Grede Foundries, Inc. Files For Chapter 11

Grede Foundries, Inc. filed for chapter 11 bankruptcy today at the United States Bankruptcy Court for the Western District of Wisconsin.  The debtor, based in Milwaukee, listed $144 million in assets and $148 million in debts on its petition.  Additionally, the petition lists a $33.7 million claim belonging to the Grede Employee Retirement Plan as the largest unsecured claim.

The debtor is a producer of iron and specialty metal parts serving the automotive industry.

Search for other Chapter 11 filings at www.chapter11library.com

Southern Home Builders, LLC Files For Chapter 11

Southern Home Builders, LLC, of Murfreesboro, TN, filed for chapter 11 bankruptcy today at the United States Bankruptcy Court for the Middle District of TN.  The homebuilder's petition lists between $10 and $50 million in assets and liabilities.

Need to follow new Chapter 11 filings in your industry?  Contact Ken at ktroubh@nationwideresearch.com to learn about our case monitoring service.

Global Safety Textiles Holdings LLC Files For Chapter 11

Global Safety Textiles Holdings LLC filed for chapter 11 bankruptcy today at the United States Bankruptcy Court in Wilmington, DE.  The automotive safety textile manufacturer's petition lists assets and liabilities as between $100 and $500 million.

Court filings for the Greensboro-based debtor list Dow Corning Corporation and Bradford Industries as the largest unsecured creditors.

Search our database of over 4400 cases at www.chapter11library.com

Babuski LLC Files For Chapter 11

Las Vegas based, Babuski LLC filed for chapter 11 bankruptcy protection today at the United States Bankruptcy Court for the District of Nevada.  The real estate investment firm's petition lists assets and liabilities as between $10 and $50 million.

See article below from the June 23, 2009 edition of the Las Vegas Sun for a related story.

 

By Mary Manning (contact)

Tue, Jun 23, 2009 (1:47 p.m.)

Jean Marc Eljwaidi

State security officers served a search warrant today at the office of a man charged with senior exploitation, as more victims continue to come forward in an investigation of a real estate scam.

Five more potential victims of Jamal Eljawaidi, also known as Jean Marc, came forward after Secretary of State Ross Miller issued an arrest warrant for him last week. Eljawaidi is still at large, Miller said.

Eljawaidi initially was sought for elder exploitation in December 2004, said Miller. The recent victims say they fell for investments with the real estate developer from 2005 through 2008.

In one case Eljwaidi took $400,000 from a 67-year-old man, who has been diagnosed with several mentally incapacitating conditions. Investigators said that Eljwaidi told the man he would be an equal partner in a commercial real estate venture.

Instead, Eljwaidi used up to $600,000, including the man's money, to live a lavish lifestyle while leaving the elderly man destitute.

Investigators said Eljwaidi and his employees called potential investors to offer them high interest payments if they would invest in short-term loans in a shopping center project on 9.23 acres of land near Russell Road and the 215 Beltway in the southwest Las Vegas Valley, Miller said.

The shopping center, hotel, theater and restaurant complex was supposed to be completed in October 2009, but so far it is an empty desert lot, Miller said. It is next to Eljwaidi's office, he said.

With evidence gathered by investigators with the search warrant, Eljwaidi could face new charges including securities fraud, sale of unregistered securities, obtaining money under false pretenses and racketeering, Miller said.

Eljwaidi's attorney, Steve Wolfson, also a Las Vegas City councilman, said in Justice Court recently that his client was out of the country. However, the Nevada Attorney General's Office said it has information that he is in the United States.

Anyone who knows where to find Eljwaidi or who invested with him or his companies, Babuski LLC and JKG Development, or anyone who believes they may have been a victim, is asked to call the Secretary of State's Office in Las Vegas at 486-2440, or (775) 688-1855 in Carson City.

Falls Village Golf, LLC Files For Chapter 11

Debtor Name:  Falls Village Golf, LLC

Year Filed:  2009

Jurisdiction:  United States Bankruptcy Court / Eastern District of North Carolina

Asset Size:  Less than 10,000,000

Case Number:  09-05339

Industry:  Entertainment/Recreation, Real Estate

Source:  www.chapter11library.com

Filed on 6/26/09.  $14.8 million in liabilities.  Golf Course filing frequency has increased

Need to monitor an industry for Chapter 11s?  Contact Ken at ktroubh@nationwideresearch.com

Bison Building Holdings, Inc. Files For Chapter 11

Debtor Name:  Bison Building Holdings, Inc.

