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Friday, June 10, 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.6/9/2022Rider Hotel, LLC22-10522Mark Minuti$10M-$50M$10M-$50M
N.D.N.Y.6/9/2022Creative Encounters, LLC22-10533Elizabeth Fairbanks-Fletcher$1M-$10M$1M-$10M
E.D.N.Y.6/9/2022Wortman 760 Corp22-41319Pro Se$0-$50k$500k-$1M
N.D. Cal.6/9/2022Two Rocks of Two Rock, LLC22-10229Chris Kuhner$1M-$10M$1M-$10M
E.D. Pa.6/9/2022Holly Pond Partners, LLC22-11506Daniel S. Siedman$1M-$10M$1M-$10M
D. Colo.6/9/20225280 Auraria, LLC22-12059Michael J. Pankow$50M-$100M$50M-$100M
D. Minn.6/9/2022Fairmont Orthopedics & Sports Medicine, P.A.22-30926Kenneth C. Edstrom$1M-$10M$1M-$10M
W.D. Wash.6/9/2022Kingston, LLC22-10941Marc S. Stern$1M-$10M$1M-$10M
C.D. Cal.6/8/2022Coin Connect LLC22-13208Louis J. Esbin$0-$50k$0-$50k
C.D. Cal.6/8/2022Fitness Anywhere LLC22-10949Ron Bender$10M-$50M$10M-$50M
C.D. Cal.6/8/2022TRX Holdco, LLC22-10948Ron Bender$10M-$50M$10M-$50M
M.D. Fla.6/8/2022SDH Medical Services, Inc.22-02041Pro Se$0-$50k$1M-$10M
M.D. Fla.6/8/2022Tedeschi & Sons Inc.22-02046Jeffrey S. Ainsworth$0-$50k$100k-$500k
W.D. Pa.6/8/2022S.A. Wagner Agency, Inc.22-10258Guy C. Fustine$500k-$1M$1M-$10M
N.D. Ohio6/8/2022ADL International, LLC22-50657Marc B. Merklin$0-$50k$0-$50k
N.D. Ohio6/8/2022American De Rosa Lamparts, LLC22-50654Marc B. Merklin$1M-$10M$1M-$10M
N.D. Ohio6/8/2022Hallmark Lighting, LLC22-50658Marc B. Merklin$0-$50k$0-$50k
N.D. Ohio6/8/2022Luminance Acquisition, LLC22-50655Marc B. Merklin$0-$50k$0-$50k
N.D. Ohio6/8/2022SV-ADL Holdings, LLC22-50656Marc B. Merklin$0-$50k$0-$50k
E.D.N.Y.6/7/2022102 Ave 8121 Holding Group Corp.22-41294Pro Se$0-$50k$500k-$1M

View All Filings
Featured Article


Bankruptcy Legislation Update: House Passes Bill Preserving $7.5 Million Eligibility Threshold for Subchapter V; Legislation Ready for Biden’s Signature

The House has passed a bill that will now go to the President to sign into law that raises the eligible debt ceiling for Subchapter V of Chapter 11 to $7,500,000. Small businesses with up to $7,500,000 in noncontingent, liquidated debts will once again be eligible for relief under Subchapter V for another two years. The ceiling was previously raised to $7,500,000 as part of the CARES Act in 2020, but lapsed back to $3,024,725 as of April 1, 2022.

On June 7, 2022, the United States House of Representatives passed amended S. 3823 (previously passed by the Senate), the “Bankruptcy Threshold Adjustment and Technical Corrections Act,” which retroactively preserves the $7,500,000 debt threshold to qualify for Subchapter V of Chapter 11 of the Bankruptcy Code for an additional two years. The bill was passed by a vote of 392-21 (14 not voting), and will now head to President Biden. Subchapter V was initially added to the Bankruptcy Code in February 2020 through the Small Business Reorganization Act of 2019, as an innovative restructuring platform for small businesses with a noncontingent liquidated debt of $2,725,625 or less. However, that debt ceiling was increased in March 2020 to $7,500,000 as a COVID-19 relief measure implemented through the CARES Act, Pub. L. No. 116-136 (2020) and subsequently extended through March 27, 2022. As a result of the CARES Act’s sunset provisions, the debt limit then reverted back to $3,024,725 (a product of annual lock-step increases to account for inflation) on April 1, 2022.

Read the full article

ArentFox Schiff by George Angelich, James Britton, and Justin Kesselman. Published June 9, 2022.

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