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Monday, February 15, 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
N.D. Ohio2/14/2021DJM Holdings, LTD (Third Filing)21-10483Glenn E. Forbes$1M - $10M$1M - $10M
E.D.N.Y.2/12/2021AJIT CAB CORP.21-40348Karamvir Dahiya$0 - $50k$0 - $50k
E.D.N.Y.2/12/2021KAPUR THALA CAB CORP.21-40349Karamvir Dahiya$0 - $50k$0 - $50k
E.D.N.Y.2/12/2021RAJU CAB CORP.21-40350Karamvir Dahiya$0 - $50k$0 - $50k
E.D.N.Y.2/12/2021TS GILL CAB CORP.21-40351Karamvir Dahiya$0 - $50k$0 - $50k
S.D. Fla.2/12/2021Car Stereo Trading, Inc.21-11393Andres Montejo$1M - $10M$500k - $1M
S.D. Fla.2/12/2021MD Audio Engineering, Inc.21-11394Andres Montejo$1M - $10M$1M - $10M
D.N.J.2/12/2021188th Brenwal Ave. Development, LLC21-11182Andrew J. Kelly$100k - $500k$50k - $100k
D. Md.2/12/2021Anna & Vasilies Inc.21-10892Gary S Poretsky$0 - $50k$50k - $100k
D. Md.2/12/2021Rockville Tag & Title LLC21-10879Richard Rosenblatt$0 - $50k$100k - $500k
D.N.M.2/12/2021U.S. Glove, Inc., a New Mexico corporation21-10172Thomas D. Walker$100k - $500k$1M - $10M
W.D. Wis.2/12/2021Kriesel Rentals, LLC21-10265Joshua D. Christianson$50k - $100k$50k - $100k
W.D. Wis.2/12/2021LaGesse Dairy Farms, Inc.21-10269Joshua D. Christianson$1M - $10M$1M - $10M
W.D. Wis.2/12/2021Listo Way Group, LLC21-50075H. Kent Aguillard$0 - $50k$1M - $10M
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
N.D. Fla.2/11/2021Phase III Building Supplies, Inc.21-10023Jason A. Burgess$100k - $500k$100k - $500k

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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