We have the latest update on Loot Crate‘s restructuring. Loot Crate is being acquired by Money Chest LLC, a former investor in a chapter 11 bankruptcy restructuring. Loot Crate contends that they will now have financing for their daily operations and to fulfil past orders.
NOTE: All of Loot Crate subscription boxes are experiencing substantial delays. If you subscribe now you run the risk of never receiving boxes. Only subscribe if you are ok with that risk.
Here’s the full announcement:
Hey Looters,
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
Looter Q&A
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.
We also have the latest Loot Crate subscriptions shipping update – with delays going back as far as January 2019 or further.
Here’s our current policy on Loot Crate spoilers, reviews, and shipping delays:
- We will continue to post reviews of any boxes that do arrive.
- We will continue to post spoilers and other notifications of Loot Crate activity. This helps to preserve our workflow and creates a record. They will not appear on the front page of Hello Subscription.
- All posts regarding Loot Crate will contain the below notice, linking back to this post:
NOTE: All of Loot Crate subscription boxes are experiencing substantial delays. If you subscribe now you run the risk of never receiving boxes. Only subscribe if you are ok with that risk.
- For the time being, we will not be posting any new posts regarding coupons and other sales from Loot Crate.
- It should be further noted that Loot Crate core crate no longer promises a shirt in every box. Additionally, many crates are including past items in the boxes.
- Individual subscribers may experience delays in excess of what’s noted here, especially for the Loot Wear subscriptions.
Here’s a summary of the latest shipping updates on active and cancelled Loot Crate subscriptions:
Active Subscriptions:
Loot Crate: “On Time” (No delay reported yet, expected soon).
Loot Crate DX: June and July 2019 crate delayed. June 2019 crate shipping is scheduled this September, while July 2019 crate is shipping by the end of August. Read more info here and here.
Loot Anime: April, May, and July 2019 crate delayed. Shipping scheduled by the end of August. Read more info here and here.
Loot Gaming: June and July 2019 crate delayed. Shipping scheduled by the end of August for both crates. Read more info here and here.
Loot Socks: May, June, and July 2019 crates delayed. May and June 2019 crates are expected to ship late August, while July 2019 crate is expected to ship by end of October.
Loot For Her: April, May, June, and July 2019 crates delayed. April 2019 is scheduled by the end of July. May and June 2019 crates are expected to ship in September, while July 2019 crate is expected to ship by end of August.
Loot Tees: April, May, June, and July 2019 crates delayed. April and May 2019 crates are expected to ship end of July, June 2019 crate is expected to ship by end of August, and July 2019 will be by the end of September.
Loot Undies : January to July 2019 crates delayed. January to May 2019 crates are delayed with no ship date, June 2019 crate is expected to ship by end of August, and July 2019 crate is scheduled to ship by the end of October. Read more info here.
Loot Wearables: April, June, and July 2019 crates delayed. April 2019 crate is expected to ship mid August, June 2019 crate is expected to ship by end of September, and July 2019 crate will ship early September.
Loot Remix: On Time
WWE Slam Crate: June 2019 crate delayed. Shipping scheduled by August. Read more info here.
Fallout Crate: June 2019 crate delayed. Shipping scheduled by mid-late August. Read more info here.
Hello Kitty and Friends: Summer 2019 crate delayed. Shipping scheduled by the end of July. Read more info here.
Deadpool Club Merc: Summer 2019 crate delayed. Shipping scheduled “SOON”. Read more info here.
Sci-Fi Crate: First Crate shipping this August 2019.
Equip by Loot Gaming: First Crate shipping this Q3 2019.
Rick and Morty Crate: First crate delayed. Estimated shipping is on October 2019.
The Elder Scrolls: First crate delayed. Estimated shipping is on September 2019.
Limited Edition Crates:
Lord of the Rings Crate: First and crate delayed. Crate 1 estimated shipping is on mid-late August 2019, and Crate 2 on mid-late September. Read more infohere.
Adult Swim Crate: Spring crate delayed. Estimated shipping is on September 2019.
Batman 80th Crate: Shipping scheduled this Winter 2019
Marvel 80th Crate: Shipping scheduled this Winter 2019
My Hero Academia: Shipping scheduled this Winter 2019
Cancelled Crates:
Star Trek Mission Crate: Subscription cancelled last January 2019. Remaining crates are expected to be shipped soon. Read more info here and here. [Note that we never received an email about refunds.]
Firefly Cargo Crate: November 2018 to March 2019 delayed. No update since January 2019. Read last info here and here.
Halo Legendary Crate: June 2019 crate delayed. Shipping scheduled by the end of July. Read more info here. Subscribers have until 8/12 to cancel before they are subscribed automatically to Equip by Loot Gaming.
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