On February 11, 2015, Radio Shack Corporation filed a motion with the Delaware Bankruptcy asking the Court to approve procedures for the assumption and assignment of leases for 1,734 stores at which Radio Shack is currently conducting store closing sales.
For the fourth year in a row, SHA sponsored the Sporting Clays Tournament at the 10th Annual Mid-Atlantic Bankruptcy Conference. This year’s winner was Hayes Schildwachter of Guggenheim Partners, LLC. Hayes shot a 35 out of 50. There was a three-way tie for second place at 27: Stuart Brown and Craig Martin, both of DLA Piper LLP’s Wilmington office, and our own Zeke Allinson.
The Judicial Conference of the United States has approved bankruptcy filing fee increases effective June 1 as follows:
Chapters 9, 11 and 15–$1,717
The fee increases are projected to raisea additional $35 million per year for the federal court system.
Bill Hazeltine has been added to the Mediation Panel for the United States Bankruptcy Court for the District of Delaware. In addition, Bill recently completed the Delaware Superior Court mediation training program and has been added as an approved mediator for the Superior Court.
Longview Power, LLC, the operator of a 700 megawatt coal fired power plant in West Virginia, filed a chapter 11 petition in Delaware on August 30. According to Longview Power’s petition, it has more than $1 billion of assets and more than $1 billion of debts. According to court filings, Longview Power filed because of an interest payment due on its $1 billion secured debt facility. Longview Power intends to continue uninterrupted operations while it restructures its debt.
Landauer Healthcare Holdings, Inc. and several affiliates filed chapter 11 bankruptcy petitions in Delaware on August 16, 2013. Landauer, a provider of home medical equipment and related products and services in the northeast United States, also filed an expedited motion for the approval of sale procedures with the petition. Landauer’s senior secured lenders have consented to the use of cash collateral conditioned on the entry of an order approving sale procedures by August 31, 2013.
DesignLine Corp., a designer and manufacturer of natural gas and electric powered buses, filed a chapter 11 petition in Delaware on August 15. No substantive motions were filed with the petition.
Royal Appliance Manufacturing Co., an affiliate of Hoover Vacuum Cleaners, outbid the Oreck family in its bid to buy back the Tennessee based vacuum-cleaner company founded by David Oreck in 1963. The United States Bankruptcy Court for the District of Delaware must still approve the sale at a hearing scheduled for July 16, 2013. View USA Today Article.
On July 8, 2013, Judge Sontchi entered an order approving Orchard Supply’s requested procedures governing the auction and sale of its assets. The procedures include the payment of a $6.15 million break-up fee to Lowes, the stalking horse bidder, if it is not the successful bidder at the auction scheduled for August 14, 2013. A hearing to approve the sale to the highest bidder is scheduled for August 20, 2013.