On November 24, 2008, NetVersant Solutions, Inc. and its affiliates filed separate Schedules of Assets and Liabilities and Statements of Financial Affairs for each company (a complete listing of the companies is included below). Schedules of Assets and Liabilities and Statements of Financial Affairs are required to be filed by each company pursuant to section 521 of the Bankruptcy Code and are intended to provide creditors and other parties with a complete picture of the company’s financial position. The information required to be included includes the following:
The Statement of Financial Affairs includes information regarding such topics as revenues, payments made in the 90 days prior to bankruptcy (potentially subject to recovery), lawsuits against the company, property held for other parties, environmental information, locations of financial information, owners, and pension funds.
As noted above, NetVersant filed separate Schedules and Statements for each corporate entity that filed for bankruptcy. A complete listing of the companies that filed Schedules and Statements is included below with links to view the complete Schedules and Statements using netDockets (if you don’t yet have a netDockets account, sign up here for a free trial account and get $100 of free usage).
- NetVersant Solutions, Inc.
- NetVersant – Northern California, Inc.
- NetVersant – Southern California, Inc.
- NetVersant – California, Inc.
- NetVersant – Denver, Inc.
- NetVersant GP, Inc.
- NetVersant LP, Inc.
- NetVersant Management Co., L.P.
- NetVersant National, Inc.
- NV Resources, Inc.
- NetVersant, Inc.
- NetVersant – Oregon, Inc.
- NetVersant – Atlanta, Inc.
- NetVersant – Mid-Atlantic, Inc.
- NetVersant – New England, Inc.
- NetVersant – Minneapolis/St. Paul, Inc.
- NetVersant – Albuquerque, Inc.
- Intelligent Building Systems, Inc.
- NetVersant – Philadelphia, Inc.
- NetVersant – Texas, Inc.
- NetVersant – Cascades, Inc.
- NetVersant – Washington, Inc.
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Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: affair, asset, bankrupt, bankruptcy, chapter 11, claim, contract, court, creditor, debtor, delaware, executory, financial, lawsuit, lease, liabilities, liability, netversant, netversant solutions, obligation, personal property, priority, property, real property, revenue, schedule, secured, solutions, statement, systems, unsecured
Yesterday, the bankruptcy court filed a 48-page opinion and entered an order denying confirmation of the proposed Plan of Liquidation for Nutritional Sourcing Corporation and its affiliates. The Joint Plan of Liquidation was filed on September 4, 2008 and a hearing on confirmation of the Plan was held on October 14, 2008. The Plan was supported by the debtors and the Official Committee of Unsecured Creditors appointed in the cases. A number of parties objected to the proposed Plan.
Nutritional Sourcing and its affiliates operated a chain of supermarkets, as well as a chain of movie and game rental outlets, located in Puerto Rico and the U.S. Virgin Islands. Nutritional Sourcing (but not its affiliated debtors Pueblo International, LLC and FLBN, LLC) previously filed for bankruptcy and the disputes regarding the terms of the Plan largely revolve around the terms of certain financing facilities entered into upon emergence from that prior bankruptcy case. Specifically, certain debt obligations of Nutritional Sourcing (a holding company) were subordinated to obligations owed to trade creditors of its operating subsidiaries. However, the term “trade creditor” was never defined.
The Plan distinguished between unsecured claims owed to certain creditors that were defined as trade creditors and the unsecured claims owed to all other creditors, with a significant difference in the proposed recoveries (100% for “trade” claims vs. 13.2% for all other claims). Parties objected and the court held that the definition used for the determination of what was, or was not, a trade claim was not consistent with the commonplace definition of a “trade creditor” under New York law (the law which applied to the financing agreements).
The court also refused to approve these provisions of the Plan as a settlement under Bankruptcy Rule 9019 for several reasons. First, it found that the debtors and Creditors’ Committee had not provided sufficient evidence to conclude that litigating the issue would be unduly burdensome. Second, the court found that the “non-goods” trade creditors who would be adversely affected by the negotiated settlement were not adequately represented in the negotiations because no such creditors were included in the membership of the Creditors’ Committee and, further, the members of the Creditors’ Committee were primarily parties interested in minimizing the size of the pool of “trade creditors” to positively influence their own recoveries. As such, the court found that it could not find the settlement to be “fair and equitable” to non-goods trade creditors.
Download a copy of the court’s opinion and order, the Plan of Liquidation, and every other pleading filed in the Nutritional Sourcing bankruptcy cases using netDockets. Sign up now for a free trial and $100 of free access.
