341 Meeting

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”

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 the Honorable Brendan Linehan Shannon. The first day hearing was held on December 18, 2015.  The “second day” hearing is scheduled for January 19, 2016 at 12:00 p.m.

A majority of the information available about the Debtors can be found in one of three places: the Declaration of Danni Morris in Support of the Debtors’ First Day Motions [D.I. 13] (the “Declaration”); the website established by the Debtors’ claims agent, Prime Clerk, https://cases.primeclerk.com/newgulf; and the website created by the Debtors to inform investors about the bankruptcy, http://newgulfresources.com/about/restructure_information.asp.  The Debtors constitute yet another in a growing stream of energy providers to have declared bankruptcy in recent months.  In this case, they were engaged in the acquisition, development, exploration and production of oil and natural gas properties, focused primarily in the East Texas Basin.  As of November 2015, the Debtors’ properties were producing approximately 3500 net barrels of oil equivalents per day.  Declaration at *3.  The intent of the Debtors in filing this bankruptcy is to ‘right-size’ their balance sheets so that they can move forward profitably.

The Debtors represent on their website (linked above and last accessed on 1/4/2016) that as of the petition date, they had entered into a Restructuring Support Agreement (“RSA”) with an ad hoc committee of creditors holding more than 72% of its second lien notes and 22% of its subordinated PIK notes, who have agreed, subject to the terms thereof, to provide at least $125 million of new capital to increase liquidity post-reorganization and permanently pay down existing first lien debt. Specifically, the RSA provides for $75 million in debtor-in-possession (“DIP”) secured credit financing to be funded by, and a $50 million rights offering to be backstopped by, the ad hoc committee RSA.  The Debtors are represented by Baker Botts L.L.P. and Young Conaway Stargatt & Taylor, LLP in these bankruptcy proceedings.
Continue Reading New Gulf Resources – 341 and Formation Meetings Scheduled

On October 14, 2015, Affirmative Insurance Holdings, Inc. and 7 affiliates filed for relief under chapter 11 of the Bankruptcy Code.  The cases are jointly administered under Case Number 15-12136 and presided over by Judge Christopher S. Sontchi.  The first day hearing was held on October 19, 2015.  The second day hearing is scheduled for

In what looks like a case study in the need to diversify, Univita Health Inc. filed for Bankruptcy in the District of Delaware on August 28, 2015 – It is being administered as Case No. 15-11788.  Pursuant to the Bankruptcy Petition it filed, Univita has also filed for bankruptcy under chapter 7 for 11 affiliates.

In the Frederick’s of Hollywood bankruptcy proceeding, a formation meeting has been scheduled for Wednesday, April 28, 2015 at 10:00 a.m. (ET) at the J. Caleb Boggs Federal Building, 844 King St., Room 5209, Wilmington, DE 19801.  Click Here for a copy of the Notice of Formation Meeting for Official Committee of Unsecured Creditors issued


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