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  1. #1

    Stone Panels Inc in Bankruptcy

    The folks at Stone Panels Inc are Bankrupt. wwwStonePanels.com have declared themselves bankrupt rather than pay their bills. Stone Panels Inc is based in Coppel, Texas near Dallas. Stone Panels Inc makes stone on aluminum honeycomb panels. They supplied architects and builders with stone panels. marble or granite on aluminum honeycomb. Lightweight stone panels.

    UNITED STATES BANKRUPTCY COURTNORTHERN DISTRICT OF TEXASDALLAS DIVISIONChapter 11STONE PANELS, INC., Case No. 16-32856-hdhl 1STONE PANELS HOLDING CORP. Case No. 16-32859-bjhll
    Debtors (Stone Panels Inc) are Borrowers under that certain "Loan and Security Agreement" (the"Agreement") dated September 19, 2014 (as may have been amended or modified) with ThePrivateBank and Trust Company ("Lender"). Pursuant to the Agreement, Lender provided aRevolving Loan and a Term Loan. As of the time of the filing of the Petition, the sum of$9,209,631.63 was outstanding under the Agreement. Subsequent to the filing of the Petition,Thompson Street Capital Partners III, LP paid Lender the sum of $4,752,626.84 pursuant to aguaranty agreement, reducing the outstanding balance of the loans. Accordingly, as of the date

    Debtor Stone Panels Inc. SPI is a manufacturer of lightweight panelized thinstone cladding products. These products are used primarily to clad exterior and interior buildingfacades and are a direct substitute for traditional dimensional (or heavy) stone cladding products.The mix of business is split between new construction and retrofit/rehab work. Stone Panels is located in Coppell, Texas, and has been manufacturing thin stone panel products. Stone Panels is the manufacturer of these products worldwide.7. Debtor Stone Panels Holding Corporation ("Holding") is the holding company for SPI Stone Panels Inc, and has no separate operations.8. SPl's Stone Panels Inc products are custom and unique, and require long lead times for production.In addition to facing manufacturing and scheduling problems, SPl Stone Panels Inc has been faced with cash flow issues caused by increased costs that could not be passed through, customer demands for liquidated damage payments, and several large unprofitable orders that had been booked with small profit margins and complex assembly requirements. SPI Stone Panels Inc has been attempting to restructure its operations, reduce costs, create better manufacturing efficiency and increase capacity.

    Without the use of cash collateral, Debtors will beunable to operate their business and manage their affairs

  2. #2

    Re: Stone Panels Inc in Bankruptcy

    Quote Originally Posted by Poor Richards View Post
    The folks at Stone Panels Inc are Bankrupt. wwwStonePanels.com have declared themselves bankrupt rather than pay their bills. Stone Panels Inc is based in Coppel, Texas near Dallas. Stone Panels Inc makes stone on aluminum honeycomb panels. They supplied architects and builders with stone panels. marble or granite on aluminum honeycomb. Lightweight stone panels.

    UNITED STATES BANKRUPTCY COURTNORTHERN DISTRICT OF TEXASDALLAS DIVISIONChapter 11STONE PANELS, INC., Case No. 16-32856-hdhl 1STONE PANELS HOLDING CORP. Case No. 16-32859-bjhll
    Debtors (Stone Panels Inc) are Borrowers under that certain "Loan and Security Agreement" (the"Agreement") dated September 19, 2014 (as may have been amended or modified) with ThePrivateBank and Trust Company ("Lender"). Pursuant to the Agreement, Lender provided aRevolving Loan and a Term Loan. As of the time of the filing of the Petition, the sum of$9,209,631.63 was outstanding under the Agreement. Subsequent to the filing of the Petition,Thompson Street Capital Partners III, LP paid Lender the sum of $4,752,626.84 pursuant to aguaranty agreement, reducing the outstanding balance of the loans. Accordingly, as of the date

    Debtor Stone Panels Inc. SPI is a manufacturer of lightweight panelized thinstone cladding products. These products are used primarily to clad exterior and interior buildingfacades and are a direct substitute for traditional dimensional (or heavy) stone cladding products.The mix of business is split between new construction and retrofit/rehab work. Stone Panels is located in Coppell, Texas, and has been manufacturing thin stone panel products. Stone Panels is the manufacturer of these products worldwide.7. Debtor Stone Panels Holding Corporation ("Holding") is the holding company for SPI Stone Panels Inc, and has no separate operations.8. SPl's Stone Panels Inc products are custom and unique, and require long lead times for production.In addition to facing manufacturing and scheduling problems, SPl Stone Panels Inc has been faced with cash flow issues caused by increased costs that could not be passed through, customer demands for liquidated damage payments, and several large unprofitable orders that had been booked with small profit margins and complex assembly requirements. SPI Stone Panels Inc has been attempting to restructure its operations, reduce costs, create better manufacturing efficiency and increase capacity.

