March 30, 2021
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Public Notice of Chapter 11 363 Sale of Certain Residual Interests in Film Rights of American Sterling Corporation

The films at issue are The Annihilation of Fish and Dark Matter. Bid Deadline is April 27th.

See the full public notice here.
 

How Do You Decide the Legal Rate? Arguments For and Against Different Rates

When dealing with a solvent debtor, it is important to understand your right to post-petition interest and what rate you deserve. Read “What Constitutes the ‘Legal Rate’ in a Solvent Debtor Bankruptcy Case?” by Honorable Melanie Cyganowski, former bankruptcy judge and current member at Otterbourg.
 

COVID-19 Bankruptcy Relief Extension Act Signed into Law

The President signed a bill into law this past Saturday that extends, for one year, the provisions of the CARES Act that allow more financially distressed businesses and business people to elect subchapter V treatment when filing for chapter 11 protection. The debt limit, formerly about $2,275,000 was increased by the CARES Act to $7.5 million. This cap was set to revert to the lower amount on March 27th but will now stay at $7.5 million until at least March 27, 2022. The debt limit, however, regardless of which amount one is discussing, is misleading because it does not include debts owed to insiders, contingent claims, or unliquidated claims. This is critically important because the differences between a traditional chapter 11 and one governed by subchapter V of chapter 11 are tremendous, as subchapter V is far friendly to debtors. Read more in “Turn that Frown Upside Down: Using Subchapter V's Unlimited Debt Limit & Confirmation Requirements to Eradicate Personal Guarantees,” published in The Bankruptcy Strategist.
 
Keen-Summit Captial Partners
 
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 you can easily find these deals on our website by searching for this number.

Secured Party Sales

  1. Mixed-use retail development - 3.8 acres - (27976)
  2. Nut orchard farming services provider - (27980)
  3. Arts & entertainment services company - (27996)
  4. IT & image processing company - (27997)
  5. Hotel management company - (28035)
  6. Metal fabricator - (27998)

Private Company Sales

  1. Archery manufacturing plant (w/intellectual property) - (28031)
  2. Specialty ice cream manufacturing plant - (28026)
  3. Heavy equipment/general contractor - (28027)
  4. Tractor trailer repair company - (28029)
  5. Golf course - (28030)

Assignment for the Benefit of Creditors Sales

  1. Automobile parts manufacturer - (28009)
  2. Engineering services provider - (28012)
  3. Asphalt products manufacturer - (28015)
  4. Industrial supplier - (28014)
  5. Roofing supplier - (28016)

Chapter 11 - 363 Sales

  1. Interest in 6.1 million shares of energy stock - (28058)
  2. Residual assets - Multiple motion pictures - (28056)
  3. Two commercial land parcels - (28057)
  4. Land - 0.17 acres - (28055)

Chapter 11 - Investment Banker Application Filed

  1. Independent oil & natural gas company - (28059)
  2. Privately held pharmaceutical company - (28060)

Chapter 11 - Case Filing Indicates Future Asset Sale

  1. No new deals added this week.

Chapter 7 - Sale of Business Assets

  1. Commercial land - 151.72 acres - (27967)
  2. Real property - 3,704 sq. ft. - (28054)
  3. Real estate - 2,697 sq. ft. - (28053)
  4. Loose gemstone dealer - (28051)
  5. Real property - 3,704 sq. ft. - (28054)
  6. Vacant land - (28052)

Chapter 12 Bankruptcy

  1. No new deals added this week.

Rating Agency Alerts/Other Signs of Distress

  1. Integrated healthcare holding company - (27992)
  2. Sporting & athletics goods producer - (27993)
  3. Mobile health services provider - (27994)
  4. Technology solutions provider - (27990)
  5. Media distribution company - (27991)

Auctions

  1. Family entertainment center (w/equipment) - (28033)
  2. Cereal & snack food production facility - (28034)
  3. Industrial, electronic & medical tools - (28038)
  4. Industrial real estate - 9+/- acres - (28037)
  5. Trucks & industrial equipment - (28036

Other Interesting Sales

  1. Agribusiness - 146 acres - (27986)
  2. Three farms - 375 acres - (27983)
  3. Horse ranch - 557 acres - (27984)
  4. Farmland - 1,420 acres - (27985)
  5. Farmland - 604 acres - (27987)

Bulk Sales

  1. Moving supply & shipping retailer - (28022)
  2. Franchised submarine restaurant - (28021)
  3. Commercial laundry business - (28025)
  4. Specialty donut restaurant - (28023)
  5. Gasoline service station - (28024)

Receiverships

  1. Farmland - 159.00 & 80.00 acre parcels - (28003)
  2. Farm machinery - Multiple lots - (28000)
  3. 108 unit apartment complex - (27999)
  4. Collectibles & jewelry - (27968)
  5. 26 composition titles - (27966)
  6. 85 room hotel - (28001)

Mass/Significant Layoffs

  1. Business management consulting firm - (28040)
  2. Chain of luxury department stores - (28042)
  3. Sports & entertainment facility - (28043)
  4. Health testing facility - (28041)
  5. Full-circle hotel - (28044)

Plant/Facility Closings

  1. Commercial flooring manufacturer - (28046)
  2. Millwork & plywood manufacturer - (28050)
  3. Industrial lighting plant - (28047)
  4. Clothing manufacturer - (28049)
  5. Power plant - (28048)
View All Deals on DailyDac.com
 
DailyDAC, LLC
1954 First Street, Suite 178
Highland Park, IL 60035
847-463-9530
[email protected]