New Chapter 11 Filing - Firestar Diamond Inc.

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2/26/18

Company of billionaire Nirav Modi has filed for bankruptcy in the United States. He is currently in the midst of India's biggest-ever bank scam. Indian state-run Punjab National Bank uncovered fraudulent transactions in one its branches and notes that the fraudulent transactions could be around $2 billion. 

  • Jurisdiction: S.D. of New York
  • Capital Structure: $mm debt     
  • Company Professionals:
    • Legal: Klestadt Winters Jureller Southard LLP (Ian Winters, Sean Southard, Stephanie Sweeney)
    • Restructuring Advisor/CRO: Getzler Henrich & Associates LLC (Mark Samson)
    • Financial Advisor: Marks Paneth LLP (Howard Hoff) 
    • Claims Agent: Rust Consulting/Omni Bankruptcy (*click on company name above for free docket access)
  • Other Parties in Interest:
    • Creditor: Israel Discount Bank of New York
      • Legal: Troutman Sanders LLP (Brett Goodman, Harris Winsberg, Matthew Brooks)
    • Creditor: Punjab National Bank
      • Legal: Cleary Gottlieb Steen & Hamilton LLP (Sean O'Neal, James Bromley)
    • Creditor: J.C. Penney Corporation
      • Legal: Polsinelli PC (Christopher Ward, Jeremy Johnson) 

New Chapter 11 Filing - Cocoa Services LLC

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Cocoa Services LLC

  • 7/14/17 Recap: The company is a (i) part of a vertically-integrated group of companies that supported supply chain for cocoa products and (ii) wholly-owned subsidiary of Transmar Commodity Group Ltd. ("TCG"), which previously filed for bankruptcy and is in the process of being sold and wound down. TCG was the company's largest customer so...well, the bankruptcy of one has effectively dominoed into the bankruptcy of another. The company intends to sell itself to an entity known as JB Cocoa Inc. And since there's nothing else particularly interesting about this case, we're going to pour ourselves some bowls of cocoa puffs. Just because. 
  • Jurisdiction: S.D. of New York (Judge Garrity) 
  • Capital Structure: $5.3mm debt (Bank of the West), $2mm unsecured note (assumed from Transmar).      
  • Company Professionals:
    • Legal: Riker Danzig Scherer Hyland & Perretti LLP (Joseph Schwartz, Tara Schellhorn, Rachel Gillen) & (local) Klestadt Winters Jureller Southard & Stevens LLP (Tracy Klestadt, Joseph Corneau)
    • Financial Advisor/CRO: Deloitte CRG (Robert Frezza)
    • Claims Agent: Prime Clerk LLC (*click on company name above for free docket access)

Updated 8/8/17 

New Filing - Transmar Commodity Group Ltd.

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Transmar Commodity Group Ltd.

  • 1/3/17 Recap: Cocoa supplier to major US and European chocolate manufacturers files for bankruptcy citing integration, hedging, and customer liquidity issues.   
  • Jurisdiction: S.D. of New York
  • Capital Structure: $400mm senior secured credit facility (ABN AMRO Capital USA) & $10mm unsecured credit facility (AMERRA Capital Management LLC)
  • Company Professionals:
    • Legal: Riker Danzig Scherer Hyland & Peretti LLP (Joseph Schwartz, Tara Schellhorn, Rachel Gillen) & (local) Klestadt Winters Jureller Southard & Stevens LLP (Tracy Klestadt, Joseph Corneau, Christopher Reilly)
    • Financial Advisor: Deloitte CRG (Robert Frezza)
    • Claims Agent: Donlin Recano (*click on company name for docket)
  • Other Parties in Interest:
    • ABN AMRO Capital USA
      • Legal: Stroock Stroock & Lavan LLP (Andrew DeNatale, Daniel Ginsberg, Matthew Garofalo)

Updated 1/21/17