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Thursday, June 2, 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
D. Del.6/1/2022GT Real Estate Holdings, LLC22-10505Joseph J. Farnan, Jr.$100M-$500M$100M-$500M
D. Del.6/1/2022Port Neches Fuels, LLC22-10500Robert J. Dehney$1B-$10B$1B-$10B
D. Del.6/1/2022Texas Butylene Chemical Corporation22-10497Robert J. Dehney$1B-$10B$1B-$10B
D. Del.6/1/2022Texas Olefins Domestic International Sales Corporation22-10498Robert J. Dehney$1B-$10B$1B-$10B
D. Del.6/1/2022TP Capital Corp.22-10496Robert J. Dehney$1B-$10B$1B-$10B
D. Del.6/1/2022TPC Group Inc.22-10493Robert J. Dehney$1B-$10B$1B-$10B
D. Del.6/1/2022TPC Group LLC22-10495Robert J. Dehney$1B-$10B$1B-$10B
D. Del.6/1/2022TPC Holdings, Inc.22-10494Robert J. Dehney$1B-$10B$1B-$10B
D. Del.6/1/2022TPC Phoenix Fuels LLC22-10499Robert J. Dehney$1B-$10B$1B-$10B
D. Del.6/1/2022Zosano Pharma Corporation22-10506Dennis A. Meloro$10M-$50M$10M-$50M
C.D. Cal.6/1/2022PWP Investments, LLC (Second Filing)22-13044Thomas B. Ure$1M-$10M$1M-$10M
N.D. Cal.6/1/2022Rudra Investments, LLC22-30275Stephen D. Finestone$10M-$50M$10M-$50M
W.D. Tex.6/1/2022Chris Pettit & Associates, P.C.22-50591MICHAEL G. COLVARD$0-$50k$100M-$500M
E.D. Tex.6/1/2022TCTM Hospitality Services, Inc.22-60237Pro Se$100k-$500k$100k-$500k
D. Ariz.6/1/2022Adazpay, LLC22-03535Jody A. Corrales$100k-$500k$100k-$500k
E.D.N.C.6/1/2022Colortek Collision & Customs, Inc.22-01178Travis Sasser$100k-$500k$500k-$1M
W.D. Okla.6/1/2022Heritage Funeral Home & Cremation Services, L.L.C.22-11173Christopher Wood$0-$50k$100k-$500k
E.D. Tenn.6/1/2022Cross Ridge Precision Inc.22-30839William E. Maddox, Jr.$1M-$10M$1M-$10M
C.D. Cal.5/31/2022Dr. R'Kione Britton Chiropractic Corporation22-13004Steven E. Cowen, Esq.$100k-$500k$1M-$10M
E.D. Tex.5/31/2022BAPA Brooklyn 2004, LLC22-40672Kim T. Cole$1M-$10M

View All Filings
Featured Article

The Unredeemable Debtor

Bankruptcy law decisions are replete with references to the “worthy debtor.” In re Carp, 340 F.3d 15, 25 (1st Cir. 2003); In re BankVest Capital Corp., 360 F.3d 291 (1st Cir.2004); In re Institute of Business and Professional Educ., Inc., 79 B.R. 948 (Bankr. S.D. Fla. 1987); In re Nickerson, 40 B.R. 693 (Bankr. N.D. Tex. 1984); In re Marble, (Bankr. W.D. Tex. 1984); In re Doherty, 219 B.R. 665 (Bankr. W.D. N.Y. 1998).

These decisions typically employ the “worthy debtor” nomenclature in the context of the entitlements that are afforded by the provisions of the Bankruptcy Code. It is always the “worthy debtor” that is entitled to a discharge of debts, a “fresh start”, or to reject cumbersome contracts. This usage bespeaks a universe that also contains the “unworthy debtor,” a party whose behavior does not merit the statutory benedictions of the Bankruptcy Code. The identity of these parties is most often examined in the context of the discharge of debts and the behavior or actions that merit a denial of discharge or the finding that a particular debt is non-dischargeable.

Read the full article

Nelson Mullins Riley & Scarborough LLP by Peter J. Haley. Published June 1, 2022.

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