New Delaware Chapter 11 Filing – Mammoet-Starneth LLC
Mammoet-Starneth LLC, an international engineering company that designs and constructs giant observation wheels and structures, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-12925). The Petition estimates the Debtor’s assets and liabilities to both be between $100 – $500 million. Starneth made headlines earlier this year when it was terminated from its role in designing and constructing the “New York Wheel,” a planned tourist attraction on the north shore of Staten Island. No First Day Declaration has been filed yet. According to the DIP Motion, Starneth is no longer operating and intends to confirm a plan of liquidation. Starneth has secured $5 million in DIP Financing from Mammoet USA North Inc., a non-debtor affiliate. No claims and noticing agent has been proposed yet. The case has been assigned to the Honorable Laurie Selber Silverstein.
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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