New Delaware Chapter 11 Filing – Dixie Electric, LLC
Dixie Electric, LLC, along with twelve affiliates and subsidiaries, has filed a petition for relief under chapter 11 in the Bankruptcy Code for the District of Delaware (Lead Case No. 18-12477). Dixie Electric, based in Houston, Texas, is a provider of electrical infrastructure materials and services to the upstream and midstream oil industries. According to the First Day Declaration, Dixie Electric has filed for chapter 11 protection as a result of decreased demand, a tightening labor market and unprofitable lump sum contracts. Last week, Dixie Electric announced that it had entered into a restructuring support agreement with an ad hoc group of its secured lenders, and would enter chapter 11 with a pre-packaged plan of reorganization. Dixie Electric is seeking to have a combined hearing on approval of its disclosure statement and confirmation of its prepackaged plan of reorganization held on December 13, 2018. Prime Clerk LLC is the proposed claims and noticing agent. The cases have been assigned to the Honorable Kevin Gross.
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.
Join Our Mailing List
Stay up to date with the latest insights, events, and more