Year Filed:  2009

Jurisdiction:  United States Bankruptcy Court / Southern District of Texas

Asset Size:  10,000,000 to 100,000,000

Case Number:  09-34452

Industry:  Building Supplies, Retail

Case filed on 6/28/09. 

Search at www.chapter11library for more information

Naples Golf Development, LLC Files For Chapter 11

Naples Golf Development, LLC DBA The Links of Naples filed for chapter 11 bankruptcy protection on June 26th at the United States Bankruptcy Court for the Middle District of Florida.  The debtor's schedules list $6.8 million in assets.

Contact Ken at ktroubh@nationwideresearch.com to receive a nightly list of new Chapter 11s in your industry!

Proposed Credit Agreement Filed in Heidtman Mining, LLC Case

On June 25, a proposed debtor-in-possession credit agreement was filed in the Heidtman Mining, LLC case pending at the United States Bankruptcy Court in Fort Smith, Arkansas.

The agreement between Heidtman Mining, LLC and R & R Partners Limited Partnership (as lender) will be considered at a hearing scheduled for July 15.

Contact Ken at ktroubh@nationwideresearch.com to learn more about our Chapter 11 case monitoring services!

Updated Top Unsecured Creditor List Filed in UTGR, Inc. d/b/a Twin River

An updated list of the forty largest unsecured creditors was filed in the UTGR d/b/a Twin River Case.  Blackstone Advisory Services, LP is listed as the largest unsecured creditor with a $500K contract claim.

Click here to download the entire list.

Need a nightly update on new filings in your industry?  Contact Ken at ktroubh@nationwideresearch.com

Debt Relief USA, Inc. Case Converted to Chapter 7

On June 25, the United States Bankruptcy Court in Dallas converted Debt Relief USA, Inc's bankruptcy case to a Chapter 7. 

Search www.chapter11library for thousands of chapter 11s indexed by industry, asset size and jurisdiction!

Top 20 Unsecured List Amended in Critical Access Health Services Case

Critical Access Health Services Corp. Case

The Top 20 Largest Unsecured Creditors List was amended on June 23.  Amerisource Bergen Drug Corporation is the largest followed by MMS and Medassist.

Need to monitor this or any other Chapter 11 for new filings?  We can help.  Contact Ken at ktroubh@nationwideresearch.com

PPA Holdings, LLC Files For Chapter 11

PPA Holdings, LLC filed for chapter 11 bankruptcy protection on June 26 at the United States Bankruptcy Court for the Central District of California.  The Irvine, CA-based property investment firm's petition lists between $10 and $50 million in assets.

Search our database of over 4000 Chapter 11s at www.chapter11library.com

Pacific Centrex Services Inc. Files For Chapter 11

Pacific Centrex Services Inc. filed for chapter 11 bankruptcy protection on June 26th at the United States Bankruptcy Court for the Central District of California.  The North Hollywood, CA telecommunications company's petition lists $5.46 million in assets and $11.77 million in debts.

The largest unsecured creditors are listed as AT&T Payment Center and Century Marketing Inc.

Interested in notices of new Chapter 11s within a particular industry?  We can help.  Contact Ken at ktroubh@nationwideresearch.com

Granite & Marble Concepts, Inc. Files For Chapter 11

Yesterday, Granite & Marble Concepts, Inc. filed for Chapter 11 bankruptcy protection at the US Bankruptcy Court for the Northern District of Georgia. The Marietta, GA -based debtor listed both assets and liabilities between $1 million and $10 million. Unsecured creditors include Cobb Commercial Bank and Santucci USA Corp. Click here to download the petition, which includes the complete list of the debtor’s 20 largest unsecured creditors.

Search www.chapter11library.com to locate other 2009 manufacturing chapter 11 filings.

Ashley Glen, LLC and Riverwood, LLC File For Chapter 11

Real estate companies, Ashley Glen, LLC and Riverwood, LLC filed for chapter 11 bankruptcy protection today at the United States Bankruptcy Court for the Middle District of Florida. 

The debtors' petitions list assets and liabilities of $10-$50 million.

