Special Devices, Inc. (SDI) First Day Pleadings

As reported earlier, Special Devices, Incorporated (SDI) filed for bankruptcy earlier today in Delaware.  The following is the list of “first day” documents filed today by the company (click on the document title to view the document):

• Motion of Debtor and Debtor-in-Possession for Entry of an Order (A) Authorizing Debtor to (I) Continue Prepetition Insurance Coverage and Enter Into New Insurance Policies and (II) Maintain Prepetition Premium Financing Agreements and Enter Into New Postpetition Premium Financing Agreements and (III) Maintain Prepetition Insurance Brokerage Agreements and Enter Into New Postpetition Insurance Brokerage Agreements and (B) Authorizing and Directing Financial Institutions to Honor Related Checks and Electronic Payment Requests
• Motion of the Debtor and Debtors-In-Possession for Entry of an Order Appointing Kurtzman Carson Consultants LLC as Claims, Noticing and Balloting Agent
• Motion of the Debtors and Debtors-in-Possession for Entry of Interim and Final Orders Determining Adequate Assurance of Payment for Future Utility Services
• Motion of the Debtor and Debtor-In-Possession for Entry of an Order (A) Authorizing Debtor to (I) Continue Use of Existing Cash Management System, Bank Accounts and Business Forms, (II) Open New Debtor-In-Possession Accounts and (III) Continue Performing Ordinary Course Intercompany Transactions, and (B) Extending the Debtors’ Time to Comply with Section 345 of the Bankruptcy Code
• Motion of the Debtors and Debtors-in-Possession for Entry of an Order (A) Authorizing, but not Requriing, the Debtor to Remiit and Pay Income, Use, Franchise and Property Taxes and certain Governemnt Charges and (B) Authorizing Banks and Other Financial Institutions to Receive, Process, Honor and Pay Checks Issued
• Motion of the Debtor and Debtor-in-Possession for Entry of an Order (A) Authorizing Debtor to Honor Certain Prepetition Obligations Under Customer Programs and (B) Authorizing and Directing Financial Institutions to Honor All related Checks and Eelctronic Payments
• Motion of the Debtor and Debtor-in-Possession for Entry of an Order (A) Authorizing Debtor to Pay Certain Prepetiton (I) Wages, Salaries and Other Compensation, (II) Reimbursable Employee Expenses and (III) Employee Medical and Similar Benefits and (B) Authroziing and Directing Financial Institutions to Honor All Related Checks and ElectronicPayment Requests
• Affidavit of Harry Rector, III, Chief Financial Officer and Assistant Secretary of Special devices, Incorporated, In Support of First Day Motions
• Debtors’ Motion for Entry of Interim and Final Orders (I) Authorizing Debtor (A) to Obtain Postpetition Secured Financing and (B) to Utilize Cash Collateral, (II) Granting Adequate Protection to Prepetition Lender and (III) Scheduling a Final Hearing
• Motion of the Debtor and Debtor-In-Possession for Entry of Interim and Final Orders (A) Authorizing Debtor to Pay or Honor Prepetition Obligations to Certain Common Carriers, Critical Vendors, Foreign Vendors, and Other Lien Claimants and (B) Authorizing and Directing Financial Institutions to Honor All Related Check and Electronic Payment Requests
• List of Creditors
• Agenda for First Day Hearing and Index of First Day Pleadings

A hearing on the first day pleadings is scheduled for December 16th at 10:00 a.m.

Special Devices, Inc. (SDI) Files for Bankruptcy in Delaware

Special Devices, Incorporated (SDI) voluntarily filed for bankruptcy today in the United States Bankruptcy Court for the District of Delaware.  The company is a designer and manufacturer of precision engineered energetic devices and is organized into three operating business units: (1) Automotive; (2) Defense & Aerospace; and (3) Mining & Blasting.  The company’s bankruptcy filing was precipitated by its inability to refinance its outstanding debt, including $73.6 million of Senior Subordinated Notes which are due today. 

Key facts about the filing:

• Assets: $62 million
• Revenues: $102 million
• Employees: 584
• Headquarters: Moorpark, California
• Debtor Counsel: Richards, Layton & Finger LLP

Download every document filed in the Special Devices bankruptcy using netDockets.  Sign up now for a free trial account.

Hawaiian Telcom Communications Creditors’ Committee Appointed

The United States Trustee has appointed the members of the Official Committee of Unsecured Creditors in the Hawaiian Telcom Communications, Inc. bankruptcy cases.  Hawaiian Telcom filed for bankruptcy in Delaware on December 1, 2008.  The members of the Creditors’ Committee are:

• U.S. Bank, N.A. (as Indenture Trustee)
• Deutsche Bank National Trust Company (as Successor Indenture Trustee)
• International Brotherhood of Electrical Workers Telephone Local Union 1357
• Hawaiian Electric Company, Inc.
• Sprint Spectrum, L.P.

