Arsenal Energy Holdings has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 19-10226).  According to the First Day Declaration, Arsenal, which is headquartered in Wexford, Pennsylvania, is a holding company that, through its non-Debtor subsidiaries, owns and operates 77 natural gas wells in the Appalachian Basin.  According to a press release from the Debtors, the Debtors enter chapter 11 having already solicited votes on a prepackaged plan of reorganization, with 93% of its equity holders and 100% of its noteholders voting in favor of the plan.  The Disclosure Statement can be found here.  Prime Clerk is the proposed claims and noticing agent.  The case has 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.

Charlotte Russe Holding, Inc., along with six affiliates and subsidiaries, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-10210).  Charlotte Russe, headquartered in San Diego, California, is a specialty fashion retailer of young women’s apparel and accessories that primarily retails products under its own brand name.  According to the First Day Declaration, Charlotte Russe—which completed an out-of-court restructuring in February 2018—has filed as a result of continued financial and operational setbacks.  Charlotte Russe intends to sell substantially all of its assets under section 363 of the Bankruptcy Code, but does not enter chapter 11 with a stalking horse bidder.  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.

Consolidated Infrastructure Group, Inc. has filed a petition for relief under chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 19-10165).  CIG, based in Omaha, NE, provides locating, excavation, mapping, engineering and security services on infrastructure repair and construction projects.  A First Day Declaration has not yet been filed.  Board Declarations attached to the Petition disclose that CIG intends to seek a sale of substantially all of its assets, and will be seeking court approval of $3 million in debtor-in-possession financing provided by CIG’s ultimate equity sponsors, Parallel49 Equity (Fund V), LP, and Parallel49 Equity (Fund V) BC, LP.  Omni Management is the proposed claims and noticing agent.  The case has 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.

Upcoming Committee Formation Meeting:Monday, January 14, 2019

Case Name: 19-10031

Location: The Sheraton Suites Hotel, 422 Delaware ave, 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.

Beauty Brands, LLC, along with two subsidiaries and affiliates, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-10031).  Beauty Brands, based in Kansas City, Mo., operates specialty beauty stores providing spa and salon services through 58 retail locations across twelve states, and retails third-party branded beauty products through its stores and its e-commerce platform.  According to the First Day Declaration, Beauty Brands has filed as a result of the industry headwinds facing brick and mortar retailers.  The First Day Declaration further explains that Beauty Brands intends to pursue a post-petition marketing process for a group of “core” stores in which third-party purchasers have expressed interest and have engaged Hilco Merchant Resources, LLC to conduct closing sales for its remaining brick and mortar locations.  Beauty Brands is also seeking approval for $9 million in debtor-in-possession financing to be provided by its pre-petition secured lenders, with PNC Bank, NA serving as administrative agent.  Donlin Recano 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.

Angel Medical Systems, Inc., a developer of medical devices based in Eatontown, NJ, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 18-12903).  The First Day Declaration explains that Angel, which has received FDA approval for the commercialization of its AngelMed Guardian System, an implantable monitoring system which provides early warning of life-threatening cardiac events, has filed solely to address short-term liquidity constraints.  Angel has filed a plan of reorganization and disclosure statement, for which solicitation began prepetition, with a voting deadline of January 14, 2019.  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.

 

Alcor Energy, LLC filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 18-12839).  According to the First Day Declaration , the Debtor commenced this case to effectuate a balance street restructuring necessitated by a number of factors, including ongoing litigation and threatened litigation.  The Debtor is seeking $695,000 of debtor-in-possession financing , and filed a motion to reject its office and warehouse space contemporaneously with the petition.  The Debtor also requested that no official committee of unsecured creditors be appointed in this case.  No claims and noticing agent has been proposed.  The case has been assigned to the Honorable Christopher S. Sontchi.

Contact Norman L. Pernick or G. David Dean for more information regarding this matter.

 

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.