/raid1/www/Hosts/bankrupt/TCR_Public/170102.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Monday, January 2, 2017, Vol. 21, No. 1
Headlines
213 THAMES: Allowed to Use Cash Collateral Through January 31
2424 ESSE: Wants to Use Shore Bank Cash Collateral
32 COLD: Hires Sheila Esmaili as Bankruptcy Counsel
ACP-OFFENBACHERS: Committee Taps Weinstock as Local Counsel
ACTIVECARE INC: Delays 10-K Pending FINRA Approval of Stock Split
AEROPOSTALE INC: Wants Plan Filing Period Moved to March 1
ALPHA NATURAL: Mar-Bow's Objection to Fee Application Dismissed
AMERICAN POWER: Needs More Time to File Fiscal 2016 Form 10-K
ARKANOVA ENERGY: Deregisters 5-Mil. Shares Under 2008 Stock Plan
ARUBA PETROLEUM: Hires Ben Barron as Special Counsel
AWR WHOLESALE: Wants to Continue Using Cash Through June 30
BIOANALYTICAL SYSTEMS: RSM US LLP Raises Going Concern Doubt
BORINQUEN PARKING: Must Pay Over $17K to AEELA, Court Says
BPS US HOLDINGS: Seeks to Hire KPMG as Auditor
C & D PRODUCE: Wants Plan Exclusivity Extended, Unit Mulls Sale
CALIFORNIA ENVIRONMENTAL: Case Summary & 4 Top Unsec. Creditors
CALMARE THERAPEUTICS: Incurs $648,000 Net Loss in Third Quarter
CHIEFTAIN STEEL: Can Use United Cumberland Cash Until Feb. 1
CHINA BAK: Needs More Time to File Fiscal 2016 Form 10-K
CLEANSPARK INC: AMC Auditing Raises Going Concern Doubt
COMMUNITY HEALTH: Egan-Jones Lowers Commercial Paper Rating to C
CONCORDIA INT'L: Head of International Segment Retires
CORE RESOURCE: Seeks to Hire Henry Horne as Financial Advisor
CORWIN PLACE: Bid to Disqualify Premier Bank's Counsel Denied
COSI INC: Amends Purchase Agreement with LIMAB LLC
CREATIVE PRESENTATIONS: Taps Dennis Stamm as Accountant
CREEKSIDE CANCER: Hires Brownstein Hyatt Farber Schreck as Counsel
CYTORI THERAPEUTICS: Appoints Ronald Martell as Director
CYTORI THERAPEUTICS: Inks $20M Purchase Pact with Lincoln Park
DAVIS HOLDING: Court Moves Plan Filing Deadline to February 22
ERF WIRELESS: Suspending Filing of Reports with SEC
ETIENNE ESTATES: Court Partly Corrects Decision on JJAM Claim
EVEN ST. PRODUCTIONS: Seeks to Expand Scope of EC&J Services
FERGUSON CONVALESCENT: Trustee Taps Taunt Law Firm as Counsel
FINAL FOUR FOOD: Taps Dennis Stamm as Accountant
FIRST ONE HUNDRED: ASBPA Has Own Plan, Wants Exclusivity Cancelled
FLORIDA FOREST: Unsecureds To Recover 62% Under Plan
GCBC INC: Hires Spigner & Associates as Counsel
GREAT AMERICAN MINT: Taps GlassRatner's Michael Issa as CRO
GREAT BASIN: Gets Notices of Deferrals from Noteholders
GREEN EARTH: Von Allmen Reports 11.4% Stake as of Dec. 20
GRISHAM FARMS: Seeks to Hire McDowell Rice as Legal Counsel
GULF COAST: Unsecureds To Get $7.5K A Month at 5.1% for 2 Yrs.
HANISH LLC: Court Extends Cash Collateral Use Until Jan. 12
HANJIN SHIPPING: Textainer Seeks Ch. 11 Examiner for U.S. Assets
HCSB FINANCIAL: Amends Form S-1 Resale Prospectus with SEC
HUTCHESON MEDICAL: Trustee Taps Alston & Bird as Counsel
HYPNOTIC TAXI: Mogul Ordered To Surrender 46 Cabs
IHEART MEDIA: Lenders Said to Oppose Exchange Offer
IMH FINANCIAL: IMH Gabella Sells Interests in Minnesota Project
INDUSTRIAL EXPEDITORS: Taps Sheehan Law Firm as Legal Counsel
INDUSTRIAL RIDE: BOA Wants to Prohibit Cash Use
INTELLIPHARMACEUTICS INT'L: To Present at the Biotech Showcase
INTERPACE DIAGNOSTICS: Effects 1-for-10 Reverse Stock Split
IOWA HEALTHCARE: Seeks to Hire Bradshaw Fowler as Legal Counsel
IOWA HEALTHCARE: To Hire A&M Healthcare as Financial Advisor
IOWA HEALTHCARE: To Hire Sugar Felsenthal as Special Counsel
IPAYMENT INC: S&P Lowers CCR to 'CCC-' on Upcoming Loan Maturity
JO-JO HOLDINGS: U.S. Trustee Forms 3-Member Committee
LAKE LOTAWANA: Court Won't Compel Discovery of Mediation Statement
LANDMARK ACADEMY: S&P Affirms 'BB-' Rating on Outstanding Debt
LIVE OAK HOLDING: Trustee Taps Lauren Najor as Bookkeeper
LPATH INC: Stockholders OK Merger Deal with Apollo Endosurgery
MARRONE BIO: Amends $50 Million Securities Prospectus with SEC
MARYVALE HOLDINGS: Hires Arboleda Brechner as Counsel
MERLIN AVIATION: S&P Assigns B+ Rating on Class C Notes
MICHAEL D. COHEN: Cohens Seek Plan Filing Extension Thru April 26
MOBILEDIRECT INC: Gets Approval to Hire Dorsey as Special Counsel
MOBILESMITH INC: Rotler Reports 14.4% Equity Stake
MODULAR SPACE: Seeks to Hire Kurtzman Carson as Claims Agent
MOUNTAIN PROVINCE: CFO Bruce Ramsden Resigns
MOUNTAIN PROVINCE: NASDAQ Ticker Symbol Changed to 'MPVD'
MRP GENERATION: S&P Assigns 'BB-' Rating on $270MM Term Loan
NASTY GAL: Committee Taps B. Riley & Co. as Financial Advisor
NATEL ENGINEERING: S&P Withdraws 'B+' CCR at Issuer's Request
NAUTILUS DEVELOPMENT: Can Continue Using Cash Through January 31
NAUTILUS FUNDING: Allowed to Continue Using Cash Through Jan. 31
NEIMAN MARCUS: Egan-Jones Withdraws 'B+' Sr. Unsecured Ratings
NEOVASC INC: District Court Bars CardiAQ from Enforcing Judgment
NEXT GROUP: Unit Gets $311K from InComm Under Services Pact
NJOY INC: Court Moves Plan Filing Deadline to January 16
NNN 400 CAPITOL: Taps Rubin and Rubin as Special Counsel
NNN 400 CAPITOL: Taps Whiteford Taylor as Legal Counsel
NUTRITION RUSH: Wants Court Approval for Cash Collateral Use
OAKFABCO INC: Can File Chapter 11 Plan Through Feb. 7
OIB LLC: Case Summary & 20 Largest Unsecured Creditors
OMINTO INC: Incurs $10.3 Million Net Loss in Fiscal 2016
ONCOBIOLOGICS INC: Incurs $53.3 Million Net Loss in Fiscal 2016
PARETEUM CORP: Extends Maturity of 2017 and 2018 Debt
PATRIOT ONE: Seeks to Hire Kraemer Manes as Special Counsel
PEACH STATE: Court OK's Appointment of TD Mann As Ch. 11 Trustee
PELICAN REAL ESTATE: Plan Filing Deadline Extended Thru Jan. 5
PERFORMANCE SPORTS: Claims Bar Date Set for February 2017
PETROLEUM GEO-SERVICES: S&P Lowers CCR to 'SD' on Exchange Offer
PHILI EQUITIES: Hires Carlebach Law Office as Counsel
PIONEER HEALTH: Judge OKs Sale of Stokes County Hospital
PJK FAMILY: Hires Streinz Law Office as Counsel
PLASTIC2OIL INC: CEO Provides Review & Update to Shareholders
PRECISION WELDING: Can Use Cash Collateral on Final Basis
PRESSURE BIOSCIENCES: Stockholders Elect Class II Directors
PRESTIGE BRANDS: S&P Affirms 'B+' CCR & Revises Outlook to Neg.
QUINTESS LLC: Panel Hires Kurtzman Carson as Communications Agent
RENNOVA HEALTH: Stockholders Elect Five Directors
RESHETAR REALTY: Seeks to Hire Re/Max as Real Estate Broker
RICEBRAN TECHNOLOGIES: Exec. McKnight Resigns, Inks Contractor Pact
RICEBRAN TECHNOLOGIES: Great Elm Extends Loan Maturity to Jan. 31
RIDGE VILLAS: Seeks to Hire Carman Law Firm as Legal Counsel
ROBINSON PREMIUM: Hires Barg & Henson as Accountants
ROJESIE INC: Seeks to Hire Domingo Espada as Accountant
ROOT9B TECHNOLOGIES: Sold $3.07 Million New Notes on Dec. 22
ROYAL CARIBBEAN: S&P Affirms 'BB+' CCR & Revises Outlook to Pos.
RUDEN MCCLOSKY: Final Checks Mailed to Creditors
RUSTLE HILL: Hires Antonik Law Offices as Attorney
SABLE NATURAL: Hires Joyce W. Lindauer as Counsel
SAMUEL E. WYLY: U.S. Trustee Forms 3-Member Committee
SCOUT MEDIA: Hires Epiq as Notice and Claims Agent
SHIROKIA DEVELOPMENT: Hires DelBello Donnellan as Attorneys
SILGAN HOLDINGS: S&P Affirms BB- Rating on Sr. Unsecured Debt
SINCLAIR'S RESTAURANT: Wants to Use IRS Cash Collateral
SIRGOLD INC: Committee Taps Citrin Cooperman as Accountant
SLM CORP: Egan-Jones Withdraws BB+ Sr. Unsecured Rating
SMARTHEAT INC: Recurring Losses Raise Going Concern Doubt
SPRINGLEAF FINANCE: Egan-Jones Withdraws B- Sr. Unsecured Ratings
STONE ENERGY: Deal Gives Shareholders Plan Ballots, 5% of New Stock
STONE ENERGY: Seeks to Hire Vinson & Elkins as Special Counsel
STONE ENERGY: Unsecureds To Recover 100% Under Plan
STRINGER FARMS: Intends to Use Wells Fargo Cash Collateral
SWAGAT HOTELS: U.S. Trustee Unable to Appoint Committee
THAMES FUNDING: Allowed to Use Cash Collateral Until January 31
THEODORE VENIA: Katz Buying Laguna Niguel Property for $410,000
TPP ACQUISITION: Creditors' Panel Hires Gruber Elrod as Counsel
TRENDSETTER HR: Hires BFS Law Group as Special Counsel
TSALECH HOLDINGS: Hires Joyce W. Lindauer as Counsel
TUMBLEWEED CENTER: Proposed Attorney Gets Wells Fargo's Approval
ULTRA PETROLEUM: Sr. Creditors Seek Ch. 11 Trustee Appointment
VISUALANT INC: AWM Investment Holds 4.9% Stake as of Nov. 30
VISUALANT INC: Delays Filing of Fiscal 2016 Annual Report
WAYSIDE PRODUCTIONS: Texas Workforce To Get $100 A Month For 5 Yrs.
WERTHAN PACKAGING: Hires Resurgence Financial's Murphey as CRO
WESTMORELAND COAL: Enters Into Substitute Energy Purchase Pact
WESTPORT HOLDINGS: U.S. Trustee Forms 7-Member Resident Committee
WHISKEY ONE: Court Declines to Extend Solicitation Period
WILLMAN CONSTRUCTION: Taps John Moeller as Special Counsel
WIRED COFFEE BAR: Taps W. Thomas Bible as Legal Counsel
WONDERWORK INC: Case Summary & 20 Largest Unsecured Creditors
[*] S&P Revises Ratings on Health Care Equipment/Life Sciences Cos.
[^] BOND PRICING: For the Week from December 26 to 30, 2016
*********
213 THAMES: Allowed to Use Cash Collateral Through January 31
-------------------------------------------------------------
Judge James J. Tancredi of the U.S. Bankruptcy Court for the
District of Connecticut authorized 213 Thames, Inc. to use cash
collateral through January 31, 2017.
The Debtor was authorized to use cash generated from its rental
payments from its properties, in an amount not exceeding $9,400.
The approved Budget for January 2017 provides for total monthly
expenses of $8,437.
Dime Savings Bank and RCN Capital have claimed a duly perfected
non-avoidable security interest in the Debtor's properties in
Groton and Gales Ferry, Connecticut, including cash collateral
associated with the real properties.
Dime Savings Bank and RCN Capital were each granted replacement
liens in all after-acquired property of the Debtor, of equal extent
and priority to that which each secured creditor held at the time
the Debtor filed its Chapter 11 petition.
The Debtor was directed to make monthly adequate protection
payments to Dime Savings Bank in the amount of $500, and to RCN
Capital in the amount of $300.
The Debtor was also directed to provide Dime Savings Bank and RCN
Capital a monthly register report from all DIP account showing all
disbursements made, and to make all January 2017 tax payments on or
before January 31, 2017 from the funds previously escrowed in
previous cash collateral orders.
A hearing on the continued use of cash collateral will be held on
January 26, 2017 at 2:00 p.m.
A full-text copy of the Order, dated December 27, 2016, is
available at https://is.gd/pIABT8
About 213 Thames, Inc.
213 Thames, Inc., filed a chapter 11 petition (Bankr. D. Conn. Case
No. 15-21002) on June 5, 2015. The petition was signed by John
Syragakis, president. The Debtor is represented by Peter L.
Ressler, Esq., at Groob Ressler & Mulqueen. The Debtor estimated
assets at $100,001 to $500,000 and liabilities at $50,001 to
$100,000 at the time of the filing.
2424 ESSE: Wants to Use Shore Bank Cash Collateral
--------------------------------------------------
2424 ESSE, LLC requests authorization from the U.S. Bankruptcy
Court for the District of New Jersey to use the cash collateral of
Shore Community Bank on an interim basis, until the Court can make
a final determination at a subsequent hearing.
The Debtor asks the Court to authorize cash collateral use in
accordance with its proposed interim budget, which projects total
cash needs in the aggregate amount of $129,724 for the period from
January 2017 through June 2017.
The Debtor tells the Court that it needs to use cash collateral to
preserve the Debtor's business, tenant relationships, and assets
for the benefit of its estate and creditors, as well as to allow
the Debtor to negotiate and propose a Chapter 11 plan of
reorganization.
The Debtor also asks the Court to fix an administrative carve-out
from Shore Bank's lien in the Property and other collateral
securing Shore Bank's lien in the total amount of $160,000.
The Debtor owns the real property located at 2424 East State Street
Extension, Hamilton Township, NJ 08619. The Property was, at the
time the Debtor's case was filed, which was listed for $4,350,000.
The Debtor contends that prior to the Filing Date, the Property was
actively listed for sale and the Debtor wishes to continue to
market and sell the Property. However, the Debtor cannot do so
without establishing a reasonable budget that permits payment of
the Property's monthly ongoing operating costs while the marketing
efforts continue, otherwise, the Debtor will be in breach of the
property maintenance lease obligations it has to its existing
tenants.
The Debtor anticipates that sale of the Property will generate
sufficient net sale proceeds to allow Debtor to also propose a plan
of repayment to its unsecured creditors, including full
satisfaction of its obligations to Shore Bank from the sale
proceeds.
The Debtor's business consists of leasing office, warehouse and
commercial space in the Property to others. The total amount of
monthly income that is due as rent from the three current tenants
is $32,573. The Debtor contends that AMTRAK has been withholding
payment of the monthly $5,507 common area maintenance charges,
leaving the Debtor with only $27,066 in monthly rent.
The Debtor had previously executed and delivered to Shore Bank a
promissory note in the amount of $2,900,000, secured by a Mortgage
lien on the Debtor's Property, as well as a lien in all of the
Debtor's accounts, inventory, equipment, fixtures, chattel paper,
negotiable instruments, computer equipment and the proceeds of such
assets. In addition, the Debtor believes that Shore Bank also
holds an assignment of rents and leases, either as part of the
Mortgage or as a separately filed and recorded document.
The Debtor submits that the monthly mortgage payment due to Shore
Bank is $25,018, and, as of the Petition Date, the balance due on
the Note and Mortgage was $2,677,494.
The Debtor tells the Court that Shore Bank is adequately protected
because the value of its Property vastly exceeds the amount of
Shore Bank's secured claim, such that there is a sufficient equity
cushion in the property alone to fully secure Shore Bank's secured
claim.
The Debtor intends to provide Shore Bank with replacement
post-petition liens on the same assets and in the same priority as
Shore Bank holds on pre-petition assets as adequate protection, in
exchange for the Debtor's use of cash collateral.
A full-text copy of the Debtor's Motion, dated December 27, 2016,
is available at http://tinyurl.com/hdct44o
A full-text copy of the Proposed Order and Budget, dated December
27, 2016, is available at http://tinyurl.com/zqxe8zj
About 2424 ESSE, LLC
2424 ESSE, LLC filed a Chapter 11 petition (Bankr. D.N.J. Case No.
16-34422), on December 27, 2016. The Petition was signed by Tammy
Alvarez-Olmeda, owner. The case is assigned to Judge Kathryn C.
Ferguson. The Debtor is represented by William Mackin, Esq., at
Sherman Silverstein Kohl Rose & Podolsky of Moorestown, New Jersey.
The Debtor disclosed total assets of $4.37 million and total
liabilities of $2.96 million.
No trustee or examiner has been appointed in this case. No official
committee of unsecured creditors has been appointed in this case.
32 COLD: Hires Sheila Esmaili as Bankruptcy Counsel
---------------------------------------------------
32 Cold, LLC seeks authorization from the U.S. Bankruptcy Court for
the Central District of California to employ Law Offices of Sheila
Esmaili as general bankruptcy counsel.
The Debtor requires Ms. Esmaili to:
a. advise the Debtor regarding matters of bankruptcy law and
concerning the requirements of the Bankruptcy Code, and Bankruptcy
Rules relating to the administration of this case, and the
operation of the Debtor's estate as a debtor in possession;
b. represent the Debtor in proceedings and hearings in the
court involving matters of bankruptcy law;
c. assist in compliance with the requirements of the Office
of the United States trustee;
d. provide the Debtor legal advice and assistance with
respect to the Debtor's powers and duties in the continued
operation of the Debtor's business and management of property of
the estate;
e. assist the Debtor in the administration of the estate's
assets and liabilities;
f. prepare necessary applications, answers, motions, orders,
reports and/or other legal documents on behalf of the Debtor;
g. assist in the collection of all accounts receivable and
other claims that the Debtor may have and resolve claims against
the Debtor's estate;
h. provide advice, as counsel, concerning the claims of
secured and unsecured creditors, prosecution and/or defense of all
actions; and
i. prepare, negotiate, prosecute and attain confirmation of
a plan of reorganization.
The firm will be paid at these hourly rates:
Sheila Esmaili, Esq. $350
Law Clerk and Paralegal $200
Sheila Esmaili, Esq., has associated Sanaz Bereliani, Esq., an
attorney at Bereliani Law Firm, as an associate attorney to assist
in the handling of this bankruptcy case. Sanaz Bereliani, Esq.,
will charge the Debtor for her services at the rate of $350 per
hour.
Prior to the chapter 11 petition date, the firm received a $20,000
retainer from the Debtor's regular operating account for this
Chapter 11 case. This retainer fee included the filing fee for
$1,717.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Sheila Esmaili, Esq., of The Law offices of Sheila Esmaili assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
The firm is regularly associated with the Bereliani Law Firm
pursuant to Federal Rules of Bankruptcy Procedure 9001(10).
The firm may be reached at:
Sheila Esmaili, Esq.
The Law Offices of Sheila Esmaili, Esq.
1875 Century Park East, Suite 1340
Los Angeles, CA 90067
Tel: 310.734.8209
E-mail: SE.Law.Esq@gmail.com
-and-
Sanaz Bereliani, Esq.
Bereliani Law Firm
11400 W. Olympic Blvd, Suite 200
Los Angeles, CA 90064
Tel: 310.734.8209
E-mail: SE.Law.Esq@gmail.com
About 32 Cold, LLC
32 Cold, LLC filed a Chapter 11 bankruptcy petition (Bankr. C.D.
Cal. Case No. 16-24890) on November 9, 2016. The Hon. Ernest M.
Robles presides over the case.
In its petition, the Debtor estimated $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. The petition
was signed by Ashlee Smith, CFO.
ACP-OFFENBACHERS: Committee Taps Weinstock as Local Counsel
-----------------------------------------------------------
The official committee of unsecured creditors of ACP-Offenbachers,
LLC seeks approval from the U.S. Bankruptcy Court for the District
of Maryland to hire a local counsel.
The Debtor proposes to hire The Law Offices of Weinstock, Friedman
& Friedman, P.A. The hourly rates charged by the firm are:
Richard Hutson $300
Partners $450
Paralegals $150
Richard Hutson, Esq., the attorney designated to represent the
Debtor, disclosed in a court filing that his firm is
"disinterested" as defined in section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Richard I. Hutson, Esq.
Weinstock, Friedman & Friedman, P.A.
10461 Mill Run Circle, Suite 550
Owings Mills, MD 21117
Tel: 410-559-9000
Fax: 410-559-9009
About ACP-Offenbachers
ACP-Offenbachers, LLC t/a Offenbachers filed a Chapter 11 petition
(Bankr. D. Md. Case No. 16-24106) on Oct. 24, 2016. The petition
was signed by Boyd Lipham, chief executive officer. The Debtor is
represented by Joel I. Sher, Esq., at Shapiro Sher Guinot &
Sandler. The case is assigned to David E. Rice. The Debtor
estimated assets and liabilities at $1 million to $10 million at
the time of the filing.
Judy A. Robbins, U.S. Trustee for Region 4, on Nov. 3 appointed
five creditors of ACP-Offenbachers, LLC t/a Offenbachers to serve
on the official committee of unsecured creditors. The committee
members are: (1) Anne C. Mattson; (2) Steven Loewenthal; (3)
Jocelyn G. Chavez; (4) Blair Fernau, Manager; and (5) Stephen E.
Ifeduba.
ACTIVECARE INC: Delays 10-K Pending FINRA Approval of Stock Split
-----------------------------------------------------------------
ActiveCare, Inc., filed with the Securities and Exchange Commission
a Form 12b-25 notifying the delay in the filing of its annual
report on Form 10-K for the year ended Sept. 30, 2016.
On Nov. 1, 2016, the Company filed a Certificate of Amendment to
its Certificate of Incorporation to effectuate a 1-for-500 reverse
stock split. Approval of the reverse stock split by the Financial
Industry Regulatory Authority is anticipated shortly. The Company
said it is awaiting FINRA approval before filing the Form 10-K so
that all share equity information reported in the annual report
(including the audited financial statements) correctly reflects the
effect of the reverse stock split.
About ActiveCare
South West Valley City, Utah-based ActiveCare, Inc., develops and
markets products for monitoring the health of and providing
assistance to mobile and homebound seniors and the chronically
ill.
ActiveCare is organized into three business. The Stains and
Reagents segment is engaged in the business of manufacturing and
marketing medical diagnostic stains, solutions and related
equipment to hospitals and medical testing labs. The CareServices
segment is engaged in the business of developing, distributing and
marketing mobile health monitoring and concierge services to
distributors and customers. The Chronic Illness Monitoring segment
is primarily engaged in the monitoring of diabetic patients on a
real time basis.
ActiveCare reported a net loss of $12.8 million on $6.59 million of
chronic illness monitoring revenues for the year ended
Sept. 30, 2015, compared with a net loss of $16.4 million on $6.10
million of chronic illness monitoring revenues for the year ended
Sept. 30, 2014.
As of June 30, 2016, ActiveCare had $1.91 million in total assets,
$21.01 million in total liabilities and a total stockholders'
deficit of $19.10 million.
Tanner LLC, in Salt Lake City, Utah, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Sept. 30, 2015, citing that the Company has recurring losses,
negative cash flows from operating activities, negative working
capital, negative total equity, and certain debt that is in
default. These conditions, among others, raise substantial doubt
about its ability to continue as a going concern.
AEROPOSTALE INC: Wants Plan Filing Period Moved to March 1
----------------------------------------------------------
Aeropostale, Inc. and its affiliated Debtors presented before the
U.S. Bankruptcy Court for the Southern District of New York a
proposed order extending the Debtors' exclusive plan filing period
through and including March 1, 2017, and extending the Debtors'
exclusive solicitation period through and including April 30, 2017.
A hearing will be held on January 9, 2017 at 10:00 a.m. for the
Court to consider the Debtor's proposed Order. Any responses or
objections are required to be filed and received no later than
January 4, 2017.
About Aeropostale, Inc.
Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of
casual apparel and accessories, principally serving young women and
men through its Aeropostale(R) and Aeropostale Factory(TM) stores
and website and 4 to 12 year-olds through its P.S. From Aeropostale
stores and website. The Company provides customers with a focused
selection of high quality fashion and fashion basic merchandise at
compelling values in an exciting and customer friendly store
environment. Aeropostale maintains control over its proprietary
brands by designing, sourcing, marketing and selling all of its own
merchandise. As of May 1, 2016 the Company operated 739
Aeropostale(R) stores in 50 states and Puerto Rico, 41 Aeropostale
stores in Canada and 25 P.S. from Aeropostale(R) stores in 12
states. In addition, pursuant to various licensing agreements, the
Company's licensees currently operate 322 Aeropostale(R) and P.S.
from Aeropostale(R) locations in the Middle East, Asia, Europe, and
Latin America. Since November 2012, Aeropostale, Inc. has operated
GoJane.com, an online women's fashion footwear and apparel
retailer.
Aeropostale, Inc., and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016. The petitions were signed
by Marc G. Schubac, senior vice president, general counsel and
secretary.
The Debtors listed total assets of $354.38 million and total debts
of $390.02 million as of Jan. 30, 2016.
The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc., as restructuring advisor; Stifel, Nicolaus &
Company, Inc., and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors; Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.
Judge Sean H. Lane is assigned to the cases.
The U.S. trustee for Region 2 on May 11, 2016, appointed seven
creditors of Aeropostale Inc. to serve on the official committee of
unsecured creditors. The Committee hired Pachulski Stang Ziehl &
Jones LLP as counsel.
ALPHA NATURAL: Mar-Bow's Objection to Fee Application Dismissed
---------------------------------------------------------------
Judge Kevin R. Huennekens of the United States Bankruptcy Court for
the Eastern District of Virginia granted McKinsey Recovery &
Transformation Services, U.S., LLC's motion to dismiss Mar-Bow
Value Partners LLC's objection to McKinsey's final fee application
in the case captioned IN RE: ALPHA NATURAL RESOURCES, INC., et al.,
Case no. 15-33896-KRH (Bankr. E.D. Va.).
McKinsey has filed a final application for compensation for
services rendered, reimbursement of expenses incurred, and payment
of holdbacks. Mar-Bow objected, asking the Court to reconsider its
previous findings that McKinsey is a "disinterested person" and
that McKinsey has complied with disclosure requirements under
Bankruptcy Rule 2014.
McKinsey RTS filed a motion to dismiss Mar-Bow's objection pursuant
to Bankruptcy Rule 7012(b)(6) for failure to state a claim upon
which relief can be granted.
Judge Huennekens granted McKinsey's Motion to Dismiss. The judge
found that Mar-Bow lacks standing to file its Objection on the
matter because Mar-Bow will not suffer any "injury in fact"
resulting from the Court's ruling on the Final Fee Application of
McKinsey RTS. But even if Mar-Bow did have standing, Judge
Huennekens found that the Court would lack subject matter
jurisdiction to decide the issues raised in the Objection
concerning whether McKinsey RTS complied with Bankruptcy Rule 2014
and whether McKinsey RTS is a "disinterested person" because
Mar-Bow has appealed these issues to the District Court.
A full-text copy of Judge Huennekens's December 20, 2016 memorandum
opinion is available at
http://bankrupt.com/misc/vaeb15-33896-3664.pdf
About Alpha Natural Resources
Headquartered in Bristol, Virginia, Alpha Natural --
http://www.alphanr.com/-- is a coal supplier, ranked second
largest among publicly traded U.S. coal producers as measured by
2014 consolidated revenues of $4.3 billion. As of August 2015,
Alpha had 8,000 full time employees across many different states,
with UMWA representing 1,000 of the employees.
Alpha Natural Resources, Inc. (Bankr. E.D. Va. Case No. 15-33896)
and its affiliates filed separate Chapter 11 bankruptcy petitions
on Aug. 3, 2015, listing $9.9 billion in total assets as of June
30, 2015, and $7.3 billion in total liabilities as of June 30,
2015.
The petitions were signed by Richard H. Verheij, executive vice
president, general counsel and corporate secretary.
Judge Kevin R. Huennekens presides over the cases.
David G. Heiman, Esq., Carl E. Black, Esq., and Thomas A. Wilson,
Esq., at Jones Day serve as the Debtors' general counsel. Tyler
P. Brown, Esq., J.R. Smith, Esq., Henry P. (Toby) Long, III, Esq.,
and Justin F. Paget, Esq., serve as the Debtors' local counsel.
Rothschild Group is the Debtors' financial advisor. Alvarez &
Marshal Holdings, LLC, is the Debtors' investment banker. Kurtzman
Carson Consultants, LLC, is the Debtors' claims and noticing
agent.
The U.S. Trustee for Region 4 appointed seven creditors of Alpha
Natural Resources Inc. to serve on the official committee of
unsecured creditors. Dennis F. Dunne, Esq., Evan R. Fleck, Esq.,
and Eric K. Stodola, Esq., at Milbank, Tweed, Hadley & McCloy LLP;
and William A. Gray, Esq., W. Ashley Burgess, Esq., and Roy M.
Terry, Jr., Esq. at Sands Anderson PC, represent the Committee.
Alpha Natural Resources on July 7, 2016, said its plan of
reorganization has been confirmed by the Bankruptcy Court. On July
26, Alpha Natural Resources and its affiliates emerged from Chapter
11 bankruptcy protection. The reorganized company is a smaller,
privately held company operating 18 mines and eight preparation
plants in West Virginia and Kentucky.
AMERICAN POWER: Needs More Time to File Fiscal 2016 Form 10-K
-------------------------------------------------------------
American Power Group Corp filed a Form 12b-25 with the Securities
and Exchange Commission notifying the delay in the filing of its
annual report on Form 10-K for the period ended Sept. 30, 2016.
According to the Company, additional time is required in order to
prepare and file its Form 10-K. The Company further represents
that the Form 10-K will be filed by no later than the 15th calendar
day following the date on which the Form 10-K was due.
The Company anticipates reporting revenues from continuing
operations of approximately $1.9 million for the fiscal year ended
Sept. 30, 2016, as compared to approximately $3 million for the
fiscal year ended Sept. 30, 2015. Because the Company's dual fuel
technology displaces higher cost diesel fuel with lower cost and
cleaner burning natural gas, the recent decrease in oil/diesel
pricing has impacted the timing of dealer restocking orders and the
implementation schedules of existing and prospective customers in
the near term due to the current tighter price spread between
diesel and natural gas.
The Company anticipates reporting an operating loss from continuing
operations of approximately $5.3 million fiscal year ended Sept.
30, 2016, as compared to an operating loss from continuing
operations of approximately $4.3 million for the fiscal year ended
Sept. 30, 2015.
During the fiscal year ended Sept. 30, 2016, the Company
anticipates reporting interest and financing expenses of
approximately $2,811,000 as compared to approximately $836,000 for
the fiscal year ended Sept. 30, 2015. The increase was due to
increased borrowings and interest rates and additional non-cash
financing expense of $1,560,000 resulting from the recognition of
the discount upon conversion of the contingent convertible
promissory notes and a $447,000 loss on the extinguishment of bank
debt.
During the fiscal year ended Sept. 30, 2015, the Company
retroactively implemented, as of Oct. 1, 2013, the correction of an
accounting error relating to the valuation of certain warrants
containing anti-dilution adjustment provisions issued in
conjunction with private placements of 10% Convertible Preferred
Stock in 2012 and 2014. As a result of this correction, the
Company anticipates reporting non-cash warrant valuation income of
approximately $0.2 million for the fiscal year ended Sept. 30,
2016, as compared to non-cash warrant valuation income of
approximately $5.8 million for the fiscal year ended Sept. 30,
2015.
As a result of the forgoing information, the Company anticipates
reporting a net loss of approximately $7.6 million as compared to
net income of approximately $0.5 million for the fiscal year ended
Sept. 30, 2015.
In addition, as a result of the operating losses incurred to date,
the Company anticipates reporting a net working capital deficit of
approximately $.50 million at Sept. 30, 2016, as compared to a
working capital deficit of approximately $3.0 million at Sept. 30,
2015.
