Misery Index for the last two weeks of 2017

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

Troubled shoe retailer Sports Zone runs into bankruptcy after unsuccessful  sale process.

Specialty footwear retailer Sports Zone filed for chapter 11 in Maryland after failing to sell the company for about a year. The retailer cited assets of $500,000 to $1 million and total liabilities of $1 million to $10 million, which includes trade payables to Adidas, New Balance and I-Fe Apparel along with Nike’s $1.865 million disputed security interest claim tied to a promissory note issued to Nike earlier this year. In the case, Nike is asserting the promissory note gives them a security interest in Sports Zone’s assets,  which Sports Zone says it will contend against. Halifax of Palisade has been identified as a potential buyer for the company’s remaining assets.

Petition

 

Wood-pellet business Rentech seeks to sell assets and wind down business.

Wood-fiber-processing company Rentech sought chapter 11 protection in Delaware to sell certain assets and wind down remaining operations. Certain subsidiaries, including the Fulghum Fibres business, did not file for chapter 11 and entered into an asset purchase agreement with Scott Davis Chip Co. Additionally, the company signed another asset purchase agreement with True North Timber to sell its Atikokan Facility. Rentech listed both assets and liabilities in the $10 million to $50 million range. The company cited a high debt load connected to its acquisitions of Fulghum US and Fulghum SA in 2013.

CFO Paul Summer’s declaration

Petition

 

Expro Holdings burned by low oil prices, files for chapter 11 with prepackaged plan.

Oil and gas service provider Expro Holdings filed with a prepackaged plan that garnered the support of major creditors prior to the filing of the chapter 11 bankruptcy petition. Expro is aiming to provide a full recovery to general unsecured creditors and deleverage its balance sheet through the equitization of about $1.4 billion of secured debt. The company listed total assets of $500 million to $1 billion and total liabilities of $1 billion to $10 billion. Expro said the sharp decline in oil prices led to a nearly 50% decrease in revenues from 2014 to 2017.

Corporate Secretary John McAllister’s declaration

Petition

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