Bidding Procedures for Home Interiors & Gifts’ Domestic Assets Approved

The bankruptcy court entered an order yesterday approving bidding procedures for the domestic assets of Home Interiors & Gifts, Inc., DWC GP, LLC, HIG Holdings, LLC, and Home Interiors de Puerto Rico, Inc.  Bids for the assets are due before December 11, 2008 at 5:00 p.m. (Central).  An auction will be held on December 18, 2008 in Dallas. 

On Wednesday, the bankruptcy court entered orders approving bidding procedures for other groups of the debtors’ assets.

Copies of all pleadings relating to the sale of these companies’ assets, including copies of the complete bidding and sale procedures, can be viewed using netDockets.  Sign up now and get the first $100 of research free with no commitment.

Bankruptcy Court Approves NetVersant Solutions Bidding Procedures

Yesterday, the bankruptcy court entered an order approving bidding procedures and bid protections for the proposed sale of substantially all of the assets of NetVersant Solutions, Inc.  Relevant provisions follow (NOTE: this is a summary only and should not be relied upon.  View the court’s complete order here):

• The deadline for competing bidders to submit bids is December 15, 2008 at 4:00 p.m. (Eastern). 
• If competing bidders emerge, an auction will be conducted on December 17, 2008 beginning at 10:00 a.m. (Eastern) in Wilmington, Delaware. 
• The court will conduct a hearing to approve a sale to the successful bidder on December 19, 2008 beginning at 9:30 a.m. 
• The deadline for parties to file objections to the sale is December 15, 2008 at 4:00 p.m. (Eastern). 
• However, objections to cure amounts or the assumption and assignment of contracts and leases are due by December 10, 2008 at 4:00 p.m., unless the successful bidder is a party other than the stalking horse bidder, in which case the deadline for objections (only as to the assignment of the contracts/leases to that successful bidder on the basis of a lack of adequate assurance) will be the commencement of the sale hearing. 

Getrag Transmission Sues Chrysler in Bankruptcy Court

Getrag Transmission Manufacturing, LLC filed an adversary complaint against Chrysler, LLC yesterday in the bankruptcy court presiding over Getrag’s chapter 11 case.  The complaint seeks a declaratory judgment that (1) Getrag’s contracts with Chrysler are executory contracts within the meaning of section 365 of the Bankruptcy Code and (2) that Chrysler has violated the automatic stay provisions of section 362 of the Bankruptcy Code.

Getrag Transmission Manufacturing was formed for the purpose of manufacturing dual-clutch transmissions for Chrysler at a facility to be constructed in Tipton, Indiana.  The complaint argues that Chrysler’s termination of the agreements with respect to the project was invalid and that, even if Chrysler properly terminated the agreements, Chrysler has failed to perform certain post-termination obligations under the agreements in violation of the automatic stay.  Specifically, Getrag argues that Chrysler was required under the agreements to assume all agreements that Getrag entered into that were “reasonably necessary to support the Project” and to pay certain amounts to which Getrag was entitled upon termination of the agreements.

Download a copy of the complaint and all other documents filed in Getrag’s chapter 11 case, as well as the cases of over 360 other large corporate bankruptcies, using netDockets.  Try it now completely free and without commitment.

Interstate Bakeries Seeks to Reject Collective Bargaining Agreements

Yesterday, Interstate Bakeries Corporation (makers of baked goods under brand names such as Hostess and Wonder Bread) filed an emergency motion with the bankruptcy court requesting authority to reject its collective bargaining agreements with the Bakery, Confectionary, Tobacco Workers and Grain Millers Union Local No. 19.  The two CBAs at issue cover 27 thrift store employees and 12 shipping and sanitation employees in Pittsburgh, Pennsylvania. 

IBC has previously (in September 2008) reached agreement on a term sheet wiht the national Bakery, Confectionary, Tobacco Workers and Grain Millers Union on modifications to all 122 CBAs between IBC and BCTGM unions.  The provisions of the term sheet were approved by the members entitled to vote on 120 of the 122 CBAs.  However, BCTGM Local No. 19 rejected the term sheet, resulting in IBC’s request to reject those CBAs pursuant to section 1113 of the Bankruptcy Code.

Download a copy of the motion and all of the pleadings related to IBC’s negotiations with its unions using netDockets.  Sign up now for a free trial and your first $100 of research is completely free.

Creditors’ Committee Appointed for Yellowstone Mountain Club, LLC

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

• Jorge Jasson
• William G. Griffon III
• Yoav Rubinstein
• NorthWestern Corporation
• Story Distributing Company
• Wilbur-Ellis Company
• Garlington, Lohn & Robinson PLLP
• Cowboy Equipment, LLC
• Curtco Robb Media, LLC

Download a copy of the notice of appointment and follow everything happening in the Yellowstone Mountain Club bankruptcy case (and over 360 other major corporate bankruptcies) using netDockets.  Sign up now for a no-commitment trial and your first $100 of research is completely free.