The case is not a routine corporate bankruptcy. It combines a British Virgin Islands parent, a large summer-camp portfolio, secured bond debt issued in Tel Aviv, disputed MCA claims, and a court-run asset-sale process on a seasonal clock.
This article covers the business structure, the reasons for the filing, financing and key players, camp sales, and how to check primary records. Facts below reflect sources reviewed as of October 20, 2026. Debtor statements are described as statements, not findings.
Key Takeaways
- Lead case 26-16388 (CMG) covers 61 debtors; the separate DAMIS case is a different proceeding.
- The debtors cite a Series A payment default and MCA exposure above $100 million.
- Interim DIP financing, a creditors' committee, and court-approved camp sales are in place.
- Recoveries, lien priority, and MCA characterization remain unresolved.
SIMAD Holdings' Business, Corporate Structure, and Chapter 11 Case Snapshot
SIMAD Holdings Ltd. is the parent of a U.S. summer-camp enterprise. The chief restructuring officer's first-day declaration includes an organizational chart (Exhibit A) showing the parent, camp-level entities, and minority partners. Exact ownership percentages and camp-by-camp entity pairings should be confirmed against each debtor's petition and schedules.
Court materials describe 30 camps: 8 day camps and 22 sleepaway camps serving children ages 7 to 16. They generally run June through August, so the June filing landed at the start of the operating season. Enrollment totals and customer-deposit balances are not readily available in the cited court materials, so they are not estimated in this snapshot.
SIMAD vs. DAMIS
Two case groups share a court and judge but are separate:
- SIMAD Holdings Ltd.: lead case 26-16388, 61 debtors.
- DAMIS Holdings LLC: lead case 26-16439, 90 debtors, jointly administered under that lead case.
- A debtor called SIMAD Holdings LLC (case 26-16515) sits in the DAMIS group. It is not the SIMAD Holdings Ltd. parent.
Case snapshot (last updated October 20, 2026)
| Item | Detail |
|---|---|
| Petition date | June 4, 2026 (group-level; some petitions may be dated June 5) |
| Court | U.S. Bankruptcy Court, District of New Jersey |
| Judge | Christine M. Gravelle |
| Claims agent | Kroll Restructuring Administration |
| Hearings | October 20 (confirm outcome on the docket); settlement-motion hearing October 26 |
Reported asset and liability figures, debt balances, valuations, and camp counts can change as schedules, appraisals, sale orders, and amended filings arrive.
Why Did SIMAD Holdings File for Chapter 11?
What the CRO says
Assaf Ravid became chief restructuring officer on June 2. In his first-day declaration, he states the debtors were in default on payments due under the Series A debentures as of May 31, and that MCA maturities in early June threatened access to cash. These are the debtors' representations, not court findings.
One caution: that declaration supports a default on payments, not specifically on interest. Confirm in the bond notice before calling it an interest default.
Why MCAs created an immediate threat
The declaration says MCA loans totaled more than $100 million from roughly 42 funders. Many gave lenders ACH access to debtor bank accounts. Even with camps operating normally, an acceleration could have let funders sweep cash needed for payroll and operations.
The debtors also believe the MCA lenders lack perfected interests in account cash. That is a position, not a ruling.
The bonds and the transfer report
The Series A debentures were issued through the Tel Aviv Stock Exchange, which gives the case its cross-border character. The DIP order names Mishmeret Trust Company Ltd. as DIP agent, but the prepetition trustee, coupon, maturity, and collateral are not readily available from the cited docket materials.
On June 2, Globes reported that NIS 100 million of company cash went to private businesses controlled by owners Michael and David Shabsels. The company reportedly called the transfer inadvertent, and its audit committee sought repayment plus 7% interest. This is a media report of a company disclosure. No court finding, regulatory action, or litigation follow-up is readily available in the public record.
Why Chapter 11
Creditors hold different priorities and remedies: bondholders, banks, MCA funders, trade vendors, families with prepaid deposits, and employees. Chapter 11 gave the debtors tools to manage that:
- The automatic stay under 11 U.S.C. § 362 halts collection and enforcement.
- Section 363 governs use of cash collateral and sales.
- Section 364 allows postpetition financing.
- One centralized process replaces creditor-by-creditor enforcement.
How Is the Chapter 11 Case Being Financed and Administered?
Cash collateral and DIP financing
The interim cash-collateral order let the debtors use cash for payroll, payroll taxes, and emergent expenses within its conditions. It reserved lender rights, including those of MCA lenders, and addressed adequate protection. It does not find any MCA lien valid or perfected.
Two financing requests followed:
- Bondholder-group DIP (interim order June 26): capped at $180 million, with up to $60 million new money ($20 million interim, $40 million subject to final approval) and up to $120 million roll-up. Klirmark Opportunity Fund IV LP and Series A bondholders are in the lender group. A cap is not a drawn balance.
- Bank of New Hampshire DIP (motion June 27): up to $30 million, including $10 million new money and $20 million roll-up. A final order or funding for this facility is not readily confirmed on the docket.
