Stearns Holdings, LLC
Case No. 19-12226
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.
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.
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:
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:
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, NY 10036-6522
Jay M. Goffman
Mark A. McDermott
Shana A. Elberg
United States Trustee and Court Information
Office of the United States Trustee
U.S. Department of Justice
201 Varick Street, Room 1006
New York, NY 10014
United States Bankruptcy Court
Southern District of New York
One Bowling Green
New York, NY 10004-1408
|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|