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Thursday, January 13, 2022

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
E.D.N.Y.1/12/2022170 Broadway Realty Corp22-40045Lawrence Morrison$0-$50k$0-$50k
E.D.N.Y.1/12/2022689 St. Marks Avenue Inc.22-40043Moshe Kalman Silver, Esq.$1M-$10M$1M-$10M
E.D.N.Y.1/12/2022Veteran Holdings NY LLC22-40052FRED B. RINGEL$10M-$50M$10M-$50M
C.D. Cal.1/12/2022Southern California Research, LLC22-10022Craig G. Marguilies, Esq.$100k-$500k$10M-$50M
N.D. Cal.1/12/2022TONARCH 1 LLC22-30017Paul E. Manasian, Esq.$1M-$10M$1M-$10M
S.D. Fla.1/12/2022Bay Place Condominium Association, Inc.22-10223Kris Aungst$0-$50k$0-$50k
D. Nev.1/12/2022MARQ POWDER COATING, LLC22-50014J. Craig Demetras$50k - $100k$100k-$500k
D. Nev.1/12/2022WIG1, LLC22-10069Allison R. Schmidt$500k-$1M$500k-$1M
E.D. Mich.1/12/2022Noorjahan Haggerty, Inc.22-40197Ryan D. Heilman$50k - $100k$50k - $100k
E.D. Pa.1/12/2022No Call East, LLC22-10068Albert A. Ciardi III$100k-$500k$1M-$10M
D. Colo.1/12/2022NRS Properties, LLC22-10091David V. Wadsworth$0-$50k$1M-$10M
W.D. Mo.1/12/2022Cole Camp Auto Parts LLC22-20011Erlene W. Krigel$500k-$1M$100k-$500k
D.N.M.1/12/2022Taj & Ark, LLC22-10022Joseph Yar$50k - $100k$100k-$500k
S.D.N.Y.1/11/2022CFX CDO Co., Inc.22-10023George P. Angelich$500k-$1M$10M-$50M
S.D.N.Y.1/11/2022CFX US Co., Inc.22-10022George P. Angelich$500k-$1M$10M-$50M
E.D.N.Y.1/11/2022HGL Realty LLC22-40039Michael L. Previtio$1M-$10M$1M-$10M
S.D. Tex.1/11/2022Green Head LLC22-30105Mark A. Platt$50k - $100k$0-$50k
S.D. Tex.1/11/2022Seadrill Member LLC22-90002Matthew D. Cavenaugh$500M-$1B$500M-$1B
S.D. Tex.1/11/2022Seadrill New Finance Limited22-90001Matthew D. Cavenaugh$500M-$1B$500M-$1B
S.D. Tex.1/11/2022United Structures of America, Inc.22-30104Mark A. Platt$1M-$10M$1M-$10M

View All Filings
Featured Article

Senior Living Bond Defaults: Do Bondholders or Residents Have Priority Over Entrance Fees?

Nearly eight percent of the $41 billion in outstanding senior living bonds were in default as of December 2021, with the sector accounting for almost one-quarter of defaulted debt in the muni market, not including bonds caught up in Puerto Rico’s bankruptcy. As challenges to the senior housing sector persist, including staffing shortages, rising labor costs, occupancy volatility, skepticism of congregate living arrangements and other pandemic-related disruptions, we are likely to see more distressed-related activity in this sector, including defaults on municipal debt issued by such projects.

A bankruptcy or receivership of such a project has the potential to pit two very different groups of creditors against each other: (i) holders of municipal debt issued by the project and (ii) the project’s residents. More specifically, a dispute may arise over which group is entitled to priority over the residents’ “entrance fees,” or the portion of such fees that is refundable to the resident upon termination of its occupancy.

Read the full article

Arnold & Porter Kaye Scholer LLP by Brian J. Lohan and Maja Zerjal Fink. Published January 12, 2022.

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