On May 17, 2024, SF-based Y-Combinator alum Lugg Inc. (“Lugg” or the “debtor”) filed a SubChapter V chapter 11 bankruptcy case in the District of Delaware (Judge Owens). Wait, SubChapter V?! PETITION covers SubChapter V cases!?! No, not usually, but this one is ridiculous.
Founded in ‘14, Lugg hosts a website/app that connects customers with moving and delivery service providers (think Uber, but for moving) — operating primarily out of many of the largest cities in the US, including, among others, Los Angeles, New York City, Houston and Miami. It’s basically an asset-lite platform, a concept that was all the rage in Silicon Valley a mere decade ago.*