New Chapter 11 Filing - Michigan Sporting Goods Distributors Inc.
Michigan Sporting Goods Distributors, Inc.
- 2/14/17 Recap: Happy Valentine's Day, honey, your favorite midwestern sporting goods store is going out of business and I picked up some sweet Nike kicks for you at (an alleged) 60% off. Great for you. Great for me. Not so great for the 1300 employees, Nike (who is owed $3.8mm), Under Armour (owed $2.4mm), and the company CEO who owns 86% of the equity. Berkeley Research Group is at the helm of another liquidation: never before has a single firm's use of "tombstones" been so literal.
- Jurisdiction: W.D. of Michigan
- Capital Structure: $49.4mm funded secured ABL debt (Wells Fargo)
- Company Professionals:
- Legal: Warner Norcross & Judd LLP (Stephen Grow, R. Michael Azzi)
- Financial Advisor: Berkeley Research Group LLC (Steve Coulombe)
- Investment Banker: Stout Risius Ross Advisors LLC (Michael Krakovsky)
- Liquidators: Tiger Capital Group LLC and Great American Group LLC
- Intellectual Property Disposition Consultant: Hilco IP Services LLC (Gabriel Fried)
- Real Estate Advisors: A&G Realty Partners LLC (Michael Jerbich)
- Legal: Wachtell Lipton Rosen & Katz (Neil Snyder) & (local) Dickinson Wright PLLC (Allison Bach)
- Claims Agent: Rust Consulting/Omni Bankruptcy (*click company name above for docket)
- Other Parties in Interest:
- Wells Fargo NA
- Choate Hall & Stewart LLP (Jonathan Marshall, Katherine Reynolds, Kevin Simard) & (local) Bodman PLC (Mark Bakst)
- Official Committee of Unsecured Creditors
- Legal: Cooley LLP (Cathy Herschkopf, Seth Van Aalten, Robert Winning, Evan Lazerowitz)
- Phoenix Capital Management Co.
- Legal: Sugar Felsenthal Grais & Hammer LLP (S. Jason Teele, Nicole Stefanelli)
- Wells Fargo NA
Updated 4/2/17