankruptcy cases.  All creditors, other than...

January 22, 2015
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SkyMall Orders Up a Bankruptcy Filing

Breaking News Alerts from Chapter11Dockets.com


In the latest of a growing line of bankruptcy filings by companies behind well-known brands, the companies behind the SkyMall catalogs that you find on almost every domestic airline filed for Chapter 11 bankruptcy protection today in the United States Bankruptcy Court for the District of Arizona.  The related companies filing for bankruptcy protection are: SkyMall, LLC f/k/a SkyMall, Inc. Xhibit Corp. f/k/a NB Manufacturing, Inc. Xhibit Interactive, LLC f/k/a Xhibit, LLC FlyReply Corp. SHC...

December 5, 2014
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RADIO SHACK BANKRUPTCY WATCH V: O War, thou son of Hell!

  • Christopher M. Cahill
  • Lowis & Gellen LLP
  • Chicago, Illinois
  • (312) 628-7193
  • ccahill@lowis-gellen.com

When we last left Radio Shack, we imagined its new Chief Revitalization Officer as Henry V giving a St. Crispin’s Day speech to rouse beleaguered troops toward an improbable turnaround victory.  That scenario was premised upon Radio Shack’s largest shareholder, Standard General LP, having doubled down on its investment by replacing GE Capital as leader of a $585 million facility (which included all senior secured loans, plus a $140 million line of credit), having put...

October 30, 2014
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RADIO SHACK BANKRUPTCY WATCH IV: Enter Chief Revitalization Officer

  • Christopher M. Cahill
  • Lowis & Gellen LLP
  • Chicago, Illinois
  • (312) 628-7193
  • ccahill@lowis-gellen.com

As discussed here, here, and here, Radio Shack has progressed in a few months from a basket case months away from Code Blue to . . . a refinanced basket case under the control of certain aggressive and smart major shareholders who have doubled down on their prior investments.  At the least, with the new cash the lapsing of the company into Code Blue condition has been pushed back in time.  Having asserted their intention...

October 10, 2014
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RADIO SHACK BANKRUPTCY WATCH III: Shareholders Refinance the Company (or Else Bankruptcy!) – A Mere Delay in the Inevitable?

  • Christopher M. Cahill
  • Lowis & Gellen LLP
  • Chicago, Illinois
  • (312) 628-7193
  • ccahill@lowis-gellen.com

Large shareholders of Radio Shack have worked a financial restructuring deal that includes their contribution of $120 million into the company in exchange for preferred shares that can be converted into common shares, and a later rights offering which, with the other steps could result in these shareholders holding up to 80% of Radio Shack common stock plus control of the company’s board of directors.  The company gains liquidity through the holiday shopping season, breathing...

September 17, 2014
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RADIO SHACK BANKRUPTCY WATCH I: The Broad Brush

  • Christopher M. Cahill
  • Lowis & Gellen LLP
  • Chicago, Illinois
  • (312) 628-7193
  • ccahill@lowis-gellen.com

Radio Shack was a hot commodity in the 1980s: localized, convenient storefronts, respected electronic merchandise in a solid niche.  In Treehouse of Horror II (1991), after Frankensteinian efforts succeeded in resuscitating Homer, Mr. Burns could gloat: ““Look, Smithers, a twitch!  It’s moving, it’s alive!  Oh, that fellow at Radio Shack said I was mad!  Well, who’s mad now?!”  In 2014, Radio Shack needs the zapping. The emergence of internet commerce and consumer comfort with transacting...

September 11, 2014
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Foreign Buyers of US Assets in Section 363 Sale: National Security Regulatory Review

Christopher M. Cahill
Lowis & Gellen LLP
Chicago, Illinois
312 628 7193
ccahill@lowis-gellen.com


Foreign entities are not barred by the Bankruptcy Code from purchasing assets in section 363 sales in bankruptcy cases.  Usually, the debtor’s estate and creditors welcome anyone who may bid up the sale price and raise the return to the estate and creditors from the auction sale.  For the foreign purchaser, buying assets out of a bankruptcy sale under section 363(c) promises, among other things, a rapid process, assets at a good price, and the...

August 14, 2014
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RECOMMENDED READING: Where Bankruptcy Cases Can Proceed is Shaped by the Type of Reorganization and New Technologies for Case Management

From the Editorial Staff of Commercial Bankruptcy Investor


Why do large and complex bankruptcy cases get filed mainly in Delaware and New York City?  For a valuable perspective on that question, the Editorial Staff of Commercial Bankruptcy Investor recommends Christopher A. Ward, “Venue: Energy Future’s Take on the Controversial Topic,” which is published on the Morris Anderson website.  Ward reviews a recent decision by the U.S. Bankruptcy Court of the District of Delaware which rejected an attempt by an indenture trustee for certain noteholders...

June 10, 2014
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RECOMMENDED READING: PACA Claims in Bankruptcy

From the Editorial Staff of Commercial Bankruptcy Investor


Certain suppliers of agricultural goods get paid ahead of secured party, both inside bankruptcy and outside bankruptcy. The suppliers benefit from a federal statutory trust imposed to protect them from nonpayment. The goods involved are “fresh fruit and fresh vegetables of every kind and character” – and regulations set the limits on what qualifies. Suppliers must meet some procedural requirements. For a great primer on this subject, see: Sean M. Monahan & Dallas N. Cruz, “PACA...

May 29, 2013
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Location Location Location - Where to File Bankruptcy

  • Lawrence V. Gelber
  • Erik Schneider
  • Schulte Roth & Zabel LLP
  • New York, New York
  • (212) 756-2000
  • Lawrence.gelber@srz.com
  • Erik.schneider@srz.com
 

Why file a bankruptcy case here instead of there? An entity, and moreso a group of entities, may be legally permitted to file for bankruptcy in any one of a number of judicial districts – also referred to as venues. A prospective debtor should carefully consider where to file its bankruptcy petition. Courts in different venues do not uniformly interpret all provisions of the Bankruptcy Code and its procedural rules. Different legal standards exist most...

May 24, 2013
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Assessing Potential Return -- When the PBGC Files a [Huge] Claim in a Bankruptcy Case

  • Mina Amir-Mokri
  • Barnes & Thornburg LLP
  • Chicago, Illinois
  • (312) 214-4804
  • Mina.Amir-Mokri@btlaw.com

What should interested parties in a bankruptcy case monitor when the Pension Benefit Guaranty Corporation (PBGC) files a claim in the case as an unsecured creditor? When a company that has filed a petition in bankruptcy sponsors the type of pension plan insured by the PBGC, it is more likely than not that the pension plan is not adequately funded to provide all required benefits upon termination of the plan. As a result, the PBGC...



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