Archive for month: September, 2025
Planta has emerged from bankruptcy
With the restructuring, eight locations will continue operating, from 18 in May
By Alicia Kelso
September 11, 2025
Planta, a plant-based restaurant concept founded in Toronto, Canada, has emerged from Chapter 11 bankruptcy through a strategic asset sale to New CHG US Holdings.
Planta and 17 affiliates filed for bankruptcy protection in May. With this restructuring, eight locations across North America will continue operating. The remaining locations have closed.
Cassel Salpeter & Co., an independent investment banking firm that provides advisory services to middle market and emerging growth companies, facilitated to sale of assets of CHG US Holdings LLC, parent company of restaurant chain Planta, to New CHG US Holdings, which is a newly formed entity affiliated with Anchorage Capital Group, one of its former creditors. According to court documents, the group acquired the chain for about $7.8 million, mostly in converted debt.
Operating under a portfolio of multiple concepts, including Planta Global, Planta Queen, and Planta Cocina, the concept features vegan cuisine and robust bar programs.
Planta is led by founder and chief executive officer Steven Salm and co-founder and executive chef David Lee. They opened the first location with the goal of expanding “the accessibility and acceptability of plant-based dining,” according to the company’s website.
The company said it strives to operate in a paperless and reduced-waste environment, eliminating paper checks, printed materials, and single-use water bottles, for instance. The menu is focused on seasonal and local produce and varies by location. Some examples include Pad Thai Slaw, Chinese Chick’N Salad, and Japanese Steak.
In its petition from May, Planta listed $50,000 to $100,000 in assets and $10 million to $50 million in liabilities. It cited the pandemic and increased costs for its struggles.
Plant-based and vegan-centric concepts have experienced significant challenges in recent months. Neat Burger recently closed all but two of its locations, following a broader trend of such concepts’ closures, for instance. Kevin Hart’s vegan quick-service chain Hart House also closed all four of its locations in late 2024 after a two-year run. New York City’s landmark restaurant Eleven Madison Park recently began serving meat again after going meatless in 2021.
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The end of de minimis exemption hits air freight industry
By Henry Epp
September 18, 2025
FedEx reports quarterly results later on Thursday, and analysts expect that profits will take a hit, thanks to the end of what’s known as the “de minimis loophole.”
Packages valued under $800 were not subject to import taxes, but the Trump administration took away that exemption earlier this year.
That’s cut off a valuable line of business for FedEx and other companies that had been shipping lots of small packages by plane.
The pandemic was really good to the air freight industry. Consumers stuck at home were doing more online shopping, which fueled the rise of e-commerce companies in China, like Shein and Temu.
Their whole thing was using that de minimis loophole to ship small amounts of cheap goods from China to the U.S. by plane.
“You didn’t have to ship, you know, a container load or a pallet or what have you,” said Joseph Smith with the investment bank Cassel Salpeter.
Instead of putting that pallet on a container ship — which takes weeks (and recall the pandemic-era backlog) — these companies would put a bunch of small packages on a FedEx or UPS plane from China, and “within a couple of days, make it from the distributor or the factory to the consumer,” Smith said.
The air cargo industry loved this, per Derek Lossing, who runs the consulting firm Cirrus Global Advisors.
“They were filling, at times, dozens of 747 charters per day with e-commerce coming out of China,” he said. But the party didn’t last.
In May, the Trump administration ended the de minimis exemption on packages from China and Hong Kong, making them subject to import taxes. Then, it did the same thing for parcels from the rest of the world last month — while also, of course, putting new tariffs on most imports.
“Tariffs are really bad for air freight demand, and the de minimis especially has been borderline catastrophic,” said Ryan Petersen, the CEO of the logistics company FlexPort.
Air freight companies have tried to pivot by flying goods to other parts of the globe. “Capacity has grown quite significantly on China to Europe trade lanes,” Petersen added.
But, he said, that’s not enough to make up for the lost business. “It’s taking a hit on earnings. People in the air freight industry are making a lot less money this year.”
Ultimately, big cargo companies will probably be fine, because the boom in international e-commerce sent by plane is a pretty new phenomenon, according to Samuel Engel, an aviation consultant at ICF.
