New Delaware Chapter 11 Filing – Rand Logistics, Inc.

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Rand Logistics, Inc., along with six affiliates and subsidiaries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10175).  Rand, a leading provider of bulk freight shipping services in the Great Lakes region, previously announced on November 21st that it was being acquired by American Industrial Partners, the sole holder of Rand’s second lien notes, via a prepackaged plan of reorganization.  The First Day Declaration bears this announcement out, explaining that Rand enters Chapter 11 having negotiated with AIP a prepackaged Plan of Reorganization that will pay unsecured creditors in full, while swapping AIP’s notes for equity in the reorganized Rand.  The Disclosure Statement can be found here.  Rand proposes to have a combined hearing on the prepacked Plan and Disclosure Statement on February 27, 2018.  A list of creditors can be found here.  Kurtzman Carson Consultants, LLC, is the proposed claims and noticing agent. The cases have been assigned to the Honorable Brendan Linehan Shannon.

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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