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Wednesday, June 9, 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.6/8/2021Seawind Development, Corp.21-10910Daniel K. Astin$500k - $1M$1M - $10M
C.D. Cal.6/8/2021MAH 710 Park Avenue 19C Inc.21-14726Stella Havkin$1M - $10M$1M - $10M
D. Nev.6/8/2021ENCORE AUDIO VISUAL DESIGN, LLC21-50431KEVIN A DARBY$0 - $50k$100k - $500k
E.D. Pa.6/8/2021CORSAIR-USA-NJ, LLC21-11632Maggie Soboleski$0 - $50k$0 - $50k
D. Mont.6/8/2021L O RANCH LIMITED PARTNERSHIP21-10064JAMES A. PATTEN$1M - $10M$1M - $10M
E.D.N.C.6/8/2021Kissmyassets, L.L.C.21-01316George Mason Oliver$100k - $500k$0 - $50k
S.D.N.Y.6/7/2021KG Manhattan 126 Finance Limited21-11080Christopher J. Battaglia
S.D.N.Y.6/7/2021PT Sri Rejeki Isman Tbk21-11072Matthew J. Williams
S.D.N.Y.6/7/2021Zuca Properties LLC21-11082Kyle J. Ortiz$10M - $50M$50M - $100M
N.D. Tex.6/7/2021Level Eight, Inc.21-41365Joyce W. Lindauer$0 - $50k$1M - $10M
S.D. Fla.6/7/2021Hellenic Petroleum, LLC21-15568Bradley S. Shraiberg$10M - $50M$10M - $50M
M.D. Fla.6/7/2021Omkar Hotels, Inc.21-01418G. Daniel Taylor$1M - $10M$1M - $10M
M.D. Fla.6/7/2021Prime Restoration, LLC21-01421Christopher W. Wickersham, Jr.$100k - $500k$100k - $500k
S.D. Fla.6/7/2021RND Properties, Inc.21-15570Adam I. Skolnik$100k - $500k$500k - $1M
E.D. Mich.6/7/2021Graceway South Haven, LLC21-44888Lynn M. Brimer$0 - $50k$1M - $10M
E.D. Mich.6/7/2021Silverside Senior Living, LLC21-44887Lynn M. Brimer$0 - $50k$1M - $10M
E.D. Mich.6/7/2021Zefnik, LLC21-44889Yuliy Osipov$1M - $10M$500k - $1M
D. Md.6/7/2021Howard Feldman Insurance Agency, Inc.21-13781Keith R. Havens$0 - $50k$100k - $500k
D. Del.6/6/2021Hillsboro 1 Project LLC21-31867Matthew D. Cavenaugh$500M - $1B$1B - $10B
S.D. Tex.6/6/2021CAPGro Construction Management, LLC21-31860Matthew D. Cavenaugh$500M - $1B$1B - $10B

View All Filings
Featured Article


A Reminder That a 9019 Motion Is Not a Slam Dunk: Bankruptcy Court Denies 9019 Motion After Determining That Approving Certain Findings Required By Settlement Would Amount to Inappropriate Advisory Op

Introduction

In a recent decision, Bath Iron Works Corp. v. Congoleum Corp. (In re Congoleum Corp.), 2021 Bankr. LEXIS 10, 2021 WL 28396 (Bankr. D.N.J. Jan. 4, 2021), the Bankruptcy Court for the District of New Jersey denied a motion by Congoleum Corporation (the “Debtor”) for approval pursuant to Bankruptcy Rule 9019 of a settlement agreement, (the “Settlement”) between the Debtor and Bath Iron Works Corporation (“BIW”). The Court declined to approve the Settlement, which was conditioned on the Court making findings that could impact litigation in another court, because the Court was unwilling to make all the requested findings. However, instead of explaining why it was denying approval of the Settlement or issuing partial findings, the Court denied the motion in its entirety, because to do otherwise while related pending litigation existed would, in the Court’s view, amount to little more than an inappropriate advisory opinion.

Although this decision turned on unique procedural and jurisdictional issues, it is a reminder that while the standards for approval pursuant to Bankruptcy Rule 9019 of debtor settlements are generally considered to be lenient or easy to satisfy, obtaining bankruptcy court approval of a settlement is not a “slam dunk.”

Read the full article

Weil, Gotshal & Manges LLP by Ronit Berkovich and Ryan C. Rolston. Published June 1, 2021.

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