The following is a list of some recent larger US bankruptcy filings in various industries. To the extent you are a creditor to any of these debtors, or other entities which may have filed for bankruptcy protection, you as a creditor are entitled to certain protections under the Bankruptcy Code.
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Party and novelty goods company Oriental Trading Co., Inc. has filed for Chapter 11 protection with a prepackaged plan of reorganization.
OIL
American Consolidated Transportation Companies, Inc v RBS Citizens NA (In re American Consolidated Transportation Companies, Inc), Adversary No 10-00154, Bankruptcy No 09-26062 (Bankr ND Ill July 13, 2010)
CASE SNAPSHOT
In re EDM Corporation, 2010 WL 1929772 (8th Cir BAP May 14, 2010)
CASE SNAPSHOT
In re 15375 Memorial Corporation, et al, 430 BR 142 (Bankr D Del May 17, 2010)
CASE SNAPSHOT
Previously, on June 16, 2010, the Joint Administrators (the “Administrators”) of Lehman Brothers International (Europe) (“LBIE”) announced that they would be testing the feasibility of their so-called Consensual Approach to the resolution of LBIE’s unsecured creditor claims. They anticipated the Consensual Approach would be applicable to financial trading creditors ("FTCs") and conceptually outlined the Consensual Approach as follows:
The Bankruptcy Code provides several protections for parties that have supplied goods or services to a debtor on credit prior to the debtor’s bankruptcy petition date.
Good v RMR Investments, Inc, 428 BR 249 (ED Texas, March 31, 2010)
CASE SNAPSHOT
A secured creditor in a chapter 11 case objected to the confirmation of the reorganization plan of the debtor, arguing that the proper “cramdown” interest rate (court-modified rate) was the pre-petition contractual default rate, rather than the significantly lower cramdown rate. After the debtor appealed, the District Court affirmed, holding that utilizing the contract rate of interest was appropriate because the debtor was solvent.
In re Goody’s Family Clothing, Inc- F3d – 2010 WL 2671929 (3d Cir June 29, 2010)
CASE SNAPSHOT
JELD-WEN, Inc v Van Brunt (In re Grossman’s Inc), (3d Cir No 09-1563, June 2, 2010)
CASE SNAPSHOT
In re Spansion, Inc, 426 BR 114 (Bankr Del April 1, 2010)
CASE SNAPSHOT