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Article Date: May 2017
Word Count: 239

With GOB Sales Weak, MC Sports May Go Chapter 7

The U.S. trustee asked the bankruptcy court to wind down the case as sales from the GOB process have been below forecast and the case is now deemed to be administratively insolvent. The original Chapter 11 plan forecasted that the estate would have ending cash of $7.075 million that would have been used to pay administrative claims and unsecured creditors. Roughly a month later, a new budget projected cash at the end of the GOB sales through April would be $6.214 million with $3.378 million for unsecured creditors. Two weeks later, that was down to ending cash of $2.258 million ... Log in to view full article.


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