DAMIS Holdings LLC and roughly ninety affiliated recreational-hospitality debtors are in the opening weeks of a contested Chapter 11 in the District of New Jersey, operating under interim cash-collateral authority while a newly filed supplemental motion seeks to extend liquidity to two more operating debtors ahead of a June 22 hearing. The Trumbull, Connecticut-based holding company owns summer camps, resorts, and campground assets—including 1000 Acres Ranch, Rocking Horse Ranch Resort, and SplashDown Beach Water Park—and filed on June 4, 2026, reporting $100 million to $500 million of assets against $500 million to $1 billion of liabilities and more than 50,000 creditors (Voluntary PetitionDkt. 1).
Filing-day governance changes displaced the former managing members, Michael and David Shabsels, in favor of Chief Restructuring Officer Perry M. Mandarino and independent managers Bernard A. Katz and Jill Frizzley, with B. Riley Securities retained as investment banker; the debtors' exclusive plan period runs through October 2, 2026 (Voluntary PetitionDkt. 1). The cases are now being put on a procedural footing for scale, with the debtors seeking complex-case designation and a 46-day extension of the schedule deadline to August 3, 2026 to accommodate more than fifty properties across multifamily, office, hotel, and retail sectors (Complex Case ApplicationDkt. 102, Schedule Extension MotionDkt. 103).
Liquidity is being managed through cash collateral rather than a DIP loan. After a merchant-cash-advance funder swept a Stony Creek Operating Co. TD Bank account and left it negative—threatening 1000 Acres Ranch's peak-season operations—the debtors moved urgently to use cash collateral for payroll and critical expenses (). On June 18, 2026, the Rocking Horse and SplashDown debtors filed a supplemental motion seeking approximately $376,000 to cover payroll for the week of June 22, 2026, placed on a shortened-time track for hearing that same day (, ). No plan, sale process, or DIP financing has yet been put forward.