“It’s not the core of their business,” he said. “It’s not historically been the core of their business, and truthfully, they’re facing bigger issues in the global restructuring of the directions of trade.”
It’s smaller logistics firms that are really taking the punch, said Brandon Fried, head of the Airforwarders Association.
“A few forwarders actually set up facilities to quickly handle these shipments,” he said. “It was like the express lane for small imports.”
Now, he said, those facilities are just sunk cost, unless the Trump administration’s policy changes again.
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Popular Restaurant Chain Closes Majority Of Locations After Bankruptcy
By Jason Hall
September 15, 2025
A popular vegan restaurant chain will close the majority of its locations after surviving Chapter 11 bankruptcy.
Planta, which opened in 2016 and focuses on 100% plant-based dining, will shrink from 18 total locations to eight after a judge signed off on its bankruptcy plan. The company filed for bankruptcy in May and was reported to be facing between $10 million and $50 million in liabilities with almost no assets at the time.
Cassel Salpeter & Co., an independent investment banking firm, facilitated the sale of assets to Planta’s parent company, CHG US Holdings LLC, to New CHC US Holdings, a newly formed company launched in affiliation with Anchorage Capital Group, which was previously one of its creditors, according to Nation’s Restaurant News via The Street. The reported sale was estimated to be for about $7.8 million, most of which converted debt, according to court filings.
Planta still faces a difficult battle as plant-based meat restaurants have struggled to find consistent success in the U.S. market. Several other vegan and plant-based restaurants, including Plum Bistro, Paradox Cafe, Fair Weather, Sage Regenerative Kitchen & Brewery, Veggie Grill and Neat Burger, either closed all locations or faced significant downsizing in 2025.
“Despite hopes that burgers, sausages and chicken made from soy, peas and beans would curb Americans’ love of eating butchered animals – thereby reducing the rampant deforestation, water pollution and planet-heating emissions involved in raising livestock – these alternatives languish at just 1% of the total meat market in the US,” the Guardian reported.
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Tariffs Crush Air Cargo – China-US Volumes Down 60%
By Joey Smith, Director of Aviation Services at Cassel Salpeter
September 10, 2025
On April 2nd 2025, “Liberation Day”, President Trump introduced new sweeping tariffs via Executive Order on America’s global trading partners, upending the international commercial order with a snap of his fingers. This protectionist shift marks a stark departure from the globalist and free trade principles that elevated the United States during the latter half of the 20th century to become the world’s largest economy and its wealthiest nation, despite growing trade deficits and a ballooning national debt. Recent economic pressures such as inflationary risk, shrinking growth forecasts, and declining consumer confidence persist; which has led many to reconsider planned investments and spending.For more in depth analysis, check out Cassel Salpeter’s Aviation Report- available for free download.
These new duties have put significant pressure on the U.S. economy and its thriving aviation industry. The timing proves particularly challenging for the U.S. aviation industry, which was reaching for new heights in 2025, with revenues projected to exceed $1 trillion for the first time. The air cargo sector faces major headwinds within this evolving tariff environment. The elimination of the longstanding $800 de minimis exception for imported goods, combined with increased tariffs, is expected to send air cargo volumes plummeting for low-value e-commerce shipments: a major component of China-U.S. airfreight traffic. Cargo airlines must navigate an increasingly complex landscape of disrupted trade flows as manufacturers and retailers reconfigure supply chains in response to new levies. This will reshape network planning, capacity deployment, and aircraft acquisition strategies among other challenges.
New trade policies introduced by the United States have ushered in a challenging period for the aviation industry, particularly the air cargo and freight sector. The industry was set to build on a record 2024 performance with strong prospects for 2025 and beyond. It would be unfortunate and counterproductive to destabilize this important industry and its complex ecosystem, and we are hopeful that new international trade agreements can be reached with common sense exemptions and reduced levies. Until tariff uncertainties are resolved, it remains difficult to forecast the future of the industry and supply chains. We are cautiously optimistic that the industry will be able to adapt with new routes and strategies to weather the storm, executing a smooth landing after tariff turbulence.
