Bankruptcy & Restructuring News & Analysis — Conductor
Bertucci's Proposes Reorganization Plan With Limited Payouts to Unsecured Creditors
Bertucci's Restaurants filed a disclosure statement outlining its Chapter 11 reorganization plan, which would allow the Italian restaurant chain to emerge from bankruptcy with a fast-casual expansion strategy. Unsecured creditors face limited recovery through the sale of a New Jersey liquor license, with distributions capped at $200,000 despite claims totaling $2.5 million
Wind-Down Entities Seek Court Approval for $6.1M Employee Retention Credit Sale
Wind-down entities from a former Arizona paper manufacturer seek court approval to sell $7.2 million in employee retention credits for $6.1 million. The sale represents the final asset monetization following the successful sale of the main business operations to Sofidel America Corp. earlier this year
Fluid Market's Truck-Sharing Platform Seeks Chapter 7 Conversion After Asset Sale
Fluid Market Inc., operator of a peer-to-peer truck-sharing platform with nearly 5,500 vehicles, has requested conversion of its Delaware Chapter 11 case to Chapter 7 liquidation following a complex global settlement that resolved creditor disputes and enabled an asset sale to Kingbee Rentals. The settlement required detailed reconciliation of $3.9 million in segregated vehicle-related funds belonging to platform participants
Flagship Resort Development Creditors Committee Endorses Liquidation Plan After Global Settlement
The Official Committee of Unsecured Creditors of Flagship Resort Development Corporation has unanimously endorsed the company's liquidation plan following a comprehensive global settlement. The committee's support comes after extensive investigation and negotiations that resolved potential claims while establishing funding mechanisms for creditor distributions in the Atlantic City resort company's Chapter 11 bankruptcy case
Fourth Circuit Rules Bankruptcy Courts Have Jurisdiction Over Solvent Debtors in Landmark Asbestos Case
The 2-1 decision in Bestwall LLC v. The Official Committee of Asbestos Claimants upholds a bankruptcy court's denial of a motion to dismiss the Chapter 11 case of Bestwall LLC, a company created through a "Texas two-step" divisional merger designed to isolate Georgia-Pacific's asbestos liabilities