Week Ahead in Bankruptcy: Aug. 2, 2021

3 minute read
Register now for FREE unlimited access to Reuters.com
  • Bouchard notice
  • Alex and Ani disclosure
  • Trustee's objection

July 28 (Reuters) - Here is a look at some upcoming events of interest to the bankruptcy law community. Unless otherwise noted, all times are local, and court appearances are virtual due to the COVID-19 pandemic.

Monday, Aug. 2

3:30 p.m. – St. Croix oil refinery owner Limetree Bay will seek approval of its sale procedures, which include a Sept. 17 deadline for interested buyers to submit their offers. If more than one qualified bid is submitted an auction would be held on Sept. 22. Limetree has said it needs “at least $150 million” to restart but restructuring specialists have estimated that figure to be at least $1 billion higher, Reuters recently reported. The case is In re Limetree Bay Services LLC, U.S. Bankruptcy Court, Southern District of Texas, No. 21-32351. For Limetree: Elizabeth Green of Baker Hostetler.

Register now for FREE unlimited access to Reuters.com

Tuesday, Aug. 3

10 a.m. – Barge operator Bouchard Transportation will seek approval to sell its assets for a combined $245 million. Rose Cay GP LLC made the winning bid of $130 million for one group of vessels while JMB Capital Partners LLC made the winning bid of $115.3 million for another group of vessels. The sale process has prompted objections from the company’s owner as well as its unsecured creditors’ committee. The case is In re Bouchard Transportation Co Inc, U.S. Bankruptcy Court, Southern District of Texas, No. 20-34682. For Bouchard: Christine Okike of Kirkland & Ellis. For the committee: Gregg Galardi of Ropes & Gray. For the Bouchard family owners: Charles Kelley of Mayer Brown.

Wednesday, Aug. 4

1 p.m. – Jewelry retailer Alex and Ani will seek approval to begin soliciting creditor votes for its proposed reorganization plan. The company is currently pursuing two potential paths out of bankruptcy: either a standalone restructuring or a sale of its assets. The U.S. Department of Justice's bankruptcy watchdog has objected, saying the company has not provided sufficient information for creditors to determine whether the plan is feasible. The case is In re Alex and Ani, LLC, U.S. Bankruptcy Court, District of Delaware, No.21-10918. For Alex and Ani: Joshua Sussberg of Kirkland & Ellis. For the U.S. Trustee: Trial attorney David Buchbinder.

Thursday, Aug. 5

3 p.m. – SoftBank-backed construction startup Katerra Inc. will seek approval of the sales of its key assets. It has lined up a lead bid for its Tracy, California, facility for $21.25 million and the assumption of certain liabilities from Philadelphia-based construction firm Volumetric Building Companies and a lead bid of $50 million and the assumption of certain liabilities from Blue Varsity LLC for Katerra’s Spokane-based facility. The case is In re Katerra Inc., U.S. Bankruptcy Court, Southern District of Texas, No. 21-31861. For Katerra: Joshua Sussberg of Kirkland & Ellis.

Know of an event that could be included in Week Ahead in Bankruptcy? Contact Maria Chutchian at maria.chutchian@thomsonreuters.com

Register now for FREE unlimited access to Reuters.com
Reporting by Maria Chutchian

Our Standards: The Thomson Reuters Trust Principles.

Thomson Reuters

Maria Chutchian reports on corporate bankruptcies and restructurings. She can be reached at maria.chutchian@thomsonreuters.com.