In a recent post, our own Harriet Wallace observed a truism in a recent ruling by the United States Bankruptcy Court for the District of Delaware in the chapter 7 iteration of the infamous Jevic case—the wording of an order matters. The Court saw fit to bold and underline that maxim in yet another
Smurfit-Stone Container Corp. ("Smurfit"), the $7.5 billion paper-based packaging manufacturer, filed for bankruptcy in the Delaware Bankruptcy Court on Monday, January 26, 2009. Smurfit is one of the world’s largest manufacturers of container board and corrugated containers used to ship, store and display products. According to Smurfit’s Affidavit in support of its bankruptcy motions, Smurfit’s bankruptcy was the result of an "unprecedented decline in demand" for the company’s products, as well as a drop in prices due to increased competition and volatility in the pulp and paper industry. Further, recent changes in the capital markets reduced the company’s prospects for refinancing its debt outside of bankruptcy.
Issues Important to Gateway’s Creditors: The Critical Vendor Motion
MPC Computers, LLC, formerly Gateway Computers ("Gateway, or the "Debtors"), filed for bankruptcy in the United States Bankruptcy Court for the District of Delaware on Thursday, November 6, 2008. In addition to filing its chapter 11 bankruptcy petition, the Debtors filed various first day motions with the Court. …