E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 8/10/2023 in the Prospect News Distressed Debt Daily.

DeCurtis can’t use or sell most DXP assets, judge rules

By Sarah Lizee

Olympia, Wash., Aug. 10 – The judge overseeing DeCurtis Holdings LLC’s bankruptcy case found that Carnival Corp. has ownership rights in certain intellectual property the debtor is trying to sell in its bankruptcy proceedings, according to an opinion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Carnival claims it owns almost all of the component parts of the software system called the DeCurtis Experience Platform, or “DXP.” There are 68 modules within the platform, 63 of which Carnival claims it owns.

Prior to the sale, the court had to determine whether Carnival has an ownership interest in the DXP assets, whether DeCurtis should be enjoined from selling or using the DXP assets, and whether DeCurtis can sell the DXP assets free and clear of any claims that Carnival may have.

Judge Kate Stickles said Wednesday that Carnival does have an ownership interest in the DXP assets, monetary damages would not adequately remedy Carnival, and the debtors can’t sell the DXP assets free and clear.

She also said Carnival is entitled to an injunction against the use or sale of the DXP assets.

Orlando, Fla.- based DeCurtis provides guest experience and operational management product-focused SaaS software solutions. The company filed bankruptcy on April 30 under Chapter 11 case number 23-10548.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.