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Maines Paper & Food Service, Inc. filed Chapter 11 in Delaware on June 10, 2020, listing its Conklin, New York headquarters and proceeding as a small business debtor, but not under Subchapter V source filing. The debtor was not a small operating story: the disclosure statement describes a 1919-founded foodservice distributor that had generated more than $2.0 billion in annual revenue, employed about 870 people, operated 10 distribution centers and 3 retail stores, and served restaurant chains including Burger King, Tim Hortons, Wendy's, Applebee's, IHOP, Chili's, Olive Garden and LongHorn source filing.
The case opened as a wind-down following a prepetition foreclosure by Lineage Bluebird Debtco, LLC, with assets transferred to Lineage affiliates. The capital stack included about $10.329 million in ABL debt, a $35.0 million term-loan guarantee, a $10.0 million Darden secured note, a roughly $1.7 million M&T note, and more than $100 million of trade debt source filing. The liquidation framework created a $2.0 million GUC fund for Class 6 unsecured creditors, whose allowed claims were estimated at $129.8 million to $170.6 million with projected recoveries of only 1.2% to 1.5%; the plan also contemplated a liquidating trust and trustee to administer remaining assets, object to claims, pursue causes of action, and distribute proceeds source filing.
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