Joey Smith has more than 25 years of experience in the capital markets and securities industry in South Florida.
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Cassel Salpeter Facilitates Reorganization of Eco-Friendly Air Freshener Company Enviroscent Through Chapter 11 Plan
MIAMI – August 26, 2025 – The special situations practice group of Cassel Salpeter & Co. (“Cassel Salpeter”), an independent investment banking firm that provides advisory services to middle market and emerging growth companies in the United States and worldwide, announced that it has successfully assisted in facilitating the reorganization of Enviroscent, Inc. (“Enviroscent”), an eco-friendly air freshener company, through a plan of reorganization under a Chapter 11 bankruptcy proceeding in the U.S. Bankruptcy Court for the Northern District of Georgia.
Headquartered in Atlanta, Georgia, Enviroscent develops and manufactures eco-friendly branded and private label air freshening products sold to consumers via omnichannel and subscription-based offerings. Enviroscent’s patented technology enables the consistent distribution of fragrance without the use of toxic chemicals.
Enviroscent filed for Chapter 11 bankruptcy protection in December 2024 and Cassel Salpeter was engaged by the Debtor to assist in exploring strategic alternatives. Ultimately, the best outcome for the estate was filing a plan of reorganization which allows the company to continue operations, restructure its balance sheet, and return to its former growth trajectory via distribution and licensing opportunities and products under development.
The Cassel Salpeter team was led by Managing Director Philip Cassel, with the assistance of Director Laura Salpeter and Senior Associate Edward Kropf.
The Enviroscent team was led by CEO Kevin Coen with the assistance of CFO Yogi Pai. Cameron McCord of Jones & Walden LLC served as counsel for the debtor.
CASE STUDY: ENVIROSCENT, INC.
- Background: Enviroscent, Inc. (“Enviroscent”), headquartered in Atlanta, GA, is an eco-friendly nontoxic air freshener company manufacturing and selling products for use in the home, car, and more. In December 2024, Enviroscent filed for Chapter 11 bankruptcy protection.
- Cassel Salpeter:
- Served as investment banker to the company
- Conducted a global sales process, identifying and contacting a broad group of more than 140 public and private companies, focused on consumer products, specifically fragrance and air-care goods
- Facilitated management calls and due diligence by interested parties
- Challenges:
- Identifying suitable buyers in a highly-specialized, fragmented market
- Communicating the value of the company’s differentiated brand and nontoxic scent and scent diffusion technology
- Evolving tariff policies disrupted supply chains, making future growth projections challenging to forecast
- Outcome: In August 2025, the court approved Enviroscent’s plan of reorganization, funded by a group of investors.
Cassel Salpeter Facilitates Chapter 11 Sale of Restaurant Chain PLANTA
MIAMI – August 26, 2025 – The special situations practice group of Cassel Salpeter & Co. (“Cassel Salpeter”), an independent investment banking firm that provides advisory services to middle market and emerging growth companies, announced that it has successfully facilitated the sale of substantially all of the assets of CHG US Holdings LLC, parent company of restaurant chain PLANTA, to New CHG US Holdings, LLC, a newly formed entity affiliated with Anchorage Capital Group. The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the District of Delaware.
Founded in Toronto in 2016, PLANTA is a premier operator of upscale, full-service plant-based restaurants across high-profile locations in the United States and Canada. Operating under a portfolio of multiple concepts, including PLANTA Global, PLANTA Queen, and PLANTA Cocina, the brand is recognized for its vegan cuisine, luxurious décor and seating, and vibrant bar programs, with liquor licenses secured at each location. PLANTA elected to file for protection under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware in May of 2025.
Cassel Salpeter was retained by PLANTA to lead an accelerated post-petition marketing process, targeting a broad spectrum of potential strategic and financial buyers. The process generated strong interest from multiple parties, culminating in the selection of a bid received by New CHG US Holdings, LLC,which was determined to offer the best outcome to maximize value for stakeholders and ensure business continuity. As a result of the successful restructuring, eight locations across North America will remain in operation. Additionally, Cassel Salpeter facilitated the sale of ancillary assets, including a newly issued liquor license and lease rights for one location.