A copy of the notice of appointment and every other document filed in Hawaiian Telcom’s bankruptcy case and the bankruptcy cases of over 370 other major bankrupt companies can be downloaded using netDockets.  Sign up for a free trial.

Bally Total Fitness Creditors’ Committee Appointed

The United States Trustee has appointed the members of the Official Committee of Unsecured Creditors in the Bally Total Fitness of Greater New York, Inc. bankruptcy cases.  Bally filed for bankruptcy on December 3, 2008; it was the company’s second bankruptcy filing in less than 18 months.  The members of the Creditors’ Committee are:

• U.S. Bank National Association (as Indenture Trustee)
• HSBC Bank National Association (as Indenture Trustee)
• Leo Burnett Company, Inc.
• Convergys Corporation
• Mattone Group Jamaica Co., LLC

Download a copy of the notice of appointment, as well as copies of every document filed in both Bally bankruptcies, here.  Sign up now for a free trial account.

ATA Airlines, Inc. Files Proposed Plan of Reorganization

On Friday, ATA Airlines, Inc. filed a proposed plan of reorganization and an accompanying disclosure statement.  The disclosure statement states that the plan is also supported by the Official Committee of Unsecured Creditors appointed in the bankruptcy cases.  The plan provides for the distribution of the proceeds of ATA’s liquidation to the company’s creditors and provides that holders of general unsecured claims are likely to recover only 1.3% of the value of their claims.

A copy of the proposed plan and disclosure statement can be downloaded here.

Delta Financial’s Plan of Liquidation Confirmed

The bankruptcy court entered a confirmation order for Delta Financial Corporation on Friday.  The court confirmed the Second Amended Joint Chapter 11 Plan of Liquidation by the Debtors and Creditors’ Committee Dated as of October 22, 2008.  A copy of the confirmed plan is attached to the confirmation order. 

A copy of the confirmation order and the confirmed plan of liquidation can be downloaded here.

Two Proposed Plans of Liquidation Filed for Cornerstone Ministries Investments

On Friday, two proposed plans of liquidation were filed in the bankruptcy cases of Cornerstone Ministries Investments, Inc.  One was filed by the company and the competing plan was filed by the Official Committee of Unsecured Creditors.  Each was filed with a proposed disclosure statement as well. 

Copies of each proposed plan and disclosure statement can be downloaded here.

Agriprocessors, Inc. Bankruptcy Transferred to Iowa

The bankruptcy cases of Agriprocessors, Inc. and its affiliates have been transferred from the United States Bankruptcy Court for the Northern District of New York to the Bankruptcy Court for the Northern District of Iowa.  The transfer was originally requested by First Bank Business Capital, Inc. almost immediately upon the company’s voluntary bankruptcy filing.  The bankruptcy court in Iowa has not yet assigned the transferred Agriprocessors case a case number.

Download a copy of the order approving the transfer, as well as every other pleading in the Agriprocessors cases, here.

Linens ‘n Things Files Notices of Rejection with Respect to 54 Store Leases

On Friday, Linens ‘n Things (Linens Holding Co.) filed 54 notices of rejection with the bankruptcy court.  Each notice covers the lease for one store location.  The stores are located in a wide variety of locations across the country.  The notices are part of Linens ‘n Things’ plan to wind up its operations and liquidate its assets. 

Copies of the notices, which identify the locations with specificity, can be accessed here. 

CDX Gas Files First Day Motions

CDX Gas, LLC and its affiliates, which are involved in the business of onshore natural gas exploration and development, filed for bankruptcy on Friday upon the expiration of their second forebearance agreement under their existing credit facilities.  The companies have filed the following “first day” documents in their bankruptcy cases (click on the description to view a copy of the document):

• List of Equity Security Holders
• Motion for Joint Administration
• Designation of Complex Chapter 11 Bankruptcy Case
• Emergency Motion (i) Authorizing Debtors to (A) Pay Prepetition Wages and Salaries to Employees and Independent Contractors and (B) Pay Prepetition Benefits and to Continue Benefit Programs In The Ordinary Course and (II) Directing Banks to Honor Prepetition Checks for Payment of Prepetition Employee Obligations
• Emergency Motion to (I) Approve Maintenance of Certain Prepetition Bank Accounts and Cash Management System; (II) Continue Use of Existing Checks and Business Forms; and (III) Continue Current Investment Policies
• Emergency Motion for (I) A Waiver of the Requirement to File A Creditors Matrix In Each Case, (II) Approval of the Form and Manner of Notifying Creditors of The Commencement of The Chapter 11 Cases and Other Information; and (III) Authority to Establish the Master Service List Applicable to These Cases
• Emergency Motion for Interim and Final Orders Providing Adequate Assurance of Utility Payments
• Emergency Motion Seeking Extension of Time to File Schedules of Assets and Liabilities, Current Income and Expenditures, Executory Contracts and Unexpired Leases and Statements of Financial Affairs
• Motion to Expedite Hearing

A hearing on the motions is currently scheduled for December 16th at 10:00 a.m.