About American Power Group
American Power Group's alternative energy subsidiary, American
Power Group, Inc., provides a cost-effective patented Turbocharged
Natural Gas conversion technology for vehicular, stationary and
off-road mobile diesel engines. American Power Group's dual fuel
technology is a unique non-invasive energy enhancement system that
converts existing diesel engines into more efficient and
environmentally friendly engines that have the flexibility to run
on: (1) diesel fuel and liquefied natural gas; (2) diesel fuel and
compressed natural gas; (3) diesel fuel and pipeline or well-head
gas; and (4) diesel fuel and bio-methane, with the flexibility to
return to 100 percent diesel fuel operation at any time. The
proprietary technology seamlessly displaces up to 80% of the
normal diesel fuel consumption with the average displacement
ranging from 40 percent to 65 percent. The energized fuel balance
is maintained with a proprietary read-only electronic controller
system ensuring the engines operate at original equipment
manufacturers' specified temperatures and pressures. Installation
on a wide variety of engine models and end-market applications
require no engine modifications unlike the more expensive invasive
fuel-injected systems in the market. See
http://www.americanpowergroupinc.com/
As of June 30, 2016, American Power had $10.23 million in total
assets, $9.62 million in total liabilities and $610,000 in total
stockholders' equity.
American Power reported a net loss available to common stockholders
of $1.04 million on $2.95 million of net sales for the year ended
Sept. 30, 2015, compared to a net loss available to common
stockholders of $920,066 on $6.28 million of net sales for the year
ended Sept. 30, 2014.
"As of June 30, 2016, we had $434,894 in cash, cash equivalents and
restricted certificates of deposit and a working capital deficit of
$2,617,097. The accompanying financial statements have been
prepared on a basis that assumes we will continue as a going
concern and that contemplates the continuity of operations,
realization of assets and the satisfaction of liabilities and
commitments in the normal course of business. We continue to incur
recurring losses from operations, which raises substantial doubt
about our ability to continue as a going concern unless we secure
additional capital to fund our operations as well as implement
initiatives to reduce our cash burn in light of lower
diesel/natural gas price spreads and the impact it has had on our
business as well as the slower than anticipated ramp of our flare
capture and recovery business. The accompanying financial
statements do not include any adjustments that might result from
the outcome of the uncertainty," as disclosed in the quarterly
report for the period ended June 30, 2016.
ARKANOVA ENERGY: Deregisters 5-Mil. Shares Under 2008 Stock Plan
----------------------------------------------------------------
Arkanova Energy Corp filed with the Securities and Exchange
Commission a post-effective amendment No. 1 on Form S-8 relating to
the registration statement on Form S-8 of the Company filed with
the SEC on April 27, 2010. Pursuant to the Registration Statement,
the Company registered certain shares of its common stock issued or
issuable pursuant to its 2008 amended stock option plan.
The Company filed the Post-Effective Amendment to deregister
5,000,000 shares, being all of the shares registered under the
Registration Statement that remain unissued as of Dec. 29, 2016.
The Company is deregistering the Shares because it does not expect
the holders of the outstanding stock options granted pursuant to
its 2008 amended stock option plan will exercise the stock options
and any future issuances of shares of its common stock pursuant to
its 2008 amended stock option plan are expected to be occur in
reliance on one or more exemptions from the registration
requirements of the Securities Act of 1933.
About Arkanova
Austin, Tex.-based Arkanova Energy Corporation is a junior
producing oil and gas company and is also engaged in the
acquisition, exploration and development of prospective oil and
gas properties. It holds mineral leases in Delores County, Lone
Mesa State Park, Colorado and leasehold interests located in
Pondera and Glacier Counties, Montana.
Arkanova reported a net loss of $3.32 million on $452,686 of total
revenue for the year ended Sept. 30, 2015, compared to a net loss
of $3 million on $844,303 of total revenue for the year ended Sept.
30, 2014.
As of June 30, 2016, Arkanova had $2.23 million in total assets,
$19.0 million in total liabilities and a total stockholders'
deficit of $16.7 million.
MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Sept. 30, 2015, citing that the Company has incurred
cumulative losses since inception and has negative working capital,
which raises substantial doubt about its ability to continue as a
going concern.
ARUBA PETROLEUM: Hires Ben Barron as Special Counsel
----------------------------------------------------
Aruba Petroleum, Inc., seeks authorization from the U.S. Bankruptcy
Court for the Eastern District of Texas to employ the law office of
Ben Barron as special counsel for the Debtor.
The Debtor believes a variety of legal matters exist as to the
assets and liabilities of the estate which require legal
assistance, specifically the Debtor was involved in litigation
against Wolverine Directions Drilling, along with general corporate
counsel representation.
The Debtor will compensate Ben Barron, Esq. $350 per hour for his
services.
The Firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Ben Barron, Esq., sole member of the law office of Ben Barron,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
The Firm may be reached at:
Ben K. Barron, Esq.
Law Office of Ben Barron
4516 Lover Lane, Suite 280
Dallas, TX 75225
Tel: 214-855-6632
About Aruba Petroleum
Aruba Petroleum, Inc. sought protection under Chapter 11 of
the
Bankruptcy Code (Bankr. E. D. Texas Case No. 16-42121) on
November 22, 2016. The petition was signed by James Poston,
president.
At the time of the filing, the Debtor disclosed $0 in assets
and
liabilities totaling $4.67 million.
AWR WHOLESALE: Wants to Continue Using Cash Through June 30
-----------------------------------------------------------
AWR Wholesale Inc. seeks authorization from the U.S. Bankruptcy
Court for the Southern District of New York to continue using cash
collateral.
As of the Petition Date, the Debtor operated from a retail store
located at 436 Lafayette Street, New York, New York. The Debtor
vacated the NY Premises and is currently operating from premises at
1012 Grand Street, Hoboken, New Jersey.
The Debtor's proposed six-month Budget covers the period from
December 17, 2017 through June 30, 2017, and reflects the Debtor's
projected total operating disbursements in the aggregate amount of
$247,488 and total restructuring expenses in the approximate total
amount of $50,850.
The Debtor seeks authorization to use cash collateral to fund
operating expenses necessary to continue the operation of its
business, to maintain the estate, to maximize the return of its
assets, and to avoid irreparable harm and injury to its business
and its estate.
The Debtor also intends to use cash collateral for payment of the
secured post-petition rent claim of the Landlord for the NY
Premises in the sum of $24,058 from the proceeds of an auction.
The Debtor is holding $28,839 proceeds from the auction sale.
The Debtor owned assets totaling $1,278,149 while the Debtor's
secured tax liabilities totaled $102,828 with general unsecured
liabilities in the sum of $484,284, as of the Petition Date.
The Debtor believes that by using cash collateral, it can continue
to operate its business during its Chapter 11 case, which will be
beneficial to its creditors.
The Debtor proposes to grant to taxing authorities a replacement
lien on assets acquired after the Petition Date, to the same
extent, validity, and priority as existed on the Petition Date.
The Debtor asserts that there is substantial equity in its
inventory such that allowing the Debtor to use cash collateral in
accordance with the proposed Budget will not impair the taxing
authorities claim or claim.
A full-text copy of the Debtor's Motion, dated December 20, 2016,
is available at https://is.gd/zLha0u
A copy of the Debtor's Proposed Budget is available at
https://is.gd/iGLCI5
About AWR Wholesale
AWR Wholesale Inc, sought protection under Chapter 11 (Bankr.
S.D.N.Y. Case No. 16-11691) on June 9, 2016. The petition was
signed by Alan Moss, president. The case is assigned to Judge James
L. Garrity, Jr. The Debtor estimated assets of $1 million to $10
million and debts of $100,000 to $500,000.
The Debtor is represented by Gilbert A. Lazarus, Esq., at Law
Office of Gilbert A. Lazarus, PLLC. The Debtor employs Martin
Wolfson as its tax consultant; and Kamelot Auctions and Appraisals
as its auctioneer.
No official committee of unsecured creditors has been appointed in
the case.
BIOANALYTICAL SYSTEMS: RSM US LLP Raises Going Concern Doubt
------------------------------------------------------------
Bioanalytical Systems, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
net loss of $3.23 million on $20.44 million of total revenues for
the fiscal year ended September 30, 2016, compared to a net income
of $1.10 million on $22.70 million of total revenues for the fiscal
year ended September 30, 2015.
RSM US LLP states that the Company is operating under forbearance
arrangements with respect to its credit agreements, and has not
been able to secure adequate alternative financing. In addition,
the Company has current liabilities in excess of its current
assets. This raises substantial doubt about the Company's ability
to continue as a going concern.
The Company's balance sheet at September 30, 2016, showed total
assets of $21.14 million, total liabilities of $13.68 million, and
a stockholders' equity of $7.46 million.
A full-text copy of the Company's Form 10-K is available at:
https://is.gd/S9B6ih
Bioanalytical Systems, Inc., is an international contract research
organization based in West Lafayette, Indiana. The Company's
clients and partners include pharmaceutical, biotechnology,
academic and governmental organizations.
BORINQUEN PARKING: Must Pay Over $17K to AEELA, Court Says
----------------------------------------------------------
Judge Brian K. Tester of the United States Bankruptcy Court for the
District of Puerto Rico granted the motion filed by the creditor,
Asociacion de Empleados del Estado Libre Asociado de Puerto Rico
(AEELA), for an order requiring Borinquen Parking Services Inc. to
pay post petition rent and granting an administrative expense claim
pursuant to 11 U.S.C. section 503(a) in the total amount of
$17,022.38.
On April 1st, 2012, Borinquen Parking Services Inc. and AEELA
executed two lease agreements over two nonresidential properties to
be used as parking facilities. Pursuant to these agreements,
Borinquen's total combined rent obligation to AEELA for each month
was $18,986.50. This amount included, the base rent for Lease #1
in the amount of $11,686.50, and for Lease #2 in the amount of
$7,300.00, in addition to a delinquency penalty of one percent 1%
in the event of arrears.
On April 1, 2015, the agreements expired and Borinquen continued to
lease the premises on a month to month basis. Borinquen filed for
Chapter 11 relief on February 4, 2016. Borinquen maintained
possession and occupancy of the leased premises until February 29,
2016.
Through their motion, AEELA requested payment from Borinquen in the
amount of $18,986.50 for post-petition rent pursuant to the expired
lease agreements as an administrative expense pursuant to 11 U.S.C.
section 503(a). In response to AEELA's request, Borinquen argued
that the rents were due on the first day of each month, and since
Borinquen's voluntary petition was filed on the 4th day of
February, said rents fall within the pre-petition timeframe, and
are thus excluded as an administrative expense pursuant to Section
503(a).
Judge Tester held that the rent accrued by Borinquen from February
1 to February 3, 2016 is considered pre-petition. However, the
judge also held that the rent accrued from the petition filing date
of February 4, 2016, to the date Borinquen vacated the premises on
February 29, 2016, results in 26 days of post-petition rent
obligations for the month of February 2016 being due and owing as
administrative expenses. Calculating 26 days of rent obligations
on a per diem basis from a total monthly amount due of $18,986.50,
gives a prorated amount due of $17,022.38. Therefore, the judge
concluded that the total administrative expense being requested by
AEELA should be reduced by $1,964.12 which represents the three
days of February that are part of Borinquen's accrued pre-petition
rent.
A full-text copy of Judge Tester's December 22, 2016 opinion and
order is available at
http://bankrupt.com/misc/prb16-00791-11-143.pdf
About Borinquen Parking Services
Borinquen Parking Services, Inc. administers commercial property
for parking services, which consists of various parking lots.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 16-00791) on February 4, 2016. The
petition was signed by Jose Rivera Garcia, president.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $500,000.
BPS US HOLDINGS: Seeks to Hire KPMG as Auditor
----------------------------------------------
BPS US Holdings Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Delaware to hire KPMG LLP as auditor.
KPMG will provide these auditing services related to the Chapter 11
cases of BPS US Holdings and its affiliates, including Performance
Sports Group Ltd:
(a) audit the Debtors' consolidated financial statements
including the year ended May 31, 2016;
(b) issue a written report on the Debtors' consolidated
financial statements which is to be included in the
annual report for the year ended May 31, 2016; and
(c) perform tests of the accounting records to provide a
basis for the Debtors' opinion on the consolidated
financial statements;
(d) assess the accounting policies used and significant
estimates made by the Debtors' management and evaluate
the overall consolidated financial presentation;
(e) read the other information in the Form 10-K and consider
whether it is materially inconsistent with the
information (or the manner of its presentation) appearing
in the consolidated financial statements;
(f) obtain an understanding of internal control sufficient to
plan the audit and to determine the nature, timing, and
extent of audit procedures to be performed;
(g) review the condensed consolidated statements of financial
position of the Debtors for the quarter ending August 31,
2015, November 30, 2015, and February 29, 2016, and the
related condensed consolidated statements of
comprehensive income, changes in equity, and cash flows
for the quarterly and year-to-date periods then ended;
(h) report to the Debtors' audit committee prior to issuance
of the audit report; and
(i) read minutes, if any of audit committee meetings for
consistency with KPMG's understanding of the
communications made to the audit committee.
The hourly rates charged by the firm for these services are:
Partners/Managing Directors $403 - $587
Senior Managers $334 - $495
Managers $288 - $380
Senior Associates $242 - $345
Associates $138 - $207
KPMG will also review one-off transactions related to acquisitions
and other non-routine transactions, and will perform special
audit-related projects.
The majority of fees to be charged by KPMG for the review of
one-off transactions reflect a reduction of about 39% from its
normal and customary rates. The discounted hourly rates are:
Partners/Managing Directors $534 - $778
Senior Managers $443 - $656
Managers $382 - $503
Senior Associates $321 - $458
Associates $183 - $260
The hourly rates charged by the firm for the special audit-related
projects reflect a reduction of about 9% from its normal and
customary rates:
Partners/Managing Directors $797 - $1,161
Senior Managers $660 - $979
Managers $569 - $751
Senior Associates $478 - $683
Associates $273 - $387
David Wilson, a certified public accountant and a KPMG partner,
disclosed in a court filing that his firm is a "disinterested
person" as defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
David B. Wilson
KPMG LLP
Two Financial Center
60 South Street
Boston, MA 02111
Tel: +1 617 988 1000
Fax: +1 617 507 8321
About Performance Sports
Exeter, N.H.-based Performance Sports Group Ltd. (NYSE: PSG) (TSX:
PSG) -- http://www.PerformanceSportsGroup.com/-- is a developer
and manufacturer of ice hockey, roller hockey, lacrosse, baseball
and softball sports equipment, as well as related apparel and
soccer apparel. Its products are marketed under the BAUER, MISSION,
MAVERIK, CASCADE, INARIA, COMBAT and EASTON brand names and are
distributed by sales representatives and independent distributors
throughout the world. In addition, the Company distributes its
hockey products through its Burlington, Massachusetts and
Bloomington, Minnesota Own The Moment Hockey Experience retail
stores.
On Oct. 31, 2016, Performance Sports Group Ltd. and certain of its
affiliates have filed voluntary petitions under Chapter 11 of the
Bankruptcy Code in the District of Delaware and commenced
proceedings under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice.
The U.S. Debtors are: BPS US Holdings Inc.; Bauer Hockey, Inc.;
Easton Baseball/Softball Inc.; Bauer Hockey Retail Inc.; Bauer
Performance Sports Uniforms Inc.; Performance Lacrosse Group Inc.;
BPS Diamond Sports Inc.; and PSG Innovation Inc.
The Canadian Debtors are: Performance Sports Group Ltd.; KBAU
Holdings Canada, Inc.; Bauer Hockey Retail Corp.; Easton Baseball
/Softball Corp.; PSG Innovation Corp. Bauer Hockey Corp.; BPS
Canada Intermediate Corp.; BPS Diamond Sports Corp.; Bauer
Performance Sports Uniforms Corp.; and Performance Lacrosse Group
Corp.
The Debtors have hired Paul, Weiss, Rifkind, Wharton & Garrison LLP
as counsel; Young Conaway Stargatt & Taylor, LLP as co-counsel;
Stikeman Elliott LLP as Canadian legal counsel; Centerview LLP as
investment banker to the special committee; Alvarez & Marsal North
America, LLC, as restructuring advisor; Joele Frank, Wilkinson,
Brimmer, Katcher as communications & relations advisor; KPMG LLP as
auditors; Ernst & Young LLP as CCAA monitor; and Prime Clerk LLC as
notice, claims, solicitation and balloting agent.
Andrew R. Vara, Acting U.S. Trustee for Region 3, on Nov. 10
appointed three creditors of BPS US Holdings, Inc., parent of
Performance Sports, to serve on the official committee of unsecured
creditors. The creditors' committee retained by Blank Rome LLP as
counsel, Cassels Brock & Blackwell LLP as Canadian co-counsel, and
Province Inc. as financial advisor.
The U.S. Trustee appointed a committee of equity security holders.
The equity committee is represented by Natalie D. Ramsey, Esq., and
Mark A. Fink, Esq., at Montgomery, McCracken, Walker & Rhoads, LLP;
and Robert J. Stark, Esq., Steven B. Levine, Esq., James W. Stoll,
Esq., and Andrew M. Carty, Esq., at Brown Rudnick LLP.
* * *
The Bankruptcy Court for the District of Delaware and the Ontario
Superior Court of Justice have granted the Company approval of,
among other things, the bidding procedures and "stalking horse" bid
protections in connection with a "stalking horse" asset purchase
agreement, under which an acquisition vehicle to be co-owned by an
affiliate of Sagard Capital Partners, L.P. and Fairfax Financial
Holdings Limited, intends to acquire substantially all of the
assets of the Company and its North American subsidiaries for
US$575 million in aggregate and assume related operating
liabilities.
Interested parties must submit qualified bids to acquire
substantially all of the assets of the Company no later than
January 25, 2017. The auction is set for January 30, 2017. A
final sale approval hearing is expected to take place shortly after
completion of the auction with the anticipated closing of the
successful bid to occur by the end of February 2017, subject to
receipt of applicable regulatory approvals and the satisfaction or
waiver of other customary closing conditions.
C & D PRODUCE: Wants Plan Exclusivity Extended, Unit Mulls Sale
---------------------------------------------------------------
C & D Produce Outlet, Inc. requests the U.S. Bankruptcy Court for
the Southern District of Florida to extend through and including
April 17, 2017, the period within which the Debtors have the
exclusive right to file a chapter 11 plan and grant a reciprocal
60-day extension of the exclusive period to obtain acceptances of
any plan through and including June 16, 2017.
The Debtor, C&D Outlet North, Inc desires to sell the real property
and/or business operations located at 8915 North Military Trail,
Palm Beach Gardens, FL. The sale will be accompanied by a Plan of
Reorganization to take advantage of significant tax savings, and as
such, the sale will generate more available funds to be distributed
to creditors.
Accordingly, the Debtor requests that the exclusivity deadline be
extended to allow the sale of the property to take place and to
move forward in an orderly, efficient and cost effective manner to
maximize the value of the Debtor's assets.
About C & D Produce Outlet, Inc.
C & D Produce Outlet, Inc., and C & D Produce Outlet - South, Inc.,
filed separate chapter 11 petitions (Bankr. S.D. Fla. Case Nos.
16-15760 and 16-15764) on April 21, 2016. The petitions were
signed by Carol Saldana, the Debtors' president. The Debtors are
represented by Craig I. Kelley, Esq., at Kelley & Fulton, P.L. The
Debtors tapped Mary P. Rodgers, CPA, of Ackerman Rodgers CPA, PLLC,
as accountant. At the time of the filing, C & D Produce Outlet,
Inc. estimated assets at $0 to $50,000 and liabilities at $100,000
to $500,000; C & D Produce Outlet - South, Inc. estimated assets at
$0 to $50,000 and liabilities at $500,000 to $1 million.
CALIFORNIA ENVIRONMENTAL: Case Summary & 4 Top Unsec. Creditors
---------------------------------------------------------------
Debtor: California Environmental Forensic Inspections, LLC
PO BOX 9146
Pittsburg, CA 94565
Case No.: 16-43524
Chapter 11 Petition Date: December 28, 2016
Court: United States Bankruptcy Court
Northern District of California (Oakland)
Judge: Hon. William J. Lafferty
Debtor's Counsel: Stephen M. Sirota, Esq.
LAW OFFICES OF STEPHEN M. SIROTA
3180 Crow Canyon Place #255
San Ramon, CA 94583
Tel: (925) 355-1555
E-mail: sirotalaw@yahoo.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Nafeth S Iriqat, authorized
representative.
A copy of the Debtor's list of four unsecured creditors is
available for free at http://bankrupt.com/misc/canb16-43524.pdf
CALMARE THERAPEUTICS: Incurs $648,000 Net Loss in Third Quarter
---------------------------------------------------------------
Calmare Therapeutics Incorporated filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $648,393 on $465,000 of product sales revenue for the
three months ended Sept. 30, 2016, compared to a net loss of $1.06
million on $197,204 of product sales revenue for the three months
ended Sept. 30, 2015.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss of $2.63 million on $716,250 of product sales revenue
compared to a net loss of $2.84 million on $405,154 of product
sales revenue for the same period during the prior year.
As of Sept. 30, 2016, Calmare had $3.98 million in total assets,
$16.64 million in total liabilities, all current, and a total
stockholders' deficit of $12.65 million.
Financial Condition and Liquidity
"Our liquidity requirements arise principally from our working
capital needs, including funds needed to sell our current
technologies and obtain new technologies or products, and protect
and enforce our intellectual property rights, if necessary. We
fund our liquidity requirements with a combination of cash on hand,
debt and equity financing, sales of common stock and cash flows
from operations, if any. At September 30, 2016, the Company had
outstanding debt in the form of promissory notes with a total
principal amount of $6,059,000 and a carrying value of $5,908,000.
"Our future cash requirements depend on many factors, including
results of our operations and marketing efforts, results and costs
of our legal proceedings, and our equity financing. To achieve and
sustain profitability, we are implementing a corporate
reengineering effort, which commenced on September 26, 2013 under
the direction of the Company's president & CEO, Mr. Conrad Mir.
This plan design will change the inherent design of the current
distributor network and focus on opportunities within the US
Departments of Defense (the "DOD") and Veterans Affairs ("VA"), and
set out to upgrade the Company’s current U.S. Food and Drug
Administration ("FDA") clearance designation for the Calmare Device
to approval. Although we cannot be certain that we will be
successful in these efforts, we believe the combination of our cash
on hand and revenue from executing our strategic plan will be
sufficient to meet our obligations of current and anticipated
operating cash requirements.
"At September 30, 2016, cash was $7,000, as compared with $50,000
at December 31, 2015. Net cash used in operating activities was
($1,243,000) for the nine months ended September 30, 2016 as
compared to ($1,136,000) for the nine months ended September 30,
2015, primarily reflecting an increase in debt discount
amortization and use of inventory offset by a decrease in net loss,
non-cash equity expenses, prepaid expenses and accounts payable.
"There was no investing activity year to date in 2016 and minimal
activity in 2015.
"Net cash provided by financing activities was $1,200,000 for the
nine months ended September 30, 2016 as compared to $1,180,000 for
the nine months ended September 30, 2015, primarily as a result of
the Company's debt and equity financing activities in both
periods.
"We currently have the benefit of using a portion of our
accumulated net operating losses ("NOLs") to eliminate any future
regular federal and state income tax liabilities. We will continue
to receive this benefit until we have utilized all of our NOLs,
federal and state. However, we cannot determine when and if we
will be profitable enough to utilize the benefit of the remaining
NOLs before they expire."
Going Concern
The Company has incurred operating losses since fiscal 2006 and has
a working capital deficiency at September 30, 2016. During the
three and nine months ended September 30, 2016 and 2015, the
Company had a significant concentration of revenues from sales of
our Calmare Devices. The Company said it continues to seek revenue
from new and existing technologies or products to mitigate the
concentration of revenues, and replace revenues from expiring
licenses on other technologies.
"Although we have taken steps to significantly reduce operating
expenses going forward, even at these reduced spending levels,
should the anticipated increase in revenue from sales of Calmare
Devices and other technologies not occur, the Company may not have
sufficient cash flow to fund operations through 2016 and into 2017.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.
"The Company's continuation as a going concern is dependent upon
its developing recurring revenue streams sufficient to cover
operating costs. The Company does not have any significant
individual cash or capital requirements in the budget going
forward. If necessary, the Company will meet anticipated operating
cash requirements by further reducing costs, issuing debt and /or
equity, and / or pursuing sales of certain assets and technologies
while we pursue licensing and distribution opportunities for our
remaining portfolio of technologies. There can be no assurance
that the Company will be successful in such efforts. To return to
and sustain profitability, we must increase our revenue through
sales of our Calmare Devices and other products and services
related to the Devices. Our recent contract with the U.S.
Government over five years will significantly improve our revenue
streams. Failure to develop a recurring revenue stream sufficient
to cover operating expenses would negatively affect the Company's
financial position," the Company stated in the quarterly report.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/Gz3pVv
About Calmare Therapeutics
Calmare Therapeutics Incorporated, formerly known as Competitive
Technologies, Inc., provides distribution, patent and technology
transfer, sales and licensing services focused on the needs of its
customers and matching those requirements with commercially viable
product or technology solutions. Sales of the Company's Calmare(R)
pain therapy medical device continue to be the major source of
revenue for the Company.
Calmare reported a net loss of $3.67 million on $891,000 of product
sales for the year ended Dec. 31, 2015, compared to a net loss of
$3.41 million on $1.04 million of product sales for the year ended
Dec. 31, 2014.
Mayer Hoffman McCann CPAs, in New York, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company has incurred operating
losses since fiscal year 2006 and has a working capital and
shareholders' deficiency at Dec. 31, 2015. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
CHIEFTAIN STEEL: Can Use United Cumberland Cash Until Feb. 1
------------------------------------------------------------
Judge Joan A. Lloyd of the U.S. Bankruptcy Court for the Western
District of Kentucky authorized debtor Chieftain Steel, LLC to use
the cash collateral.
United Cumberland Bank consented to the Debtor's use of cash
collateral through February 1, 2017.
The Debtor was authorized to use cash collateral solely to pay
normal trade payables, payroll, insurance premiums, taxes and
utilities that are necessary to preserve and maintain the assets
and business operations of the Debtor during the period of December
31, 2016 through February 1, 2017.
The Debtor borrowed money and received other financial
accommodations from United Cumberland, and granted United
Cumberland security interests and liens on, among other things, all
of the Debtor's accounts receivable, inventory, equipment, chattel
paper, general intangibles and real estate.
As of the Petition Date, the Debtor's outstanding indebtedness to
United Cumberland Bank is:
Loan #75110 $2,390,281
Loan #75441 $ 753,551
Loan #755803 $ 548,346
The Debtor was directed to make interest only payments to United
Cumberland under Loan # 75110 and Loan # 75441, in the total amount
of $9,250 per month. The Debtor was further directed to make
interest and principal payments to United Cumberland under loan
#755803 in the total amount of $3,500 per month.
United Cumberland was granted first priority postpetition
replacement security interests and liens upon all of the
post-petition property of the Debtor that is similar to the
property on which it held its pre-petition liens.
United Cumberland was also granted an administrative expense claim,
which will have priority over any and all administrative expenses
of the kind specified in section 507(a)(1) of the Bankruptcy Code,
in the event that the adequate protection granted to United
Cumberland fails to adequately protect its interests in the cash
collateral.
United Cumberland's post-petition liens on the postpetition
collateral of the Debtor will at all times be senior to the rights
of all other persons, including, without limitation, the Debtor and
any successor trustee in the case or any subsequent case under the
Bankruptcy Code, but subject only to the Carve-Out, which consists
of any, fees, costs, disbursements, charges and expenses of
attorneys, accountants and other professionals of: (a) the Debtor,
in the aggregate amount of $20,000 per month, and (b) the Committee
which will not exceed $20,000 per month.
The Debtor was required to maintain a collateral base consisting of
the cash collateral in an amount not less than $750,000, and
adequate insurance on its assets including, general liability
coverage naming United Cumberland as a Lender's loss payee.
A full-text copy of the First Amended Final Order, dated December
27, 2016, is available at http://tinyurl.com/hr5fmvz
About Chieftain Steel & Floyd Industries
Chieftain Steel, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Ky. Case No. 16-10407) on May 2, 2016.
The Debtor tapped Constance G. Grayson, Esq., at Gullette &
Grayson, PSC, and Dinsmore & Shohl LLP as bankruptcy attorneys.
The Official Committee of Unsecured Creditors retained Fox
Rothschild LLP as its legal counsel, Bingham Greenebaum Doll LLP as
its local counsel, and Phoenix Management Services, LLC as its
financial advisor.
Floyd Industries, LLC, filed a Chapter 11 petition (Bankr. W.D. Ky.
Case No. 16-10837) on Sept. 19, 2016, and is represented by Travis
Kent Barber, Esq., at Barber Law PLLC, in Lexington, Kentucky. At
the time of filing, Floyd Industries had estimated assets and
liabilities of $1 million to $10 million.
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of Floyd Industries LLC, an
affiliate of Chieftain Steel LLC, as of Nov. 25, according to a
court docket.
The Chapter 11 cases of Chieftain Steel and Floyd Industries are
jointly administered.
Chieftain Steel, LLC and its debtor-affiliates employ Kerbaugh &
Rodes, CPAs as accountant and advisor.
CHINA BAK: Needs More Time to File Fiscal 2016 Form 10-K
--------------------------------------------------------
China Bak Battery, Inc., filed a Form 12b-25 with the Securities
and Exchange Commission notifying the delay in the filing of its
annual report on Form 10-K for the year ended Sept. 30, 2016.
"The registrant has not finalized its financial statements for the
fiscal year ended September 30, 2016. As a result, the registrant
is unable to file its Form 10-K within the prescribed time period
without unreasonable effort or expense. The registrant anticipates
that it will file the Form 10-K within the fifteen-day grace period
provided by Exchange Act Rule 12b-25."
About China BAK
China BAK Battery conducted business through BAK International
Limited and its subsidiaries that produced prismatic cells,
cylindrical cells, lithium polymer cells and high power lithium
batters. The BAK International business was foreclosed on
June 30, 2014. Consequently, China BAK is looking to develop,
manufacture and sell energy high power lithium batteries primarily
for electric vehicles when its Dalian, China manufacturing
facilities start to operate in the first quarter of 2015.
China BAK reported net profit of US$15.9 million for the year
ended Sept. 30, 2015, compared to net profit of US$37.8 million
for the year ended Sept. 30, 2014.
As of June 30, 2016, the Company had US$82.5 million in total
assets, US$67.4 million in total liabilities and US$15.1 million in
total shareholders' equity.
Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Sept. 30, 2015, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of Sept. 30, 2015. All these
factors raise substantial doubt about its ability to continue as a
going concern.
CLEANSPARK INC: AMC Auditing Raises Going Concern Doubt
-------------------------------------------------------
CleanSpark, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
$2.54 million on $82,031 of revenues for the fiscal year ended
September 30, 2016, compared to a net loss of $3.48 million on $nil
of revenues for the fiscal year ended September 30, 2015.
AMC Auditing in Las Vegas, Nev., states that the Company has
minimal revenues, has incurred recurring losses and recurring
negative cash flow from operating activities, and has an
accumulated deficit which raises substantial doubt about its
ability to continue as a going concern.
The Company's balance sheet at September 30, 2016, showed total
assets of $33.02 million, total liabilities of $357,421, and a
stockholders' equity of $32.66 million.
A full-text copy of the Company's Form 10-K is available at:
https://is.gd/N5wYwl
CleanSpark, Inc., is in the business of acquiring, licensing and
marketing patents and technology to create sustainable energy for
its energy customers.
COMMUNITY HEALTH: Egan-Jones Lowers Commercial Paper Rating to C
----------------------------------------------------------------
Egan-Jones Ratings, on Dec. 19, 2016, lowered the rating on
commercial paper issued by Community Health Systems Inc. to C from
B.
Community Health Systems Inc. is a Fortune 500 company based in
Franklin, Tennessee. It is the largest provider of general hospital
healthcare services in the United States in terms of number of
acute care facilities.
CONCORDIA INT'L: Head of International Segment Retires
------------------------------------------------------
Concordia International Corp. announced that effective Jan. 1,
2017, John Beighton will retire from his current role as president
of the Company's International segment.
Graeme Duncan, currently managing director for the segment, will
replace Mr. Beighton as President. Mr. Beighton will remain with
Concordia as a board member of the Company's International segment,
where he will continue to be available to provide strategic advice
to the International business.
"We are grateful to John for his contribution towards building a
global business with significant product and geographic diversity,
and we wish him well in his retirement," said Allan Oberman, chief
executive officer of Concordia. "As we look ahead, we are
confident that Graeme's deep knowledge of the industry and his
broad strategic experience will help him thrive in his new
leadership role."
Mr. Duncan joined Amdipharm Mercury Limited (now Concordia's
International segment) in 2015 as global marketing director and
vice president, Commercial UK and Ireland. He was promoted to
managing director in 2016 and was responsible for the general
management of the segment.
Mr. Duncan has worked for 20 years in the life sciences sector
within the areas of strategy, sales and marketing, and management.
Prior to Concordia, Mr. Duncan held senior management roles in
GlaxoWellcome, GlaxoSmithKline, IVAX Pharmaceuticals and Healthcare
at Home.
Concordia's International segment operates as an international
specialty pharmaceutical company, supplying a broad portfolio of
branded and generic prescription medicines to wholesalers,
hospitals and pharmacies in more than 100 countries.
About Concordia
Concordia is a diverse, international specialty pharmaceutical
company focused on generic and legacy pharmaceutical products and
orphan drugs. The Company has an international footprint with
sales in more than 100 countries, and has a diversified portfolio
of more than 200 established, off-patent molecules that make up
more than 1,300 SKUs. Concordia also markets orphan drugs through
its Orphan Drugs Division, consisting of Photofrin for the
treatment of certain rare forms of cancer.
Concordia operates out of facilities in Oakville, Ontario and,
through its subsidiaries, operates out of facilities in Bridgetown,
Barbados; London, England and Mumbai, India.
As of Sept. 30, 2016, Concordia had US$4.22 billion in total
assets, US$3.92 billion in total liabilities and US$301.04 million
in total shareholders' equity.
