On April 25, 2021, Secure Home Holdings LLC and various affiliates, which provide home security services and smart home automation to residential and small business customers, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10745). The company reports $100 million to $500 million in both assets liabilities.
On April 24, 2021, New York-based beachwear retailer L&L Wings, Inc., which operates 26 stores in the Carolinas, Florida, Texas and California, 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. 21-10795).
On April 24, 2021, Augustus Intelligence Inc., a New York based AI systems developer, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10744). The company reports $10 million to $50 million in assets and $1 million to $10 million in liabilities.
In a March 2021 decision in the jointly administered bankruptcy cases of Fencepost Productions, Inc. and certain of its affiliates, Judge Dale L.
A balancing act
Creditors with legitimate grounds to challenge scheme or restructuring plan proposals and who assist the court in so doing should not be unduly discouraged by the costs regime. At the same time, frivolous arguments should not be supported with the promise of a costs award without consideration of party’s interests and other factors.
Virgin Active restructuring plans
The Irish High Court has delivered its judgment on repudiation of contracts (including leases and guarantees) in the Norwegian case which will be of interest to the aviation and restructuring and insolvency communities alike.
The key takeaways from the judgment (which will be dealt with in more detail in a future article) are:
Introduction
Under Singapore's restructuring and insolvency regime, a judicial manager has a degree of discretion in managing the affairs of the company in judicial management. However, the Court may intervene in a decision of a judicial manager if it is unfairly prejudicial to the interests of the company's creditors or members.
The impact of Covid-19 has been felt across the commercial property sector; nowhere more acutely, perhaps, than in "bricks and mortar" retail and hospitality.
Even pre-pandemic, the high street was being forced to adapt to the growth of eCommerce. But consecutive lockdowns have expedited the shift; for some, that change will be irreversible.
US Bankruptcy Judge Mary F. Walrath of the District of Delaware entered an order on April 21 in In re Nine Point Energy Holdings, Inc., Case No. 21-10570 (MFW) (Bankr. D. Del. Apr. 21, 2021), finding that Caliber Measurement Services LLC, Caliber Midstream Fresh Water Partners LLC, and Caliber North Dakota LLC (together, Caliber) violated the automatic stay by sending “reservation of rights” letters to third parties that were providing services allegedly in violation of agreements between Caliber and Nine Point Energy Holdings, Inc.
The Small Business Administration ("SBA") has made an adjustment to its guidance to provide that entities which have concluded a bankruptcy proceeding are not, for purposes of PPP eligibility, considered in bankruptcy. Entities which are presently in bankruptcy are not eligible for a PPP loan.