FYI – Loot Crate Subscription Updates
First, some crates have started shipping:
We just wanted to give you a quick update: Crates are currently being packed and will be shipping soon! If you subscribed for Loot Wear’s “Binge” apparel, you can expect to receive shipping info shortly, if you haven’t already.
There’s still a lot of catch-up to do on our end as we work with manufacturers, vendors, and shipping teams to get your loot together, and we appreciate your patience as we sort everything out.
As always, getting you your crates is our top priority. Keep an eye on your inbox for updated shipping timelines for your crates. You can also see the most up to date info by logging into your Account and checking the Upcoming Shipments page.
We Love You,
Team Loot Crate
P.S. If you have questions, you can check out our full FAQ at loot.cr/goodnews
Loot Crate also sent out information about the ‘Notice of Chapter 11 Bankruptcy Case’ you will receive:
Here’s some legal stuff you need to know
KEEP AN EYE OUT FOR COURT NOTICES
As you may have heard, on August 11 and August 12, 2019, Loot Crate, Inc. and its affiliates (“Loot Crate” or the “Company”) filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code. Here’s what that means for you: You’re probably going to get some official court notices regarding Loot Crate. Everyone (employees, Looters, suppliers) is getting them. For now, don’t worry, you don’t have to do anything (but you can go to a meeting in Delaware if you want to).
From time to time during the chapter 11 process, you’ll receive official notices from the Bankruptcy Court. As required by the Bankruptcy Court, these notices are being sent to over 212,000 entities and individuals who have a current or past association with Loot Crate or claims against Loot Crate. Employees, Looters, suppliers – just about everyone is getting this info.
Here’s the official notice: The “Notice of Chapter 11 Bankruptcy Cases ,” also referred to as the “Notice of Commencement, ” is a required legal document indicating that Loot Crate, Inc. and three affiliated companies have filed voluntary petitions for chapter 11 reorganization. Simply put, that’s your formal legal notice of the bankruptcy case. The Notice of Commencement provides initial basic information about the filings, including case numbers, and the date of the general meeting of creditors. The Notice of Commencement does not require you to take any action but do keep a lookout for further notices, some of which may require you to take action.
The “General Meeting of Creditors,” also known as the “341 Meeting”, that is referenced in the Notice of Commencement will be held on September 17, 2019 at 10 am (Eastern Time) in the J. Caleb Boggs Federal Building, 844 King Street, Wilmington, DE, 19801.
The General Meeting of Creditors is for informational purposes for the Company’s creditors and is hosted by the United States Trustee. All creditors and potential creditors are invited to attend, but their attendance is not mandatory and failure to attend has no adverse effect on their potential claims against the Company. While everyone is welcome to attend the meeting, you are not required to attend, as no claims or rights will be considered or determined at the meeting.
Please remember that occasionally during Loot Crate’s chapter 11 process, you will receive similar official notices from the Bankruptcy Court. Scroll down for answers to commonly asked Looter questions. For any other questions about the notice and legal information for the cases visit https://cases.stretto.com/
lootcrate or call (877) 272-4403 (toll-free) or (949) 229-3562 (international).
We appreciate your continued support!
Team Loot Crate
Why did I get a “Notice of Commencement” and an invitation to the “General Meeting of Creditors?”
The court requires that these notices are sent to entities and individuals who have a current or past association with Loot Crate or claims against Loot Crate. This means Looters, employees, manufacturers, landlords… lots of people will receive these notices.
Do I have to do anything in response to this notice?
There is no action required on your part.
Are you still selling crates and will I still get the crates I already ordered?
Our top priority right now is getting you your crates, past and future. There’s still a lot of catch-up to do on our end as we work with manufacturers, vendors, and shipping teams to get your loot together. Keep an eye out for updates on your specific crates (and you can always see shipping status on your Account page).
What if I have a claim in the case? Am I required to attend the General Meeting of Creditors?
No. Attendance is not mandatory and failure to attend has no adverse effect on potential claims you may have against the Company. If you want to come, come. If you’d rather stay home, that’s ok, too.
When will I file my claim?
If you have a claim against the Company in its chapter 11 case, you can file your claim at any time by downloading a Proof of Claim form from https://cases.stretto.com/
lootcrate/fileaclaim. However, the deadline, known as the Bar Date, for filing claims against the Company has not been set. Once the Bar Date is set, all potential claim holders will receive an official notice of the deadline and a Proof of Claim with instructions on how to file a claim. For now, you don’t have to do anything.
What are the filing details?
Loot Crate, Inc., Loot Crate Holdings, Inc., LC Funding, Inc. and Loot Crate Parent, Inc. filed for chapter 11 protection on August 11 and August 12,2019 in Wilmington, Delaware. All the legal information can be found at https://cases.stretto.com/
lootcrate or you can call( 877) 272-4403 (toll-free) or (949) 229-3562 (international).
Will I receive more notices regarding the bankruptcy process?
Yes. From time to time during the chapter 11 process, it is likely that you will receive additional notices from the Bankruptcy Court.
Information on the acquisition:
I am writing you with news – Loot Crate is being acquired. Our proposed buyer Loot Crate Acquisition LLC is an affiliate of an existing investor, Money Chest LLC who is providing us with immediate financial support. They know our company well – they have invested in Loot Crate in the past and have been a great partner.
As part of the sale agreement, Loot Crate filed for chapter 11 reorganization. The purpose of the chapter 11 filing is to facilitate the sale of the business and position the company to achieve the delivery times and customer experience you deserve.
You, the Looters, are our top priority. Our existing investor is providing us with up to $10 million in new financing which allows us to continue our daily operations and we intend to fulfill your subscriptions. Look for updates on deliveries soon.
As you are a big part of our Looter family, you will be receiving more communications from us during the sale process. Our goal is to fulfill the promises made to you, and we will be updating you with shipping and delivery dates as soon as we have them.
For information on the process and to answer some questions you might have, please see the FAQ below.
We appreciate your continued support.
Team Loot Crate
LOOTER QUESTIONS AND ANSWERS
Why did Loot Crate file for chapter 11 protection?
Loot Crate filed voluntary petitions under chapter 11 of the United States Bankruptcy Code to implement the sale of its business to Loot Crate Acquisition LLC, an affiliate of existing investor Money Chest LLC, while maintaining operations, continuing to ship goods and fulfill orders.
What does this mean for my subscription?
You do not need to do anything. Our buyer is providing us with new financing which allows us to continue our daily operations and our goal is to fulfill all of your subscriptions (past, present and future). Look for updates on deliveries soon.
Do I need to do anything with my subscription?
No. Your subscription is intact and you do not need to make any changes.
I didn’t get a box like I was supposed to. Will it still come?
Yes. You can expect updates on any past deliveries soon. Thanks for your patience while we sort things out.
Does Loot Crate have enough money to run its business?
We’ve got a commitment for up to $10 million in new financing from our existing investor, Money Chest LLC to support normal operations throughout the brief sale process.
Does the filing impact shipping crates?
Yes, but in a good way. With the new financing, we’re able to finish out crates that had not been shipped. Look for updates on deliveries.
How long will Loot Crate be in chapter 11?
We expect the sale process to be completed in 45 days.
What are the filing details?
Loot Crate, Inc., Loot Crate Holdings, Inc., LC Funding, Inc. and Loot Crate Parent, Inc. filed for chapter 11 protection on August 11, 2019 in Wilmington, Delaware. All the legal information can be found at https://cases.stretto.com/
lootcrate. Toll free (877) 272-4403 or for international callers (949) 229-3562.
We will continue to post subscription updates and shipping updates as we hear about them. Please let us know if we’re missing any information.