It isn’t only the athletic-wear retailers going through bankruptcy (Sports Authority and Golfsmith), but retailers on the other end of the athletic spectrum – think t.v. and tobacco.
Delivery Agent, a company which has developed technology focused on allowing television watchers to easily purchase any items they see in a television show or advertisement, has filed for bankruptcy protection in Delaware. Its formation meeting is scheduled for September 29, 2016 at 10:00 a.m. at the The Double Tree Hotel, 700 King Street, Salon C, Wilmington, DE 19801. Until the Formation Meeting occurs, a copy of the Notice will be available here. In its first day pleadings, Delivery Agent has represented that it intends to sell all of its assets, and divide the sales proceeds among its creditors.
The second case with a formation meeting scheduled for this week is NJOY, Inc. NJOY is a producer and seller of e-cigarettes. Its formation meeting is scheduled for September 27, 2016 at 2:00 p.m. at the Office of the United States Trustee, 844 King Street, Room 2112, Wilmington, DE 19801. Until the Formation Meeting occurs, a copy of the Notice will be available here. Like Delivery Agent, NJOY has represented that it intends to sell its assets and divide the sales proceeds among its creditors.
As prior posts on this blog have stated, a Creditors’ Committee (which will be created at each of these formation meetings) is the best vehicle for an unsecured creditor to have an influence on a bankruptcy. Counsel for the Creditors Committee attends every hearing in a case and works to increase recoveries for the unsecured creditors – all at the direction of the members of the Committee. If you are a creditor of either of these companies and want to discuss how membership in the Committee may affect you, feel free to give us a call.