Cases
Geokinetics Files for Bankruptcy (Again)
On June 25, 2018, Geokinetics filed for bankruptcy in Houston. The lead case title is Geokinetics Inc., et al., number 4:18-bk-33410. The first day hearing was held on June 26 with a hearing scheduled for June 29 at noon.
On the agenda for the June 29 hearing is the bid procedures motion along with the critical vendor motion. Read More
Filing a Proof of Claim for Toys R Us Administrative Expenses
With the liquidation of all Toys R Us stores in the US, suppliers will need to file a proof of claim for postpetition invoices to ensure payment. These admin claims then get paid out by the estate if and when cash becomes available from the liquidation of unencumbered assets. Read More
Value Implications of Toys R Us Bid Rejection
An auction for the Toys R Us Canadian assets is scheduled to be held on Monday, with Fairfax bidding for the unit as a going concern at $300 million CAD and likely sitting as the stalking horse. The US stores, it appears, will be liquidated as announced in March. Isaac Larian’s bid for the US business was rejected by the Company as unqualified. A short analysis of the liquidation value of Toys R Us US assets reveals the reason. Read More
Tops Bankruptcy
On February 21, 2018, Tops Holding II and its subsidiaries filed for bankruptcy. Tops is a grocery chain in the northeast with 169 owned stores and five franchise stores in upstate New York, northern Pennsylvania, and Vermont. 2017 audited financials showed a net loss of $80M on revenue of $2.5B ($14.3M per store, or $275k per store per week). Tops stores average about 45k sqare feet. Both size and sales are right on the per store industry average. Read More