Bankruptcy Code

The Limestone Boat Company Limited Provides Market Update with Respect to Chapter 7 Bankruptcy Filings by US- Subsidiaries

Retrieved on: 
Friday, March 10, 2023
Trustee, Runabout, Bankruptcy, Chapter 11, Title 11, United States Code, Great Lakes, Bankruptcy Code, Event of default, Atlantic Canada, PLLC, Companies' Creditors Arrangement Act, EV, Chapter 7, Title 11, United States Code, Trustee in bankruptcy, Nashville Division, United States bankruptcy court, Sale, Security (finance), Limestone

No formal issues were raised by creditors of the Limestone US Subsidiaries and the Trustee has advised that the Chapter 7 Proceedings are expected to move forward in a timely and efficient manner.

Key Points: 
  • No formal issues were raised by creditors of the Limestone US Subsidiaries and the Trustee has advised that the Chapter 7 Proceedings are expected to move forward in a timely and efficient manner.
  • The Company expects than an asset sale with respect to the remaining assets owned by the Limestone US Subsidiaries is expected to take place in the coming weeks.
  • As a result of the Event of Default, all amounts outstanding under the Debenture Indenture became due and payable by Limestone.
  • In addition to the financial restructuring, the Company has also actively been working on the relocation of the Limestone Boat manufacturing operations to New Brunswick, Canada.

HyreCar To Pursue Sale of Business Under Section 363, Retains Zukin Partners As Investment Bank

Retrieved on: 
Friday, March 10, 2023
Legal, Aftermarket, Finance, Automotive, General Automotive, Banking, Professional Services, Performance & Special Interest, Fleet Management, APA, United States Bankruptcy Court for the Southern District of New York, Chapter 11, Title 11, United States Code, Bankruptcy Code, OTC, United States bankruptcy court, Security (finance), Auction, Court

HyreCar (OTC: HYREQ) (“HyreCar” or the “Company”), today announced that it filed with the United States Bankruptcy Court in Delaware (the “Court”) Case No.

Key Points: 
  • HyreCar (OTC: HYREQ) (“HyreCar” or the “Company”), today announced that it filed with the United States Bankruptcy Court in Delaware (the “Court”) Case No.
  • 23-10259 , a motion to conduct an auction to sell substantially all of its assets under Section 363 of the Bankruptcy Code (“363 Sale”), while it continues ordinary operations of the business.
  • The Company has filed a motion with the Court to retain Zukin Partners as its investment bank to seek qualified bidders for the 363 Sale.
  • The timeline for the auction, which is subject to change by the Bankruptcy Court, includes the following:

HyreCar to Facilitate Sale of Business Through Voluntary Chapter 11 Process, Announces Leadership Changes

Retrieved on: 
Monday, February 27, 2023
Marketing, Bankruptcy, DIP, United States bankruptcy court, Interim, OTC, Chapter 11, Title 11, United States Code, Bankruptcy Code, Íñiguez, Insolvency and Bankruptcy Code, 2016, CFO, Sale, Security (finance), Growth

LOS ANGELES, Feb. 27, 2023 (GLOBE NEWSWIRE) -- HyreCar Inc. (OTC: HYRE) (“HyreCar” or the “Company”), today announced that it voluntarily initiated a Chapter 11 proceeding in the United States Bankruptcy Court for the District of Delaware (“Bankruptcy Court”) case number 23-10259.

Key Points: 
  • Copies of the various documents filed with the Bankruptcy Court can be accessed online at https://www.donlinrecano.com/Clients/hci/Index.
  • The Company has also entered into an agreement with Holmes Motors, Inc. (“Holmes”) to provide $5 million in debtor-in-possession (“DIP”) financing.
  • With the protections afforded by the Bankruptcy Code, the Company intends to broaden its marketing efforts to seek a going concern sale of the business.
  • HyreCar is represented by Greenberg Glusker LLP in Los Angeles, and Cole Schotz in Delaware as counsel.

Lucira Health to Pursue Strategic Sale of its Business Through Voluntary Chapter 11 Process

Retrieved on: 
Wednesday, February 22, 2023
Influenza, Bankruptcy, Lucira, United States Bankruptcy Court for the Southern District of New York, LLP, Workforce, Insurance, OTC, Cooley LLP, Chapter 11, Title 11, United States Code, Food and Drug Administration, Bankruptcy Code, COVID-19, Tax, EUA, Sale, United States bankruptcy court, Pharmaceutical industry

The Company further disclosed that it intends to pursue a sale of its business under Section 363 of the Bankruptcy Code, while continuing to support its customers during the Chapter 11 process.

