Search Results for: "Section 363"
AUCTION SALE OF MASSACHUSETTS COASTAL RAILROAD LLC NOTICE IS HEREBY GIVEN that William A. Brandt, Jr. of Development Specialists, Inc. (“DSI”), as chapter 11 Trustee of San Luis & Rio Grande Railroad, Inc. (“SLRG”) is selling SLRG’s 100% Membership Interest in its wholly-owned subsidiary Massachusetts Coastal Railroad LLC (“Mass Coastal”), a 99-mile short line railroad operating on and near Cape Cod, MA, which currently provides freight rail services primarily for various industrial commodities and the haulage of municipal waste. The Membership Interest will be sold free and clear of all liens, claims, rights, interests, and encumbrances whatsoever. Mass Coastal’s assets and liabilities shall remain unaffected by the sale of the Membership Interest, as the Successful Bidder is essentially buying the stock of Mass Coastal. The Trustee anticipates selling the Membership Interest in Mass Coastal pending approval of Bidding Procedures filed in the chapter 11 bankruptcy of San Luis & Rio […]
Perfect Brow Art, Inc and its affiliated entities (the “Company”), the largest eyebrow threading retailer in the United States, with 169 company-owned and franchised stores, $23.7 million in revenues and $2.7 million in Adjusted EBITDA (in 2018, adjusted for closed stores and non-recurring professional fees), is selling substantially all of its assets (the “Assets”) pursuant to section 363 of the Bankruptcy Code. On June 10, 2019, the United States Bankruptcy Court for the Northern District of Illinois, in the Company’s bankruptcy case, Case No. 19-0811 (jointly administered), entered a Bidding Procedures Order and set (i) June 24, 2019 at 5:00 p.m. (Central Time) (the “Bid Deadline”) as the deadline to submit offers; (ii) June 28, 2019 at 10:00 a.m. (Central Time) as the date of the Auction (the “Auction Date”); and (iii) July 2, 2019 at 1:00 p.m. (Central Time) as the date of the Sale Hearing. Copies of the […]
NOTICE OF OPPORTUNITY TO SUBMIT HIGHER AND BETTER OFFERS AND NOTICE OF HEARING ON MOTION TO AUTHORIZE SALE OF REAL PROPERTY LOCATED AT 951-961 WEST THORNDALE AVENUE, BENSENVILLE, ILLINOIS 60106 Pon Group, LLC (the “Debtor”) hereby gives notice of the opportunity of prospective purchasers to submit higher and better offers and of a hearing on its Motion for an Order (A) Approving the Sale of the Debtor’s Property Free and Clear of All Liens, Claims, Encumbrances, and Interests; (B) Approving the Form and Manner of Notice for Such Sale; and (C) Granting Related Relief (the “Sale Motion”) relating to the sale of the Real Property and Improvements located at 951-961 W. Thorndale Ave., Bensenville, Illinois 60106 (“the “Property”). The Property is described as follows: Lot 2 in Thorndale Distribution Park in Bensenville, Unit No. 6, being a subdivision of part of the West Half of the Southwest Quarter of Section […]
Secured creditors and buyers of distressed assets don’t have to worry about courts limiting their credit bids, but one Delaware case is cause for concern.
When a seller of real property files for bankruptcy the purchaser has rights under the bankruptcy code and as an executory contract.
Subchapter V works. It saves businesses. It helps the people that own those businesses. And it is cheap and fast, at least compared to “traditional” chapter 11.
The disposition of a debtor’s LLC membership interest depends on the interpretation of the court, executory contract, or property rights.
If a customer files bankruptcy, vendors (trade creditors) should consider administrative priority, critical vendor status, and avoidance actions.
Ordinary asset purchase? Article 9 sale? Bankruptcy acquisition? When buying a distressed business, the type of purchase should be top of mind.
There may be many business reasons and benefits for a debtor who chooses to liquidate under Chapter 11 rather than Chapter 7.