Bankruptcy: GPB Holdings II, LP

Form Type: 10-K

Filing Date: 2025-03-27

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000141057825000502

Filing Summary: GPB Holdings II, LP is currently in receivership as per the U.S. District Court's Trial Court Receivership Order on December 8, 2023, which appointed Joseph T. Gardemal III as receiver. The receivership was affirmed by the U.S. Court of Appeals on December 3, 2024. The partnership has divested from most of its assets, including key portfolio companies, and is undertaking a plan to distribute available assets to investors and creditors, which is currently pending approval. Notably, Erus Holdings LLC, a significant asset of GPB, filed for Chapter 7 Bankruptcy protection on November 8, 2023, leading to liquidation of its assets under a trustee. The divestiture of portfolio companies aligns with a strategic shift in operations and has constituted a major impact on financial results, recognized under discontinued operations in financial statements. Liquidation accounting has been adopted since late 2023 due to the imminent nature of the liquidation process. The completion of liquidation is estimated for December 31, 2026, but is subject to dependencies on the court's approval of the proposed plan.

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