Land America Financial Group First Day Motions and Applications

Land America Financial Group, Inc., the country’s third-largest title insurer, filed the following first day motions and applications (as earlier reported, Land America filed for bankruptcy earlier Wednesday):

• Motion for Order Authorizing Joint Administration Pursuant to Rule 1015 of the Federal Rules of Bankruptcy Procedure
• Motion of the Debtor for Order Pursuant to Bankruptcy Rule 1007(C) and Local Bankruptcy Rule 1007-1 Extending Time for LandAmerica Financial Group, Inc. to File its Schedules and Statement of Financial Affairs and List of Equity Security Holders
• Motion for Order Authorizing: (A) Continued Use of the Debtor’s Centralized Cash Management System; (B) Maintenance and Continued Use of the Debtor’s Existing Bank Accounts and Business Forms; (C) A Waiver of Certain Operating Guidelines Relating to Bank Accounts; and (D) An Extension of Time for the Debtor to Comply with Section 345 of the Bankruptcy Code
• Motion of the Debtors, Pursuant to 11 U.S.C. Sections 105(a), 342(a), and 521, Fed. R. Bankr. P. 1007 and Local Bankruptcy Rule 1007-1, for Authority to Prepare a List of Creditors in Lieu of Submitting a Formatted Mailing Matrix
• Motion of the Debtors for an Order Pursuant to Bankruptcy Code Sections 102 and 105, Bankruptcy Rules 2002 and 9007, and Local Bankruptcy Rules 2002-1 and 9013-1 Establishing Certain Notice, Case Management, and Administrative Procedures
• Motion of Debtor for Order Under Bankruptcy Code Sections 105(a) and 366 (I) Approving Debtor’s Adequate Assurance of Payment, (II) Establishing Procedures for Resolving Requests by Utility Companies for Additional Assurance of Payment, and (III) Scheduling a Hearing with Respect to Contested Adequate Assurance of Payment Requests
• Motion for an Order: (A) Authorizing Payment of Prepetition (1) Wages, Salaries, and Other Compensation, (2) Employee Medical and Similar Benefits, (3) Reimbursable Emploee Expenses, and (4) Other Miscellaneous Employee Expenses and Benefits; and (B) Granting Related Relief
• Debtor’s Motion for Order: (A) Scheduling Expedited Sale Hearing to Consider Approval of Sale of Debtor’s Stock in Certain Underwriting Subsidiaries; (B) Approving Related Stock Purchase Agreement; (C) Approving Form and Manner of Notice of Sale Hearing and (D) Granting Related Relief
• Motion of the Debtors, Pursuant to 11 U.S.C. Section 105 and Local Bankruptcy Rule 9013-1(M), for an Order Setting an Expedited Hearing on “First Day Pleadings” and for Related Relief

Click on any of the above links to view copies of the documents and see what other documents have been filed.

Land America Financial Group Files for Chapter 11 Bankruptcy

Land America Financial Group, Inc., the third-largest title insurer in the United States, filed for bankruptcy in the United States Bankruptcy Court for the Eastern District of Virginia on Wednesday.  The company also announced a $298 million sale of three subsidiaries to Fidelity National Financial Inc and Chicago Title Insurance Co.  Chicago Title will acquire LandAmerica’s Commonwealth Land Title Insurance unit for $158.6 million and Fidelity will buy Lawyers Title Insurance and United Capital Title Insurance for $139.4 million, Fidelity said in a separate statement. The company filed bankruptcy to facilitate the sale, the company said in the statement.

Key facts about the bankruptcy filing:

• Assets: $3.3 billion (as of September 2008)
• Liabilities: $2.8 billion (as of September 2008)
• Revenues: $3.7 billion (2007)
• Employees: 11,050
• Counsel: Willkie, Farr & Gallagher LLP and McGuireWoods LLP

Download every pleading from the Land America bankruptcy using the netDockets Precedent Research System.  Sign up now and get $100 of free research.

Eclipse Aviation Corp. Files Chapter 11 Petition

Eclipse Aviation Corporation and its affiliate, Eclipse IRB Sunport, LLC, filed chapter 11 bankruptcy petitions today in the United States Bankruptcy Court for the District of Delaware.  Eclipse, which was founded in 1998, developed and manufactures the Eclipse 500, a six-passenger twin-turbofan jet aircraft that falls within the class known as Very Light Jets (or VLJs).  The company’s headquarters and manufacturing facilities are located in Albuquerque, New Mexico.  The company’s chapter 11 filing is intended to facilitate an orderly sale of the company’s assets.  Its majority shareholder is acting as a stalking horse bidder.

Facts about Eclipse Aviation Corporation:

• Assets: $100-$500 million
• Liabilities: More than $1 billion
• Employees: 945
• Counsel: Alley & Overy LLP and Young Conaway Stargatt & Taylor LLP
• Majority Shareholder: ETIRC Aviation s.a.r.l. (64.6%)

Download all of the pleadings in the Eclipse Aviation cases using the netDockets Precedent Research System.  Sign up for immediate access here.

