The National Security and Investment Act 2021 ("NSIA" or "the Act") came into force in the UK on 4 January 2022. NSIA expands the UK Government’s powers to scrutinise certain acquisitions and investments on national security grounds. NSIA applies where a target entity is within one of the 17 sensitive sectors set out in the Act and has activity in the UK. The UK Government’s power applies to transactions which complete in the period following 12 November 2020.
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).
The pandemic has brought much uncertainty to the hotel sector — Intermittent national and regional lockdowns, work from home mandates and restrictions around domestic and international travel have left hoteliers in the unenviable position of keeping the lights on but without the occupancy or footfall of pre-2020. Government measures have no doubt helped, especially the ability to furlough large sections of the workforce, but as these measures are tapered down, some hotels – particularly city centre and airport hotels which rely on business travel — will struggle.
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.
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.
On December 14, 2021, All Year Holdings Limited, a Brooklyn-based real estate development, construction, acquisition, leasing and management firm, owned by Yoel Goldman, 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. 21-12051).
On December 6, 2021, Strike, LLC of Woodlands, TX filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 21-90054) along with several affiliates.