Relevant Document:
Voluntary Petition
Buyk, a mobile app-based grocery delivery service operating in New York and Chicago, filed for chapter 11 protection today in the Bankruptcy Court for the Southern District of New York. While the petition reports $1 million to $10 million in both assets and liabilities, the debtor’s list of largest unsecured creditors attached to the petition includes aggregate claims totaling more than $50 million. The debtor is represented by Akerman in New York. The case number is 22-10328. The case has been assigned to Judge Michael E. Wiles.
CNBC reported this afternoon that Buyk suspended its operations earlier this month after sanctions and restrictions on money leaving Russia cut off Buyk’s funding and put a pending partnership with GrubHub on hold. The start-up had raised $46 million in 2021 from Fort Ross Ventures, CM Ventures and s16vc, the story adds.
The list of largest unsecured creditors includes various claims based on convertible promissory notes held by Grayskies Ltd. ($15 million), MVOF LP ($14.5 million), Citrus ($10 million), FRV ($9 million), Pinkback LLC ($6 million), SBT Venture Fund II, L.P. ($5 million), LVL1 Investments Ltd. ($1 million), Malamet SDN. BHD. ($1 million), Martin Avetisyan ($500,000), Levan Nazarov ($500,000), s16, LP ($410,000), Rusian Balbekov ($200,000), Temur Turdibekov ($200,000) and Oleg Gordienko ($190,000). The largest creditors also include Smart Retail with an $11 million loan claim.
Rodion Shishkov (based in the United Kingdom) and Viacheslav Bocharov (based in Russia) own equal shares of the debtor’s equity.
The petition attaches a March 4 term sheet for prepetition and DIP financing from Legalist DIP GP LLC in the amount of $6.5 million, with the first $5 million prepetition draw to be used solely for the payment of salaries and/or compensation of all employees and couriers (who are independent contractors) and the postpetition draw consisting of the balance of the commitment. The loan would mature six months after the effective date of the loan or the debtor’s exit from bankruptcy.
Reorg First Day is monitoring this case and will provide further coverage as appropriate.