Who is involved
The U.S. Trustee appointed an official unsecured creditors' committee on July 9, and no trustee or examiner had been appointed at that point. Other players include the CRO, debtor counsel Cole Schotz, Kroll as claims and noticing agent, the DIP agent, bank and MCA lenders, minority owners, vendors, employees, and customers. Retention orders on the docket confirm which professionals are approved.
Disputes that will shape recoveries
The debtors have reserved rights to challenge the validity, priority, and perfection of liens and to argue that MCA receivables purchases were really loans. Prepetition payments may also face avoidance scrutiny. These issues have not been adjudicated.
On consolidation, Third Circuit law (In re Owens Corning, 419 F.3d 195) sets a demanding standard for substantive consolidation. No such motion or ruling appears in the SIMAD or DAMIS cases. Joint administration alone is administrative and does not pool assets.
A separate cash-management order is not readily available, so claims about account sweeps or processor handling should wait for docket confirmation.
SIMAD Camp Sales and the Current Status of the Bankruptcy Case
The sale process
The court entered a bidding-procedures order on June 26. The original schedule set a July 17 bid deadline, a July 28 auction if needed, a July 31 objection deadline, and an August 4 sale hearing. A stalking-horse notice and asset purchase agreement were filed the same day.
Keep three stages distinct: a signed agreement, a winning bid, and an entered sale order. Only the last is final approval, and closing is separate.
What has been approved
- Law360 reported on August 17 that sales of more than two dozen camps won approval.
- Cole Schotz reported August 11 approvals of about $448.8 million, plus four more camp deals totaling $71.7 million, against a year-end 2025 portfolio appraisal of about $466.6 million.
- Do not add these figures. Their scopes may overlap.
- A supplemental notice on October 14 concerned a Mohawk Day Camp sale. A separate October 19 filing lists Cho Pro Holdings LLC at $8.15 million, but the asset was not identified, so it should not be assumed to be Mohawk.
Unresolved issues
- Law360 reported October 13 a proposed $13 million settlement between secured lenders and unsecured creditors. A hearing was listed for October 26. Approval is not established.
- General claims bar date: August 14, 2026 (passed). Governmental bar date: December 2, 2026.
- Not verified: closing status by camp, deferred camps, objection outcomes, buyer-level prices, and treatment of customer deposits.
- Still open: claims reconciliation, lien and priority disputes, avoidance actions, fee applications, and any plan or liquidation vehicle.
Recoveries for bondholders, lenders, MCA claimants, unsecured creditors, and camp families cannot be predicted without a court-approved distribution.
Status note (October 20, 2026): Check the official docket for the latest hearing, sale, claims, and deadline information instead of relying on an earlier article.
A resource for professionals
BankruptcyData, a U.S. provider founded in 1986, supports research across filings, court activity, stakeholders, restructuring timelines, and outcomes. It offers docket monitoring and alerts, licensed datasets, API delivery, and MCP-based research workflows. It is a research resource for professionals, not a substitute for counsel.
How to Research the SIMAD Holdings Case and Find Primary Documents
Where to start
Begin with the official case portals: Kroll's SIMAD site and the separate DAMIS site. Cross-check against PACER or the CourtListener docket mirror. Then review, in roughly this order:
- Petition and first-day declaration
- Schedules and statements of financial affairs
- Cash-collateral motions and DIP orders
- Bidding-procedures order, sale motions, and sale orders
- Bar-date order, committee filings, and retention applications
Finding asset information
No single consolidated asset list is readily available. Look at each debtor's Schedule A/B (Official Form 206A/B), the first-day declaration's organizational chart, appraisal exhibits, and sale exhibits. Ownership differs by debtor entity.
Verification checklist
- Docket number and filing date
- Debtor entity named
- Document type
- Proposed or entered
- Interim or final
- Any later amendment or superseding order
Kroll communications and scams
Before responding to any notice, confirm the domain (restructuring.ra.kroll.com), case name, deadline, and claim number, and compare the notice with a docket entry. U.S. Courts warns that federal courts do not call or email demanding personal or financial information; see its guidance on federal court scams.
This article is informational, not legal or financial advice. It does not replace the official docket or a qualified professional.
Frequently Asked Questions
Where can I find the Kroll settlement claim form?
Use the SIMAD portal at restructuring.ra.kroll.com/SIMAD under claim filing. The general bar date was August 14, 2026, and the governmental bar date is December 2, 2026. Check the docket for amended forms before submitting.
Why did I get a letter from Kroll Restructuring Administration?
Kroll is the claims and noticing agent. The letter could concern a claim, bar date, or sale notice. Verify the debtor, case number, and a matching docket entry before responding.
Where can I find a PDF list of SIMAD Holdings' assets (including camps)?
Look in each debtor's Schedule A/B, the first-day declaration, appraisal exhibits, and sale orders on PACER or Kroll. A single consolidated list is not readily available, and ownership varies by entity.
When did SIMAD Holdings file for Chapter 11 bankruptcy?
Kroll lists June 4, 2026 for the SIMAD group in the District of New Jersey. Some entities may have filed June 5, so check each petition. The DAMIS case is separate.
What happened to SIMAD Holdings' summer camps after the bankruptcy filing?
Sales of more than two dozen camps were reported approved in August, and sale activity continued into October. Current ownership and operating status of each camp should be confirmed in the sale orders and closing notices.
