Bagels N’ Cream, LLC, submitted a Combined Plan of Reorganization and Disclosure Statement.
This is a plan of reorganization whereby the Proponent seeks to accomplish payments under the Plan by positive cash flow, added new value, from the following sources: the Debtor, under its present management and operating systems, will continue its efforts to refine and improve operating practices and procedures, economizing business practices by all available means, to adjust to dynamic market changes (Planet Fitness, Dollar Store and a new day care center will soon be tenants in the same strip mall occupying areas that have been vacant for many years) and adopt new strategies and operating procedures so as to enhance business productivity while decreasing business operating costs, and thereby create the necessary monthly cash flow requirements to fund the plan and an additional capital contribution from the equity interest holder of $15,000. The Debtor’s present Chapter 11 Small Business Plan consists of:
a. Paying allowable, priority tax claims to the State of New Jersey (Estimated at up to $35,613), with interest, within 39 months from the Effective Date; and
b. Paying a 12% dividend of $12,682.00 pro-rata to allowable, unsecured claims beginning on the 40th month and continuing through the 48th month following the Effective Date.
The Plan will provide for the Debtor to eliminate incorrectly imposed tax liabilities that are the subject of a State of New Jersey Proof of Claim, 2-1 that is being disputed with cogent evidence by the Debtor’s professionals, and continue to reorganize and focus its operations on increasing market share while decreasing business operating costs including proportionalizing its payroll requirements and associated costs or a combination of both, thereby creating the necessary monthly cash flow requirements to fund its plan.
A full-text copy of the Combined Plan of Reorganization And Disclosure Statement dated June 8, 2020, is available at https://tinyurl.com/ycwv6sns from PacerMonitor.com at no charge.
Attorney for the Debtor:
Law Offices of Scott E. Kaplan, LLC
5 S. Main Street, P. O. Box 157
Allentown, New Jersey 08501
Tel: (609) 259-1112
About Bagels N’ Cream
Bagels N’ Cream, LLC filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 19-29019) on Oct. 7, 2019, estimating under $1 million in assets and liabilities. Judge Michael B. Kaplan oversees the case.
The Debtor hired The Law Offices of Scott E. Kaplan, LLC as bankruptcy counsel; the Law Offices of Sklar Smith-Sklar as special counsel; and Anthony Nini, CPA, as accountant.