February 22, 2017 Status Hearing

On February 22, 2017, the Bankruptcy Court held a status hearing in the TSI Holdings, LLC bankruptcy case, during which the Trustee provided a brief update on the Trustee’s efforts in administering the bankruptcy estate.  In addition, counsel for the Petitioning Creditors, counsel for the U.S. Securities and Exchange Commission, and the Trustee represented to the Court that there is a likelihood that creditors of other entities affiliated with TSI Holdings, LLC will, in the near future, file involuntary bankruptcy petitions against such entities, thereby initiating separate but related bankruptcy proceedings.  The Trustee also represented to the Court during this status hearing that there is a likelihood that the Trustee would seek to jointly administer the bankruptcy cases of those entities with the administration of the TSI Holdings, LLC bankruptcy case.

In response to the status hearing, the Court entered three written orders (linked in this post):  (1) an order for relief granting the Petitioning Creditor’s request that TSI Holdings, LLC be liquidated through chapter 7 of the U.S. Bankruptcy Code and extending the Trustee’s interim appointment; (2) an automatically generated notice regarding the deadlines for filing schedules, statement of financial affairs, and other financial documents with the Bankruptcy Court; (3) an Order extending those automatic deadlines to April 7, 2017.

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