New Delaware Chapter 11 Filing – Arecont Vision Holdings, LLC
Arecont Vision Holdings, LLC, along with two affiliates and subsidiaries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-11142). Arecont, based in Glendale, CA, is a developer and manufacturer of megapixel camera technology for security and surveillance use. According to the First Day Declaration, the Debtors have filed Chapter 11 intending to sell substantially all of their assets under Section 363 of the Bankruptcy Code, with Arecont Technologies LLC, an affiliate of Turnspire Capital, LLC, serving as stalking horse purchaser. The Debtors have also filed a motion seeking approval up to $4 million in DIP Financing. Rust/Omni is the proposed claims and noticing agent. The cases have been assigned to the Honorable Christopher S. Sontchi.
Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter. Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.