Of the many mysteries still surrounding the tangled case of bankrupt summer camp operator SIMAD Holdings Ltd., one of the biggest, at least to those interested in business financing, is why such a large company would turn so sharply toward merchant cash advances — a method of last-ditch funding normally used by desperate small businesses.
Prospect Medical Holdings hopes to win approval of a $26 million insurance settlement, a trial is scheduled in the involuntary Chapter 11 case of Chinese developer Xinyuan Real Estate, New Fortress Energy affiliates are seeking Chapter 15 recognition of their U.K. restructuring, and natural gas compressor company Axip Energy Services LP is seeking confirmation of its Chapter 11 plan.
Caught in a family dispute after the company's founder died, Tampa, Florida-based guitar and drum maker Armadillo Enterprises Inc. filed for Chapter 11 to resolve pending litigation and stabilize the business after alleged massive fraud by the founder's son, according to court documents.