The Six Flags Agenda for First Day Hearing looks straight forward enough. The first day motions reveal nothing startling. But when you read the Affidavit of Jeffrey Speed in Support of First Day Pleadings (the “Speed Affidavit”), you get the sense that this bankruptcy has the potential to have twists and turns rivaling a Six Flags roller coaster.
A bleak picture emerges for bankruptcy creditors in this bankruptcy of a top 50 Tier 1 automotive supplier. Metaldyne Corporation and 30 subsidiaries (collectively referred to as “Metaldyne”) entered bankruptcy with between $60 million and $65 million in outstanding trade payables. A total of $36 million is due to suppliers on the 50 largest unsecured list. That means that smaller suppliers are going to take almost half of the potential loss.
In what has aready been a very active case for Adversary Proceedings for recovery of bankruptcy preferences, the plan trustee for 99 Cent Stuff, Inc. filed 13 more banrkuptcy preference actions this week, including 7 today.
Trustee in Pike Family Nurseries Bankruptcy Liquidation Case Estimates Net Preference Claim Recoveries of $500,000 Will be Realized by 12/31/2009.
The case of:
In Re: Pike Nursery Holding LLC, d/b/a Pike Family Nurseries
d/b/a Pike Nurseries (“Pike”), Case No. 07-79129 in the United States Bankruptcy Court for the Northern District of Georgia