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.
The Debtors have listed the following creditors as being their top 20 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 creditore||Nature of claim||Amount of claim [if secured also state value of security]|
|J.P. MORGAN SECURITIES INC. CIBC WORLD MARKETS INC.||11.5% senior secured notes||$315,000,000 (allocated 2/3 JPM and 1/3 CIBC) Value of claim exceeds value of collateral by an indeterminable amount|
|SEVERSTAL SPARROWS POINT LLC||Trade Debt||$514,627.17|
|CLAYTON H. LANDIS CO, INC.||Trade Debt||$215,514.75|
|ANSONIA COPPER & BRASS INC.||Trade Debt||$210,469.06|
|FREIGHT BROKER INTERNATIONAL||Trade Debt||$196,553.50|
|DEMPSEY PIPE & SUPPLY||Trade Debt||$194,387.50|
|FALLS TOWNSHIP TAX COLLECTOR||Tax Claim||$122,713.87|
|ANSAM METAL CORP.||Trade Debt||$114,477.14|
|NORTHSTAR BLUESCOPE STEEL||Trade Debt||$108,054.68|
|THERMATOOL CORP||Trade Debt||$102,533.00|
|YARDE METAL, INC.||Trade Debt||$99,901.66|
|MID ATLANTIC CRANE||Trade Debt||$90,000.00|
|KPMG LLP||Professional Services||$88,720.00|
|NUCOR STEEL AUBURN||Trade Debt||$85,732.62|
|TMC TRANSPORTATION||Trade Debt||$81,550.89|
|AEROTEK COMMERCIAL STAFFING||Services||$81,412.83|
|CRST INTERNATIONAL, INC||Trade Debt||$73,761.83|
|NORTH AMERICAN STAINLESS||Trade Debt||$68,538.85|
|BLUE CROSS/BLUE SHIELD OF MASSACHUSETTS||Services||$65,453.33|
|NUCOR STEEL SOUTH CAROLINA||Trade Debt||$63,467.84|
The Top 20 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. The Top Unsecured Creditor List is based on the Debtors’ books and records as of September 11, 2009.
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.