Receive this Newsletter April 14, 2020
 

Auction of Assets of Calumet Abrasives Co., Inc. - May 13

UCC Article 9 auction of assets of Calumet Abrasives Co., Inc, a manufacturer of industrial abrasive cutting and grinding products, to be held May 13. First Midwest Bank is the secured lender and FMB’s advisors are Plante Moran and Burke Costanza & Carberry. See the full public notice here.
 

Auction of Assets of Large-Scale, Specialized Hemp CBD Equipment - April 16

Unique opportunity to purchase like-new, state of the art equipment required for all facets of hemp cannabidiol (“CBD”) farming, drying, and extraction. Public auction conducted on Thursday, April 16, 2020, at 10:30 a.m. at the New York office of Fox Rothschild LLP. See the full public notice here.
 

How the Sears Chapter 11 Case Could Change Future Vendor Relationships for Distressed Companies

Sears has been in chapter 11 bankruptcy for some time. Most recently, Sears sold Innovel Solutions to try to stay afloat, but what bankruptcy professionals, business owners and vendors should know is how the case could potentially change the interpretation of Section 503(b)(1)(A) and 503(b)(9). In “Sears Chapter 11 Rulings Threaten to Upend Administrative Claim Status for Goods Vendors,” Adam Stein-Sapir of Pioneer Funding Group explains how Sears vendors lost their priority status, and what it could mean for future bankruptcy cases.
 

The Myth of the Newspaper Being a Commercially Reasonable Notice

“Mommy, why is that man holding a big piece of paper?” Mom looks up from her phone and says, “He’s reading a newspaper. People used to get their news from a stack of paper folded together each day (and sometimes several times a day) that was then copied hundreds of thousands of times, put on trucks, and delivered to thousands of newsstands and houses. That, of course, was before the Internet.”

Newspapers were once the way to provide commercially reasonable notice, at least constructively as a matter of law. The Internet and sustainability made the habit of reading physical paper newspapers rare. COVID-19 may make it extinct. Read “The Myth of the Newspaper Being a Commercially Reasonable Notice" to learn why it is only a matter of time before a court overturns your transaction if notice was only provided by newspaper.
 

Want Notice of Every New Chapter 11 Filing - Fast & Free?

DailyDAC is pleased to announce the debut of its Chapter 11 Bankruptcy Alert System. Updated throughout the day, seven days a week, DailyDAC’s Chapter 11 Bankruptcy Alert System lists every new Chapter 11 case filed in the United States in near real time and at no charge. Check it out today!
About the Opportunistic Deal Database
Vulture Investors Take Note:

Looking to buy companies out of bankruptcy? Assets of financially distressed companies in receivership, assignment or from lenders who have foreclosed on, and are selling, their collateral under Article 9 of the UCC? Search for excess assets resulting from plant closings? Targeting other sellers who need to sell urgently and other opportunistic/special situations?

Check out DailyDAC's Opportunistic Deal Database (ODD). The ODD culls such opportunities.

Subscribe here for access
The deals listed here were added to the ODD throughout the seven day period ending this past Sunday. The number in parentheses next to each deal is its unique ID number, included so our paid subscribers can easily find these deals on our website.

Secured Party Sales

  1. Commercial sign fabrication & installation business - (22609)
  2. Bottled & canned soft drink company - (22611)
  3. Produce company (w/equipment) - (22610)
  4. Ground lease for retail space - (22608)
  5. Trucking fleet equipment - (22612)

Private Company Sales

  1. Material handling equipment distributor - (22653)
  2. Wholesale hardware distributor - (22651)
  3. Concrete construction business - (22649)
  4. Freight trucking business - (22652)
  5. Full-service winery - (22650)

Assignment for the Benefit of Creditors Sales

  1. Industrial gutter repair business - (22669)
  2. Wholesale flooring dealer - (22629)
  3. Weight loss center chain - (22621)
  4. Jewelry retailer - (22668)

Chapter 11 - 363 Sales

  1. Franchised restaurant business - (22686)
  2. Commercial real estate - (22684)
  3. Real estate developer - (22685)
  4. Food & beverage plant - (22642)
  5. Broadcasting company - (22687)

Chapter 11 - Investment Banker Application Filed

  1. Imported home furnishings retailer - (22678)
  2. Specialty pharmaceutical company - (22677)

Chapter 11 - Case Filing Indicates Future Asset Sale

  1. Independent oil & gas production company - (22675)
  2. Air transportation business - (22672)
  3. Biotechnology company - (22674)

Chapter 7 - Sale of Business Assets

  1. Remnant assets - Industrial liquidation company - (22683)
  2. Management services business - (22682)
  3. Metal recycling company - (22680)
  4. Countertop specialist - (22681)
  5. Hunting club - (22679)

Chapter 12 Bankruptcy

  1. No New Deals This Week

Rating Agency Alerts/Other Signs of Distress

  1. Clinical-stage biotechnology company - (22613)
  2. Gaming & hospitality company - (22615)
  3. Aircraft maintenance company - (22618)
  4. Wire products manufacturer - (22617)
  5. Crude petroleum company - (22616)
  6. Pharmaceutical company - (22619)
  7. Brewery/beer producer - (22614)

Auctions

  1. Yogurt machines & restaurant equipment - (22661)
  2. Warehouse equipment & furnishings - (22662)
  3. Aluminum recycling equipment - (22658)
  4. Machine shop (w/inventory) - (22659)
  5. Steel fabrication company - (22620)

Other Interesting Sales

  1. Radiopharmaceutical developer - (22665)
  2. Telecommunications company - (22666)
  3. Chain of fitness centers - (22664)
  4. Applied science company - (22667)
  5. Coal mining business - (22663)

Bulk Sales

  1. Restaurant/bistro (w/beverage license) - (22631)
  2. Developer of custom vacuum pressers - (22630)
  3. Commercial beverage license - (22632)
  4. Winery tour operator - (22634)
  5. Casual restaurant - (22633)

Receiverships

  1. Three luxury condominium projects - (22656)
  2. Retail property - 2,324 sq. ft. - (22670)
  3. 2.14 acres of commercial land - (22671)
  4. Artwork collection - (22654)

Mass/Significant Layoffs

  1. Sports digital cable & satellite TV network - (22636)
  2. Aerospace & engineering services company - (22635)
  3. Mattress manufacturing plant - (22638)
  4. Precision machining shop - (22637)
  5. Casino/gaming facility - (22639)

Plant/Facility Closings

  1. Manufacturer of reclining movie theater seats - (22648)
  2. Automotive parts & accessories manufacturer - (22647)
  3. Original Equipment Manufacturer (OEM) - (22640)
  4. Motor vehicle parts manufacturer - (22641)
  5. Food & beverage plant - (22642)
View All Deals on DailyDac.com


 
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