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

Category Archives: Bankruptcy Case Summaries

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Appalachian Conventional Production Comp Files Chapter 7 Liquidation

Posted in Bankruptcy Case Summaries

On July 13, 2016, Appalachian Conventional Production Comp (“Appalachian” or “Debtor”) filed a Chapter 7 liquidation in the United States Bankruptcy Court for the District of Delaware.  According to the Debtor’s Petition, Appalachian has assets less totaling less than $500,000, and liabilities between $500,000 and $1 million.  Click here to view a copy of Appalachian’s… Continue Reading

Indie Film Distributor Gold Alchemy, LLC Files Chapter 7 Liquidation in Delaware

Posted in Bankruptcy Case Summaries

On July 1, 2016, Gold Alchemy LLC filed for Chapter 7 bankruptcy protection with the U.S. Bankruptcy Court for the District of Delaware.  According to the petition, the debtor’s estimated assets are $10 to 50 million, and estimated liabilities are $50 to 100 million. Alchemy is a distribution company formerly known as Millennium Entertainment.  According… Continue Reading

SynCardia Systems Files Chapter 11 Bankruptcy – First Day Hearing Scheduled July 6, 2016

Posted in Bankruptcy Case Summaries

On July 1, 2016, SynCardia Systems, Inc. (“Debtor” or “SynCardia”) filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code before the United States Bankruptcy Court for the District of Delaware. According to the Declaration of Stephen Marotta, the Debtor’s Chief Restructuring Officer, SynCardia is a medical technology company that develops artificial… Continue Reading

Maxus Energy Corp. Filed For Chapter 11

Posted in Bankruptcy Case Summaries

Yet another company in the energy sector has filed for bankruptcy protection.  On June 17, 2016, Maxus Energy Corporation, and its affiliates (“Debtors”) filed for chapter 11 protection in the United States Bankruptcy Court for the District of Delaware. A significant portion of this post draws upon information in the first day declaration of Javier… Continue Reading

Hercules Offshore Files for Bankruptcy Again

Posted in Bankruptcy Case Summaries

On June 5th and 6th, 2016, Houston-based energy firm Hercules Offshore Inc. and its affiliated debtors (“Hercules” or “Debtors”) filed for Chapter 11 bankruptcy protection before the United States Bankruptcy Court for the District of Delaware. Hercules is an offshore oil drilling services firm and rig operator, that was hit by the plunge in oil… Continue Reading

U.S. Supreme Court Rules ‘Actual Fraud’ Exception to Discharge Includes Fraudulent Transfer Schemes

Posted in Bankruptcy Case Summaries, Recent Developments in Bankruptcy Law

In an Alert published on Wednesday, Audrey Noll examines the U.S. Supreme Court’s recent ruling in Husky Int’l Elecs., Inc. v. Ritz: Last month, the U.S. Supreme Court held that the “actual fraud” bar to discharge debts under Bankruptcy Code section 523(a)(2)(A) includes claims based on intentional fraudulent transfers, regardless of whether the debtor made a false representation… Continue Reading

Joao Bock Transaction Systems, LLC Files for Chapter 7 Relief

Posted in Bankruptcy Case Summaries

On May 20, 2016, Joao Bock Transaction Systems, LLC (“Debtor” or “Joao Bock”) filed for Chapter 7 bankruptcy relief before the United States Bankruptcy Court for the District of Delaware.  Joao Bock has been described by some as a “patent troll” that engages in litigation over intellectual property disputes in order to extract favorable settlements.… Continue Reading

Intervention Energy Holdings LLC Files for Chapter 11 Protection

Posted in Bankruptcy Case Summaries

Another North Dakota shale oil driller has filed for bankruptcy protection.  On May 20, 2016, Intervention Energy Holdings LLC, and its affiliates (“Debtors”) sought chapter 11 protection from the United States Bankruptcy Court for the District of Delaware. Other Williston Basin, ND shale oil victims include Emerald Oil Inc., and Halcón Resources Corp., which indicated that it… Continue Reading

Blocking Directors 101: Fiduciary Duties Apply

Posted in Bankruptcy Case Summaries, Recent Developments in Bankruptcy Law

In an Alert published on Wednesday, Audrey Noll examines the U.S. Bankruptcy Court for the Northern District of Illinois’ recent ruling in In re Lake Mich. Beach Pottawattamie Resort LLC: Lenders beware: An Illinois bankruptcy court recently ruled that a lender went too far in its efforts to stop a debtor from filing for bankruptcy. The court invalidated… Continue Reading

BIND Therapeutics, Inc. Files for Chapter 11 Protection

Posted in Bankruptcy Case Summaries

On May 1, 2016, BIND Therapeutics, Inc., and affiliated companies (“Debtors” or “BIND”) voluntarily filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code. The filing comes days after the Cambridge, Mass., company received a notice of default from lender Hercules Technology III LP, which demanded immediate payment of the $14.5 million the lender… Continue Reading

Pacific Sunwear Files Chapter 11 Bankruptcy in Delaware – Commercial Landlords Beware

Posted in Bankruptcy Case Summaries, Commercial Landlords

On April 7, 2016, Pacific Sunwear of California, Inc. (aka PacSun, aka Pacific Sunwear) filed for chapter 11 protection in the United States Bankruptcy Court for the District of Delaware. Through the bankruptcy, Pacific Sunwear is seeking bankruptcy protection in order to get rid of two thirds of its debt and restore its balance sheet, according to… Continue Reading

