Daily Bankruptcy & Restructuring Newsletter for February 3, 2015

All About RadioShack…

SEC Filing: RadioShack has received a second notice of default from lenders

Bloomberg Business: RadioShack in Talks to Sell Half Its Stores to Sprint, Shutter the Rest


Court Docket (Bankr. D. Del.): Judge Gross issued a 23-page opinion on his decision to have Caesars bankruptcy cases proceed in Illinois, not Delaware


Court Docket (Bankr. S.D.N.Y.): TS Employment, Inc. filed for Chapter 11 protection.  The company is a professional employer organization (a “PEO”) which provides services to only one customer – Corporate Resource Services, Inc., a company with $900 million in annual gross revenue whose stock of which trades on NASDAQ under the symbol CRRS.  According to court filings, “it was discovered that the Debtor failed to make certain payroll tax deposits to the Internal Revenue Service. The precise amount of unpaid withholding tax deposits is still being determined but could be as high as $100 million.”


Bloomberg Business: Apple to Convert Failed Arizona Sapphire Plant Into Data Center


Press Release: Lucas Energy Financial Obligations And Operational Update re: Missed Principal Payment on Debt


Wall Street Journal: Lehman Brothers Raises Estimate of Cash for Creditors to $90.6 Billion


Bloomberg Business: Bankrupt Reichhold Unloads Underfunded Pension Plan on PBGC


Financial Post: SouthGobi Resources Ltd faces insolvency following ‘harsh’ tax evasion verdict


SEC Filing: PSM Holdings, Inc. failed to make mandatory dividend payments to the holders of Series A, B, C, D, and E Preferred Stock


Bloomberg Business: Apollo Said to Buy Bonds Backing Presidio Deal as Investors Balk


SEC Filing: Mendocino Brewing Company, Inc. and MB Financial Bank, N.A. entered into a Second Amendment to the Company’s Credit and Security Agreement.  Among other things, the Second Amendment reduces the maximum amount of the Revolver and confirms the continuance of certain events of default under the Agreement.


PVTech: German module manufacturer Solar-Fabrik files for insolvency


Weil, Gotshal & Manges: Could a Bitcoin Exchange Be a Commodity Broker?


Bloomberg Business: Empty VIP Tables in Macau Means Trouble for $44 Billion Industry


The Washington Post: Dickstein emerges from restructuring year as a leaner, more focused business

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