On August 31, 2021, Sequential Brands Group, Inc. (NASDAQ:SQBG), together with its wholly-owned subsidiaries that own, manage and license a large-scale and diversified portfolio of consumer brands across multiple industries, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-11194). The company reports $442.8 million in assets and $435.1 million in liabilities.
On August 30, 2021, BL Santa Fe, LLC, along with one affiliated debtor doing business as Bishops Lodge, an Auberge Resorts Collection luxury hotel and resort located in Santa Fe, New Mexico, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-11190). The company reports $50 to $100 million in both assets and liabilities.
On August 17, 2021, Basic Energy Services, L.P., along with several affiliates that provide operational support for oil and gas wells located in several US states, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 21-90001). The company reports $100 to 500 million in assets and $500 million to $1 billion in liabilities.
On August 15, 2021, Aluminum Shapes LLC, a Delair, New Jersey-based aluminum fabricator and processing company, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of New Jersey (Case No. 21-16520). The company estimates $10 to $50 million in assets and liabilities.
In a recent judgment, the English Court of Appeal gives guidance on when a non-party costs order will be made against directors or shareholders of an insolvent company engaged in litigation. The judgment will be of interest to all involved in insolvency based litigation.
A snap shot of the courts’ jurisdiction to make costs orders against non-parties
On August 12, 2021, nursery and landscaping company Moon Group of Chesapeake City, MD filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-11140). According to the petition, several affiliates are also expected to file. The company reports up to $50,000 in assets and $10 million to $50 million in liabilities.
The recent interim decision of the Federal of Australia in Michele Bottiglieri Armatore SPA, Michele Bottigliere Armatore S.P.A [2021] FCA 795 highlights the Australian courts' willingness to recognise cross-border insolvencies in the context of foreshadowed arrests of vessels entering Australian waters.
On August 1, 2021, Alpha Latam Management, LLC, a Miami-based financial services company that historically provides consumer loans in Latin America, along with certain affiliates, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case 21-11109). The company reports $100 million to $500 million in estimated assets and $500 million to $1 billion in estimated liabilities. As described further in the
On July 29, 2021, GBG USA, Inc., along with several affiliates, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Lead Case No. 21-11369). The ultimate parent company of GBG USA, Inc.
Bulletins
Welcome to the second edition of our relaunched Commodities bulletin.
It is a privilege to introduce the bulletin from Singapore, with memories of contributing to our previous Commodities bulletin as a junior lawyer in London. Our global team has grown a lot since then, most recently with the addition of Peter Zaman and Dan Perera in Singapore and Matthew Cox in London, two of whom have contributed articles this month.