On July 2, 2021, Something Sweet, Inc., a New Haven, Connecticut-based bakery that “provides high quality pies and cakes to the largest retailers in the country,” filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10993). The company estimates $10 to $50 million in assets and liabilities.
On June 25, 2021, Inversiones CG Financial Chile Dos S.P.A. and certain affiliates, which manage investments in mainly Chilean financial institutions, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10968). The company estimates $500 million to $1 billion in assets and $1 billion to $10 billion in liabilities.
On June 20, 2021, CP Holdings LLC and Pacrim U.S. LLC, holding companies for a portfolio of non-debtor subsidiaries which own and operate assisted living and memory care residences and offer third-party management services in the senior care space, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10950).
The Government has announced further measures to help commercial tenants who are in arrears as a result of the Covid-19 pandemic, seemingly without much regard for the difficulties also suffered by landlords. Below we explain the latest measures and where this leaves landlords.
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On June 13, 2021, Washington Prime Group Inc. and several affiliates, which administer a REIT and are headquartered in Columbus, Ohio, filed petitions under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Lead Case No. 21-31948).
On June 9, 2021, East Greenwich, R.I.-based jewelry company Alex and Ani, LLC filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware along with several affiliates. The lowest filed case number is 21-10917 (A and A Shareholding, Co., LLC). The company estimates $100 million to $500 million in both assets and liabilities.
Hsin Chong Construction Company Limited (in liquidation) v Build King Construction Limited [2021] HKCFA 14 (judgment dated 13 May 2021)
Introduction
On June 7, 2021, Zuca Properties LLC of Geneva Switzerland, the owner of two penthouse condominium units located at 470 Broome Street in New York’s Soho neighborhood, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 21-11082). The company estimates $10 million to $50 million in assets and $50 million to $100 million in liabilities.
A series of high-profile insolvencies in 2020 caused by the coronavirus pandemic, oil price crash and allegations of fraudulent activity has brought to the forefront the question of a seller's rights over goods when they are in transit to an insolvent buyer. While the seller might have a claim in damages or for the price, such claims will be unsecured and therefore of little to no value against an insolvent buyer.
On June 7, 2021, Katerra Inc., a Scottsdale, AZ-based “technology-enabled construction company,” filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 21-31861) along with several affiliates. The company estimates $500 million to $1 billion in assets and $1 billion to $10 billion in liabilities.