Upcoming Committee Formation Meeting:  Tuesday, September 19, 2017 10:00 AM

Case Name: 17-11933 (KJC)

Location: Sheraton Suites, 422 Delaware Avenue, Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. See the petition and First Day Declaration for further details.

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

Vitamin World, Inc., along with eight of its affiliates and subsidiaries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 17-11933).  In the Petition, Vitamin World reports $50 million to $100 million in assets and $10 million to $50 million in liabilities.  According to the First Day Declaration, the Debtors’ filings were precipitated by difficulties in transitioning their supply chain and distribution system, and the Debtors have filed with the intent to pursue a balance sheet restructuring and to shed burdensome leases and underperforming retail locations.  The Debtors enter Chapter 11 with a proposed DIP Facility provided by their Prepetition Lenders.  JND Corporate Restructuring is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Kevin J. Carey.

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

Model Reorg Acquisition, LLC, along with eighteen of its subsidiaries and affiliates, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 17-11794).  The Debtors, based in Belleport, NY, collectively comprise the largest specialty retailer and distributor of fragrances and related beauty products in the United States and primarily operate under the brand “Perfumania.”  According to a press release issued by Perfumania Holdings, Inc. (NASDAQ: PERF), the Debtors plan to undergo a recapitalization through the Chapter 11 process and emerge as a privately-held company.  The First Day Declaration explains that the Debtors enter Chapter 11 with a prepackaged plan of reorganization and debtor in possession financing.  Epiq Bankruptcy Solutions is the proposed claims and noticing agent.  The case has been assigned to the Honorable Christopher S. Sontchi.

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

USAE, LLC, f/k/a U.S. Aerospace LLC, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-11778).  Based in Wilmington, DE, USAE produces aircraft assemblies, structural components and highly engineered, precision machined details for the U.S. Government, U.S. Airforce and companies such as Lockheed Martin and Boeing.  In the First Day Declaration, USAE cites limited liquidity and ongoing disputes with several of its secured lenders as the cause of its filing.  USAE reports $25.25 million in assets and $19.56 million in liabilities; of the reported assets, $5 million is attributed to an insurance policy and $20 million to causes of action.  No claims or noticing agent has been proposed.  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:  Monday, August 21, 2017 10:00 AM

Case Name:  17-11722 (BLS)

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

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. See the petition and First Day Declaration for further details.

 

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

Creditors have filed an involuntary petition for relief under Chapter 11 against Speed Vegas, a Las Vegas, Nev.-based recreational racetrack that serves as the home studio and track for the “Top Gear America” television series (Case No. 17-11752).  The petitioning creditors are Phil Fiore, Velocita, LLC, Aaron Fessler, EME Driving, LLC, Thomas Garcia, Sloan-Speed, LLC and T-VV, LLC, each of who claims at least $5,529 due on Notes for which Stein Harris serves as the Collateral Agent.  In the involuntary petition, the petitioning creditors allege that Speed Vegas is not paying its undisputed debts as they become due.  No claims or noticing agent has been proposed.  The case has been assigned to the Honorable Kevin J. Carey.

 

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

Peekay Acquisition, LLC, along with sixteen (16) of its affiliates and subsidiaries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 17-11722).  Headquartered in Auburn, Washington, Peekay is a leading specialty retailer of a broad selection of lingerie, sexual health and wellness products and accessories.  The Debtors estimate their assets between $10 -$50 million and their liabilities between $50 – $100 million.  According to the First Day Declaration, the Peekay enters Chapter 11 seeking a competitive sale process.  Peekay’s Term Lenders have submitted a bid to serve as stalking horse during this sale process.  Rust Consulting/Omni Bankruptcy is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Kevin J. Carey.

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

Takata Corporation, a Japanese corporation, as well as two of its subsidiaries and affiliates have filed a petition for recognition of a foreign main proceeding in the Bankruptcy Court for the District of Delaware (Case No. 17-11713).  According to the statement of Takata Corporation as foreign representative, the Debtors currently in a Civil Rehabilitation Proceeding under the Civil Rehabilitation Act of Japan, Act No. 225 of December 22, 1999, before the 20th Department of the Civil Division of the Tokyo District Court.  The Debtors have also filed a motion for limited provisional relief.  As we previously reported, TK Holdings, Takata Corporation’s primary U.S. subsidiary, previously filed for relief under Chapter 11 on June 27, 2017 (Case No. 17-11375).  These Chapter 15 cases have also been assigned to the Honorable Brendan Linehan Shannon.

 

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

Upcoming Committee Formation Meeting:  Friday, August 11, 2017 10:00 AM

Case Name: 17-11655 (CSS)

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

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here.  See the petition for relief under Chapter 11 here.

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

TerraVia Holdings, Inc., a San Francisco-based specialty food company, and two of its affiliates have filed petitions for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-11655).  According to the First Day Declaration, the Debtors are seeking a sale of substantially all of their assets during the course of the cases and enter Chapter 11 with a stalking horse bidder, Corbion N.V.  The Debtors have also secured $10 million in debtor-in-possession financing from a consortium of their Senior Noteholders to provide them with liquidity during these cases.  The Debtors estimate both their assets and liabilities to be between $100 – $500 million.  The proposed claims and noticing agent is Kurtzman Carson Consultants, LLC.  The cases have been assigned to the Honorable Christopher S. Sontchi.

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