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Delaware Bankruptcy Litigation Information on Corporate Bankruptcy Proceedings in Delaware and Throughout the United States

Tag Archives: Delaware bankruptcy attorney

A Closer Look at the Satcon Technology Bankruptcy

Posted in Bankruptcy Case Summaries

On October 17, 2012, Satcon Technology Corporation and various of its subsidiaries (collectively, "Satcon") filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  Satcon’s subsidiaries include Satcon Power Systems, Inc., Satcon Electronics, Inc., Satcon Power Systems, LLC, Satcon International and Satcon Technology.  As stated in Satcon’s Declaration filed… Continue Reading

Recycled Paper Manufacturer, Manistique Papers, Files Bankruptcy in Delaware

Posted in Bankruptcy Case Summaries

Introduction On August 12, 2011, Manistique Papers ("Manistique") filed a petition for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  Manistique seeks to reorganize its debts under Chapter 11 of the United States Bankruptcy Code.  According to the company’s Declaration in Support of its Chapter 11 Petition (the "Declaration" or "Decl."), Manistique… Continue Reading

A Closer Look at the Equitable Power of the Bankruptcy Court

Posted in Bankruptcy Law Basics

Introduction On August 20, 2010, Petroflow Energy Ltd. ("Petroflow"), filed a petition for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  Months prior to Petroflow’s filing for bankruptcy, the company’s subsidiaries, North American Petroleum Corporation USA and Prize Petroleum LLC, filed petitions for bankruptcy in Delaware.  After Petroflow filed for bankruptcy in August,… Continue Reading

Chapter 7 Trustee Files Preference Complaints in National Wholesale Liquidators Bankruptcy

Posted in Preference Litigation

Earlier this month Alfred T. Giuliano, the Chapter 7 Trustee for National Wholesale Liquidators, began filing various complaints seeking the avoidance and recovery of alleged preferential transfers.  On November 19, 2008, I wrote on this blog about the commencement of the National Wholesale Liquidators ("NWL") bankruptcy (read my prior post concerning NWL here).  As indicated… Continue Reading

A Closer Look at the Trade Secrets Bankruptcy

Posted in Bankruptcy Case Summaries

Introduction On July 6, 2010, Trade Secrets, Inc., and its affiliates (the "Debtors"), filed for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  A copy of the Debtors’ bankruptcy petition is available here.  According to Debtors’ Declaration in Support of Chapter 11 Petitions (the "Declaration"),  Debtors operate 612 retail and hair salon… Continue Reading

Plan Administrator in Goody’s Bankruptcy Files Preference Actions

Posted in Preference Litigation

 Introduction Recently, the Plan Administrator for the Goody’s Family Clothing bankruptcy commenced adversary actions against various defendants in the United States Bankruptcy Court for the District of Delaware.  The Goody’s Plan Administrator was appointed pursuant to Goody’s plan of reorganization.  The Bankruptcy Court approved Goody’s plan on October 7, 2008, approximately four months after the… Continue Reading

Chem Rx Files for Bankruptcy Hoping to Either Reorganize or Conduct a 363 Sale of Assets

Posted in Bankruptcy Case Summaries

Introduction On May 11, 2010, Chem Rx Corporation ("Chem Rx" or "Debtor"), filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  Based in Long Beach, New York, Chem Rx claims to be the third largest long term care pharmacy in the United States (a link to the company’s website… Continue Reading

Recent Decision in Pillowtex Addresses Elements of the Ordinary Course of Business Defense in a Preference Action

Posted in Preference Litigation

Introduction Judge Kevin J. Carey, Chief Judge of the United States Bankruptcy Court for the District of Delaware, recently issued a decision in the Pillowtex bankruptcy addressing the ordinary course of business ("OCB") defense.  Given the large number of preference actions that are filed it Delaware every year, there is a fair amount of case law in… Continue Reading

Decision in Spansion Addresses Issues That Arise During Plan Confirmation

Posted in Bankruptcy Law Basics

Introduction On April 1, 2010, Judge Kevin J. Carey , Chief Judge of the United States Bankruptcy Court for the District of Delaware issued an opinion (the "Opinion") in the Spansion bankruptcy rejecting the Debtor’s proposed plan of reorganization.  This post will look at the requirements provided for under the Bankruptcy Code in order for… Continue Reading

A Closer Look at the Orleans Homebuilders Bankruptcy

Posted in Bankruptcy Case Summaries

On March 1, 2010, Orleans Homebuilders filed for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  According to Orleans’ Declaration in Support of First-Day Pleadings, the company filed for bankruptcy hoping to get the "breathing space"  necessary to reorganize its business.  The circumstances leading up to Orleans filing for bankruptcy illustrate the… Continue Reading

Decision in Spansion Bankruptcy Addresses When Court Should Appoint a Special Committee of Creditors or Equity Holders

Posted in Recent Developments in Bankruptcy Law

Introduction Recently, Judge Kevin J. Carey, Chief Judge of the United States Bankruptcy Court for the District of Delaware, issued a decision in the Spansion bankruptcy denying a motion for the appointment of an official committee of equity security holders.  See In re Spansion, Inc., et al., Case No. 09-10690(KJC)(December 18, 2009).  The decision is helpful as it… Continue Reading