    Without the use of cash collateral, Debtors will be unable to operate their business and manage their affairs
    UNITED STATES BANKRUPTCY COURT
    NORTHERN DISTRICT OF TEXAS DALLAS DIVISION








    In re: §
    STONE PANELS, INC., §
    STONE PANELS HOLDING CORP. §
    Debtors §

    Chapter 11
    Case No. 16-32856-hdhl 1 Case No. 16-32859-bjhll
    Joint Administration Requested

    EMERGENCY MOTION FOR USE OF CASH COLLATERAL TO THE HONORABLE HARLIN D. HALE., U.S. BANKRUPTCY
    JUDGE:
    The above-captioned debtors and debtors-in possession (collectively, the "Debtors") file


    their Emergency Motion for Use of Cash Collateral (the "Motion"):


    I. Case Background


    1. Debtors filed for relief under Chapter 11 of the United States Bankruptcy Code on
    July 21, 2016. The Debtors are operating as debtors-in-possession pursuant to 11 U.S.C. §§1107 and
    1108. The Debtors have filed a motion seeking joint administration of these cases.
    2. This Court has jurisdiction over this matter under 28 U.S.C. § 1334. This is a core
    matter pursuant to 28 U.S.C. § l 57(b)(2)(M).

    II. Secured Debt At Issue


    3. Debtors are Borrowers under that certain "Loan and Security Agreement" (the "Agreement") dated
    September 19, 2014 (as may have been amended or modified) with The PrivateBank and Trust Company
    ("Lender"). Pursuant to the Agreement, Lender provided a Revolving Loan and a Term Loan. As
    of the time of the filing of the Petition, the sum of
    $9,209,631.63 was outstanding under the Agreement. Subsequent to the filing of the Petition,
    Thompson Street Capital Partners III, LP paid Lender the sum of $4,752,626.84 pursuant to a
    guaranty agreement, reducing the outstanding balance of the loans. Accordingly, as of the date
    I




    of the filing of this Motion, the total outstanding balance due to Lender is $4,457,004.79 m
    principal and accrued interest.
    4. The indebtedness owed under the Agreement is secured by substantially all of the Debtors' assets
    (the "Collateral"), including accounts and accounts receivable.
    5. Debtors are not aware of any other person or entity who claims a lien or security interest in
    any of the Debtors' accounts receivable or other assets.
    III. Debtors' Business Operations


    6. Debtor Stone Panels Inc. C'SPI') is a manufacturer of lightweight panelized thin stone cladding
    products. These products are used primarily to clad exterior and interior building facades and are
    a direct substitute for traditional dimensional (or heavy) stone cladding products. The mix of
    business is split between new construction and retrofit/rehab work. Stone Panels is located in
    Coppell, Texas, and has been manufacturing thin stone panel products . Stone Panels
    is the
    7. Debtor Stone Panels Holding Corporation ("Holding") is the holding company for SPI, and
    has no separate operations.
    8. SPl's products are custom and unique, and require long lead times for production. In
    addition to facing manufacturing and scheduling problems, SPl has been faced with cash flow issues
    caused by increased costs that could not be passed through, customer demands for liquidated
    damage payments, and several large unprofitable orders that had been booked with
    small profit margins and complex assembly requirements. SPI has been attempting to restructure
    its operations, reduce costs, create better manufacturing efficiency and increase capacity.



