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).
In the latest edition of Going concerns, Stephenson Harwood's restructuring and insolvency team touches on the extent of the automatic stay arising from the recognition of a foreign main proceeding under the Singapore Model Law cross-border recognition regime, the requirements for a pre-pack scheme of arrangement under the recent Singapore Insolvency, Restructuring and Dissolution Act 2018, and the importance of Environmental, Social and Governance ("ESG") in the restructuring context.
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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).
“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.
An important decision for employers and administrators has been handed down by the High Court in the case of R (Palmer, Forsey) v Northern Derbyshire Magistrates' Court [2021] EWHC 3013. The Judgment acts as a stark reminder to employers and company personnel about the criminal liability they can face for failing to notify the Secretary of State of proposed collective redundancies as well as confirming that that an administrator can be prosecuted personally.
Background
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.