Preference Actions Filed in Standard Register Company
May 16, 2016, Delaware – SRC Liquidation, LLC (Liquidating Debtor) (f/k/a SRC Liquidation Company f/k/a The Standard Register Company) and/or its related entities (Debtors) initiated about 394 complaints seeking the avoidance and recovery of allegedly preferential and fraudulent transfers under Sections 547, 548 and 550 of the Bankruptcy Code during the month of May 2016.
Previously, on March 12, 2015, the Debtors filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware Court, thereby commencing bankruptcy cases. On November 19, 2015, the Court entered an order confirming the Debtors’ second amended Chapter 11 Plan of liquidation. The Plan became effective on December 18, 2015. Pursuant to the Plan, the Liquidating Debtor was granted requisite standing and authority to prosecute, pursue, administer, settle, litigate, enforce and liquidate causes of action, including actions under Chapter 5 of the Bankruptcy Code to recover payments made to the Debtors’ creditors prior to the petition date.
The law firms of ASK LLP and Bayard, P.A. is representing the Debtors in these various preference cases. The pretrial conference has not yet been scheduled. The Debtors bankruptcy cases are jointly administered under Case No. 15-10541. The cases are pending before the Honorable Brendan L. Shannon in the U.S. Bankruptcy Court for the District of Delaware.
Prior to the Petition Date, the Debtors were one of the leading providers in the United States of communications services and communications workflow, content and analytics solutions through multiple communication channels, maintained business relationships with various business entities, including vendors, creditors, suppliers and distributors, and regularly purchased, sold, received and/or delivered goods and services in support of their operations.
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