Eigen, Inc. Seeks Protection from Creditors

Posted on March 31, 2010 by Morris James Delaware

On March 30, 2010, Eigen, Inc. a developer of imaging tools and products for healthcare professionals, filed for chapter 11 protection in Delaware. The petition lists assets and liabilities of between $10-50 million each.

According to the declaration filed in support of the case by Richard Edick, Chief Restructuring Officer of the debtor, Eigen products have, for more than 30 years, allowed physicians to obtain high-definition views of moving image studies. Mr. Edick counts the debtor’s intellectual property for such products as perhaps its most valuable asset.

 

Mr. Edick indicates that the debtor’s lender had attempted to commence an asset sale prior to the filing under Article 9 of the UCC. Certain of the debtor’s former employees were able to obtain a temporary restraining order blocking the sale. Under the circumstances, the lender was unwilling to fund the debtor any further and the debtor was unable to obtain any equity investment which prompted the filing.

 

The case has been assigned to The Honorable Peter J. Walsh, and has been docketed as Case No. 10-11061.

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Greatwide Logistics Worldwide Files Bankruptcy Cases in Delaware

Posted on October 21, 2008 by Morris James LLP

Yesterday, GWLS Holdings, Inc. and its related debtors filed petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The debtors have requested that these cases be jointly administered under case number 08-12430. The Honorable Peter J. Walsh is presiding over these cases.

The debtors’ principal business is Greatwide Logistics Worldwide. According to its website, Greatwide was founded in Dallas, Texas in 2000, and “is a third-party logistics services company with annual revenues of approximately $1.2 billion. Greatwide is ranked No. 11 on the Transport Topics Top 50 and is one of the fastest growing companies in the Dallas/Fort Worth area. The company has four primary lines of business: dedicated transport, truckload management, truckload brokerage and distribution logistics.”

According to the affidavit of Chief Financial Officer Stephen Bishop in support of the debtors’ first day pleadings, among the most significant challenges faced by the debtors in the run-up to the filing of these cases were the recent significant increases in fuel costs, industry-wide freight declines, and unexpected demands from their insurers for additional collateral. The debtors have commenced these cases to accomplish a sale of their assets to certain of their prepetition lenders under section 363 of the Bankruptcy Code, subject to a competitive bidding process. The debtors contemplate closing such a sale by January 31, 2009.
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