* * *
As reported by the TCR on Nov. 17, 2016, Moody's Investors Service
downgraded the ratings of Concordia International Corp. including
the Corporate Family Rating to 'Caa1' from 'B3' and the Probability
of Default Rating to 'Caa1-PD' from 'B3-PD'. "The downgrade
follows continued weakness in the business, an uncertain
competitive environment, and an unclear and challenging path
towards deleveraging," said Jessica Gladstone, Moody's senior vice
president.
CORE RESOURCE: Seeks to Hire Henry Horne as Financial Advisor
-------------------------------------------------------------
Core Resource Management Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Arizona to hire a financial
advisor.
The Debtor proposes to hire Henry Horne, LLP to provide financial
advisory services related to its Chapter 11 case.
Edward Burr, a director at Henry Horne, disclosed in a court filing
that his firm does not have any interest adverse to the Debtor's
bankruptcy estate or any of its creditors.
The firm can be reached through:
Edward M. Burr
Henry Horne, LLP
2055 E. Warner Road, Suite 101
Tempe, AZ 85284
Phone: 480-839-4900
Fax: 480-820-8726
Email: tedb@hhcpa.com
About Core Resources
Core Resources Management, Inc. was incorporated in Nevada on Feb.
17, 1999. The original company name was Apex Sports.com, Inc., and
then after through several name changes the company became, Direct
Pet Health Holdings, Inc. On Sept. 20, 2012, Direct Pet Health
Holdings, Inc., then merged with Clark Scott LLC with the resulting
corporation was named Core Resource Management, Inc being the
surviving entity. Since its inception, the Debtor has been
involved in the business of investing in cash flow positive
opportunities. Upon completion of this process, approximately, $5
million were raised for what was a startup oil and gas company with
no assets. The primary use case for the invested funds was to
purchase royalties and working interest of existing oil and gas
wells.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Ariz. Case No. 16-06712) on June 13, 2016. The
petition was signed by Dennis Miller, chief operating officer.
The case is assigned to Judge Brenda K. Martin. Hauf PLC serves as
counsel to the Debtor.
At the time of the filing, the Debtor estimated its assets and
debts at $1 million to $10 million.
The U.S. Trustee, on July 15, 2016, appointed three creditors to
serve in the official committee of unsecured creditors in the
Debtors' cases. Dickinson Wright PLLC serves as counsel to the
committee.
CORWIN PLACE: Bid to Disqualify Premier Bank's Counsel Denied
-------------------------------------------------------------
Judge Patrick M. Flatley of the United States Bankruptcy Court for
the Northern District of West Virginia denied Corwin Place, LLC's
motion to disqualify Premier Bank's counsel, Bailey & Glasser.
On November 17, 2016, Corwin Place LLC filed a motion to disqualify
the law firm representing Premier Bank, its principal creditor.
Corwin Place asserted that the court should disqualify Premier's
counsel, Bailey & Glasser, based upon a conflict of interest
stemming from the Corwin Place's principal, Charles Corwin,
previously consulting with Bailey & Glasser regarding potential
lender liability claims that he wished to bring on behalf of Corwin
Place against Premier. In response, Premier alleged that the scope
of the consultation was limited such that Corwin was merely a
prospective client of Bailey & Glasser's. Thus, Premier asserted
that West Virginia Rule of Professional Conduct 1.18 controls and
was not violated because no significantly harmful information was
shared between Charles Corwin and Bailey & Glasser.
Judge Flatley found that Corwin Place has not satisfied its burden
to demonstrate that Corwin shared significantly harmful information
during his consultation with Bailey & Glasser. Moreover, the judge
found that Premier has rebutted any presumption that such harmful
information was shared by producing documentation of virtually
every communication between Corwin and Bailey & Glasser.
A full-text copy of Judge Flatley's December 19, 2016 memorandum
opinion is available at
http://bankrupt.com/misc/wvnb16-bk-00750-128.pdf
About Corwin Place, LLC.
Corwin Place LLC filed a chapter 11 petition (Bankr. W.D. Pa. Case
No. 16-21861) on May 16, 2016. The petition was signed by Charles
Corwin, managing member. The Debtor is represented by Robert O.
Lampl, Esq., at Robert O Lampl, Attorney at Law. The Debtor
estimated assets and liabilities at $500,001 to $1 million at the
time of the filing.
COSI INC: Amends Purchase Agreement with LIMAB LLC
--------------------------------------------------
Cosi, Inc., and LIMAB LLC (the "Purchaser") filed with the U.S.
Bankruptcy Court for the District of Massachusetts (Eastern
Division) Amendment No. 4 dated Dec. 20, 2016, and Amendment No. 5
dated Dec. 20, 2016, to the Asset Purchase Agreement dated as of
Oct. 18, 2016, as amended, all of which remain subject to approval
of the Bankruptcy Court.
Amendment No. 4 to Asset Purchase Agreement, revised the Purchase
Agreement to grant Purchaser the right to pursue a plan under
Chapter 11 of the Bankruptcy Code, among other things.
Amendment No. 5 to Purchase Agreement provides for a reserve for
certain disputed claims in connection with the Bankruptcy Court
hearing on Dec. 16, 2016.
Interim Operating Agreement
On Dec. 23, 2016, pursuant to the Order Approving Interim Operating
Agreement between Debtors and LIMAB, LLC entered by the Bankruptcy
Court on Dec. 16, 2016, the Company and LIMAB entered into an
Interim Operating Agreement, dated as of Dec. 21, 2016, relating to
the implementation of the Plan Option and (ii) the operation,
maintenance, benefits, losses, risks and costs of the business
following the effective date thereof until the closing under the
Purchase Agreement or the effective date of the Plan, including,
among other things, providing certain executive management
services. The effectiveness of the Operating Agreement is subject
to approval of the Bankruptcy Court.
Chad Fitzhugh Named Interim CFO
Pursuant to providing certain executive management services to the
Company under the Operating Agreement, LIMAB appointed Chad
Fitzhugh, 57 years of age, to serve as the Company's interim chief
financial officer, effective as of Dec. 20, 2016. Mr. Fitzhugh is
a seasoned restaurant executive with over 20 years of experience in
the restaurant industry. Mr. Fitzhugh will be paid a consulting
fee of $22,700 per month and will be reimbursed for reasonable
out-of-pocket business expenses incurred by Mr. Fitzhugh in
connection with his engagement, including, without limitation,
travel, housing and other expenses incurred by Mr. Fitzhugh in
connection with commuting to and working out of the Company's
headquarters located in Boston, Massachusetts. The terms of Mr.
Fitzhugh's engagement will be more fully set forth in a consulting
agreement to be entered into by the parties.
Edward Schatz, The O'Connor Group, Inc., will continue to serve as
the interim chief financial officer of the estates during the
pending bankruptcy.
About Cosi Inc.
Cosi -- http://www.getcosi.com/-- is an international fast casual
restaurant company. There are currently 45 company-owned and 31
franchise restaurants operating in fourteen states, the District of
Columbia, Costa Rica and the United Arab Emirates.
Cosi, Inc. and its affiliated debtors filed chapter 11 petitions
(Bankr. D. Mass. Lead Case No. 16-13704-MSH) on Sept. 28, 2016.
The Debtors tapped Joseph H. Baldiga, Esq. and Paul W. Carey, Esq.,
at Mirick, O'Connell, DeMallie & Lougee, LLP, as counsel; The
O'Connor Group serves as their financial consultant; and Randy
Kominsky of Alliance for Financial Growth, Inc., as chief
restructuring officer to the Debtors.
The U.S. Trustee appointed an Official Committee of Unsecured
Creditors, composed of Robert J. Dourney, Honor S. Heath of Nstar
Electric Company, and Paul Filtzer of SRI EIGHT 399 Boylston. The
Creditors Committee tapped Lee Harrington, Esq., at
Nixon Peabody LLP, as counsel; and Deloitte Financial Advisory
Services LLP as financial advisor.
CREATIVE PRESENTATIONS: Taps Dennis Stamm as Accountant
-------------------------------------------------------
Creative Presentations Foods, LLC seeks approval from the U.S.
Bankruptcy Court for the District of New Jersey to hire an
accountant.
The Debtor proposes to hire Dennis Stamm, a certified public
accountant, to assist in tax preparation, bookkeeping, and
completing its financial reports. Mr. Stamm will be paid an hourly
rate of $175.
In a court filing, Mr. Stamm disclosed that he does not hold or
represent any interest adverse to the Debtor's bankruptcy estate,
and is "disinterested" as defined in section 101(14) of the
Bankruptcy Code.
About Creative Presentations
Creative Presentations Foods LLC, filed a Chapter 11 bankruptcy
petition (Bankr. D.N.J. Case No. 16-31361) on November 7, 2016,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Medina Law Firm LLC as counsel.
CREEKSIDE CANCER: Hires Brownstein Hyatt Farber Schreck as Counsel
------------------------------------------------------------------
Creekside Cancer Care, LLC seeks authorization from the U.S.
Bankruptcy Court for the District of Colorado to employ Brownstein
Hyatt Farber Schreck, LLP as counsel for Debtor in Possession.
The Debtor requires Brownstein Hyatt to:
a. assist in the production of the Debtor's schedules and
statement of financial affairs and other pleadings necessary to
comply with the Bankruptcy Code;
b. assist in the preparation of the Debtor's plan of
reorganization and disclosure statement;
c. prepare on behalf of the Debtor all necessary applications,
complaints, answers, motions, orders, reports, and other legal
papers;
d. represent the Debtor in adversary proceedings and contested
matters related to the Debtor's bankruptcy case;
e. provide legal advice with respect to the Debtor's rights,
powers, obligations and duties as chapter 11 debtor in possession
in the continuing operation of the Debtor's business and the
administration of the estate; and
f. provide other legal services for the Debtor as necessary
and appropriate for the administration of the Debtor's estate.
Brownstein Hyatt lawyers and professional who will work on the
Debtor's case and their hourly rates are:
Michael Pankow, Esq. $655
Samuel Kidder, Esq. $330
Sheila Grisham, paralegal $280
Brownstein Hyatt has received prepetition retainer payments from
the Debtor totaling $85,000.
On December 9, 2016, Brownstein Hyatt received a retainer in the
amount of $15,000 from Dr. Kelley Simpson, the sole member of the
Debtor.
Michael Pankow, Esq., shareholder of the firm of Brownstein Hyatt
Farber Schreck, LLP, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estates.
BHFS can be reached at:
Michael J. Pankow, Esq.
Samuel M. Kidder, Esq.
Brownstein Hyatt Farber Schreck, LLP
410 17th Street, Suite 2200
Denver, CO 80202
Telephone: (303) 223-1100
Facsimile: (303) 223-1111
E-mail: mpankow@bhfs.com
skidder@bhfs.com
About Creekside Cancer Care
Creekside Cancer Care, LLC, filed a chapter 11 petition (Bankr. D.
Colo. Case No. 16-21943) on December 9, 2016. The petition was
signed by Charles Kelley Simpson, sole member. The Debtor is
represented by Steven E. Abelman, Esq., Samuel M. Kidder, Esq., and
Michael J. Pankow, Esq., at Brownstein Hyatt Farber Schreck, LLP.
The Debtor estimated assets and liabilities at $1 million to $10
million.
The Debtor is engaged in the business as a cancer care and
treatment center. The Debtor provides a range of non-invasive
radiation therapy treatment options to its patients. The Debtor
is based in Lafayette, CO.
CYTORI THERAPEUTICS: Appoints Ronald Martell as Director
--------------------------------------------------------
Ronald A. Martell accepted an appointment to fill a newly created
seat on the Board of Directors of Cytori Therapeutics, Inc., on
Dec. 27, 2016. Mr. Martell was appointed to the Board upon the
recommendation of the Governance and Nominating Committee of the
Company, and pursuant to the bylaws of the Company.
Mr. Martell will participate in the Company's standard non-employee
director compensation program and will receive an annual retainer
of $40,000 for his service on the Board. In connection with his
appointment to the Board, Mr. Martell will also receive an initial
grant of options to purchase up to 50,000 shares of common stock of
the Company, which will have an exercise price per share equal to
the fair market value of the common stock on the date of grant and
which are expected to vest and become exercisable in substantially
equal installments on each of the first two anniversaries of the
date of Mr. Martell's acceptance. Mr. Martell will be eligible for
ongoing compensation for his service on the Board and any
committees thereof on which he serves in accordance with the
Company's standard non-employee director compensation program.
There are no arrangements or understandings between Mr. Martell and
any other persons pursuant to which he was selected as a director,
and there are no transactions in which the Company is a party and
in which Mr. Martell has a material interest subject to disclosure
under Item 404(a) of Regulation S-K. The Board has determined that
Mr. Martell meets the applicable independence requirements of The
NASDAQ Stock Market LLC.
About Cytori
Based in San Diego, California, Cytori Therapeutics (NASDAQ: CYTX)
-- http://www.cytori.com/-- is an emerging leader in providing
patients and physicians around the world with medical
technologies, which harness the potential of adult regenerative
cells from adipose tissue. The Company's StemSource(R) product
line is sold globally for cell banking and research applications.
Cytori reported a net loss allocable to common stockholders of
$19.4 million on $4.83 million of product revenues for the year
ended Dec. 31, 2015, compared to a net loss allocable to common
stockholders of $38.5 million on $4.95 million of product revenues
for the year ended Dec. 31, 2015.
As of Sept. 30, 2016, Cytori had $36.84 million in total assets,
$23.17 million in total liabilities and $13.67 million in total
stockholders' equity.
KPMG LLP, in San Diego, California, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company's recurring losses
from operations and liquidity position raises substantial doubt
about its ability to continue as a going concern.
CYTORI THERAPEUTICS: Inks $20M Purchase Pact with Lincoln Park
--------------------------------------------------------------
Cytori Therapeutics, Inc., entered into a purchase agreement and a
registration rights agreement with Lincoln Park Capital Fund, LLC,
an Illinois limited liability company, on Dec. 22, 2016.
Under the terms and subject to the conditions of the Purchase
Agreement, the Company has the right to sell to Lincoln Park and
Lincoln Park is obligated to purchase up to $20 million in amounts
of shares of the Company's common stock, subject to certain
limitations, from time to time, over the 30-month period commencing
on the date that a registration statement, which the Company agreed
to file with the Securities and Exchange Commission pursuant to the
Registration Rights Agreement, is declared effective by the SEC and
a final prospectus in connection therewith is filed. The Company
may direct Lincoln Park, at its sole discretion and subject to
certain conditions, to purchase up to 100,000 shares of Common
Stock on any business day, provided that at least one business day
has passed since the most recent purchase, and provided that the
amount the Company may sell to Lincoln Park under a single Regular
Purchase may increase under certain circumstances as described in
the Purchase Agreement but in no event will the amount of a single
Regular Purchase exceed
$1 million. The purchase price of shares of Common Stock related
to the Regular Purchases will be based on the prevailing market
prices of such shares at the time of sales. The Company may also
direct Lincoln Park to purchase other amounts as accelerated
purchases or additional purchases if the closing sale price of the
Common Stock is not below the threshold prices as set forth in the
Purchase Agreement. The Company's sales of shares of Common Stock
to Lincoln Park under the Purchase Agreement are limited to no more
than the number of shares that would result in the beneficial
ownership by Lincoln Park and its affiliates, at any single point
in time, of more than 9.99% of the then outstanding shares of the
Common Stock. There are no trading volume requirements or
restrictions under the Purchase Agreement. There is no upper limit
on the price per share that Lincoln Park must pay for Common Stock
under a Regular Purchase or an accelerated purchase and in no event
will shares be sold to Lincoln Park on a day the Company's closing
price is less than the floor price as set forth in the Purchase
Agreement.
On Dec. 22, 2016, the Company issued to Lincoln Park 127,419 shares
of Common Stock as commitment shares in consideration for entering
into the Purchase Agreement. The Company will issue up to an
additional 382,258 shares of Common Stock on a pro rata basis to
Lincoln Park only as and when shares are sold under the Purchase
Agreement to Lincoln Park. Lincoln Park represented to the
Company, among other things, that it was an "accredited investor",
and the Company sold the securities in reliance upon an exemption
from registration contained in Section 4(a)(2) under the Securities
Act. The securities sold may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements.
The Purchase Agreement and the Registration Rights Agreement
contain customary representations, warranties, agreements and
conditions to completing future sale transactions, indemnification
rights and obligations of the parties. The Company has the right
to terminate the Purchase Agreement at any time, at no cost or
penalty. Lincoln Park does not have the right to terminate the
Purchase Agreement upon any of the events of default as set forth
in the Purchase Agreement; however, during an event of default,
shares of Common Stock cannot be sold by the Company or purchased
by Lincoln Park under the terms of the Purchase Agreement. In
addition, in the event of bankruptcy proceedings by or against the
Company, the Purchase Agreement will automatically terminate.
Actual sales of shares of Common Stock to Lincoln Park under the
Purchase Agreement will depend on a variety of factors to be
determined by the Company from time to time, including, among
others, market conditions, the trading price of the Common Stock
and determinations by the Company as to the appropriate sources of
funding for the Company and its operations. Lincoln Park has no
right to require any sales by the Company, but is obligated to make
purchases from the Company as it directs in accordance with the
Purchase Agreement. Lincoln Park has covenanted not to cause or
engage in any manner whatsoever, any direct or indirect short
selling or hedging of the Company's shares.
The net proceeds under the Purchase Agreement to the Company will
depend on the frequency and prices at which the Company sells
shares of its stock to Lincoln Park. The Company expects that any
proceeds received by the Company from such sales to Lincoln Park
under the Purchase Agreement will be used for working capital and
general corporate purposes.
About Cytori
Based in San Diego, California, Cytori Therapeutics (NASDAQ: CYTX)
-- http://www.cytori.com/-- is an emerging leader in providing
patients and physicians around the world with medical
technologies, which harness the potential of adult regenerative
cells from adipose tissue. The Company's StemSource(R) product
line is sold globally for cell banking and research applications.
Cytori reported a net loss allocable to common stockholders of
$19.4 million on $4.83 million of product revenues for the year
ended Dec. 31, 2015, compared to a net loss allocable to common
stockholders of $38.5 million on $4.95 million of product revenues
for the year ended Dec. 31, 2015.
As of Sept. 30, 2016, Cytori had $36.84 million in total assets,
$23.17 million in total liabilities and $13.67 million in total
stockholders' equity.
KPMG LLP, in San Diego, California, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company's recurring losses
from operations and liquidity position raise substantial doubt
about its ability to continue as a going concern.
DAVIS HOLDING: Court Moves Plan Filing Deadline to February 22
--------------------------------------------------------------
Judge Basil H. Lorch III of the U.S. Bankruptcy Court for the
Southern District of Indiana extended the exclusive periods within
which only Davis Holding Co., LLC may file a plan of reorganization
at any time prior to February 22, 2017, and solicit acceptances of
a plan sufficient to achieve confirmation thereof until March 22,
2017.
The Troubled Company Reporter had earlier reported that the Debtor
sought exclusivity extension to enhance its ability to propose a
plan that meets the Bankruptcy Code's criteria for confirmation,
saying the additional time will enable it to determine the overall
economic health of its business. The Debtor told the Court that it
cannot propose a viable plan unless and until the City of
Lawrenceburg's motion for stay relief is resolved on or after the
hearing date of December 21, 2016.
About Davis Holding Co., LLC
Davis Holding Co., LLC filed a chapter 11 petition (Bankr. S.D.
Ind. Case No. 16-91361) on August 24, 2016. The petition was
signed by Gregory N. Davis, sole member. The Debtor is represented
by David M. Cantor, Esq. and William P. Harbison, Esq., at Seiller
Waterman LLC. The case is assigned to Judge Basil H. Lorch III.
The Debtor estimated assets at $500,000 to $1 million and
liabilities at $1 million to $10 million at the time of the filing.
ERF WIRELESS: Suspending Filing of Reports with SEC
---------------------------------------------------
ERF Wireless, Inc. filed a Form 15 with the Securities and Exchange
Commission notifying the termination of registration of its common
stock, $0.001 par value, under Section 12(g) of the Securities
Exchange Act of 1934. As a result of the Form 15 filing, the
Company is no longer obliged to file periodic reports with the
SEC.
About ERF Wireless
Based in League City, Texas, ERF Wireless, Inc. (OTC PINK: ERFB)
provides secure, high-capacity wireless products and services to a
broad spectrum of customers in primarily underserved, rural and
suburban parts of the United States.
ERF Wireless reported a net loss attributable to the company of
$7.26 million in 2013, a net loss of $4.81 million in 2012, and a
net loss of $3.37 million in 2011.
As of Sept. 30, 2014, the Company had $3.59 million in total
assets, $10.4 million in liabilities, and a $6.84 million
shareholders' deficit.
ETIENNE ESTATES: Court Partly Corrects Decision on JJAM Claim
-------------------------------------------------------------
Judge Nancy Hershey Lord of the United States Bankruptcy Court for
the Eastern District of New York granted in part and denied, in
part, Etienne Estates at Washington LLC's motion to correct,
pursuant to Federal Rule of Civil Procedure 60(a), certain
mathematical errors in the Decision on Objection to Claim and Plan
Confirmation.
The Decision fixed the claim of secured creditor JJAM Capital LLC
in the amount of $2,726,396.97, and permitted Etienne to tender
$779,764.83 of that amount to cure its default on, and reinstate
the terms of, the consolidated note. The Court found that JJAM's
total claim was comprised of the following amounts:
a) principal balance of $1,786,762.62;
b) arrears under the consolidated note of $106,726.55;
c) interest accrued on the Forbearance Agreement of
$442,557.39;
d) $145,180.55 due for property tax advances;
e) $5,095.79 due for water advances;
f) $9,629.18 due for insurance payment advances;
g) $214,089.74 due in attorney's fees;
h) $16,391.15 due for late fees through and after the
default on the Forbearance Agreement; and finally
i) interest on the above advances, which were to be added to
the principal balance noted above, and would accrue
interest as a part of that amount.
From those amounts, the Court determined that Etienne could
reinstate the terms of the consolidated note by paying the
consolidated note arrears (item (b)), interest accrued on the
Forbearance Agreement (item (c)), attorney's fees (item (g)), and
the late fees (item (h)).
Etienne, invoking Rule 60(a), sought to have five corrections made,
all of which it contends are based on errors "relat[ed] to
mathematical calculations, rather than . . . any of the Court's
rulings of law."
The first is that the Court overstated the amount of arrears due
under the consolidated note. Etienne claimed that the Court's
figure of $106,726.55 is too high because interest was originally
overcharged under the consolidated note, and that the Court
overlooked these excess charges when calculating the total arrears.
Etienne argued that these oversights occurred in two related
instances:
a) First, Etienne pointed out that, according to the
Decision, it is entitled to a credit of $2,106.08 for
incorrectly charged interest, but the Decision's
$106,726.55 arrears figure does not take that credit into
account. Judge Lord found that Etienne is correct on
this issue.
b) Second, Etienne also contended that the arrears should be
further reduced because "the monthly overcharges were not
correctly calculated by JJAM in the first place since
JJAM proposed their credit based on a flat rate of 5%
interest, although the Debtor was paying interest [] as
high as 10%." Judge Lord held that the change that
Etienne requested here is beyond the scope of a Rule
60(a) motion because it asks for an amendment based on
almost two years of overcharges.
Etienne's second allegation of error is related to the first --
namely, that because interest was overcharged during the period
from November 2006 to May 2008, the 2% late fees were assessed on
inflated monthly payments, and therefore must be reduced. Judge
Lord held that, despite JJAM's apparent acceptance of this change
in some form, this sort of alteration is also outside of 60(a)'s
scope.
Etienne's third claim relates to the calculation of interest under
the Forbearance Agreement. Etienne explained that the Court
reduced the principal balance due under the Forbearance Agreement
by $935.88, which represented a payment made by Etienne against
that balance in June of 2009, but which was never credited.
Etienne pointed out that, after finding that this deduction was
appropriate, the Court nevertheless did not use the reduced
principal amount in calculating interest payments due.
Judge Lord denied this request because the method of calculation
that Etienne describes here is not a correction in accord with the
Court's approach, but a different method altogether. For the same
reason, Judge Lord also denied JJAM's request in its response
papers that interest on advances be added to the Forbearance
Agreement interest total.
Etienne's next claim of error is that the 2% fees owed for late or
missed payments under the Forbearance Agreement should have been
reduced. Judge Lord made the following alteration with respect to
late fees set out in the Decision: fees from the first late payment
under the Forbearance Agreement in July of 2008 to the last in May
of 2009 should be assessed under the Forbearance Agreement's
monthly payment of $9,874.19, while the late fees from default to
the Cutoff Date should be assessed on the consolidated note's
$7,448.59 figure
Etienne's final claim of error was that the Court failed to include
in its calculation of interest on the Forbearance Agreement a final
adequate protection payment made on the cutoff date.
Though the Court does not deny that this additional payment was
made on May 18, 2015, Judge Lord found that the record at the time
indicated that the parties had agreed to a credit of $60,000.
Moreover, the judge found that JJAM has indicated that it intends
to continue crediting all adequate protection payments against the
Etienne's total indebtedness, making the inclusion of the
additional $5,000 unnecessary.
In summary, Etienne's motion to correct the Decision of the Court
was granted to the extent that the arrears figure under the
consolidated note should be corrected to $104,620.47; and that late
fees under the Forbearance Agreement should be corrected such that
fees charged from the first late payment under the Forbearance in
July of 2008 to the last in May of 2009 should be assessed under
the Forbearance Agreement's monthly payment of $9,874.19, while the
late fees from default to the cutoff date should be assessed on the
consolidated note's $7,448.59 figure. The remainder of the
Etienne's motion was denied, as was JJAM's request for retroactive
interest on its advances.
A full-text copy of Judge Lord's December 20, 2016 opinion and
order is available at
http://bankrupt.com/misc/nyeb1-14-40786-191.pdf
Debtor is represented by:
Kevin J Nash, Esq.
GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
1501 Broadway, 22nd Floor
New York, NY 10036
Tel: (212)301-6944
Fax: (212)422-6836
Email: knash@gwfglaw.com
Mortgagee is represented by:
Mark A. Frankel, Esq.
BACKENROTH FRANKEL & KRINSKY, LLP
800 Third Avenue
New York, NY 10022
Tel: (212)593-1100
Fax: (212)644-0544
Email: mfrankel@bfklaw.com
About Etienne Estates
Etienne Estates, based in Brooklyn, N.Y., filed a Chapter 11
petition (Bankr. E.D.N.Y. Case No. 14-40786 on February 26, 2014.
The Hon. Elizabeth S. Stong presides over the case. Kevin J Nash,
Esq., at Goldberg Weprin Finkel Goldstein LLP, served as bankruptcy
counsel.
In its petition, the Debtor estimated $2 million in assets and
$2.18 in liabilities. The petition was signed by Johanna Francis,
manager.
EVEN ST. PRODUCTIONS: Seeks to Expand Scope of EC&J Services
------------------------------------------------------------
Even St. Productions Ltd. and Majoken Inc. have asked the U.S.
Bankruptcy Court for the Central District of California to allow
Ervin Cohen & Jessup LLP to provide additional legal services.
Ervin Cohen & Jessup, the Debtors' special counsel, will advise
them in connection with the income tax consequences of monetizing
their royalty rights and structuring the asset disposition under
their Chapter 11 plan of reorganization.
The plan filed on Dec. 15 provides for the Debtors to monetize,
transfer, or otherwise dispose of all right, title and interest in
and to their assets. The asset disposition may include a transfer
or sale of the equity interests in the Debtors.
Gary Michel, Esq., and Vanja Habekovic, Esq., the attorneys at
Ervin Cohen & Jessup designated to provide the services, will be
paid $700 per hour and $500 per hour, respectively.
Ervin Cohen & Jessup does not hold or represent any interest
adverse to the Debtors' bankruptcy estates or their creditors,
according to court filings.
About Even St. Productions
Even St. Productions Ltd. and Majoken, Inc. sought Chapter 11
protection (Bankr. C.D. Cal. Case Nos. 13-24363 and 13-24389) on
May 31, 2013, in Los Angeles. Krikor J. Meshefejian, Esq., and
David L. Neale, Esq., at Levene Neale Bender Rankin & Brill, LLP,
serve as counsel to the Debtor. Even St. and Majoken each
estimated assets and debts of $1 million to $10 million.
FERGUSON CONVALESCENT: Trustee Taps Taunt Law Firm as Counsel
-------------------------------------------------------------
The Chapter 11 trustee for Ferguson Convalescent Home, Inc.
received approval from the U.S. Bankruptcy Court for the Eastern
District of Michigan to hire The Taunt Law Firm.
The firm will serve as legal counsel to Charles Taunt, the
court-appointed trustee, in connection with the Debtor's Chapter 11
case.
The hourly rate charged by the firm ranges from $95 to 400.
Taunt Law Firm does not hold or represent any interest adverse to
the Debtor's bankruptcy estate, and is "disinterested" as defined
in section 101(14) of the Bankruptcy Code.
The firm maintains an office at:
Charles J. Taunt, Esq.
The Taunt Law Firm
700 East Maple Road, 2nd Floor
Birmingham, MI 48009
Phone: (248) 644-7800
Email: cjtaunt@tauntlaw.com
About Ferguson Convalescent
Ferguson Convalescent Home, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. E.D. Mich. Case No. 16-30397) on Feb. 24, 2016.
The cases are pending before the Honorable Daniel S. Opperman. The
Debtor is represented by Martin W. Hable, Esq., in Lapeer, Mich.
On December 13, 2016, Charles J. Taunt was appointed as Chapter 11
trustee.
The Debtor is a privately owned and licensed long term skilled
nursing facility located at 239 S. Main St., Lapeer, Mich. It
consists of 87 licensed beds, located within a leased facility. The
Debtor currently has 54 residents and employs nearly 100 full and
part-time employees.
FINAL FOUR FOOD: Taps Dennis Stamm as Accountant
------------------------------------------------
Final Four Food Corp. seeks approval from the U.S. Bankruptcy Court
for the District of New Jersey to hire an accountant.
The Debtor proposes to hire Dennis Stamm, a certified public
accountant, to assist in tax preparation, bookkeeping, and
completing its financial reports. Mr. Stamm will be paid an hourly
rate of $175.
In a court filing, Mr. Stamm disclosed that he does not hold or
represent any interest adverse to the Debtor's bankruptcy estate,
and is "disinterested" as defined in section 101(14) of the
Bankruptcy Code.
About Final Four Food
Final Four Food Corp. filed a Chapter 11 bankruptcy petition
(Bankr. D.N.J. Case No. 16-29966) on October 19, 2016, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by Medina Law Firm LLC as counsel.
FIRST ONE HUNDRED: ASBPA Has Own Plan, Wants Exclusivity Cancelled
------------------------------------------------------------------
Aaronson Schantz Beiley P.A., holder of a first mortgage on all of
First One Hundred, LLC's properties, requests the U.S. Bankruptcy
Court for the Southern District of Florida to confirm that the
Debtor's exclusivity period has expired.
In the alternative, if the Court determines that the exclusivity
period has not expired, ASBPA requests the Court to terminate or
reduce the Debtor's exclusivity period such that ASBPA can proceed
with its own plan filed on December 28, 2016.
ASBPA relates that the Court had previously extended the Debtor's
exclusivity period and deadline to file a plan to August 1, 2016,
which was also the day the Debtor's Plan was actually filed. The
exclusive solicitation period was also extended through September
30, 2016. However, the Debtor's Plan remains pending.
The Debtor's Plan provides for a sale of the Properties to fund
distributions to creditors. Notwithstanding the Debtor's Plan of
record, the Debtor filed a Motion to Approve Proposed Settlement
with the City of Orlando, Florida, on November 15, 2016 -- 46 days
after the expiration of the extended solicitation period.
Under the terms of the proposed Settlement Agreement, the Debtor
transfers the Properties directly to the City of Orlando via a
Warranty Deed in lieu of foreclosure, with certain carve-outs for
designated creditors.
ASBPA complains that the Debtor's Plan and the Proposed Settlement
with the City are irreconcilable since the Debtor cannot
simultaneously seek confirmation of its Plan, which calls for the
private sale of the Debtor's Properties to fund a distribution to
creditors, and also transfer its Properties directly to the City in
lieu of foreclosure.
In this regard, ASBPA requests the Court to deem the Debtor's Plan
as withdrawn based upon the irreconcilable differences between the
Debtor's Plan and the Proposed Settlement of record.
Counsel for Secured Creditor Aaronson Schantz Beiley P.A.
Geoffrey S. Aaronson, Esq.
Samuel J. Capuano, Esq.
Aaronson Schantz Beiley P.A.
100 SE 2nd Street, Suite 2700
Miami, FL 33131
Phone: 786.594.3000
Fax: 305.424.9336
Email: gaaronson@aspalaw.com
scapuano@aspalaw.com
About First One Hundred
First One Hundred LLC (Bankr. S.D. Fla., Case No. 16-13973) sought
protection under Chapter 11 of the Bankruptcy Code on March 21,
2016. The Debtor is represented by Zach B Shelomith, Esq., at
Leiderman Shelomith, PA.
The Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of First One Hundred LLC.
* * *
First One Hundred LLC filed with the U.S. Bankruptcy Court for the
Southern District of Florida a plan of reorganization and
accompanying disclosure statement proposing for the sale of the
Debtors' real properties and paying secured and unsecured creditors
a distribution of 100% of their allowed claims.
A full-text copy of the Disclosure Statement dated Aug. 1, 2016, is
available at http://bankrupt.com/misc/flsb16-13973-65.pdf
FLORIDA FOREST: Unsecureds To Recover 62% Under Plan
----------------------------------------------------
Florida Forest Products of Cross City, Inc., filed with the U.S.
Bankruptcy Court for the Northern District of Florida a plan of
reorganization.
