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.
Articles tagged with: unsecured creditors
Velocity Express Bankruptcy – Professionals Dominate 30 Largest Unsecured Creditors
Velocity Express Corporation (“Velocity Express”) and its 12 affiliates who also filed bankruptcy on September 24, 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 Top Unsecured Creditor List truly is remarkable – it includes 7 law firms owed a total of $2,553,339. In addition, Houlihan Lokey Howard & Zukin Capital Inc. is sixth on the list at $645,345. The complete Top Unsecured Creditor List is provided below.
Barzel Industries Bankruptcy – Trade Debt Picture, Largest Unsecured Creditors
Barzel Industries Inc. (“Barzel”) and its 7 affiliates who also filed bankruptcy on September 15, 2009 (the “Debtors”) have requested authority to file a consolidated list of the 20 largest unsecured creditors (the “Top Unsecured Creditor List”) in lieu of a separate list for each of the Debtors. The Debtors estimate that they have, on a consolidated basis, outstanding pre-petition trade debt in the amount of approximately $5.6 million, out of which $2.4 million is owed to trade creditors and service providers on the Top Unsecured Creditor List. Given that the total of Debtors’ liabilities is approximately $365 million, trade debt will not have any significant effect on the direction of this bankruptcy.
FormTech Industries – 30 Largest Unsecured Bankruptcy Creditors
FormTech Industries, LLC. (“FormTech”) together with its parent, FormTech Industries Holdings, LLC (collectively “Debtors”) filed petitions on August 26, 2009 in Bankruptcy Court for the Delaware for relief under Chapter 11 of Title 11 of the United States Code (Case Nos. 09-12964 and 09-12965, respectively). FormTech is a leading manufacturer of precision hot forgings for sale to automotive equipment manufacturers and Tier 1 automotive suppliers. The filing represents the continued ravaging of the ranks of suppliers serving the automotive industries. Due to the large lead times for re-validation of new suppliers, close attention from the FormTech customers can be expected.
FormTech has 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 list is heavily populated with raw material suppliers and automotive supplier subcontractors. The complete list is provided below.
Fountain Powerboats, Inc. – Largest Unsecured Bankruptcy Creditors
Fountain Powerboats, Inc. (“Fountain Powerboats”) together with 3 affiliated entities (”Debtors”) filed petitions on August 24, 2009 in Bankruptcy Court for the Eastern District of North Carolina for relief under Chapter 11 of Title 11 of the United States Code. The Debtors are the leading high-performance boat manufacturer in the United States. Debtors are engaged in the design, manufacture and sale of recreational offshore sport boats, sport fishing boats and sport cruisers. In 2008, the Debtors acquired the Baja line from Brunswick Corporation. The Debtors are seeking a court supervised auction and sale of substantially all of their assets. In its pleadings, the Debtor states that its secured lender is substantially under-collateralized. This bankruptcy looks like a rough one for the unsecured creditors. Identification of the Debtors and largest unsecured creditors is provided below.
Readers Digest – Largest Unsecured Bankruptcy Creditors
The Reader’s Digest Association, Inc. (“Readers Digest”) has requested authority to file a consolidated list of the 30 largest unsecured creditors for itself and its 47 affiliated Debtors (the “Top Unsecured Creditor List”) in lieu of a separate list for each of the debtors. None of the trade claims were listed as unliquidated or disputed, and only the trade claim of TI Circulation Holdings LLC was listed as contingent.
Readers Digest Bankruptcy – Debtors and Petitions
The Reader’s Digest Association, Inc. and 47 affiliated entities (”Debtors”) filed petitions on August 24, 2009 in Bankruptcy Court for the Southern District of New York for relief under Chapter 11 of Title 11 of the United States Code. The Debtors hold an aggregate of approximately $2.2 billion in assets and approximately $3.4 billion in liabilities as indicated in their most recent unaudited financial statements as of June 30, 2009. The Debtors estimate that they have approximately 1,400 vendors on a consolidated basis with outstanding pre-petition claims in the amount of approximately $90 million. The US bankruptcy proceedings are being consolidated for administrative purposes only under the The Reader’s Digest Association, Inc. case number 09-23529. The following is a listing of the Debtors and petition numbers.
Finlay Enterprises – 30 Largest Unsecured Bankruptcy Creditors
Finlay Enterprises, Inc. (“Finlay”) has requested authority to file a consolidated list of the 30 largest unsecured creditors for itself and its affiliated Debtors (the “Top Unsecured Creditor List”) in lieu of a separate list for each of the Debtors. Although none of the claims were identified as disputed, Finlay states in a footnote to the list that “[a]ll claims are subject to customary offsets, rebates, discounts, reconciliations, credits, and adjustments, which are not reflected on this list.” Additionally, all of the supplier claims are identified as “partially secured.”
Cooper-Standard – 30 Largest Unsecured Bankruptcy Creditors
Cooper-Standard Holdings Inc., (“Cooper-Standard Holdings”) has requested authority to file a consolidated list of the 30 largest unsecured creditors of Cooper-Standard Holdings and its affiliated Debtors (the “Top Unsecured Creditor List”) in lieu of a separate list for each of the Debtors. As could be expected, the Top Unsecured Creditor List is heavily populated with automotive suppliers.
Stant Corporation – Largest Unsecured Bankruptcy Creditors
Stant Parent Corp, as lead debtor, and its 5 affiliated Debtors (“Debtors”) have requested authority to file a consolidated list of the 20 largest unsecured creditors for itself (the “Top Unsecured Creditor List”) in lieu of a separate list for each of the Debtors. While the trade debt numbers on the Top Unsecured Creditor List are substantial, trade debt claims are small compared to unsecured debt (including preferred stock) and accrued interest and dividend claims.
See the Stant Corporation <a title=”DOCSHEETS™ – BANKRUPTCY CASES” href=”http://www.burbageweddell.com/docsheets-bankruptcy-cases/”>Docsheet™ Report</a> for subsequent <a title=”Stant Corporation Bankruptcy” href=”http://www.burbageweddell.com/docsheets-bankruptcy-cases/stant-docsheet/”>selected docket entries in the Stant Corporation bankruptcy proceedings</a>.