New Chapter 11 Bankruptcy Filing - Aldrich Pump LLC

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Aldrich Pump LLC

June 18, 2020

Another day, another asbestos-sparked bankruptcy. Man. These things have legs. Aldrich Pump LLC and Murray Boiler LLC are recently formed LLCs spun out of a recent reorganization of Trane Technologies plc, a publicly-traded manufacturer of climate solutions for buildings, homes and transportation (and, via a subsidiary, successor by merger to Ingersoll-Rand Company).

While the debtors don’t mine or use asbestos in manufacturing products, they made industrial products that, in some cases, used asbestos-containing components manufactured and designed by third parties. As a result, the debtors’ have been subject to asbestos litigation going as far back as 1982. Year over year, the debtors now face “thousands upon thousands” of asbestos-related claims. The bankruptcy cases are meant to “…permanently, globally and fairly resolve the asbestos claims….” Here comes another 524(g) trust y’all.

  • Jurisdiction: W.D. of North Carolina (Judge Whitley)

  • Professionals:

    • Legal: Jones Day LLP (Gregory Gordon, Brad Erens, David Torborg, James Jones, Mark Cody, Caitlin Cahow, Genna Ghaul) & Rayburn Cooper & Durham PA

    • Financial Advisor: AlixPartners LLP (Carrianne Basler)

    • Claims Agent: KCC (*click on the link above for free docket access)

New Chapter 11 Filing - DBMP LLC

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DBMP LLC

January 23, 2020

Let’s just deem January 2020 “Asbestos Month.” The end.

  • Jurisdiction: W.D. of North Carolina (Judge Whitley)

  • Professionals:

    • Legal: Jones Day (Gregory Gordon, Amanda Rush, Jeffrey Ellman, Danielle Barav-Johnson) & Robinson Bradshaw & Hinson PA (Garland Cassada, David Schilli, Andrew Tarr)

    • CRO: Robert J. Panaro

    • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on the link above for free docket access)

New Chapter 11 Filing - Portrait Innovations Inc.

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Portrait Innovations Inc.

  • 9/1/17 Recap: Remember professional portrait studios? Yeah, we don't either. Mostly because we haven't stepped foot in a mixed-use commercial location or traditional retail park since we got linked up to the internet 20 years ago. And that is predominantly where you'd find a Portrait Innovations studio: there are 119 of them in 31 states (including 3 studios in Walmart Supercenters). You know the story by now: with a significant decline of brick-and-mortar retail visitors comes decreased revenue...blah blah blah, bankruptcy. Here, management attempted to stave off the inevitable by negotiating rent forgiveness, closing underperforming locations (63, to be exact), and pursuing the positive, i.e., more Walmart studios. In the absence of flex by the landlords, management lacked the capital, however, to accomplish these goals. The bankruptcy filing is meant to effectuate a sale of the equity to a buyer and further reconcile leases. The company has secured a stalking horse bid from prepetition creditor, CapitalSouth Partners, and a $5mm DIP credit facility to fund the cases. 
  • Jurisdiction: W.D. of North Carolina (Judge Whitley)
  • Capital Structure: $15mm senior secured debt (CapitalSouth Partners SBIC Fund III LP)     
  • Company Professionals:
    • Legal: Rayburn Cooper & Durham PA (John Miller Jr., Paul Baynard, Benjamin Shook)
    • Investment Banker: Piper Jaffray & Co.
    • Real Estate Advisor: Hilco Real Estate LLC
    • Claims Agent: Rust Consulting/Omni Bankruptcy (*click on company name above for free docket access)
  • Other Parties in Interest:
    • Secured Creditor/DIP Lender/Bidder: CapitalSouth Partners SBIC Fund III LP
      • Legal: K&L Gates LLP (Charles A. Dale III, Aaron Rothman, Margaret Westbrook)

Updated 9/18/17 5:15 pm CT