Class 3 General Unsecured Claims is impaired under the Plan. The
holders will receive a monthly payment of $7,500 starting on the
confirmation of the Plan and ending 60 months after.
Class 3 claims are composed of the allowed claims of the unsecured
creditors which will be paid pro rata over the life of the Plan at
the rate of 62% of allowed claim value.
Payments and distributions under the Plan will be funded by revenue
derived from the operation of the business.
The Plan is available at:
http://bankrupt.com/misc/flnb16-10148-108.pdf
About Florida Forest Products
Florida Forest Products of Cross City, Inc., is a Florida
corporation, whose business is primarily retail and wholesale
lumber and hardware sales from its location in Cross City, Florida.
It is a corporation which operates a building supply retail store
in Cross City, Florida. The Debtor has been in business since
2014.
The Debtor filed for Chapter 11 bankruptcy protection (Bankr. N.D.
Fla. Case No. 16-10148) on June 28, 2016. The petition is signed
by Russ Allen, president. The Debtor is represented by Angela M.
Ball, Esq., at Angela M. Ball, P.A. The Debtor estimated assets at
$0 to $50,000 and debts at $100,001 to $500,000 at the time of the
filing.
GCBC INC: Hires Spigner & Associates as Counsel
-----------------------------------------------
GCBC, Inc., seeks authorization from the U.S. Bankruptcy Court for
the Northern District of Texas to employ Spigner & Associates, PC
as counsel for the Debtor.
The Debtor requires Spigner & Associates to:
a. give the Debtor legal advice with respect to its powers and
duties in the continued operation of the business and management of
its property;
b. take necessary action to investigate and recover fraudulent
or preferential transfers of the Debtor's property before
commencement of these proceedings and, where appropriate, to
institutes appropriate proceedings for sale of property free and
clear of liens and assist in obtaining post-petition financing;
c. defend the Debtor in contested matters or adversary
proceedings as they are brought before the Court under Chapter 11
administration;
d. assist or prepare on behalf of the Debtor the necessary
applications, answers, orders, schedules, reports, disclosure
statements, plans of reorganization and other legal papers; and
e. provide general advice to the Debtor concerning its conduct
and responsibilities under Chapter 11 and perform all other legal
services which may be necessary.
Spigner & Associates lawyers and professional who will work on the
Debtor's case and their hourly rates are:
Reedy Macque Spigner, attorney $450
Denise Turnbull, associate $200
Paralegal $90
The Debtor paid a retainer of $5,000.00 (including amount for
filing fee) to Spigner & Associates, PC prior to the commencement
of representation in this case.
Spigner & Associates will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Reedy Macque Spigner, Esq., attorney in the law firm of Spigner &
Associates, PC, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.
Spigner & Associates may be reached at:
Reedy Macque Spigner, Esq.
Denise Turnbull, Esq.
Spigner & Associates, PC
555 Republic Drive, Suite 430
Plano, TX 75074
Telephone: 972.881.0581
Facsimile: 972-424-1309
About GCBC, Inc.
GCBC, Inc. filed a Chapter 11 bankruptcy petition (Bankr. N.D.Tex.
Case No. 16-34244) on October 31, 2016. Reedy Macque Spigner, Esq.,
at Spigner & Associates, PC serves as bankruptcy counsel. The
Debtor's assets and liabilities are both below $1 million.
GREAT AMERICAN MINT: Taps GlassRatner's Michael Issa as CRO
-----------------------------------------------------------
Great American Mint & Refinery Inc. seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire a
chief restructuring officer.
The Debtor proposes to hire J. Michael Issa, a principal of
GlassRatner Advisory & Capital Group LLC, to provide these services
in connection with its Chapter 11 case:
(a) assist in formulating and preparing the Debtor's
disclosure statement and plan of reorganization;
(b) assist in evaluating potential sales, financing or
recapitalization of the Debtor and its assets;
(c) assist the Debtor and its counsel in negotiations
regarding a Chapter 11 plan;
(d) assist the Debtor and its counsel in negotiating with
secured and unsecured creditors and in responding to any
objections by creditors;
(e) prepare reports to be filed by the Debtor with the Office
of the U.S. trustee; and
(f) assist in the liquidation of the Debtor's assets if a
decision is made to sell the assets.
Mr. Issa will be paid $495 per hour for his services. The hourly
rates for other GlassRatner personnel who may assist him range from
$125 to $495.
GlassRatner does not have any interest adverse to the Debtor or its
bankruptcy estate, and is a "disinterested person" as defined in
section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
J. Michael Issa
GlassRatner Advisory & Capital Group LLC
19800 MacArthur Blvd., Suite 820
Irvine, CA 92612
About Great American Mint
Great American Mint & Refinery,Inc. filed a Chapter 11 bankruptcy
petition (Bankr. C.D.Cal. Case No. 16-14552) on November 3, 2016.
The Hon. Theodor Albert presides over the case. The Law Offices of
Totaro & Shanahan represents the Debtor as counsel. The Debtor
disclosed total assets of $1.17 million and total liabilities of
$6.19 million. The petition was signed by Ulrich Blankenstein,
president.
GREAT BASIN: Gets Notices of Deferrals from Noteholders
-------------------------------------------------------
As previously disclosed on the Current Report on Form 8-K filed
with the SEC on June 29, 2016, on June 29, 2016, Great Basin
Scientific, Inc., entered into a Securities Purchase Agreement in
relation to the issuance and sale by the Company to certain buyers
of $75 million aggregate principal amount of senior secured
convertible notes.
On Dec. 28, 2016, the Company received notices of deferral pursuant
to section 8(d) of the 2016 Notes from each of the holders of such
2016 Notes notifying the Company of each such holder's election to
defer the entire installment amount in the aggregate of $5 million
due such holders on Jan. 30, 2017 (for which a pre-installment
payment was due on Dec. 28, 2016) until an acceleration of deferral
is made pursuant to the terms of the 2016 Notes or until the next
installment date of Feb. 28, 2017 (for which a pre-installment
payment will be due on Jan. 27, 2017).
About Great Basin
Great Basin Scientific is a molecular diagnostic testing company
focused on the development and commercialization of its patented,
molecular diagnostic platform designed to test for infectious
disease, especially hospital-acquired infections. The Company
believes that small to medium sized hospital laboratories, those
under 400 beds, are in need of simpler and more affordable
molecular diagnostic testing methods. The Company markets a system
that combines both affordability and ease-of-use, when compared to
other commercially available molecular testing methods, which the
Company believes will accelerate the adoption of molecular testing
in small to medium sized hospitals. The Company's system includes
an analyzer, which it provides for its customers' use without
charge in the United States, and a diagnostic cartridge, which the
Company sells to its customers.
Great Basin reported a net loss of $57.9 million in 2015 following
a net loss of $21.7 million in 2014.
As of Sept. 30, 2016, Great Basin had $83.40 million in total
assets, $144.9 million in total liabilities, and a total
stockholders' deficit of $61.47 million.
Mantyla McReynolds, LLC, in Salt Lake City, Utah, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has incurred substantial losses from operations causing
negative working capital and negative operating cash flows. These
issues raise substantial doubt about its ability to continue as a
going concern.
GREEN EARTH: Von Allmen Reports 11.4% Stake as of Dec. 20
---------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Douglas Von Allmen disclosed that as of Dec. 20, 2016,
he beneficially owns 40,164,896 shares of common stock of Green
Earth Technologies, Inc., representing 11.4 percent of the shares
outstanding. Also included in the regulatory filing are Linda Von
Allmen (34,250,379 shares); D&L Partners, L.P. (34,250,379 shares);
and D&L Management Corp. (34,250,379 shares). A full-text copy of
the regulatory filing is available for free at:
https://is.gd/XOfuYo
About Green Earth Technologies
White Plains, N.Y.-based Green Earth Technologies, Inc. (OTC QB:
GETG) -- http://www.getg.com/-- markets, sells and distributes
bio-degradable performance and cleaning products. The Company's
product line crosses multiple industries including the automotive
aftermarket, marine and outdoor power equipment markets.
Green Earth reported a net loss of $8.08 million on $766,000 of net
sales for the year ended June 30, 2015, compared to a net loss of
$6.84 million on $4.05 million of net sales for the year ended June
30, 2014.
As of March 31, 2016, Green Earth had $11.24 million in total
assets, $30.53 million in total liabilities and a total
stockholders' deficit of $19.28 million.
Friedman LLP, in East Hanover, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended June 30, 2015, citing that the Company's losses, negative
cash flows from operations, working capital deficit, related party
note in default payable upon demand and its ability to pay its
outstanding liabilities through fiscal 2016 raise substantial doubt
about its ability to continue as a going concern.
GRISHAM FARMS: Seeks to Hire McDowell Rice as Legal Counsel
-----------------------------------------------------------
Grisham Farms Transportation, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Missouri to hire legal
counsel in connection with its Chapter 11 case.
The Debtor proposes to hire McDowell Rice Smith & Buchanan to give
legal advice regarding its duties under the Bankruptcy Code,
negotiate with creditors, assist in the preparation of a bankruptcy
plan, and provide other legal services.
The hourly rates charged by the firm are:
Shareholder $175 - $530
Associates $105 - $180
Paralegals $80 - $120
Jonathan Margolies, Esq., disclosed in a court filing that his firm
does not hold any interest adverse to the Debtor or its bankruptcy
estate.
The firm can be reached through:
Jonathan A. Margolies, Esq.
McDowell Rice Smith & Buchanan
Skelly Building, Suite 350
605 West 47th Street
Kansas City, MO 64112
Phone: 816-753-5400
About Grisham Farms Transportation
Grisham Farms Transportation, LLC sought protection under Chapter
11 of the Bankruptcy Code (Bankr. W. D. Mo. Case No. 16-61263) on
December 19, 2016. The petition was signed by Lexie Grisham,
member.
The case is assigned to Judge Arthur B. Federman.
At the time of the filing, the Debtor estimated its assets at $1
million to $10 million and liabilities at $10 million to $50
million.
GULF COAST: Unsecureds To Get $7.5K A Month at 5.1% for 2 Yrs.
--------------------------------------------------------------
GulfCoast Specialty Products & Services Inc. filed with the U.S.
Bankruptcy Court for the Northern District of Florida a third
amended disclosure statement with respect to the Debtor's plan of
reorganization dated Dec. 26, 2016.
Allowed Class 3 General Unsecured Claims will by March 2017 receive
a pro rata share of a payment of $300,000 guaranteed. Additionally
they will, starting April 15, 2017, receive their pro rata share of
a monthly payment of $7,500 at 5.1% for a period of two years.
Starting on April 15, 2019, they will receive a pro rata share of a
$9,417 payment at 5.1% until paid in full.
The Third Amended Disclosure Statement is available at:
http://bankrupt.com/misc/flnb15-31056-161.pdf
As reported by the Troubled Company Reporter on Oct. 10, 2016, the
Debtor filed with the Court a second amended disclosure statement
with respect to the Debtor's plan of reorganization dated Oct. 3,
2016. Under that plan, allowed Class 3 General Unsecured Claims
would by Nov. 15, 2016, receive a pro rata share of a payment of
$200,000 guaranteed. Additionally they would, starting Nov. 15,
2016, receive their pro rata share of a monthly payment of $7,500
at 5.1% for a period of seven years. Also they will receive a pro
rata share of $25,000 payment by Jan. 15, 2017. Lastly they will
receive additional estimated payments in quarter 3 for each year
starting in 2018 of the remaining years of the Plan.
About GulfCoast Specialty
GulfCoast Specialty Products & Services, Inc., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Fla. Case
No.
15-31056) on Oct. 19, 2015. The petition was signed by Wayne A.
Bernheisel, president. The case is assigned to Judge Jerry C.
Oldshue Jr.
At the time of the filing, the Debtor estimated its assets at
$100,000 to $500,000 and debts at $1 million to $10 million.
HANISH LLC: Court Extends Cash Collateral Use Until Jan. 12
-----------------------------------------------------------
Judge Bruce A. Harwood of the U.S. Bankruptcy Court for the
District of New Hampshire authorized Hanish, LLC to use cash
collateral from December 31, 2016 to January 12, 2017.
Judge Harwood held that all other terms and conditions of the
Court's Second Interim Cash Collateral Order will remain in full
force and effect.
The approved Budget, which will be effective through January 12,
2017, provides for total hotel operating expenses in the aggregate
amount of $114,995 for the month of January 2017.
A full-text copy of the Order, dated December 27, 2016, is
available at http://tinyurl.com/zlqzmq4
About Hanish, LLC
Hanish, LLC, owns and operates a 59-unit Fairfield Inn & Suites by
Marriott in Hooksett, N.H. The company sought Chapter 11
protection (Bankr. D. N.H. Case No. 16-10602) on April 26, 2016,
and is represented by Steven M. Notinger, Esq., at Notinger Law,
PLLC. The petition was signed by Nayan Patel, managing member.
Judge Bruce A. Harwood presides over the case.
The Debtor estimated its assets and debts at $1 million to $10
million at the time of the filing. A list of the Debtor's 20
largest unsecured creditors is available for free at
http://bankrupt.com/misc/nhb16-10602.pdf
HANJIN SHIPPING: Textainer Seeks Ch. 11 Examiner for U.S. Assets
----------------------------------------------------------------
Textainer Equipment Management (U.S.) Limited, Seaco Global, Ltd.,
and Container Leasing International, LLC d/b/a SeaCube Containers
LLC, and Textainer and Seaco, ask the U.S. Bankruptcy Court for the
District of New Jersey to enter an Order directing Tai-Soo Suk, a
foreign representative of the Debtor, Hanjin Shipping Co. Ltd., to
comply with the Disclosure Order and, adjourn the sale motion
objection deadline and the sale hearing date or, in the
alternative, appoint a Chapter 11 Examiner to investigate,
administer, and realize upon the Debtor's assets located within the
territorial jurisdiction of the United States.
According to the Motion, the Foreign Representative has not
conducted the case in a professional manner and is acting in bad
faith by withholding and misrepresenting critical information.
Textainer, et al., point out that the Court has opined that the
Foreign Representative's actions have left the Creditors in the
dark and will prejudice their ability to actively participate in
the proceedings. Thus, the Creditors have requested the Court to
direct the Foreign Representative to file a report disclosing,
inter alia, certain information regarding the Debtor's U.S. Assets
on or before December 23, 2016, the Disclosure Order. Additionally,
the Creditors ask the Court to adjourn the Objection Deadline and
Sale Hearing by four weeks to allow the parties to conduct
discovery related to the Sale Motion.
In the alternative, the Creditors requested the Court to appoint an
examiner pursuant to Bankruptcy Code sections 1521(a)(5), 1522(c),
and 105(a) to fully investigate the Debtor's U.S. Assets and
administer or realize upon such U.S. Assets, as necessary, to
ensure that the interests of all Hanjin's creditors are
sufficiently protected.
The Creditors are represented by:
Timothy W. Walsh, Esq.
Darren Azman, Esq.
Riley T. Orloff, Esq.
340 Madison Avenue
New York, NY 10173-1922
Tel: (212) 547-5400
Fax: (212) 547-5444
About Hanjin Shipping
Hanjin Shipping Co., Ltd., is mainly engaged in the transportation
business through containerships, transportation business through
bulk carriers and terminal operation business. The Debtor is a
stock-listed corporation with a total of 245,269,947 issued shares
(common shares, KRW 5000 per share) and paid-in capital totaling
KRW 1,226,349,735,000. Of these shares 33.23% is owned by Korean
Air Lines Co., Ltd., 3.08% by Debtor and 0.34% by employee
shareholders' association.
The Company operates approximately 60 regular lines worldwide, with
140 container or bulk vessels transporting over 100 million tons of
cargo per year. It also operates 13 terminals specialized for
containers, two distribution centers and six Off Dock Container
Yards in major ports and inland areas around the world. The Company
is a member of "CKYHE," a global shipping conference and also a
partner of "The Alliance," another global shipping conference to be
launched in April 2017.
Hanjin Shipping listed total current liabilities of KRW 6,028,543
million and total current assets of KRW 6,624,326 million as of
June 30, 2016.
As a result of the severe lack of liquidity, Hanjin applied to the
Seoul Central District Court 6th Bench of Bankruptcy Division for
the commencement of rehabilitation under the Debtor Rehabilitation
and Bankruptcy Act on Aug. 31, 2016. On the same day, it requested
and was granted a general injunction and the preservation of
disposition of the Company's assets. The Korean Court's decision
to commence the rehabilitation was made on Sept. 1, 2016. Tai-Soo
Suk was appointed as the Debtor's custodian.
The Chapter 15 case is pending in the U.S. Bankruptcy Court for the
District of New Jersey (Bankr. D.N.J. Case No. 16-27041) before
Judge John K. Sherwood.
Cole Schotz P.C. serves as counsel to Tai-Soo Suk, the Chapter 15
petitioner and the duly appointed foreign representative of Hanjin
Shipping.
HCSB FINANCIAL: Amends Form S-1 Resale Prospectus with SEC
----------------------------------------------------------
HCSB Financial Corporation filed with the Securities and Exchange
Commission an amended Form S-1 registration statement relating to
these securities that may be offered for sale from time to time by
Castle Creek Capital Partners VI, LP, EJF Sidecar Fund, LLC -
Series E, Mendon Capital Master Fund, Ltd., et al:
* 359,468,443 shares of the Company's common stock, $0.01 par
value per share;
* 90,531,557 shares of the Company's non-voting common stock,
$0.01 par value per share; and
* up to 90,531,557 shares of the Company's common stock issuable
upon the conversion of the Company's non-voting common stock.
The Selling Shareholders may sell all or a portion of the shares
from time to time, in amounts, at prices and on terms determined at
the time of offering.
The Company will not receive any proceeds from the sale of the
shares by the Selling Shareholders.
The Company's common stock is quoted on the OTCQB tier of the OTC
Markets Group Inc. under the symbol "HCFB". Although the Company's
common stock is quoted on the OTCQB, there is currently no active
public trading market in its common stock as trading and quotations
of its common stock have been limited and sporadic. On Dec. 28,
2016, the closing price of the Company's common stock on the OTCQB
was $0.15 per share. The non-voting common stock is not listed or
quoted on the OTCQB or any other stock exchange or quotation
system, and the Company does not intend to seek such listing. In
the event the Company was to seek such listing, there is no
guarantee that any established securities exchange or quotation
system would accept any of the non-voting common stock for listing.
A full-text copy of the Form S-1/A is available for free at:
https://is.gd/6PRQJX
About HCSB Financial
Loris, South Carolina-based HCSB Financial Corporation was
incorporated on June 10, 1999, to become a holding company for
Horry County State Bank. The Bank is a state chartered bank which
commenced operations on Jan. 4, 1988. From its 13 branch
locations, the Bank offers a full range of deposit services,
including checking accounts, savings accounts, certificates of
deposit, money market accounts, and IRAs, as well as a broad range
of non-deposit investment services. During the third quarter of
2011, the Bank closed its Covenant Towers branch located at Myrtle
Beach. All deposits were transferred to the Bank's Myrtle Beach
branch and the Bank does not expect any disruption of service in
that market for its customers.
HCSB Financial reported a net loss available to common
shareholders of $1.75 million on $13.7 million of total interest
income for the year ended Dec. 31, 2015, compared to a net loss
available to common shareholders of $1.40 million on $16.09 million
of total interest income for the year ended Dec. 31, 2014.
As of Sept. 30, 2016, the Company had $381.1 million in total
assets, $344.5 million in total liabilities and $36.59 million in
total shareholders' equity.
Elliott Davis Decosimo, LLC, in Columbia, South Carolina, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has suffered recurring losses that have eroded regulatory
capital ratios and the Company's wholly owned subsidiary, Horry
County State Bank, is under a regulatory Consent Order with the
Federal Deposit Insurance Corporation (FDIC) that requires, among
other provisions, capital ratios to be maintained at certain
levels. As of December 31, 2015, the Company's subsidiary is
considered significantly undercapitalized based on its regulatory
capital levels. These considerations raise substantial doubt about
the Company's ability to continue as a going concern. The Company
also has deferred interest payments on its junior subordinated
debentures for 20 consecutive quarters as of
December 31, 2015. Under the terms of the debentures, the Company
may defer payments for up to 20 consecutive quarters without
creating a default. Payment for the 20th quarterly interest
deferral period was due in March 2016. The Company failed to pay
the deferred and compounded interest at the end of the deferral
period, and the trustees of the corresponding trusts, have the
right, after any applicable grace period, to exercise various
remedies, including demanding immediate payment in full of the
entire outstanding principal amount of the debentures. The balance
of the debentures and accrued interest as of December 31, 2015 were
$6,186,000 and $901,000, respectively. These events also raise
substantial doubt about the Company's ability to continue as a
going concern as of Dec. 31, 2015.
HUTCHESON MEDICAL: Trustee Taps Alston & Bird as Counsel
--------------------------------------------------------
The Chapter 11 trustee for Hutcheson Medical Center, Inc. seeks
approval from the U.S. Bankruptcy Court for the Northern District
of Georgia to hire Alston & Bird LLP.
The firm will represent the trustee in connection with a subpoena
served on Dec. 8 by the Department of Labor related to a criminal
investigation being conducted by the agency.
The attorneys designated to represent the trustee and their hourly
rates are:
Grant Stein $995
Scott Jarvis $575
Grant Stein, Esq., disclosed in a court filing that the firm does
not represent any interest adverse to the Debtor or its bankruptcy
estate.
Alston & Bird can be reached through:
Grant T. Stein, Esq.
Alston & Bird LLP
One Atlantic Center
1201 West Peachtree Street, Suite 4900
Atlanta, GA 30309-3424
Tel:404-881-7000
Fax:404-881-7777
About Hutcheson Medical Center
Hutcheson Medical Center, Inc., operates the 179-bed hospital and
related ancillary facilities, including, without limitation, a
skilled nursing home and an ambulatory surgery center, located in
Ft. Oglethorpe, Georgia, known as Hutcheson Medical Center. HMC
leases the land and buildings that comprise the Medical Center from
The Hospital Authority of Walker, Dade and Catoosa Counties.
HMC and Hutcheson Medical Division, Inc., sought Chapter 11
bankruptcy protection (Bankr. N.D. Ga. Case No. 14-42863 and
14-42864) in Rome, Georgia, on Nov. 20, 2014. The cases are
jointly administered under Case No. 14-42863.
The cases have been assigned to the Honorable Paul W. Bonapfel. The
Debtors are represented by Ashley Reynolds Ray, Esq., and J. Robert
Williamson, Esq., at Scroggins and Williamson, in Atlanta,
Georgia.
HMC disclosed $32.8 million in assets and $52.9 million in
liabilities as of the Chapter 11 filing.
HYPNOTIC TAXI: Mogul Ordered To Surrender 46 Cabs
-------------------------------------------------
The American Bankruptcy Institute, citing Ian Wenik of Reuters,
reported that New York taxi king Evgeny "Gene" Freidman would earn
a ride to jail if he failed to comply with an order compelling him
to surrender 46 of his taxicabs and medallions.
According to the report, Judge Carla E. Craig of the U.S.
Bankruptcy Court in Brooklyn, N.Y., has ruled that Mr. Freidman
must turn the assets over to a Chapter 7 trustee or face arrest.
The court-appointed trustee that now administers the holding
companies' bankruptcy estates, Gregory Messer, asked to seize the
vehicles and medallions after Freidman failed to make a $92,000
monthly payment on the medallions, the report related.
Freidman wanted to turn the cabs and medallions over to the city's
Taxi & Limousine Commission instead of to the Chapter 7 trustee, a
proposal that earned his counsel a sharp rebuke from Craig, the
report further related.
"I am ordering him to turn them over. He cannot decide that he
ought to turn them over to the TLC. He has to turn them over,"
Reuters cited Judge Craig as saying from the bench. "If he does
not, he will be incarcerated. I am not kidding about this."
Freidman's counsel, David M. Bass, Esq., of Cole Schotz, told the
court that his client was concerned about remaining liable for the
taxis and medallions once they were transferred out of his
possession: first to the Chapter 7 trustee and then to a taxi
management company that has agreed to operate the cabs as they are
sold off piecemeal, the report said.
Under the terms of the turnover, Freidman must deliver the cabs to
the Chapter 7 trustee for safekeeping, then the taxis will be
turned over to NYC Taxi Group, which owns about 300 medallions in
its own right, the report added.
About Hypnotic Taxi
Hypnotic Taxi LLC and 21 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. E.D.N.Y. Lead Case No. 15-43300) on
July 22, 2015. The petition was signed by Evgeny Freidman as sole
and managing member.
Klestadt Winters Jureller Southard & Stevens LLP serves as the
Debtors' counsel. Judge Carla E. Craig presides over the case.
The Debtors each own either two or three medallions issued by the
New York City Taxi and Limousine Commission that permit taxi
services to be performed by the Debtors.
Hypnotic Taxi LLC disclosed total assets of $1,941,314 and total
liabilities of $2,825,401 as of the Petition Date.
The U.S. Trustee for Region 2 appointed three creditors to serve
on
the official committee of unsecured creditors. The Committee
tapped White & Williams LLP as counsel and EisnerAmper as its
accountants and financial advisors.
According to Reuters, the cases were converted to a Chapter 7
liquidation on Sept. 22 after Freidman failed to produce a
realistic reorganization plan and then attempted to publicly
abandon the cabs outside the Queens office of creditor Citibank.
IHEART MEDIA: Lenders Said to Oppose Exchange Offer
---------------------------------------------------
Sridhar Natarajan and Emma Orr, writing for Bloomberg News,
reported that a group of bondholders is planning to reject
iHeartMedia Inc.'s latest effort to push out maturities in a
setback to the biggest U.S. radio operator teetering under $21
billion in debt, according to people with knowledge of the matter.
According to the report, citing one of the people, who asked not to
be identified as the information is not public, almost half the
holders of $347 million of bonds coming due in just over a year
have banded together to oppose the debt exchange offered by the
company. The unsecured creditors intend to notify the company that
they won't take part in the bond swap that would deliver so-called
priority-guarantee notes maturing in 2021 to the holders, the
report added, further citing the person.
The group is working with law firm Paul Weiss and plans to push for
better terms, the report said.
Bloomberg pointed out that the latest discord presents another
roadblock in the radio broadcaster's attempt to address a mountain
of borrowings heaped on it from a 2008 buyout by Bain Capital and
Thomas H. Lee Partners. The debt-load has complicated Chief
Executive Officer Bob Pittman's attempt to win back audiences who
have been lured away by online music-streaming providers such as
Spotify, the report said.
The company has been pulling all levers to clean up its balance
sheet, including a rare maneuver to forgo repaying a portion of
debt held by its subsidiary, the report noted. That surprising
move irked some creditors and triggered payouts on $749 million of
credit-default swaps, the report added.
About iHeartCommunications
iHeartCommunications, Inc., formerly known as Clear Channel
Communications, Inc., is a global media and entertainment company.
The Company specializes in radio, digital, outdoor, mobile,
social, live events, on-demand entertainment and information
services for local communities, and uses its unparalleled national
reach to target both nationally and locally on behalf of its
advertising partners. The Company is dedicated to using the
latest technology solutions to transform the company's products
and services for the benefit of its consumers, communities,
partners and advertisers, and its outdoor business reaches over 40
countries across five continents, connecting people to brands
using innovative new technology.
IheartCommunications reported a net loss attributable to the
Company of $755 million on $6.24 billion of revenue for the year
ended Dec. 31, 2015, compared to a net loss attributable to the
Company of $794 million on $6.31 billion of revenue for the
year ended Dec. 31, 2014.
As of Sept. 30, 2016, IHeartcommunications had $12.82 billion in
total assets, $23.78 billion in total liabilities and a total
shareholders' deficit of $10.96 billion.
Bankruptcy Warning
"The ability to refinance the debt will depend on the condition of
the capital markets and our financial condition at such time.
Any refinancing of the debt could be at higher interest rates and
increase debt service obligations and may require us and our
subsidiaries to comply with more onerous covenants, which could
further restrict our business operations. The terms of existing
or future debt instruments may restrict us from adopting some of
these alternatives. These alternative measures may not be
successful and may not permit us or our subsidiaries to meet
scheduled debt service obligations. If we or our subsidiaries
cannot make scheduled payments on indebtedness, we or our
subsidiaries, as applicable, will be in default under one or more
of the debt agreements and, as a result we could be forced into
bankruptcy or liquidation," the Company said in its annual report
for the year ended Dec. 31, 2015.
* * *
iHeartCommunications carries a 'Caa2 Corp.' corporate family
rating
from Moody's Investors Service.
As reported by the TCR on Dec. 15, 2016, Fitch Ratings has
downgraded iHeartCommunications, Inc.'s Long-Term Issuer Default
Rating (IDR) to 'CC' from 'CCC'. According to the report, the
downgrade reflects the increasing likelihood that iHeart will look
to restructure its debt within a year or two.
IMH FINANCIAL: IMH Gabella Sells Interests in Minnesota Project
---------------------------------------------------------------
IMH Gabella, LLC and Bigos-Gabella, LLC entered into a Real
Property Purchase Agreement on Oct. 21, 2016, pursuant to which IMH
Gabella agreed to sell all of its interests in a multifamily
development project known as "Gabella at Parkside" located in Apple
Valley, Minnesota. Ninety percent of the membership interests in
IMH Gabella are held by IMH Financial Corporation. Pursuant to the
terms of the Agreement, Bigos-Gabella agreed to purchase the
Property for a contract price of $38.5 million. The transaction
closed on Dec. 21, 2016.
In connection with the sale of the Property, IMH Financial retired
certain indebtedness secured by the Property totaling $21 million
and other indebtedness totaling $9 million.
About IMH Financial
Scottsdale, Ariz.-based IMH Financial Corporation was formed from
the conversion of IMH Secured Loan Fund, LLC, or the Fund, a
Delaware limited liability company, on June 18, 2010. The
conversion was effected following a consent solicitation process
pursuant to which approval was obtained from a majority of the
members of the Fund to effect the Conversion Transactions and
involved (i) the conversion of the Fund from a Delaware limited
liability company into a Delaware corporation named IMH Financial
Corporation, and (ii) the acquisition by the Company of all of the
outstanding shares of the manager of the Fund Investors Mortgage
Holdings Inc., or the Manager, as well as all of the outstanding
membership interests of a related entity, IMH Holdings LLC, or
Holdings on June 18, 2010.
IMH Financial reported a net loss attributable to common
shareholders of $18.90 million on $32.49 million of total revenue
for the year ended Dec. 31, 2015, compared to a net loss
attributable to common shareholders of $39.46 million on $31.4
million of total revenue for the year ended Dec. 31, 2014.
As of Sept. 30, 2016, IMH Financial had $172.77 million in total
assets, $109.49 million in total liabilities, $31.49 million in
redeemable convertible preferred stock and $31.77 million in total
stockholders' equity.
INDUSTRIAL EXPEDITORS: Taps Sheehan Law Firm as Legal Counsel
-------------------------------------------------------------
Industrial Expeditors, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Mississippi to hire legal
counsel in connection with its Chapter 11 case.
The Debtor proposes to hire Sheehan Law Firm, PLLC to consult with
any committee concerning the administration of the case, assist in
the preparation of a bankruptcy plan, and provide other legal
services.
Patrick Sheehan, Esq., the lawyer designated to represent the
Debtor, will be paid an hourly rate of $300. The firm's paralegals
will be paid $100 per hour.
Sheehan Law Firm has no connection with the Debtor or any of its
creditors, according to court filings.
The firm can be reached through:
Patrick A. Sheehan, Esq.
Sheehan Law Firm
429 Porter Ave.
Ocean Springs, MS 39564
Phone: 228-875-0572
Email: pat@sheehanlawfirm.com
Email: Mike@sheehanlawfirm.com
About Industrial Expeditors
Industrial Expeditors, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Miss. Case No. 16-52144) on
December 14, 2016. The petition was signed by Harold Hageman, Jr.,
authorized representative.
At the time of the filing, the Debtor estimated assets of less than
$100,000 and liabilities of less than $500,000.
INDUSTRIAL RIDE: BOA Wants to Prohibit Cash Use
-----------------------------------------------
Bank of America, N.A. notifies the U.S. Bankruptcy Court for the
District of Arizona that it does not consent to Industrial Ride
Shop, LLC's use of cash collateral, including any use of the
proceeds or any other income generated from the Property.
The Debtor is indebted to Bank of America, N.A. in the principal
amount of $790,489, plus accrued and accruing interest, fees and
other charges. Repayment of the Debtor's indebtedness is secured
by, among other things, virtually all of the personal property
assets owned by the Debtor as set forth in that certain Security
Agreement.
Bank of America tells the Court that to the extent that it does, in
the future, consent to the use of cash collateral, such consent
will be granted only in writing upon such terms and conditions
agreed upon between Bank of America and the Debtor, subject to the
Court's approval.
Accordingly, Bank of America demands sequestration of any proceeds
and any other income derived from the Property.
Bank of America, N.A. is represented by:
Kyle S. Hirsch, Esq.
Rachel E. Phillips, Esq.
BRYAN CAVE LLP
Two North Central Avenue, Suite 2200
Phoenix, AZ 85004-4406
Telephone: (602) 364-7000
Facsimile: (602) 364-7070
Email: kyle.hirsch@bryancave.com
rachel.phillips@bryancave.com
About Industrial Ride Shop, LLC
Industrial Ride Shop, LLC filed a Chapter 11 petition (Bankr. D.
Ariz. Case No. 16-14176), on December 16, 2016. The Petition was
signed by Douglas Butcher, managing member. The case is assigned
to Judge Brenda K. Martin. The Debtor is represented by Hilary L
Barnes, Esq. at Allen Barnes & Jones, PLC. At the time of filing,
the Debtor estimated both assets and liabilities at $1 million to
$10 million each.
