Orchard Acquisition Company, LLC, along with four of its affiliates and subsidiaries (including the J.G. Wentworth Company, LLC), has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 17-12914).  The Petition estimates the Debtors’ assets and liabilities to both be between $100 – $500 million.  According to the First Day Declaration, the Debtors enter Chapter 11 having reached a restructuring support agreement with holders of over 87% in outstanding principal amount of its term loan claims and over 99% of the ownership interests of the J.G. Wentworth Company, LLC.  The Debtors have filed a prepackaged Plan of Reorganization and Disclosure Statement, and will seek to have both approved at a (tentative) combined hearing on January 17, 2018 at 10:00 a.m. ESTPrime Clerk, LLC 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.

Dextera Surgical Inc. (NASDAQ: DXTR), a designer and manufacturer of surgical devices based in Redwood City, CA, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-12913).  The Petition estimates that Dextera has $10 – $50 million in both assets and liabilities.  According to the First Day Declaration, Dextera enters Chapter 11 having carried out a prepetition marketing process and will pursue a 363 sale, with Aesculap, Inc. as the Stalking Horse Purchaser.  Dextera also seeks approval to borrow up to $1.5 million in DIP Financing from Aesculap, Inc.  Rust/Omni is the proposed claims and noticing agent.  The case has been 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.

Charming Charlie Holdings, Inc., a fashion accessories retailer based in Houston, Texas, has, along with six 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. 17-12906).  According to the Petition, Charming Charlie has an estimated $50 – $100 million in assets and $100 – $500 million in liabilities.  According to the First Day Declaration, Charming Charlie enters Chapter 11 having entered into a restructuring support agreement with 80% of its prepetition secured term loan lenders, and will pursue a comprehensive restructuring involving the closing of approximately 100 underperforming stores.  Charming Charlie has also filed a motion to approve up to $35 million in DIP Financing from a consortium of lenders with Bank of America, N.A., as administrative agent.  Rust/Omni is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Christopher S. Sontchi.

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.

PhaseRx, Inc. (NASDAQ: PZRX), a Seattle-based biopharmaceutical company developing mRNA treatments for life-threatening inherited liver diseases in children, has filed a chapter 11 petition before the United States Bankruptcy Court for the District of Delaware (Case No. 17-12890).  The case has been assigned to the Honorable Christopher S. Sontchi.  The petition indicates assets of $4.1 million and liabilities of $5.6 million.  Donlin Recano will serve as the claims agent.  The company has issued a press release regarding its reorganization.

 

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.

Boston Herald, 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. 17-12883).  The Herald’s Petition estimates both its assets and liabilities to be between $10 – $50 million.  Although First Day Motions have not yet been filed, the publisher of the Boston Herald, Patrick J. Purcell, announced earlier today that the Herald will be sold via the Chapter 11 process to Gatehouse Media, LLC.  No claims and noticing agent has been proposed yet.  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.

Upcoming Committee Formation Meeting:  Tuesday, November 28, 2017 10:00 AM

Case Name: 17-12560 (KJC)

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.

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

The Woodbridge Group of Companies, LLC, a real estate finance and development company based in Sherman Oaks, CA, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware, along with two hundred and seventy five subsidiaries and affiliates (Lead Case No. 17-12560).  Woodbridge’s Petition reports $500 million to $1 billion in both assets and liabilities.  According the First Day Declaration, the Debtors’ principal business is buying, improving, and selling high-end luxury homes.  The Debtors have filed Chapter 11  to implement a balance sheet restructuring and have secured $100 million in DIP Financing from Hankey Capital, LLC.  The DIP Motion has not yet been filed.  The Garden City Group, Inc. is the proposed claims and noticing agent.  The cases have been 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:  Tuesday, November 28, 2017 10:00 AM

Case Name: 17-12481 (CSS)

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.

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

Upcoming Committee Formation Meeting:  Monday, November 13, 2017 10:00 AM

Case Name: 17-12442 (KJC)

Location: U.S. Trustee Office, 844 King Street, Suite 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 and Nicholas J. Brannick for more information.