Bankruptcy Case Summaries

GulfMark Offshore, Inc. Files for Chapter 11 Bankruptcy

05/23/17

On May 17, 2017, GulfMark Offshore, Inc. (“GulfMark” or “Debtor”) filed a voluntary petition for bankruptcy relief under chapter 11 of the Bankruptcy Code in the United States District Court for the District of Delaware.

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RadioShack – Bankruptcy Round Two

03/09/17

Serving as an illustration of the principal that a financial restructuring won’t save a business that has ceased to be frequented by customers, RadioShack has filed for bankruptcy for the second time in as many years.  The prior case was filed in the Bankruptcy Court for the District of Delaware as case no. 15-10197.  This case is also in the Bankruptcy Court for the District of Delaware, and is case no. 17-10506.

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ATopTech, Inc. Files for Chapter 11 Protection in Delaware

01/17/17

ATopTech, Inc. (“ATopTech” or “Debtor”), an electronic design automation software company manufacturing software solutions for engineers to assist them in the physical design of integrated circuits, filed a voluntary petition for chapter 11 bankruptcy relief on January 13, 2017 in the United States Bankruptcy Court for the District of Delaware.

In addition, ATopTech filed a motion to sell its businesses under section 363 of the Bankruptcy Code and has selected a stalking horse bidder. The Debtor expects that the sale will be completed by March 31, 2017.

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Bonanza Creek Energy, Inc. Files for Chapter 11 Protection

01/07/17

On January 4, 2017, Bonanza Creek Energy, Inc. and its affiliated entities (collectively “Bonanza” or the “Debtors”) filed voluntary petitions for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware. The lead case number assigned to the bankruptcy proceeding is No. 17-10015.

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Modular Space Corporation Files for Chapter 11 Bankruptcy Protection

01/03/17

On December 21, 2016, Modular Space Corporation and its affiliated entities (“Modular Space” or the “Debtors”) filed for bankruptcy protection in the U.S. and Canada, to implement a plan to rework its $1 billion load of long-term debt.  Modular Space will continue its operations during what the restructuring. Modular Space makes, leases and sells office trailers, mobile offices, temporary classrooms, modular office complexes and portable storage units.

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Limitless Mobile, LLC Files for Chapter 11 Protection

12/05/16

On December 2, 2016, Limitless Mobile, LLC (“Limitless” or the “Debtor”) filed a chapter 11 voluntary petition in the United States Bankruptcy Court for the District of Delaware.  The Debtor was formed in 2013 to provide broadband and wireless telecommunication services in certain rural counties in central Pennsylvania.  The Debtor is part of a worldwide corporate family referred to as the Limitless Group.  According to the First Day Declaration, Limitless intends to wind down its retail-side business and emerge from bankruptcy as a wholesale operator.

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American Apparel Files Second Bankruptcy in Just Over a Year

11/15/16

Made-in-the-USA retailer American Apparel, LLC and its affiliated entities (“Debtors”) filed for Chapter 11 bankruptcy protection on Monday, Nov. 14th for the second time in just over a year, colloquially known as the “Chapter 22”.  The filing comes just about a year after the fashion retailer previously filed for bankruptcy, when the company exited court protection in early 2016 but quickly encountered trouble again.

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Easement Held to be an In Rem Property Interest Subject to Section 363 Sale

08/30/16

In the decision of In re Metroplex on the Atlantic, LLC, 545 B.R. 786 (Bankr. E.D.N.Y. 2016), the United States Bankruptcy Court for the Eastern District of New York held that an easement is an in rem property interest, subject to sale free and clear under Bankruptcy Code section 363(f).

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Involuntary Bankruptcy Petition Filed Against Bennu Titan LLC (f/k/a ATP Titan LLC)

08/22/16

On August 12, 2016, petitioning creditors Beal Bank USA and CLMG Corp. filed an involuntary chapter 11 bankruptcy petition against Bennu Titan LLC (f/k/a ATP Titan LLC).  The involuntary debtor is affiliated with Bennu Oil & Gas, a deep water oil exploration firm based in Harris County, Texas.

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Operator of Champps Kitchen and Bar, and Fox and Hound, Files for Chapter 11 Protection in Delaware

08/15/16

The operator of the Fox and Hound, Bailey’s Sports Grille and Champps Kitchen and Bar chains filed for Chapter 11 bankruptcy protection on Wednesday, August 10th, listing debts that significantly exceeded assets.

Last Call Guarantor LLC and at least eight affiliates (“Debtors”) filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. The filing constitutes the second bankruptcy filing for chain restaurants.

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