White Eagle Asset Portfolio, LP, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12808).  Cole Schotz previously reported on the chapter 11 filings of two of White Eagle’s affiliates on November 15, 2018.  The Debtors are now seeking joint administration under Case No. 18-12808.  According to the First Day Declaration, the Debtors are all indirect subsidiaries of Emergent Capital, Inc. (OTCMKTS: EMGC).  The Declaration further explains that White Eagle Asset Portfolio owns a portfolio of 586 life insurance policies, filed for chapter 11 as a result of collections activity by its pre-petition lender, LNV Corporation, and intends to file an adversary against LNV.  The Debtors have filed a motion for use of cash collateral, which the Debtors believe will be entered on a consensual basis.  No claims and noticing agent has been proposed.  The cases have been assigned to the Honorable Kevin Gross.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

Checkout Holding Corp. (dba Catalina Marketing), along with ten affiliates and subsidiaries, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12794).  According to the First Day Declaration, Catalina, headquartered in St. Petersburg, FL, is a personalized digital media and marketing company that owns and operates a proprietary dual function in-store data-gathering network and promotion publishing channel.  Catalina announced earlier this morning that it had reached an agreement with over 90% of the company’s first lien lenders and over 75% of the company’s second lien lenders on the terms of a restructuring support agreement.  The Debtors’ prepackaged plan of reorganization would deleverage Catalina’s balance sheet by over $1.9 billion in debt.  The Disclosure Statement can be found here.  The Debtors are requesting the Court hold a combined hearing on Plan confirmation and approval of the Disclosure Statement on January 30, 2019.  No claims and noticing agent has been proposed.  The cases have been assigned to the Honorable Kevin Gross.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

interTouch Holdings LLC and its affiliate, interTouch TopCo LLC, have both filed petitions for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12772).  Holdings’ Petition reports $0 – $50,000 in estimated assets and $500 million – $1 billion in estimated liabilities.  First Day motions have not yet been filed.  The cases have been assigned to the Honorable Brendan Linehan Shannon.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

Argos Therapeutics, Inc. (f/k/a Merix Bioscience, Inc.) has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 18-12714).  According to the First Day Declaration, Argos, based in Durham, N.C., is an immune-oncology company developing immunotherapeutic drugs using its proprietary Arcelis® platform.  The First Day Declaration explains that Argos has filed as a result of negative results in a phase 3 clinical trial for one of its products.  As a result, Argos—which also has products in three other Phase 2 trials—is seeking to sell substantially all of its assets under section 363 of the Bankruptcy Code, with Cellscript, LLC serving as stalking horse purchaser.  No claims and noticing agent has been proposed.  The case has been assigned to the Honorable Kevin J. Carey.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

 

Fairway Energy, LP, along with two subsidiaries and affiliates, has filed a chapter 11 petition for relief in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12684).  According to the First Day Declaration, Fairway owns and operates an underground crude oil storage facility outside of Houston, Texas, and has filed as a result of fluctuating demand for storage services and cost overruns incurred during expansion of the storage facility.  Fairway is seeking approval of $20 million in debtor-in-possession financing to be provided by Riverstone Credit Partners-Direct, and intends to seek a sale of substantially all of its assets under section 363 of the Bankruptcy Code.  Prime Clerk is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Laurie Selber Silverstein.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

Upcoming Committee Formation Meeting: Wednesday, November 28, 2018

Case Name: 18-12622 (MFW)

Location: Office of the US Trustee 844 King street, Room 3209, 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, G. David Dean or Myles R. MacDonald for more information regarding this matter.

LBI Media, Inc., along with seventeen affiliates and subsidiaries, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 12655).  LBI Media—headquartered in Burbank, CA—owns or licenses twenty-seven Spanish-language television stations and radio stations, as well as the Spanish-language television broadcast network Estrella TV, for which LBI Media also produces original programming.  According to the First Day Declaration, LBI Media has filed as a result of a debt overhand and continued litigation between its first lien lender, HPS Investment Partners, LLC, and an ad hoc group of its second lien noteholders.  The First Day Declaration further explains that LBI Media enters chapter 11 having entered into a restructuring support agreement with HPS and will be filing a “toggle” plan that will provide for up to 75 days for LBI Media to conduct a marketing process.  LBI Media is also seeking approval of up to $38 million in debtor-in-possession financing to be provided by HPS.  Epiq Corporate Restructuring is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Christopher S. Sontchi.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

Alno AG, a manufacturer and retailer of kitchen furniture headquartered in Pfullendorf, Germany, has filed a petition for relief under chapter 15 in the Bankruptcy Court for the District of Delaware (Case No. 18-12651).  According to the Declaration of the Foreign Representative, Alno commenced an insolvency proceeding on July 12, 2017, before the lower court of Hechingen, Baden-Wuerttemberg (File-No 10 IN 93/17).  The Declaration further explains that Alno has filed its chapter 15 petition in order to take discovery related to avoidance claims and to administer claims against Alno asserted by U.S.-based claimants.  Alno is seeking recognition of the German Proceeding as a foreign main proceeding under chapter 15 of the Bankruptcy Code.  No claims and noticing agent has been proposed.  The case has been assigned to the Honorable Kevin Gross.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

Upcoming Committee Formation Meeting: Monday, November 26, 2018

Case Name: 18-12601 (BLS)

Location: Delaware State Bar Association 405 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.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

David’s Bridal, Inc., along with three affiliates and subsidiaries, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12635).  The Debtors announced last week that they had entered into a restructuring support agreement with its term loan lenders, senior noteholders and equity-holders and would be filing a prepackaged plan of reorganization.  A First Day Declaration has not yet been filed.  The Debtors are seeking to have a combined hearing on approval of their disclosure statement and confirmation of their joint plan of reorganization on December 28, 2018.  Donlin Recano is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Laurie Selber Silverstein.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.