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.

Upcoming Committee Formation Meeting:  Wednesday, January 24, 2018 10:00 AM

Case Name: 18-10080 (MFW)

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 for relief here.

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

Upcoming Committee Formation Meeting:  Tuesday, January 23, 2018 10:00 AM

Case Name: 18-10039 (CSS)

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 for relief.

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

First River Energy, LLC, a midstream energy company based in San Antonio, TX, has filed a petition for relief under Chapter 11. in the Bankruptcy Court for the District of Delaware (Case No. 18-10080).  First River Energy expanded substantially in 2015 when it received an equity investment from RWE Supply & Trading and acquired the San Antonio-based Texas Gathering Company.  The Petition estimates First River Energy’s assets and liabilities to both be between $10–$50 million.  A claims and noticing agent has not yet been proposed.  The case has 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 debtor in this case and cannot respond to questions directed toward the debtor.

On January 12, 2018, an involuntary chapter 11 petition was filed against Oak HRC New Castle, LLC, a rehabilitation facility located in Wilmington, Delaware, and health care business (as defined in 11 U.S.C. 101(27A)).  The petitioners, each asserting trade claims, are: Healthcare Services Group, Inc. ($164,712.80), McKesson Medical-Surgical Minnesota Supply Inc. ($63,291.25), and Medline Industries, Inc. ($34,524.76).  The petitioners allege that the debtor is generally not paying its debts as they become due and that a custodian has been appointed or took possession of the debtor’s property in the last 120 days.  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 debtor in this case and cannot respond to questions directed toward the debtor.

Upcoming Committee Formation Meeting:  Monday, January 22, 2018 10:00 AM

Case Name: 18-10055 (KG)

Location: The Double Tree Hotel, 700 King Street, Salon D, Wilmington, DE 19801

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

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

KIKO USA, Inc., a retailer of professional makeup and skincare products based in New York, NY, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 18-10069).  The Petition estimates KIKO’s assets and liabilities to both be between $1 – $10 million.  BMC Group is the proposed claims agent.  The case has 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.

Hobbico, Inc. , a Chicago-based distributor of radio-control and general hobby products, along with seven of its affiliates, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10055).  The Debtors estimate their assets to be between $10,000,0001-$50 million and their liabilities to be between $100,000,001-$500 million.  The board resolutions filed with the petition indicate that the Debtors plan to propose JND Corporate Restructuring as their notice and claims agent.  No First Day Declaration has been filed at the time of publication.  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.

SeaStar Holdings, Inc., along with two 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. 18-10039).  SeaStar operates a passenger airline based in San Juan, Puerto Rico under the name Seaborne Airlines.  SeaStar’s Petition reports $1 – $10 million in assets and $10 – $50 million in liabilities.  According to the First Day Declaration, SeaStar has secured $10.19 million in debtor-in-possession funding from Volant SVI Funding, LLC and intends to pursue a sale under Section 363 of the Bankruptcy Code, with SB Acquisition 2017, Inc. serving as the stalking horse.  Rust/Omni 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.