August 31, 2016 11:37 PM ET

Machinery

Company Overview of Boomerang Systems, Inc.

Company Overview

On March 31, 2016, Boomerang Systems, Inc. went out of business as per its Chapter 11 liquidation filing under bankruptcy. Boomerang Systems, Inc. designs, engineers, manufactures, installs, services, and markets automated parking systems. Its RoboticValet system is an omni-directional and battery-powered robot that carries vehicles parked on self-supporting steel trays to and from storage spaces. The company serves residential apartments and condominiums, office complexes, car dealerships, public garages, hospitals, casinos, hotels, airports, service facilities, and universities in the United States and Canada. Boomerang Systems, Inc. is headquartered in Florham Park, New Jersey.

30A Vreeland Road

Suite 150

Florham Park, NJ 07932

United States

29 Employees

Phone:

973-538-1194

Fax:

973-538-1196

Key Executives for Boomerang Systems, Inc.

Boomerang Systems, Inc. does not have any Key Executives recorded.

Boomerang Systems, Inc. Key Developments

Motion for Asset Sale Approved for Boomerang Systems, Inc.

The US Bankruptcy Court gave an order approving the sale of all the assets of Boomerang Systems Inc. on March 24, 2016. The debtor has been authorized to sell substantially all its assets to Game Over Technology, Inc. the stalking horse bidder for a purchase price of $2.53 million of loan waiver and assumption of assumed liabilities in cash. The debtor did not receive any other competing bids for the purchase of its assets and therefore Game Over Technology Inc. emerged as the winning bidder.

Notice of Cancellation of Auction Filed by Boomerang Systems, Inc.

Boomerang Systems Inc. filed a notice of cancellation of auction in the US Bankruptcy Court on March 22, 2016. As per the notice filed, the debtors did not receive an additional qualified bid other than the proposed purchaser’s bid by the bid deadline, hence the debtor will not hold an auction. The debtor has selected Game Over Technology, Inc., stalking horse bidder, as the winning bidder. The sale hearing has been scheduled for March 24, 2016.

Joint Combined First Amended Liquidation Plan and Disclosure Statement Approved for Boomerang Systems, Inc.

The US Bankruptcy Court approved the joint amended plan of liquidation and disclosure statement of Boomerang Systems Inc. and Official Committee of Unsecured Creditors on March 9, 2016. The debtor has filed its amended plan in the Court on January 28, 2016. As per the amended plan, Administrative Claims of $0.6 million, United States Trustee Fees, DIP Facility Claims of $2.25 million, Professional Fee Claims of $0.25 million, Other Priority Claims of $0.21 million and Priority Tax Claims will be paid in full in cash. LSA Claims of $11.89 million will have a recovery of 10% amounting to $1.19 million. General Unsecured Claims of $5.6 million and Customer Claims of $17.19 million will have a recovery of 10% amounting to $0.56 million and $1.72 million respectively. Intercompany Claims of $33.57 million will not receive any distribution. Equity Interests in Boomerang Systems, Inc. will be cancelled and will not receive any distribution. The plan will be funded by cash in hand and sale of assets.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
January 20, 2016
Boomerang Systems, Inc., Substantially All Assets
 

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