Velocity Holding Company’s November 15, 2017 Chapter 11 proceeding concluded with the October 23, 2018 final decree closing the case Dkt. 756. The debtor had already reached plan effectiveness, as reported in the notice filed March 30, 2018 Dkt. 600, completing the reorganization phase before closure.

Velocity Holding Company’s Chapter 11 case was closed by the final decree entered October 23, 2018 Dkt. 756. The court had confirmed the joint reorganization plan on March 29, 2018 Dkt. 595, and the notice filed March 30, 2018 Dkt. 600 reported plan effectiveness.

Velocity filed its Chapter 11 petition on November 15, 2017 Dkt. 1. The powersports aftermarket distributor, manufacturer and retailer had been formed through the 2014 merger of Motorsports Aftermarket Group and Tucker Rocky. In his first-day declaration Dkt. 13, Chief Restructuring Officer Anthony Flanagan attributed the liquidity pressure to a contracting aftermarket and fixed debt obligations despite operating cost reductions; projected 2017 sales were approximately 20% below 2014 levels.

The restructuring pursued a lender-supported reorganization. Flanagan’s declaration Dkt. 13 described a restructuring support agreement backed by more than 90% of first-lien term loan holders, contemplating elimination of substantially all prepetition funded debt, new equity ownership for first-lien lenders and cancellation of existing equity. Those were the proposed terms at filing. During the case, the final financing order entered December 13, 2017 Dkt. 203 authorized senior secured priming superpriority postpetition financing and use of cash collateral, providing authority to finance operations through the reorganization that subsequently reached confirmation and effectiveness.

Velocity Holding Company’s November 15, 2017 Chapter 11 proceeding concluded with the October 23, 2018 final decree closing the case Dkt. 756. The debtor had already reached plan effectiveness, as reported in the notice filed March 30, 2018 Dkt. 600, completing the reorganization phase before closure.

Velocity Holding Company’s Chapter 11 case was closed by the final decree entered October 23, 2018 Dkt. 756. The court had confirmed the joint reorganization plan on March 29, 2018 Dkt. 595, and the notice filed March 30, 2018 Dkt. 600 reported plan effectiveness.

Velocity filed its Chapter 11 petition on November 15, 2017 Dkt. 1. The powersports aftermarket distributor, manufacturer and retailer had been formed through the 2014 merger of Motorsports Aftermarket Group and Tucker Rocky. In his first-day declaration Dkt. 13, Chief Restructuring Officer Anthony Flanagan attributed the liquidity pressure to a contracting aftermarket and fixed debt obligations despite operating cost reductions; projected 2017 sales were approximately 20% below 2014 levels.

The restructuring pursued a lender-supported reorganization. Flanagan’s declaration Dkt. 13 described a restructuring support agreement backed by more than 90% of first-lien term loan holders, contemplating elimination of substantially all prepetition funded debt, new equity ownership for first-lien lenders and cancellation of existing equity. Those were the proposed terms at filing. During the case, the final financing order entered December 13, 2017 Dkt. 203 authorized senior secured priming superpriority postpetition financing and use of cash collateral, providing authority to finance operations through the reorganization that subsequently reached confirmation and effectiveness.