Jennis Morse Etlinger Bankruptcy News December 22, 2021

  • JME successfully confirmed a plan for its subchapter v client. The debtor – Marinetek North America, Inc. – focuses its efforts on engineering and building floating docks. For more information, please visit the global Marinetek website. The plan was confirmed on a consensual basis, meaning all classes were either unimpaired (and therefore deemed to have accepted the plan) or impaired and affirmatively voted to accept the plan. The effort marks a great outcome for the bankruptcy and a fresh start for the company.
  • JME was recently employed as special litigation counsel to a chapter 7 trustee. The firm will focus its efforts on the investigation and prosecution of potential litigation claims relating to certain matters identified in the application and order to employ. One of the reasons for the firm’s selection is its previous experience with similar representations (and defending adversary claims as well).
  • The firm prevailed on a motion to sell personal property, and, assign and assume a lease on behalf of its subchapter v chapter 11 debtor. Bankruptcies in general can be a great vehicle for both buyers and sellers regarding real and personal property deals.
  • JME wishes everyone a happy and safe holiday season. We’re open regular office hours this week Monday-Thursday and we’ll be closed December 24. Next week we will be closed December 30 and 31.

Florida Filings

  • Dec 12, 2021 – David Frank Petrantoni, chapter 11 in the Middle District of Florida
  • Dec 13, 2021 – Garden View Condominium Apartments Association, Inc., chapter 11 in the Southern District of Florida
  • Dec 13, 2021 – Salad & Co. Inc., chapter 11 in the Southern District of Florida
  • Dec 13, 2021 – J & R United Industries, Inc., chapter 11 in the Southern District of Florida
  • Dec 14, 2021 – N/A La Casa Canaveral LLC, chapter 11 in the Middle District of Florida

Bankruptcy News

  • S&P Joins Major Credit Raters in Declaring China Evergrande in Default. Link
  • Feds take control of Tampa Bay Times pension plan as paper racks up $103M in liens- Link
  • Wesco Aircraft Faces Cash Crunch as Depressed Plane Orders Weigh on Earnings – Link
  • 24-clinic Florida practice files for bankruptcy. Boca Raton, FL based Path Medical has filed for Chapter 11 bankruptcy with $86.5 million in liabilities – Link

Investment Notes

We’re tracking a number of previously filed chapter 11 cases as well as some of the cases in the news. We’ll keep you posted when opportunities are ripening. For more information on how we can help assist with financing opportunities, please contact the firm at (813) 229-2800.