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events · Plan of Liquidation
Tagged: bankrupt, bankruptcy, chapter 11, claim, confirm, confirmation, creditors, delaware, denial, denied, deny, liquidate, liquidation, mirror note, nsc, nutritional, nutritional sourcing, objection, plan, Plan of Liquidation, pueblo, puerto rico, recovery, settlement, sourcing, supermarket, trade, trade claim, virgin islands
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: bankrupt, bankruptcy, cameron, chapter 11, claim, committee, creditors, creditors' committee, east, east cameron, east cameron partners, energy cranes, energy logistics, halliburton, halliburton energy, louisiana, obligation, official, partners, pride international, trustee
Yesterday, Louis E. Schaefer, Jr. and Schaefer Holdings, LP, which identify themselves as “creditors and equity holders,” filed a motion requesting that the bankruptcy court convert the bankruptcy cases of Superior Offshore International, Inc. and its affiliates from cases under chapter 11 to cases under chapter 7 of the Bankruptcy Code. The companies filed for bankruptcy on April 24, 2008 and is currently pursuing confirmation of a Plan of Liquidation that has been jointly proposed with the Official Committee of Unsecured Creditors. The companies and the Committee filed a First Amended Joint Plan of Liquidation on December 16, 2008 and a hearing on confirmation of that Plan is currently scheduled to commence on January 28, 2009.
The motion argues that Superior Offshore has already liquidated substantially all of its assets and that the only remaining meaningful assets are claims and causes of action against third parties. The Schaefer parties argue that converting the cases to chapter 7 cases would reduce the administrative expenses incurred by the estates and result in larger recoveries for the companies’ creditors. Moreover, the motion argues that the Plan of Liquidation cannot be confirmed as currently proposed because it does not meet the requirements of section 1129 of the Bankruptcy Code for a number of reasons. Finally, the motion suggests that the Superior Offshore’s existing Chief Restructuring Officer could and should be appointed as the chapter 7 trustee.
A hearing on the motion is scheduled for January 28, 2009 (the same date as the confirmation hearing). Download a copy of the motion, the proposed Plan of Liquidation, and every other pleading filed in the bankruptcy cases of Superior Offshore and over 400 other major corporations. Sign up now for a free trial.
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events · Plan of Liquidation
Tagged: bankrupt, bankruptcy, chapter 11, chapter 7, conversion, convert, creditor, equity, international, liquidate, liquidation, louis e. schaefer, offshore, plan, Plan of Liquidation, schaefer, schaefer holdings, superior
December 25, 2008 · 1 Comment
WorldSpace, Inc. filed its Monthly Operating Report, which details the results of its operations during November, yesterday. Among the highlights were the following:
- The company and its affiliates generated a net loss of approximately $3.42 million during November on total revenues of $319,212. The companies’ operating loss was approximately $1.52 million.
- The companies ended November with approximately $8.9 million in cash as a result of drawing almost $11 million under their debtor-in-possession financing facility during the month. Other than draws on financing facilities and intercompany transfers, the companies had cash receipts of less than $10,000 during November. By contrast, the companies had cash disbursements of almost $2.5 million during the month.
Download a copy of the Monthly Operating Report, and every other document filed in WorldSpace’s bankruptcy cases, using netDockets. Sign up now for a free trial account.
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: afrispace, bankrupt, bankruptcy, cash, chapter 11, delaware, disbursement, expense, financial, loss, monthly, november, operating, receipt, report, revenue, statements, worldspace
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: bankrupt, bankruptcy, brownstein, chapter 11, claim, colorado, committee, counsel, creditor, creditors, creditors' committee, Energy, farber, garfield, homes, hyatt, official, pankow, retain, schreck, storm cat, village, village homes
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: bank of new york, bankrupt, bankruptcy, BONY, cbo, chapter 11, committee, creditor, creditors, creditors' committee, delaware, devices, laboratory, libertyview, machine, machine laboratory, mellon, north america, official, schott, skm, skm-libertyview, special, special devices, trustee, wiley rein
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: bankrupt, bankruptcy, capital, chapter 11, claim, committee, creditor, creditors, creditors' committee, delaware, gibraltar, golub, heidtman, holdings, machine concepts, mezzanine, norwest, obligation, official, ppi, ppi holdings
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: chapter 11, bankruptcy, bankrupt, bar date, order, claim, creditor, proof of claim, deadline, proof, bar, date, cdx, gas, cdx gas