INTELLIPHARMACEUTICS INT'L: To Present at the Biotech Showcase
--------------------------------------------------------------
Intellipharmaceutics International Inc. is scheduled to present at
the annual Biotech ShowcaseTM conference on Jan. 11, 2017. Domenic
Della Penna, chief financial officer, will be presenting at 9:30
a.m. (Pacific Time) at the Parc 55 in San Francisco, California.
The presentation may be accessed on Jan. 11, 2017, through the
Investor Relations' Events and Presentations section on
Intellipharmaceutics' website at www.intellipharmaceutics.com.
About Intellipharmaceutics
Toronto, Canada-based Intellipharmaceutics International Inc. is
incorporated under the laws of Canada. Intellipharmaceutics is a
pharmaceutical company specializing in the research, development
and manufacture of novel and generic controlled-release and
targeted-release oral solid dosage drugs. Its patented
Hypermatrix(TM) technology is a multidimensional controlled-
release drug delivery platform that can be applied to the
efficient development of a wide range of existing and new
pharmaceuticals. Based on this technology, Intellipharmaceutics
has a pipeline of product candidates in various stages of
development, including filings with the FDA in therapeutic areas
that include neurology, cardiovascular, gastrointestinal tract,
diabetes and pain.
Intellipharmaceutics reported a net loss of US$7.43 million on
US$4.09 million of revenues for the year ended Nov. 30, 2015,
compared to a net loss of US$3.85 million on US$8.76 million of
revenues for the year ended Nov. 30, 2014.
As of Aug. 31, 2016, the Company had US$5.36 million in total
assets, US$3.61 million in total liabilities and US$1.75 million in
shareholders' equity.
Deloitte LLP issued a "going concern" opinion on the consolidated
financial statements for the year ended Nov. 30, 2015, citing that
the Company's recurring losses from operations and shareholders'
deficiency raise substantial doubt about its ability to continue
as a going concern.
INTERPACE DIAGNOSTICS: Effects 1-for-10 Reverse Stock Split
-----------------------------------------------------------
Interpace Diagnostics Group, Inc., announced that as of 5:00 p.m.,
Eastern Time, on Dec. 28, 2016, it effected a 1-for-10 reverse
stock split of its outstanding common stock, which will be
effective for trading purposes as of the commencement of trading on
Thursday, Dec. 29, 2016.
At the Annual Meeting of Stockholders held on Aug. 3, 2016, the
reverse stock split was approved by the Company's stockholders to
be effected at the Board's discretion within the approved
parameters and the specific ratio was subsequently approved by the
Company's Board. The reverse stock split is intended to increase
the per share trading price of the Company's common stock to
satisfy the $1.00 minimum bid price requirement for continued
listing on The NASDAQ Capital Market although the Company
anticipates a NASDAQ hearing and no assurance can be given that
continued listing will occur. Trading of the Company's common
stock on The NASDAQ Capital Market will continue, on a post-split
basis, with the opening of the markets on Thursday, Dec. 29, 2016,
under the existing trading symbol "IDXG" and under new CUSIP number
46062X 204. The reverse stock split reduces the number of shares
of the Company's common stock outstanding from approximately 20.2
million shares of common stock pre-reverse split to approximately
2.0 million shares of common stock post-reverse split. The number
of outstanding options and warrants will be adjusted accordingly,
with outstanding common stock options and restricted stock units
being reduced from approximately 2.2 million to approximately
218,000 and the number of warrants being reduced from 1.6 million
warrants to 160,000 warrants. The number of authorized shares of
common stock and the par value per share will remain unchanged.
As a result of the reverse stock split, every 10 shares of the
Company's pre-reverse split common stock will be combined and
reclassified into one share of common stock. Proportionate voting
rights and other rights of common stockholders will not be affected
by the reverse stock split. No fractional shares of common stock
will be issued as a result of the reverse stock split and instead
holders will receive a cash payment in lieu of fractional shares to
which they would otherwise be entitled.
After the effective time of the reverse stock split, stockholders
with shares held in certificate form will receive a Letter of
Transmittal and instructions from Interpace Diagnostics' transfer
agent, American Stock Transfer & Trust LLC (AST). Stockholders
that hold shares in book-entry form or hold their shares in
brokerage accounts are not required to take any action and will see
the impact of the reverse stock split reflected in their accounts.
Beneficial holders of Interpace Diagnostics' common stock are
encouraged to contact their bank, broker, custodian or other
nominee with questions regarding procedures for processing the
reverse stock split.
Additional information about the reverse stock split can be found
in the Company's Definitive Proxy Statement filed with the
Securities and Exchange Commission (SEC) on June 22, 2016, and in
the Company's Form 8-K filed with the SEC on Dec. 28, 2016, copies
of which is available at www.sec.gov or at the Company's website at
www.interpacediagnostics.com.
"This decision has been made in consultation with advisors and our
Board of Directors and we believe the resulting increase in share
price will broaden the appeal of our shares to investors,
particularly institutional stockholders. Furthermore, the
management and Board of Directors feel strongly that The NASDAQ
Capital Market stock exchange is the most beneficial and
appropriate exchange on which the Company's shares should trade and
this reverse split should assist us in resolving the minimum
trading price issue, allowing us to work to meet the continuing
listing requirements," said Jack E. Stover, president & CEO of
Interpace Diagnostics.
About Interpace Diagnostics
Headquartered in Parsippany, New Jersey, Interpace Diagnostics
Group, Inc., is focused on developing and commercializing molecular
diagnostic tests principally focused on early detection of high
potential progressors to cancer and leveraging the latest
technology and personalized medicine for patient diagnosis and
management. The Company currently has four commercialized
molecular tests: PancraGen, a pancreatic cyst molecular test that
can aid in pancreatic cyst diagnosis and pancreatic cancer risk
assessment utilizing our proprietary PathFinder platform; ThyGenX,
which assesses thyroid nodules for risk of malignancy, ThyraMIR,
which assesses thyroid nodules risk of malignancy utilizing a
proprietary gene expression assay.
Interpace reported a net loss of $11.35 million in 2015 following a
net loss of $16.07 million in 2014.
As of Sept. 30, 2016, the Company had $45.96 million in total
assets, $47.44 million in total liabilities and a total
stockholders' deficit of $1.47 million.
BDO USA, LLP, in Woodbridge, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company has suffered recurring
losses from continuing operations that raise substantial doubt
about its ability to continue as a going concern.
IOWA HEALTHCARE: Seeks to Hire Bradshaw Fowler as Legal Counsel
---------------------------------------------------------------
Central Iowa Healthcare seeks approval from the U.S. Bankruptcy
Court for the Southern District of Iowa to hire legal counsel in
connection with its Chapter 11 case.
The Debtor proposes to hire Bradshaw,Fowler, Proctor & Fairgrave,
P.C. to give legal advice regarding its duties under the Bankruptcy
Code, conduct examinations of witnesses and claimants, assist in
the preparation of a bankruptcy plan, and provide other legal
services.
The hourly rates charged by the firm are:
Jeffrey Goetz $375
Krystal Mikkilineni $190
Associates $125 - $250
Paralegals $90 - $125
Bradshaw Fowler is a "disinterested person" as defined in section
101(14) of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Jeffrey D. Goetz, Esq.
Bradshaw Fowler Proctor & Fairgrave P.C.
801 Grand Avenue, Suite 3700
Des Moines, IA 50309-8004
Phone: 515-246-5817
Fax: 515-246-5808
Email: goetz.jeffrey@bradshawlaw.com
About Central Iowa Healthcare
Central Iowa Healthcare, formerly doing business as Marshalltown
Medical Surgical Center, is a not-for-profit corporation formed
under the laws of the State of Iowa, and is tax exempt pursuant to
section 501(c)(3) of the Internal Revenue Code. CIH is governed by
a 14-member Board of Trustees of which two members serve on an
ex-officio basis.
CIH operates a community hospital in Marshalltown, Iowa, which is
located between Des Moines and Cedar Rapids. CIH's 49-bed, acute
care facility is the only full-service medical center in the area.
CIH provides inpatient, outpatient, emergency care, and medical
clinic services for the residents of Marshall, Tama, and Grundy
counties. These counties combined have a population of over 60,000
and are home to several large companies that are significant local
employers. CIH is the sixth largest employer in Marshalltown.
According to U.S. Census 2015 data, Marshalltown's population is
estimated at 27,620 and a median income of $50,396.
Declining revenues over the past several years have placed a
considerable financial strain on CIH and led to uncertainty about
the hospital's ability to continue as a going concern.
Central Iowa Healthcare sought Chapter 11 protection (Bankr. S.D.
Iowa Case No. Case No. 16-02438-1) on Dec. 20, 2016. The Petition
was signed by Dawnett Willis, acting CEO. The case is assigned to
Judge Anita L. Shodeen. The Debtor disclosed $81.91 million total
assets and $20.02 million total liabilities.
The U.S. Trustee for the Southern appointed Susan N. Goodman as the
Patient Care Ombudsman for Central Iowa Healthcare.
On December 28, 2016, the U.S. Trustee appointed five creditors to
serve on the official committee of unsecured creditors.
IOWA HEALTHCARE: To Hire A&M Healthcare as Financial Advisor
------------------------------------------------------------
Central Iowa Healthcare seeks approval from the U.S. Bankruptcy
Court for the Southern District of Iowa to hire a financial
advisor.
The Debtor proposes to hire Alvarez & Marsal Healthcare Industry
Group, LLC to provide these services:
(a) In collaboration with the chief executive officer, A&M
will assist in the identification and implementation of
cost reduction and operations improvement opportunities;
(b) Assist the Debtor in managing its Chapter 11 case;
(c) Coordinate with the "working group" professionals who are
assisting the Debtor in the reorganization process or who
are working for its various stakeholders;
(d) Liaise with the Debtor's key constituents or creditors
with respect to financial and operational matters;
(e) Provide assistance in such areas as testimony before the
court;
(f) Assist the Debtor and other professionals in bankruptcy
planning and preparation;
(g) Assist in the discussions with and providing information
to potential investors, secured lenders, official
committees, the Office of the U.S. Trustee;
(h) Assist in the overall financial reporting assisting with
the administrative requirements of the Bankruptcy Code;
(i) Assist in the case administration and reporting
requirements associated with a Chapter 11 filing; and
(j) Assist the Debtor and its other advisors in developing
restructuring plans or strategic alternatives for
maximizing the enterprise value of their various business
lines.
The hourly rates charged by the firm are:
Managing Director $750 - $950
Director $550 - $750
Associate $400 - $550
Analyst $350 - $400
Ronald Winters, A&M managing director, disclosed in a court filing
that his firm is a "disinterested person" as defined in section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Ronald Winters
Alvarez & Marsal Healthcare Industry Group, LLC
540 West Madison Street, Suite 1800
Chicago, IL 60661
Phone: +1 312-601-4220
Fax: +1 312-332-4599
About Central Iowa Healthcare
Central Iowa Healthcare, formerly doing business as Marshalltown
Medical Surgical Center, is a not-for-profit corporation formed
under the laws of the State of Iowa, and is tax exempt pursuant to
section 501(c)(3) of the Internal Revenue Code. CIH is governed by
a 14-member Board of Trustees of which two members serve on an
ex-officio basis.
CIH operates a community hospital in Marshalltown, Iowa, which is
located between Des Moines and Cedar Rapids. CIH's 49-bed, acute
care facility is the only full-service medical center in the area.
CIH provides inpatient, outpatient, emergency care, and medical
clinic services for the residents of Marshall, Tama, and Grundy
counties. These counties combined have a population of over 60,000
and are home to several large companies that are significant local
employers. CIH is the sixth largest employer in Marshalltown.
According to U.S. Census 2015 data, Marshalltown's population is
estimated at 27,620 and a median income of $50,396.
Declining revenues over the past several years have placed a
considerable financial strain on CIH and led to uncertainty about
the hospital's ability to continue as a going concern.
Central Iowa Healthcare sought Chapter 11 protection (Bankr. S.D.
Iowa Case No. Case No. 16-02438-1) on Dec. 20, 2016. The Petition
was signed by Dawnett Willis, acting CEO. The case is assigned to
Judge Anita L. Shodeen. The Debtor disclosed $81.91 million total
assets and $20.02 million total liabilities.
The U.S. Trustee for the Southern appointed Susan N. Goodman as the
Patient Care Ombudsman for Central Iowa Healthcare.
On December 28, 2016, the U.S. Trustee appointed five creditors to
serve on the official committee of unsecured creditors.
IOWA HEALTHCARE: To Hire Sugar Felsenthal as Special Counsel
------------------------------------------------------------
Central Iowa Healthcare seeks approval from the U.S. Bankruptcy
Court for the Southern District of Iowa to hire Sugar Felsenthal
Grais & Hammer LLP as special counsel.
The firm will assist the Debtor in connection with "unique legal
issues" related to a healthcare business case, which include the
transfer of business assets during the pendency of a bankruptcy
case.
Sugar Felsenthal will also give legal advice regarding debtor-in-
possession financing, the sale of assets, the transfer of
responsibilities to a new healthcare operator, and the termination
of contracts.
The standard hourly rates charged by the firm for its attorneys and
paralegals are:
Aaron Hammer $750
Mark Melickian $650
Other Attorneys $295 - $510
Paralegals $195 - $250
Sugar Felsenthal is a "disinterested person" as defined in section
101(14) of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Mark S. Melickian
Sugar, Felsenthal, Grais & Hammer LLP
30 N. LaSalle St., Suite 3000
Chicago, IL 60602
Tel: (312) 704-9400
Fax: (312) 372-7951
About Central Iowa Healthcare
Central Iowa Healthcare, formerly doing business as Marshalltown
Medical Surgical Center, is a not-for-profit corporation formed
under the laws of the State of Iowa, and is tax exempt pursuant to
section 501(c)(3) of the Internal Revenue Code. CIH is governed by
a 14-member Board of Trustees of which two members serve on an
ex-officio basis.
CIH operates a community hospital in Marshalltown, Iowa, which is
located between Des Moines and Cedar Rapids. CIH's 49-bed, acute
care facility is the only full-service medical center in the area.
CIH provides inpatient, outpatient, emergency care, and medical
clinic services for the residents of Marshall, Tama, and Grundy
counties. These counties combined have a population of over 60,000
and are home to several large companies that are significant local
employers. CIH is the sixth largest employer in Marshalltown.
According to U.S. Census 2015 data, Marshalltown's population is
estimated at 27,620 and a median income of $50,396.
Declining revenues over the past several years have placed a
considerable financial strain on CIH and led to uncertainty about
the hospital's ability to continue as a going concern.
Central Iowa Healthcare sought Chapter 11 protection (Bankr. S.D.
Iowa Case No. Case No. 16-02438-1) on Dec. 20, 2016. The Petition
was signed by Dawnett Willis, acting CEO. The case is assigned to
Judge Anita L. Shodeen. The Debtor disclosed $81.91 million total
assets and $20.02 million total liabilities.
The U.S. Trustee for the Southern appointed Susan N. Goodman as the
Patient Care Ombudsman for Central Iowa Healthcare.
On December 28, 2016, the U.S. Trustee appointed five creditors to
serve on the official committee of unsecured creditors.
IPAYMENT INC: S&P Lowers CCR to 'CCC-' on Upcoming Loan Maturity
----------------------------------------------------------------
S&P Global Ratings said that it lowered its corporate credit rating
on New York City-headquartered iPayment Inc. to 'CCC-' from 'CCC'.
The outlook is negative.
S&P also reviewed the recovery and issue-level ratings for the
company that were under criteria observation (UCO) after publishing
S&P's revised recovery ratings criteria on Dec. 7, 2016. With
S&P's criteria review complete, it is removing the UCO designation
from these ratings and affirming the 'CCC+' issue-level rating on
the first-lien credit facility and revising the recovery rating to
'1' from '2'. The '1' recovery rating indicates S&P's expectation
of very high recovery (90%-100%) in the event of default.
In addition, S&P affirmed the 'CC' issue-level rating on the
company's second-lien senior secured notes and senior unsecured
notes. The recovery rating remains '6', indicating S&P's
expectation of negligible (0-10%) recovery in the event of
default.
The rating actions reflect iPayment's significant near-term
refinancing risk driven by high leverage, weak liquidity, and
increasing risk of capital structure unsustainability. Despite a
debt restructuring in 2014, iPayment remains highly leveraged with
weak free cash flow to debt. The downgrade reflects S&P's view
that the company will default without an unforeseen positive
development over the next six months.
S&P's highly leveraged assessment of the company's financial risk
profile incorporates its total leverage level of around 8x and free
cash flow to debt of around 2% as of Sept. 30, 2016. S&P expects
the company to generate free cash flow of $10 million to $20
million in 2016.
iPayment operates in the highly competitive small and midsize U.S.
merchant payment services market with modest market share of about
1% for 2015, according to Nilsen data. iPayment generated
year-over-year net revenue growth of around 5% in the third quarter
ended Sept. 30, 2016, driven by a shift toward higher revenue
generating merchants, partially offset by a decline in merchants
overall.
Payment processors in aggregate have benefitted from the increasing
prevalence of cashless and e-commerce transactions the past several
years, but competition to attain and retain new merchants by means
of pricing concessions has made for a highly competitive
marketplace, especially for smaller processors, such as iPayment.
S&P expects the company to grow in the mid-single-digit range in
2017 driven by consumer spending and the ongoing conversion from
cash to electronic-based transactions, but offset by high merchant
attrition inherent in the SMB market.
S&P's base case assumes:
-- U.S. GDP growth of 2.0% in 2016 and 2.4% in 2017;
-- Mid-single-digit percentage organic revenue growth in 2017,
driven by consumer spending and the ongoing conversion from
cash to electronic based transactions, partially offset by
merchant attrition;
-- Stable EBITDA margins at about 13% of gross revenue;
-- Capital expenditures including prepaid residual expenses and
portfolio acquisitions of about $15 million-$20 million
annually; and
-- Free cash flow generation of $10 million to $20 million.
Based on these assumptions, S&P arrives at these credit measures
over the coming year:
-- S&P Global Ratings' adjusted leverage of about 8x at year-
end 2016; and
-- Free cash flow to debt of 1% to 3%.
S&P views iPayment's liquidity sources as insufficient to cover
uses over the next 12 to 18 months, given the company's term loan
maturity in May 2017. In addition, the covenant flexibility under
the debt to EBITDA financial maintenance covenant of its credit
facility remains tight, with less than 5% EBITDA cushion as of
Sept. 30, 2016. The financial maintenance covenants, which apply
to the first-lien credit agreement, are a maximum first-lien
leverage ratio of 4.25x and a minimum interest coverage ratio of
1.5x, both without step-downs through maturity.
Liquidity sources:
-- $12.4 million of cash on the balance sheet as of Sept. 30,
2016;
-- Although the company has an undrawn $20 million revolver, no
liquidity is assumed from it given its near-term expiration;
and
-- Operating cash flow of around $30 million over the next 12
months.
Liquidity uses:
-- Annual capital expenditures including residual buyout
payments and portfolio acquisitions of $15 million to
$20 million; and
-- Term loan maturity in May 2017.
The negative outlook reflects S&P's assessment of iPayment's weak
liquidity profile, with significant near-term debt maturities and
narrow flexibility under its credit facility's financial
maintenance covenant.
S&P could lower the rating if the company experiences a default
event, such as a missed payment on its upcoming debt maturity or an
announcement of a distressed exchange.
S&P could raise the rating if the company is able to address
refinancing risk of 2017 loan maturities and increase financial
maintenance covenant flexibility while continuing to have organic
net revenue and EBITDA growth.
S&P's simulated default scenario assumes a payment default
occurring in 2017 because of a weak cash flow generation and
liquidity position that stem from subdued operating growth and
inability to sustain its onerous debt capital structure.
-- Simulated year of default: 2017
-- EBITDA at emergence: $80 million
-- EBITDA multiple: 6x
-- Net enterprise value (after 7% administrative costs):
$448 million
-- Valuation split in % (obligors/nonobligors): 100/0
-- Collateral value available to secured creditors:
$448 million
-- Secured first-lien debt: $444 million
-- Recovery expectations: 90%-100%
-- Total unsecured debt: $337 million
-- Recovery expectations: 0%-10%
Note: All debt amounts include six months of prepetition interest.
JO-JO HOLDINGS: U.S. Trustee Forms 3-Member Committee
-----------------------------------------------------
The Office of the U.S. Trustee on Dec. 30 appointed three creditors
to serve on the official committee of unsecured creditors in the
Chapter 11 cases of Jo-Jo Holdings, Inc., and its affiliates.
The committee members are:
(1) Columbia Sportwear USA
Attn: Kim Keierleber, Credit Manager
14375 NW Science Park Drive
Portland, OR 97229
Phone: 503-985-4542/503-985-5542
Email: kkeierleber@columbia.com
(2) Backwards Building, LLC
Attn: Tyler S. Oliver, Member
13356 Metcalf
Overland Park, KS 66213
Phone: 913-738-9100
Email: tyler@colbycapital.com
(3) Arcteryx Equipment
Attn: Rob Scott, Credit Manager
110 2220 Dollarton Hwy
North Vancouver, BC,
V7H 1A8, Canada
Phone: 604-960-3079
Email: Rob.scott@arcteryx.com
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About Jo-Jo Holdings
Jo-Jo Holdings, Inc., and its affiliates filed Chapter 11 petitions
(Bankr. N.D. Tex. Lead Case No. 16-44337) on November 9, 2016. The
Debtors are represented by Katherine T. Hopkins, Esq., Michael A.
McConnell, Esq., Nancy Ribaudo, Esq., and Clay M. Taylor, Esq., at
Kelly Hart & Hallman LLP.
In their petitions, the Debtors estimated assets and liabilities:
Estimated Estimated
Assets Liabilities
---------- -----------
Jo-Jo Holdings, Inc. $0-$50K $1M-$10M
Backwoods Retail, Inc. $1M-$10M $10M-$50M
Backwoods Adventures, Inc. $0-$50K $500K-$1M
The petitions were signed by Jennifer Mull Neuhaus, president.
LAKE LOTAWANA: Court Won't Compel Discovery of Mediation Statement
------------------------------------------------------------------
Judge Cynthia A. Norton of the United States Bankruptcy Court for
the Western District of Missouri denied the motion filed by the MI
Bondholders, LLC, and Wells Fargo Bank, N.A., as Trustee, to compel
discovery of the Lake Lotawana Community Improvement District's
mediation statement.
On August 26, 2016, the District filed for Chapter 9 relief. Prior
to filing, the District and the Bondholders engaged in mediation,
attempting to negotiate the terms of repayment of matured bonds
owed by the District. As part of the mediation, the mediator
requested each party provide the mediator with a confidential
mediation statement to educate the mediator about the case and the
parties' respective positions. The mediation was unsuccessful and
the District subsequently filed for relief under Chapter 9.
Shortly after the District filed for relief, the Movants sought
production of the District's mediation statement to determine
whether the District was an eligible debtor under Chapter 9. The
District refused. After the parties agreed to dispense with the
requirements of formal discovery requests, the Movants filed a
Motion to Compel Production of Mediation Statement, arguing as
follows:
(1) the Statement is not protected by Federal Rule of
Evidence 408;
(2) the parties did not agree in the mediation that the
Statement was exempt from production in this bankruptcy
case;
(3) mediation statements are admitted in many and varied
circumstances;
(4) the Statement is not privileged;
(5) in bad faith litigation, these types of documents must
be produced; and
(6) the "sword and shield" doctrine operates to permit
discovery of the Statement.
Judge Norton considered the first three arguments as essentially
admissibility arguments, and thus, are irrelevant in the context of
the Motion to Compel. The latter three arguments were summarized
as follows: the Statement is not privileged, and even if it was
privileged, 11 U.S.C. section 109(c)(5)(B) repeals any privilege
that may apply and, in the alternative, the District waived its
privilege.
The District argued the Statement is privileged.
Judge Norton denied the Motion to Compel without prejudice. The
judge was satisfied that the District has carried its burden in
establishing that the Statement is protected by the work product
privilege. The judge found that the Movants have failed to carry
their burden in showing substantial need and undue hardship to the
extent the Statement contains ordinary work product. Judge Norton
similarly found that the Movants have failed to carry their burden
in establishing rare and extraordinary circumstances to the extent
the Statement contains opinion work product. Moreover, after an in
camera review of the Statement, the judge found no evidence
justifying substantial need and undue hardship, nor rare and
extraordinary circumstances. To the extent, however, the District
later attempts to use the Statement to prove good faith negotiation
pursuant to 11 U.S.C. section 109(c)(5)(B) -- or for some other
purpose -- Judge Norton stated that the Movants may renew their
Motion to Compel production of the Statement.
A full-text copy of Judge Norton's December 19, 2016 opinion and
order is available at http://bankrupt.com/misc/mowb16-42357-76.pdf
About Lake Lotawana Community Improvement District
Lake Lotawana Community Improvement District, based in Lees Summit,
MO, filed a Chapter 9 petition (Bankr. W.D. Mo. Case No. 16-42357)
on August 26, 2016. Andrew J. Nazar, Esq., at POLSINELLI PC,
served as bankruptcy counsel.
In its petition, the Debtor estimated $1 million to $10 million in
both assets and liabilities. The petition was signed by Julie
Jackson, president.
LANDMARK ACADEMY: S&P Affirms 'BB-' Rating on Outstanding Debt
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Michigan Public
Educational Facilities Authority's (Landmark Academy project)
series 2010 limited-obligation revenue and revenue refunding bonds,
issued for Landmark Academy, to stable from negative. At the same
time, S&P Global Ratings affirmed its 'BB-' rating on Landmark
Academy's debt outstanding.
"The outlook revision reflects our view of improved enrollment
trends, which translate into better maximum annual debt service
coverage and liquidity levels that are commensurate with the 'BB-'
rating level," said S&P Global Ratings credit analyst Brian
Marshall. "We expect that the school's coverage levels and cash
position will remain commensurate with this rating level over our
outlook horizon," Mr. Marshall added.
The rating reflects S&P's view of the school's:
-- Improved maximum annual debt service (MADS) coverage,
increasing to 1.11x for fiscal 2016, from 0.82x for fiscal
2015;
-- Increased days' cash on hand, to 78 days' for fiscal 2016,
up from 49 days' for fiscal 2015;
-- Debt service payments from operations after exceeding the
allotted 20% of per-pupil state aid by about 2% in fiscal
2016; and
-- Inherent uncertainty associated with charter renewals,
because the bonds' final maturity exceeds the existing
charter's time horizon.
Partly offsetting the above weaknesses, in S&P's opinion, are:
-- Stable and experienced management that is actively trying to
manage the school's various operating pressures; and
-- History of four successful charter renewals and good
relationship with Saginaw Valley State University (SVSU),
the charter authorizer.
Initially chartered in 1999 by SVSU, Landmark Academy is a
kindergarten-through-grade 12 (K-12) public, college preparatory
charter school in Kimball Township (St. Clair County), Mich. The
series 2010 limited obligation revenue and refunding bonds account
for all of Landmark Academy's long-term debt. The original bond
proceeds were used to purchase the middle school and the high
school, renovate facilities, and refund all of the school's
existing debt. The bonds are a general obligation of the school,
secured by a pledge of 20% of per-pupil state aid and a
first-mortgage lien on the land and facilities financed via the
bond issuance.
The stable outlook reflects the improvement in Landmark Academy's
MADS coverage and cash position due to improved enrollment trends
following declines related to limited local employment
opportunities. The outlook also reflects S&P's expectation that
the school's enrollment trends and coverage ratios will remain in
line with the 'BB-' rating level over S&P's one-year outlook
horizon due to better-than-budgeted operating results for fiscal
2017. It also represents S&P's expectation that management will
not need to resort to short-term financing in fiscal 2017, which
Landmark Academy used in recent years to satisfy cash flow needs.
S&P could lower the rating over its outlook horizon if Landmark
Academy experienced future material enrollment declines that
weakened operations and led to additional cash draws to levels no
longer commensurate with the 'BB-' rating level.
Conversely, S&P would consider positive rating action if the school
were to demonstrate an ability to sustain MADS coverage and
liquidity ratios at current levels while exhibiting moderately
improving enrollment trends.
LIVE OAK HOLDING: Trustee Taps Lauren Najor as Bookkeeper
---------------------------------------------------------
The Chapter 11 trustee for Live Oak Holding, LLC seeks approval
from the U.S. Bankruptcy Court for the Southern District of
California to hire a bookkeeper.
Richard Kipperman, the court-appointed trustee, proposes to hire
Lauren Najor to serve as bookkeeper for Live Oak's water company.
Ms. Najor, the spouse of Nazar Najor, a member of Live Oak, will be
paid at the rate of $22 per hour for 10 hours of work per week.
The trustee is represented by:
Abigail V. O'Brient, Esq.
Christopher J. Green, Esq.
Mintz Levin Cohn Ferris Glovsky and Popeo P.C.
3580 Carmel Mountain Road, Suite 300
San Diego, CA 92130
Tel: 858-314-1500
Fax: 858-314-1501
Email: cgreen@mintz.com
Email: aobrient@mintz.com
About Live Oak Holding
Live Oak Holding, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S. D. Calif. Case No. 13-11672) on December
3, 2013. The petition was signed by Nazar Najor, member.
The case is assigned to Judge Laura S. Taylor. The Debtor hired
Ruben F. Arizmendi, Esq., at Arizmendi Law Firm as its legal
counsel.
At the time of the filing, the Debtor estimated assets of less than
$1.81 million and liabilities of less than $2.07 million. The
Debtor, at the time of its bankruptcy filing, owned approximately
115.85 acres near Boulevard, California on which it had previously
operated various businesses, including a water company, campground,
restaurant and bar, off-road vehicle race track and mobile home
park.
On January 30, 3014, Richard M. Kipperman was appointed as the
Chapter 11 trustee.
LPATH INC: Stockholders OK Merger Deal with Apollo Endosurgery
--------------------------------------------------------------
Lpath, Inc., held a special meeting of stockholders on Dec. 27,
2016, to consider five proposals related to the Company's
previously announced merger with Apollo Endosurgery, Inc., pursuant
to an Agreement and Plan of Merger and Reorganization, dated as of
Sept. 8, 2016, by and among the Company, Lpath Merger Sub, Inc. and
Apollo.
At the meeting, the Company's stockholders:
(1) adopted and approved the Merger Agreement, and approved the
merger and the issuance of Lpath common stock pursuant to
the Merger Agreement;
(2) approved the amended and restated certificate of
incorporation of Lpath to effect a reverse stock split of
Lpath common stock, at a ratio of one new share for every
five and one half shares outstanding;
(3) approved the amended and restated certificate of
incorporation of Lpath to change the name "Lpath, Inc." to
"Apollo Endosurgery, Inc."; and
(4) approved, on a non-binding advisory vote basis, compensation
that will or may become payable by Lpath to its named
executive officers in connection with the merger.
In addition, the stockholders approved the adjournment of the
special meeting, if necessary, to solicit additional proxies if
there are not sufficient votes in favor of Lpath Proposal Nos. 1,
2, 3 and 4. Although Lpath Proposal No. 5 was approved,
adjournment of the Special Meeting was not necessary or appropriate
because there were sufficient votes at the time of the Special
Meeting to approve the other proposals.
About LPath
San Diego, Calif.-based Lpath, Inc., is a biotechnology company
focused on the discovery and development of lipidomic-based
therapeutics, an emerging field of medical science whereby
bioactive lipids are targeted to treat human diseases.
LPath reported a net loss of $10.01 million on $1.59 million of
total revenues for the year ended Dec. 31, 2015, compared to a net
loss of $16.55 million on $5.08 million of total revenues for the
year ended Dec. 31, 2014.
As of Sept. 30, 2016, LPath had $4.04 million in total assets,
$1.35 million in total liabilities and $2.69 million in total
stockholders' equity.
Moss Adams LLP, in San Diego, California, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company's recurring losses and
negative operating cash flows raise substantial doubt about the
Company's ability to continue as a going concern.
MARRONE BIO: Amends $50 Million Securities Prospectus with SEC
--------------------------------------------------------------
Marrone Bio Innovations, Inc., filed with the Securities and
Exchange Commission an amended Form S-3 registration statement
relating to the sale, in one or more offerings, in amounts, at
prices and on terms determined at the time of any such offering, of
common stock, preferred stock, debt securities, warrants, rights to
purchase such securities, either individually or in units, with a
total value of up to $50,000,000.
The Company's common stock trades on the Nasdaq Capital Market
under the symbol "MBII." On Dec. 27, 2016, the last reported sale
price of the common stock on the Nasdaq Capital Market was $2.29
per share.
As of Nov. 9, 2016, the aggregate market value of the Company's
outstanding common stock held by non-affiliates, or the public
float, was approximately $48.6 million based on 24,658,302 shares
of outstanding stock, of which 18,852,942 are held by
non-affiliates, and a per share price of $2.58, which was the
closing sale price of the Company's common stock on Nov. 9, 2016.
Pursuant to General Instruction I.B.6 of Form S-3, in no event will
the Company sell its common stock in a public primary offering with
a value exceeding more than one-third of its public float in any
12-month period so long as its public float remains below
$75,000,000. The Company has not offered any securities pursuant
to General Instruction I.B.6 of Form S-3 during the prior 12
calendar month period that ends on and includes the date of this
prospectus. As of Nov. 9, 2016, one-third of the Company's public
float is equal to approximately $16.2 million.
A full-text copy of the Form S-3/A is available for free at:
https://is.gd/T96P2V
About Marrone Bio
Marrone Bio makes bio-based pest management and plant health
products. Bio-based products are comprised of naturally occurring
microorganisms, such as bacteria and fungi, and plant extracts. The
Company's current products target the major markets that use
conventional chemical pesticides, including certain agricultural
and water markets, where the Company's bio-based products are used
as alternatives for, or mixed with, conventional chemical products.
