FTX Trading Ltd.
Cole Schotz | Bankruptcy & Restructuring Law
by Cole Schotz
3M ago
On November 11, 2022, the world’s second-largest cryptocurrency exchange FTX Trading Ltd. filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-11068). The company reports $10 to $50 billion in both assets and liabilities and intends to place an additional, approximately 130 affiliates into bankruptcy.  The company’s founder and former CEO Sam Bankman-Fried resigned his position shortly before the bankruptcy filing.  Cole Schotz does not represent the Debtors in these cases.  We are posting this ..read more
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New Chapter 11 Filing – Fast Radius Inc.
Cole Schotz | Bankruptcy & Restructuring Law
by Cole Schotz
3M ago
On November 7, 2022, cloud manufacturing and digital supply chain company Fast Radius, Inc. of Chicago, IL filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-11051). The company reports $69.3 million in assets and $55.2 million in liabilities. According to the declaration filed in support of the petition and first day pleadings, the Debtors expect their prepetition lenders to consent to the use of cash collateral to fund the case and pursue a sale process, noting that the proposed form of cash collateral or ..read more
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New Chapter 11 Filing – Vesta Holdings, LLC
Cole Schotz | Bankruptcy & Restructuring Law
by Cole Schotz
3M ago
On October 30, 2022, wealth advisory, risk management services and insurance brokerage services provider Vesta Holdings LLC of Mongomeryville, PA filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-11019) along with two affiliates. The company reports $100 million to $500 million in both assets and liabilities. Cole Schotz does not represent the Debtors in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debto ..read more
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New Chapter 11 Filing – Phoenix Services Topco LLC
Cole Schotz | Bankruptcy & Restructuring Law
by Cole Schotz
4M ago
On September 27, 2022, Phoenix Services Topco LLC, a steel mill service provider with approximately 2,600 employees, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10906).  The company reports $500 million to $1 billion in both assets and liabilities.  According to the First Day Declaration, the company will seek approval of DIP financing from an ad hoc group of first-lien lenders, which includes up to $50 million in new money and a $150 million roll up.  Under the terms of the proposed DIP, t ..read more
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New Chapter 11 Filing – Packable Holdings, LLC.
Cole Schotz | Bankruptcy & Restructuring Law
by Cole Schotz
5M ago
On August 28, 2022, Hauppauge, N.Y.-based Packable Holdings, LLC, a privately-owned tech-enabled e-commerce company, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10797).  The company reports $100 million to $500 million in both assets and liabilities.  According to the first day declaration, the company was unable to obtain a long-term solution to its liquidity needs and was forced to commence a wind-down of its operations.  Therefore, the company filed for chapter 11 protection to facilitat ..read more
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New Chapter 11 Filing – ExpressJet Airlines LLC
Cole Schotz | Bankruptcy & Restructuring Law
by Cole Schotz
6M ago
On August 23, 2022, College Park, Georgia-based ExpressJet Airlines LLC, a leading regional airline connecting millions of passengers to North America monthly, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10787).  The company reports $10 million to $50 million in both assets and liabilities.  In the First Day Declaration, the company states it failed to: (i) grow sufficiently to be able to spread overhead costs across a growing fleet and achieve competitive unit costs; (ii) generate sufficient re ..read more
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New Chapter 11 Filing – Carestream Health, Inc.
Cole Schotz | Bankruptcy & Restructuring Law
by Cole Schotz
6M ago
On August 23, 2022 (the “Petition Date”), Rochester, New York-based Carestream Health, Inc. along with several affiliates (the “Debtors”), which provide worldwide X-ray imaging systems for medical, non-destructive testing and precision contract coating services for industrial, medical and electronic applications, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10778).  The company reports $1 billion to $10 billion in both assets and liabilities.  The terms of the proposed restructuring are memoriali ..read more
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New Chapter 11 Filing – OSG Group Holdings, Inc.
Cole Schotz | Bankruptcy & Restructuring Law
by Cole Schotz
6M ago
On August 6, 2022, OSG Group Holdings, Inc., which provides transactional, marketing, and payment solutions to various industries, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10718).  The company also filed a prepackaged plan of reorganization.  Under the plan, OSG’s secured debt and unsecured notes would receive a combination of new and refinanced debt and substantially all reorganized equity, while unsecured claims would receive payment in full or be reinstated.  The company reports ..read more
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New Chapter 11 Filing – GenapSys Inc.
Cole Schotz | Bankruptcy & Restructuring Law
by Cole Schotz
7M ago
On July 11, 2022, genomic sequencing company GenapSys Inc. of Redwood City, CA filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10621). The company reports $10 million to $50 million in both assets and liabilities. Cole Schotz does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel. Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring gro ..read more
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New Chapter 11 Filing – Voyager Digital
Cole Schotz | Bankruptcy & Restructuring Law
by Cole Schotz
7M ago
On July 5, 2022, New York-based cryptocurrency exchange, Voyager Digital Holdings, Inc. along with its publicly traded Canadian affiliate, Voyager Digital Ltd., filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Case No. 22-10943). The company reports $1 to $10 billion in both assets and liabilities.  The Debtors will pursue reorganization both through Chapter 11 in the U.S. and under the Companies’ Creditors Arrangement Act in Canada. On July 5, 2022, the Toronto stock exchange halted trading of Voyager Digit ..read more
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