Eclipse Aviation Corp. First Day Motions and Applications

Eclipse Aviation Corporation, a manufacturer of very light jets, filed a voluntary chapter 11 petition today in the United States Bankruptcy Court for the District of Delaware.  The following is a list of the motions and applications that the company filed seeking “first day” relief from the bankruptcy court (click on the link to view the document):

• Motion for Joint Administration of Cases Pursuant to Rule 1015(b) of the Federal Rules of Bankruptcy Procedure
• Application to Appoint Claims/Noticing Agent – Kurtzman Carson Consultants LLC
• Motion Prohibiting Utilities from Discontinuing Service to the Debtors; (II) Deeming Utility Providers Adequately Assured of Future Performance; and (III) Establishing Procedures to Determine Requests for Adequate Assurance of Payment
• Motion to Pay Employee Wages , Compensation, and Employee Benefits and (II) Financial Institutions to Honor and Process Checks and Transfers Related Thereto
• Motion to Maintain Bank Accounts and Business Forms, and Waiving the Requirements of 11 U.S.C. Section 345(b) on an Interim Basis
• Motion to Pay Sales and Use Taxes and Certain Other Government Charges and (ii) Financial Institutions to Process and Cash Related Checks and Transfers
• Motion to Pay Critical Trade Vendor Claims and Freight Carriers
• Motion to Approve Use of Cash Collateral ; (B) Granting Adequate Protection; and (C) Scheduling a Final Hearing
• Motion to Approve Debtor In Possession Financing Pursuant to 11 U.S.C. Section 364 and (II) Grant Priming Liens and Superpriority Claims to the DIP Lenders Pursuant to 11 U.S.C. Section 364(C) and (D); and (B) to Schedule a Final Hearing Pursuant to Bankruptcy Rule 4001
• Motion to Approve Sale Procedures for Sale of Substantially All of the Debtors’ Assets; (II) Scheduling a Hearing to Consider the Sale and Approving Form and Manner of Notice Thereof; (III) Establishing Procedures for the Assumption and Assignment of Certain Contracts, Including Notice of Proposed Cure Amounts; (IV) Authorizing Payment of a Break-Up Fee and an Expenses Reimbursement; and (V) Granting Related Relief; and (B)(I) Authorizing the Sale of Such Assets Free and Clear of Liens, Claims, Encumbrances, and Other Interests; (II) Authorizing and Approving Purchase Agreement Thereto; (III) Approving the Assumption and Assignment of Certain Executory Contracts and Unexpired Leases Related Thereto; (IV) Providing for Payment of Sale Proceeds to Secured Lender; and (V) Granting Related Relief
• Affidavit in Support of Chapter 11 Petitions and First Day Motions by J. Mark Borseth

The court has scheduled a hearing on Eclipse’s first day motions and applications for tomorrow, November 26, beginning at 11:00 a.m. (Eastern).

Top Bankruptcy and Corporate Restructuring News (Nov. 24, 2008)

• From Reuters:  Lender Downey to file for Chapter 7 bankruptcy
• From Reuters:  China-maker Lenox files for bankruptcy protection
• From Reuters:  Fraud detected more often at bankrupt companies
• From Reuters:  Delphi asks for extension on DIP extension hearing
• From Bloomberg:  Delphi Delays Court Hearing on Loan at GM’s Request
• From the Wall Street Journal:  Biotech Companies Strapped for Cash in Weak Economy
• From the Wall Street Journal:  U.S. Agrees to Rescue Struggling Citigroup

News Headlines Provided By:

Creditors’ Committee Appointed in Land Resource, LLC Bankruptcy Cases

The United States Trustee has appointed the Official Committee of Unsecured Creditors in the Land Resource, LLC bankruptcy cases.  The members of the Creditors’ Committee are:

• A. B. Sitework, Inc.
• Beachview Tent Rentals, Inc.
• Brian A. Gallagher
• Howard B. Jones and Son Inc.
• Keller Williams Realty Atlanta Partners
• Keystone Maintenance, Inc.
• Patrick Perry

A copy of the notice of appointment can be accessed here.

Creditors’ Committee Appointed in MPC Computers, LLC Bankruptcy Cases

The United States Trustee has appointed an Official Committee of Unsecured Creditors in the MPC Computers, LLC bankruptcy cases.  The members of the Creditors’ Committee are:

• Flextronics Computing Mauritius Limited
• Quanta Computer Inc.
• Document Storage Systems, Inc.
• Technology Insurance Company
• EMC Corporation
• United Parcel Service
• H. Co Computer Products (dba Think CP Technologies)

A copy of the notice of appointment can be accessed here.

Creditors’ Committee Appointed in DBSI, Inc. Bankruptcy Cases

The United States Trustee has appointed an Official Committee of Unsecured Creditors in the DBSI, Inc. bankruptcy cases.  The members of the Creditors’ Committee are:

• Circle 1984 Family Trust
• John Bohinski
• Russell Firkins
• Herman Builders
• 388 Midwood Executive Dr., LLC
• Evans LLC-Avenue North
• Initial Building Maintenance Services, Inc.

Access a copy of the notice of appointment here.

Creditors Move for Appointment of an Examiner in DBSI, Inc. Bankruptcy Cases

A group of tenant-in-common (or TIC) investors in DBSI, Inc.’s real estate investment products have filed a motion for the appointment of an examiner in DBSI’s bankruptcy cases.  The investor group requests that the proposed examiner investigate whether any “illegal or reprehensible conduct” was undertaken by DBSI’s executives.  Two other groups of investors have filed joinders to the request for the appointment of an examiner. 

Copies of motion and the joinders can be accessed here.

Trustee Appointed in Hospital Partners of America Bankruptcy Cases

The United States Trustee has appointed Alfred T. Giuliano as the interim trustee for the estate of Hospital Partners of America, Inc. in its bankruptcy cases.  A copy of the notice of appointment can be accessed here.