Bankrupty Debrief for the Week of May 7th


Videology advertises its own business for sale in chapter 11 auction

Video advertising firm Videology filed for chapter 11 to facilitate the sale of the business in an  auction. Tech marketing firm Amobee has already signed an agreement to act as the stalking horse bidder with a bid of $45 million, pending the court’s approval.

Videology says that a sale through chapter 11 is the best route for the company to proceed and is in the best interest of its shareholders. As of the filing, the company listed over $100 million of liabilities and total assets of just under $90 million.

The chapter 11 case is proposed to be a quick one, with a timeline that outlines the approval of a sale just two months after filing for chapter 11.

Read CFO Kenneth Tarpey’s declaration in support of the first day motions here.

View the chapter 11 petition here.


YMCA of Greater Pittsburgh looks to firm up balance sheet, operations in chapter 11

Greater Pittsburgh’s ninth-largest health and social service nonprofit, the YMCA of Greater Pittsburgh, filed for chapter 11 after mounting financial difficulties. The company intends to close a downtown facility next month and President and CEO Kevin Bolding said it will use the chapter 11 process to “adjust our finances and align our resources to build a Y of the future that is reflective of how services are needed and delivered in the 21st century.”

At the time of the filing, the YMCA of Greater Pittsburgh listed over 200 creditors with total liabilities of $10 million to $50 million and total assets of $50 million to $100 million.

Read President and CEO Kevin Bolding’s declaration in support of the first day motions here.

View the chapter 11 petition here.


Operator of over 150 Applebee’s seeks protection under chapter 11

RMH Holdings, one of the largest Applebee’s franchisees, representing almost 10% of the country’s locations with 159 locations in 15 states, filed for chapter 11. The company spent the year prior to the filing attempting to improve liquidity by renegotiating leases and closing underperforming locations. The company was unsuccessful in reaching an agreement with franchisor Applebee’s, and the franchisor indicated it would issue a notice of termination of the company’s franchise rights in Arizona and Texas.

After that notification, RMH Holdings decided to file for protection under chapter 11. At the time of the filing, the company had $68.5 million of outstanding debt due to senior creditors, over $30 million of unsecured loans, and an unspecified amount of unsecured trade claims. The company listed its total assets at over $100 million.

Read CFO Mitchell S. Blocher’s declaration in support of the first day motions here.

View the chapter 11 petition here.



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