The Company also targets new markets for which (i) there are no
available conventional chemical pesticides or (ii) the use of
conventional chemical pesticides may not be desirable or
permissible either because of health and environmental concerns
(including for organically certified crops) or because the
development of pest resistance has reduced the efficacy of
conventional chemical pesticides. All of the Company's current
products are approved by the United States Environmental Protection
Agency and registered as "biopesticides."
The Company reported a net loss of $43.7 million in 2015, a net
loss of $51.7 million in 2014, and a net loss of $31.2 million in
2013.
As of Sept. 30, 2016, Marrone Bio had $50.24 million in total
assets, $73.47 million in total liabilities and a total
stockholders' deficit of $23.23 million.
Ernst & Young LLP, in Sacramento, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company has incurred
losses since inception, has a net capital deficiency, and has
restrictive debt covenants that raise substantial doubt about its
ability to continue as a going concern.
MARYVALE HOLDINGS: Hires Arboleda Brechner as Counsel
-----------------------------------------------------
Maryvale Holdings, LLC seeks authorization from the U.S. Bankruptcy
Court for the District of Arizona to retain Arboleda Brechner, PLC
as counsel for the Debtor.
The Debtor requires the AB Firm to:
a. give the Debtor legal advice with respect to the Debtor's
powers and duties in the continued operation of its business and
management of its property;
b. represent the Debtor in this Chapter 11 bankruptcy case,
including the attendance at all hearings necessary or required by
the Bankruptcy Code or the Bankruptcy Court;
c. prepare on behalf of the Debtors the pleadings, motions and
other documents necessary to effectuate the Debtor's
responsibilities in this Chapter 11 proceeding;
d. attend all hearings, depositions, creditor examinations,
and meetings necessary to adequately ensure proper representation
of the Debtor in these proceedings; and
e. prepare a Chapter 11 Plan of Reorganization, and the
related Disclosure Statement, if required, or prepare the documents
necessary to dismiss or convert this Chapter 11 proceeding.
The AB Firm lawyers and professionals who will work on the Debtor's
case and their hourly rates are:
Carlos M. Arboleda, Esq. $400
Steven M. Brechner, Esq. $400
Paralegals $150
Legal Assistants $100
The Debtor paid the AB Firm $9,500 as a fee deposit prior to the
filing of the case.
The AB Firm earned and applied $3,797.00 in fees and costs for
pre-petition bankruptcy work, which include review of claims,
preparation of the initial petition, as well as developing a
bankruptcy strategy. In addition, the AB Firm paid the filing fee
of $1,717.00m.
After the filing, the AB Firm is holding $5,703.00 as a fee deposit
in its trust account.
Carlos M. Arboleda, Esq., senior partner of Arboleda Brechner, PLC,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
The AB Firm may be reached at:
Carlos M. Arboleda, Esq.
Arboleda Brechner, PLC
4545 East Shea Blvd. Suite 120
Phoenix, AZ 85028
Tel: (602)953-2400
Fax: (602)482-4068
About Maryvale Holdings
Maryvale Holdings, LLC filed a Chapter 11 bankruptcy petition
(Bankr. D.Ariz. Case No. 16-13877) on December 7, 2016. Hon. Paul
Sala presides over the case. Arboleda Brechner, PLC represents the
Debtor as counsel.
In its petition, the Debtor estimated $0 to $50,000 in assets and
$1 million to $10 million in liabilities. The petition was signed
by Cipriano Ionutescu, authorized agent.
MERLIN AVIATION: S&P Assigns B+ Rating on Class C Notes
-------------------------------------------------------
S&P Global Ratings assigned its ratings to Merlin Aviation Holdings
DAC's $250.8 million series A, B, and C fixed-rate notes.
The note issuance is an asset-backed securities transaction backed
by aircraft and their related leases, and shares or beneficial
interests in entities that directly and indirectly receive aircraft
portfolio lease rental and residual cash flows, among others.
The ratings reflect:
-- The likelihood of timely interest on the class A notes
(excluding the step-up amount) on each payment date,
ultimate interest on the class B and C notes (excluding the
step-up amount), and ultimate principal payment on the class
A, B, and C notes on the legal final maturity at the
respective rating stress.
-- The collateral pool, which is expected to consist of 18 in-
production passenger planes (eight A320-200, eight B737-800,
and two B737-700).
-- The 63.2% loan-to-value (LTV; based on the lower of the mean
and median (LMM) of the aircraft half-life base values and
half-life current market values) ratio for the class A
notes, the 70.8% LTV on the class B notes, and the 75.9% LTV
for the class C notes.
-- The 14.5-year weighted average age of the mid-life aircraft
collateral portfolio, which is older than that associated
with most of the recent transactions rated by S&P Global
Ratings.
-- ACG Leasing Ireland's demonstrated aircraft servicing
ability. ACG Leasing Ireland has made a preliminary exit
plan for each aircraft after the existing leases mature
through extension, re-leasing, and sale.
-- The existing and future lessees' estimated credit quality
and diversification. The 18 aircraft are currently leased
to 17 airlines in 16 countries, many of the initial lessees
have low credit quality, and approximately 63.4% of lessees
(by aircraft value) are domiciled in emerging markets.
Three of the 18 aircraft are leased to flag carriers
internationally.
-- Each class' scheduled amortization profile, which is
approximately 13 year amortization to zero for the class A
notes and approximately seven-year amortization to zero for
the class B and C notes.
-- The transaction's debt service coverage ratios (DSCRs),
utilization trigger, and lease expiration trigger--a failure
of which will result in the class A, B, and C notes' turbo
amortization.
-- Additional principal amounts to pay down the class A notes
starting in year four of the transaction. Specifically, in
both rental and disposition waterfall, in year four, 25% of
remaining available collections after the payment of
expenses, interest on the class A notes, liquidity facility
obligations, replenishment of the maintenance reserve,
principal on the class A notes, disposition shortfall
amounts, and interest and principal on the class B notes
will be used to pay additional principal on the class A
notes. In year five, 50% of available collections remaining
will be used to pay additional principal on the class A
notes. After year six, 100% of remaining available
collection remaining will be used to pay additional
principal on the class A notes. Additional principal
amounts to pay down the class C notes starting in year five.
Specifically, in both rental and disposition waterfall, in
year five of the transaction, 75% of the remaining available
collection amount after the payment of the class A
additional principal and interest, and principal on the
class C notes, will be used to pay additional principal on
the class C notes. After year six, 100% of remaining
available collection remaining will be used to pay
additional principal on the class C notes.
-- The subordination of class B and C principal and interest to
the class A interest and principal.
-- A revolving credit facility that MUFG Securities EMEA plc
will provide, which is available to cover senior expenses,
including hedge payments and interest on the class A notes.
At closing, the commitment amount will be $25 million. The
maximum commitment amount will decrease as the notes
amortize, but will have a floor of 18 months interest on the
class A notes.
-- The junior liquidity reserve, which will be funded at
closing with note proceeds in an amount equal to six months
interest on the class B notes. Amounts on deposit may be
used to pay interest on the class B notes and principal on
the class B notes at stated maturity.
-- ICF International's provided maintenance analysis prior to
closing, which is expected to provide maintenance analysis
yearly after closing.
-- The senior indemnification (capped at $10 million), which is
modeled to occur in the first 12 months.
-- The transaction's legal structure, which is expected to be
bankruptcy emote.
RATINGS ASSIGNED
Merlin Aviation Holdings DAC
Class Rating Amount
(mil. $)
A A- (sf) 209.0
B BBB- (sf) 25.1
C B+ (sf) 16.7
MICHAEL D. COHEN: Cohens Seek Plan Filing Extension Thru April 26
-----------------------------------------------------------------
Michael David Cohen and Shari Lee Cohen seek a 120-day extension
from the U.S. Bankruptcy Court for the District of Maryland of
their exclusive plan filing period and their exclusive plan
solicitation period through and including April 26, 2017, and June
22, 2017, respectively.
Dr. Cohen is the sole shareholder of Michael D. Cohen, M.D., P.A.,
and Mrs. Cohen is responsible for the business administration of
the MDCPA's medical practice.
The Debtors relate that in 2012, a complaint was filed against the
Debtors and MDCPA in the Circuit Court for Baltimore County, Case
No. 03C12006975, and in May 2016, after a jury trial, the court
entered a judgment against the Debtors and MDCPA for $1,275,000.
The Debtors also relate that when MDCPA sought for bankruptcy
protection, the Debtors started seeking for a global resolution of
their respective Chapter 11 bankruptcy cases and their related
businesses. Currently, the Debtors are in the process of engaging
their secured creditors in both bankruptcy cases in discussions for
a reorganization on both fronts. These discussions are still in the
early stages and the Debtors need additional time to effectively
negotiate and prepare adequate information necessary for a plan.
About Michael D. Cohen, M.D.
Based in Maryland, Michael D. Cohen, M.D., P.A. d/b/a Cosmetic
Surgery Center of Maryland d/b/a Belcara Health, d/b/a Belcara, is
a professional corporation engaged in the business of providing
various physician services to its patients, including but not
limited to services in the areas of plastic surgery, dermatology,
and podiatry. Michael D. Cohen, M.D., is the sole shareholder of
the Debtor. Shari L. Cohen, Dr. Cohen's wife, is responsible for
the business administration of the Debtor's medical practice.
Michael D. Cohen, M.D. and his wife, Shari L. Cohen jointly filed a
joint Chapter 11 petition (Bankr. D. Md. Case No. 16-21513) on Aug.
26, 2016.
The Company filed a voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 16-22231) on Sept. 12,
2016. The Debtor estimated assets in the range of $100,000 to
$500,000 and liabilities in the range of $1 million to $10 million
as of the bankruptcy filing. The Debtors cases are jointly
administered under (Bankr. D. Md. Case No. 16-22231).
The Company is represented by Irving Edward Walker, Esq., at Cole
Schotz P.C.
The Cohens are represented by Yumkas, Vidmar, Sweeney & Mulrenin,
LLC.
MOBILEDIRECT INC: Gets Approval to Hire Dorsey as Special Counsel
-----------------------------------------------------------------
MobileDirect Inc. received approval from the U.S. Bankruptcy Court
for the District of Montana to hire Dorsey & Whitney, LLP as its
special counsel.
The Debtor tapped the firm to give legal advice regarding issues
related to intellectual property, and to file patents of its
technology and software in the United States.
The hourly rates charged by the firm are:
Jeffrey Cadwell $415
Jennifer Spaith $475
Paralegal $190
Dorsey & Whitney does not represent any interest adverse to the
Debtor or its bankruptcy estate, according to court filings.
The firm can be reached through:
Jeffrey R. Cadwell, Esq.
Dorsey & Whitney, LLP
Millennium Building
125 Bank Street, Suite 600
Missoula, MT 59802-4407
Tel: +1 (406) 721-6025
About MobileDirect Inc.
MobileDirect Inc. filed a Chapter 11 petition (Bankr. D. Mont. Case
No. 16-60596), on June 13, 2016. The petition was signed by Clyde
Neu, Co-Founder and CFO.
The case is assigned to Judge Ralph B. Kirscher. The Debtor is
represented by Steve M. Johnson, Esq., at Church, Harris, Johnson
and Williams, P.C. Anderson ZurMuehlen was employed as accountant
to the Debtor.
At the time of filing, the Debtor had less than $50,000 in
estimated assets and $100,000 to $500,000 in estimated liabilities.
MOBILESMITH INC: Rotler Reports 14.4% Equity Stake
--------------------------------------------------
Doron Rotler filed an amended Schedule 13D with the Securities and
Exchange Commission which amends the report on Schedule 13D,
originally filed with the SEC on Feb. 22, 2005, as amended on
December 6, 2007, June 30, 2008, and Feb. 17, 2009, in order to
reflect (i) a change in the beneficial ownership of the shares of
commons stock of MobileSmith, Inc. as a result of (i) a change to
the terms of the Company's convertible secured subordinated notes
due Nov. 14, 2018, pursuant to which the Notes are convertible
immediately upon the noteholder's request, effective as of
June 26, 2013, and (ii) the transfer of beneficial ownership of
certain of the shares of Common Stock from being indirectly held by
an entity owned and controlled by Mr. Doron Rotler to the direct
ownership of the Reporting Person, effective as of Aug. 26, 2016,
and (iii) that as of May 19, 2009, Mr. Rotler has resigned from all
positions held with the Company.
Mr. Rotler disclosed that it beneficially owns 2,929,380 shares of
Common Stock of the Company comprised of (i) 2,418,353 shares of
Common Stock owned directly by the Reporting Person and (ii)
511,027 shares of Common Stock issuable upon conversion of the
principal amount of Notes held by the Reporting Person. The shares
represent 14.4 percent of the shares outstanding.
A full-text copy of the Schedule 13D/A is available for free at:
https://is.gd/7GPobc
About MobileSmith, Inc.
Raleigh, North Carolina-based MobileSmith, Inc., was incorporated
as Smart Online, Inc. in 1993 and changed its name to MobileSmith,
Inc. effective July 1, 2013. The company develops and markets
software products and services tailored to users of mobile devices.
Its flagship product, MobileSmith(R) Platform is an app
development platform that enables organizations to rapidly create,
deploy and manage custom, native smartphone and tablet apps
deliverable across iOS and Android mobile platforms.
MobileSmith reported a net loss of $7.71 million on $1.82 million
of total revenue for the year ended Dec. 31, 2015, compared to a
net loss of $7.33 million on $879,086 of total revenue for the year
ended Dec. 31, 2014.
As of Sept. 30, 2016, MobileSmith had $1.22 million in total
assets, $45.65 million in total liabilities and a total
stockholders' deficit of $44.43 million.
Cherry Bekaert LLP, in Raleigh, North Carolina, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company has suffered
recurring losses from operations and has a working capital
deficiency as of Dec. 31, 2015. These conditions, the auditors
noted, raise substantial doubt about the Company's ability to
continue as a going concern.
MODULAR SPACE: Seeks to Hire Kurtzman Carson as Claims Agent
------------------------------------------------------------
Modular Space Holdings, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Kurtzman
Carson Consultants LLC as claims and noticing agent.
The services to be provided by the firm include overseeing the
distribution of notices, and the processing and docketing of proofs
of claim filed in the Chapter 11 cases of Modular Space and its
affiliates.
The hourly rates charged by the firm for its services are:
Analyst $25 - $50
Technology/Programming Consultant $35 - $70
Consultant/Sr. Consultant $70 - $160
Director/Sr. Managing Consultant $175
Executive Vice President Waived
Securities Director/Solicitations
Senior Consultant $200
Securities Sr. Director/Solicitation Lead $215
Evan Gershbein, vice-president of Kurtzman's corporate
restructuring services, disclosed in a court filing that the firm
is a "disinterested person" as defined in section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Evan Gershbein
Kurtzman Carson Consultants LLC
2335 Alaska Ave.
El Segundo,CA 90245
Phone: 310-751-1803
Email: egershbein@kccllc.com
About Modular Space
Modular Space Corporation (ModSpace), based in Berwyn, Pa. --
http://Blog.ModSpace.com/-- is the largest U.S.-owned provider of
office trailers, portable storage units and modular buildings for
temporary or permanent space needs. Building on nearly 50 years of
experience, ModSpace serves a diverse set of customers and markets
including commercial, construction, education, government,
healthcare, industrial, energy, disaster relief, franchise and
special events—through an extensive branch network across
the United States and Canada.
On Dec. 21 2016, Modular Space Holdings, Inc., and six affiliates
filed voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. D. Del. Case No. 16-12825 to
16-12831) to pursue a prepackaged plan of reorganization. The
cases are pending joint administration under Case No. 16-12825
before the Honorable Kevin J. Carey in the United States Bankruptcy
Court for the District of Delaware.
ModSpace estimated $1 billion to $10 billion in assets and
liabilities.
Cleary Gottlieb Steen & Hamilton LLP is acting as legal counsel for
the Company; Lazard Middle Market LLC and Lazard Freres & Co. LLC
are acting as the Company's investment bankers and Zolfo Cooper is
the Company's financial advisor. Kurtzman Carson Consultants is
the claims and noticing agent.
Dechert LLP is acting as legal counsel and Moelis & Company LLC is
acting as financial advisor to the ad hoc group of noteholders.
* * *
Modular Space Corporation filed a Prepackaged Plan of
Reorganization that will eliminate approximately $400 million of
debt from the Company's balance sheet, provide $90 million of new
equity capital from the bondholders via a rights offering and
include a new $719 million credit facility to be provided by the
existing asset based lenders (the "Lenders").
General unsecured claims, to the extent not paid earlier by order
of the Court, would either be paid in full in cash or reinstated
on
the Effective Date. However, under certain conditions, the Plan
affords the noteholders the right to direct the Debtors (subject
to
certain consent rights) to pursue an "alternative transaction."
MOUNTAIN PROVINCE: CFO Bruce Ramsden Resigns
--------------------------------------------
Mountain Province Diamonds Inc. announced that Bruce Ramsden, vice
president finance and CFO, has tendered his resignation with effect
from Jan. 31, 2017. Pending the appointment of Mr. Ramsden's
successor, Ms. Jennie Ly, controller of Mountain Province, will
serve as acting CFO with effect from Feb. 1, 2017.
Patrick Evans, president and CEO, commented: "Over the past four
years Bruce made an important contribution to Mountain Province
during the transition from a developer to a producer. The Board
extends its thanks to Mr. Ramsden and wishes him well for the
future."
****
Mountain Province Diamonds is a 49% participant with De Beers
Canada in the Gahcho Kue diamond mine located in Canada's Northwest
Territories. Gahcho Kue consists of a cluster of four
diamondiferous kimberlites, three of which have a probable mineral
reserve of 35.4 million tonnes grading 1.57 carats per tonne for
total diamond content of 55.5 million carats.
Gahcho Kue is the world's largest and highest grade new diamond
mine. A 2014 NI 43-101 feasibility study report filed by Mountain
Province (available on SEDAR) indicates that the Gahcho Kue project
has an IRR of 32.6%.
Mountain Province's share of the diamond production from the Gahcho
Kue mine will be sold on open tender in Antwerp through the
respected diamond broker, Bonas. The Company's first rough diamond
sale will take place in January, 2017, and approximately every five
weeks thereafter.
About Mountain Province Diamonds
Headquartered in Toronto, Canada, Mountain Province Diamonds Inc.
(TSX: MPV, NYSE AMEX: MDM) -- http://www.mountainprovince.com/--
is a Canadian resource company in the process of permitting and
developing a diamond deposit known as the "Gahcho Kue Project"
located in the Northwest Territories of Canada. The Company's
primary asset is its 49 percent interest in the Gahcho Kue
Project.
Mountain Province Diamonds Inc. reported a net loss of C$43.16
million in 2015, a net loss of C$4.39 million in 2014, a net loss
of C$26.60 million in 2013, and a net loss of C$3.33 million in
2012.
As of Sept. 30, 2016, Mountain Province had C$752.8 million in
total assets, C$430.5 million in total liabilities and C$322.3
million in total shareholders' equity.
MOUNTAIN PROVINCE: NASDAQ Ticker Symbol Changed to 'MPVD'
---------------------------------------------------------
Mountain Province Diamonds Inc. announced that effective Dec. 29,
2016, the trading symbol on the NASDAQ for the Company is "MPVD".
There is no action required by current shareholders in connection
with this change. There is no change in the Company's name, no
change in its CUSIP number and no changes made to the Company's
share capital.
About Mountain Province Diamonds
Headquartered in Toronto, Canada, Mountain Province Diamonds Inc.
(TSX: MPV, NYSE AMEX: MDM) -- http://www.mountainprovince.com/--
is a Canadian resource company in the process of permitting and
developing a diamond deposit known as the "Gahcho Kue Project"
located in the Northwest Territories of Canada. The Company's
primary asset is its 49 percent interest in the Gahcho Kue
Project.
Mountain Province Diamonds Inc. reported a net loss of C$43.16
million in 2015, a net loss of C$4.39 million in 2014, a net loss
of C$26.60 million in 2013, and a net loss of C$3.33 million in
2012.
As of Sept. 30, 2016, Mountain Province had C$752.8 million in
total assets, C$430.5 million in total liabilities and C$322.3
million in total shareholders' equity.
MRP GENERATION: S&P Assigns 'BB-' Rating on $270MM Term Loan
------------------------------------------------------------
S&P Global Ratings said that it assigned its 'BB-' rating to MRP
Generation Holding LLC's $270 million term loan due 2022 and
$20 million revolving credit facility due 2021. The outlook is
stable. S&P assigned a '1' recovery rating to this debt,
indicating expectations for very high (90%-100%) recovery in the
event of a payment default.
MRP Generation Holdings LLC is a special-purpose, bankruptcy-remote
entity that owns three merchant natural gas-fired power plants in
the PJM and California Independent System Operator (CAISO) markets
with a combined capacity of 1,380 megawatts(MW). The assets are the
830-MW High Desert Facility, completed in April 2003; the 300-MW
Big Sandy facility, completed in June 2001; and the 250-MW facility
Wolf Hills, completed in May 2001. High Desert sells energy and
capacity into CAISO near Los Angeles, while Big Sandy and Wolf
Hills sell energy, capacity, and ancillary services into the PJM
American Electric Power zone (AEP).
The 'BB-' rating on the new project debt reflects its operations
phase stand-alone credit profile and favorable comparison to
peers.
"The stable outlook reflects S&P's view that MRP Generation
Holdings LLC will continue to meet our expectations both
operationally and financially, with DSCRS above 1.5x on a
consistent basis and high availability at all plants," said S&P
Global Ratings credit analyst Kimberly Yarborough.
S&P could lower the rating if DSCRs were to be sustained below 1.5x
on a consistent basis. This would likely be due to further
depressed power prices, unexpected forced outages, other
operational issues, or lower-than-expected dispatch.
While unlikely at this time, S&P could upgrade MRP Generation
Holdings LLC if DSCRs exceed 2.25x on a sustained basis, likely
stemming from higher-than-expected capacity prices in uncleared
years, higher-than-expected dispatch at each of the plants, and
markedly improved power prices in the PJM and California.
NASTY GAL: Committee Taps B. Riley & Co. as Financial Advisor
-------------------------------------------------------------
The official committee of unsecured creditors of Nasty Gal Inc.
seeks approval from the U.S. Bankruptcy Court for the Central
District of California to hire a financial advisor.
The committee proposes to hire B. Riley & Co. to provide these
services in connection with the Debtor's Chapter 11 case:
(a) analyzing the Debtor's financial information;
(b) reviewing key pleadings and filings;
(c) assisting the committee in evaluating cash flows and
other projections prepared by the Debtor or its financial
advisors;
(d) analyzing the Debtor's operations prior to and after the
bankruptcy filing date;
(e) assisting the committee in reviewing the Debtor's monthly
operating reports;
(f) scrutinizing cash disbursements on an ongoing basis for
the period subsequent to the bankruptcy filing date;
(g) conducting financial investigations;
(h) supporting the committee in efforts related to
litigation;
(i) consulting with the committee and its counsel on
financial matters;
(j) analyzing and reporting to the committee and its counsel
regarding potential transactions with third parties,
insiders or affiliated companies;
(k) assisting the committee in analyzing and negotiating any
potential sale of assets or plan of reorganization; and
(l) assisting the committee in the financial aspects of
developing a proposed plan of reorganization.
Adam Rosen and Kofi Domfeh, the professionals at B. Riley who are
expected to provide the services, will each charge a discounted
billing rate of $425 per hour.
Mr. Rosen disclosed in a court filing that his firm is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.
B. Riley can be reached through:
Adam M. Rosen
B. Riley & Co.
420 Lexington Avenue
New York, NY 10170
Tel: +1 646.367.2412
Mobile: +1 973.768.8177
Email: arosen@brileyco.com
About Nasty Gal Inc.
Nasty Gal Inc. filed a Chapter 11 petition (Bankr. C.D. Cal. Case
No. 16-24862), on November 9, 2016. The petition was signed by Joe
Scirocco, president. The case is assigned to Judge Sheri Bluebond.
The Debtor is represented by Scott F. Gautier, Esq., at Robins
Kaplan LLP. The Debtor hired Rust Consulting Omni Bankruptcy as
claims, noticing and balloting agent.
At the time of filing, the Debtor estimated assets and liabilities
at $10 million to $50 million.
NATEL ENGINEERING: S&P Withdraws 'B+' CCR at Issuer's Request
-------------------------------------------------------------
S&P Global Ratings withdrew its 'B+' corporate credit rating on
Chatsworth, Calif.-based Natel Engineering Co. Inc. at the issuer's
request. S&P also withdrew its issue-level rating on Natel's
senior term loan.
NAUTILUS DEVELOPMENT: Can Continue Using Cash Through January 31
----------------------------------------------------------------
Judge James J. Tancredi of the U.S. Bankruptcy Court for the
District of Connecticut authorized Nautilus Development, Inc. to
use cash collateral on a interim basis for the month of January
2017.
The Debtor was authorized to use up to $55,805 cash generated from
its rental payments from its properties, until January 31, 2017.
The approved Budget for January 2017 projects total monthly
expenses of $55,064.
Dime Bank, a/k/a Dime Savings Bank claims a duly perfected
non-avoidable first position security interest in certain of the
Debtor's real properties located in Groton, North Stonington and
Preston Connecticut, including cash collateral associated with
these real properties.
RCN Capital, LLC claims a duly perfected non-avoidable security
interest in the Debtor's property in Groton, Connecticut, which
includes cash collateral associated with the real property.
Dime Savings Bank and RCN Capital were granted replacement liens in
all after-acquired property of the Debtor from the property, and
such liens will be of equal extent and priority to that which Dime
Savings Bank and RCN Capital enjoyed with regard to the said
property at the time the Debtor filed its Chapter 11 petition.
The Debtor was directed to make adequate protection payments of
$1,500 per month to Dime Savings Bank, and $250 per month to RCN
Capital.
The Debtor was also directed to provide Dime Savings Bank and RCN
Capital a monthly register report from all DIP account showing all
disbursements made, and to make all January 2017 tax payments on or
before January 31, 2017 from the funds previously escrowed in
previous cash collateral orders.
A hearing on the continued use of cash collateral will be held on
January 26, 2017 at 2:00 p.m.
A full-text copy of the Interim Order, dated December 27, 2016, is
available at https://is.gd/J0izz6
About Nautilus Development
Nautilus Development, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. Conn. Case No. 16-20056) on Jan. 15,
2016. The petition was signed by John Syragakis, president. The
case is assigned to Judge Ann M. Nevins. The Debtor is represented
by Peter L. Ressler, Esq., at Groob Ressler & Mulqueen, P.C. The
Debtor estimated assets and debts of $1 million to $10 million at
the time of the filing.
NAUTILUS FUNDING: Allowed to Continue Using Cash Through Jan. 31
----------------------------------------------------------------
Judge James J. Tancredi of the U.S. Bankruptcy Court for the
District of Connecticut authorized Nautilus Funding, Inc. to use
cash collateral until January 31, 2017.
The Debtor was authorized to use cash generated from its rental
payments from its properties, in an amount not exceeding $2,395,
until January 31, 2017. The approved Budget for January 2017
provides for total monthly expenses of $2,386.
Dime Savings Bank claims a duly perfected non-avoidable security
interest in the Debtor's properties in Groton Connecticut, which
includes cash collateral associated with the real properties.
Dime Savings Bank was granted replacement liens in all
after-acquired property of the Debtor from the property, and such
liens will be of equal extent and priority to that which Dime
Savings Bank enjoyed with regard to the said property at the time
the Debtor filed its Chapter 11 petition.
The Debtor was directed to make adequate protection payments of
$250 per month to Dime Savings Bank and to make all January 2017
tax payments on or before January 31, 2017 from the funds
previously escrowed in previous cash collateral orders. The Debtor
was also directed to provide Dime Savings Bank a monthly register
report from all DIP account showing all disbursements made.
A hearing on the continued use of cash collateral will be held on
January 26, 2017 at 2:00 p.m.
A full-text copy of the Order, dated December 27, 2016, is
available at https://is.gd/Znuvtj
About Nautilus Funding
Nautilus Funding, Inc. filed a Chapter 11 petition (Bankr. D. Conn.
Case No. 16-21285) on Aug. 7, 2016. The petition was signed by its
John G. Syragakis, principal. Judge James J. Tancredi presides
over the case. The Debtor is represented by Joseph J. D'Agostino,
Esq. at Joseph J. D'Agostino, Jr., LLC. At the time of filing, the
Debtor estimated both assets and liabilities at $100,001 to
$500,000. No trustee or examiner has been appointed in the
proceedings.
NEIMAN MARCUS: Egan-Jones Withdraws 'B+' Sr. Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings, on Dec. 21, 2016, withdrew the B+ senior
unsecured ratings on debt issued by The Neiman Marcus Group LLC as
well as the B commercial paper rating of the Company.
Neiman Marcus Group, Inc., through its subsidiaries, operates as an
omni-channel luxury fashion retailer primarily in the United
States.
NEOVASC INC: District Court Bars CardiAQ from Enforcing Judgment
----------------------------------------------------------------
Neovasc Inc. reported that the United States District Court for the
District of Massachusetts has granted a stay of judgment pending
the completion of its appeal. The judgment stems from a jury
verdict reached in May 2016 and subsequent rulings by the court
related to a lawsuit filed by CardiAQ against Neovasc related to
its Tiara technology. As a result of the court order imposing a
stay, CardiAQ cannot enforce the money judgment pending the outcome
of the appeal.
"Having this stay in place will allow our team to continue to
advance both our Tiara and Reducer products and help patients in
need," commented Alexei Marko, CEO of Neovasc. "2017 is shaping
up to be an exciting time, with important clinical and development
milestones expected throughout the year."
Under the terms of the stay, Neovasc will deposit US$70 million
into a joint escrow account and enter into a general security
agreement related to the remaining damages awarded by the court.
Neovasc will also require court approval for transactions outside
the course of normal business until such time that an appeal is
decided in Neovasc's favor or the Company posts the remaining
amount of money judgement into the joint escrow account.
The Company is preparing to appeal the validity of the award, as
well as the ruling on inventorship to the United States Court of
Appeal for the Federal Circuit. The appellate process may take
approximately a year to complete.
Update on German Litigation
Also, the Company reports that on Dec. 14, 2016, a hearing took
place in Munich, Germany regarding the ongoing European litigation
with CardiAQ related to one of Neovasc's patent applications for
its Tiara technology. Further arguments were heard in court and no
decision was rendered by the court at this time. Neovasc intends
to continue to vigorously defend itself in the litigation with
CardiAQ.
About Neovasc Inc.
Neovasc Inc. (CVE:NVC) -- http://www.neovasc.com/-- is a Canadian
specialty medical device company that develops, manufactures and
markets products for the rapidly growing cardiovascular
marketplace. Its products in development include the Tiara, for
the transcatheter treatment of mitral valve disease and the Neovasc
Reducer for the treatment of refractory angina. The Company also
sells a line of advanced biological tissue products that are used
as key components in third-party medical products including
transcatheter heart valves.
Neovasc reported a net loss of US$26.73 million for the year ended
Dec. 31, 2015, compared to a net loss of US$17.17 million for the
year ended Dec. 31, 2014.
As of Sept. 30, 2016, Neovasc had US$33.83 million in total assets,
US$93.45 million in total liabilities and a total deficit of
US$59.61 million.
NEXT GROUP: Unit Gets $311K from InComm Under Services Pact
-----------------------------------------------------------
Next Group Holdings, Inc.'s subsidiary, Next Cala, Inc., completed
the qualifying terms and consideration to its "AMENDMENT NO. 1 TO
WHITE LABEL CARD PROGRAM SERVICES AGREEMENT" with Interactive
Communications International, Inc., a Florida corporation, for use
of the "Mio" licensed mark and retail distribution of products at
licensed retailers. InComm paid $311,261 to Next Cala Inc. for the
purpose of designing, creating and marketing website, IVR, and
mobile application content for the Program. The Amendment modifies
the original Agreement listed in the 8k filing submitted to the SEC
on Jan. 15, 2016.
About Next Group Holdings
Next Group Holdings, Inc., formerly Pleasant Kids, Inc., through
its operating subsidiaries, is engaged in the business of using its
technology and certain licensed technology to provide mobile
banking, mobility and telecommunications solutions to underserved,
unbanked and emerging markets. Its subsidiaries are Meimoun and
Mammon, LLC (100% owned), Next Cala, Inc (94% owned). NxtGn, Inc.
(65% owned) and Next Mobile 360, Inc. (100% owned). Additionally,
Next Cala, Inc. has a 60% interest in NextGlocal, a joint venture
formed in May 2016.
Pleasant Kids reported a net loss of $1.82 million for the year
ended Sept. 30, 2015, following a net loss of $1.72 million for the
year ended Sept. 30, 2014.
Anton & Chia, LLP, in Newport Beach, California, issued "going
concern" qualification on the consolidated financial statements for
the year Sept. 30, 2015, citing that the Company has a minimum cash
balance available for payment of ongoing operating expenses, has
experienced losses from operations since inception, and it does not
have a source of revenue sufficient to cover its operating costs.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.
NJOY INC: Court Moves Plan Filing Deadline to January 16
--------------------------------------------------------
Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the
District of Delaware extended NJoy, Inc.'s Exclusive Plan Filing
and Solicitation Period, through and including, January 16, 2017
and March 15, 2017, respectively.
The Troubled Company Reporter had earlier reported that the Debtor
asked the Court to extend its Plan Period through April 14, 2017
and the corresponding Solicitation Period through June 13, 2017,
contending that an extension of its Exclusive Periods will provide
the Debtor with a meaningful opportunity to consummate the sale of
its assets, and will enable the Debtor then to shift focus to
finalizing and filing a consensual liquidating plan of
reorganization.
