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Robert Allen Duralee Group Owes About $12.6 million to its Top 30 Creditors

Creditors include Valdese Weavers for $2.5 million, P Kaufmann Inc. $660,050, and LA Mills $362,855

February 14, 2019

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Robert Allen Duralee Group Owes About $12.6 million to its Top 30 Creditors


The Robert Allen Duralee Group owes some $12.6 million in “unsecure[d] claims” to its top 30 creditors, including Valdese Weavers LLC ($2.5 million), P Kaufmann Inc. ($660,050) and LA Mills ($362,855), according to court documents submitted by the company.

Lee Silberman, chief executive officer of Décor Holdings Inc., The Robert Allen Duralee Group Inc., and its American subsidiaries and affiliates, sent a letter Feb. 12, writing officials have filed for Chapter 11 protection of the Bankruptcy Code.

Here are the top 10 creditors and the amount owed, according to court documents.
  1. Valdese Weavers LLC in Texas: $2.5 million.
  2. Sumec Textile Co. Ltd. in China: $1.6 million.
  3. Triplex Shanghai Enterprises in China: $978,650.
  4. EDPA USA/ Dilhan Texsil in New York: $745,720.
  5. P Kaufmann Inc. in New York: $660,050.
  6. UPS in Georgia: $553,040.
  7. Fleuron in Texas: $509,545.
  8. V.I.P. Inc. in Texas: $362,855.
  9. LA Mills in California: $347,510.
  10. MTL Globalventures LLC in Pennsylvania: $329,500.
The top 10 creditors are owed $8.5 million.

A court meeting with creditors is scheduled for March 15 in New York.  In Chapter 11 proceedings, the debtor’s reorganization plan must be accepted by a majority of its creditors. Unless the court rules otherwise, the debtor remains in control of the business and its assets.

"Honestly, there is no way to predict creditor recoveries at this early stage,"  Mark Power of Hahn & Hessen LLP, an attorney representing RADG, wrote in an email. "We are hopeful, however, that the company will be sold as a going concern and emerge from chapter 11 by late April. Management views its current sales effort as the best way to maximizes value for all creditors, while preserving the future business for its customers and suppliers and the jobs of its 400 employees."

Several creditors were emailed for comment, but either had no comment, such as Richloom Fabrics, or did not respond, such as Valdese Weavers.

Here are the other 20 creditors and amounts owed, according to court documents.
  1. World Linen & Textile Co. Inc. in California: $309,890.
  2. Swavelle/ Mill Creek in New York: $309,065.
  3. American Express Co. in New York: $278,500.
  4. Wearbest Sil-Tex Mills Ltd. in New Jersey: $258,530.
  5. Parthenon Prints Inc. in Florida: $243,875.
  6. Classical Elements in North Carolina: $242,375.
  7. Sunbury Textile Mills in Pennsylvania: $207,435.
  8. Samplex S.A. De C.V. in Texas: $201,725.
  9. Shangal Chenglong Textile Arts in China: $201,725.
  10. Resorts Atlantic City c/o Bray Whaler Intl. Inc. in Colorado: $199,515.
  11. Kets Tekstil Turizm Tlc A.S. in Turkey: $187,265.
  12. Parry Murray & Co. Ltd. in the United Kingdom: $182,325.
  13. Swan Dyeing and Printing Corp. in Massachusetts: $182,195.
  14. Covington Fabrics in New York: $170,270.
  15. CR Resorts LLC c/o ADM Associates Inc. in Georgia: $170,150.
  16. Richloom Fabrics Group Inc. in New York: $162,055.
  17. Agolab SRL in Italy: $159,420.
  18. Source Asia Trading Co. in China: $155,875.
  19. Heritage Fabrics LLC c/o Millberg Factors in New York: $143,472.
  20. Nassimi LLC in New York: $137,175.
These 20 creditors are owed $4.1 million.

Silberman wrote in his letter: “Our debtor-in-possession financing agreement with our senior lenders, and the court-supervised process we are beginning today, will allow us with sufficient liquidity to continue to operate in an uninterrupted manner.”

 


Angelo Carillo
Zhejiang HuaChen New Material Co., Ltd.
Coulisse
Evteks April Fresh Trends 23-27 April 2019

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