January 23, 2009 · 1 Comment
Yesterday, Cupertino Square, LLC and Vallco International Shopping Center, LLC filed a proposed joint plan of reorganization and disclosure statement with the bankruptcy court. The companies filed for bankruptcy on September 2, 2008 in the Northern District of California. They operate a shopping center, first opened in 1976, located in Cupertino, California and known as Cupertino Square (formerly, it was known as Vallco Fashion Park). The anchor tenants for the shopping center include JC Penney, Sears, Macy’s and AMC Theatres.
The bankruptcy case was a result of a number of disputes between the companies and the lender on a $195 million construction loan. At the time of the bankruptcy filing, the lender was attempting to begin a non-judicial foreclosure on the shopping center and the bankruptcy was filed to forestall that attempt. The plan which is being proposed by the debtors represents a compromise with its lenders, which hold a $113 million claim under the construction loan agreements. Pursuant to the plan, a newly-formed entity would acquire the shopping center for $105 million (plus additional consideration), which purchase price would likely be financed by the pre-petition lenders. The sale would be subject to the receipt of higher or otherwise better bids from third parties. The disclosure statement sets forth the proposed procedures to be used for the solicitation of such competing bids.
A hearing on the disclosure statement is scheduled for February 23, 2009 and a hearing on confirmation of the plan of reorganization is scheduled for March 31, 2009.
Download a copy of the proposed disclosure statement and plan of reorganization, as well as every document filed in the cases and over 450 other major corporate bankruptcies, using netDockets. Sign up now and receive $100 of free trial usage completely without further commitment.
Categories: Bankruptcy and Restructuring News · Disclosure Statement · Plan of Reorganization
Tagged: amc, bankrupt, bankruptcy, center, chapter 11, cupertino, disclosure, fashion, grammery, international, jc penny, macy's, mall, park, plan, reorganization, reorganize, sears, shopping, square, statement, theater, theatre, ucb, vallco
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: bankrupt, bankruptcy, chapter 11, chapter 7, companies, conversion, convert, court, financing, jancor, liquidate, liquidation, order
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: appoint, arts, bankrupt, bankruptcy, belgium, channel, chapter 11, clear, co, colorado, committee, company, creditor, creditors, creditors' committee, diamonds, dison, eurostar, gems, jewellery, jewelry, leo, lieberfarb, nelson, novell, official, radio, schachter, shane, shane co., trustee, unsecured
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: advisors, appoint, aspartame, bank, bankrupt, bankruptcy, canderel, chapter 11, committee, communications, company, corn, creditor, creditors, debenture, delaware, equal, global, international, kirkwood, law, merisant, newport, official, products, trust, trustee, unsecured, wells fargo, worldwide
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: chapter 11, bankruptcy, retail, bankrupt, unsecured, creditors, trustee, official committee, appoint, jones, store, partnership, ggp, alfred, jewelry, limited, gottschalks, apparel, liz, claiborne, finlay, fine, estee, lauder, dunner, macerich
On January 22, 2009, Constar International Inc. and its affiliates filed separate Schedules of Assets and Liabilities and Statements of Financial Affairs for each corporate entity that filed for bankruptcy. 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. In addition, the schedules provide a complete list of the company’s view as to the claims against it (listed individually by party with acknowledged or disputed amount) and the contracts and leases to which it is a party. 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.
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Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: affair, asset, bankrupt, bankruptcy, chapter 11, claim, constar, contract, creditor, executory, financial, international, lease, liabilities, liability, obligation, property, schedule, secured, statement, unsecured
The Official Committee of Unsecured Creditors appointed in the bankruptcy cases of Integra Hospital Plano, L.L.C. has filed a partial joinder in the motion of Contemporary Healthcare Fund I, L.P. to, among other things, convert the bankruptcy cases from cases under chapter 11 to cases under chapter 7. For details of the motion, please see an earlier posting which is available here.
The Creditors’ Committee supports the conversion of the bankruptcy cases, but does not support Contemporary Healthcare Fund’s request for relief from the automatic stay. The Creditors’ Committee states in the partial joinder that:
[I]t appears that this case has become administratively insolvent and that the proposed sale will not benefit the bankruptcy estate. Instead, it appears that only the senior secured lender will benefit. As such, and considering the inevitable result of this case, the Committee moves the Court to convert the Debtors’ cases to Chapter 7.
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: automatic, bankrupt, bankruptcy, baton, chapter 11, chapter 7, committee, contemporary, conversion, convert, creditors, foreclose, fund, healthcare, hospital, integra, join, joinder, motion, official, plano, rouge, stay, unsecured
On January 20, 2009, Bally Total Fitness of Greater New York, Inc. and its affiliates filed separate Schedules of Assets and Liabilities and Statements of Financial Affairs for each corporate entity that filed for bankruptcy. 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.
Follow everything happening in Bally Total Fitness of Greater New York’s bankruptcy case and the bankruptcy cases of 450 other major corporations using netDockets. Sign up now for a free trial account and get your first $100 of usage completely free and with no further commitment.
Categories: Major Bankruptcy Case Events
Tagged: 521, affair, asset, bally, bankrupt, bankruptcy, chapter 11, claim, contract, creditor, environment, executory, financial, fitness, greater, lawsuit, lease, liabilities, liability, new, obligation, payment, pension, personal, property, real, schedule, secured, statement, total, unexpired, unsecured, york
January 23, 2009 · 1 Comment
Yesterday, Jancor Companies, Inc. filed an emergency motion requesting that the bankruptcy court enter an order converting the chapter 11 bankruptcy cases of it and its affiliates to cases under chapter 7. The companies filed for bankruptcy on October 30, 2008 and have ceased all business operations.
Pursuant to the companies’ debtor-in-possession financing agreements, the companies’ DIP financing facility was to mature on December 21, 2008; however, it was consensually extended – first, to January 7, 2009 and then to January 18, 2009. The motion reports that the lenders are unwilling to provide any further extension of the financing. As a result, the companies are seeking the immediate conversion in order to limit the incurrence of further administrative liabilities. The motion also reports that the relief has been consented to by the DIP lenders and the Official Committee of Unsecured Creditors.
UPDATE: The court has entered an order converting the cases. More details are available here.
Download copies of every document filed in the Jancor Companies bankruptcy cases and over 450 other major corporate bankruptcies using netDockets. Sign up now for a free trial account.
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: administrative, bankrupt, bankruptcy, chapter 11, chapter 7, committee, companies, conversion, convert, creditor, debtor, debtor-in-possession, finance, financing, in, jancor, liabilities, liability, loan, mature, obligation, order, pnc, possession, unsecured
January 23, 2009 · 1 Comment
Yesterday, the bankruptcy court entered an order approving bidding procedures for substantially all of the assets of Interlake Material Handling, Inc. and its affiliates. The court also approved the proposed break-up fee and expense reimbursement for the stalking horse bidders for the assets, Mecalux USA, Inc. and Mecalux Mexico S.A. de C.V., which would be paid in the event that those parties are not the winning bidders for the assets at the conclusion of the bidding process.
The order attaches the approved procedures for other parties to provide competing bids for the assets. In the event that qualified competing bids are received, an auction is scheduled to be held on March 4, 2009 in Wilmington, Delaware.
Download a copy of the order and the bidding procedures here.
For more details on the proposed sale, please see an earlier posting available here.
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: affiliate, asset, auction, bankrupt, bankruptcy, bid, bidding, break-up, chapter 11, company, court, expense, fee, handling, interlake, material, mecalux, mexico, order, procedure, reimbursement, sale, sell, united fixtures, usa
