Ai Philly is showing 1/8 update: HEARING CANCELLED. Notice of Agenda of Matters not going forward. The following hearing has been cancelled.
I haven’t seen the others updated yet, but I am still looking. Is anyone in here familiar with the bankruptcy process and what this would mean if it shows in any other or all filings?
Each school is setup as its own LLC, therefore, each needs to file for bankruptcy. Looks like this has been in the works since mid-summer. The chapter 7 trustee just filed to Joint Administration all cases (campus bankruptcies) into one case.
Bottom line, not good news. The entire company is ceasing operations and will soon start to have its assets liquidated to the benefit of creditors. Meaning, you'll get shafted if you are owed any money because your not a secured creditor.. last in line
On Philly, action this morning:
01/10/2019 81 Final Order Granting Motion of Chapter 7 Trustee for Notice Procedures Signed on 1/10/2019 (CMB)
https://app.courtdrive.com/filings/debke_173750-1-18-bk-11535-art-institute-philadelphia-llc
Hasn't AiPh shut it's doors?
Activity this week on Debtor
Education Management II LLC
210 Sixth Avenue, 3rd Floor
Pittsburgh, PA 15222
ALLEGHENY-PA
Tax ID / EIN: 47-2042661
aka New Education Management LLC
aka EDMC Online Higher Education
https://app.courtdrive.com/filings/debke_173719-1-18-bk-11494-education-management-ii-llc
01/10/2019 232 Final Order Authorizing Application of Chapter 7 Trustee, George L. Miller, to Employ Miller Coffey Tate LLP as Accountants and Bankruptcy Consultants Nunc Pro Tunc to June 29, 2018 Signed on 1/9/2019 (CMB)
01/10/2019 231 Final Order Granting Application of George L. Miller, Chapter 7 Trustee, Pursuant to Bankruptcy Code Sections 327(a) and 328(a), Bankruptcy Rules 2014(a) and 2016, and Local Rule 2014-1 for Authority to Employ and Retain Pachulski Stang Ziehl & Jones LLP as Counsel to Chapter 7 Trustee, Nunc Pro Tunc to June 29, 2018 Signed on 1/9/2019 (CMB)
01/10/2019 230 Final Order Granting Motion of Chapter 7 Trustee for Notice Procedures Signed on 1/10/2019 (CMB)
It’s cancelled because they are selling this week.
It won’t accept the link when I try to post it but if you search for Inforuptcy and Art Institute of Philadelphia it shows up.
Inforuptcy(dotcom) /filings/debke_173750-1-18-bk-11535-art-institute-philadelphia-llc
Link please