VI Acquisition Corp. Requests Extension of Exclusivity Periods

VI Acquisition Corp. and VICORP Restaurants, Inc. have requested an extension of their exclusive periods to file a plan of reorganization and to solicit acceptances of a plan.  Pursuant to the motion, the debtors’ second request for extensions of the exclusive periods, the debtors request extensions of the exclusive period to file a plan and the exclusive period to solicit acceptances to March 2, 2009 and April 31, 2009, respectively.  These represent extensions of approximately 120 days from the current exclusive periods. 

The companies operate family-dining restaurants under the Village Inn and Bakers Square brand names. 

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SemCrude, L.P. Requests Approval of Bidding Procedures for Proposed Asset Sales

 

SemCrude, L.P. filed a motion with the Bankruptcy Court yesterday requesting approval of bidding procedures relating to its proposed sale of certain assets relating to White Cliffs Pipeline, LLC (a non-debtor which was in the process of building a crude oil pipeline from Platteville, Colorado to Cushing, Oklahoma).  The motion requests that the court set a deadline of 5:00 p.m. (EST) on December 3, 2008 for interested parties to submit a bid for the White Cliffs assets.  If necessary, the debtors propose to hold an auction on December 15, 2008.

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Rouge Industries Seeks Exclusivity Extension

 

Rouge Industries, Inc. filed a motion yesterday requesting an extension of both its exclusive period to file a plan of reorganization and its exclusive period to solicit acceptances of a plan.  Both requests were for an extension of approximately one month, which would extend the periods to December 19, 2008 and January 16, 2009, respectively.  The motion states that the Creditors’ Committee in the cases supports the requested extensions.

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Refco Commodity Management’s Plan of Liquidation Goes Effective

 

On October 30th, Refco Commodity Management, Inc. filed a notice stating that the Effective Date of its Plan of Liquidation occurred on October 24, 2008 when all of the conditions to the Effective Date had been met or waived.  The Company’s Plan of Liqudation was confirmed by the Bankruptcy Court on June 12, 2008.  The notice also stated that the bar date for filing requests for payment of substantial contribution and administrative priority claims had also passed.

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SemCrude, L.P. Files Amended Schedules and Statements

On October 30, 2008, SemCrude, L.P. and its jointly-administered affiliates filed amended Schedules of Assets and Liabilities and Statements of Financial Affairs. 

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Daily Restructuring and Bankruptcy News Headlines for October 30, 2008

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• From Forbes:  VeraSun falls on report bankruptcy filing imminent
• From the Kansas City Business Journal:  Judge OKs recipe for IBC to exit bankruptcy
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• From the Detroit News:  Market can’t support Big Three
• From Market Watch:  Prominent Bankruptcy Law Group Moves to McCarter & English

Mervyn’s Holdings Announces Selection of Stalking Horse Bidder and Files Stalking Horse Agency Agreement

 

Mervyn’s Holdings, LLC, which operates a chain of 177 department stores in seven states, has announced the selection of a joint venture as its stalking horse with respect to its store closing sales (pursuant to a motion filed with the court on October 17th).  The joint venture is comprised of Great American Group WF, LLC, Hudson Capital Partners, LLC, Tiger Capital Group, LLC, and SB Capital Group, LLC.  Mervyn’s bankruptcy case is pending in the United States Bankruptcy Court for the District of Delaware.

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Ascendia Brands Announces Auction Results

Yesterday, Ascendia Brands, Inc. filed a notice detailing the results of an October 27, 2008 auction of certain of the company’s assets in its bankruptcy case pending in the United States Bankruptcy Court for the District of Delaware.  Surefil, LLC was the winning bidder for Ascendia’s Lander assets with a bid of $1,365,000 and 100 Eldredge Street LLC was the winning bidder for Ascendia’s plant and machinery assets with a bid of $3 million.  The auction for Ascendia’s Calgon and healing garden assets was postponed.

 

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Value City Holdings – Class Action Adversary Complaint Filed

Former Value City employee Ross McCoy, on his own behalf and on behalf of approximately 450 other former employees, filed an adversary complaint on October 29, 2008 against Value City Holdings, Inc. and Value City Department Stores LLC asserting violations of former employees’ rights under the WARN Act (Worker Adjustment and Retraining Notification Act). 

The complaint alleges that Value City failed to provide notice required under the WARN Act and has failed to pay laid off employees’ wages and ERISA benefits as required under the WARN Act.  The plaintiffs seek either (1) an administrative priority claim for 60 days of pay and benefits or (2) a determination that the first $10.950 of employee claims under the WARN Act are entitled to priority pursuant to section 507(a)(4) of the Bankruptcy Code. 

The plaintiffs are represented by three firms: Margolis Edelstein, Lankenau & Miller LLP, and the Gardner Firm, P.C.

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