Carbondale Glen Lot L-2, LLC, along with thirteen affiliates and subsidiaries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware.  All of the filers are affiliates of the Woodbridge Group of Companies, LLC, whose cases are currently being jointly administered under Lead Case No. 17-12560.  According to the Corporate Organizational Chart attached to the Petition, all of the new debtors are “non-collateral filers.”  Cole Schotz previously provided coverage of Woodbridge’s filing here.  The Garden City Group is the claims and noticing agent.  The cases are assigned to the Honorable Kevin J. Carey.

Contact Norman L. Pernick or Nicholas J. Brannick for more information regarding this matter.  Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.

Upcoming Committee Formation Meeting:  Thursday, February 15, 2018 10:00 AM

Case Name: 18-10248 (MFW)

Location: The Double Tree 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 here.

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

Ascent Resources Marcellus Holdings, LLC, along with two 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. 18-10265).  The Debtors, based in Oklahoma City, OK, operate as an oil and natural gas E&P in the Marcellus Shale basin in the eastern United States.  As explained in a press release issued by the Debtors, the Debtors’ parent company (Ascent Resources, LLC) and a number of affiliates focusing on the Utica Shale basin are not part of this restructuring and their operations will be unaffected by the Debtors’ cases.  According to the First Day Declaration, the Debtors enter Chapter 11 with a prepackaged plan of reorganization under which the Debtors’ first and second lien term loans will be converted to equity in the reorganized Debtors and unsecured creditors will be paid in full.  Holders of 78% of the Debtors’ first lien term loans and 79% of the Debtors’ second lien term loans, the only impaired classes under the Plan, have already voted in favor of the Plan.  Prime Clerk LLC is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Laurie Selber Silverstein.

Contact Norman L. Pernick or Nicholas J. Brannick for more information regarding this matter.  Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.

The Bon-Ton Stores, Inc. (NASDAQ: BONT), a department store retailer headquartered in York, PA, has, along with nine (9) of its affiliates and subsidiaries, filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10248).  Bon-Ton issued a press release announcing its filing on Sunday and has set up a restructuring website for interested parties.  Bon-Ton’s petition states that as of October 28, 2017, Bon-Ton had $1,586,595,000 in assets and $1,742,558,000 in liabilities.  According to the First Day Declaration, Bon-Ton enters Chapter 11 with its options open and is simultaneously pursuing both a standalone restructuring and a sale of substantially all of its assets under Section 363.  According to the Bid Procedures Motion, Bon-Ton enters Chapter 11 without a stalking horse bidder, but seeks authority from the Court to enter into a stalking horse agreement on or before March 19, 2018.  Bon-Ton also seeks approval of $725,000,000 in DIP financing provided by its pre-petition ABL lenders, with Bank of America, N.A., as administrative agent.  Prime Clerk LLC is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Mary F. Walrath.

Contact Norman L. Pernick or Nicholas J. Brannick for more information regarding this matter.  Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.

Patriot National, Inc., a Fort Lauderdale, FL-based provider of technology and outsourcing solutions to the insurance industry, has, along with eighteen affiliates and subsidiaries, filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10189).  Patriot’s petition estimates both its assets and liabilities to be between $100–$500 million.  According to the First Day Declaration, Patriot enters Chapter 11 having negotiated a restructuring support agreement and prepackaged plan of reorganization with its  pre-petition secured lenders.  The Disclosure Statement can be found here.   Prime Clerk is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Kevin Gross.

Contact Norman L. Pernick or Nicholas J. Brannick for more information regarding this matter.  Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.

Ensequence, Inc., a New York, NY based provider of tools for creating interactive television advertising, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 18-10182).  Ensequence’s Petition estimates it assets to be between $1–$10 million and its liabilities to be between $10–$50 million.  According to the First Day Declaration, Ensequence has filed for Chapter 11 relief as a result of the unexpected termination of a major contract, after which Ensequence was no longer able to generate sufficient revenue to cover its capital costs.  The Declaration further reports that Ensquence has entered into a forbearance agreement with its secured lender to allow the consensual use of cash collateral and intends to pursue a sale under Section 363 of the Code.  Rust/Omni is the proposed claims and noticing agent.  The case has been assigned to the Honorable Kevin Gross.

