Search Results for: "Credit bid"
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 […]
Considerations for Distressed Private Equity You are a PE fund manager. Your fund employs a loan-to-own strategy (also referred to as distressed private equity) to effect take-overs of target companies. You are accustomed to exerting powerful leverage in chapter 11 cases, particularly when you buy enough claims to confirm a plan or to block confirmation of a plan by other parties. For a plan to be approved consensually, each class of claims or interests must approve it. Approval by a class of claims requires a “yes” vote by a […]
Notice of secured party sale of substantially all the assets of iconic toy brands, Alex Toys, LLC and Poof Slinky, LLC, to be held May 12th at the Ellenoff Grossman & Schole LLP.
NOTICE OF PUBLIC SALE ON MAY 13TH ASSETS OF CALUMET ABRASIVES CO., INC. 1. What is for sale? Certain items of machinery and equipment belonging to Debtor (defined below) and used in the manufacture of industrial abrasive cutting and grinding products (the “Collateral”). The Collateral includes, without limitation, molding presses, mixing equipment, testing equipment and support items. 2. Who is the Debtor? Calumet Abrasives Co., Inc., an Indiana corporation (“Debtor”). 3. Who is selling the Collateral? First Midwest Bank, an Illinois banking corporation (“Creditor”), as the holder and owner of certain credit agreements (including, but not limited to, certain business loan agreements, promissory notes, security agreements and other collateral documents) evidencing indebtedness, and securing payment thereof, owed by Debtor to Creditor. 4. When and where is the sale? The sale will be held on May 13, 2020 at 2:00 p.m. and will be conducted remotely using a call-in phone number […]
Public Notice of Asset Sale: Intellectual property & Assets of The Education Insurance Corporation DSI ABCs LLC (“DSI”), as assignee (the “Assignee”) for the benefit of creditors of The Education Insurance Corporation, an insurance technology company, announces the public sale of EIC’s intellectual property and substantially all its other the assets (the “Auction Assets”). All bids must be received by no later than 5:00 pm (prevailing Central time) on March 4, 2020. Location: An auction will be held on March 6, 2020. Only qualified competing bidders will be permitted to attend the auction. The auction will take place at DSI’s office at 10 South LaSalle Street, Suite 3300, Chicago, IL 60603. Seller: Assignee. About the Education Insurance Corporation and Assets to be Sold: EIC is a Delaware corporation headquartered in Stamford, Connecticut. EIC was formed with the goal of developing a new insurance product which would enable colleges and universities […]
A Practical Guide to Assessing Legal Risk and Potentially Fraudulent Transfers “One man’s rubbish is another man’s treasure.” -William & Robert Chambers Journal of popular literature, science and arts (1879) “A little learning is a dangerous thing” -Alexander Pope, An Essay on Criticism (1709) Buying operating assets from a financially distressed seller can present a fantastic opportunity to buy low. Before doing so, however, any buyer must take into account a host of considerations. These include, but aren’t limited to, operational, competitive, integration and legal issues, such as […]
Assignee Howard Samuels & Rally Capital Announce Public Sale of the Assets of M&M Pump & Supply, Inc. There will be a public auction (“Auction”) on Friday, January 31, 2020 at 2:00 pm, CST ( “Auction Date”) of substantially all of the assets of M&M Pump & Supply, Inc. (“M&M Pump”). Location. The Auction will take place in the offices of Rally Capital Services, LLC, 350 North LaSalle St, Suite 1100, Chicago, IL 60654. Seller. Howard B. Samuels, not individually, but solely as Assignee for the Benefit of Creditors of M&M Pump (“Assignee“) is the seller. Assets to be Sold. As noted above, the Assignee will sell substantially all of the assets of M&M Pump (“Auction Assets”). The Auction Assets include all of the Assignee’s right, title and interest in and to all of its assets whether tangible or intangible, real or personal or mixed, owned or leased (including indirect […]
When a debtor files for Chapter 11 or Chapter 7 bankruptcy, often a creditor’s only remedy is to wait for a sale or reorganization, the claims resolution process and other actions to be taken before the debtor or trustee can make distribution on the claim.
AUCTION OF THE ASSETS OF S&K ACQUISITION CORP. AND S&K AIR POWER LEASING INC. Sale of Property: On September 18, 2019 at 10:00 a.m. at the offices of Commercial Recovery Associates, LLC, located at 205 West Wacker Drive, Suite 1818, Chicago, IL 60606, Robert Handler (the “Trustee/Assignee”), as Trustee/Assignee for the Benefit of Creditors of S&K Acquisition Corp and S&K Air Power Leasing Inc. (the “Companies”) will conduct an auction sale (the “Auction”) of the Companies’ tangible and intangible assets, consisting primarily of inventory, accounts receivable, property plant and equipment, office furniture and equipment, trade fixtures, customer information and marketing materials and brochures (“Sale Assets”), a list of which the Trustee/Assignee will make available to potential bidders. Terms and Conditions of Sale: The Sale Assets will be offered on an “AS IS” “WHERE IS” basis. The Company leases facilities in Mattoon, IL, Decatur, IL, Indianapolis, IN and Evansville, IN. The […]
Is It Commercially Reasonable Notice, If No One Is Reading? You represent a secured lender. You are to assist your client in its exercise of rights under UCC §9-610 to sell its collateral after it has foreclosed upon the collateral. Or maybe you represent a chapter 11 debtor and are selling its assets under Bankruptcy Code §363. Or perhaps you are a federal equity receiver selling under 28 U.S.C §2001 et seq. Or you are an assignee for the benefit of creditors or state court receiver who is selling a […]