Arent Fox Named Unsecured Creditors Committee Counsel in New York Classic Motors, LLC Chapter 11 Bankruptcy
New York Classic Motors, a business unit of Classic Car Club Manhattan, recently filed for Chapter 11 bankruptcy in the Southern District of New York. Founded in 2005 and currently located on Pier 76 in Manhattan, the Classic Car Club Manhattan is a private club where members pay a fee for access to a fleet of vintage, sports, supercars, and new luxury vehicles. Membership packages depend on what a member wants to drive, and how often, plus club fees.
The club occupies space on Pier 76 as a tenant of Hudson River Park Trust, Inc. In March 2021, Governor Cuomo announced plans to make Pier 76 a temporary public park. The club received notice that it needed to vacate the space, even though it had several years remaining on its lease. The club intends to reorganize as it contests the landlord's eviction efforts.
Arent Fox represents clients in financial restructurings; recapitalizations; bankruptcy; strategic litigation; and distressed and stressed asset and corporate acquisitions in various industries throughout the country.