Case timeline

1. Apr 302021
   Plan: Liquidating plan becomes effective after confirmation

   Hollister’s First Amended Plan of Liquidation became effective on April 30, 2021, two weeks after the court approved the disclosure statement on a final basis and confirmed the plan on April 16 source filing source filing. The plan shifted the case into post-effective liquidation: Bernard Katz was appointed initial Liquidating Trustee, the debtor’s officers and managers resigned on the effective date, the committee dissolved except for limited post-confirmation matters, and the administrative expense bar date was set for May 21, 2021 at 4:00 p.m. ET source filing source filing.

   The economics center on a settlement with Arch Insurance and PNC. The plan provides $1.1075 million to Arch, $527,246 to PNC, and $875,000 to fund the professional fee escrow, while PNC waives any Class 4 deficiency claim and Arch limits its claim to settlement recoveries source filing. General unsecured creditors receive only a pro rata share of liquidating trust cash after higher-priority claims, with trust upside tied to D&O, E&O, malpractice and other litigation claims; equity receives nothing and is cancelled source filing.

   Sources and provenanceApril 30, 2021
2. Sep 112019
   Petition: Hollister opens Chapter 11 with large construction balance sheet

   Hollister Construction Services, LLC filed Chapter 11 in New Jersey with $100 million to $500 million of assets, $100 million to $500 million of liabilities, and 200 to 999 creditors source filing. The debtor listed no affiliates and was owned by Christopher Johnson, Kieran Flanagan, Brendan Murray, Joseph Furey and Matthew Higgins, with Johnson holding 56.72% and Flanagan 23.28% source filing.

   The first-day declaration describes Hollister as a commercial construction manager, not a self-performing contractor, with work across corporate, education, healthcare, industrial, retail and residential projects source filing. On the petition date it was managing about 45 projects, carried roughly $75 million of open accounts receivable including retainage, and employed about 94 people after laying off 46 employees five days before filing source filing. The immediate pressure points were project-owner nonpayment, subcontractor liens and work stoppages, severe liquidity constraints, approximately $14 million outstanding on a PNC line of credit plus a $1.3 million term loan, and Arch Insurance bonds covering 14 ongoing projects source filing.

   Sources and provenanceSeptember 11, 2019