Chp. 7 Trustee Files Preference Actions in HomeBanc Mortgage Bankruptcy

Posted in Preference Litigation

George Miller, the Chapter 7 Trustee in the HomeBanc Mortgage bankruptcy, recently filed approximately 400 preference actions against various defendants under section 547 of the Bankruptcy Code.  According to a Summons filed in one of the adversary actions,  the first pre-trial conference is scheduled in the United States Bankruptcy Court for the District of Delaware… Continue Reading

Grocery Retailer, Penn Traffic, Files for Bankruptcy With Hopes of Finding a Buyer

Posted in Bankruptcy Case Summaries

Introduction The Penn Traffic Company, the Syracuse, New York based grocery retailer, filed for Bankruptcy in Delaware on November 18, 2009.  According to documents filed with the United States Bankruptcy Court for the District of Delaware,  this is Penn Traffic’s third time in bankruptcy within the last ten years.  With annual revenues of $872 million,… Continue Reading

Trustees in the Pope & Talbot and Specialty Motors Bankruptcies File Hundreds of Preference Actions

Posted in Preference Litigation

The Chapter 7 Trustees in the Pope & Talbot and Specialty Motors bankruptcies recently filed hundreds of complaints in the United States Bankruptcy Court for the District of Delaware.  George Miller is the Chapter 7 Trustee in the Pope & Talbot bankruptcy while Jeoffrey Burtch is the Trustee in the Specialty Motors (aka "Von Weise Inc.")… Continue Reading

Decision in S-Tran Holdings Bankruptcy Looks at When a Letter of Credit Constitutes Property of the Estate

Posted in Bankruptcy Law Basics

Introduction Judge Kevin J. Carey, Chief Judge of the Delaware Bankruptcy Court, issued a decision recently in the S-Tran Holdings bankruptcy that addresses whether letters of credit constitute property of the bankruptcy estate.  The Court’s decision in S-Tran Holdings is worth review as letters of credit are a common part of a debtor’s pre and post-petition financing.  Recent decisions hold that… Continue Reading

A Tale of Two Bankruptcy Auctions

Posted in Bankruptcy Law Basics

Introduction In recent months, bankruptcy auctions went forward in two different bankruptcy proceedings that illustrate the extent to which auctions can vary both procedurally and substantively. One auction involved the sale of a single asset and lasted less than an hour, while the second auction involved the sale of the debtor’s entire business and lasted over the… Continue Reading

Metal Manufacturer, Barzel Industries, Files Bankruptcy Seeking To Sell Majority of Assets

Posted in Bankruptcy Case Summaries

Introduction Barzel Industries, the Massachusetts-based metal manufacturer, filed for bankruptcy on September 14, 2009, in the United States Bankruptcy Court for the District of Delaware.  One of the initial documents Barzel filed with the Bankruptcy Court is a Declaration in Support of First Day Pleadings (the "Declaration").  According to the Declaration, as of the petition date… Continue Reading

Whitehall Jewelers Files Over 90 Preference Actions in Delaware Bankruptcy Court

Posted in Preference Litigation

Introduction In June of last year, retailer Whitehall Jewelers filed for Bankruptcy in the United States Bankruptcy Court for the District of Delaware.  Last month, 14 months after filing for bankruptcy, Whitehall filed over 90 adversary actions in Delaware seeking to recovery payments the company made to various creditors during the 90 days prior to its filing for… Continue Reading

Freedom Communications Files for Bankruptcy in Delaware Following Decline in Advertising Revenue

Posted in Bankruptcy Case Summaries

 Introduction Freedom Communications Holdings, the Orange County, California newspaper publisher, filed for bankruptcy in the United States Bankruptcy Court for the District of Delaware on September 1, 2009.  (You can review a copy of Freedom’s Petition for Bankruptcy here.)  According to the Declaration of Freedom’s Chief Financial Officer, the company’s decision to file for bankruptcy… Continue Reading

Auto Parts Manufacturer, Proliance International, Files for Bankruptcy 18 Months After a Tornado Destroys Distribution Facility

Posted in Bankruptcy Case Summaries

Introduction Proliance International ("Proliance" or "Debtor"), an automotive heating and cooling parts manufacturer, filed for bankruptcy in the United States Bankruptcy Court for the District of Delaware on July 12, 2009.  The Debtor is represented by Jones Day of New York.  This bankruptcy proceeding is before the Honorable Christopher S. Sontchi of the Delaware Bankruptcy Court. … Continue Reading

What to Expect in a Section 341 Meeting of Creditors

Posted in Bankruptcy Law Basics

Introduction Section 341 of the Bankruptcy Code requires the United States Trustee to "convene and preside at a meeting of creditors."  Section 341(a) of the Code requires the trustee to convene what is commonly referred to as a "341 meeting" or "meeting of creditors" within a "reasonable time" after a debtor files for bankruptcy.  Bankruptcy Rule… Continue Reading