The Cassel Salpeter team was led by Chairman James Cassel and Managing Director Philip Cassel, with the assistance of Director Laura Salpeter, Senior Associate Edward Kropf and Associate Charles Davis.
The PLANTA team was led by Steven Salm.Joseph C. Barsalona II, Michael J. Custer and Katherine Beilin of Pashman Stein Walder Hayden P.C.served as counsel for the debtor. Wen Rittsteuer, Alex Cariveau and Logan Brinks of NOVO Advisorsserved as financial advisors to the debtor, with Rittsteuer serving as Chief Restructuring Office of CHG US Holdings LLC.
The committee of unsecured creditors was represented by Peter Hurwitz, Lee Rooney and Jack Poynter of Dundon Advisers LLC as financial advisors. Gianfranco Finizio, Kelly E. Moynihan and Carolyn M. Gauvin of Lowenstein Sandler LLP and Christopher M. Samis, Aaron H. Stulman and Maria Kotsiras of Potter Anderson & Corroon LLP served as counsel for the unsecured creditors.
CASE STUDY: PLANTA GROUP
- Background: CHG US Holdings LLC d/b/a PLANTA GROUP (“Planta”), headquartered in Miami, FL, is an upscale 100% plant-based vegan restaurant group with locations throughout North America. In May 2025, Planta filed for Chapter 11 bankruptcy protection.
- Cassel Salpeter:
- Served as investment banker to the company
- Conducted a global sales process, identifying and contacting a broad group of more than 90 public and private companies focused on hospitality and/or upscale dining
- Provided assistance throughout all phases of the Chapter 11 Section 363 sale process, due diligence, and closing
- Challenges:
- Identifying suitable buyers in a highly-specialized, niche market, with changing consumer preferences
- Communicating the value of the unique vegan dining concept, despite underperforming locations following the COVID-19 pandemic
- Expedited sale process due to limited funding for the bankruptcy
- Outcome: In August 2025, the court approved the sale of certain assets to New CHG U.S. Holdings, LLC (“New CHG U.S. Holdings”), an affiliate of Anchorage Capital Group. Planta plans to continue operating several strong-performing locations across the United States and Canada.
U.S. ends $800 de minimis exemption, imposing duties on all low-value imports, effective August 29
Between 2015-2024, the volume of de minimis shipments into the U.S. rose from 134 million shipments to more than 1.36 billion shipments
By Jeff Berman
August 29, 2025
Effective today, August 29, the de minimis exemption, which allows shipments under $800 sent to the United States to not be subject to tariffs, officially will be removed. That was the edict delivered in a White House executive order in late July.
As previously reported by LM, the White House said that this action, which initially focused on U.S.-bound shipments originating from China and Hong Kong, is being taken to closed what it called a catastrophic loophole used to evade tariffs and funnel deadly synthetic opioids and other unsafe or below-market products that harm American workers and businesses into the U.S.
And it added that effective August 29, “imported goods sent through means other than the international postal network that are valued at or under $800 and that would otherwise qualify for the de minimis exemption will be subject to all applicable duties.”
What’s more, it explained that between 2015-2024, the volume of de minimis shipments into the U.S. rose from 134 million shipments to more than 1.36 billion shipments, with U.S. Customs and Border Protection processing more than 4 million de minimis shipments into the U.S. on a daily basis. And it added that volume from de minimis shipments that are also from countries that historically have not abused the de minimis exemption has seen significant increases, at 309 million in fiscal year 2025, through June 30, whereas they came in at 115 million in fiscal year 2024—which the White House said resulted in significant lost revenue for the U.S.
This executive order followed a May 2 action by the White House in which it suspended the de minimis treatment for low-value packages from China and Hong Kong that it said represent most de minimis shipments entering the U.S., which was expected—and subsequently has—had a major impact on online retailers like Shein and Temu, which rely on sending goods directly to U.S. shoppers without paying tariffs.
