The Bankruptcy Protector
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.
The Bankruptcy Protector
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.
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.
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
The Bankruptcy Protector
Almost two years ago, the Small Business Reorganization Act of 2019 (SBRA) was enacted. While the provisions regarding the new Subchapter V reorganization received the most press (streamlined chapter 11 for businesses with debts of no more than $7,500,000), the SBRA also included other important changes to the Bankruptcy Code. Among these additional changes was an increase in the venue threshold under 28 U.S.C. § 1409(b) to $25,000.00 as follows:
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.