BIA 1835 and RA 1837 Proceedings



  • The cases herein are numbered as follows: YY-#####, where "YY" is the last two digits in the year of the filing.

    Abbreviations
    Co. = Company
    Corp. = Corporation
    FSC—BR = Financial Supervisory Commission—Banking Register
    FSC—CTR = Financial Supervisory Commission—Commodities Trading Registery
    FSC—IR = Financial Supervisory Commission—Insurance Register
    FSC—SR = Financial Supervisory Commission—Securities Register
    GP = General Partnership
    LLC = Limited Liability Company
    LLP = Limited Liability Partnership
    LP = Limited Partnership
    Ltd. = Limited
    MOR = Monthly operating report
    PLC = Public limited company
    PLP = Public limited partnership
    SE = Sociteas Europaea

    Bankruptcy and Insolvency Act 1835

    Section 2 Reorganization

    Encore Vacations, Ltd. (filed as, et al. on 21 April 2016; confirmed 22 June 2016)

    Section 3 Liquidation

    Mobius Brands Limited, et. al with Acme Partners Limited as administrative agent.

    Receivership Act 1837

    N/A

    Dual proceedings

    N/A



  • In re: Encore Vacations, Ltd. Case No. 16-0643 (ZH)

    On 21 April 2016, each of Encore Vacations, Ltd. (“Encore”) and two affiliated debtors ("the debtors") filed a voluntary petition for protection under Section 2 of Llanowar’s Bankruptcy and Insolvency Act 1835. Encore's petition listed between £100,000,001 and £500 million in assets and between £100,000,001 and £500 million in debts. The three cases ("the bankruptcy cases") were assigned the case numbers below by His Lordship Zane Hamilton ("the judge") in the bankruptcy division of Grand Royals' Court — Balinor ("the bankruptcy court"), where they are being jointly administered under the case number 16-0643.

    E Acquisition Co. Limited, an affiliate of Drury Corporation Limited, made a bid of £124.2 million, including the assumption of £42.7 million in debt, for Encore WorldWide Ltd. and Encore DevCo Limited (the "WorldWide assets") (the “stalking horse bid”), which was attached to the petitions.

    A prepackaged Section 2 Plan of Reorganization that included a post-auction merger of equals between Atlantis Group Limited ("Atlantis") and Encore (the "merger") (the "reorganization plan") was included in the documents submitted to the judge.

    The judge entered orders, which included (i) the appointment of Buffett McLean Limited as restructuring agent, (ii) joint administration of the bankruptcy cases under the case number 16-0643, and (iii) implementation of an auction to seek competing bids for the WorldWide assets (the "first-day orders"), and provisionally scheduled a hearing regarding the sale of the WorldWide assets for 21 June 2016 (the "sale hearing") with a provisional bidding deadline of 17 June 2016 (the "bidding deadline") before adjourning the first-day hearing.

    On 05 May 2016, Encore submitted a revised reorganization plan that includes an option for the Earnhardt family, Encore's current owners, to be out of the hospitality business on the fourth anniversary of the merger by selling the remainder of its 48% stake in the new company, if it first sold half of its stake on the merger's second anniversary. (the "first amended reorganization plan") to the bankruptcy court, and it was entered into the docket.

    On 02 June 2016, Encore submitted its monthly operating report (MOR) for May 2016.

    On 21 June 2016, the judge finalized the sale of the WorldWide assets to E Acquisition Co. Limited, thereby confirming those cases and removing them as debtors.

    On 22 June 2016, the judge finalized the sale of Encore to Atlantis, thereby confirming that cases.

    Debtors
    Encore Vacations, Ltd. 16-0643
    Encore DevCo Limited 16-0642 (confirmed 21 June 2016)
    Encore WorldWide Ltd. 16-0644 (confirmed 21 June 2016)

    Important dates
    21 April 2016: Petition date and first-day hearing
    17 June 2016: Bidding deadline
    21 June 2016: Sale hearing

    Key documents
    1. Voluntary petitions
    2. Stalking horse bid
    3. Reorganization plan
    4. First-day orders
    5. First amended reorganization plan
    6. May 2016 MOR



  • In re: Mobius Brands Limited, et al. Case No. 16-0707 (KL), Jointly Administered

    On 08 June 2016 (the “petition date”), certain creditors (the “creditors”) of Mobius Brands Limited (“Mobius”, together with the creditors, the “parties”) filed an involuntary petition against Mobius and all of its subsidiaries ("the debtors") under Section 3 of Llanowar’s Bankruptcy and Insolvency Act 1835 in the bankruptcy division of Grand Royals' Court — Ayr ("the bankruptcy court"), citing Mobius’ breach of the contract among the parties signed on 08 May 2016 (the “creditors’ contract”). The creditors’ contract, which was included with the filing paperwork, stated in part that Mobius would begin talks to sell some of its assets before the petition date. The six cases were assigned the case numbers below ("the bankruptcy cases") by Her Ladyship Kris Lewis ("the judge") in the bankruptcy court, where they are being jointly administered under the case number 16-0707.

    The judge appointed Acme Partners Limited interim administrative agent and set 08 July 2016 as the deadline for Mobius to dispute the petitions (the “dispute deadline”) before adjourning the hearing.

    On 09 June 2016, Mobius submitted a signed waiver of the dispute deadline (the “deadline waiver”) to the judge to accept their negligence. Before adjourning the appearance, the judge set 08 Aug 2016 as the date for a hearing regarding any asset sales (the "sales hearing").

    On 22 June 2016, Däniken Brands Limited placed a £22.1 million bid for Copper Fit, Ltd., including the assumption of £8.7 million of debt, through its newly-formed CFA HoldCo Limited subsidiary (the "CFA bid"); Majesco Products Limited submitted at £34 million bid for Mobius Home Products Ltd, including the assumption of £11.3 million in debt, through its newly-formed RepairCo, Ltd. subsidiary (the "RepairCo bid"); and Showtime Media Limited submitted a £51.8 million bid for Mobius Comics Limited and Mobius Ventures Ltd. ("the publishing assets"), including the assumption of £18.3 million in debt, through Comic Acquisitions Limited, a newly-formed subsidiary of Showtime Global Ltd. (the "CA bid").

    On 23 June 2016, W. Woolworth Limited placed a £19.2 million bid for Funko, Ltd., including the assumption of £8.3 million of debt and an assurance the Funko brand will live on, through its newly-formed Funko Limited subsidiary (the "New Funko bid").

    On 28 June 2016, Tecmo Enterprises Limited placed a £52.4 million bid for the publishing assets, including the assumption of £18.5 million of debt, through its newly-formed Sonic Entertainment Ltd. subsidiary (the "SE bid").

    On 01 July 2016, Mobius Brands Limited submitted its monthly operating report (MOR) for June 2016 to the bankruptcy court.

    Debtors
    Mobius Brands Limited 16-0707
    Copper Fit, Ltd. 16-0705
    Funko, Ltd. 16-0706
    Mobius Comics Limited 16-0708
    Mobius Household Products Ltd. 16-0709
    Mobius Ventures Ltd. 16-0710

    Important dates
    08 June 2016: Petition date
    08 Aug 2016: Sales hearing

    Key documents
    1. Involuntary petitions
    2. Creditors’ contract
    3. Appointment of Acme Partners Limited as interim Administrative Agent
    4. Deadline waiver
    5. CA bid
    6. CFA bid
    7. RepairCo bid
    8. New Funko bid
    9. SE bid
    10. June 2016 MOR


Log in to reply
 

Looks like your connection to NS European Union was lost, please wait while we try to reconnect.