DJL BUILDERS, INC. and DAVID J. LATAWIEC have formulated a Plan of
Reorganization. DJL’s sole source of income is its stream of revenue generated from the remodeling services provided to its customers. The Plan proposes to treat claims and interests as follows:
- Class I: Class I will consist of the arrearage claims of the Debtors’ executory contract holders, to the extent such exist at the time of confirmation. The Debtors do not believe there are any unpaid arrearage claims in connection with any executory contracts assumed by the Debtors.
- Class III: Class III will consist of the unsecured Michigan Building Contract Fund Act (M.C.L. Sec. 570.151, et seq.) (the “MBCFA”) claims of certain of the Debtors trade creditors (the “MBCF Claims”). The MBCF Claims will be paid in full in 60 equal monthly payments beginning on the 25th day of sixth full month after the Effective Date and continuing on the 25th day of each consecutive month until such claim is paid in full. The Class III claims total $141,825.
- Class IV: Class IV will consist of the prepetition general unsecured non priority and non-MBCF Claims against the Debtors, 71 including the trade vendor claims against DJL, the unsecured non-priority claims of the taxing authorities, and the general claims against Latawiec with a total claim of $241,469. The Debtors will make a 3 percent distribution to its Class IV creditors on a pro rata basis in 12 equal quarterly distributions beginning on the last business day of the first calendar quarter of 2022 and continuing on the last business day of each consecutive calendar quarter until paid in full.
- Class V: Class V will consist of the claims of DJL’s principal, David Latawiec, in connection with his equity interest in DJL. On or before the Effective Date, Debtor David Latawiec will transfer $5,000 to DJL in exchange for the retention of his shareholder interest in DJL. Other than the Class V Capital Infusion, payments to be made pursuant to this Plan shall be from funds derived from the DJL’s business operations.
A full-text copy of the Combined Plan and Disclosure Statement dated April 1, 2020, is available at https://tinyurl.com/wugkp9q from PacerMonitor.com at no charge.
Attorneys for the Debtors:
LYNN M. BRIMER
PAMELA S. RITTER
STROBL SHARP PLLC
300 East Long Lake Road, Suite 200
Bloomfield Hills, MI 48304-2376
Telephone: (248) 540-2300
Facsimile: (248) 645-2690
About DJL Builders
DJL Builders, Inc., is a Michigan corporation, founded by David J. Latawiec in 2009, which provides home remodeling services to homeowners in southeastern Michigan. David J. Latawiec is the sole shareholder.
DJL Builders, Inc., filed a Chapter 11 petition (Bankr. E.D. Mich. Case No. 19-56856) on Nov. 29, 2019. Lynn M. Brimer, Esq. — email@example.com — at STROBL SHARP PLLC is the Debtor’s counsel.