Law Office of Camron Hoorfar, PC

With movie theater attendance on the downhill, VIP Cinema Holdings – the largest reclining theater seat producer in the US – is set to file Chapter 11 bankruptcy. The decrease in movie sales has effected the lifetime of recliners, meaning large projected replacement of the recliners has not happened, almost halting business. The reorganization, with court approval, would put 51% stake of the company in the procession of H.I.G. Capital; this equity transition would ultimately eliminate $178 million of VIP Cinema’s long-term debt.

VIP originated in New Albany, Mississippi in 2008 as a residential furniture company, but has since relocated to St. Louis and expanded interests into the commercial movie theater sector, holding 70% of the luxury movie theater reclining industry. VIP hopes to emerge from bankruptcy by mid-April, while preserving 373 jobs.

Is your business facing tough times? Contact our office at 816-524-4949 or visit our website: www.hoorfarlaw.com to explore options on how we can help you with debt issues.

After closing most of its stores in recent weeks, Lucky’s – a Colorado based grocery store- filed for a Chapter 11 bankruptcy. There are plans to sell some of its stores to Aldi Inc. and Publix Super Market Inc. after the company failed to compete with supermarket powerhouses such as Whole Foods. In the bankruptcy petition, the company listed assets of as much as $500 million and liabilities of at least that amount.

Before Lucky’s began liquidation, it operated 39 stores, 32 of them were apart of the recent liquidation, leaving nearly 3,000 jobs at stake. There are purchasing offers from third parties for equipment and leases at about 26 stores. While stores are closing in various locations, Chapter 11 bankruptcy allows for Lucky’s to continue to operate in other locations including Ohio, Florida and Michigan.

Is your business facing debt issues? Contact our office at 816-524-4949 or visit our website: www.hoorfarlaw.com to explore options on how we can help you.

Helios and Matheson Analytics Inc., the parent of the MoviePass cinema-ticket subscription service, said Wednesday that it has filed for Chapter 7 bankruptcy. This allows a court to sell its remaining assets and wind down all operations, according to MarketWatch.com. The company closed MoviePass back in September, when all the board members tendered their resignations. The stock has since fallen to zero.

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A Nevada-based gun manufacturer was sued by Kansas City, MO after the city filed a lawsuit over weapons trafficking charge last month. In the Chapter 7 bankruptcy petition filed Feb. 10, Jimenez Arms listed assets of less than $50,000 and outstanding liabilities that surpass $1 million, KCUR-FM reported. Recovering compensation could prove difficult for the city should it win the lawsuit.

Kansas City – which has one of America’s highest homicide rates – filed the lawsuit against Jimenez in January, alleging that the gun trafficking created a public nuisance in the city. Mayor Quinton Lucas said it’s the first such lawsuit filed against the gun industry in more than 10 years.

Have you been sued or facing debt issues? Contact our office at 816-524-4949 or visit our website: www.hoorfarlaw.com to explore options on how we can help you.

On Feb. 12, Pinnacle Healthcare System filed for Chapter 11 bankruptcy protection for itself and its hospitals in Missouri and Kansas. The Pinnacle Regional Hospital in Overland Park, formerly known as Blue Valley Hospital, entered bankruptcy with assets totaling up to $50 million and liabilities within the same range, according to bankruptcy court documents. After it was discovered the hospital did not “primarily engage” in providing inpatient care, a requirement for Medicare participation, the hospital lost its Medicare contract in 2018. Pinnacle Regional Hospital in Booneville, Mo., also entered bankruptcy Feb. 12, after the hospital abruptly shut down in January. The hospital closed a month after the Missouri Department of Health and Senior Services inspector cited the facility for sterile processing procedures. According to a report from KCUR, the health department ordered the hospital to stop performing surgery until the sterile processing unit was upgraded. Hospital officials ultimately decided to close the facility instead of making the repairs.

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Bar Louie, announced that its lenders will serve as a stalking horse purchaser in its upcoming Chapter 11 bankruptcy filing. A stalking horse purchaser allows a guaranteed bid on the company’s debt to increase the value of the company in bankruptcy court.  The company will continue to operate its more than 90 locations across the United States in the normal course of business, according to a report from PR Newswire.

Bar Louie, announced that its lenders will serve as a stalking horse purchaser in its upcoming Chapter 11 bankruptcy filing. A stalking horse purchaser allows a guaranteed bid on the company’s debt to increase the value of the company in bankruptcy court.  The company will continue to operate its more than 90 locations across the United States in the normal course of business, according to a report from PR Newswire.

Bar Louie has filed voluntary petitions for relief under Chapter 11 protection of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Daily operations will continue as normal through the bankruptcy process. The Company expects the Chapter 11 process to last at least 90 days.

Got debt? Contact our office at 816-524-4949 or visit our website: www.hoorfarlaw.com to explore options on how we can help you.