Search Results for: "Credit bid"
The ABCs of ABCs, Business Bankruptcy, & Corporate Restructuring/Insolvency In Installment 5, we walked through the lifecycle of a hypothetical traditional chapter 11, and in Installment 6 we discussed key concepts you must comprehend in order to understand any chapter 11 case. Now we pull the camera back and turn our focus away from chapter 11 specifically, to look more broadly at the options available to a company (that is, a “debtor”) and to its various constituents (e.g., creditors and equity owners) when that company is experiencing financial distress so […]
Keen-Summit Capital Partners LLC has been retained by Armaos Property Holdings, LLC and Olympic Hotel Corporation (“Debtor”) as the exclusive real estate advisor to run the sale process for the sale (the “Transaction”) of the Baymont Inn & Suites located at 360 Route 12, Groton, CT. The Debtor has filed a sale motion with the Bankruptcy Court seeking a Bid Deadline of April 23rd and Auction Date of April 30th. The proposed minimum bid is $4,800,000. More information on the Keen-Summit landing page for the sale, including flyer PDF, form confidentiality agreement, and copy of sale motion. Or call any of Matt Bordwin(646) 381-9202; Chris Mahoney (646) 381-9205; or Heather Milazzo (646) 381-9207. Be sure to tell them you saw it in DailyDAC! About Keen-Summit Capital Partners LLC Keen-Summit Capital Partners LLC is a real estate brokerage, workout and investment banking firm specializing in special situations, restructurings, bankruptcies and receiverships. […]
TRUSTEE/ASSIGNEE AUCTION OF THE ASSETS OF COMMERCIAL ELECTRONIC SYSTEMS, INC. Sale of Property: On March 12, 2021 at 10:00 a.m. at the offices of Commercial Recovery Associates, LLC, located at 205 West Wacker Drive, Suite 918, Chicago, IL 60606, Robert Handler (the “Trustee/Assignee”), not in his individual capacity but solely as the Trustee/Assignee for the Benefit of Creditors of Commercial Electronic Systems, Inc. (“CES” or the “Company”), anticipates conducting an auction sale (the “Auction”) of some of the Company’s tangible and intangible assets, consisting primarily of inventory, equipment and furniture & fixtures, service contracts and monitoring contracts (“the Contracts”), all customer information and Company telephone numbers, website, social media accounts, domain name, and the Company’s legal name (collectively, the “Sale Assets”), a list of which the Trustee/Assignee will make available to potential bidders. Click here to see additional information on Commercial Electronic Systems, Inc. Stalking Horse Offer: The Trustee/Assignee and […]
An Introduction to the Distressed Company’s Superman: The Chief Restructuring Officer The role of a Chief Restructuring Officer (“CRO”) is approximately four decades old. While still a somewhat new role in the 1990s, CROs are now ubiquitous in the restructuring community. Todd Zywicki, a George Mason law professor who specializes in bankruptcy law, traces the origin of the CRO to the Bankruptcy Reform Act of 1978 (the “1978 Act”). The 1978 Act created “a unified reorganization chapter [chapter 11] that is fundamentally grounded in the presumption that pre-bankruptcy management will […]
Creative Destruction and an Inevitable Fall: What Can We Learn From the Penthouse Magazine Bankruptcy? Penthouse International, publisher of Penthouse Magazine, sold for $11.2 million in June of 2018. The company was worth about $700 million (adjusted for inflation) at its height. The latest Penthouse Magazine bankruptcy highlights just how far Penthouse has fallen, and what lessons can be learned regarding bankruptcy in general. The New Owner The buyer was WGCZ, which also owns XVideos.com and Bangbros.com. XVideos, in turn, functions as an aggregator (just as YouTube is an aggregator […]
Keen-Summit Capital Partners and Summit Investment Management, announced today that they have hired David Levy, a commercial real estate expert, to open their new joint Chicago office, expanding their presence in the Midwest.
What is the Consolidated Appropriations Act? Congress passed the Consolidated Appropriations Act, 2021 on December 21, 2020, and President Trump signed the massive act into law six days later, when it became effective. The act includes several changes to title 11 of the United States Code, which is usually called the “Bankruptcy Code,” and most changes sunset on either the first or second anniversary of the effective date of the act. Here are the changes you need to know, in the order they are presented in the act. Property That […]
NOTICE IS HEREBY GIVEN, that pursuant to Section 9-610 of the Uniform Commercial Code (the “UCC”), as adopted in the State of New York and any other applicable jurisdictions, and any other applicable law, Hilldun Corporation (the “Secured Party”) will offer for sale to the public (the “Auction”) substantially all of the assets of Cushnie, LLC, a New York limited liability company, and Cushnie Trademark, LLC, a Delaware limited liability company (the “Debtors”), including the Debtors’ right, title, and interest in and to all intellectual property (including, without limitation, trademarks, internet domain names, trade names, and customer lists), as well as equipment, fixtures, inventory, and samples (other than leased property) (collectively, the “Assets”). Debtors have granted a security interest in all of the Assets to the Secured Party to secure Debtors’ obligations to the Secured Party. The Assets are being sold on an “AS IS, WHERE IS” basis pursuant to the terms […]
The Robbins Company (“Robbins”) is one of the world’s foremost providers of advanced, underground construction equipment and services, including Tunnel Boring Machines (TBMs) and related equipment such as conveyors and cutters. Robbins’ TBMs and cutters have excavated more hard rock than all of Robbins’ competitors combined. Robbins has built its reputation for nearly 70 years, developing a global brand with rep agreements or subsidiaries in 27 countries, historically generating approximately 90% of revenues outside of the United States. It is believed that Robbins’ EBITDA will average at approximately $3 million per year over the next four years. Robbins was placed in receivership in the Cuyahoga County Court of Common Pleas (Case No. CV-19-921031) (the “Court”) in October 2019. The receivership action was initiated by Lok Home, the President, a large creditor, and a minority shareholder of Robbins, as part of an overall effort to improve Robbins’ liquidity, address corporate governance […]
B. RILEY ANNOUNCES AUCTION OF ASSETS OF RIDGEMONT OUTFITTERS, INC. 1. Offer Deadline. December 1st, 2020 at 5:00 pm Pacific Time. 2. NDA Deadline. November 10th, 2020. 3. Background. Ridgemont Outfitters was created to fill a void in the footwear market – the space between casual footwear and hiking boots. It’s offerings strike the perfect balance between shoes rugged enough for scaling the highest peaks and footwear that maintains a stylish look in an urban setting. Ridgemont’s footwear features it all without sacrificing style, comfort, or grip. Ridgemont boasts a variety of footwear in its collection including Heritage, Outback, Monty, and Hiking Boots. Ridgemont is the subject of an assignment for the benefit of creditors. 4. Process Overview. The prospective Assignee will provide a form asset purchase agreement (“APA”) to interested parties who have executed a non-disclosure Agreement (“NDA”) by the NDA Deadline. Letters of Intent in the form of […]