iPic-Gold Class Entertainment
The firm was counsel to the debtor iPic-Gold Class Entertainment and its debtor affiliates. As of the petition date, the debtors operated 123 movie screens at 16 theaters in 9 states. The luxury theater chain carried more than $200 million in debt that strained cashflow as when it incurred $57 million in losses in 2018. In October 2019, the bankruptcy court approved a going-concern sale of substantially all of the debtors’ assets pursuant to a credit bid submitted by the debtors’ senior secured lenders, the Employees’ Retirement System of Alabama and Teachers’ Retirement System of Alabama (“RSA”). Under the sale terms, RSA agreed to fund certain matters relating to the winddown of the debtors and the payment of certain claims, including the funding of payments of: up to $526,000 to satisfy 503(b)(9) claims, up to $150,000 to pay priority claims (other than personal-property taxes), and up to $450,000 to pay allowed personal-property tax claims. Following the winddown of the debtors’ estates, the bankruptcy court approved the structured dismissal of each of the debtors and entered orders dismissing the cases in September 2020.
