Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Bonds

GeneLink Chapter 11 Petition Filed

GeneLink filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Middle District of Florida (Orlando), case number 14-04475. The Company, which operates as a genetics-based personal healthcare company, is represented by Justin M. Luna of Latham, Shuker, Eden & Beaudine. According to Form 8-K, the Company had difficulty reaching financial terms with its various creditors. "Notably, in 2009, Chesed Congregations of America, Inc. (CCA) and Mr. Eli Levitin (Mr. Levitin) loaned the Debtor $1,000,000.00 and $100,000.00, respectively. The Loans are evidenced by convertible promissory notes in favor of CCA and Mr. Levitin. The Notes matured and became due in February 2014. From February 2014 until the Petition Date, the Debtor attempted to resolve come to terms with CCA and Mr. Levitin with respect to the Notes, however, such requests fell on deaf ears. On April 11, 2014, Mr. Levitin sent the Debtor a demand letter requesting payment in full due under the Notes."

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