Plan Confirmed in Spectrum Brands Case

The United States Bankruptcy Court confirmed Spectrum Jungle Labs Corporation's Plan of Reorganization.  The debtor field for chapter 11 in February 2009.

From the debtor's press release:

Spectrum Brands is a global consumer products company and a leading supplier of consumer Batteries, specialty pet supplies, shaving and grooming products, household and lawn insect and pest control products, personal care products and portable lighting. Spectrum Brands' products are sold by the world's top 25 retailers and are available in more than one million stores in more than 120 countries around the world.

Kent Hussey, Chief Executive Officer of Spectrum Brands, said: “We are pleased that our Plan of Reorganization has been approved by the Court, a key milestone in our financial restructuring process, and one that sets the stage for our exit from bankruptcy in August. When we emerge, we will have reduced our subordinated debt by $840 million and eliminated approximately $60 million of annual cash interest expenses for at least each of the next two years. We will emerge with a stronger balance sheet that will better position us to maintain and strengthen our current platform and to pursue opportunities to grow our company.”

Plan Confirmed in United Subcontractors, Inc. Case

The United States Bankruptcy Court for the District of Delaware has confirmed United Subcontractors, Inc.'s Amended Chapter 11 Plan of Reorganization.  The debtor filed for chapter 11 in March 2009.

From the debtor's press release:

As previously announced, the Company and holders of its first-lien loans due in 2012 and holders of the Company's second-lien loans due in 2013 have agreed on the terms of a financial restructuring, which reduces the Company's funded indebtedness by $314 million, via a conversion of debt to equity. Additionally, the Company noted that it has cash on hand in excess of $30 millionwhich, combined with the cash generated from ongoing operations, will be more than sufficient to run the business and fund normal business obligations. USI does not anticipate the need for any financing facilities in the near term.

First-lien lenders will receive approximately 96% of the New USI Holdings Common Stock; second-lien lenders will receive approximately 4% of the New USI Holdings Common Stock. The Plan was approved by an overwhelming margin of the first-lien lenders and the second-lien lenders. Additionally, under the terms of the Plan, General Unsecured Claims are unimpaired.

Current River Capital LLC Files For Chapter 11

Today, Current River Capital LLC filed for Chapter 11 bankruptcy protection at the US Bankruptcy Court for the Middle District of Tennessee. The Hendersonville, TN-based debtor listed assets of $100K to $500K and liabilities of $1 to $10 million. According to the debtor’s List of Creditors, The CIT Group/Equipment Financing Inc. is the largest unsecured creditor.

The debtor is a franchisee of Dunkin’ Donuts stores. More information on the debtor from their website: “Our Vision is to be the premier franchisee in the Dunkin' Brands family, thereby enabling growth on a local, regional and national scale by executing world class operational systems that focus on the customer experience, through high character people actively engaged in the business, while providing personal and professional development and growth opportunities for our team.”

G & S Metal Consultants, Inc. Files For Chapter 11

Wabash, IN-based G & S Metal Consultants, Inc. and G & S Transport, Inc. filed for chapter 11 bankruptcy today at the United States Bankruptcy Court for the Northern District of Indiana.  The debtor processes and converts aluminum scrap into high-grade aluminum alloy.  Assets are between $10 and $50 million.

FirstPlus Financial Group, Inc. Files For Chapter 11

FirstPlus Financial Group, Inc. filed for Chapter 11 bankruptcy protection yesterday at the US Bankruptcy Court for the Northern District of Texas. The Beaumont, TX-based debtor listed assets of $15.5 million and liabilities of $4.5 million on its Exhibit “A” to the voluntary petition. The largest unsecured creditors are LEPERCQ Corporate Limited Income Fund LP and Olshan Grundman Frome Rosenzweig & Wolosky LLP, owed $3.8 million and $1.6 million respectively (both amounts are disputed by the debtor).

The debtor is a holding company and principal beneficiary of a creditors’ trust established during the FirstPlus Financial, Inc. bankruptcy case.

Need a notification of Chapter 11s in your industry?  Give us a call at 888-672-4142. 

Cape Fear Bank Corporation Files For Chapter 11

Cape Fear Bank Corporation FDBA Bank of Wilmington Corporation filed for chapter 11 bankruptcy protection yesterday at the United States Bankruptcy Court for the Eastern District of North Carolina.  The Raleigh-based company listed assets of $1.2 million and liabilities of $10.4 million.  Additionally, the debtor a Plan of Liquidation and Disclosure Statement.