    IV. Need for and Proposed Use of Cash Collateral

    9. Debtors need the revenues generated from the Collateral in order to pay nonnal and
    necessary operating expenses in connection with their business in order to preserve and protect the
    Debtors' business and the Estates and avoid immediate and irreparable injury. A proposed budget is
    attached as Exhibit A. Without the use of cash collateral, Debtors will be unable to operate their
    business and manage their affairs.
    I 0. Debtors propose to use cash collateral in accordance with the proposed Budget up to a
    variance of 10% per line item. 11 U.S.C. § 363 prevents the Debtors from using "Cash Collateral"
    without the consent of the secured party. Counsel for Debtors is reviewing the validity or
    perfection of the liens claimed by Lender on the Collateral, and Debtors are not stipulating at
    this time to the validity or perfection of such liens for the purposes of an interim order.
    However, to the extent such liens and claims are valid and perfected, Lender is adequately
    protected in connection with the Debtors' use of Cash Collateral and continued operations of the
    Debtors' business.
    11. To the extent necessary, and as adequate protection for Debtors' use of cash collateral,
    Debtors propose to grant a post-petition lien and all collateral which was pledged to the
    lienholder and was properly perfected, pre-petition. Other relevant terms of the proposed adequate
    protection are set forth in the proposed order which is served concurrently with this Motion and
    attached hereto as Exhibit B. Debtors respectively request that this Court authorize the use of
    Cash Collateral under 11 U.S.C. § 363 for ordinary and necessary expenses incurred by the Debtors
    to operate, maintain, preserve and protect their business and the Estate. The use of cash
    collateral, pursuant to the terms of the Budget is in the best interests of the Estates and

    the creditors. Debtors have provided notice of this Motion to Lender and its counsel, all parties


    listed on the mailing matrix, and to the United States Trustee in accordance with the Bankruptcy
    Rules and the Local Rules.
    12. Debtors seek interim authority to use cash collateral on an emergency basis and authority to
    use cash collateral upon final hearing of this Motion.
    WHEREFORE, PREMISES CONSIDERED, Debtors respectfully request that this Court authorize the use of
    Cash Collateral as heretofore requested. Debtors request such other and further relief as they may
    show themselves justly entitled.
    Respectfully submitted,
    WALLER LANSDEN DORTCH & DAVIS, LLP
    Last edited by Poor Richards; 07-25-2016 at 09:33 PM.

  3. #3

    Re: Stone Panels Inc in Bankruptcy

    Stone Panels Inc, producers of Stonelite are still not filling customer orders.

    UNITED STATES BANKRUPTCY COURTNORTHERN DISTRICT OF TEXASDALLAS DIVISIONIN RE: STONE PANELS, INC. CASE NO. 16-32856-hdh11
    STONE PANELS HOLDING CORPORATION § CASE NO. 16-32859-bjh11Debtors § (Chapter 11)
    Jointly Administered under § Case No. 16-32856-hdh11NOTICE OF FILING OF UPDATED MASTER LIMITED SERVICE LISTAS OF AUGUST 9, 2016TO THE HONORABLE UNITED STATES BANKRUPTCY JUDGE: COMES NOW, Stone Panels, Inc. and Stone Panels Holding Corporation (collectively,the “Debtors”), debtors and debtors in possession in the above-captioned chapter 11 cases, andfile this Notice of Filing of Updated Master Limited Service List as of August 9, 2016 (the“Updated Master Limited Service List”) pursuant to the Order Granting Debtors’ Motion toLimit Notice [Doc. 33] of the above-captioned cases. This Updated Master Limited Service Listincludes all secured creditors, the 20 largest unsecured creditors, persons filing Notices ofAppearance, all applicable governmental agencies, attorneys for the Debtors’ prepetition andpostpetition secured lenders and those parties having filed a proof of claim with the Court.This Updated Master Limited Service List includes the following changes to the originalMaster Limited Service List filed on August 1, 2016 [Doc. 45]:
    Stone Panels Inc Stonelite

  4. #4

    Re: Stone Panels Inc in Bankruptcy

    Stone Panels Inc Stonelite closing? How many people lost their money? StonePanels.com employees? Suppliers not paid, Stone Panels Inc customers told they will not get their orders?
    In re:
    UNITED STATES BANKRUPTCY COURT
    NORTHERN DISTRICT OF TEXAS
    DALLAS DIVISION
    Chapter 11
    STONE PANELS, INC.,


    STONE PANELS HOLDING CORP. Case No. 16-32859-bjhll
    Debtors Joint Administration Requested
    EMERGENCY MOTION FOR USE OF CASH COLLATERAL
    TO THE HONORABLE HARLIN D. HALE., U.S. BANKRUPTCY JUDGE:
    1. Debtors filed for relief under Chapter 11 of the United States Bankruptcy Code on
    July 21, 2016. The Debtors are operating as debtors-in-possession pursuant to 11 U.S.C. §§1107
    and 1108. The Debtors have filed a motion seeking joint administration of these cases.


