Draw Another Circle, LLC and four affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-11452). The cases have been assigned to the Honorable Kevin J. Carey. The debtors operate the Hastings line of stores, MovieStop line of stores and SP Images, Inc., a licensor and distributor of sports and entertainment products. The debtors have indicated that they intend to: (i) sell the Hastings business; (ii) liquidate the MovieStop business; (iii) sell SP Images as a going concern; and (iv) liquidate their remaining assets. The debtors are also seeking approval of $90 million in debtor-in-possession financing. The petitions (including the consolidated list of top 30 creditors), first day declaration and docket are available through Rust Omni. A list of the debtors and their case numbers follow:
Name Case No.
Draw Another Circle, LLC, et al. 16-11452
Hastings Entertainment, Inc. 16-11453
MovieStop, LLC 16-11454
SP Images Inc. 16-11455
Hastings Internet, Inc. 16-11456
Contact Norman L. Pernick, Nicholas J. Brannick, or David W. Giattino for more information.