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Tuesday, June 14, 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.6/14/2022Medical Technology Associates II22-10534Michael Busenkell, Esq.$1M-$10M$10M-$50M
N.D. Cal.6/13/2022NEXTSPORT, INC.22-40569Eric A. Nyberg$10M-$50M$10M-$50M
M.D. Fla.6/13/2022John Assi MD PA22-01172Pro Se$0-$50k$500k-$1M
M.D. Fla.6/13/2022Ortiz A Trucking, LLC22-02366Daniel A. Velasquez$100k-$500k$100k-$500k
D.N.J.6/13/2022704 Howe Street, LLC22-14820Brian W. Hofmeister, Esq.$0-$50k$0-$50k
D. Md.6/13/2022Beacon Scientific, LLC22-13209Steven L. Goldberg$0-$50k$100k-$500k
D. Del.6/10/2022SanityDesk, Inc.22-10527Michael Busenkell$100k-$500k$1M-$10M
S.D.N.Y.6/10/2022Hidili Industry International Development Limited22-10736Stephen M. Wolpert
S.D.N.Y.6/10/2022World Wine Group Inc.22-10738Warren R. Graham$0-$50k$100k-$500k
N.D. Tex.6/10/2022Careparth Healthcare System, LLP22-41333Eric A. Liepins$1M-$10M$1M-$10M
W.D. Tex.6/10/2022CKH Risk Management, LLC22-50646William R. Davis, Jr.$0-$50k$100k-$500k
M.D. Fla.6/10/2022Yorktown Electric Inc.22-02329Buddy D. Ford, Esquire$100k-$500k$100k-$500k
M.D. Pa.6/10/2022POCONO MOUNTAIN LAKE FOREST COMMUNITY ASSN, INC. (Second Filing)22-01084John J. Martin$500k-$1M$100k-$500k
W.D. Okla.6/10/2022CDL University, LLC22-11257Gary D Hammond$100k-$500k$1M-$10M
D.P.R.6/10/2022ESJ Towers, Inc.22-01676Charles A. Cuprill$10M-$50M$10M-$50M
D.P.R.6/10/2022SIRIUS PROPERTIES CORP22-01663Carlos Alberto Ruiz$500k-$1M$500k-$1M
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

View All Filings
Featured Article


Subscription Finance: Rated Note Feeder Funds and Debt Capital Commitments

Insurance company investors are increasingly looking to invest in private equity and similar private investment funds via debt capital commitments (as opposed to traditional equity capital commitments) to take advantage of improved regulatory capital treatment, including under the risk-based capital system established by the US National Association of Insurance Commissioners (the “NAIC”). Fund sponsors have responded to this request by using a rated note feeder structure, where a feeder fund issues notes under a note purchase agreement to an investor (instead of requiring a traditional equity capital commitment) and obtains a strong credit rating on such notes that results in a much more favorable NAIC risk-based capital treatment.

As noted in our prior Legal Updates, debt capital commitments have historically been classified as ineligible for borrowing base inclusion in subscription facilities. This is due to the uncertainty of whether such debt capital commitments would be enforceable under Section 365(c)(2) of the US Bankruptcy Code if the applicable fund was ever subject to a bankruptcy proceeding.1 The concern centers on whether the debt capital commitment would be determined to be an “executory contract” to “make a loan, or extend other debt financing or financial accommodations to or for the benefit of the debtor.” If so, the obligation could be rendered non-assumable by the fund or its bankruptcy trustee (and thus non-enforceable by the fund, its bankruptcy trustee, or the fund’s lenders).

Read the full article

Mayer Brown by Kiel A. Bowen, Todd N. Bundrant, Mark C. Dempsey, and Ann Richardson Knox. Published June 13, 2022.

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