The Debtor related that it has been marketing its assets and has
sold substantially all of its assets at auction and is in the
process of closing its sale. In addition, the Debtor told the
Court that it has also filed a motion to set a Bar Date for the
filing of claims against its estate seeking a general bar date of
January 31, 2017. The Debtor further told the Court that in order
to prepare a confirmable plan, it must know the full extent of
claims against its estate in order to prepare its liquidation
analysis.
About NJoy Inc.
Headquartered in Scottsdale, Arizona, NJOY sells e-cigarettes and
vaping products to wholesalers, distributors and retailers. NJOY
filed a voluntary petition under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Case No. 16-12076) on Sept. 16, 2016. The case is
assigned to the Hon. Christopher S. Sontchi. The petition was
signed by Jeffrey Weiss, general counsel and interim president.
The Company was the first major ENDS company to offer products
across all form factors: disposable and rechargeable cigalikes,
open system e-liquids and vaping devices, and advanced closed
system e-liquids. The Debtor has no in-house manufacturing
capabilities. Its hardware is sourced from two major suppliers in
China. The Debtor sources e-liquids from facilities based in the
United States. As of Sept. 9, 2016, the Debtor had a total of 15
employees.
NJOY has hired Gellert Scali Busenkell & Brown, LLC as counsel,
Sierra Constellation Partners, LLC as financial advisor,
Cohnreznick Capital Markets Securities Investment LLC as investment
banker.
An official committee of unsecured creditors has tapped Fox
Rothschild LLP as counsel.
NNN 400 CAPITOL: Taps Rubin and Rubin as Special Counsel
--------------------------------------------------------
NNN 400 Capitol Center 16, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Rubin and
Rubin, P.A. as special counsel.
The services to be provided by the firm include advising NNN 400
and its affiliates regarding a lawsuit filed by Wells Fargo Bank,
N.A. in the Circuit Court of Pulaski County, Arkansas.
The lawsuit seeks the appointment of a receiver or foreclosure on a
547,000-square-foot office building located in Little Rock,
Arkansas. Each Debtor acquired an undivided tenant-in-common
interest in the property.
The standard hourly rates charged by Rubin and Rubin are:
Partners $575
Associates $375 - $510
Legal Assistants $200 - $250
Paralegals $200 - $250
I. Mark Rubin, Esq., and Guy Rubin, Esq., the attorneys proposed to
represent the Debtors, will be paid $575 for their services.
Rubin and Rubin does not represent any interest adverse to the
Debtors or their bankruptcy estates, according to court filings.
The firm can be reached through:
I. Mark Rubin, Esq.
Rubin and Rubin, P.A.
1649 Atlantic Boulevard, Suite 200
Jacksonville, FL 32207
Phone: 904-396-7711
About NNN 400 Capitol
NNN 400 Capitol Center 16, LLC (Bankr. D. Del. Case No. 16-12728),
and its Debtor affiliates: NNN 400 Capitol Center 10, LLC; NNN 400
Capitol Center 11, LLC; NNN 400 Capitol Center 12, LLC; NNN 400
Capitol Center 13, LLC (Bankr. D. Del. Case No. 16-12733 through
16-12733); NNN 400 Capitol Center 14, LLC; NNN 400 Capitol Center
15, LLC; NNN 400 Capitol Center 17, LLC; NNN 400 Capitol Center 18,
LLC; NNN 400 Capitol Center 19, LLC (Bankr. D. Del. Case No.
16-12735 through 16-12739); NNN 400 Capitol Center 2, LLC; NNN 400
Capitol Center 20, LLC; NNN 400 Capitol Center 21, LLC; NNN 400
Capitol Center 22, LLC (Bankr. D. Del. Case No. 16-12741 through
16-12744); NNN 400 Capitol Center 24, LLC; NNN 400 Capitol Center
26, LLC; NNN 400 Capitol Center 27, LLC; NNN 400 Capitol Center 28,
LLC; NNN 400 Capitol Center 3, LLC; NNN 400 Capitol Center 32, LLC;
NNN 400 Capitol Center 4, LLC; NNN 400 Capitol Center 5, LLC; NNN
400 Capitol Center 6, LLC; and NNN 400 Capitol Center 9, LLC
(Bankr. D. Del. Case No. 16-12746 through 16-12755) filed separate
Chapter 11 bankruptcy petitions on December 9, 2016.
The cases are assigned to Judge Kevin Gross.
The petitions were signed by Charles D. Laird & Peggy Laird on
behalf of Charles D. Laird and Peggy Laird Revocable Trust dated
4/21/1999, member.
At the time of filing, NNN 400 Capitol Center 16, NNN 400 Capitol
Center 10 and NNN 400 Capitol Center 11 estimated both assets and
liabilities at $10 million to $50 million each.
NNN 400 CAPITOL: Taps Whiteford Taylor as Legal Counsel
-------------------------------------------------------
NNN 400 Capitol Center 16, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to hire legal counsel
in connection with its Chapter 11 case.
The Debtor proposes to hire Whiteford, Taylor & Preston, LLC to
give legal advice regarding its duties under the Bankruptcy Code,
assist in the preparation of a bankruptcy plan, and provide other
legal services.
The standard hourly rates charged by the firm for its services
are:
Partners/Of Counsel $410 - $670
Associates $330 - $390
Legal Assistants/Paralegals $290
The principal attorneys and paralegal expected to represent the
Debtors are:
Thomas Francella, Jr. $570
Dennis Shaffer $530
Alan Lazerow $340
Thomas Francella, Jr., Esq., disclosed in a court filing that his
firm is a "disinterested person" as defined in section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Thomas Francella, Jr., Esq.
Whiteford, Taylor & Preston, LLC
The Renaissance Centre
405 North King Street, Suite 500
Wilmington, DE 19801
Phone: 302-353-4144
About NNN 400 Capitol
NNN 400 Capitol Center 16, LLC (Bankr. D. Del. Case No. 16-12728),
and its Debtor affiliates: NNN 400 Capitol Center 10, LLC; NNN 400
Capitol Center 11, LLC; NNN 400 Capitol Center 12, LLC; NNN 400
Capitol Center 13, LLC (Bankr. D. Del. Case No. 16-12733 through
16-12733); NNN 400 Capitol Center 14, LLC; NNN 400 Capitol Center
15, LLC; NNN 400 Capitol Center 17, LLC; NNN 400 Capitol Center 18,
LLC; NNN 400 Capitol Center 19, LLC (Bankr. D. Del. Case No.
16-12735 through 16-12739); NNN 400 Capitol Center 2, LLC; NNN 400
Capitol Center 20, LLC; NNN 400 Capitol Center 21, LLC; NNN 400
Capitol Center 22, LLC (Bankr. D. Del. Case No. 16-12741 through
16-12744); NNN 400 Capitol Center 24, LLC; NNN 400 Capitol Center
26, LLC; NNN 400 Capitol Center 27, LLC; NNN 400 Capitol Center 28,
LLC; NNN 400 Capitol Center 3, LLC; NNN 400 Capitol Center 32, LLC;
NNN 400 Capitol Center 4, LLC; NNN 400 Capitol Center 5, LLC; NNN
400 Capitol Center 6, LLC; and NNN 400 Capitol Center 9, LLC
(Bankr. D. Del. Case No. 16-12746 through 16-12755) filed separate
Chapter 11 bankruptcy petitions on December 9, 2016.
The cases are assigned to Judge Kevin Gross.
The petitions were signed by Charles D. Laird & Peggy Laird on
behalf of Charles D. Laird and Peggy Laird Revocable Trust dated
4/21/1999, member.
At the time of filing, NNN 400 Capitol Center 16, NNN 400 Capitol
Center 10 and NNN 400 Capitol Center 11 estimated both assets and
liabilities at $10 million to $50 million each.
NUTRITION RUSH: Wants Court Approval for Cash Collateral Use
------------------------------------------------------------
Nutrition Rush, LLC seeks authorization from the U.S. Bankruptcy
Court for the District of Nevada to use cash collateral.
The Debtor is a health supplement retailer, operating stores in
Nevada, Arizona and California. The Debtor depends on the revenues
from its retail sales in the health supplement stores, in part, to
maintain its business operations, payroll and all other necessary
expenses for the business.
The Debtor submits that the proposed use of cash collateral is
necessary to preserve its business during the Chapter 11 Case, and
will avoid immediate and irreparable harm to its estate and
creditors, as such, it affirmatively and directly benefits the
estate and creditors by enhancing the prospects of a successful
outcome of the Chapter 11 Case.
The proposed Budget provides for payment of postpetition operating
expenses and expenses of administrating the Chapter 11 Case
including, mainly, costs and expenses necessary to maintain and
operate health supplement stores, other expenses in respect of the
Debtor’s day-to-day operations, and professional fees and
expenses associated with the administration of its Chapter 11 Case.
The proposed Budget provides for total operating expenses of
approximately $174,431 per month, from January 2017 through June
2017.
The Debtor believes that the Internal Revenue Service and/or state
taxing authorities in Nevada, California, and Arizona may have
liens in the Debtor's property and assets.
The Debtor asserts that the Taxing Authorities are adequately
protected by virtue of the Debtor's continued operation of its
business and the expenditure of cash maintaining its business. The
Debtor further asserts that it is unsure which of the Taxing
Authorities hold liens in its property and assets as it has not yet
performed a perfection analysis to determine the validity and
enforceability of the liens of the Taxing Authorities, including
the liens on purported Cash Collateral.
The Debtor proposes to hold in reserve $5,000 of the Cash
Collateral, as adequate protection to the Taxing Authorities, until
the Debtor determines which of the Taxing Authorities is entitled
to it.
The Debtor also proposes to provide and maintain, through a grant
of post-petition replacement liens and security interests, to the
extent of any diminution in value of the Prepetition Collateral, as
adequate protection for the Taxing Authorities.
A full-text copy of the Debtor's Motion, dated December 27, 2016,
is available at http://tinyurl.com/zdysqyg
About Nutrition Rush, LLC
Nutrition Rush, LLC filed a Chapter 11 petition (Bankr. D. Nev.
Case No. 16-16771), on December 22, 2016. The Petition was signed
by Laura Kuveke, managing member. The case is assigned to Judge
Laurel E. Davis. The Debtor is represented by Bryan A. Lindsey,
Esq. and Samuel A. Schwartz, Esq., at Schwartz Flansburg PLLC. At
the time of filing, the Debtor estimated $500,000 to $1 million in
assets and $1 million to $10 million in liabilities.
OAKFABCO INC: Can File Chapter 11 Plan Through Feb. 7
-----------------------------------------------------
Judge Jack B. Schmetterer of the U.S. Bankruptcy Court for the
Northern District of Illinois extended Oakfabco, Inc.'s exclusive
periods for filing a chapter 11 plan and soliciting acceptances to
the plan through February 7, 2017 and April 7, 2017, respectively.
Judge Schmetterer also extended the Plan Filing Deadline through
March 31, 2017.
The Debtor previously had until December 31, 2016 to file a chapter
11 plan, and until February 28, 2017, to solicit acceptances to the
plan.
The Debtor sought the extension of its exclusive periods,
contending that it is the the policyholder under various insurance
policies that provide coverage for Asbestos Claims. The Debtor
further contended that the issuers of such insurance are First
State Insurance Company, New England Reinsurance Company, and Twin
City Fire Insurance Company, collectively known as Hartford;
Affiliated FM Insurance Company; and American Casualty Company,
Continental Casualty Company and Columbia Casualty Company,
collectively known as CNA.
The Debtor related that it conducted negotiations with the Settling
Insurers prior to filing its Chapter 11 Case. The Debtor further
related that those negotiations resulted in three Insurance
Settlement Agreements with the Settling Insurers that, among other
things, monetize the policies issued by the Settling Insurers in
the aggregate amount of $17,333,079.
The Debtor said that the Court had set the CNA Settlement Motion
for evidentiary hearing commencing on June 6, 2017. The Debtor
further said that with respect to the Hartford Settlement Motion,
Hartford was directed to file a motion for partial summary judgment
on the issue of the maximum potential amount for which it could be
liable under its policies with the Debtor. The Debtor added that
the motion had been fully briefed and taken under advisement.
The Debtor contended that it does not appear that the Court will
rule upon either of the CNA or Hartford Settlement Motions until
sometime in 2017.
A status conference for a report on the status of the plan and
disclosure statement is scheduled on April 7, 2017 at 11:00 a.m.
About Oakfabco, Inc.
Oakfabco, Inc, formerly known as Kewanee Boiler Corporation, has
not manufactured boilers since 1988 when it sold its Kewanee boiler
business in an 11 U.S.C. Section 363 sale to Coppus Engineering
Corporation. In early 2009, it sold all of its remaining assets.
The Debtor has no employees, and, Frederick W. Stein is the
Debtor's sole officer and director. The Debtor's sole remaining
asset is its insurance, and it has no known liabilities other than
asbestos claims.
In January 1970, Kewanee Boiler Corp, then a newly-formed Illinois
Corporation, acquired the assets and debt of American Standard,
Inc.'s commercial boiler manufacturing division known as "Kewanee
Boiler." The boilers manufactured and sold by Kewanee Boiler were
insulated with asbestos.
Oakfabco sought Chapter 11 protection (Bankr. N.D. Ill. Case No.
16-27062) on Aug. 7, 2015, to resolve its remaining asbestos
claims. The petition was signed by Frederick W. Stein, president.
Stephen T. Bobo, Esq., Aaron B. Chapin, Esq., Paul M. Singer, Esq.,
Luke A. Sizemore, Esq., and Joseph D. Filloy, Esq., at Reed Smith
LLP, serves as counsel to the Debtor.
The Debtor estimated $10 million to $50 million in assets and
debt.
The U.S. Trustee for Region 11, appointed four members to the
Asbestos Claimants' Committee in the Chapter 11 bankruptcy case of
Oakfabco Inc.: Vince Holajn, William E. Gallet, Kristin Leigh Hart,
and Michael Batchelor. The Asbestos Claimants' Committee is
represented by Frances Gecker, Esq., at FrankGecker LLP.
The Debtor tapped Logan & Company, Inc. as its claims and noticing
agent, and Alan D. Lasko and Associates, P.C. as its tax
accountant.
The Asbestos Claimants' Committee retained Henry Booth and Colin
Gray to provide insurance professional services.
OIB LLC: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------
Debtor: OIB, LLC
3006 Ave San Cristobal
Coto Laurel,, PR 00780-2896
Case No.: 16-10122
Chapter 11 Petition Date: December 29, 2016
Court: United States Bankruptcy Court
District of Puerto Rico (Ponce)
Judge: Hon. Edward A. Godoy
Debtor's Counsel: Charles Alfred Cuprill-Hernandez, Esq.
CHARLES A CUPRILL, PSC LAW OFFICES
356 Calle Fortaleza
Second Floor
San Juan, PR 00901
Tel: 787 977-0515
E-mail: cacuprill@cuprill.com
Total Assets: $2.63 million
Total Liabilities: $805,404
The petition was signed by Francisco J. Lasanta Morales, managing
member.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb16-10122.pdf
OMINTO INC: Incurs $10.3 Million Net Loss in Fiscal 2016
--------------------------------------------------------
Ominto, Inc. filed with the Securities and Exchange Commission its
annual report on Form 10-K disclosing a net loss of $10.30 million
on $17.69 million of revenues for the year ended Sept. 30, 2016,
compared to a net loss of $11.69 million on $21.28 million of
revenues for the year ended Sept. 30, 2015.
As of Sept. 30, 2016, Ominto had $21.68 million in total assets,
$29.21 million in total liabilities and a total stockholders'
deficit of $7.52 million.
"Our primary source of liquidity is from cash generated from equity
financing and debt financing and short term advances. Our primary
liquidity needs are for working capital, investments/acquisitions,
and repayment of debt and advances.
"The Company's Board of Directors and Executive Management
reasonably believes that the Company will continue to exist to
carry out all objectives, commitments, and stated goals for the
immediate future. Profitability and positive cash flows from
operations continue to improve. There is no significant
information available to the contrary, as the company is currently
able to meet all current and immediate obligations without
substantial asset sales or restructuring. Also, with the
introduction of the new operations platform and business model and
the arrival of new Executive Management members, Management
believes that the financial and business trends will continue to be
positive for the foreseeable future. Furthermore, there are no
known loan defaults, denial of trade credit from suppliers, and no
known adverse legal proceedings that could materially affect the
Company.
"We continue to update our product offerings which places
additional demands on future cash flows. Our future cash flow and
capital requirements will depend on numerous factors including
market acceptance of our future products, revenues generated from
operations, the impact of competitive product offerings, and
whether we are successful in acquiring additional customers on a
large scale through partners. We intend to increase our marketing
efforts in order to grow our network of BAs which we expect will
improve sales of our e-commerce products. The marketing efforts
will place additional demands on our cash flows. We cannot offer
any assurance that we will be successful in generating revenues
from operations; adequately dealing with competitive pressures;
acquiring complementary products, technologies or business; or
increasing our marketing efforts. Our plans for the long-term
include generating cash flows from the profitable operation of our
business and financing our operations through sales of our common
stock and/or debt.
"The Company had a working capital deficit (defined as current
assets less current liabilities) of approximately $9.6 million as
of September 30, 2016.
"We generated net cash flows from operating activities of
approximately $1.7 million during fiscal year 2016 consisting
primarily of the positive effect of net changes in assets and
liabilities.
"We used net cash flows from investing activities of $729,000
during fiscal year 2016 due to our capital expenditures," as
disclosed in the annual report.
A full-text copy of the Form 10-K is available for free at:
https://is.gd/XXISrx
About Ominto
Ominto, Inc., was incorporated under the laws of the State of
Nevada on June 4, 1999, as Clamshell Enterprises, Inc., which name
was changed to MediaNet Group Technologies, Inc. in May 2003, then
to DubLi, Inc. on Sept. 25, 2012, and finally to Ominto, Inc. as of
July 1, 2015. The DubLi Network was merged into the Company, as
its primary business in October 2009.
ONCOBIOLOGICS INC: Incurs $53.3 Million Net Loss in Fiscal 2016
---------------------------------------------------------------
Oncobiologics, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$53.32 million on $2.97 million of collaboration revenues for the
year ended Sept. 30, 2016, compared to a net loss of $48.66 million
on $5.21 million of collaboration revenues for the year ended Sept.
30, 2015.
As of Sept. 30, 2016, Oncobiologics had $23.70 million in total
assets, $28.90 million in total liabilities and a total
stockholders' deficit of $5.20 million.
KPMG LLP, in Philadelphia, Pennsylvania, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Sept. 30, 2016, citing that the Company has incurred
recurring losses and negative cash flows from operations since
inception and has an accumulated deficit at September 30, 2016
of $147.4 million and $4.6 million of indebtedness that is due
on demand, which raises substantial doubt about its ability to
continue as a going concern.
A full-text copy of the Form 10-K is available for free at:
https://is.gd/LG73DX
About Oncobiologics
Oncobiologics, Inc., is a clinical-stage biopharmaceutical company
focused on identifying, developing, manufacturing and
commercializing complex biosimilar therapeutics. The Cranbury, New
Jersey-based Company's current focus is on technically challenging
and commercially attractive monoclonal antibodies, or mAbs, in the
disease areas of immunology and oncology.
PARETEUM CORP: Extends Maturity of 2017 and 2018 Debt
-----------------------------------------------------
Pareteum Corporation has entered into an Amended and Restated
Credit Agreement with its senior secured lender to restructure its
debt, including extending the maturity date of amounts owed into
2017 and 2018.
"We are pleased to have reached an agreement with our senior lender
to extend the maturity date of the outstanding debt and to enter
into a structured, long-term repayment plan that affords the
Company with added flexibility to improve our terms as we
successfully execute on our post-restructuring business plan," said
Hal Turner, Pareteum's executive chairman. "We believe that the
willingness of our lender to work with our team on this
restructuring validates the significant progress we have achieved
in 2016 and demonstrates their confidence in the ability of our
roadmap to create value for our customers, business partners and
shareholders. Bolstered by our lender's renewed support, our team
continues its commitment to the execution of our plan to move the
business forward, expanding our sales organization, continuing to
drive technical innovation and building on the momentum we have
generated to ensure we capitalize on the significant market
opportunities that lie ahead in 2017 and beyond."
"Today's agreement is the result of the operational progress Hal
and his team have made to restructure the business and ensure that
that they are on a solid and achievable path for growth," said Ivan
Zinn of Atalaya Capital Management. "We look forward to the
continued progress at Pareteum including the value creation we
believe their unique software technology and lean business model is
capable of producing."
Pursuant to the Amendment, the lender has agreed to extend the
maturity date on the $10.1 million of outstanding principal and
premiums to June 30, 2017. Upon repayment of $1.5 million by March
31, 2017, and an additional $1.5 million by June 30, 2017, the
maturity date on the remaining outstanding debt will be
automatically extended to Dec. 31, 2017. A further automatic
extension to Feb. 28, 2018, is based on the Company achieving
certain leverage ratios as of Nov. 30, 2017. In addition, the
Company agrees to repay $250,000 by the end of each fiscal quarter
of 2017, and $500,000 by the end of each fiscal quarter of 2018.
The Amendment also provides for the current interest rate of 13% to
be reduced to 12% once the Company has made the first two $1.5
million payments in 2017. As part of the Amendment, the lender
received warrants to purchase 31.8 million common shares of the
Company at $0.13 per share through Dec. 27, 2019. For further
details, please see the Company's filing on Form 8-K dated,
Dec. 29, 2017, a copy of which is available at:
https://is.gd/2SFopb
Pareteum Corp
New York-based Pareteum Corporation (NYSEMKT: TEUM), formerly known
as Elephant Talk Communications, Inc. -- http://www.pareteum.com/
-- is an international provider of business software and services
to the telecommunications and financial services industry.
Elephant Talk reported a net loss of $5.00 million on $31.0 million
of revenues for the year ended Dec. 31, 2015, compared to a net
loss of $21.9 million on $20.4 million of revenues for the year
ended Dec. 31, 2014.
As of Sept. 30, 2016, Pareteum had $15.26 million in total assets,
$21.66 million in total liabilities and a total stockholders'
deficit of $6.40 million.
Squar Milner, LLP, formerly Squar Milner, Peterson, Miranda &
Williamson, LLP, in Los Angeles, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company has suffered
recurring losses from operations, has an accumulated deficit of
$256 million and has negative working capital. This raises
substantial doubt about the Company's ability to continue as a
going concern, the auditors said.
PATRIOT ONE: Seeks to Hire Kraemer Manes as Special Counsel
-----------------------------------------------------------
Patriot One, Inc. seeks approval from the U.S. Bankruptcy Court for
the Western District of Pennsylvania to hire a special counsel.
The Debtor proposes to hire Kraemer, Manes & Associates LLC to
assist in pursuing its claim against Borough of Charleroi for
unpaid amounts related to a paving project.
The hourly rates charged by the firm are:
Partners $325
Associates $250
Paralegal $115
Kraemer does not represent or hold any interest adverse to the
Debtor or its bankruptcy estate, according to court filings.
The firm can be reached through:
David Manes, Esq.
Kraemer, Manes & Associates LLC
US Steel Tower
600 Grant Street, Suite 660
Pittsburgh, PA 15219
Phone: (412) 626-5626
Email: lawyer@lawkm.com
About Patriot One
Patriot One, Inc. filed Chapter 11 bankruptcy petition (Bankr. W.D.
Pa. Case No. 16-23160) on August 26, 2016, listing under $1 million
in both assets and liabilities. Robert O. Lampl, Esq., serves as
the Debtors' counsel. The Office of the U.S. Trustee disclosed in
a court filing that no official committee of unsecured creditors
has been appointed in the Chapter 11 case of Patriot One, Inc.
PEACH STATE: Court OK's Appointment of TD Mann As Ch. 11 Trustee
----------------------------------------------------------------
Judge W. Homer Drake of the U.S. Bankruptcy Court for the Northern
District of Georgia entered an Order approving the appointment of
Theo Davis Mann as Chapter 11 Trustee for Peach State Ambulance.
The Order was made in response of the United States Trustee's
application for entry of an order approving the appointment of Theo
Davis Mann as Chapter 11 Trustee.
Peach State Ambulance filed a chapter 11 petition (Bankr. N.D. Ga.
Case No. 16-12121) on Oct. 24, 2016. The petition was signed by
James L. Olson, president. The Debtor is represented by G. Frank
Nason, IV, Esq., at Lamberth, Cifelli, Ellis & Nason, P.A. The
Debtor estimated assets and liabilities at $1 million to $10
million at the time of the filing.
PELICAN REAL ESTATE: Plan Filing Deadline Extended Thru Jan. 5
--------------------------------------------------------------
Judge Roberta A. Colton of the U.S. Bankruptcy Court for the Middle
District of Florida extended the exclusive periods within which
Pelican Real Estate, LLC and its affiliated Debtors may file a plan
of reorganization through and including January 5, 2017, and
solicit acceptances of such plan through and including the date of
any hearing to consider confirmation of the Debtors' plan.
The Troubled Company Reporter had earlier reported that the Debtors
sought for exclusivity extension contending that it is appropriate
that the Court consider its Motion for Substantive Consolidation
prior to filing a Chapter 11 Plan and Disclosure Statement.
The Debtors told the Court that they had previously sought
exclusivity extension until December 5, 2016, so that Maria Yip,
the court-appointed Examiner, could complete and issue her report
prior to the expiration of exclusivity. Subsequently, the Examiner
filed her report on November 21, 2016, recommending that the
Debtors should be substantively consolidated into a single entity.
Consequently, the Debtors filed a motion to substantively
consolidate the Debtors into a single entity, which had been
scheduled for hearing on December 22, 2016.
About Pelican Real Estate, LLC
Pelican Real Estate, LLC and its eight affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case
No. 16-03817) on June 8, 2016. The petition was signed by Jared
Crapson, president of SMFG, Inc., manager of Pelican Management
Company, LLC. At the time of the filing, Pelican Real Estate
listed under $50,000 in both assets and debts.
The Debtors are represented by Elizabeth A. Green, Esq., at Baker &
Hostetler LLP. The Debtors hire Bill Maloney Consulting as their
financial advisor; Hammer Herzog and Associates P.A. as their
accountant; and Pino Nicholson PLLC as their special counsel.
Turnkey Investment Fund LLC, an affiliate of Pelican Real Estate
LLC, hires Dance Bigelow Sharp & Co. as accountant.
Guy Gebhardt, acting U.S. trustee for Region 21, on July 27 formed
an official committee of unsecured creditors for Pelican Real
Estate LLC's affiliates, Smart Money Secured Income Fund LLC and
Accelerated Asset Group LLC.
Maria Yip, the court-appointed examiner, proposes to hire
GrayRobinson, P.A. to provide legal services in connection with the
Debtor's bankruptcy case.
PERFORMANCE SPORTS: Claims Bar Date Set for February 2017
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware set Feb. 6,
2017, at 5:00 p.m. (Eastern Time) as deadline for all entities
holding claims, whether secured, preferred, unsecured non-priority,
unsecured priority claim or otherwise, to file proofs of claim
against BPS US Holdings Inc. and its debtor-affiliates.
All governmental units have until May 1, 2017, at 5:00 p.m.
(Eastern Time) to file their claims against the Debtors.
All proofs of claim must be filed at:
Performance Sports Group Claims Processing Center
c/o Prime Clerk LLC
830 3rd Avenue, 3rd Floor
New York, NY 10022
About Performance Sports
Exeter, N.H.-based Performance Sports Group Ltd. (NYSE: PSG) (TSX:
PSG) -- http://www.PerformanceSportsGroup.com/-- is a developer
and manufacturer of ice hockey, roller hockey, lacrosse, baseball
and softball sports equipment, as well as related apparel and
soccer apparel. Its products are marketed under the BAUER, MISSION,
MAVERIK, CASCADE, INARIA, COMBAT and EASTON brand names and are
distributed by sales representatives and independent distributors
throughout the world. In addition, the Company distributes its
hockey products through its Burlington, Massachusetts and
Bloomington, Minnesota Own The Moment Hockey Experience retail
stores.
On Oct. 31, 2016, Performance Sports Group Ltd. and certain of its
affiliates have filed voluntary petitions under Chapter 11 of the
Bankruptcy Code in the District of Delaware and commenced
proceedings under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice.
The U.S. Debtors are: BPS US Holdings Inc.; Bauer Hockey, Inc.;
Easton Baseball/Softball Inc.; Bauer Hockey Retail Inc.; Bauer
Performance Sports Uniforms Inc.; Performance Lacrosse Group Inc.;
BPS Diamond Sports Inc.; and PSG Innovation Inc.
The Canadian Debtors are: Performance Sports Group Ltd.; KBAU
Holdings Canada, Inc.; Bauer Hockey Retail Corp.; Easton Baseball
/Softball Corp.; PSG Innovation Corp. Bauer Hockey Corp.; BPS
Canada Intermediate Corp.; BPS Diamond Sports Corp.; Bauer
Performance Sports Uniforms Corp.; and Performance Lacrosse Group
Corp.
The Debtors have hired Paul, Weiss, Rifkind, Wharton & Garrison LLP
as counsel; Young Conaway Stargatt & Taylor, LLP as co-counsel;
Stikeman Elliott LLP as Canadian legal counsel; Centerview LLP as
investment banker to the special committee; Alvarez & Marsal North
America, LLC, as restructuring advisor; Joele Frank, Wilkinson,
Brimmer, Katcher as communications & relations advisor; KPMG LLP as
auditors; Ernst & Young LLP as CCAA monitor; and Prime Clerk LLC as
notice, claims, solicitation and balloting agent.
Andrew R. Vara, Acting U.S. Trustee for Region 3, on Nov. 10
appointed three creditors of BPS US Holdings, Inc., parent of
Performance Sports, to serve on the official committee of unsecured
creditors. The Creditors' Committee retained by Blank Rome LLP as
counsel, Cassels Brock & Blackwell LLP as Canadian co-counsel, and
Province Inc. as financial advisor.
The U.S. Trustee appointed a committee of equity security holders.
The equity committee is represented by Natalie D. Ramsey, Esq., and
Mark A. Fink, Esq., at Montgomery, McCracken, Walker & Rhoads, LLP;
and Robert J. Stark, Esq., Steven B. Levine, Esq., James W. Stoll,
Esq., and Andrew M. Carty, Esq., at Brown Rudnick LLP.
* * *
The Bankruptcy Court for the District of Delaware and the Ontario
Superior Court of Justice have granted the Company approval of,
among other things, the bidding procedures and "stalking horse" bid
protections in connection with a "stalking horse" asset purchase
agreement, under which an acquisition vehicle to be co-owned by an
affiliate of Sagard Capital Partners, L.P. and Fairfax Financial
Holdings Limited, intends to acquire substantially all of the
assets of the Company and its North American subsidiaries for U.S.
$575 million in aggregate and assume related operating
liabilities.
Interested parties must submit qualified bids to acquire
substantially all of the assets of the Company no later than
January 25, 2017. The auction is set for January 30, 2017. A
final sale approval hearing is expected to take place shortly after
completion of the auction with the anticipated closing of the
successful bid to occur by the end of February 2017, subject to
receipt of applicable regulatory approvals and the satisfaction or
waiver of other customary closing conditions.
PETROLEUM GEO-SERVICES: S&P Lowers CCR to 'SD' on Exchange Offer
----------------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating on
Norwegian seismic group Petroleum Geo-Services to 'SD' (selective
default) from 'CC'.
At the same time, S&P has lowered its issue rating on PGS'
$450 million senior unsecured notes due 2018 to 'D' from 'C'. The
recovery rating on these notes remains unchanged at '6', reflecting
S&P's expectation of negligible (0-10%) recovery in the event of a
payment default and the significant amount of secured debt that
ranks ahead of the notes.
S&P is affirming its 'CCC+' rating on the $400 million senior
secured notes and removing it from CreditWatch, where S&P placed it
with negative implications on Nov. 29, 2016. The recovery rating
remains unchanged at '3', reflecting S&P's expectation of
meaningful recovery in the higher half of the 50%-70% range in the
event of a payment default.
The downgrade follows PGS' recent announcement that about 94% of
the holders of its $450 million outstanding senior unsecured notes
exchanged their debt for $212 million new notes due 2020 (50%) and
$202 million in cash. In S&P's view, the conversion is tantamount
to a default.
As part of the transaction, PGS completed a private placement
raising $225 million in equity and an extension of its revolving
credit facility (RCF) to September 2020 from September 2018, while
reducing the size of the facility gradually to $350 million from
$500 million.
S&P's view of the offer as a distressed exchange reflects:
-- S&P's view of the company's rating prior to the transaction
(in the 'CCC' category) and the very challenging market
environment the company continues to operate in. S&P's view
that noteholders are obtaining less than the originally
promised amount. In this respect, the redemption is below
the nominal value of the liability, and the noteholders are
not being compensated for delaying the maturity by two
years.
Following the transaction, PGS' gross debt will be about
$1.2 billion, consisting of $150 million drawn under the RCF,
$390 million under the term loan, about $400 million under export
credit financing, and $238 million senior unsecured notes,
consisting of $26 million of old notes maturing in 2018 and $212
million of new notes maturing in 2020. The company's S&P Global
Ratings' adjusted debt will be about $1.7 billion, including
sizable operating lease obligations of $400 million. There are no
material maturities in the coming years and PGS will be subject to
more relaxed financial covenants under its RCF.
Despite the size of the equity injection, S&P still projects an
unsustainable capital structure following the transaction. That
said, assuming some recovery in the seismic market toward the
second half of 2017 and in 2018, S&P now sees potential for
reducing leveraging. Under S&P's base case, it now projects
adjusted debt to EBITDA (excluding cash) at above 8x in 2017 (pro
forma adjusted debt to EBITDA in 2016 is about 9.5x). As a result,
S&P expects to raise its long-term corporate credit rating on PGS
to 'CCC+' in the coming days.
