New Delaware Chapter 11 Filing – Fuhu, Inc.
Fuhu, Inc., developer of the nabi tablet for children, and Fubu Holdings, Inc. have filed chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware (lead case no. 15-12465). The cases have been assigned to Bankruptcy Judge Christopher S. Sontchi. The debtors have filed a motion to sell substantially all of their assets to Mattel and are seeking the approval of bidding procedures and other relief related to the sale. Links to the Fubu, Inc. petition, which includes the consolidated list of top 30 creditors, and the first day declaration are provided. The company has issued a press release describing their restructuring efforts.
Contact Norman L. Pernick or Nicholas J. Brannick for more information.
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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