The debtor has acted as a bank holding company in order to own the outstanding shares of Cape Fear Bank.

Please see the link to the FDIC's proceedings http://www.fdic.gov/bank/individual/failed/capefear.html

Provident Royalties, LLC Files For Chapter 11

Yesterday, June 22^nd, Provident Royalties, LLC filed for Chapter 11 bankruptcy protection at the US Bankruptcy Court for the Northern District of Texas. The debtor was joined in Chapter 11 by several related entities, including Provident Operating Company LLC.

The Dallas, TX-based debtor listed assets of $1 to $10 million and liabilities of $100 to $500 million on its petition. Some of the debtor’s largest unsecured creditors include Devon Energy Production Company, L.P. (owed $2 million), Questar Exploration & Western Midcontinent Division Production Co. (owed $1 million) and Adair Land & Leasing (also owed $1 million). The debtor acquires and invests in leasehold and mineral interests, with a primary focus in Oklahoma.

 

Sea Launch Company, L.L.C. Files For Chapter 11

Sea Launch Company, L.L.C.filed for Chapter 11 bankruptcy protection at the US Bankruptcy Court in Delaware yesterday. The Long Beach, CA-based debtor listed assets of $100 to $500 million and liabilities of more than $1 billion on its petition. The debtor’s largest unsecured creditors are Boeing Commercial Space Co. and Aker Maritime Finance AS, owed $977.5 million and $312.7 million respectively.

The debtor offers sea-based equatorial launches. Since their inaugural flight in 1999, the debtor has had 29 successful launches (27 which were sea-based and 2 that were land-based).   

To download the key documents filed in the case, including the CFO’s Declaration in Support of First Day Motions, click here.

Frontier Airlines Holdings, Inc. Files Plan of Reorganization

On June 22, Frontier Airlines Holdings, Inc. filed a Plan or Reorganizaiton with the United States Bankruptcy Court for the Southern District of New York.  The Plan projects a 8.2-9.6 percent recovery for general unsecured claims.

UTGR, Inc. d/b/a Twin River Files For Chapter 11

UTGR, Inc. d/b/a Twin River and affiliates filed for chapter 11 bankruptcy protection today at the United States Bankruptcy Court for the District of Rhode Island.  According to their corporate resolutions, the Debtors will file applications to employ Kirkland & Ellis LLP as bankruptcy counsel; Winograd, Shine & Zacks, P.C. as co-counsel; Lazard, Freres & Co. LLC as investment banker and Zolfo Cooper Management, LLC as bankruptcy consultants.

The Debtors principal asset is Twin River which was acquired in 2005.  Currently, Twin River is 500,000 square feet with 4,700 slot machines.  The Debtors' Rhode Island operations employ approximately 800 people, approximately 500 of whom are represented by unions.  In 2008, Twin River had video lottery terminal revenues of $410 million.

According to the declaration of the Debtors' President and COO, UTGR, Inc. "cannot support the substantial demands imposed by the State tax rate and the Debtors' debt service obligations.  Significantly, the State retains 61.5% of every dollar generated at Twin River (after winning customers have been paid), and reimburses Twin River less than 28% of every dollar.  The 28% received by Twin River is approximately one third of that received by Twin River's competitors in neighboring Connecticut.  As such, Twin River's remaining revenues are simply insufficient to fund the Debtors' operations and to service the interest payments on the approximately $589 million in secured debt the Debtors incurred to acquire and upgrade their facilities".

Sonoran Energy, Inc. Files For Chapter 11

On Friday, June 19^th, Sonoran Energy, Inc. filed for Chapter 11 bankruptcy protection at the US Bankruptcy Court for the Northern District of Texas. The Addison, TX-based debtor listed assets of $47 million (book value) and liabilities of $26.4 million on its Exhibit “A” to the voluntary petition. Unsecured creditors include MI SWACO, Crescent Drilling Foreman and Integrated Production Services.

The debtor is an oil and gas company with operations in Texas and Louisiana.

