Böwe Systec, Inc. and 6 associated debtors (the “Debtors” or “Böwe”) filed voluntary petitions under Chapter 11 of the Bankruptcy Code on April 18, 2011 in the Bankruptcy Court for the District of Delaware (Case No. 11-11187). The Honorable Peter J. Walsh has been assigned to the case. This initial note provides the Debtors’ consolidated list of their 20 largest unsecured creditors.
Bankruptcy Cases of Interest to Suppliers, Landlords, Lessors, Bankruptcy Creditors
Posts and discussion of recent bankruptcy cases of interest from a supplier, commercial landlord, equipment lessor or other unsecured creditor standpoint.
Scovill Fasteners Inc. Files Bankruptcy with Objective of Section 363 Sale
Scovill Fasteners Inc. (“Scovill Fasteners”) and 4 associated debtors (the “Debtors” ) filed voluntary petitions under Chapter 11 of the Bankruptcy Code on April 19, 2011 in the Bankruptcy Court for the Northern District of Georgia, Gainesville Division (Case No.11-21650 ). The Honorable Robert E. Brizendine has been assigned to the case. This initial note provides a brief background of the Debtors, identifies the stated direction of the case and provides the Debtors’ consolidated list of their 40 largest unsecured creditors.
Borders Group – 30 Largest Unsecured Creditors
Borders Group, Inc. and 7 associated debtors (the “Debtors” or “Borders”) filed voluntary petitions under Chapter 11 of the Bankruptcy Code on February 16, 2011 in the Bankruptcy Court for the Southern District of New York (Case No. 11-10614). The Honorable Martin Glenn has been assigned to the case. This initial note provides the Debtors’ consolidated list of their 30 largest unsecured creditors. See related list Borders’ top 50 recipients of payments in the 90 days prior to the Borders’ bankruptcy or read the complete Borders preference analysis by going here: For 1786 Borders’ Suppliers and Other Creditors, Its Not Time to Close the Books.
Southwest Georgia Ethanol Bankruptcy – Background, Largest Trade Creditors
Southwest Georgia Ethanol, LLC (the “Debtor” or “SWGE”) filed a Voluntary Petition under Chapter 11 of the Bankruptcy Code on February 1, 2011 in the Bankruptcy Court for the Middle District of Georgia (Albany Division, transfer request to Macon Division pending) (Case No. 11-10145). The Honorable Judge James D. Walker Jr. has been assigned to the case. With this filing, another ethanol producer seeks bankruptcy protection, going the way of Verasun Energy Corporation and Pacific Energ2y Resources Ltd. Suppliers and trade creditors should hope this bankruptcy has a happier ending. Both Verasun Energy Corporation and Pacific Energy Resources Ltd. are now in the midst of mass bankruptcy preference litigation (although the Iowa corn farmers were able to escape the claims in the Verasun Energy Corporation bankruptcy).
Orchard Brands Bankruptcy – 50 Largest Unsecured Creditors; Trade Debt Picture
Appleseed’s Intermediate Holdings, Inc. a/k/a Orchard Brands and 27 affiliates[1] (the “Debtors” or “Orchard Brands”) filed for relief under Chapter 11 of the Bankruptcy Code on January 19, 2011 (Bankruptcy Court for the District of Delaware, Case No.11-10160). The case has been assigned to the Honorable Kevin Gross. This note briefly looks at the Debors’ business, discusses the trade debt picture and provides the list of the Debtors’ 50 largest unsecured creditors.
Great Atlantic & Pacific Tea Co. (A&P) Bankruptcy – 40 Largest Unsecured Creditors; Trade Debt Picture
Great Atlantic & Pacific Tea Co. and 53 affiliates[1] (the “Debtors” or “A&P”) filed for relief under Chapter 11 of the Bankruptcy Code on December 12, 2010 (Bankruptcy Court for the Southern District of New York, White Plains Division, Case No. 10-24549). The case has been assigned to the Honorable Robert D. Drain. This note briefly discusses the trade debt picture, identifies the first day motions directly affecting unsecured creditors, and provides the list of the Debtors’ 40 largest unsecured creditors.
Blockbuster Video Bankruptcy – 50 Largest Unsecured Creditors; Is Inclusion of the Movie Studios a Dream Sequence
Blockbuster, Inc. and 12 affiliates (the “Debtors”) filed for relief under Chapter 11 of the Bankruptcy Code on September 23, 2010 (Bankruptcy Court for the Southern District of New York, Manhattan Division, Case No. 10-14997). The Debtors have requested authority to file a consolidated list of the 50 largest unsecured creditors in lieu of a separate list for each of the Debtors. The consolidated list is set forth below.
Ply-Marts: The Not-Good, the Bad and the Ugly Sides of Involuntary Bankruptcy
The 2008 Ply-Marts’ bankruptcy case (ND Ga. Case #08-72687) provides a poster-child picture of how trade creditors can lose when an involuntary bankruptcy petition is filed against a financially-strapped customer. In addition to the recovery of pre-petition preferential transfers under Section 547 of the Bankruptcy Code, many of the 45 adversary proceedings filed by the Chapter 7 trustee between August 16 and August 30, 2010, are introducing the defendants to the rights of a trustee to seek recovery under Section 549 on account of payments made to a creditor after an involuntary petition is filed and before the bankruptcy judge orders the commencement of the bankruptcy.
Oriental Trading Company, Inc. Bankruptcy – 30 Largest Unsecured Creditors, Trade Debt Picture
For an estimated 2,200 vendors, holding approximately $30 million in outstanding pre-petition claims, the bankruptcy filing on August 25, 2010 (Delaware Bankruptcy Case No: 10-12636) of Oriental Trading Company, Inc. and 4 affiliated companies (the “Debtors”), is cause to take a long, deep breath. A critical vendor motion, if granted by Bankruptcy Judge Kevin J. Carey, will offer the possibility of critical vendor payments capped out at $15 million, and the top 27 unsecured trade creditors (see chart below) are owed more than $18 million. Additionally, this bankruptcy fits a classic retailer bankruptcy profile for heightened risk of the case ending in the formation of a litigation trust for pursuit of preference claims.
Pretty Products, LLC Bankruptcy – Background, Petition Statistical Information, Initial Direction and 20 Largest Unsecured Bankruptcy Creditors
Pretty Products, LLC (“Pretty Products” or the “Debtor”) filed a petition on June 15, 2010 in the Bankruptcy Court for the Northern District of Georgia (case number 10-12286) for relief under Chapter 11 of Title 11 of the United States Code. The case has been assigned to Judge W. Homer Drake.