On August 6, 2022, OSG Group Holdings, Inc., which provides transactional, marketing, and payment solutions to various industries, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10718).  The company also filed a prepackaged plan of reorganization.  Under the plan, OSG’s secured debt and unsecured notes would receive a combination of new and refinanced debt and substantially all reorganized equity, while unsecured claims would receive payment in full or be reinstated.  The company reports $500 million to $1 billion in assets and $1 to $10 billion in liabilities.

Cole Schotz does not represent the Debtors in these cases.  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 July 11, 2022, genomic sequencing company GenapSys Inc. of Redwood City, CA filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10621). The company reports $10 million to $50 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 July 5, 2022, New York-based cryptocurrency exchange, Voyager Digital Holdings, Inc. along with its publicly traded Canadian affiliate, Voyager Digital Ltd., 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. 22-10943). The company reports $1 to $10 billion in both assets and liabilities.  The Debtors will pursue reorganization both through Chapter 11 in the U.S. and under the Companies’ Creditors Arrangement Act in Canada.

On July 5, 2022, the Toronto stock exchange halted trading of Voyager Digital Ltd.  The Debtors say their filings were driven by the recent drops in cryptocurrency prices and a significant payment default from borrower Three Arrow Capital, who filed its own Chapter 15 petition on July 1.  The Debtors are pursuing a plan sponsor to effectuate a stand-alone restructuring, which, as contemplated, would entitle account holders to certain liquid assets, recoveries from prepetition borrowers, and nearly all reorganized common equity.

Cole Schotz does not represent the Debtors in these cases.  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 July 5, 2022, Scandinavian airline SAS AB, along with several affiliates, 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. 22-10925), reporting $10 to $50 billion in assets and $1 to $10 billion in liabilities. According to SAS, the COVID-19 pandemic and related policies dramatically cut its revenue during fiscal years 2020 and 2021 by approximately 56% and 70%, respectively, compared to fiscal year 2019. The company now seeks to restructure its debt and its aircraft lease agreements, which it believes are significantly above market. The company continues to negotiate DIP lending for approximately $700 million.

Cole Schotz does not represent the Debtors in these cases.  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, 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.