New Delaware Chapter 11 Filing- Fallbrook Technologies Inc.

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Fallbrook Technologies Inc., along with three affiliates and subsidiaries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10384).  According to the First Day Declaration, Fallbrook is a privately-held technological developer and manufacturer based in Cedar Park, Texas, best known for its Nuvinci Cycling product, a continuously variable transmission system for bicycles.  The First Day Declaration further explains that although Fallbrook does not enter Chapter 11 with a prepackaged plan, Fallbrook has filed in order to pursue a deleveraging, has entered into a Restructuring Support Agreement with certain of its largest creditors, has secured $8 million in DIP Financing from certain of its supporting creditors and intends to shortly file a plan of reorganization.  Fallbrook’s petition estimates its assets to be between $50–$100 million and its liabilities to be between $100–$500 million.  Epiq is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Mary F. Walrath.

Contact Norman L. Pernick or Nicholas J. Brannick 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.

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