Misery Index: Week of October 30, 2017

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

Dairy Queen Franchisee Files For Bankruptcy Vasari LLC, the parent company of more than 70 Dairy Queens, sought protection in the Northern District of Texas from up to $50 million in liabilities. The Chapter 11 petition was signed by President and CEO William M. Spae Jr.

Asbestos Litigation Leads Paper Towel Manufacturer to Bankruptcy Bestwall LLC, which makes Brawny paper towels, sought protection from up to $1 billion in liabilities in the Western District of North Carolina. The chapter 11 petition was signed by Chief Legal Officer J. Joel Mercer Jr. According to court records, the debtor is an affiliate of Georgia Pacific and is plagued with an onslaught of asbestos-related claims projected to continue for decades.  

Read the declaration of Chief Restructuring Officer Tyler Woolson here.

Public Utility Company Bankruptcy Follows Court Judgment  After being ordered to pay $304,020.92 to First Midwest Equipment Finance Co. for nonpayment of monies due, Royal T Energy LLC sought protection from up to $50 million in liabilities in the Eastern District of Texas. The chapter 11 petition was signed by Member Manager James Alexander.

 Read the judgment here.

 Read the complaint of First Midwest Equipment Finance Co. here.

 Coal Mining Firm Succumbs to Market Conditions, Employee Benefit Payments Armstrong Energy Inc. and 8 affiliates sought protection from up to $500 million in liabilities in the Eastern District of Missouri. The chapter 11 petition was signed by J. Hord Armstrong III. According to court records, the bankruptcy is a result of pricing pressure, increased regulation, employee-benefit obligations and market conditions.

 Read the declaration of Chief Restructuring Officer Alan Boyko here.

Father/Daughter-Owned Casino Dims Lights in Bankruptcy Doing business as Celebrity Hotel & Casino, Rolling Hills Farm Investments LLC sought protection from up to $10 million in liabilities in the District of South Dakota. The chapter 11 petition was signed by President Brian E. Holcomb, who acquired the property with his daughter Amanda Cook in 2012, according to media reports.

 Italian Chemicals Firm Descends Further Into Bankruptcy Mossi & Ghisolfi International S.a.r.l. and 11 affiliates sought protection from up to $1 billion in liabilities in the District of Delaware. The chapter 11 petition was signed by Chief Restructuring Officer Dennis Stogsdill. Last week, M&G Polymers USA sought protection from up to $500 million in liabilities a week after its parent filed for creditor protection in Italy. According to media reports, the bankruptcy is due to a cash crunch caused by overruns at an unfinished Texas factory.

Chain of Nursing Facilities in Texas Breaks Down After Wrongful Death Settlement After a wrongful death lawsuit in Humble, Texas, Nexion Health at Lancaster, Inc., McKinneyBogota and Garland sought protection from up to $10 million in liabilities in the Northern District of Texas. According to its website, the debtor operates 26 skilled nursing and rehabilitation facilities in Colorado, Louisiana and Texas. The Chapter 11 petition was signed by CEO Francis P. Kirley. Multiple lawsuits have been filed against the debtor over the years including Thomas v Nexion Health in the Western District of Louisiana and Espinosa v Nexion Health in Colorado

 Read Jacobs v Nexion Health at Humble here.

 Read the declaration of Nexion Health Management Treasurer Keith J. Mutschler here.

 Arizona Tex-Mex Eatery Addresses Shortfall of Cash in Court After failing to generate sufficient cash flow to cover all operating expenses and to meet long-term lease obligations to some of its landlords,  Z’Tejas Southwestern Grill and Taco Guild, sought protection from up to $10 million in liabilities. The chapter 11 petition of the parent company, Cornbread Ventures, LP, was signed by CEO Michael Stone.

 Read the declaration of Mr. Stone here.

 Care Center, Affiliates Seek Mercy in Court CC Care LLC and nine affiliates sought protection from up to $10 million in liabilities in the Northern District of Illinois. The chapter 11 petition was signed by Manager Patrick Laffey. Some $117,442.20 is owed to the Illinois Council on Long Term Care and $475,119.11 is owed to Rehab Care.

 Proposed Sports Center Bankruptcy Follows Multiple SnafuConstruction delays, lack of liquidity and litigation have lead Catalyst Lifestyles Sport Resort, LLC to seek protection from up to $10 million in liabilities, according to media reports. The chapter 11 petition was signed by Chief Restructuring Officer T. Clifford Fleming and filed in the Northern District of Indiana.

Preferred Vintage Files For Bankruptcy Preferred Vintage LLC sought protection from up to $10 million in liabilities in the Northern District of California. The chapter 11 petition was signed by Managing Member Greg Hoffman

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