iPic-Gold Class Entertainment’s Chapter 11 followed an asset-sale path, with the court approving a sale of substantially all assets on October 29, 2019, in the sale order Dkt. 470. The court subsequently approved a cash-collateral stipulation Dkt. 612 on January 21, 2020; sale completion and the next estate milestone are not established.

The court approved the sale of substantially all of iPic-Gold Class Entertainment and its affiliated debtors’ assets on October 29, 2019. The sale order Dkt. 470 authorized a transaction free and clear of liens and claims, together with the assumption and assignment of certain contracts and leases. On January 21, 2020, the court approved a cash-collateral stipulation Dkt. 612 between the debtors and the Employees’ Retirement System of Alabama and Teachers’ Retirement System of Alabama. Sale completion and a subsequent estate milestone are not established.

The company filed its Chapter 11 petition Dkt. 1 on August 5, 2019, after losses and insufficient development capital strained its luxury cinema and dining business. According to the first-day declaration Dkt. 4, the business operated 16 locations with 123 screens across nine states and had two locations under construction. It reported a 2018 pretax net loss of $56,765,000, while its 2018 public offering raised only $17 million, insufficient to support continued development. Before filing, investment banker PJ Solomon contacted 64 potential counterparties to explore a recapitalization or sale; 31 signed nondisclosure agreements and eight accessed the data room.

The restructuring depended on lender-supported liquidity to preserve operations while pursuing a transaction. The September 26, 2019 final DIP financing order Dkt. 322 authorized borrowing of up to $16 million under a secured revolving facility provided by the two Alabama retirement systems, with priming liens and superpriority claims, and authorized cash-collateral use.

iPic-Gold Class Entertainment’s Chapter 11 followed an asset-sale path, with the court approving a sale of substantially all assets on October 29, 2019, in the sale order Dkt. 470. The court subsequently approved a cash-collateral stipulation Dkt. 612 on January 21, 2020; sale completion and the next estate milestone are not established.

The court approved the sale of substantially all of iPic-Gold Class Entertainment and its affiliated debtors’ assets on October 29, 2019. The sale order Dkt. 470 authorized a transaction free and clear of liens and claims, together with the assumption and assignment of certain contracts and leases. On January 21, 2020, the court approved a cash-collateral stipulation Dkt. 612 between the debtors and the Employees’ Retirement System of Alabama and Teachers’ Retirement System of Alabama. Sale completion and a subsequent estate milestone are not established.

The company filed its Chapter 11 petition Dkt. 1 on August 5, 2019, after losses and insufficient development capital strained its luxury cinema and dining business. According to the first-day declaration Dkt. 4, the business operated 16 locations with 123 screens across nine states and had two locations under construction. It reported a 2018 pretax net loss of $56,765,000, while its 2018 public offering raised only $17 million, insufficient to support continued development. Before filing, investment banker PJ Solomon contacted 64 potential counterparties to explore a recapitalization or sale; 31 signed nondisclosure agreements and eight accessed the data room.

The restructuring depended on lender-supported liquidity to preserve operations while pursuing a transaction. The September 26, 2019 final DIP financing order Dkt. 322 authorized borrowing of up to $16 million under a secured revolving facility provided by the two Alabama retirement systems, with priming liens and superpriority claims, and authorized cash-collateral use.