David and Michael Shabsels’ camps to open for summer despite bankruptcy, bond default

A bankruptcy judge will allow the 30 camps owned by Simad Holdings to access individual operating accounts so they can pay expenses this summer, according to court filings. New Jersey Bankruptcy Court’s Chief Judge Christine Gravelle’s decision means that the popular summer camps, mostly in the Northeast, can open as expected in late June. A chief restructuring officer, Assaf Ravid, now has operational control, along with the camp directors, of each of the camp companies included in the bankruptcy. Simad owners David and Michael Shabsels defaulted on their first payment to bondholders on May 31, then filed for bankruptcy June []This article originally appeared on The Real Deal. Click here to read the full story.