Renewable Energy Solar Company Abengoa Files for Bankruptcy

Posted in Bankruptcy Case Summaries

The Spanish renewable energy solar company giant, Abengoa SA and its American affiliates, have filed for bankruptcy protection before the U.S. Bankruptcy Court for the District of Delaware.  The Spanish energy company continues talks with its banks and bondholders to agree on its plan to restructure billions of dollars in debt. Background Abengoa is one of… Continue Reading

Lease Termination Before Bankruptcy May Be ‘Avoidable Transfer,’ 7th Circuit Rules

Posted in Bankruptcy Case Summaries, Recent Developments in Bankruptcy Law

In an Alert published today, Audrey Noll examines the Seventh Circuit’s recent decision in Official Comm. of Unsecured Creditors v. T.D. Invs. I, LLP (In re Great Lakes Quick Lube LP): A landlord who terminates a lease before the tenant’s bankruptcy may later be found to have received a preferential or fraudulent transfer and held liable to… Continue Reading

Sports Authority Files for Bankruptcy – Formation & 341 Meetings Scheduled

Posted in Bankruptcy Case Summaries

On March 2, 2016, each of the seven debtors which collectively comprise Sports Authority filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code. The cases are jointly administered under Case No. 16-10527 before the Honorable Mary F. Walrath.   The “first day” hearing occurred on Thursday, March 3, 2016, and the “second day” hearing… Continue Reading

Ninth Circuit Rules That Debtor’s Insider Can Sell Claims to Friendly Third Parties and Garner Critical Acceptance Votes on Its Plan

Posted in Bankruptcy Case Summaries, Recent Developments in Bankruptcy Law

In an Alert published today, Audrey Noll examines the Ninth Circuit’s recent decision in U.S. Bank N.A. v. The Village at Lakeridge, LLC (In re The Village at Lakeridge, LLC), 2016 WL 494592 (9th Cir. Feb. 8, 2016): Earlier this month, the Ninth Circuit ruled that an insider can sell its claim to a friendly third party,… Continue Reading

Money Center of America – Motion to Intervene Granted

Posted in Bankruptcy Case Summaries, Bankruptcy Case Updates

In a 16 page opinion released January 28, 2016 in the Casino Caribbean, et al. v. Money Centers of America adversary proceeding (Bank. D. Del. Adv. No. 14-50437), Judge Christopher S. Sontchi of the Delaware Bankruptcy Court granted the motion of Quapaw Casino to intervene in the adversary proceeding.  Judge Sontchi’s opinion is available here (the… Continue Reading

New Gulf Resources – 341 and Formation Meetings Scheduled

Posted in Bankruptcy Case Summaries

On December 17, 2015, New Gulf Resources, LLC and 3 affiliated debtors (collectively, the “Debtors”) each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.  The cases are jointly administered under Case No. 15-12566 and are pending before… Continue Reading

Swift Energy Co., Shale Oil Driller, Files for Chapter 11 Bankruptcy in Delaware

Posted in Bankruptcy Case Summaries

Swift Energy Co. (“Swift”) has become the latest U.S. shale driller to file for Chapter 11 bankruptcy, filing a voluntary petition on December 31, 2015.  Swift pumps oil in the Eagle Ford Shale in South Texas and in Louisiana fields. According to the first day declaration of Dean Swick, Swift’s chief restructuring officer and a… Continue Reading

Involuntary Bankruptcy Filed Against Metrogate LLC

Posted in Bankruptcy Case Summaries

On December 22, 2015, an involuntary bankruptcy petition was filed against Metrogate, LLC, in the United States District Court for the District of Delaware.  The petitioning creditors are various Taberna Preferred Funding entities. For a link to a brief post discussing involuntary bankruptcies in general, click here.  Under Section 303 of the Bankruptcy Code, a… Continue Reading

Cubic Energy Files a Prepack Chapter 11 Petition

Posted in Bankruptcy Case Summaries

On Friday, December 11, 2015, Cubic Energy Inc. and affiliated debtors (“Debtors” or “Cubic”) filed a voluntary Chapter 11 with the United States Bankruptcy Court for the District of Delaware.  This is a prepack bankruptcy, with Cubic filing a proposed Chapter 11 plan of reorganization and disclosure statement on the same day it filed for… Continue Reading

Offshore Group Investment Limited files a Prepack in Chapter 11

Posted in Bankruptcy Case Summaries

On December 3, 2015, Offshore Group Investment Limited and 23 affiliates filed for relief under chapter 11 of the Bankruptcy Code.  The cases are jointly administered under Case Number 15-12422 and presided over by Judge Shannon.  The first day hearing was held on December 4, 2015.  The second day hearing is scheduled for January 7, 2016 at 10:00… Continue Reading

Millennium Lab Holdings a/k/a RxAnte files a Prepack in Chapter 11

Posted in Bankruptcy Case Summaries

On November 10, 2015, Millennium Lab Holdings and 2 affiliates filed for relief under chapter 11 of the Bankruptcy Code.  The cases are jointly administered under Case Number 15-12284 and presided over by Judge Silverstein.  The first day hearing was held on November 12, 2015.  The second day hearing is scheduled for December 10, 2015 at 11:00 a.m.… Continue Reading