Close

MILLS FORESTRY: Plan Exclusivity Extended Thru Nov. 5

Judge Susan D. Barrett of the U.S. Bankruptcy Court for the Southern District of Georgia, Dublin Division, extended the period during which Mills Forestry Service, LLC and Sammy Clyde Mills III have the exclusive right to file a plan of reorganization and to obtain acceptances by 120 days through and including November 5 and December 7, 2020, respectively.

The bankruptcy cases of Mills Forestry Service, LLC, and Sammy Clyde Mills III were joint-administered on May 25, 2020.

The Debtors continue to operate their business and manage their property, despite the unexpected downturn in business and cash flow early in these cases. In recent months, the Debtors’ business operations and cash flows have stabilized. The Debtors’ stabilized business operations have allowed them to service multiple adequate protection agreements and cover the day-to-day operating expenses of the business. The Debtors are also current on all of their non-financial obligations, including their obligations to file monthly operating reports.

The Debtors have accomplished significant progress in reorganizing their affairs during a time of substantial economic uncertainty caused by the COVID-19 pandemic. The Debtors have negotiated consensual resolutions to multiple Stay Relief motions and entered into adequate protection agreements with at least eight of their secured lenders.

Now the extensions will allow the Debtors to now focus substantially all of their energy on restructuring their business, stabilizing cash flow, preparing the required adequate information, and completing and filing a plan.

About Mills Forestry Service and Sammy Clyde Mills, III

Mills Forestry Service, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ga. Case No. 20-60110) on March 7, 2020. At the time of the filing, the Debtor was estimated to have assets of between $1 million and $10 million and liabilities of the same range.

Sammy Clyde Mills, III, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ga. Case No. 20-30046-SDB) on March 7, 2020.

The bankruptcy cases of Mills Forestry Service, LLC, and Sammy Clyde Mills III were joint-administered (Bankr. S.D. Ga. Case No. 20-30058) pursuant to the Court’s Order dated May 25, 2020.

Judge Susan D. Barrett oversees the case. The Debtor tapped Stone & Baxter, LLP as its legal counsel. No creditor’s committee and no trustee or examiner has been appointed or requested in these cases.