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.

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 July 12, 2019, the Debtors filed their Chapter 11 Plan of Reorganization and the Disclosure Statement related thereto. The Bankruptcy Court will hold a hearing to consider approval of the Disclosure Statement on August 22, 2019.

Notice of Commencement/341(a) Meeting

The meeting of creditors pursuant to section 341(a) of the Bankruptcy Code will be 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 will be 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
29

Meeting of Creditors

1:00 p.m. (ET)
July
31

Final Hearing on Certain...

2:00 p.m. (ET)
September
11

Omnibus Hearing

2:00 p.m. (ET)
July
9
---

Petition Date

July
31
2:00 p.m. (ET)

Final Hearing on Certain First Day Motions

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

Office of the United States Trustee

U.S. Department of Justice
201 Varick Street, Room 1006
New York, NY   10014
http://www.nysb.uscourts.gov/office-us-trustee
Phone: 212-510-0500
Fax: 212-668-2870


United States Bankruptcy Court

Southern District of New York
One Bowling Green
New York, NY   10004-1408
http://www.nysb.uscourts.gov
Phone: 212-668-2870


Debtors

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