Old LC, Inc. (f/k/a Loot Crate, Inc.), et al.

Old LC, Inc. (f/k/a Loot Crate, Inc.), et al.

Case Number: 19-11791 (BLS)

District of Delaware
Vendor Questions and Answers
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Does Loot Crate have enough money to run its business?

Yes, with the new financing in place of up to $10 million from Money Chest LLC, Loot Crate can support operations throughout the process.

When will my past invoice be paid?

Unfortunately, under the U.S. Bankruptcy Code, Loot Crate will not be able to issue payments at this time to suppliers for goods or services provided prior to the August 11, 2019 filing date. Going forward, Loot Crate intends to issue payments within terms to suppliers for goods and services provided on or after the August 11, 2019 filing date.

Can a supplier re-submit past invoices and get paid for them now?

No, under the U.S. Bankruptcy Code, what a company is able to issue payment for in the normal course is based on the date the good or service was received or provided, not the invoice date.  Furthermore, the provisions of the U.S. Bankruptcy Code prohibit re-submitting invoices for goods or services provided prior to the chapter 11 filing date.

How will suppliers be paid for an order where half was delivered or provided pre-petition and the second half won’t be delivered or completed until after the filing?

The Company is able to issue payments per terms for goods provided or services rendered on or after the August 11, 2019 filing date. If the filing date falls in the middle of an order being delivered or provided, the Company will be able to issue payment per terms for the pro-rated portion of the goods provided or services rendered on or after August 11, 2019.

Can I take back my goods?

No.  We understand your frustration, but it is against the law to take back goods without a Court order.  We recommend that you consult with your attorney before taking any such action.

What is a proof of claim?

A “proof of claim” is the form filed with the Bankruptcy Court that provides the details of the creditor’s pre-petition claim.

How do I file a proof of claim form?

Once the Court has confirmed the procedure and deadline for filing claims, you will be mailed a proof of claim form from the Court along with instructions on how to file.  At that time you may wish to consult with an attorney for advice regarding whether you need to file a proof of claim and how to do so.

How long will Loot Crate be in chapter 11?

We expect to complete the sale process in the coming 45 days.

Where can I get additional information about the Chapter 11 filing?

Additional court information is available through our claim agent’s website at https://cases.stretto.com/lootcrate or at toll-free 877.272-4403 and for international callers 949.229-3562.

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