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Thursday, June 18, 2020

Welcome to the Bankruptcy
Today Newsletter.

Your daily access to recent significant Chapter 11 case filings, relevant restructuring news and samples of some of our current distressed company profiles.

Featured Recent Filings


CourtFiledDebtorCase NoAttorneyAssetsLiabilities
W.D.N.C.6/18/2020Murray Boiler LLC20-30609Brad B. Erens$100M - $500M$100M - $500M
D. Del.6/17/2020Chisholm Oil and Gas Management II, LLC20-11596M. Blake Cleary> $1B$500M - $1B
D. Del.6/17/2020Chisholm Oil and Gas Nominee, Inc.20-11595M. Blake Cleary> $1B$500M - $1B
D. Del.6/17/2020Chisholm Oil and Gas Operating II, LLC20-11592M. Blake Cleary> $1B$500M - $1B
D. Del.6/17/2020Chisholm Oil and Gas Operating, LLC20-11593M. Blake Cleary> $1B$500M - $1B
D. Del.6/17/2020Cottonmouth SWD, LLC20-11594M. Blake Cleary> $1B$500M - $1B
S.D. Tex.6/17/2020AllSaints USA Limited20-33072Matthew D. Cavenaugh
E.D. Tex.6/17/2020Bounce for Fun, LLC20-41392Eric A. Liepins$100k - $500k$100k - $500k
N.D. Tex.6/17/2020Man Hands, LLC20-42090John P. Henry$50k - $100k$1M - $10M
S.D. Fla.6/17/2020Astor EB-5, LLC (Second Filing)20-16595Joel M. Aresty$10M - $50M$1M - $10M
M.D. Fla.6/17/2020KOHO Software, Inc.20-04649Buddy D. Ford, Esquire$0 - $50k$100k - $500k
D. Nev.6/17/2020Players Network20-12890Thomas E. Crowe$100k - $500k$1M - $10M
D. Mass.6/17/2020Shaker Rd, LLC20-30338Andrea M. O'Connor$1M - $10M$1M - $10M
W.D.N.C.6/17/2020Aldrich Pump LLC20-30608Brad B. Erens$100M - $500M$100M - $500M
N.D. Ohio6/17/2020Cherry Springs of Massillon II, LLC20-61030Anthony J. DeGirolamo$1M - $10M$1M - $10M
N.D. Ohio6/17/2020Fibercorr Mills, LLC20-61029Anthony J. DeGirolamo$1M - $10M$10M - $50M
N.D. Ohio6/17/2020Shew Industries LLC20-61031Anthony J. DeGirolamo$0 - $50k$1M - $10M
C.D. Cal.6/16/2020Upgrade Labs Inc., a Delaware Corporation20-15422Robert P. Goe$1M - $10M$1M - $10M
N.D. Tex.6/16/2020Circle L Construction, Inc.20-42073David Ritter$500k - $1M$1M - $10M
N.D. Tex.6/16/2020Shawnee Construction, LLC20-42072David Ritter$1M - $10M$1M - $10M

View All Filings
Featured Article


Hertz Moves Forward With First Ever Initial Bankruptcy Offering

Hertz Global Holdings Inc. (NYSE:HTZ) may have filed for bankruptcy, but it has not stopped fighting. On June 11, the beleaguered rental car company did the seemingly unthinkable: it petitioned the judge overseeing its bankruptcy proceedings to allow it to raise cash by selling off "246,775,008 shares of common stock through at-the-market transactions under Hertz's existing shelf registration." On June 12, Judge Mary Walrath gave Hertz the greenlight to raise up to $1 billion through equity sales.

Mere minutes after news of Judge Walrath's approval hit the newswire, Zero Hedge officially declared it the "World's First Initial Bankruptcy Offering." Such an "IBO" (if I may be so bold as to coin the term) is without precedent. If it succeeds as more than just a Ponzi scheme, it will carry financial markets into wholly uncharted waters. There may be dangers lurking on those stranger tides.

The sheer audacity of a company in the midst of bankruptcy proceedings attempting a stock offering left even the most seasoned financial analysts and market commentators stunned. Charley Grant, the Wall Street Journal's always-insightful stock market reporter, expressed this widely felt sentiment succinctly in a June 11 tweet: "My head hurts. A lot."

Read the full article

Yahoo Finance Published June 15, 2020.

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Brian Osborne Paul Deutch Alison Miller
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