Contact Norman L. Pernick or Nicholas J. Brannick for more information regarding this matter.  Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.

Rand Logistics, Inc., along with six affiliates and subsidiaries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10175).  Rand, a leading provider of bulk freight shipping services in the Great Lakes region, previously announced on November 21st that it was being acquired by American Industrial Partners, the sole holder of Rand’s second lien notes, via a prepackaged plan of reorganization.  The First Day Declaration bears this announcement out, explaining that Rand enters Chapter 11 having negotiated with AIP a prepackaged Plan of Reorganization that will pay unsecured creditors in full, while swapping AIP’s notes for equity in the reorganized Rand.  The Disclosure Statement can be found here.  Rand proposes to have a combined hearing on the prepacked Plan and Disclosure Statement on February 27, 2018.  A list of creditors can be found here.  Kurtzman Carson Consultants, LLC, is the proposed claims and noticing agent. The cases have been assigned to the Honorable Brendan Linehan Shannon.

Contact Norman L. Pernick or Nicholas J. Brannick for more information regarding this matter.  Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.

Scottish Holdings, Inc., Charlotte, NC based reinsurance company, has, along with a single affiliate, filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10160).  Scottish’s Petition estimates its assets and liabilities to both be between $1–$10 billion.  Scottish’s parent (a non-debtor entity), Scottish Re Group Limited, has commenced voluntary winding up procedures in the Cayman Islands and Bermuda.  According to the First Day Declaration, Scottish ceased writing new business in 2008, and has filed for Chapter 11 in order to address a debt overhang.  Scottish enters Chapter 11 intending to sell substantially all of its assets under Section 363 with HSCM Bermuda Fund Ltd., an investment fund advised by Hudson Structured Capital Management Ltd., serving as the Stalking Horse.

Contact Norman L. Pernick or Nicholas J. Brannick for more information regarding this matter.  Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.

PES Holdings, LLC (d/b/a Philadelphia Energy Solutions) has, along with eight of its subsidiaries and affiliates, filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10122).  Headquartered in Philadelphia, PA, PES operates the largest oil refining complex on the East Coast and is the tenth largest refiner in the United States.  PES’ Petition estimates both its assets and liabilities to be between $1 – $10 billion.  PES enters bankruptcy with a prepackaged Plan of Reorganization.  According to PES’ Disclosure Statement, the Plan is supported by “100% of the outstanding Term Loan A Claims and over 90% of the outstanding Term Loan B Claims,” who have entered into an Restructuring Support Agreement with PES.  The Disclosure Statement also explains that the Plan contemplates a debt for equity swap, which will reduce PES’ anticipated debt service obligations by approximately $35 million per year and relieve PES of debt maturities through 2022, and will also provide an infusion of approximately $260 million in capital to PES.  A First Day Declaration has not yet been filed.  Rust/Omni is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Kevin Gross.

Contact Norman L. Pernick or Nicholas J. Brannick for more information regarding this matter.  Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.

RCR International, Inc. (“RCR”), along with its wholly-owned subsidiary, has filed a petition under Chapter 15 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10112).  According to the Petition, the case was filed in support of insolvency proceedings in the Quebec Superior Court of Justice (Commercial Division) in the Judicial District of Montréal, Case No. 500-11-053555-179.  As set forth in the declaration filed in support of the Petition, the Lead Debtor, RCR, will be serving as the foreign representative of the Debtors.  RCR has also filed a motion to recognize the Canadian proceeding as a foreign main proceeding.  The cases have not yet been assigned to a judge.

Contact Norman L. Pernick or Nicholas J. Brannick for more information regarding this matter.  Please note, however, that Cole Schotz P.C. does not represent the debtor in this case and cannot respond to questions directed toward the debtor.