Key Points: 
  • The Company further disclosed that it intends to pursue a sale of its business under Section 363 of the Bankruptcy Code, while continuing to support its customers during the Chapter 11 process.
  • As such, the Company’s operations were significantly impacted, leading to the Chapter 11 filing and sale process.
  • Further, the Company engaged Armanino LLP, an independent accounting and business consulting firm in the United States, to pursue various strategic options, including a potential sale process.
  • Such motions are typical in the Chapter 11 process and Lucira anticipates they will be heard in the first few days of its Chapter 11 case.

Joint Statement by Sorrento Therapeutics, Inc. and Scilex Holding Company on Today’s Isolated Chapter 11 Filing By Sorrento Therapeutics, Inc.

Retrieved on: 
Monday, February 13, 2023
Chapter 11, Title 11, United States Code, Bankruptcy Code, Bankruptcy, Therapy, Chronic pain, File, Immunotherapy, United States bankruptcy court, Sale, PALO, SAN, Title 11 of the United States Code, Management, Cryptocurrency

While Scilex is majority-owned by Sorrento, Scilex is not a debtor in Sorrento Therapeutics’ voluntary Chapter 11 filing.

Key Points: 
  • While Scilex is majority-owned by Sorrento, Scilex is not a debtor in Sorrento Therapeutics’ voluntary Chapter 11 filing.
  • As of its chapter 11 filing, Sorrento had over approximately $1 billion in assets, including a $125 million arbitration award against NantPharma, LLC for a dispute related to Sorrento’s sale of Cynviloq™.
  • The company had approximately $235 million in liabilities as of its filing and faced a short-term liquidity crunch, due to insufficient cash or other short-term assets to satisfy certain obligations.
  • While $125 million of those judgements was stayed for 70 days, $50 million was not stayed and could be enforced immediately.

Aruze Gaming America, Inc. Announces Plan for Financial Restructuring

Retrieved on: 
Thursday, February 2, 2023
Software, Technology, Casino, Gaming, Entertainment, Chapter 11, Title 11, United States Code, Judgement, Health, Insolvency and Bankruptcy Code, 2016, Bankruptcy Code, Gambling, United States bankruptcy court, Secretary of State of Nevada, Bankruptcy, Universal Entertainment

This action is a part of Aruze’s efforts to seek financial restructuring in the wake of a recent garnishment judgment against Aruze resulting from a separate judgment against Aruze’s shareholder.

Key Points: 
  • This action is a part of Aruze’s efforts to seek financial restructuring in the wake of a recent garnishment judgment against Aruze resulting from a separate judgment against Aruze’s shareholder.
  • Aruze intends to continue operating normally and utilize Chapter 11 protections to provide for an orderly consideration of the relative rights of Aruze’s creditors, customers, and employees.
  • “This restructuring has no reflection on the health of Aruze.
  • As we progress through this process, we are assured that Aruze will emerge as an even stronger company.”

FF Global Partners LLC supports Faraday Future secure $135 million in financing commitments, fully funding the FF 91 Futurist to SOP

Retrieved on: 
Monday, February 6, 2023
Ultimate, Bankruptcy Code, SOP, Entrepreneurship, FF, Sale, AI, Faraday Future, Internet, Partnership, Insolvency and Bankruptcy Code, 2016, Communication, LOS, Security (finance)

Separately, the Company plans to hold a special stockholders meeting on February 28, 2023, to consider a proposal to increase the authorized shares of Faraday Future Class A common stock.

Key Points: 
  • Separately, the Company plans to hold a special stockholders meeting on February 28, 2023, to consider a proposal to increase the authorized shares of Faraday Future Class A common stock.
  • If approved by Faraday Future stockholders, this proposal will clear the path for FF 91 Futurist SOP and other Company strategic goals.
  • More importantly, the successful completion of the financing was based on the modification of a major provision in the terms of the warrants in the original financing agreements.
  • Our governance structure is modeled after the Alibaba Partnership, where all partners share in entrepreneurship, ownership, risks, governance, and decision-making for FF.

