On June 30, 2022, Palo Alto, California-based mobile technology retailer pairing company Enjoy Technology, Inc., along with two affiliates,  who provide a revolutionary commerce-at-home experience for consumers through the companies’ network of mobile retail stores, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10580).  The company reports $100 million to $500 million in assets and $10 million to $50 million in liabilities.  The company states that since going public in 2021 through a special purpose acquisition company transaction, the company has been unable to achieve profitability due to the ongoing operating costs associated with the development and growth of their platform.  The company says they have received a proposal and signed letter of intent from Asurion LLC for a sale of substantially all of their U.S. assets.  Asurion has agreed to provide a small prepetition short-term bridge loan of $2.5 million and has agreed to fund a DIP facility of $55 million, including $52.25 million of new money and an interim rollup of the prepetition bridge loan.  The companies state they have an imminent need for the DIP because of their deteriorating cash position, which is currently insufficient to fund critical expenses, including payroll.

Cole Schotz does not represent the Debtors in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtors’ counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

On June 30, 2022, Plano, Texas-based mortgage lender First Guaranty Mortgage Corp. (“FGMC”), filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10584).  FGMC reports $500 million to $1 billion in both assets and liabilities.  According to a press release from FGMC, the filing has no impact on closed mortgages and FGMC is finalizing DIP financing that will enable it to close and fund approved consumer loans, under existing terms and conditions.  In addition, FGMC has further identified one or more potential partners to provide optionality to support the pipeline of in-process loans.  FGMC also says that the bankruptcy has “no impact on closed mortgages” and that it is in the process of developing an employee incentive and retention program.

Cole Schotz does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

On June 29, 2022, New York City-based Madison Square Boys & Girls Club, Inc. (the “Club”), a non-profit aimed to save and enhance the lives of underserved boys and girls through after school programming and youth development services, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 22-10910).  The Club reports $50 million to $100 million in assets and $100 million to $500 million in liabilities.  According to a press release from the Club, they have entered bankruptcy to facilitate the efficient and equitable resolution of legacy claims filed under the New York State Child Victims Act (the “CVA”).  Since the passage of the CVA in 2019, the club has been named a defendant in 149 lawsuits, and and the vast majority of claims relate to the conduct of a volunteer doctor [who was last associated with the Club] in the 1980s. The Club states it entered bankruptcy to reach a comprehensive global solution for these claims while it continues to provide essential services, resources, and support for its thousands of current and future members.

Cole Schotz does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

On June 22, 2022, Chicago, IL-based baked goods manufacturer Gold Standard Baking filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10559) along with two affiliates.  According to the board resolutions attached to the petition, the debtors have obtained a commitment for DIP financing in an undisclosed amount from prepetition secured lender 37 Baking Holdings LLC. The company established a special restructuring committee in advance of the filing, which, together with co-debtor Gold Standard Holdings Inc. (the sole equity holder of Gold Standard Baking), have determined to enter into an asset purchase agreement with the prepetition secured lender for a sale of the company.  Gold Standard Baking reports $100 to $500 million in both assets and liabilities.

Cole Schotz does not represent the Debtors in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtors’ counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

Shortly before midnight on June 15, 2022, cosmetic giant Revlon, Inc., along with several subsidiaries, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Lead Case No. 22-10760).  The company, which cited supply chain disruption and rising inflation as bases for its filing, will pursue a reorganization funded by a proposed $575 million DIP financing from its existing lender base.  The company reports $1 billion to $10 billion in both assets and liabilities.

Additionally, the company intends to pursue a CCAA recognition proceeding under Canadian Insolvency law in Ontario with Revlon Inc. acting as the foreign representative.

Cole Schotz does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

Stimwave Technologies Inc., a Pompano Beach, Fla.-based medical device manufacturer and provider of permanently implanted neurostimulation products for chronic pain, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10541).  The company intends to run a sale process and seek approval of a stalking horse bid from existing lender Kennedy Lewis, who has also proposed a $40 million, new-money DIP financing.  The company reports $50 million to $100 million in assets and $10 million to $50 million in liabilities.

Cole Schotz does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

On June 1, 2022, Charlotte N.C.-based GT Real Estate Holdings, LLC, the company Carolina Panthers owner David Tepper created specifically for the Panthers new headquarters project in Rock Hill, S.C., filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for District of Delaware after the deal to develop the new facility collapsed (Case No. 22-10505).  The company reports $100 million to $500 million in both assets and liabilities.

Cole Schotz does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

On June 1, 2022, California-based Zosano Pharma Corporation, a clinical-stage biopharmaceutical company enabling the systemic administration of therapeutics and other bioactive molecules to patients using a proprietary transdermal microneedle patch system, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for District of Delaware (Case No. 22-10506).  The Company reports $26.4 million in assets and $12.2 million in liabilities.  The board resolutions attached to the petition authorize a sale process.

Cole Schotz does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

On June 1, 2022, Houston-based petrochemical manufacturer TPC Group Inc., and several affiliates filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for District of Delaware to pursue a “prearranged” financial restructuring (Case No. 22-10493).  The Company and certain of its affiliates entered into a Restructuring Support Agreement (“RSA”), which establishes the framework for the Company’s restructuring, and, on emergence, is expected to resolve all tort liabilities arising from the Port Neches facility incident and eliminate from the Company’s balance sheet over $950 million of the Company’s approximately $1.3 billion of secured funded debt.  The Company states the transactions contemplated by the RSA, once consummated, will result in the Company emerging from bankruptcy with a significantly enhanced liquidity profile by providing for various capital infusions, including $450 million in two rights offerings, $350 million in exit notes, $232 million in DIP financing which includes $85 million in new money, and another $200 million asset based  revolving DIP Facility which the Company has the option to convert into an exit asset-based revolving facility.

Cole Schotz does not represent the Debtors in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtors’ counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

On May 10, 2022, Talen Energy Supply, LLC, a Texas-based independent power producer founded in 2015, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 22-90054).  The debtor is authorized to borrow under a DIP new money credit agreement providing for: a $300 million revolving credit facility, a $1 billion term loan facility and a letter of credit facility in an aggregate principal amount of approximately $457.9 million.  The company reports $10 to $50 billion in both assets and liabilities.

Cole Schotz does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.