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Friday, February 12, 2021

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
D. Del.2/11/2021Cyprus Mines Corporation21-10398Kurt F. Gwynne$10M - $50M$1M - $10M
S.D.N.Y.2/11/2021Cimento Tupi S.A.21-10267Joseph A. Matteo
S.D. Tex.2/11/2021SANG H. SHIN DMD PC21-30554Samuel L. Milledge, Sr.$100k - $500k$500k - $1M
S.D. Fla.2/11/2021196 Capital Corp (Second Filing)21-11322Pro Se$100k - $500k$100k - $500k
M.D. Fla.2/11/2021AGV Partners, Inc.21-00647Buddy D. Ford, Esquire$100k - $500k$500k - $1M
S.D. Fla.2/11/2021Beltempo USA, LLC21-11323Alvin S. Goldstein$100k - $500k$1M - $10M
N.D. Fla.2/11/2021Phase III Building Supplies, Inc.21-10023Jason A. Burgess$100k - $500k$100k - $500k
D. Md.2/11/2021YS Homes, LLC21-10874Richard M. Goldberg, Esquire$500k - $1M$0 - $50k
E.D. Tenn.2/11/2021Robert Ford Insurance Agency, Inc21-30224William E. Maddox, Jr.$500k - $1M$1M - $10M
E.D. Va.2/11/2021Cornus Montessori, LLC21-10213Christopher L. Rogan, Esq.$0 - $50k$100k - $500k
D. Del.2/10/2021Champion Property Holdings, LLC21-10396Charles J. Brown, III$100k - $500k$1M - $10M
C.D. Cal.2/10/2021SteriWeb Medical LLC21-10223James R. Felton$100k - $500k$1M - $10M
N.D. Cal.2/10/2021Vinmak RE Holdings 11, LLC21-40194Ryan C. Wood
N.D. Ill.2/10/2021Mercy Health System of Chicago21-01806Edward Green, Matthew J. Stockl$0 - $50k$0 - $50k
N.D. Ill.2/10/2021Mercy Hospital and Medical Center21-01805Edward Green, Matthew J. Stockl$100M - $500M$100M - $500M
S.D. Tex.2/10/2021Eastern Drilling AS (Second Filing)21-30437Matthew D. Cavenaugh$1B - $10B$1B - $10B
S.D. Tex.2/10/2021Seadrill Limited (Second Filing)21-30427Matthew D. Cavenaugh$1B - $10B$1B - $10B
S.D. Fla.2/10/2021McIvor Holdings, LLC21-11284Kevin Christopher Gleason$1M - $10M$1M - $10M
E.D. Pa.2/10/2021MBMK Property Holdings, LLC21-10332Roger V. Ashodian$1M - $10M$1M - $10M
S.D.N.Y.2/9/2021Prince Bakery, Inc.21-10252Kenneth M. Lewis$500k - $1M$500k - $1M

View All Filings
Featured Article

Keeping Your Job As CFO When A CRO Arrives

Who’s To Blame?

Lenders may seek to replace or diminish the role of one or more members of the “C suite” in order to shift blame and to demonstrate up the chain of command that they have taken appropriate action. One solution is to require the appointment of a chief restructuring officer as a condition to their cooperation in the bankruptcy case– including providing financing-.

[Board members should anticipate allegations of being negligent for allowing management to become misdirected. Demand for appointment of an independent director has become common – which is a slap in the face to existing directors. The independent board member also may be charged with investigating prior acts of management and of other board members. This requirement and appointment of a Chief Restructuring Officer (“CRO”) are examples of external control exercised over the debtor as a condition to a non-litigious (and, therefore, less expensive and less risky) reorganization.

Read the full article

Global Banking & Finance Review by Kenneth A. Rosen, Esq. Published on February 11, 2021.

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