In an April 8 executive order, the White House stated that the initially-announced tariff of 30% of an item’s value or $25 per item, whichever is more, would be increased to 90% and $75 or more, effective on or after 12:01 A.M. ET on May 2. And it added that fee per postal item containing goods will be increased from an initially-announced $50 to $150, effective, was set to take effect on or after 12:01 A.M. ET on June 1.
Under the Biden administration, the White House in 2024 said it was taking steps towards changing the rules around imports claiming the $800 de minimis exemption.
Noting that the majority of shipments claiming the import exemption originate from several China-founded e-commerce platforms (like Shein and Temu, among others) the White House proposed changes in which the de minimis exemption might not be allowed for products to which Section 201, 301, and 232 duties might otherwise apply.
What’s more, in the weeks leading up to the removal of the de minimis exemption, various reports indicated that more than 25 countries have suspended outbound postal services to the U.S., due to uncertainties regarding the removal of the de minimis exemption. A China Daily report pointed to confusion and insufficient clarity about implementing the new rules.
In its executive order, the White House stated that with the de minimis exemption no longer applying as of 12:01 AM ET on August 29, commercial low-value shipments, regardless of origin, value, or entry method, will be subject to applicable duties and required to go through formal customs entry.
For non-postal shipments moving through an integrator like UPS, FedEx, or DHL, they now will go through Customs via the Automated Commercial Environment (ACE) and also may require entry filings and bonds. And for shipments moving through international postal services, a duty will be placed on packages based on the tariff rate of the shipment’s country of origin, with a flat fee of $80, $160, or $200 per package contingent on the country’s IEEPA tariff rate.
In an interview, John Haber, Chief Strategy Officer at Transportation Insight, noted that a key driver for the removal of the de minimis exemption was that the White House likely felt as if people were circumventing the effect of it and pushing through low-cost and cheap labor goods into the U.S., essentially flooding the market.
“This should not be too surprising, as it has been sort of telegraphed that this was going to happen,” Haber told LM, adding that when the executive order was issued, it was somewhat surprising to see that the removal of the exemption was going to apply to all nations shipping into the U.S.
Craig Reed, SVP of Global Trade at Toronto-based Avalara, said that the decision by the White to eliminate the longstanding $800 de minimis exemption marks a transformative shift in U.S. trade policy, ending the expedited, duty-free entry of low‑value goods that has been in place since March 2016—adding that with its removal, micro-importers are now subject to formal custom processes, meaning e-commerce platforms and small importers will now need to apply the proper rate of duty for goods shipped to the U.S., regardless of value.
“For businesses, the implications are substantial: tariff impacts, additional handling fees, and more complex customs entry protocols that negatively affect operational agility,” said Reed. “Consumers can expect to see as a result elevated costs and extended delivery timelines for goods purchased from e-commerce merchants. This shift will ripple through supply chains, and the competitive landscape may tilt toward sellers who can absorb or effectively communicate these new burdens. To navigate this new landscape and stay competitive, agility and automation will be crucial. Because these businesses are now responsible for assigning the correct HTS (tariff) code to their products and ensuring compliance with entry requirements, it can be challenging to keep up with the different rules and processes that vary by product, country, and other factors.”
From an air cargo perspective, data from aviation specialist investment bankers Cassel Salpeter observed that air cargo volume between China and the U.S. have fallen 60% since reciprocal tariffs went into effect—which it said has forced a reshaping of global trade routes. It also noted that tariffs are impacting e-commerce bookings, as evidenced by a roughly 50% decline in May.
“The elimination of the $800 de minimis exception for imported goods, combined with increased tariffs, is expected to send air cargo volumes plummeting for low-value e-commerce shipments: a major component of China-U.S. airfreight traffic,” the firm said. “With de minimis exemptions unlikely to return, Chinese e-commerce leaders like Alibaba, Shein, and Temu now send products into the U.S. via bulk sea freight shipments to U.S.-based warehouses and distribution centers, abandoning their use of individual air shipments for direct-to-consumer fulfilment that previously drove cargo aviation growth. There is new reallocation of aircraft from the China-U.S. market to European and other regional routes as cargo airlines reconsider fleet deployment strategies and network planning in response to tariff-induced trade flow changes.”
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