New Delaware Chapter 11 Filing – Z Gallerie, LLC, et al.

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Z Gallerie, LLC and Z Gallerie Holding Company, LLC, have filed petitions for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-10488).  Although a First Day Declaration has not yet been filed, the Debtors have issued a press release announcing that they intend to close as many as seventeen stores and will seek approval of $28 million in DIP Financing to be provided by their existing secured lender, KeyBank NA.  The Debtors appear to intend to pursue a “toggle” reorganization, and have filed both a bid procedures motion and a plan of reorganization.  A creditor matrix can be found here.  Stretto is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Laurie Selber Silverstein.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

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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