312-263-2200

 

7/23/2021                                                                                                                           [Edition 1, Volume 6]

In many distressed situations, there are opportunities for clients to acquire assets at discounted prices. Gensburg Calandriello & Kanter is providing this bi-monthly summary of recent Chapter 11 cases filed in Illinois, Indiana, Wisconsin, Michigan and Ohio, as well as hospitality cases filed nationally, in which debtors (not necessarily clients of GCK) own assets that may be of interest, thereby making GCK clients aware of potential opportunities and ventures in the distressed assets market.  Cases listed under “Assets for Sale” feature assets currently available.  In cases listed under “New Filings,” the debtors have not yet found it necessary or otherwise decided to liquidate their assets, but may nonetheless be receptive to inquiries or offers to acquire some or all of the assets that they own.

New Filings

The following is an updating list of cases which are currently in, or entering chapter 11 bankruptcy.  We hope that these summaries provide you with the ability to quickly determine the relevancy of any given case and gauge your level of interest in the assets contained within.  If you need further information on any of the opportunities listed, please contact us by clicking here.

Illinois

Property Management and Development – Orland Park, Illinois

In re Town & Country Partners LLC (Bankr. N.D. Illinois); Case No. 21-08430

  • On July 14, 2021, Town & Country Partners LLC filed for relief under Chapter 11 of the Bankruptcy Code in the Northern District of Illinois. Town & Country Partners has not yet provided information concerning its business operations, but it appears that Town & Country Partners operates as a property management and development business. Debtor estimates the value of its assets to be between $10,000,001 and $50 million and the value of its liabilities to be $1,000,001 – $10 million.  Debtor’s largest unsecured creditors hold claims totaling $8,830,000.00. No income or reason for bankruptcy was disclosed.

Indiana

Paint Protection Specialist – Carmel, Indiana

In re Dealer Accessories, LLC (Bankr. S.D. IN); Case No. 21-03197

  • On July 12, 2021, Dealer Accessories, LLC filed for relief under Chapter 11 of the Bankruptcy Code in the Southern District of Indiana. Dealer Accessories, LLC d/b/a ClearBra Indy specializes in motor vehicle paint protection services. Its services include paint protection film, ceramic coating, window tinting and films, and tesla services.  Debtor estimates its assets to have a total value between $100,001 and $500,000, while it estimates liabilities to be between $1,000,001 and $10 million.  Debtor’s secured creditors hold claims totaling $262,180.34 and its largest unsecured creditors hold claims totaling $797,860.85. No income or reason for bankruptcy was disclosed by Debtor.

Michigan

Property Development – Rochester, Michigan

In re Ashbrooke Development, LLC (Bankr. E.D. MI); Case No. 21-45699

  • Ashbrooke Development, LLC filed for relief under Chapter 11 of the Bankruptcy Code on July 6, 2021, in the Eastern District of Michigan. Information pertaining to Ashbrooke Development, LLC’s business operations was not disclosed by debtor. The Debtor disclosed that as of the petition date it held cash and cash equivalents of $58,166, accounts receivable of $91,359, owned office equipment and furniture valued at $7,000, and notes receivable totaling $16,513. Its liabilities totaled $88,325.  The debtor reports gross revenue in 2020 of $100,021.58 and in 2021 to the petition date of $110,255.35. No reason for bankruptcy was disclosed by debtor.