 

 

PDCC Development LLC. dba Palm Desert Country Club Files For Chapter 11

PDCC Development LLC. dba Palm Desert County Club filed for chapter 11 bankruptcy protection on Friday at the United States Bankruptcy Court for the Central District of CA.  The debtor's petition lists less than $10 million in assets and $10-$50 million in liabilities.  The petition lists the largest unsecured creditor as Dahoon Investment Company.

According to the debtor's website, Palm Desert Country Club has spent over $10 million renovating over the last three years.

Monaco Coach Corporation Seeks to Convert Case to Chapter 7

On Friday, MCC (f.k.a Monaco Coach Corporation) filed a motion to convert its chapter 11 bankruptcy case to a chapter 7. 

The debtor filed for bankruptcy on March 5. 2009 at the United States Bankruptcy Court in Wilmington, DE.  In May, the Bankruptcy Court authorized the sale of  the debtor's motorhome resorts and core recreational vehicle manufacturing assets.

REPORT: Nortel To Sell Most Wireless Assets to Nokia

See link below:

http://news.yahoo.com/s/afp/20090620/bs_afp/canadatelecombankruptcynortel

Report: GM To Spend $40-$50 Million/Month On Ads While in Chapter 11

According to ADWEEK.  See article below

GM to Spend $40 Mil.+ a Month on Ads While in Bankruptcy

June 19, 2009

-By Steve McClellan

NEW YORKGeneral Motors intends to spend $40-50 million a month on ads while the company is in bankruptcy, according to top GM marketer Mark LaNeve.

The auto giant filed for Chapter 11 protection on June 1 and plans call for the company to reemerge in a slimmed down version in 60-90 days.

A GM rep confirmed that LaNeve commented on the company's bankruptcy phase ad spending during an interview on Thursday's online car program Autoline After Hours.

LaNeve also said ad outlays on a per-unit basis would be roughly in line with both pre-Chapter 11 levels and projected spending through the rest of the year after the company resumes normal operations.

Furthermore, he also confirmed that the U.S. government's Auto Task Force approved the carmaker's proposed Chapter 11 ad spending levels. By comparison, the Task Force slashed Chrysler's budget by roughly half. Chrysler has subsequently emerged from bankruptcy to form an alliance with Italy's Fiat.

Debt Relief USA, Inc. Files For Chapter 11

Yesterday, Debt Relief USA, Inc. dba No Debt USA, Inc. filed for Chapter 11 bankruptcy protection at the US Bankruptcy Court for the Northern District of Texas. The Addison, TX-based debtor listed assets of $4.65 million and liabilities of $5 million on its Exhibit “A” to the voluntary petition.  The debtor describes itself as a “debt settlement company for personal, unsecured debts for consumer clients.” Furthermore, they state that they have “several Attorney General investigations, pending lawsuits with disputed claims, and a pending Federal Trade Commission investigation.”

Adirondack Mines Inc. Files For Chapter 11

Adirondack Mines Inc. filed for Chapter 11 bankruptcy protection at the US Bankruptcy Court for the Northern District of New York yesterday. The debtor listed assets of $2.1 million and liabilities of $2.85 million on its Summary of Schedules. In addition to being involved in mining, sand and gravel exploration, the debtor also manages real estate investment properties. The largest unsecured creditor is International Mining, Inc owed $950K.

Click here to download key documents from the case, including the Petition, Schedules and Statement of Financial Affairs.

PDC Loveless, LLC Files For Chapter 11

Today, PDC Loveless, LLC filed for Chapter 11 at the Bankruptcy Court in Maryland, listing assets of about $2 million and liabilities of just over $11 million. The debtor owns 29 one-half acre single family lots in Prince Georges County, MD. The debtor has been involved in several civil lawsuits in 2008 & 2009. 

For additional information, click here to download the key documents.

Brown Steel, LLC Files For Chapter 11

Brown Steel, LLC filed for chapter 11 bankruptcy protection yesterday at U.S. Bankruptcy Court for the Northern District of Georgia.   The Newnan, GA based debtor is a fabricator of structural and plate steel products.  The petition lists $1-10 million in both assets and liabilities.  

Private Label Foods of Rochester, Inc. Files For Chapter 11

Private Label Foods of Rochester, Inc. filed for chapter 11 bankruptcy protection yesterday at the US Bankruptcy Court for the Western District of New York.  The debtor’s petition lists both assets and liabilities of $1 million to $10 million.  The debtor produces a variety of hot sauces, salad dressings, barbeque sauces, and salsas.

