Holley Performance Products Inc. (“Holley Performance”) and its 4 affiliates who also filed bankruptcy on September 28, 2009 (the “Debtors”) have requested authority to file a consolidated list of the 30 largest unsecured creditors (the “Top Unsecured Creditor List”) in lieu of a separate list for each of the Debtors. Beyond this listing, the information provided by Debtors in support of their first day motions does not include an overview of the trade debt situation. However, the Debtors’ first day motions do include a request for authority to make significant critical vendor payments.
The Debtors have filed a motion for authority to pay critical vendors pre-petition claims up to $3,000,000 during the first twenty (20) days of the bankruptcy and in an aggregate amount not to exceed $5,000,000 for the duration of the bankruptcy. The Debtor has also requested authority to condition these critical vendor payments on the supplier’s execution of a “trade agreement” pursuant to which the supplier commits to maintain favorable payment terms.
The Debtors have listed the following creditors as being their top 30 largest unsecured creditors. None of the claims were listed as contingent, unliquidated, disputed or subject to setoff. Accordingly, that column has been deleted. The following list also does not include any creditor contact information that may have been included by the Debtors.
|Name of creditor||Nature of claim||Amount of Claim|
|U.S. Bank, as Indenture Trustee for the 12.5% Senior Second Lien Secured Notes due 2013||Bond Indenture||$50,000,000.00|
|Freeborn & Peters LLP||Contract Claim||$443,000.00|
|Electrocraft Arkansas, Inc.||Trade Claim||$304,000.00|
|ABCO Die Casters||Trade Claim||$254,000.00|
|The Troxel Company Inc.||Trade Claim||$189,000.00|
|Martin Machine Works Inc||Trade Claim||$169,000.00|
|Taurus International Corporation||Trade Claim||$136,000.00|
|Valley Packaging Corp||Trade Claim||$128,000.00|
|Key Staff Source Inc||Contract Claim||$123,000.00|
|Patriot Gauges LLC||Trade Claim||$92,000.00|
|Buddy Bar Casting Corp||Trade Claim||$89,000.00|
|The DECC Company Inc||Trade Claim||$87,000.00|
|Bowling Green Municipal Center||Contract Claim||$69,000.00|
|Hemingway & Sons Screw Products||Trade Claim||$68,000.00|
|GP Performance Manufacturing||Trade Claim||$66,000.00|
|Willis of Tennessee, Inc||Contract Claim||$62,000.00|
|BLP Products Inc.||Trade Claim||$53,000.00|
|E Parker Hannifin Corp Hose Products Division||Trade Claim||$49,000.00|
|Lawson Industries Inc||Trade Claim||$45,000.00|
|Precision Industries Corp.||Trade Claim||$42,000.00|
|Sumter Coating Inc.||Trade Claim||$42,000.00|
|Lifeskills Inc.||Trade Claim||$38,000.00|
|Las Cruces Machine & Mfg Co||Trade Claim||$38,000.00|
|Nexair LLC||Trade Claim||$37,000.00|
|Precision Production Inc.||Trade Claim||$36,000.00|
|Aerotek Commercial 1 Staffing||Contract Claim||$36,000.00|
|Micro Industries Inc.||Trade Claim||$35,000.00|
|Golden State Tool & Die||Trade Claim||$34,000.00|
|Kongsberg Automotive||Trade Claim||$31,000.00|
The Top 30 List does not include: (1) persons who come within the definition of “insider”; or (2) secured creditors, unless the value of the collateral is such that the unsecured deficiency places the creditor among the holders of the largest unsecured claims.
Bankruptcy Rule 1007(d) provides that a debtor shall file “a list containing the name, address and claim of the creditors that hold the 20 largest unsecured claims, excluding insiders.” Fed. R. Bankr. P. 1007(d). In the case of a multi-debtor filing, it is likely that many creditors are shared among certain of the debtors. This is especially the case where the debtors operate as a single business enterprise. Under these circumstances and provided that there is a request for joint administration, it is common for multiple, related debtors to request authority to file a single, consolidated list of their collective largest general unsecured creditors. These requests usually are granted by the bankruptcy court.
The Top Unsecured Creditor List is never to be considered a waiver of any defense to or “allowability” of a listed claim or an admission of the amount of any listed claim. It is common for the amount of the claims to shift and sometimes a claim that is initially is undisputed is later disputed. Creditors should always consult the official claims register.