True Temper Sports, Inc. (“True Temper Sports”) and its 2 affiliates who also filed bankruptcy on October 8, 2009 (the “Debtors”) have requested authority make substantial payments of pre-petition claims of suppliers and other vendors. The Debtors have also stated that under the proposed prepackaged plan of reorganization sufficient cash will be available to pay prepetition supplier and other vendor claims in full. This post discusses this treatment of trade debt and provides the names of the creditors and potential claim amounts on the Debtor’s consolidated list of the 30 largest unsecured creditors (the “Top Unsecured Creditor List”).
Bankruptcy Cases of Interest to Suppliers, Landlords, Lessors, Bankruptcy Creditors
Posts and discussion of recent bankruptcy cases of interest from a supplier, commercial landlord, equipment lessor or other unsecured creditor standpoint.
True Temper Sports Bankruptcy – Background, Identification of Debtors, Petition Statistical Information
True Temper Sports, Inc. (“True Temper Sports”) and 2 affiliated entities (“Debtors”) filed petitions on October 8, 2009 in the Bankruptcy Court for the District of Delaware for relief under Chapter 11 of Title 11 of the United States Code. The Debtors have moved for joint administration of the Debtors’ cases under case number 09-13446. The case has been assigned to Judge Peter J. Walsh. The following post summarizes the Debtors’ description of their business, the Debtors’ corporate structure, and provides information to assist in the identification of the Debtors and their non-Debtor affiliates.
Questex Media Bankruptcy – Debt Picture and Largest Unsecured Creditors
Questex Media Group (“Questex Media”) and its 8 affiliates who also filed bankruptcy on October 5, 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. The total claims of the 30 top unsecured creditors is substantial, exceeding $66 million. However, the amount of vendor debt on the list appears only to be approximately $2 million. Although vendor debt was not a factor in the decision to file this bankruptcy, the suppliers and other vendors with pre-petition claims will suffer significant “collateral” damage.
Questex Media Bankruptcy – Background, Identification of Debtors, Case Numbers and Petition Statistical Information
Questex Media Group (“Questex Media”) and 8 affiliated entities (“Debtors”) filed petitions on October 5, 2009 in the Bankruptcy Court for the District of Delaware for relief under Chapter 11 of Title 11 of the United States Code. The Debtors have moved for joint administration of the Debtors’ cases under case number 09-13423. The case has been assigned to Judge Mary F. Walrath.
Pittsburgh Tube – PTC Alliance Bankruptcy – Debt Picture and Largest Unsecured Creditors
PTC Alliance Corp. d/b/a Pittsburgh Tube Company (“Pittsburgh Tube”) and its 6 affiliates who also filed bankruptcy on October 1, 2009 (the “Debtors”) have filed a consolidated list of the 30 largest unsecured creditors (the “Top Unsecured Creditor List”). The total of claims of the 30 top unsecured creditors is substantial, exceeding $3.9 million. All of the top 30 unsecured creditors are listed as trade creditors. The vast majority of the top unsecured creditors are material providers and subcontractors.
With no essential supplier or other motion for payment of any pre-petition supplier claims, a first day motion to restrict exercise of reclamation and 503(b)(9) rights and a planned 363 sale to an insider, this is shaping up to be a bloody ugly bankruptcy from a supplier perspective.
Pittsburgh Tube Bankruptcy – Background, Identification of Debtors, Case Numbers and Petition Statistical Information
PTC Alliance Corp. d/b/a Pittsburgh Tube Company (“Pittsburgh Tube”) and 6 affiliated entities (“Debtors”) filed petitions on October 1, 2009 in the Bankruptcy Court for the District of Delaware for relief under Chapter 11 of Title 11 of the United States Code. The Debtors have moved for joint administration of the Debtors’ cases under case number 09-13395. The case has been assigned to Judge Christopher S. Sontchi.
Fountain Powerboats Seeks Bankruptcy Direction Sea Change – Reorganization Not 363 Sale
Fountain Powerboat Industries, Inc. and its 3 co-debtor affiliates (collectively the –Debtors ) have moved Bankruptcy Court for the Eastern District of North Carolina (the “Court”) to authorize the Debtors to postpone the pre-ordained section 363 sale. This is a U-turn for the Debtors who had pushed for a rapid 363 sale citing fears that a delay could result in the Debtors running out of money to fund operations. The two fold reason for the turnaround – a probable credit bid by a recent acquirer of the pre-petition secured lender’s position and a potential white knight offer to provide debtor in possession (“DIP”) and exit financing. This may be good news for the suppliers and vendors who have nearly $1.8 million in pre-petition trade claims.
Stone Connection Bankruptcy – Debtor Background, Creditor Picture, Top Unsecured Creditors
See the Stone Connection Docsheet™ Report for subsequent developments in the Stone Connection bankruptcy proceedings.
Stone Connection, Inc. (“Stone Connection” or the “Debtor”) filed a petition on September 28, 2009 in the Bankruptcy Court for the Northern District of Georgia (case number is 09-85337) for relief under Chapter 11 of Title 11 of the United States Code. The case has been assigned to Judge Joyce Bihary. The bankruptcy petition was signed by Barry W. Robinson as president of the Debtor. The Debtor’s bankruptcy counsel is G. Frank Nason, IV of the firm of Lamberth, Cifelli, Stokes Ellis & Nason in Atlanta, Georgia.
Holley Performance Bankruptcy – Trade Debt Picture and Largest Unsecured Creditors
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.
Holley Performance Bankruptcy –Identification of Debtors and Petitions, Estimated Creditors, Assets and Liabilities
Holley Performance Products Inc. (“Holley Performance”) and 4 affiliated entities (“Debtors”) filed petitions on September 28, 2009 in the Bankruptcy Court for the District of Delaware for relief under Chapter 11 of Title 11 of the United States Code. The Debtors have moved for joint administration of the Debtors’ cases under case number 09-13333. For suppliers and other unsecured creditors, this case will require careful monitoring. Based on the initial filings, the intended direction of this bankruptcy can not be determined. The Debtors have filed without securing debtor in possession financing. The Debtors are anticipating a fight with the pre-petition, first priority secured lenders. The first day motion for use of cash collateral is entitled (in part): “Motion for an Order … Authorizing the Debtors’ Use of Cash Collateral on a Non-Consensual Basis… .”