Maurice Sporting Goods, Inc., along with four affiliates and subsidiaries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 17-12481).  Maurice, which is headquartered in Northbrook, Illinois, engages in the manufacturing, sourcing, distribution and wholesale of outdoor sporting goods products.  Maurice’s petition reports $10 – $50 million in assets and $100 – $500 million in liabilities.  According to the First Day Declaration, Maurice has filed for Chapter 11 as a result of a liquidity crisis whose primary causes are (i) cost overruns in the construction of a state of the art distribution center in McDonough, Georgia, and (ii) losses caused by the bankruptcies of a number of sporting goods retailers.  The Declaration also reports that Maurice has engaged in a prepetition marketing process and intends to file a bid procedures and sale motion with Middleton Management Company, LLC as stalking horse.  Epiq Bankruptcy Solutions 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.

Real Industry Inc., a publicly traded holding company based in New York, has, along with seven subsidiaries and affiliates, including its only operating subsidiary, an aluminum recycling and alloy production company based in Beachwood, Ohio, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 17-12464).  According to the First Day Declaration, liquidity constraints and several one-time negative events have led to this filing.  The Debtors enter Chapter 11 having negotiated for $365 million in DIP Financing from the Debtors principal lender and the holders of a majority of the Debtor’s bonds.  Prime Clerk LLC 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.

Velocity Holding Company, Inc., a wholesale distributor, designer, manufacturer, retailer and marketer of branded aftermarket parts, accessories and apparel for the powersports (motorcycle and related) industry based in Coppell, Texas, along with nineteen of its affiliates and subsidiaries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 17-12442).  Velocity’s petition estimates its assets between $1 – $10 million and its liabilities between $100 – $500 million.  The cases have not yet been assigned to a Judge.

Cole Schotz represents the Debtors. Contact Norman L. Pernick and Nicholas J. Brannick for more information.

Upcoming Committee Formation Meeting:  Thursday, November 16, 2017 10:00 AM

Case Name: 17-12377 (BLS)

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 under.

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

Exelco NV, a diamond and precious metals trader based in Antwerp, Belgium, has filed a voluntary petition under Chapter 15 in the Bankruptcy Court for the District of Delaware (Case No. 17-12409).  As readers of our blog may remember, Exelco North America, Inc., along with three other American affiliates of Exelco NV, previously filed for Chapter 11 on September 27, 2017 (Lead Case No. 17-12029).  According to the Declaration of the Foreign Representative, a Bankruptcy Trustee was appointed for Exelco NV by the Commercial Court of Antwerp, Belgium, on November 2, 2017.  The Trustee was appointed following an involuntary petition submitted by Exelco’s principal creditor, KBC Bank NV, which alleged, among other things, concealment of negative financial figures, fraudulent transfers to subsidiaries and an unexplained loss of $15 million worth of diamonds over a six month period.  The Foreign Representative has also filed a Motion for Recognition of Foreign Main Proceeding.  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 debtors in these cases and cannot respond to questions directed toward the debtors.

ExGen Texas Power, LLC, along with six 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. 17-12377).  ExGen’s Petition reports $100 – $500 million in assets and $500 million – $1 billion in liabilities.   According to a March 7th article by Reuters, Exelon’s term loan was trading at 70 cents on the dollar in March when Exelon hired restructuring advisors.  The First Day Declaration has not yet been filed.  A claims and noticing agent has not yet been proposed.  The cases have been assigned to the Honorable Brendan Linehan Shannon.

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

M&G USA Corporation has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-12307).  M&G USA Corporation is an affiliate of M&G Polymers USA, LCC, which filed for relief last week (Lead Case No. 17-12268) and is pending before the Honorable Brendan Linehan Shannon.  M&G USA Corporation’s Petition reports $1 – $10 billion in both assets and liabilities.  A claims and noticing agent has not yet been proposed in the M&G cases.

 

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

M&G Polymers USA, the West Virginia-based American arm of M&G Chemicals (Luxembourg) has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-12268).  The Petition reports $500 million to $1 billion in assets and $100 million to $500 million in liabilities.  It was reported last month that the Mexican chemical company Alpek ceased supplying M&G with inputs due to an outstanding debt of $49 million.  First Day Motions have not yet been filed.  The case has been assigned to the Honorable Brendan Linehan Shannon.

 

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

CalDel Holdings, LLC, a semi-conductor manufacturer headquartered in Vancouver, Washington, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-12266).  The petition estimates the Debtor’s assets to be between $1 – $10 million and its liabilities to be between $500,000 – $1 million.  The Debtor’s list of top 20 creditors only includes one party—Universal Semiconductor, Inc.

 

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