Sam Ash filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of New Jersey. Tiger Group and Gordon Brothers are now conducting store closing sales at all 42 remaining stores as Sam Ash pursues options for its go-forward strategy.
Small business filings increased 60% year over year to 233 in April 2024, according to data provided by Epiq AACER. Commercial chapter 11 filings increased 40% year over year in April 2024 to 542. Overall commercial filings increased 39% year over year in April 2024 to 2,569.
Ambri, a provider of long-duration liquid metal battery storage systems, agreed to the terms of a stalking horse purchase agreement with a consortium of its lenders. To facilitate the sale, Ambri has filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.
SVB Financial Group entered into a definitive agreement under which a newly created entity affiliated with Pinegrove Capital Partners will acquire SVB Capital, SVB Financial Group’s investment platform business.
JOANN emerged from its court-supervised financial restructuring process and has substantially reduced its funded debt by half. The company further enhanced its liquidity through a $153 million exit financing facility that replaces the previously-announced debtor-in-possession financing.
The American Bankruptcy Institute elected new members to leadership positions as officers and directors, including naming Christopher A. Ward of Polsinelli president for a one-year term, succeeding Soneet R. Kapila of KapilaMukamal.
Express filed voluntary Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the District of Delaware and received a commitment for $35 million in new financing from certain of its existing lenders.
The American Bankruptcy Institute’s Subchapter V Task Force unveiled its final report of recommendations pertaining to the $7.5 million debt sublimit for Subchapter V filings within Chapter 11 of the U.S. Bankruptcy Code, calling for the permanent maintenance of the $7.5 million threshold.
Big Shoulders Capital provided a $1 million debtor-in-possession loan for a steel fabrication business in Texas. The funds will provide working capital and enable a going-concern sale process.
The U.S. Senate is considering an extension of the current Subchapter V debt sublimit within Chapter 11 bankruptcy filings following the introduction of legislation that would push out the expiration date for the $7.5 million threshold to 2026.