Upcoming Committee Formation Meeting: Thursday, March 23, 2017, 10:00 a.m.

Case Name: 17-10570 (BLS)

Location: Delaware State Bar Association 405 King Street, 2nd Floor Wilmington, DE 19801-2529

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here.  See the petitions for relief under Chapter 11, First Day Declaration, and proposed claims agent for further information.

Contact Norman L. Pernick and Nicholas J. Brannick for more information.

Upcoming Committee Formation Meeting: Wednes., March 22, 2017, 10:00 a.m.

Case Name: 17-10567 (LSS)

Location: The Doubletree Hotel 700 King Street Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here.  See the petitionFirst Day Declaration, and press release for further information.

Contact Norman L. Pernick and Nicholas J. Brannick for more information.

Bostwick Laboratories, Inc. and its parent holding company have filed petitions for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-10570-BLS).  Bostwick, which is headquartered in Uniondale, New York, provides laboratory testing services to independent physicians nationwide, with a specific emphasis on urology services.  Bostwick’s petition lists its estimated assets between $1 – $10 million and its estimated liabilities between $50 – $100 million; Bostwick’s petition also asserts, however, that funds will be available for distribution to unsecured creditors.  According to the First Day Declaration, Bostwick’s filing was caused by deepening cuts, beginning in 2013, to Medicare reimbursement rates for many of the services it offers.  Bostwick began marketing itself in August 2016 and now enters Chapter 11 with a pre-arranged DIP Lender and Stalking Horse Bidder, Poplar Healthcare, PLLC.  Donlin Recano & Company, Inc. is the proposed claims agent.  The cases have been assigned to the Honorable Brendan Linehan Shannon.

Contact Norman L. Pernick and Nicholas J. Brannick for more information.

Sungevity, Inc., one of the largest private residential solar installation companies in the U.S. with operations in Belgium, the Netherlands, Germany, and the United Kingdom, and three of its affiliates, have filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (Lead Case No. 17-10561).  The petition provides a consolidated list of the top 20 creditors and assets of between $100 and $500 million.  According to the First Day Declaration, the company’s rapid expansion over the last decade, among other reasons, resulted in a severe liquidity crisis and an overleveraged balance sheet.  The debtors believe that an expedited sale of substantially all of the assets is the best way to maximize value for the estates and to prevent a liquidation of the debtors.  The debtors enter chapter 11 with LSHC Solar Holdings, LLC (“LSHC”), a newly formed investment vehicle, and Hercules Capital, Inc., the Debtors’ senior secured pre-petition lender, as the stalking horse bidders and with LSHC as DIP lender who has agreed to provide $20 million in DIP financing. The Honorable Laurie Selber Silverstein will preside over these cases.  KCC is the proposed claims agent. The debtors have issued a press release regarding their restructuring.

Contact Norman L. Pernick and Nicholas J. Brannick for more information.

Upcoming Committee Formation Meeting:  Friday, March 17, 2017, 11:00 a.m.

Case Name:  17-10506 (BLS)

Location: The Sheraton Suites Wilmington Downtown 422 Delaware Ave. Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here.  See the First Day Declarationpetitions, and the proposed claims agent for further information.

Contact Norman L. Pernick and Nicholas J. Brannick for more information.

General Wireless Operations Inc. dba RadioShack, the purchaser of the RadioShack brand in its 2015 bankruptcy, and three affiliates, have filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (Lead Case No. 17-10506).  According to the First Day Declaration, the core RadioShack retail business became profitable again, but a partnership with Sprint Solutions, Inc. entered into as part of the going concern sale, did not succeed and has left the debtors with inadequate capital to continue as a going concern.  The debtors filed their cases to close additional underperforming stores and to pursue a sale or restructuring of the remaining assets.  The debtors have filed a motion regarding their continued use of cash collateral.  The cases have been assigned to The Honorable Brendan L. Shannon, who oversaw the earlier RadioShack bankruptcy proceeding.  The consolidated list of top 30 creditors can be obtained from the petitions.  Prime Clerk LLC is the proposed claims agent.

Contact Norman L. Pernick and Nicholas J. Brannick for more information.

Upcoming Committee Formation Meeting: Thursday, March 16, 2017, 1:00 p.m.

Case Name: 17-10500 (KJC)

Location:  J. Caleb Boggs Federal Building 844 N. King Street 3rd Floor – Room 3209 Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here.  See the petition for relief and Aquion’s initial matrix of creditors for further information.

Contact Norman L. Pernick and Nicholas J. Brannick for more information.

Aquion Energy, Inc., a manufacturer of environmentally-friendly commercial and industrial batteries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-10500-KJC).  Aquion, which utilizes a patented “Aqueous Hybrid Ion” design in its batteries, acquired fame in 2014 after raising $36.8 million in venture capital funding from investors including Bill Gates and members of the Pritzker family.  Aquion’s petition reports $10 million to $50 million in both assets and liabilities.  Aquion’s initial matrix of creditors may be found here.  The case has been assigned to the Honorable Kevin J. Carey.

Contact Norman L. Pernick and Nicholas J. Brannick for more information.

Upcoming Committee Formation Meeting: Tuesday, March 14, 2017, 10:00 am

Case Name: 17-10426 (KJC)

Location:  The Doubletree Hotel 700 King Street Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here.  See the petition for relief and the First Day Declaration to learn more.

Contact Norman L. Pernick and Nicholas J. Brannick for more information.

San Diego-based California Proton Treatment Center, LLC, a provider of proton radiation treatment services to patients with cancerous solid tumors, has filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the District of Delaware (Case No. 17-10477).  The petition lists between $100 million and $500 million in both assets and liabilities.  According to the First Day Declaration, the Debtor has not operated on a “profitable or even a break-even basis” since its opening in 2014 and is currently facing an “acute shortage of operating capital.”  Unable to obtain further financing, the Debtor intends to sell substantially all of its assets through a § 363 sale, but does not have a pre-arranged stalking horse.  The Debtor has secured first priority and priming postpetition financing in the form of a multiple-draw term loan facility.  The case has been assigned to the Honorable Laurie Selber Silverstein.

Contact Norman L. Pernick and Nicholas J. Brannick for more information.