Coal Miner Seeks to Dig Out From Under Debt Mississippi Minerals Inc. along with affiliates Sebastian Leasing, Sebastian Management and Sebastian Mining LLC sought protection from up to $100 million, $10 million and $50 million in liabilities, respectively, in the Western District of Arkansas. The debtor owes $10 million to Export-Import Bank of India and $11.1 million to Punjab National Bank. The chapter 11 petition was signed by President Krishna Santhanam. Sebastian Mining was sued by EnerVest Operating LLC over property rights to coalbed methane gas produced in Sebastian County, Ark.
Read EnerVest Operating v Sebastian Mining here.
Offshore Driller Blames Bankruptcy on Declining Oil Prices Blaming a substantial drop in oil prices beginning in 2014, Pacific Drilling SA and 21 affiliates sought protection from up to $10 billion in liabilities in the Southern District of New York. CEO Paul T. Reese signed the chapter 11 petition.
Read the declaration of Mr. Reese here.
Chain of Nursing Homes Seeks Assist in Bankruptcy Preferred Care and 33 affiliates sought protection from up to $10 million in the Northern District of Texas. The chapter 11 petition was signed by bankruptcy manager Robert J. Riek. According to finance advisor Alan Weiner, the debtor is plagued by some 163 personal injury lawsuits lodged by law firm Wilkes & McHugh of Tampa, Florida.
Read the declaration of Mr. Weiner here.
Plus-Size Retailer Seeks to Lighten Debt Load in Bankruptcy B. Lane Inc., d/b/a Fashion to Figure and six affiliates sought protection from up to $10 million in liabilities in the District of New Jersey. The chapter 11 petition was signed by CEO Michael Kaplan, whose great-grandmother founded the Lane Bryant chain. According to news reports, the filing is a result of expanding the business too fast.
Florida Steakhouse Looks to Slice Debt in Bankruptcy The Ocean Club of Walton County sought protection from up to $10 million in liabilities in the Northern District of Florida. The chapter 11 petition was signed by Cary Paul Shahid, who filed a personal petition in 2015. Some $1,598,501.34 is owed to BancorpSouth Bank.
Nursing Home Chain Limps Into Bankruptcy Following $28 Million Jury Award Preferred Care Partners Management Group and affiliate Kentucky Partners Management LLC sought protection from up to $50 million in liabilities in the Northern District of Texas. The chapter 11 petition was signed by Travis Eugene Lunceford, who blamed the bankruptcy on an October jury award of $3.5 million in actual damages and $25 million in punitive damages.
Read Dr. Lunceford’s declaration here.
Son of Celebrity Hypnotist Signs off on Bankruptcy for Spiritual Center President David Masters signed off on up to $10 million in liabilities on a chapter 11 petition filed for The Foundation of Human Understanding in the Eastern District of California. Mr. Master’s ex-wife Lisa accused his father Roy Masters of punching her and slapping his granddaughters, according to media reports.
Rodeo Drive Jeweler Spending Time in Bankruptcy After Swiss Watch Vendor Sues Doing business as David Orgell, R&S Antiques sought protection from up to $50 million in liabilities in the Central District of California. The chapter 11 petition was signed by President Rahim Soltani, who was originally a Persian antiques and carpet merchant, according to news reports. The debtor was sued for nonpayment of 13 luxury watches by Chronoswiss earlier this year.
Read the complaint that Chronoswiss filed against R&S Antiques here.
Motorsport Retailer Idles its Engines in Bankruptcy Court Performance Machine LLC and 18 affiliates sought protection from up to$500 million in liabilities in the District of Delaware. The chapter 11 petition was signed by CEO Andrew Graves. Some $3.4 million is owed to Sumitomo North America and $2.2 million to Pirelli Tire in trade payables. According to a statement online, the debtor filed for bankruptcy to eliminate $300 million in debt.
Historic Boston Restaurant Lands in Bankruptcy Spotlight Launched in 1868, Jacob Wirth Restaurant Company LLC sought protection from up to $10 million in liabilities. The chapter 11 petition was signed by Managing Member W. Kevin Fitzgerald. Creditors include the Massachusetts Department of Revenue. According to news reports, the landmark restaurant was acquired by developer Anthony J. Simboli for $1.6 million.
