Current posture

What matters now

Fivemiletown Holdings Limited’s Chapter 11 case is dismissed as of December 6, 2024, following a bad-faith finding, so there is no pending plan, sale process, or court-supervised restructuring path in the case. Fivemiletown and its affiliated holding-company debtors commenced their Delaware cases on August 15, 2024 through the voluntary petition Dkt. 1. The filing followed an August 13 arbitration award in favor of ADASI arising from the convertible-loan dispute; management said the Chapter 11 cases were intended to preserve a breathing spell while the debtors pursued affirmative claims and counterclaims that had not been adjudicated in the arbitration, as described in the first-day declaration Dkt. 73. The capital structure centered on approximately $149 million in funded debt under ADASI’s prepetition convertible loan to Paramount Logistics Corporation, guaranteed by Fivemiletown and purportedly secured by a pledge of Paramount Group Ltd. equity; the debtors disputed both the asserted obligations and related security interest in the first-day declaration Dkt. 73. With dismissal rather than a confirmed or effective restructuring outcome, the case did not establish a bankruptcy exit transaction or a court-approved deleveraging…

Updated Aug 10, 2026