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UNITED STATES BANKRUPTCY COURT 

SOUTHERN DISTRICT OF FLORIDA 

WEST PALM BEACH DIVISION 

In re: 

KRS Global Biotechnology, Inc., Case No. 20-10350-MAM 

 

 Debtor. Chapter 11 

________________________________/ 

EXPEDITED MOTION TO VOLUNTARILY DISMISS CASE 

AND SHORTEN HEARING NOTICE PERIOD 

** Expedited Hearing Requested Pursuant to Local Rule 9075-1 **

Basis for Expedited Relief

The Debtor is a corporation that would qualify for a substantial 

forgivable loan pursuant to the recently-passed Coronavirus 

Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, 

and the Debtor believes it is in the best interest of the estate to 

pursue such loan in order to fund payroll expenses. However, 

in order to receive such forgivable loan, the Debtor must, under 

the CARES Act, certify that it is not a debtor in bankruptcy. 

Therefore, the Debtor wishes to voluntarily dismiss this case as 

quickly as possible. Accordingly, the Debtor requests that the

Court schedule this motion for hearing on an expedited basis on

or before Friday, April 17, 2020. 

Debtor in Possession, KRS Global Biotechnology, Inc. (the “Debtor”), by and through its 

undersigned counsel and pursuant to 11 U.S.C. § 1112(b) and Federal Rule of Bankruptcy 

Procedure 9006(c)(1), requests that the Court dismiss the above-captioned bankruptcy case on an 

expedited basis before twenty-one days has elapsed. In support, the Debtor respectfully states as 

follows: 

BACKGROUND 

1. On January 10, 2020, the Debtor filed a voluntary petition under Chapter 11 of Title 

11 of the United States Code (the “Petition Date”). 

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2. The Debtor is a pharmaceutical manufacturer that employed no less than fortyseven individuals upon the petition date and that had a gross income of over $17 million in 2019. 

3. Pursuant to sections 1107(a) and 1108 of the Bankruptcy Code, the Debtor is 

managing its affairs as a debtor in possession. As of the date hereof, no trustee, examiner, or 

statutory committee has been appointed in this Case. 

4. On April 7, 2020, the Court heard and approved the undersigned counsel’s 

application to represent the Debtor as replacement general bankruptcy counsel. See ECF Nos. 153 

and 155. 

5. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, 

and Economic Security (CARES) Act, P.L. 116-136 to provide economic relief in the midst of the 

Coronavirus pandemic. Among many other things, the CARES Act provides for the provision of 

forgivable loans to small and mid-sized businesses in order to permit those businesses to continue 

to pay employees. 

6. However, Title IV, Section 4003(c)(3)(D)(V) of the CARES Act mandates that any 

business receiving such forgivable loans certify that “the recipient is not a debtor in a bankruptcy 

proceeding[.]” The application form for such forgivable loans also contains a place for applicants 

to make a similar certification. 

7. Having reviewed the applicable provisions of the CARES Act, the Debtor believes 

that, other than being in bankruptcy, it otherwise meets the qualifications to receive a forgivable 

loan under said law, and therefore wishes to apply for and receive a forgivable CARES Act loan 

in the amount of $517,900.00 to pay for payroll expenses. 

8. Based on the posture of this case, dismissal of this chapter 11 case in order to permit 

the Debtor to access significant forgivable credit under the CARES Act will be in the best interest 

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of the estate and will not unfairly prejudice other parties in interest. 

9. Therefore, through this motion, the Debtor seeks the dismissal of this case. 

BASIS FOR RELIEF REQUESTED 

10. The Bankruptcy Code permits a party in interest, such as the Debtor in this case, to 

seek dismissal of a bankruptcy case for cause, provided it is in the best interest of creditors, 11 

U.S.C. § 1112(b), and here, it is in the best interests of creditors, under these very peculiar 

circumstances, to permit the Debtor to voluntarily dismiss this case in order to access a forgivable 

CARE Act loan to pay its employees. 

11. Pursuant to Federal Rule of Bankruptcy Procedure 2002(a)(4), the Court generally 

may not hold a hearing on a motion to dismiss a chapter 11 case on less than twenty-one days’ 

notice. However, under Rule 9006(c)(1), the Court may shorten such required notice for cause. 

The Debtor submits that cause exists in this case to shorten the required notice period so that the 

Court may hear this motion as soon as possible so that the Debtor may quickly apply for and access 

a forgivable CARES Act loan. Specifically, the funding pool for CARES Act forgivable business 

loans is finite, and the Debtor is very concerned that any delay in applying for a CARES Act 

forgivable loan could cause such loan to be denied or reduced due to inadequate funding. 

WHEREFORE, the Debtor respectfully requests the Court hold an expedited hearing on 

this motion and thereafter enter an order dismissing this case.

ATTORNEY CERTIFICATION 

I HEREBY CERTIFY that I am admitted to the Bar of the United States District Court 

for the Southern District of Florida and I am in compliance with the additional qualifications to 

practice in this Court set forth in Local Rule 2090-1(A). 

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CERTIFICATE OF SERVICE 

I HEREBY CERTIFY that a true and correct copy of the foregoing was furnished via 

Notice of Electronic Filing to those parties registered to receive electronic notices in this case on 

April 14, 2020. 

 SHRAIBERG, LANDAU & PAGE P.A. 

 Attorneys for the Debtor 

 2385 NW Executive Center Drive, #300 

 Boca Raton, Florida 33431 

 Telephone: 561-443-0800 

 Facsimile: 561-998-0047 

 bss@slp.law 

 ependergraft@slp.law 

 

 

 By: /s/ Bradley S. Shraiberg 

 Bradley S. Shraiberg Esq. 

 Florida Bar. No. 121622 

 Eric Pendergraft, Esq. 

 Florida Bar No. 91927 

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