Wisconsin

Urgent Care Clinic – Appleton, Wisconsin

In re Urgent Care Physicians, Ltd. (Bankr. E.D. Wis); Case No. 21-24000

Urgent Care Physicians, Ltd. filed for relief under Chapter 11 of the Bankruptcy Code in the Eastern District of Wisconsin on July 15, 2021. Urgent Care Physicians stated that it operates an urgent care clinic located at 3329 Express Court, Appleton, Wisconsin.  The services it provides include routine physicals and occupational exams, diagnosing and treating illness and injuries, and conducting labs and other diagnostic tests.  Its clinic is equipped with on-site laboratories, x-ray machines, and EKG equipment.  Its services are considered “acute care” or “short-term care,” instead of chronic or long-term care.  The Debtor disclosed that it currently employs 15 individuals in a variety of capacities.  The full staff consists of one physician, two physician assistants, one registered nurse, one licensed practical nurse, two medical assistants, four licensed radiology techs, three customer service professionals, two human resources/marketing professionals, and one IT support professional . Of these employees, 2 are salaried and 16 are paid hourly; 9 are full-time and 6 are part-time (with 2 additional part time staff to be hired shortly). Debtor disclosed personal property consisting of and valued at by debtor as follows: bank accounts with a combined value of $3,774.41, accounts receivable booked at $112,030.00, and office equipment valued at $152,566.18. Debtor does not disclose ownership of any real property. Debtor does disclose liabilities consisting of secured claims with a total value of $608,109.78 and unsecured claims valued at $1,001,388.54. For 2019, Debtor disclosed gross income of $1,386,755.00, gross income of $1,142,868.62 for 2020, and $526,825.95 for 2021 to date. Also disclosed by Debtor are numerous completed and ongoing legal cases where the Debtor is named as a party in.

Hospitality

Hotel – Miami, Florida

In re Mary Brickell Village Hotel, LLC (Bankr. S.D. Fla.); Case No. 21-17103

On July 21, 2021, Mary Brickell Village Hotel, LLC filed for relief under Chapter 11 of the Bankruptcy Code in the Southern District of Florida. Mary Brickell Village Hotel, LLC.  The Debtor is the owner of Aloft Miami Brickell, a Marriott International hotel brand in Miami, Florida.  The Hotel consists of fourteen stories, one hundred and sixty rooms, a fitness center, a large pool deck, a nine-hundred-square-foot terrace for events, and one hundred valet parking spaces. Debtor disclosed personal property consisting of and valued at by debtor as follows: cash and bank accounts with a combined value of $1,131,779.16; security deposits of an unknown value; accounts receivables booked at $74,969.77; office furniture, fixtures, and equipment valued at $12,578.00; and non-office furniture and equipment in hotel valued at $742,182.00. Debtor also disclosed real property consisting of and valued at by debtor as follows: the real property commonly known as 1001 SW 2nd Avenue, Miami, Miami-Dade County, Florida, 33130, with a fair market value of $32,000,000.00, encumbered by a $17,844,560.00 secured claim. Debtor further disclosed unsecured claims totaling $557,818.29. Debtor credited COVID-19 and an involuntary acceleration of its mortgage as the reason for filing for relief under Chapter 11 of the Bankruptcy Code. No income was disclosed by Debtor.

NOTICE AND DISCLAIMER

The information contained in this article represents redactions from pleadings filed in the relevant bankruptcy case, supplemented, from time-to-time with data from the internet. Gensburg Calandriello & Kanter, P.C. has not independently investigated, nor verified the accuracy of this information and, therefore, does not make any representation or warranty whatsoever, express or implied, as to the content, accuracy or completeness of any of information contained herein, including, but not limited to (i) the value of any assets referenced herein, (ii) whether such assets are free from liens and encumbrances, or (iii) the environmental condition of any real estate.  Therefore, while the information contained in this article is believed to be accurate, it should not be relied upon, and does not constitute legal or financial advice. Thus, parties reviewing or acting on this material must make an independent determination as to whether or not a particular course of action is generally appropriate.

Gensburg Calandriello & Kanter, P.C.

Lane Gensburg                                           E. Philip Groben

Anthony Calandriello                                   Alexis Clinebell

Gary Kanter                                                Michael Gutting

Matthew Gensburg                                     Anne Kim

Norman Berger                                          Sandra Mertens

Giselle Piraro                                             Kathryn Rinkus

This information is based upon publicly available information and is intended to provide a brief overview of each opportunity.

Gensburg Calandriello & Kanter, P.C. | Attorneys at Law | WWW.GCKLEGAL.COM