Bankruptcy Cases

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PetroQuest Energy Inc., a Louisiana-based oil and gas exploration company, has filed for bankruptcy in Delaware with $115.5 million in debt ($104.5 million secured, $11 million unsecured). This marks their second bankruptcy filing, having previously emerged from Chapter 11 in 2019. The company, which was founded in 1998 and focuses on oil and natural gas…

Oya Renewables, a Boston and Toronto-based solar infrastructure developer founded in 2009, has initiated Chapter 11 bankruptcy proceedings in Delaware. The company faces financial obligations between $100-500 million, including $86.8 million in secured debt, while maintaining minimal cash reserves of just $58,000.

The company’s downfall stems from multiple challenges, according to Chief Restructuring Officer John…

On September 10, 2024, the United States Court of Appeals for the Third Circuit issued a significant decision in In re The Hertz Corporation, No. 23-1169, addressing make-whole premiums and post-petition interest in the Chapter 11 reorganization of a solvent debtor. Writing for the panel, Judge Ambro held that (1) make-whole premiums are…

In a decision emphasizing the finality of confirmed Chapter 11 plans, the United States Bankruptcy Court for the District of Delaware denied a motion by Virgin Orbit equity holders to revoke the plan confirmation order in Virgin Orbit, L.L.C., 659 B.R. 36 (Bankr. D. Del. 2024). The case presents an instructive lens on…

Preferred Communication Systems, Inc. (“PCSI” or “Debtor”) filed for chapter 7 bankruptcy before the United States Bankruptcy Court for the District of Delaware on July 28, 2021.

This bankruptcy proceeding constitutes a rare example of a debtor listing more assets than debt.  Per PCSI’s Schedules, the Debtor lists approximately $1.1 million in assets, and…

Earlier this month, on July 8, 2021, Pipeline Foods, LLC and its affiliated debtors (“Pipeline”) filed for Chapter 11 protection in the United States Bankruptcy Court for the District of Delaware.  The debtors’ bankruptcy cases are jointly administered before the Honorable Karen B. Owens under Case No. 21-11002.

Pipeline’s Chief Executive Officer, Anthony Sepich,…

Champion Property Holdings, LLC and Anglin Cultured Stone Products LLC (“Debtors”) each filed for Chapter 11 bankruptcy protection with the Delaware Bankruptcy Court on February 10, 2021.

According to Debtors’ Petitions, their assets total between $100k – $500k, and their liabilities total between $1 million and $10 million.

A Subchapter V Trustee was appointed to…

Wardman Hotel Owner LLC (“Wardman” or “Debtor”) filed for Chapter 11 bankruptcy on January 11, 2021, ending its management contract with Marriott International. The Chapter 11 petition was filed in the U.S. Bankruptcy Court for the District of Delaware.

The Wardman Park, one of the largest hotels in Washington, D.C. with 1,152 rooms, opened in…