On March 30, 2022, MD Helicopters, Inc. of Mesa, AZ filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10263). The company is a helicopter supplier for military, law enforcement, utility, emergency medical services and VIP customers, with more than 2,500 aircraft in service globally.
On March 23, 2022, Massachusetts-based Footprint Power Salem Harbor Development LP and certain affiliates, which operate a 674 MW natural gas-fired combined-cycle electric power plant in Salem, Massachusetts, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10239).
On March 17, 2022, New York-based Buyk Corp., a mobile app grocery delivery service operating in New York and Chicago, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 22-10328).
On February 3, 2022, Tracer Roofing of Humble, TX filed a petitionfor relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 22-30314). The petition indicates that the debtor intends to proceed under Subchapter V of Chapter 11. Tracer Roofing reports $500,000 to $1 million in assets and $10 million to $50 million in liabilities.
On Friday, January 14, 2022, BH Cosmetics Holdings LLC, a beauty brand based in North Hollywood, California filed a petitionfor chapter 11 relief in the Bankruptcy Court for the District of Delaware (Lead Case No. 22-10050. BH Cosmetics specializes in clean, vegan, and cruelty-free cosmetics and beauty products sold via ecommerce channels and wholesale.
On January 11, 2021, Seadrill New Finance Limited (“NSNCo”), issuer of Seadrill secured notes due 2025, and several affiliates filed a petitionfor relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 22-90001).
In its top consumer credit law decisions of 2021, the U.S. Court of Appeals for the Fifth Circuit determined that settlement of an FDCPA claim does not trigger an attorney fee award, examined third-party contact as a “communication” under the FDCPA, and ruled there was no “partial surrender” of collateral in a Chapter 13 plan.
Tejero v. Portfolio Recovery Assocs., LLC, 993 F.3d 393 (5th Cir. 2021)
When 2020 ended, many of us were unsure what 2021 would look like from a bankruptcy perspective. Would consumer filings increase? Could we see bankruptcy reform and particularly in the area of discharge of student loans? There was a lot to consider throughout the year. This article will provide some insight as to what we saw and where we may be headed in 2022.
Bankruptcy Filings Down in 2021
Bankruptcy filings through the first 11 months of 2021 were at their lowest levels since the 1980’s.
“On December 17, 2021, Tokyo-based specialty purpose vehicles JPA No. 111 Co., Ltd. and JPA No. 49 Co., Ltd. formed to acquire and lease Airbus A350 aircraft, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 21-12075). The company reports $100 to $500 million in both assets and liabilities.
On December 13, 2021, T.W. LaQuay Marine, LLC a Texas-based freight transporter on all inland waterways, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 21-60101). The company reports $10 to $50 million in both assets and liabilities.