    In re:
    UNITED STATES BANKRUPTCY COURT
    NORTHERN DISTRICT OF TEXAS
    DALLAS DIVISION
    Chapter 11
    STONE PANELS, INC.,
    Case No. 16-32856-hdhl 1
    STONE PANELS HOLDING CORP. Case No. 16-32859-bjhll
    Debtors Joint Administration Requested
    EMERGENCY MOTION FOR USE OF CASH COLLATERAL
    TO THE HONORABLE HARLIN D. HALE., U.S. BANKRUPTCY JUDGE:
    The above-captioned debtors and debtors-in possession (collectively, the "Debtors") file
    their Emergency Motion for Use of Cash Collateral (the "Motion"):
    I. Case Background
    1. Debtors filed for relief under Chapter 11 of the United States Bankruptcy Code on
    July 21, 2016. The Debtors are operating as debtors-in-possession pursuant to 11 U.S.C. §§1107
    and 1108. The Debtors have filed a motion seeking joint administration of these cases.
    2. This Court has jurisdiction over this matter under 28 U.S.C. § 1334. This is a core
    matter pursuant to 28 U.S.C. § l 57(b)(2)(M).
    II. Secured Debt At Issue
    3. Debtors are Borrowers under that certain "Loan and Security Agreement" (the
    "Agreement") dated September 19, 2014 (as may have been amended or modified) with The
    PrivateBank and Trust Company ("Lender"). Pursuant to the Agreement, Lender provided a
    Revolving Loan and a Term Loan. As of the time of the filing of the Petition, the sum of
    $9,209,631.63 was outstanding under the Agreement. Subsequent to the filing of the Petition,
    Thompson Street Capital Partners III, LP paid Lender the sum of $4,752,626.84 pursuant to a
    guaranty agreement, reducing the outstanding balance of the loans. Accordingly, as of the date

  5. #5
    Join Date
    Aug 2016
    Posts
    1

    Re: Stone Panels Inc in Bankruptcy

    dota 2 scam i will buy all item this day august 19

  6. #6
    Join Date
    Oct 2016
    Posts
    1

    Review Stone Panels Inc Coppell, TX in Bankruptcy

    Review Stone Panels Inc Coppell TX. Review.
    Wake up - they filed for bankruptcy.
    Deceitful practices.

    Be very careful and think twice before even considering doing business with Stone Panels Inc. Review their past customers. Check out the ones who paid money to the company as deposits and didn't get anything for it.
    We were lead into thinking they were legit. Now we know better. Ask anyone who lost money with their bankruptcy.
    Have been repeatedly told panels would be arriving soon. Never buy from this company again.
    Good luck to the rest of you trying to get your stone or your money back...
    To anyone who hasn't yet ordered from Stone panels Inc......DON'T!

    But don't take my word for it. Before you pay a dime, talk to the victims.
    Review the customer victims: Berkley Homes, Saxs 5th Ave, UPS, Pfizer, Florida Hospital, St James, etc, etc.
    Review the Supplier victims: Labor, quarries, stone suppliers, adhesive suppliers, etc.
    Take a moment to review Stone Panels Inc facts.

    https://www.scribd.com/document/3192...kruptcy-Filing

    https://www.glassdoor.com/Reviews/Em...VW11705601.htm


    Review Stone Panels Inc Chapter 11 Case
    "STONE PANELS, INC.,
    STONE PANELS HOLDING CORP. Case No. 16-32859
    Debtor Stone Panels Inc. C'SPI') is a manufacturer of lightweight panelized thin
    stone cladding products. These products are used primarily to clad exterior and interior building
    facades and are a direct substitute for traditional dimensional (or heavy) stone cladding products.
    The mix of business is split between new construction and retrofit/rehab work. Stone Panels is
    located in Coppell, Texas..."

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