Comfy Shoe Maker Succumbs to Retail Industry Slump AeroGroup International (d/b/a Aerosoles) and five affiliates sought protection from up to $500 million in liabilities in the U.S. Bankruptcy Court for the District of Delaware. Signed by Chief Restructuring Officer Mark Weinstein, the chapter 11 pleading disclosed $7,479,363.17 is owed to ICB Asia Co. The debtors blame their declining financial performance on a decrease in mall traffic, a highly promotional and competitive retail environment and a shift in customer demand and preference for online shopping versus the traditional brick and mortar environment.
Read Mr. Weinstein’s declaration here.
Data Center Cooling Co. Freezes Debt in Bankruptcy Data Cooling Technologies LLC sought refuge from up to $50 million in liabilities in the U.S. Bankruptcy Court for the Northern District of Ohio. CEO Gregory Gyllstrom blamed the bankruptcy on a dearth of installations and an industry-wide slowdown in the first half of 2017.
Read Mr. Gyllstrom‘s declaration here.
Buildings Accused of Being Unsafe Fail Financially Mayfair-Hawaii, LLC and two affiliate properties sought protection from up to $10 million in liabilities in the U.S. Bankruptcy Court for the District of Columbia. The debtor’s sole member is Sanford Capital LLC, which was named in a lawsuit last year filed by D.C. Attorney General Karl Racine alleging unsafe and unsanitary housing conditions. The chapter 11 petition was signed by Manager A. Carter Nowell.
Read about Mr. Racine’s lawsuit here.
Market Decline Leads Offshore Driller to Bankruptcy Seadrill Limited and 83 affiliates sought protection from up to $50 billion in liabilities in the U.S. Bankruptcy Court for the Southern District of Texas. The chapter 11 petition was signed by CFO Mark Morris who blamed a sustained down cycle in the oil and gas industry brought on by low priced commodities.
Read the declaration of Mr. Morris here.
Trade Loan Disclosed in Nutritional Supplement Company Bankruptcy Vitamin World and eight affiliates, including Nutrition Warehouse and Vitamin Depot, sought protection from up to $50 million in liabilities in the U.S. Bankruptcy Court for the District of Delaware. CFO Frank Conley signed the chapter 11 petition, disclosing that a $21,529,139.98 trade loan is owed to manufacturer The Nature’s Bounty Co.
Huntington Beach Home at Center of Three Bankruptcy Filings M.N.E. FUNDING, INC. sought protection from up to $10 million in liabilities in the U.S. Bankruptcy Court for the Central District of California of which $2.6 million is reportedly owed to Bank of America. The chapter 11 petition was signed by Ahron Zilberstein who was sued for alleged mortgage fraud. Affiliate 14520 Hesby LLC filed for bankruptcy in February and December 2014, claiming up to $10 million in liabilities in both filings. A home located at 3392 Venture Drive in Huntington Beach, Calif. is at the core of all three pleadings.
Read the lawsuit against Mr. Zilberstein here.
Telecom Insolvency Follows $2.3 Million Order of Contempt Facing contempt for non-payment, Brooklyn, N.Y.-based Atlas Trading Conglomerate sought protection from up to $10 million in liabilities in the U.S. Bankruptcy Court for the Eastern District of New York. Chief Restructuring Officer Aaron Schulman signed the chapter 11 petition, disclosing a disputed claim of some $2,313,626.88 after creditor AT&T Incumbent Local Exchange Carrier was granted summary judgment.
Read about the Order of Contempt here.
After EPA Violation, Ohio Trucking Co. Tries to Trash Debt Accused of hazardous waste violations, Rocky Pine Farms LLC sought protection from up to $10 million in liabilities in the U.S. Bankruptcy Court for the Northern District of Ohio.
Ohio Office Park Cements Protection From Disputed Loans Eastgate Professional Office Park seeks protection from up to $10 million in liabilities in the U.S. Bankruptcy Court for the Southern District of Ohio. Some $1,500,000.00 is reportedly owed to Crowell Fund I and $1,170,000.00 to Daniel Rolfes for contingent disputed loans.
Blouse Manufacturer Tackles Debt After Chanel Claim Following a lawsuit filed by the iconic fashion company Chanel, JC Fits Inc. is seeking a reprieve from up to $10 million in liabilities. The chapter 11 petition, filed in the U.S. Bankruptcy Court for the Central District of California, was signed by President Jeong H. Choi. The Chanel complaint alleges trademark infringement over the famous CC monogram.
Read the Chanel lawsuit here
Properties Collapse Financially After Racketeering Accusations Nanesemond Wharf Olde Towne Properties and affiliate Nansemond Wharf Southside Properties sought protection from up to $1 million in liabilities in the Eastern District of Virginia. Both chapter 11 petitions were signed by Christine B. Young who sued Bank of Southside Virginia, alleging a racketeer influenced and corrupt organizations (RICO) claim.
Read the RICO suit here.
National Retail Distributor Blames Ruin on Slow Holiday Sales in 2016 WYNIT Distribution LLC and six affiliates sought protection from up to $500 million in liabilities in the U.S. Bankruptcy Court for the District of Minnesota. The chapter 11 pleading, signed by Chief Operating Officer Pete Richichi, disclosed debts in the amount of $31,524,143.19 owed to FitBit and $1,704,571.67 to Amazon Fulfillment Services. Court records blamed last year’s slower than expected holiday season and the debtor’s inability to secure anticipated, supplemental financing.
Read Mr. Richichi’s declaration here.
