Misery Index: Week of June 12, 2017

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

Child clothing retailer seeks kid glove in bankruptcy court

Gymboree Corp., citing consumers’ preference to shop online rather than in malls or shopping centers and competition from Children’s Place and the Gap, sought a reprieve from creditors, along with seven affiliates in the Eastern District of Virginia. One of the largest children’s apparel retailers in North America, Gymboree operates 1,291 retail stores nationwide. Signed by James A. Mesterharm, the chapter 11 petition listed up to $100 million in assets and $10 billion in liabilities including $171,006,000 in senior notes owed to Deutsche Bank.

Read Mr. Mesterham’s declaration here.

Soup Store of Seinfeld Stardom Lands in Bankruptcy Stew After CFO’s Indictment

Soupman Inc. filed chapter 11 petitions in the District of Delaware followed by affiliates The Original Soupman Inc. and Kiosk Concepts, Inc. Signed by CEO Jamieson Karson, the petition listed up to $10 million in assets and $50 million in liabilities. Ali Yeganeh, who ran the Manhattan restaurant, reportedly inspired the tyrannical Soupman Nazi character in the popular 1990s television sitcom Seinfeld. But in May 2017, CFO Bob Bertrand was indicted for failure to pay payroll and withholding taxes from 2010 to 2014, according to court documents. This has impeded the company’s ability to secure financing for their business, purchase inventory and pay its bills.

Read declaration of interim CFO Michael Wyse here.

Pennsylvania Hotel Succumbs to Web of Related Bankruptcies

Oakdale Suites, the LLC that owns the Hotel Carlisle and Embers Steakhouse, sought protection from up to $10 million in liabilities and $50 million in assets in the District of New Jersey Newark Division. The chapter 11 petition was signed by member David Ebrahimzadeh, a self-professed real estate and private equity investor who filed for bankruptcy as an individual last month along with affiliate Diamond Condo LLC, which claimed up to $10 million in assets and liabilities in a 2016 Chapter 11 petition filed in the Southern District of New York.

Read declaration of Diamond Condo LLC’s Managing Member Felice DiSanza here.

Power Producer Tumbles After Acquisition

GenOn Energy Services LLC filed a lengthy chapter 11 petition in the Southern District of Texas along with 61 affiliates.  The petition was signed by Gaëtan C. Frotté. NRG Energy Inc. acquired the company five years ago.

French Oil Services Company Fails to Recover From Declining Oil Prices

Citing oil and gas prices that have failed to rebound from a low of $37.28 per barrel at the end of 2015, CGG Land (U.S.) sought safety from $10 billion in liabilities in the Southern District of New York along with 12 affiliates that included CGG Services (U.S.) Inc. and CGG Holding (U.S.) Inc. The chapter 11 pleading was signed by director Vincent Thielen and claimed $1 billion in assets. Some $698,780 in senior unsecured notes is owed to Bank of New York Mellon.

Read declaration of CGG’s Executive Vice President Beatrice Place-Faget here.

Louisiana Petroleum Services Company Seeks Reprieve From Bank Loan

Petroleum Specialty Rental LLC sought chapter 11 protection in the Western District of Louisiana. Signed by chief operating officer John Patrick Williamson, the petition listed up to $1 million in assets and $10 million in liabilities including a partially secured claim of $1,200,000.00 owed to Midsouth Bank.

Italian Airline Takes Flight From Creditors in U.S. Bankruptcy Court

Under threat that its flights in and out of John F. Kennedy International Airport in New York would be terminated, Alitalia – Societâ Aerea Italiana S.pA in Amministrazione Straordinaria sought relief from creditors in the Southern District of New York. The airline’s chapter 15 petition was signed by foreign representatives Luigi Gubitosi and Enrico Laghi.

Read the declaration of Benedetto Mencaroni Poiaini, vice president, regional manager of Americas of Alitalia, here.

Midwestern Lasik Practice Faces Blurry Future in Bankruptcy

SE Professionals, S.C sought chapter 11 protection in the Northern District of Illinois, claiming up to $500,000 in assets and up to $10 million in liabilities, of which $204,626.04 is owed to contact lens distributor WVA Inc. The petition was signed by President King Aymond, a board-certified ophthalmologist specializing in laser vision correction surgery. 

 

 

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