September 15, 2020
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The Jevic Case: What Does It Mean for Structured Dismissals?

The Supreme Court ruling in the Jevic case made one thing extremely clear: Chapter 11 plans must follow the absolute priority rule. However, the ruling didn’t necessarily prohibit structured dismissals—so what does that mean for parties involved in Chapter 11 cases today? Mark Melickian, Partner at Sugar, Felsenthal, Grais & Helsinger LLP discusses the topic in, “Legacies of the Jevic Case: Structured Dismissals Three Years after the Fall.”
 

What “Received by the Debtor” Actually Means in Administrative Expense Claims

In 2017, two cases—decided within a week of each other—clarified when goods are “received” by the debtor under Section 503(b)(9) of the Bankruptcy Code. Ultimately, the priority of the claim hinges upon how the receipt of goods is characterized. In “When are Goods ‘Received by the Debtor’ for Purposes of a Section 503(b)(9) Administrative Expense Claim?” by Russell Silberglied and Christopher De Lille (Richards, Layton & Finger), you’ll find why “physical receipt of goods” versus “delivery of goods” can mean very different things.
 

Free Notification of Chapter 11 Filings

DailyDAC’s Chapter 11 Bankruptcy Alert System is updated constantly throughout the day, seven days a week. It is free. The Chapter 11 Bankruptcy Alert System is completely free to view and you may sign up to receive email notifications.
Latest Deals Added to the Opportunistic Deal Database
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. Industrial storage facility - 72,000 sq. ft. - (24992)
  2. Membership interests - 17 hotel partners - (24926)
  3. Four multifamily investment properties - (24993)
  4. Equity interests/pledged securities - (24991)
  5. Commercial land parcel - (24990)

Private Company Sales

  1. Engineered die cut materials manufacturer - (24981)
  2. Automotive repair business - (24984)
  3. Oil services producer - (24982)
  4. Wholesale bakery - (24983)
  5. Machine shop - (24980)

Assignment for the Benefit of Creditors Sales

  1. Transportation & logistics services provider - (24970)
  2. Regulatory marketing firm - (24971)
  3. Highway tunnel operator - (24973)

Chapter 11 - 363 Sales

  1. Industrial/business equipment & vehicles - (24963)
  2. Greenhouses & horticultural equipment - (24960)
  3. Furnishings, antiques & collectibles - (24962)
  4. Undeveloped land - 16 acres - (24961)
  5. 500+ school buses & vans - (24965)

Chapter 11 - Investment Banker Application Filed

  1. Dental services organization - (24937)
  2. Oil drilling contractor - (24936)
  3. Crane service provider - (24935)

Chapter 11 - Case Filing Indicates Future Asset Sale

  1. Driverless monorail mass transit system - (24943)
  2. Craft brewed kombucha producer - (24940)
  3. Commercial electric contractor - (24942)
  4. Nursing facilities' group - (24941)

Chapter 7 - Sale of Business Assets

  1. Commercial property - 5,040+/- sq. ft. - (24964)
  2. Painting contractor (w/remnant assets) - (24967)
  3. Commercial beverage license - (24966)
  4. Food catering business - (24969)
  5. Donor database & lists - (24968)

Chapter 12 Bankruptcy

  1. Irrigated farmland-117.610 acres - (24945)
  2. 5.0 acre vacant land parcel - (24944)
  3. Farmland - 115.73 acres - (24948)
  4. Vacant land - 3 acres - (24947)
  5. Dairy farm - (24949)

Rating Agency Alerts/Other Signs of Distress

  1. Security & surveillance system dealer - (24997)
  2. Medical device manufacturer - (24996)
  3. Financial services company - (24999)
  4. Stock trading platform - (24994)
  5. Investment company - (24998)

Auctions

  1. 2.66 +/- acre corner commercial parcel - (25006)
  2. Multi-unit retail facility - (25005)
  3. Collectibles & memorabilia - (25009)
  4. Two industrial buildings - (25008)
  5. Three commercial lots - (25007)

Other Interesting Sales

  1. Manufacturer & seller of chemical products - (25003)
  2. Direct-seller of weight management products - (25004)
  3. Specialized gas industry software company - (25000)
  4. Provider of WAN optimization products - (25001)
  5. Independent energy company - (25002)

Bulk Sales

  1. Commercial beverage license - (24977)
  2. Business services firm - (24976)
  3. Marketing agency - (24975)
  4. Retail pharmacy - (24979)
  5. Water supplier - (24978)

Receiverships

  1. Vacant retail property - 3,500 sq. ft. - (24989)
  2. Mixed use building - 40,700 sq. ft. - (24987)
  3. Retail building - 47,451 sq. ft. - (24988)
  4. 39 unit apartment building - (24986)

Mass/Significant Layoffs

  1. Transportation equipment manufacturer - (24954)
  2. Institutional furniture manufacturer - (24950)
  3. Vending machine remanufacturer - (24952)
  4. Retail fixture dealer - (24953)
  5. 371 room hotel - (24951)

Plant/Facility Closings

  1. Freight transportation & warehousing facility - (24955)
  2. Industrial Machinery Wholesaler - (24956)
  3. Wholesale beverage distributor - (24957)
  4. Express delivery business - (24958)
  5. Cruises & events producer - (24959)
View All Deals on DailyDac.com
 
DailyDAC, LLC
1954 First Street, Suite 178
Highland Park, IL 60035
847-463-9530
[email protected]