New Chapter 11 Filing - Chellino Crane Inc.

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Chellino Crane Inc.

  • 5/5/17 Recap: Illinois-based heavy crane operating company that services refineries, power and chemical plants filed for bankruptcy under the weight of its outstanding debt on equipment and union obligations. The downturn in the oil and gas industry, unfortunately, led to projected revenue misses and a liquidity crisis. The filing is meant to address the capital structure and equipment footprint.
  • Jurisdiction: N.D. of Illinois
  • Capital Structure: $51.6mm secured debt (First Midwest)    
  • Company Professionals:
    • Legal: Sugar Felsenthal Grals & Hammer LLP (Jonathan Friedland, Elizabeth Vandesteeg, Jack O'Connor, Nicole Stefanelli, Leland Chait)
    • Financial Advisor: Conway MacKenzie Inc. (Jeffrey Zappone, J. Kotas, J. Marek)
    • Investment Banker: FocalPoint Securities LLC (Michael Fixler, Bryant Yu, Clinton Miyazono, Patrick Shin)
    • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name above for free docket access)
  • Other Parties in Interest:
    • Prepetition Lender & DIP Lender: First Midwest
      • Legal: Foley & Lardner LLP (Mark Prager)
    • Official Committee of Unsecured Creditors
      • Legal: Brown Rudnick LLP (Gerard Cicero, Bennett Silverberg) & (local) Freeborn & Peters LLP (Shelly DeRousse, Devon Eggert, Elizabeth Janczak)
      • Financial Advisor: Emerald Capital Advisors (John Madden, Christopher Saitta)

Updated 8/26/17

New Filing - Valuepart Inc.

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Valuepart Inc.

  • 10/27/16 Recap: Distributor of parts for earth-moving equipment made by the likes of Caterpillar and Deere files for bankruptcy due to decreased revenues. The WSJ highlights that the company doesn't specify what caused the decline but it's pretty obvious: both CAT and DE new builds are down as farmers and others rely more heavily on rentals given depressed commodity prices.  
  • Jurisdiction: N.D. of Texas
  • Capital Structure: $27mm funded ABL (Wells Fargo)     
  • Company Professionals:
    • Legal: Gardere Wynne Sewell LLP (Marcus Helt, Thomas Scannell, Mark Moore)
    • Financial Advisor: CR3 Partners (Greg Baracato)
    • Investment Banker: FocalPoint Securities LLC (Michael Fixler)
    • Claims Agent: Upshot Services (*click on company name for docket)
    • Other Parties in Interest:
      • Official Committee of Unsecured Creditors
        • Legal: Kane Russell Coleman & Logan PC (Joseph Coleman, John Kane)
        • Financial Advisor: Lain Faulkner & Co., PC (Dennis Faulkner)

Updated 12/30/16.