On June 1, 2022, Charlotte N.C.-based GT Real Estate Holdings, LLC, the company Carolina Panthers owner David Tepper created specifically for the Panthers new headquarters project in Rock Hill, S.C., filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for District of Delaware after the deal to develop the new facility collapsed (Case No. 22-10505).  The company reports $100 million to $500 million in both assets and liabilities.

Cole Schotz does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

On June 1, 2022, California-based Zosano Pharma Corporation, a clinical-stage biopharmaceutical company enabling the systemic administration of therapeutics and other bioactive molecules to patients using a proprietary transdermal microneedle patch system, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for District of Delaware (Case No. 22-10506).  The Company reports $26.4 million in assets and $12.2 million in liabilities.  The board resolutions attached to the petition authorize a sale process.

Cole Schotz does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

On June 1, 2022, Houston-based petrochemical manufacturer TPC Group Inc., and several affiliates filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for District of Delaware to pursue a “prearranged” financial restructuring (Case No. 22-10493).  The Company and certain of its affiliates entered into a Restructuring Support Agreement (“RSA”), which establishes the framework for the Company’s restructuring, and, on emergence, is expected to resolve all tort liabilities arising from the Port Neches facility incident and eliminate from the Company’s balance sheet over $950 million of the Company’s approximately $1.3 billion of secured funded debt.  The Company states the transactions contemplated by the RSA, once consummated, will result in the Company emerging from bankruptcy with a significantly enhanced liquidity profile by providing for various capital infusions, including $450 million in two rights offerings, $350 million in exit notes, $232 million in DIP financing which includes $85 million in new money, and another $200 million asset based  revolving DIP Facility which the Company has the option to convert into an exit asset-based revolving facility.

Cole Schotz does not represent the Debtors in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtors’ counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

On May 10, 2022, Talen Energy Supply, LLC, a Texas-based independent power producer founded in 2015, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 22-90054).  The debtor is authorized to borrow under a DIP new money credit agreement providing for: a $300 million revolving credit facility, a $1 billion term loan facility and a letter of credit facility in an aggregate principal amount of approximately $457.9 million.  The company reports $10 to $50 billion in both assets and liabilities.

Cole Schotz does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

On May 8, 2022, Armstrong Flooring, Inc., a Lancaster, Pennsylvania-based designer and manufacturer of innovative flooring solutions, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10426).  According to its May 9, 2022 SEC filing, the company entered into bankruptcy intending to finalize its prepetition sale process and will seek approval of a $30 million DIP.  Armstrong Flooring reports $100 to $500 million in both assets and liabilities.

Cole Schotz does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

On April 28, 2022, HONX, Inc. of Houston, TX filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 22-90035). Hess Corp owns 100% of the debtor’s equity. The petition includes a written consent by the independent directors of Honx providing for entry into a funding agreement among the debtor and Hess Corp. The company reports $10 to $50 million in assets and $500 million to $1 billion in liabilities, including approximately $800,000 of intercompany payables to Hess Corp and affiliates. Nearly all of the debtor’s other liabilities are contingent, unliquidated and disputed.

Cole Schotz does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

On April 24, 2022, EYP Group Holdings, Inc. of Albany, NY filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10367), along with several affiliates. According to its website, EYP Group Holdings is “an interdisciplinary design firm specializing in higher education, government, healthcare, and science & technology.” The company reports up to $50  to $100 million in assets and $100 to $500 million in liabilities.

Cole Schotz does not represent the Debtors in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtors’ counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

On April 24, 2022, Hamon Holdings Corporation of Somerville, N.J. filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10375). The company is subsidiary of Belgian company Hamon & Cie. According to its website, Hamon Holdings “offers innovative, effective and flexible solutions using the latest technology and environmentally friendly methods, to produce cleaner energy and improve air quality.” The company reports up to $50 million in both assets and liabilities.

Cole Schotz does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

On April 11, 2022, Sungard AS New Holdings, LLC and several affiliates have filed a petition for Chapter 11 relief in the Bankruptcy Court for the Southern District of Texas (Case No. 22-90018).  The company reports $500 million to $1 billion in both assets and liabilities.

The filing follows developments with Sungard Availability Services (UK) Limited, an indirect subsidiary of Sungard AS New Holdings, LLC, which entered into administration on March 25, 2022.  The debtors previously emerged from the filing of a prepackaged chapter 11 bankruptcy on May 13, 2019.  In a press release, the company says that the 2019 bankruptcy reduced funded debt but did not “solve for challenges inherent to the Company’s operating structure, mainly uneconomical leases and underutilized space.”

The company further disclosed that it has received a commitment for “up to approximately $95.3 million” in new money DIP financing from certain of its secured lenders.

Cole Schotz does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

On March 31, 2022, Ruby Pipeline, L.L.C., a Houston-based operator of a 680-mile natural gas system from Opal, Wyoming, to interconnections near Malin, Oregon, filed a petition for Chapter 11 relief in the Bankruptcy Court for the District of Delaware (Case No. 22-10278).  The company reports $500 million to $1 billion in both assets and liabilities.

In a press release issued before the filing, the company disclosed that, in an effort to facilitate restructuring discussions, it had entered into confidentiality agreements with members of an ad hoc group holding more than 70% of the 6% notes due April 2022.

Cole Schotz does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.