CRS Reprocessing LLC sought to plug the money leak of up to $100 million in liabilities in the Western District of Kentucky. Signed by CEO Scott T. Massie, the chapter 11 petition disclosed that $12,267,992 is owed to THL Credit and $7,167,530 is owed to Harvest Capital Credit. According to court records, the bankruptcy is due to ongoing disputes among lenders and lack of liquidity.
The chapter 11 petition was filed in the District of Delaware. Affiliates Condom Revolution and Peekay Boutiques Inc also filed on August 10. According to court records, the bankruptcy is a result of being unable to effectuate its IPO and secure sufficient cash to satisfy debts.
N214FT LLC sought protection fromup to $10 million in debts in the Northern District of Texas. The chapter 11 petition was signed by manager and board member Dustin Rall at RXpress Pharmacy, which was accused of paying illegal kickbacks to physicians for writing prescriptions,according to media reports.
After suing Pontwelly Holding Company Limited for allegedly illegally foreclosing on its property, Aman Resorts Group Limited sought protection from up to $10 million in liabilities in the Southern District of Florida. The chapter 11 petition discloses that an involuntary bankruptcy pleading signed by venture capitalist Omar Amanat had been launched against the company last year. In April 2017, an involuntary petition was also filed against affiliate Peak Hotels and Resorts Group, Ltd.
Read the 2016 federal complaint against Pontwelly Holding Company Limited here
Formosa Plantation LLC sought protection in the Western District of Louisiana. Signed by Member Anthony J. Guilbeau Jr., the chapter 11 petition listed up to $10 million in liabilities, of which $2,264,349.09 is owed to Guilbeau Marine and a disputed $3.5 million loan is owed to South Lafourche Bank and Trust. Formosa Plantation was among Plaintiffs that sued South Lafourche Bank for a 2015 loan restructuring agreement that was allegedly fraudulent.
Read the lawsuit filed against South Lafourche bank here.
Blaming a portion of its declining financial performance on airport hubs in Portland and Denver, Peninsula Airways sought protection from up to $50 million in assets and liabilities of which $1,325,464.76 is owed to the State of Alaska for landing fees. The chapter 11 petition, signed by President Daniel P. Seybert, was filed in the District of Alaska.
After being sued for violating the Telephone Consumer Protection Act, SCI Direct LLC and three affiliates sought protection from up to $50 million in liabilities, of which $5,304,113.76 is owed to Restless Noggins Manufacturing LLC for trade debt. The chapter 11 petition, filed in the Northern District of Ohio Canton Division, was signed by CEO Ben Suarez, a businessman convicted of witness tampering in campaign finance, according to media reports.
Read the class action suit filed against SCI Direct LLC here
Flo’s Restaurants, Inc. sought protection from up to $10 million in liabilities of which $1,260,658.94 is owed to Victor, Cody & Nicolas McMurry for a disputed lien. Filed in the District of Arizona, Secretary Dustin W. Wallace signed the chapter 11 petition, which noted that affiliates Flo’s Second LLC and Flo’s LLC also filed pleadings.