PacerMonitor

Misery Index: Week of July 31, 2017

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PacerMonitor’s look back at this week's most compelling bankruptcies.

Seaweed Company Beached in Bankruptcy After Class Action

Saddled with up to $500 million in debt, TerraVia Holdings sought protection from creditors in the District of Delaware. Signed by CEO Apurva S. Mody, the chapter 11 petition disclosed an unsecured claim in the amount of $144,200,000 owed to Glas Trust Company. Formerly known as Solazyme Inc., a class action suit was filed against the company in the U.S. District Court for the Northern District of California based on allegations that it violated federal securities law. Affiliates Solazyme Brazil LLC and Solazyme Manufacturing 1 LLC also filed bankruptcy pleadings the same day, August 2.

Read affidavit of CFO Tyler Painter here

California Urgent Care Chain Seeks Emergency Financial Treatment

Hoag Urgent Care-Tustin Inc. and five affiliates sought to reset up to $10 million of debt in the Central District of California. Signed by President Dr. Robert C. Amster, the chapter 11 petition was filed to restructure affairs with the landlord and bank, according to a media report.

Arizona Car Wash Seeks Clean Slate in Bankruptcy

Burdened with up to $10 million in assets and liabilities, DIT Properties LLC sought a safe haven in the District of Arizona. Signed by Anthony M. Alder, creditors listed on the auto spa’s chapter 11 petition include First-Citizens Bank & Trust Co.

Family-Friendly Resort Recovers from Civil  Litigation in Bankruptcy

Imperial Palms Resort LLC sought protection from creditors that include those who have claims against the actual property in the Southern District of California. Signed by CEO Rebecca Chiu, the chapter 11 petition claimed up to $10 million in liabilities of which $186,671.91 is owed in employment tax and $801,688.00 for payroll taxes. A wrongful termination lawsuit was filed against Imperial Palms Resort by Blaise Smith in the Superior Court of California.

Atlanta Property Lands in Bankruptcy Court

Signed by manager Allen Miller, 3982 Club Drive, LLC sought protection from up to $10 million in assets and liabilities.  Creditors include Wiser Private Equity II LLC and First National Bank of America. The chapter 11 petition was filed in the Northern District of Georgia.

California Eatery Chews Away at Debt In Bankruptcy

Bull Taco LLC sought protection from creditors in the Southern District of California. Signed by President Greg Lukasiewicz, the tortilla chain claims up to $50,000 in assets and $10 million in liabilities. A disputed $672,000.00 is owed to Petit Kohn Ingraggia & Lutz, $117,775.00 to Strategic Funding and $146,132.43  to the California State Board of Equalization.

Queens Real Estate Companies Bank on Bankruptcy

Columbia Lawrence Holdings LLC 1 and 2 both sought protection from up to $10 million in liabilities in the Eastern District of New York. The chapter 11 petitions were signed by sole member Bo Jin Zhu, a Chinese developer who was sued in 2015 by SDF46 Bogart 1 LLC in an action to foreclose on property in Brooklyn’s Williamsburg neighborhood.

Safety Equipment Subsidiary Seeks Protection From Bankruptcy Fall

Stand 2 LLC filed a chapter 11 petition in the Eastern District of Missouri. Of $10 million in liabilities, $1,632,840.00 is owed to O’Brien Capital for a promissory note from parent company Standfast USA LLC and another $569,884.00 is owed to O’Brien Capital for management fees. Standfast USA LLC filed for bankruptcy in September 2016 because it was unable to meet its cash-flow needs to continue operating without capital contributions from equity holders, according to court records.

Texas Mining Company Files for Bankruptcy to Get Out of Hole

After suing Lexington Insurance Company for breach of contract and violating state insurance codes, Completion Industrial Minerals LLC sought protection from creditors in the Northern District of Texas. President Thomas Giordani signed the chapter 11 petition which disclosed up to $10 million in liabilities and assets.

Read about Completion Industrial Minerals v Lexington Insurance Company here

Texas Granite Supplier Loses Its Marbles to Debt

A & A Granite and Limestone LLC sought protection from creditors in the U.S. Bankruptcy Court for the Eastern District of Texas. Signed by Managing Member Robert Gladu, the chapter 11 petition listed up to $10 million in assets and liabilities of which $1,183,801.17 is owed to Artisian Masonry and $1,109,925.31 to Synergy Bank.

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