DeCurtis Holdings’ Chapter 11 bankruptcy case converted to Chapter 7

By Sarah Lizee

Olympia, Wash., Aug. 30 – DeCurtis Holdings LLC’s Chapter 11 bankruptcy case was converted to Chapter 7 at the company’s request, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the court recently found that Carnival Corp. has ownership rights in certain intellectual property the debtor was trying to sell in its bankruptcy proceedings.

The company said that, in the wake of the court’s opinion, the debtors, post-petition lender Invictus Global Management LLC, Carnival, Virgin Cruises and Disney Cruises met and conferred in an attempt to reach agreement on the terms of an injunction or a commercial resolution that would benefit all parties in interest.

No such agreement was reached, DeCurtis said.

And, because of the court’s recent opinion, the company said the debtors are now unable to obtain the incremental liquidity and won’t be able to maintain their Chapter 11 cases any longer.

Invictus also filed a termination declaration that ended the debtors’ use of cash collateral.

The debtors have accrued about $3.1 million in administrative expenses, including for professional fees, that they are unable to satisfy, the company said.

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.

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