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)

Updated 4/2/17