The largest unsecured creditors are listed as Zuckerman Honickman Inc. (disputed) and Burch Bottle & Packaging Inc., owed $701,200 and $188,021 respectively.    Download the petition here!   

MIG, Inc. Files For Chapter 11

MIG, Inc. filed for chapter 11 bankruptcy today in Delaware. The petition lists Zazove Associates, LLC and Private Management Group Inc. as the largest unsecured creditors with claims of $49.98 million and $40.94 million, respectively. The Charlotte, North Carolina company, also known as Metromedia International Group, Inc., owns interests in communications businesses in the country of Georgia.

Confirmation Reversed in the New Century TRS Holdings, Inc. Case

On June 16, the United States District Court for the District of Delaware reversed the Bankruptcy Court's confirmation of New Century TRS Holding Inc' s liquidation plan.

The debtor filed for chapter 11 in April 2007.  Their plan was confirmed in July 2008.

Champion Manufacturing Industries, Inc. Files For Chapter 11

Champion Manufacturing Industries, Inc. filed for Chapter 11 bankruptcy protection yesterday at the United States Bankruptcy Court for the Northern District of Illinois.  The debtor based in Peoria, Il is a producer of factory made galvanized furnace pipe, duct, and fittings.  Their petition listed assets and debts of less than $10 million.

 

Case Engineered Lumber, Inc. Files For Chapter 11

Case Engineered Lumber, Inc. filed for chapter 11 bankruptcy today at the United States Bankruptcy Court for the Northern District of Georgia.  Case Engineered Lumber, Inc. is a supplier of engineered floor and roof systems to homebuilders and lumber dealers throughout the United States.

The debtor's petition lists less than $50K in assets and between $10-$50 million in liabilities.

Schmook Ranch, LLC Files For Chapter 11

Schmook Ranch, LLC filed for chapter 11 bankruptcy protection yesterday at the United States Bankruptcy Court for the Northern District of California.  The debtor, based in Mill Valley, CA, listed $7.2 million in assets and $3.4 million in liabilities on its schedules. 

Eddie Bauer Files Application To Employ Alvarez & Marsal, Inc.

After consulting on their bankruptcy filing in 2003 and receiving over $18.5 million in fees, Alvarez & Marsal has potentially received another opportunity to help restructure Eddie Bauer.

Almost exactly four years after emerging from Chapter 11 as a standalone entity, Eddie Bauer Holdings, Inc. (EBHI) filed for chapter 11 yesterday in Wilmington, Delaware.  The Bellevue, WA-based retailer's petition lists $476 million in assets and $427 million in debts.

EBHI is a product of the Spiegel, Inc. Chapter 11 filed in the Southern District of New York in March, 2003.  That case included Eddie Bauer, Inc. and other related entities as debtors.  The lead petition, Case # 03-11540, listed assets and liabilities of approximately $1.7 billion.  Spiegel, Inc.'s Modified First Amended Plan of Reorganization was confirmed on May 25, 2005.  Spiegel, Inc. emerged from Chapter 11 on June 21, 2005.

Turnaround firm, Alvarez & Marsal, played an active role in Spiegel's Chapter 11.  They may be re-employed in the EBHI case, albeit with higher hourly fees.  According to the applications to employ from both cases, their fees:

Managing Directors:  $475-$575 per hour in 2003, $625-$750 in 2009

Directors:  $350-$450 per hour in 2003, $450-$625 in 2009

Associates:  $275-$350 per hour in 2003, $300-$450 in 2009

Analysts:  $175-$225 per hour in 2003, $225-$300 in 2009

According to a August 2005 fee application in the Spiegel case, Alvarez & Marsal had total professional fees of over $13 million, not including an "incentive fee" of $5.5 million.

Eddie Bauer Holdings Inc.'s application to employ Alvarez and Marsal is pending at the United States Bankruptcy Court in Wilmington, DE.

 

Critical Access Health Services Corp. Files For Chapter 11

Yesterday, Critical Access Health Services Corp. dba Washington County Memorial Hospital filed for Chapter 11 bankruptcy protection at the US Bankruptcy Court for the Southern District of Indiana. The Salem, IN based debtor listed assets of $1 to $10 million and liabilities of $10 to $50 million. Amerisource Bergen Drug Corporation is listed as the debtor’s largest unsecured creditor with a $178,750.73 claim.

