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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.
| Court | Filed | Debtor | Case No | Attorney | Assets | Liabilities |
|---|---|---|---|---|---|---|
| D. Del. | 6/1/2022 | GT Real Estate Holdings, LLC | 22-10505 | Joseph J. Farnan, Jr. | $100M-$500M | $100M-$500M |
| D. Del. | 6/1/2022 | Port Neches Fuels, LLC | 22-10500 | Robert J. Dehney | $1B-$10B | $1B-$10B |
| D. Del. | 6/1/2022 | Texas Butylene Chemical Corporation | 22-10497 | Robert J. Dehney | $1B-$10B | $1B-$10B |
| D. Del. | 6/1/2022 | Texas Olefins Domestic International Sales Corporation | 22-10498 | Robert J. Dehney | $1B-$10B | $1B-$10B |
| D. Del. | 6/1/2022 | TP Capital Corp. | 22-10496 | Robert J. Dehney | $1B-$10B | $1B-$10B |
| D. Del. | 6/1/2022 | TPC Group Inc. | 22-10493 | Robert J. Dehney | $1B-$10B | $1B-$10B |
| D. Del. | 6/1/2022 | TPC Group LLC | 22-10495 | Robert J. Dehney | $1B-$10B | $1B-$10B |
| D. Del. | 6/1/2022 | TPC Holdings, Inc. | 22-10494 | Robert J. Dehney | $1B-$10B | $1B-$10B |
| D. Del. | 6/1/2022 | TPC Phoenix Fuels LLC | 22-10499 | Robert J. Dehney | $1B-$10B | $1B-$10B |
| D. Del. | 6/1/2022 | Zosano Pharma Corporation | 22-10506 | Dennis A. Meloro | $10M-$50M | $10M-$50M |
| C.D. Cal. | 6/1/2022 | PWP Investments, LLC (Second Filing) | 22-13044 | Thomas B. Ure | $1M-$10M | $1M-$10M |
| N.D. Cal. | 6/1/2022 | Rudra Investments, LLC | 22-30275 | Stephen D. Finestone | $10M-$50M | $10M-$50M |
| W.D. Tex. | 6/1/2022 | Chris Pettit & Associates, P.C. | 22-50591 | MICHAEL G. COLVARD | $0-$50k | $100M-$500M |
| E.D. Tex. | 6/1/2022 | TCTM Hospitality Services, Inc. | 22-60237 | Pro Se | $100k-$500k | $100k-$500k |
| D. Ariz. | 6/1/2022 | Adazpay, LLC | 22-03535 | Jody A. Corrales | $100k-$500k | $100k-$500k |
| E.D.N.C. | 6/1/2022 | Colortek Collision & Customs, Inc. | 22-01178 | Travis Sasser | $100k-$500k | $500k-$1M |
| W.D. Okla. | 6/1/2022 | Heritage Funeral Home & Cremation Services, L.L.C. | 22-11173 | Christopher Wood | $0-$50k | $100k-$500k |
| E.D. Tenn. | 6/1/2022 | Cross Ridge Precision Inc. | 22-30839 | William E. Maddox, Jr. | $1M-$10M | $1M-$10M |
| C.D. Cal. | 5/31/2022 | Dr. R'Kione Britton Chiropractic Corporation | 22-13004 | Steven E. Cowen, Esq. | $100k-$500k | $1M-$10M |
| E.D. Tex. | 5/31/2022 | BAPA Brooklyn 2004, LLC | 22-40672 | Kim T. Cole | $1M-$10M |
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 articleNelson Mullins Riley & Scarborough LLP by Peter J. Haley. Published June 1, 2022.
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