Stearns Holdings, LLC

Case No. 19-12226


Case Background

Stearns Holdings, LLC has partnered with its majority equity holder, funds affiliated with Blackstone, on the terms of a comprehensive financial restructuring plan. This plan is expected to significantly reduce the Company’s outstanding debt, continue Stearns’ operations, and better position the Company for long-term success. To implement the restructuring, Stearns and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.

Stearns is operating as normal and its approximately 2,700 employees are focused on providing customers the high-quality service they expect from the Company. Stearns’ joint venture and preferred partner entities are not subject to the Chapter 11 filings and continue to operate in the ordinary course of business.

Stearns’ case been assigned to the Honorable Shelley C. Chapman and are jointly administered under Case No. 19-12226. The Docket can be accessed by clicking on “Docket” above or through the website maintained by the U.S. Bankruptcy Court for the Southern District of New York.

Pursuant to the Notice of Occurrence of Effective Date (Docket No. 447), all creditors and other parties in interest must file a renewed request to receive documents in order to continue receiving documents pursuant to Bankruptcy Rule 2002.

For additional information about the restructuring, including press releases and FAQs, please visit the Stearns restructuring page at www.stearnsrestructuring.com

 

Important Information & Dates

Plan and Disclosure Statement

 

On September 11, 2019, the Debtors filed their Amended Chapter 11 Plan of Reorganization and the Amended Disclosure Statement related thereto. The Bankruptcy Court held a hearing to consider approval of the Amended Disclosure Statement on September 26, 2019 at 11:00 a.m. (ET). On October 24, 2019, the Bankruptcy Court entered an order confirming the Plan.  On November 5, 2019, the Effective Date of the Plan occurred, and the Plan was consummated.

Deadline to File Claims

The Bankruptcy Court has set the following deadlines for filing proofs of claim against the Debtors:

  • General Bar Date: October 18, 2019 at 4:00 p.m. (Eastern Time)
  • Foreign Creditors Bar Date: October 28, 2019 at 4:00 p.m. (Eastern Time)
  • Governmental Bar Date: January 6, 2020 at 4:00 p.m. (Eastern Time)

Click on "Submit a Claim" above to download a proof of claim form and for more information regarding filing a claim against the Debtors.

 

Notice of Commencement/341(a) Meeting

The meeting of creditors pursuant to section 341(a) of the Bankruptcy Code was held on July 29, 2019, at 1:00 p.m. (Eastern Time), at the U.S. Bakruptcy Court for the Southern District of New York, One Bowling Green, Room 511, Fifth Floor, New York, NY, 10004-1408.

Please click below to view and download the 341 Notice:

Notice of Meeting of Creditors Pursuant to Section 341 of the Bankruptcy Code

Hearing on First Day Motions

A hearing on the Debtors' First Day Motions was held on July 10, 2019 at 2:00 p.m. (ET) before the Honorable Shelley C. Chapman, United States Bankruptcy Court for the Southern District of New York, One Bowling Green, New York, NY 10004.

A final hearing on certain First Day Motions was held on July 31, 2019 at 2:00 p.m. (ET).

Please click below to view and download the Debtors' First Day Motions and Orders:

First Day Motions

First Day Orders


Dates

July 9 2019 Petition Date ---   Add to Calendar
November 5 2019 Effective Date Statement /Not... Add to Calendar
January 23 2020 Omnibus Hearing 11:00 a.m. (ET) Notice of Hear... Add to Calendar
+ SHOW ALL DATES
July 9 2019 ---
Petition Date Add to Calendar
July 9 2019 10:00 a.m. (ET)
July 10 2019 2:00 p.m. (ET)
July 29 2019 1:00 p.m. (ET)
July 31 2019 2:00 p.m. (ET)
Final Hearing on Certain First Day Motions Court Docket Add to Calendar
September 11 2019 2:00 p.m. (ET)
September 26 2019 11:00 a.m. (ET)
October 24 2019 10:00 a.m. (ET)
November 5 2019
January 23 2020 11:00 a.m. (ET)

Parties

Debtors' Counsel

  • Skadden, Arps, Slate, Meagher & Flom LLP

    Four Times Square
    New York, NY   10036-6522
    https://www.skadden.com/
    Phone: 212-735-3000
    Fax: 212-735-2000

    Jay M. Goffman
    Mark A. McDermott
    Shana A. Elberg

United States Trustee and Court Information

Debtors

Case Number Debtor Name Petition Date
Case Number 19-12226 Debtor Name Stearns Holdings, LLC Petition Date July 09, 2019
Case Number 19-12230 Debtor Name Stearns Co-Issuer, Inc. Petition Date July 09, 2019
Case Number 19-12229 Debtor Name Stearns Lending, LLC Petition Date July 09, 2019
Case Number 19-12231 Debtor Name Stearns Ventures, LLC Petition Date July 09, 2019
Case Number 19-12225 Debtor Name Protos Acquisition, LLC Petition Date July 09, 2019
Case Number 19-12227 Debtor Name bSNAP, LLC Petition Date July 09, 2019
Case Number 19-12228 Debtor Name Private Mortgage Advisors, LLC Petition Date July 09, 2019