Aearo and 3M Maintain Focus on Resolving Combat Arms Litigation

Retrieved on: 
Friday, February 3, 2023
Chapter 11, Title 11, United States Code, Bankruptcy, Bankruptcy Code, Motion, Woman, United States Court of Appeals for the Seventh Circuit, Safety, United States Court of Appeals for the Third Circuit, United States bankruptcy court, Combat Arms, Hearing, Title 11 of the United States Code, Insolvency and Bankruptcy Code, 2016, Texas two-step bankruptcy, Tobacco, Circuit

Aearo and 3M intend to continue to engage in mediation discussions toward a global resolution working with all parties, the mediators, and the courts.

Key Points: 
  • Aearo and 3M intend to continue to engage in mediation discussions toward a global resolution working with all parties, the mediators, and the courts.
  • The motion to dismiss has no immediate impact on these ongoing efforts to resolve the litigation.
  • Aearo and 3M will continue to vigorously defend their position regarding this motion, in the multi-district litigation, and in pursuing their appeals.
  • We are proud of our commitment to keeping our military safe through the supply of 3M products and we will continue to defend the product at issue in this litigation.

Acerus Files For CCAA Protection

Retrieved on: 
Thursday, January 26, 2023
W.F. Young, Inc., Ontario Superior Court of Justice, United States bankruptcy court, TSX, Toronto Stock Exchange, CCAA, ASP, Initial, Health Management Associates (Florida company), Chapter 15, Title 11, United States Code, Monitor, Bankruptcy, Bankruptcy Code, Security (finance), Financial adviser, Pristimantis acerus

TORONTO, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Acerus Pharmaceuticals Corporation (the “Company” or “Acerus”) (TSX: ASP; OTCQB: ASPCF) today announced that the Company and its subsidiaries, Acerus Biopharma Inc., Acerus Labs Inc. and Acerus Pharmaceuticals USA, LLC (collectively, the “Acerus Group”), have received an order for creditor protection (the “Initial Order”) from the Ontario Superior Court of Justice (Commercial List) (the “Court”) under the Companies’ Creditors Arrangement Act (the “CCAA”).

Key Points: 
  • TORONTO, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Acerus Pharmaceuticals Corporation (the “Company” or “Acerus”) (TSX: ASP; OTCQB: ASPCF) today announced that the Company and its subsidiaries, Acerus Biopharma Inc., Acerus Labs Inc. and Acerus Pharmaceuticals USA, LLC (collectively, the “Acerus Group”), have received an order for creditor protection (the “Initial Order”) from the Ontario Superior Court of Justice (Commercial List) (the “Court”) under the Companies’ Creditors Arrangement Act (the “CCAA”).
  • The Acerus Group sought creditor protection under the CCAA in order to receive a stay of proceedings that will allow the Acerus Group to work with the Monitor to facilitate the development of an orderly process designed to maximize the value of the Acerus Group’s assets, for the benefit of its creditors and other stakeholders.
  • The DIP Loan (as described below) is anticipated to fund the operations of the Acerus Group in the ordinary course during this process.
  • The Acerus Group intends to also file petitions commencing proceedings under Chapter 15 of the United States Bankruptcy Code at the United States Bankruptcy Court for the District of Delaware for creditor protection in the United States.

Heritage Power, LLC Enters into Restructuring Support Agreement With its Parent Company, GenOn, and Lenders to Carry Out a Balance Sheet Restructuring

Retrieved on: 
Wednesday, January 25, 2023
Oskar Freysinger, Chapter 11, Title 11, United States Code, Plan, Alvarez and Marsal, PJM, LLP, Court, Haynes, RSA, Primary energy, Title 11 of the United States Code, Bankruptcy Code, Financial services, Financial adviser, Heritage

HOUSTON, Jan. 24, 2023 (GLOBE NEWSWIRE) --  Heritage Power, LLC and certain subsidiaries and affiliates (collectively, “Heritage”) today announced that they have commenced voluntary Chapter 11 cases under the United States Bankruptcy Code. Heritage has ample cash on its balance sheet and will continue to operate its business in the normal course without material disruption to its vendors, partners or employees. There is no need for additional financing at this time.

Key Points: 
  • Heritage has ample cash on its balance sheet and will continue to operate its business in the normal course without material disruption to its vendors, partners or employees.
  • As part of the announcement, Heritage has entered into a restructuring support agreement (the “RSA”) with GenOn Holdings (“GenOn”) and Consenting Lenders (collectively, the “Lenders”).
  • A component of the restructuring contemplates resolution of burdensome and unfavorable agreements to further solidify the financial position of Heritage into the future.
  • Heritage, GenOn and the Lenders recognized the best chance for success was to proactively restructure Heritage’s debt and contracts.