Click here to download the petition, which includes the complete list of the debtor’s 20 largest unsecured creditors.

Waterford Custom Homes, Inc. Files For Chapter 11

Waterford Custom Homes, Inc. filed for Chapter 11 bankruptcy today in the Eastern District of Virginia. The Fairfax based homebuilder’s petition lists assets and liabilities between $1 and $10 million. The largest unsecured creditor is listed as Alban Tractor Co., Inc., with a claim of $36,186.22.

 

High Profile 2009 Retail Chapter 11s

According to www.chapter11library.com, Eddie Bauer Holdings, Inc. has joined a growing list of retailers who have filed for Chapter 11 bankruptcy protection in 2009.  Some have subsequently converted to Chapter 7.

Among the high-profile filings: (list not exhaustive)

Active Wallace Group (The)

Against All Odds USA, Inc. 

Al Baskin Co.           

Anchor Blue Retail Group, Inc.

Autobacs Strauss Inc.

Bachrach Acquisition, LLC

Berean Christian Stores, LLC

Better Bedding Shops, Inc.

Big 10 Tire Stores, Inc.

BI-LO, LLC (Supermarket)

Blue Tulip Corporation

Bruno's Supermarkets, LLC

Champion Motor Group, Inc

Copans Motors, Inc.

Dial-A-Mattress Operating Corp.

Drug Fair Group, Inc.

Eddie Bauer Holdings, Inc.

EJ's Shoes, Inc.

Eurway, Inc,

(The) Fairchild Corporation

Filene's Basement

Fortunoff Holdings, LLC

Furniture-In Parts, Corp.

G.I. Joe's Holding Corporation

Goody's LLC

Gottschalks Inc.

Hendricks Furniture Group, LLC

Lambertson Truex, LLC

Olly's Retail U.S.A., Inc.

Rachel Ashwell Designs, Inc.

Ritz Camera Centers, Inc.

Robbins Bros Corporation

S & K Famous Brands, Inc.

Shane Co

Smitty's Building Supply, Inc.

Sportsman's Warehouse, Inc.

Stock Building Supply, LLC

Storables, Inc.

Ultra Stores, Inc.

Waterworks, Inc.

Z Gallerie

Source:  www.chapter11library.com

Eddie Bauer Holdings, Inc. Files For Chapter 11

Eddie Bauer Holdings, Inc. filed for chapter 11 today at the United States Bankruptcy Court in Wilmington, DE.  The debtor's petition lists approximately $476 million in assets and $427 million in debts.  The Bank of New York, as bond indenture trustee, is listed as the largest unsecured creditor.

For a list of other 2009 retail Chapter 11s, click here 

Some more tidbits from the Eddie Bauer filing:

From the Certificate of Resolutions:  "as a result of the current debt load of Eddie Bauer Holdings, Inc. (the Company), the uncertainty of the continued supply by the Company's vendors of merchandise given the Company's current financial position, and potential liquidity constrains that could severely impede the Company's operations in the future, and the the concern that the Company and its subsidiaries will not be able to continue to comply with certain covenants ......... "

The debtor will file applications to employ:

Latham & Watkins LLP:  Attorneys

Young Conaway Stargatt & Taylor, LLP:  Attorneys

Goodmans, LLP:  Attorneys

Peter J. Solomon Company:  Financial Advisor

Alvarez & Marsal:  Restucturing Advisor

Affiliated Entities that also filed or will file:

Eddie Bauer, Inc.

Eddie Bauer Fulfillment Services, Inc.

Eddie Bauer Diversified Sales, LLC

Eddie Bauer Services, LLC

Eddie Bauer International Development, LLC

Eddie Bauer Information Technology, LLC

Financial Services Acceptance Corporation

Spiegel Acceptance Corporation

Additionally, Eddie Bauer of Canada, Inc. filed an application under the CCAA at the Ontario Superior Court of Justice.

Southwest Acadia Water Corporation Files For Chapter 11

The Southwest Acadia Water Corporation filed for Chapter 11 bankruptcy protection today at the US Bankruptcy Court for the Western District of Louisiana. The Morse, LA-based debtor listed assets of approximately $3 million and liabilities of just over $2.96 million. 

