In re: SBSH Winddown, Inc., Case No. 18-10039 (CSS)

LRC served as sole counsel to Seastar Holdings, Inc. and two other affiliated entities (collectively, the “Debtors”) , a Puerto Rico based Caribbean regional airline,  in their chapter 11 cases in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) filed on January 8, 2018.  LRC advised the Debtors in all aspects of their bankruptcy proceedings including extensive negotiations of debtor-in-possession financing with the Debtors’s secured lender, an affiliate of Versa Capital Management, LLC, and the terms of an asset purchase agreement with the stalking horse bidder. LRC coordinated an extensive sale process with the Debtors’s other professionals that resulted in a sale of substantially all of the Debtors’s assets to an acquisition vehicle of Florida-based Silver Airways, Inc. In connection with the sale, LRC resolved numerous issues including, among others, regulatory matters with the Department of Transportation and issues raised by the Department of Justice regarding unpaid passenger fees.  Resolution of these issues allowed for a consensual sale that was approved by the Bankruptcy Court on March 27, 2018.  Following closing of the sale on April 23, 2018, LRC advises on implementation of a wind-down strategy.

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