Major US summer camp operator SIMAD Holdings enters Chapter 11 after TASE bond default
SIMAD Holdings, which operates dozens of summer camps across the northeastern US, and affiliated debtors filed for Chapter 11 protection in the US Bankruptcy Court for the District of New Jersey after defaulting on Series A bonds traded on the Tel Aviv Stock Exchange. The restructuring involves approximately USD 220 million / NIS 620 million of bonds.
The company operates a portfolio of summer camp businesses through a cross-border corporate structure. The Chapter 11 process is aimed at stabilizing operations, addressing liquidity pressures, and managing creditor claims following the bond default.
Chapman and Cutler is serving as US counsel to indenture trustee Mishmeret Trust Company in connection with the bond restructuring, led by Michael Friedman.
Cole Schotz is representing SIMAD Holdings.