Click here to download the key documents from the case, include the Petition, Schedules and Statement of Financial Affairs.

Search our database of over 4000 chapter 11s at www.chapter11library.com

 

 

Building Materials Holding Corporation Files For Chapter 11

Building Materials Holding Corporation and numerous affiliates filed for chapter 11 bankruptcy protection today at the US Bankruptcy Court for the District of Delaware.  The debtor’s petition lists assets of approximently $480 million and liabilities of approximently $481 million.  The debtor is one of the largest providers of residential building products and construction services in the US.  The company distributes building materials, manufactures building components (millwork, floor and roof trusses, and wall panels) and provides construction services to professional builders and contractors through a network of distributors, manufacturers, and service facilities. 

The largest unsecured creditor is Weyerhaeuser Company, owed over $1.9 million.  Download the source documents here.   

Search our library of over 4000 Chapter 11 filings at www.chapter11library.com

 

Condustrial, Inc. Files For Chapater 11

Condustrial, Inc. filed for Chapter 11 bankruptcy protection at the US Bankruptcy Court in South Carolina yesterday. The Greenville, SC-based debtor listed both assets and liabilities between $1 and $10 million. The list of the 20 largest unsecured creditors included, but are not limited to, the following entities: Wachovia, Ohio Department of Taxation, SC Dept. of Revenue, American Express and the Internal Revenue Service.

The debtor assists construction and industrial companies in filling their employment needs. From the debtor’s website: “Some of the positions Condustrial can fill for your company are: pipe fitters, welders, sheet metal mechanics, trim carpenters, mill wrights, electricians, electrician helpers and more.” Click here to download the key documents from the case.

Search over 4000 Chapter 11s at www.chapter11library.com!

 

Stock Building Supply Holdings, LLC Plan Confirmed

Yesterday, the United States Bankruptcy Court for the District of Delaware confirmed Stock Building Supply Holdings LLC's First Amended Plan of Reorganization.  The debtor filed for chapter 11  in May, 2009.

The debtor's press release::

COURT CONFIRMS STOCK BUILDING SUPPLY’S PLAN OF REORGANIZATION

Stock Building Supply Holdings, LLC (“Stock”), announced on June 15, 2009 that the United States Bankruptcy Court for the District of Delaware (the “Court”) has entered its order confirming Stock’s Chapter 11 Plan of Reorganization (the “Plan”). The confirmation order paves the way for the company to emerge from Chapter 11 within the coming weeks.

"The Court’s confirmation of our Plan is a major milestone in the recapitalization of our business,” said Joe Appelmann, Stock Building Supply President & CEO. “We have taken a very hard look at our business, taking proactive steps to reshape the company and realign it with the current market reality. The reorganization process will allow us to emerge as a stronger company, better positioned to continue to deliver exceptional service to our customers. I want to thank all of our hardworking associates around the country who, throughout this difficult chapter in our history, have maintained their focus and dedication to providing the U.S. market with the highest quality service and products.”

Immediately preceding the filing of its Chapter 11 recapitalization plan, Stock announced a new ownership structure under which The Gores Group owns 51% of the company and Wolseley plc, the company’s former parent company, maintains a 49% stake. As part of the transaction, Gores has committed to invest $75 million in the company and to provide a $125 million revolving credit bridge facility. Gores’ investment was conditioned upon completion of a voluntary, pre-packaged Chapter 11 process. In conjunction with the pre-packaged recapitalization, Stock arranged for up to $100 million in debtor-in-possession (“DIP”) financing from Wolseley, but to date, this line of credit has not been drawn upon.

In addition to facilitating the Gores Group investment, the Chapter 11 recapitalization has enabled Stock to take the actions necessary to focus on markets with the best prospects for growth and ensure the company is well positioned for the housing market upturn.

 

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Isolagen, Inc. Files For Chapter 11

Isolagen, Inc. filed for chapter 11 bankruptcy in Delaware yesterday. The debtor’s petition lists debts of $88 million. Morgan Stanley & Co. is listed as the largest unsecured creditor with an estimated subordinated note claim of $25 million. Isolagen, Inc. is a biotechnology company focused on developing skin and tissue rejuvenation products for aesthetic and therapeutic markets.