PHILI EQUITIES: Hires Carlebach Law Office as Counsel
-----------------------------------------------------
Phili Equities, LLC seeks authorization from the U.S. Bankruptcy
Court for the Eastern District of New York to employ the Law Office
of David Carlebach, Esq. as attorney for the Debtor, nunc pro tunc
to September 14, 2016.
The Debtor requires the Firm to:
a. advise the Debtor with respect to its powers and duties as
a debtor-in-possession;
b. assist the Debtor in the preparation of its schedules of
assets and liabilities, statements of financial affairs and other
reports and documentation required pursuant to the Bankruptcy Code
and the Bankruptcy Rules;
c. represent the Debtor at all hearings on matters pertaining
to its affairs as a debtor-in-possession;
d. prosecute and defend litigated matters that may arise
during this Chapter 11 case;
e. counsel and represent the Debtor in connection with the
assumption or rejection of executory contracts and leases,
administration of claims and numerous other bankruptcy-related
matters arising from this Chapter 11 case;
f. counsel the Debtor with respect to various general and
litigation matters relating to this Chapter 11 case;
g. assist the Debtor in obtaining approval of a disclosure
statement, confirmation of a plan of reorganization, and all other
matters related thereto; and
h. perform all other legal services that are necessary and
desirable for the efficient and economic administration of the
Debtor's Chapter 11 case.
The Firm's lawyers who will work on the Debtor's case and their
hourly rates are:
David Carlebach, Member $450
Ira R. Abel, Of Counsel $485
The Firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David Carlebach, Esq., principal of the firm of the Law Offices of
David Carlebach, Esq., assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estates.
The Firm may be reached at:
David Carlebach, Esq.
Ira Abel, Esq. (Of Counsel)
Law Offices of David Carlebach, Esq.
55 Broadway, Suite 1902
New York, NY 10006
Tel: (212)785-3041
Fax: (347)472-0094
Email: david@carlebachlaw.com
ira@carlebachlaw.com
About Phili Equities
Phili Equities, LLC filed a Chapter 11 bankruptcy petition (Bankr.
E.D.N.Y. Case No. 16-44102) on September 14, 2016. Hon. Elizabeth
S. Stong presides over the case. The Law Offices of David
Carlebach, Esq. represents the Debtor as counsel.
In its petition, the Debtor estimated $1 million to $10 million in
both assets and liabilities. The petition was signed by Chaim
Landau, managing member.
PIONEER HEALTH: Judge OKs Sale of Stokes County Hospital
--------------------------------------------------------
The American Bankruptcy Institute, citing Richard Craver of
Winston-Salem Journal, reported that a federal bankruptcy court
judge has approved the sale of Stokes County's hospital and other
medical facilities for $400,000 to a for-profit organization with
limited experience running hospitals.
According to the report, an affiliate of LifeBrite Hospital Group
LLC of Lilburn, Ga., has been running the Stokes facilities since
July 9 -- three days before the Stokes Board of Commissioners said
it would stop paying for the hospital's financial commitments.
The court set a closing date of Jan. 31 for the Stokes transaction,
the report related.
Commissioners agreed to transfer the lease for the medical
facilities to Life-Brite. The Stokes medical facilities altogether
have about 200 employees, the report said.
LifeBrite has agreed to takeover $1.3 million in Medicare and
Medicaid payment obligations from for-profit Pioneer Health
Services, which filed for Chapter 11 bankruptcy protection March
31, the report further related.
There were several legal challenges filed against LifeBrite's
proposal, mostly related to Pioneer's inability or delay in making
payments for medical equipment and software, or to medical
insurers, the report said. Each challenge has been resolved by
LifeBrite and the bankruptcy court prior to the acceptance of
Lifebrite's offer, the report added.
The report noted that, to resolve the challenges, LifeBrite will,
among other things, have to sign new leases for some pieces of
medical equipment and software.
About Pioneer Health Services
Pioneer Health Services, Inc., and its debtor-affiliates,
including
Medicomp Inc., filed separate Chapter 11 bankruptcy petitions
(Bankr. S.D. Miss. Lead Case No. 16-01119) on March 30, 2016.
Pioneer Health Services of Early County, LLC, filed a Chapter 11
case on April 8, 2016. The cases are administratively
consolidated.
The petitions were signed by Joseph S. McNulty III, president.
The Debtors provide healthcare services to rural communities, and
own and manage rural critical access hospitals.
Judge Hon. Neil P. Olack presides over the Debtors' cases.
The Law Offices of Craig M. Geno PLLC serves as the Debtors'
counsel, Mintz Levin Cohn Ferris Glovsky and Popeo, P.C., to act
as
special counsel.
Pioneer Health Services estimated $10 million to $50 million in
both assets and liabilities.
Henry Hobbs, Jr., acting U.S. trustee for Region 5, on April 19
appointed three creditors of Pioneer Health Services, Inc. to
serve
on the official committee of unsecured creditors. The committee
hired Arnall Golden Gregory LLP as counsel, and GlassRatner
Advisory & Capital Group LLC as financial advisor.
PJK FAMILY: Hires Streinz Law Office as Counsel
-----------------------------------------------
PJK Family Trust seeks authorization from the U.S. Bankruptcy Court
for the District of Oregon to employ James Rey Streinz Law Office
as attorney for the Debtor.
The Debtor requires Streinz to:
a. advise the Debtor of its rights, powers and duties as
debtor and debtor-in-possession continuing to operate and manage
its business and properties under Chapter 11 of the Code;
b. take all actions necessary to protect and preserve the
Debtor's bankruptcy estate, including the prosecution of actions on
the Debtor's behalf, the defense of any action commenced against
the Debtor, objections to claims filed against the Debtor in this
bankruptcy case, and the compromise or settlement of claims;
c. advise the Debtor concerning, and prepare on behalf of
the Debtor, all necessary applications, motions, memoranda,
responses, complaints, answers, orders, notices, reports and other
papers, and review all financial and other reports required for the
Debtor as debtor-in-possession in connection with administration of
this Chapter 11 case;
d. advise the Debtor with respect to, and assist in the
negotiation and documentation of, financing agreements, debt and
cash collateral orders, and related transactions;
e. review the nature and validity of any liens asserted
against the Debtor's property and advise the Debtor concerning the
enforceability of such liens;
f. advise the Debtor regarding (i) its ability to initiate
actions to collect and recover property for the benefit if the
estate; (ii) any potential property dispositions; and (iii)
executory contract and unexpired lease assumptions, assignments and
rejections, and lease restructuring and recharacterizations;
g. negotiate with creditors concerning a plan or
reorganization; prepare the plan of reorganization, disclosure
statement and related documents; take the steps necessary to
confirm and implement the plan of reorganization, including, if
needed, negotiations for financing the plan; and
h. provide other legal advice or services as may be required
in connection with this Chapter 11 case or the general operation
and management of the Debtor's business.
The Debtor will compensate Streinz at $375 an hour.
Prior to the bankruptcy filing, Mr. Streinz received a retainer in
the amount of $7,616 from Judy Pierce, the trustee of the Debtor.
Prior to filing this Chapter 11 case, with the Debtor's knowledge
and consent, Mr. Streinz used $1,616 to pay the filing fee for this
case. The balance of the retainer on hand as of the Petition date
is $5,000.
James Ray Streinz, Esq., of Streinz Law Office, assured the Court
that the firm does not represent any interest adverse to the Debtor
and its estates.
Streinz can be reached at:
James Ray Streinz, Esq.
Streinz Law Office
7830 SW 40th Ave, Suite 1
Portland, OR 97219
Tel: (503)621-7172
E-mail: ray@streinzlaw.com
About PJK Family Trust
PJK Family Trust filed a Chapter 11 bankruptcy petition (Bankr. D.
Or. Case No. 16-34214) on November 4, 2016. James Ray Streinz,
Esq., at Streinz Law Office serves as bankruptcy counsel.
The Debtor's assets and liabilities are both below $1 million.
PLASTIC2OIL INC: CEO Provides Review & Update to Shareholders
-------------------------------------------------------------
Plastic2Oil, Inc.'s chief executive officer issued a letter to
stockholders on Dec. 29, 2016, describing certain business updates,
a full-text copy of which is as follows:
To our valued Plastic2Oil shareholders, as 2016 draws to a close, I
wanted to provide a review and update on the status of our company.
Reducing Costs; Improving Cash Position
Over the past 3 1/2 years the focus of the operation was to
stabilize the company and sell Plastic2Oil processors. The cash
burn rate has been dramatically reduced by minimizing labor,
consultant, legal and audit fee costs. This was achieved though
bringing the work in house and finding qualified service providers.
During this period, given my strong belief in the commercial and
environmental value of our technology, I have personally continued
to invest several million dollars to support operations while we
pursued our new business strategy. Recently, other investors who
share my conviction joined me and provided additional equity
financing proceeds of $600,000.
Further, we negotiated the sale of our idle office building in
Thorold, Canada and it is anticipated that closing will take place
in January 2017. The net proceeds from the equity financing and
the real estate sale will be used for working capital purposes in
order to sustain company operations while we continue our efforts
to pursue the license of our technology. I look forward to
updating our shareholders upon the closing of the real estate
transaction.
Negotiating strategic partnership
In August 2016, we announced the signing of a memorandum of
understanding with a potential partner regarding the licensing of
our technology and a potential sale of processor units. We are
still in the process of negotiating a definitive agreement with the
potential partner. If consummated, it is anticipated the first
site would house two Plastic2Oil processors, and eventually may
lead to deployment of processors in 15 to 20 similar facilities.
We look forward to updating our shareholders upon the signing of a
definitive agreement.
Industry News
Recently, it was reported that a large plastic recycling facility
is planned to be constructed in central Indiana. This $350 million
dollar recycling facility will include a "plastic to fuel"
component. While Plastic2Oil is not involved in this project, we
believe that this project further validates the potential market
for plastic to fuel technology. Other similar facilities are
foreseen and expected to be established in North America and
worldwide, effectively enhancing the use of hydrocarbon resources
while addressing costly environmental landfill issues. This past
week a market intelligence firm released a report forecasting the
plastic to fuel market potential.
We continue to believe that Plastic2Oil technology is superior to
any offerings from all other suppliers of similar technologies.
We are also pursuing other revenue streams from our other existing
Plastic2Oil assets. For example, we are in negotiations to
potentially lease out the Canadian blending facility and we are
examining the possibility to resume the operations of the Niagara
Falls facility on a cost-effective, limited basis in 2017. It
should be noted, as was forecast last spring, the price of oil has
recently rebounded to above $50 per barrel.
Governance
Consideration to expanding our management and sales team in order
to effectively address processor sales is underway. We also
continue to search for and evaluate potential candidates for
appointment to our Board of Directors. Discussions continue with
qualified candidates in both areas. Action will be taken only as
financial circumstances allow.
Thank you to our shareholders for your continued support. I wish
you happy holidays and a prosperous 2017.
Richard Heddle
Plastic2Oil CEO & President
About Plastic2Oil
Plastic2Oil, Inc., formerly JBI Inc., is a North American fuel
company that transforms unsorted, unwashed waste plastic into
ultra-clean, ultra-low sulphur fuel without the need for
refinement. The Company's Plastic2Oil (P2O) is a process designed
to provide immediate economic benefit for industry, communities
and government organizations with waste plastic recycling
challenges. It is also focused on the creation of green
employment opportunities and a reduction in the cost of plastic
recycling programs for municipalities and business. The Company's
fuel products include No. 6 Fuel, No. 2 Fuel (diesel, petroleum
distillate), Naphtha, Petcoke (carbon black) and Off-Gases. No. 6
Fuel is heavy fuel used in industrial boilers and ships. No. 2
Fuel is a mid-range fuel known as furnace oil or diesel. Naphtha
is a light fuel that is used as a cut feedstock for ethanol or as
white gasoline in high and regular grade road certified fuels.
Plastic2Oil reported a net loss of $4.32 million on $16,728 of
total sales for the year ended Dec. 31, 2015, compared to a net
loss of $6.80 million on $59,017 of total sales for the year ended
Dec. 31, 2014.
As of Sept. 30, 2016, Plastic2Oil had $3.95 million in total
assets, $11.91 million in total liabilities and a total
stockholders' deficit of $7.95 million.
D. Brooks and Associates CPA's, P.A., in West Palm Beach, Florida,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2015, citing that
the Company has incurred operating losses, has incurred negative
cash flows from operations and has a working capital deficit. These
and other factors raise substantial doubt about the Company's
ability to continue as a going concern.
PRECISION WELDING: Can Use Cash Collateral on Final Basis
---------------------------------------------------------
Judge Sandra R. Klein of the U.S. Bankruptcy Court for the Central
District of California authorized Precision Welding, Inc. to use
cash collateral in the ordinary course of its business on a final
basis through plan confirmation.
Judge Klein granted the Secured Creditors replacement liens in all
post-petition assets of the Debtor, which will have the same
extent, validity and priority as were their respective liens and
security interests in the prepetition collateral. She held that
these liens will be deemed valid and perfected with such priority
as provided in the Order, without any further notice or act by any
party that may otherwise be required under any law.
A full-text copy of the Order, dated December 27, 2016, is
available at https://is.gd/Nn0VJL
About Precision Welding
Precision Welding, Inc., filed a chapter 11 petition (Bankr. C.D.
Cal. Case No. 16-20823) on Aug. 15, 2016. The petition was signed
by David Jones, president and CEO. The case is assigned to Judge
Sandra R. Klein. The Debtor disclosed total assets of $1.07
million and total liabilities of $909,260.
The Debtor is represented by Steven R. Fox, Esq., at the Law
Offices of Steven R. Fox. The Debtor hired Lucove, Say & Co. as
its accountant.
PRESSURE BIOSCIENCES: Stockholders Elect Class II Directors
-----------------------------------------------------------
Pressure BioSciences, Inc., held a special meeting in lieu of the
annual meeting of stockholders on Dec. 21, 2016, at which the
stockholders:
(1) elected Vito Mangiardi and Kevin Pollack as Class II
Directors to hold office until the 2019 Annual Meeting of
Stockholders;
(2) ratified the appointment of MaloneBailey LLP as the
Company's independent auditors for fiscal year 2016;
(3) approved an amendment to the Company's articles of
organization to increase the authorized number of shares of
Common Stock by up to 50,000,000 shares, such increase to be
effected through one or more amendments to the Company's
articles of organization to be filed with the Secretary of
the Commonwealth of Massachusetts at the discretion of the
Board of Directors at any time during the twelve months
following the date of the meeting;
(4) approved an amendment to the Company's articles of
organization to effect a reverse stock split of the
Company's Common Stock by a ratio of not less than one-for-
two and not more than one-for-thirty at any time within
twelve months following the Meeting for the purpose of
assisting the Company in meeting the listing requirements of
the Nasdaq Capital Market or another exchange, with the
decision of whether or not to implement a reverse stock
split and the exact ratio to be set at a whole number within
this range to be made by the Company's Board of Directors in
its sole discretion;
(5) approved, on an advisory basis, a non-binding resolution to
approve the compensation of the Company's named executive
officers; and
(6) approved an adjournment of the Meeting, if necessary or
appropriate, to solicit additional proxies, in the event
that there are not sufficient votes at the time of such
adjournment to approve any of Proposal Nos. 1 through 5.
About Pressure Biosciences
Pressure BioSciences, Inc., headquartered in South Easton,
Massachusetts, holds 14 United States and 10 foreign patents
covering multiple applications of pressure cycling technology in
the life sciences field.
Pressure Biosciences reported a net loss of applicable to common
shareholders of $7.43 million on $1.79 million of total revenue for
the year ended Dec. 31, 2015, compared to a net loss applicable to
common shareholders of $6.25 million on $1.37 million of total
revenue for the year ended Dec. 31, 2014.
As of Sept. 30, 2016, Pressure Biosciences had $1.89 million in
total assets, $14.65 million in total liabilities and a total
stockholders' deficit of $12.75 million.
MaloneBailey LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company has a working capital
deficit and has incurred recurring net losses and negative cash
flows from operations. These conditions raise substantial doubt
about its ability to continue as a going concern.
PRESTIGE BRANDS: S&P Affirms 'B+' CCR & Revises Outlook to Neg.
---------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'B+' corporate credit
rating on Tarrytown, N.Y.-based Prestige Brands Inc. and revised
the outlook to negative from stable.
At the same time, S&P placed all its issue-level ratings, including
the 'BB' rating on the existing senior secured debt and 'B' rating
on the existing senior unsecured debt, on CreditWatch with negative
implications. S&P will resolve the CreditWatch placement once it
has greater clarity regarding the capital structure.
"The outlook revision reflects the deterioration of Prestige
Brands' credit metrics because of its proposed acquisition of C.B.
Fleet Co., which will be predominantly funded with debt. We
estimate pro forma adjusted debt to EBITDA will increase to the
low-6x area from 4.9x. The corporate credit rating affirmation
reflects our view that the company will successfully integrate the
Fleet acquisition and apply free cash flow for debt reduction to
improve its credit protection measures over the next two to three
years. This includes our forecast for leverage to decline to the
mid-5x area by the end of fiscal-year 2018 (ending March 31) from
the low-6x area pro forma at the close of the transaction. We
could still lower the ratings if the integration does not proceed
as planned or if credit measures do not strengthen over the next
year. That could occur if sales are weaker than expected despite
increased brand spending, which we believe could result in reduced
cash flow generation and leverage remaining around 6x. We consider
Prestige's financial policy to be aggressive based on its active
acquisition-based growth strategy and on its use of debt as its
primary source to fund such transactions. Our rating incorporates
the expectation that acquisition activity will be limited until
credit measures strengthen such that leverage declines to below
5x," S&P said.
S&P placed the issue-level ratings on Prestige on CreditWatch with
negative implications because it is increasing its debt levels. The
recovery and issue-level ratings could be affected by the mix of
debt and equity it uses to fund the acquisition. S&P will resolve
the CreditWatch after the company announces its funding plans for
the transaction.
The Fleet transaction is a continuation of Prestige's growth
strategy of acquiring category-leading brands from competitors that
underinvested in marketing and were unable to extract the brand's
maximum profit potential. The company's strategy is to boost sales
with new product innovations for the acquired brands and increased
marketing spending. S&P believes Prestige's acquisitions over the
past few years have been successful and have provided greater
negotiating leverage with key retail customers and a larger
presence in Canada and Australia.
The acquisition of Fleet will modestly strengthen Prestige's
business risk by increasing the diversity of its brand portfolio
with the addition of Summer's Eve to its feminine care category.
Our ratings on Prestige continue to reflect the company's lack of
international diversity in its product lines and its participation
in the highly competitive OTC health care and household consumer
products segment, where it competes with much larger and better
capitalized companies with greater resources for product
development and marketing, including Johnson & Johnson and Procter
& Gamble. The company also competes against private-label
companies. Prestige has some customer concentration, with its
largest customer, Wal-Mart Stores Inc., accounting for about 18% of
the company's sales for the past year. S&P also factored into the
rating the benefits from the company's strong market share in
high-margin niche categories. Generally its brands hold the No. 1
or No. 2 position in their categories. Prestige has relatively good
operating efficiency, focusing on the marketing and development of
its brands while outsourcing manufacturing to third parties. The
company consistently generates margins in the mid-30% area, given
its participation in the high-margin OTC market and its low cost
structure.
S&P's forecast for the company reflects modest economic growth in
the U.S. and overall profit stability. S&P's baseline forecast is
for U.S. real GDP to grow 1.6% this year and 2.4% in 2017. This,
along with solid free cash flow generation, should enable the
company to strengthen its credit metrics during the next two years.
Additional assumptions include:
-- Pro forma sales growth by double-digit percents in fiscal
2017, driven by low-single-digit percent organic growth--in
line with U.S. economic growth--plus merger and acquisition
(M&A) activities. S&P expects mid-single-digit percent
sales growth in the out years as the company maintains good
market share with modest growth prospects based on favorable
industry trends of the aging U.S. population and a higher
propensity for the broad population to self-medicate with
OTC products.
-- EBITDA margins in the mid-30% area from mix shift
improvements to higher-margin products, cost-saving
initiatives, and cost savings from supply chain integration.
-- Free cash flow totals of $190 million-$240 million in
fiscals 2017 and 2018. Annual capital expenditures (capex)
remain relatively stable around $6 million.
-- Fleet acquisition price of $825 million in fiscal 2017 and
an annual acquisition price of about $200 million
thereafter.
Based on these assumptions, S&P forecasts debt to EBITDA in the
low-6x area pro forma for the transaction and the mid-5x area in
fiscal 2018 and funds from operations (FFO) to debt in the low-teen
percents in fiscals 2017 and 2018.
S&P considers Prestige's liquidity to be adequate. S&P expects
sources to exceed uses by more than 1.2x over the next 12 months,
even with a 15% decline in EBITDA, and that Prestige would maintain
compliance with its covenants. In S&P's opinion, Prestige has
sound bank relationships, a generally satisfactory standing in
credit markets, and prudent financial risk management. S&P also
believes the company likely can absorb high-impact, low-probability
events with limited need for refinancing.
Principal liquidity sources:
-- Approximately $30 million cash and equivalents as of
Sept. 30, 2016.
-- About $68 million availability of an asset-based loan (ABL)
revolver expiring in 2019.
-- $240 million-$260 million annual cash FFO.
-- $825 million funding of the acquisition, the majority of
which S&P assumes will be debt.
Principal liquidity uses:
-- About $15 million in annual debt maturities over the next
two years.
-- Approximately $6 million annual capex.
-- $10 million peak–to-trough working capital.
-- $825 million for the Fleet acquisition.
S&P's corporate credit rating incorporates a one-notch uplift from
its 'b' anchor for comparable rating analysis. The favorable
adjustment is based on the company's leading positions in niche
brands, the diversity of its product portfolio, and demographic
trends that should support top-line growth and contribute to
continued good free cash flow generation. Other modifiers had no
impact on the ratings.
The negative outlook reflects the higher debt levels and weaker
credit measures that will result from Prestige Brands' proposed
acquisition of Fleet. S&P forecasts debt to EBITDA in the low-6x
area pro forma for the transaction. S&P expects the company to
apply free cash flow for debt reduction to improve its credit
measures, including debt to EBITDA in the mid-5x area by the end of
fiscal 2018. S&P could lower the rating if the integration does
not proceed as planned or if credit measures do not strengthen over
the next year. That could occur if sales are weaker than expected
despite increased brand spending, which S&P believes could result
in reduced cash flow generation and leverage remaining around 6x.
Upside scenario
S&P could revise our outlook to stable if profitability remains
solid and the company applies free cash flow to debt reduction such
that credit measures strengthen, including improving debt to EBITDA
to around 5x by fiscal year end 2018. S&P estimates this will
occur if the company reduces total debt from its expected fiscal
2018 debt–to-EBITDA level in the mid-5x area by about
$250 million or increases EBITDA about 15%, possibly through a
combination of organic sales and additional improvement in margins
over the next two years.
QUINTESS LLC: Panel Hires Kurtzman Carson as Communications Agent
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Quintess, LLC
seeks authorization from the U.S. Bankruptcy Court for the District
of Colorado to retain Kurtzman Carson Consultants, LLC as
communications agent for the Committee, nunc pro tunc to December
5, 2016.
The Committee requires KCC to:
a. establish and maintain an internet-accessed website that
provides, without limitation:
(i) a private on-line discussion room to which only the
Committee, the US Trustee and non-insider members and non-insider
creditors of the Debtor shall have access, which may be used by
such parties to discuss any matter pertaining to the Debtor’s
chapter 11 case;
(ii) general information concerning the Debtors, including,
case dockets, and access to docket filings;
(iii) a calendar with upcoming significant events in the
cases;
(iv) access to the claims docket as and when established by
the Debtors or any claims agent retained in the cases;
(v) a general overview of the chapter 11 process;
(vi) press releases (if any) issued by each of the
Committee and the Debtors;
(vii) a non-public registration form for creditors to
request case updates via electronic mail;
(viii) a non-public form to submit creditor questions,
comments and requests for access to information;
(ix) responses to creditor questions, comments and requests
for access to information; provided, that the Committee may
privately provide such responses in the exercise of its reasonable
discretion, including in the light of the nature of the information
request and the creditor’s agreements to appropriate
confidentiality and trading constraints;
(x) answers to frequently asked questions; and
(xi) links to other relevant websites.
b. establish and maintain a telephone number and electronic
mail address for creditors to submit questions and comments.
c. prepare and serve notices and pleadings on behalf of the
Committee in accordance with the Bankruptcy Code and the Bankruptcy
Rules in the form and manner directed by the Committee and/or the
Court, including, if applicable, notices, orders, pleadings,
publications, and other documents as the Committees and/or the
Court may deem necessary or appropriate.
Payments to KCC are to be based upon KCC's submission of a billing
statement with a detailed listing of services, expenses and
supplies, to the Committee and the Debtor within 30 days of the end
of each calendar month.
Evan Gershbein, senior vice president of Kurtzman Carson
Consultants, LLC, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code, and does not represent any interest adverse to
the Debtor and its estates.
KCC can be reached at:
Evan Gershbein
Kurtzman Carson Consultants, LLC
2335 Alaska Ave.
El Segundo, CA 90245
Phone: 310.751.1803
E-mail: egershbein@kccllc.com
About Quintess LLC
Quintess, LLC, filed a chapter 11 petition (Bankr. D. Colo. Case
No. 16-19955) on Oct. 7, 2016. The petition was signed by Pete
Estler, CEO. The Debtor is represented by Duncan E. Barber,
Esq., at Shapiro Bieging Barber Otteson LLP and Ron Bender, Esq.,
at Levene, Neale, Bender, Yoo & Brill LLP. The case is assigned
to Judge Joseph G. Rosania, Jr. The Debtor estimated assets at
$0 to $50,000 and liabilities at $1 million to $10 million at the
time of the filing.
RENNOVA HEALTH: Stockholders Elect Five Directors
-------------------------------------------------
Rennova Health, Inc., held its annual meeting of stockholders on
Dec. 22, 2016, at which the stockholders:
(i) elected Seamus Lagan, Dr. Paul Billings, Christopher
Diamantis, Michael Goldberg and Robert Lee as directors,
each to hold office until the Company's next Annual Meeting
of Stockholders or until their successors are duly elected
and qualified;
(ii) ratified the appointment of Green & Company, CPAs as the
Company's independent registered public accounting firm for
the fiscal year ending Dec. 31, 2016;
(iii) approved an amendment to the Company's Certificate of
Incorporation to effect a reverse split of all of the
outstanding shares of its common stock, par value $0.01 per
share, at a specific ratio within a range from 1-for-10 to
1-for-30, and to grant authorization to the Board of
Directors to determine, in its discretion, the specific
ratio and timing of the reverse split any time before
Dec. 31, 2017, subject to the Board of Directors'
discretion to abandon such amendment; and
(iv) approved an advisory (non-binding) resolution on the
Company's executive compensation.
Benjamin Frank had been a nominee to continue serving as a director
but, as previously disclosed, he passed away on Dec. 18, 2016,
prior to the Annual Meeting.
About Rennova
Rennova Health, Inc., is a vertically integrated provider of a
suite of healthcare related products and services. Its principal
lines of business are diagnostic laboratory services, and
supportive software solutions and decision support and informatics
operations services.
The Company reported a net loss attributable to the Company's
common shareholders of $36.4 million for the year ended Dec. 31,
2015, following net income attributable to the Company's common
shareholders of $2.81 million for the year ended Dec. 31, 2014.
As of Sept. 30, 2016, Rennova Health had $10.19 million in total
assets, $20.23 million in total liabilities and a total
stockholders' deficit of $10.03 million.
The Company said in its annual report for the year ended Dec. 31,
2015, that "Although our financial statements have been prepared on
a going concern basis, we have recently accumulated significant
losses and have negative cash flows from operations, which raise
substantial doubt about our ability to continue as a going
concern.
"If we are unable to improve our liquidity position we may not be
able to continue as a going concern. The accompanying consolidated
financial statements do not include any adjustments that might
result if we are unable to continue as a going concern and,
therefore, be required to realize our assets and discharge our
liabilities other than in the normal course of business which could
cause investors to suffer the loss of all or a substantial portion
of their investment."
RESHETAR REALTY: Seeks to Hire Re/Max as Real Estate Broker
-----------------------------------------------------------
Reshetar Realty, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Pennsylvania to hire a real estate
broker.
The Debtor proposes to hire Re/Max Services Inc. to market and sell
its real property located at Lot 18 Woodbyne Road, Springfield,
Pennsylvania.
The firm will get 6% of the sale price of the property. The
commission, however, will be split between Re/Max and another
real estate firm that brings the buyer to closing, if one should
exist.
Michael Amoroso, an associate broker employed with Re/Max,
disclosed in a court filing that his firm is a "disinterested
person" as defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Michael Amoroso
Re/Max Services Inc.
794 Penllyn Pike, Suite 120
Blue Bell, PA 19422
Phone: 215-641-2500
About Reshetar Realty
Reshetar Realty, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. E.D.N.Y. Case No. 16-17899) on November 10, 2016. Edmond
M. George, Esq., at Obermayer Rebmann Maxwell & Hippel LLP serves
as bankruptcy counsel. Douglas E. Estep, P.A. serves as the
Debtor's accountant. The Debtor says assets and liabilities are
both below $1 million.
RICEBRAN TECHNOLOGIES: Exec. McKnight Resigns, Inks Contractor Pact
-------------------------------------------------------------------
Mark McKnight resigned as a named executive officer of Ricebran
Technologies effective as of Dec. 31, 2016, according to a Form
8-K report filed with the Securities and Exchange Commission. As
previously reported, Mr. McKnight served as the president of
contract manufacturing of the Company, the senior vice president of
sales and manufacturing of the Company, and the president of the
Company's subsidiary Healthy Natural, Inc., pursuant to that
certain employment agreement dated as of Sept. 20, 2013, as
amended.
On Dec. 22, 2016, Mr. McKnight (i) terminated his employment with
the Company, effective as of Dec. 31, 2016, and (ii) entered into
an Independent Contractor Agreement with the Company, effective as
of Jan. 1, 2017. The term of the Independent Contractor Agreement
commences on Jan. 1, 2017, and ends on Dec. 31, 2019, but if Mr.
McKnight is terminated by the Company without cause before the end
of the term, he will be entitled to a buyout fee of $450,000,
subject to a reduction by $12,500 per month during the term of the
Independent Contractor Agreement.
Pursuant to the Independent Contractor Agreement, Mr. McKnight
agreed to provide consulting, product development, and sales and
marketing services to the Company and HN in exchange for (i) a
consulting fee of $10,000 per month, (ii) commission on net revenue
received from certain existing customers as specified therein, and
(iii) 3.0% of net revenue received from new customers procured by
Mr. McKnight's activities as described therein. In addition, Mr.
McKnight entered into a voting agreement with the Company and
Robert Smith, under which Mr. McKnight and his wife Nicole McKnight
agreed to vote all of the Company's common stock owned by them at
the direction of the board of directors. The voting agreement
terminates on Dec. 31, 2017.
About RiceBran
Scottsdale, Ariz.-based RiceBran Technologies, a California
corporation, is a human food ingredient and animal nutrition
company focused on the procurement, bio-refining and marketing of
numerous products derived from rice bran.
RiceBran reported a net loss of $10.6 million on $39.9 million of
revenues for the year ended Dec. 31, 2015, compared to a net loss
of $26.6 million on $40.10 million of revenues for the year ended
Dec. 31, 2014.
As of Sept. 30, 2016, RiceBran had $31.22 million in total assets,
$31.86 million in total liabilities, $551,000 in total temporary
equity and a total deficit of $1.19 million.
The Company's auditors Marcum LLP, in New York, NY, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company has suffered
recurring losses from operations resulting in an accumulated
deficit of $251 million at December 31, 2015. This factor among
other things, raises substantial doubt about its ability to
continue as a going concern.
RICEBRAN TECHNOLOGIES: Great Elm Extends Loan Maturity to Jan. 31
-----------------------------------------------------------------
RiceBran Technologies, Great Elm Capital Corp. (f/k/a Full Circle
Capital Corporation), and certain of the Company's subsidiaries are
parties to that certain Loan, Guarantee and Security Agreement
dated as of May 12, 2015, as amended. On Dec. 29, 2016, Great
Elm, as lender, agreed to extend the maturity date under the Loan
Agreement from Dec. 30, 2016, to Jan. 31, 2017, in exchange for an
extension fee of $100,000.
About RiceBran
Scottsdale, Ariz.-based RiceBran Technologies, a California
corporation, is a human food ingredient and animal nutrition
company focused on the procurement, bio-refining and marketing of
numerous products derived from rice bran.
RiceBran reported a net loss of $10.6 million on $39.9 million of
revenues for the year ended Dec. 31, 2015, compared to a net loss
of $26.6 million on $40.10 million of revenues for the year ended
Dec. 31, 2014.
As of Sept. 30, 2016, RiceBran had $31.22 million in total assets,
$31.86 million in total liabilities, $551,000 in total temporary
equity and a total deficit of $1.19 million.
The Company's auditors Marcum LLP, in New York, NY, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company has suffered
recurring losses from operations resulting in an accumulated
deficit of $251 million at December 31, 2015. This factor among
other things, raises substantial doubt about its ability to
continue as a going concern.
RIDGE VILLAS: Seeks to Hire Carman Law Firm as Legal Counsel
------------------------------------------------------------
Ridge Villas Mgmt LLC seeks approval from the U.S. Bankruptcy Court
for the District of Arizona to hire legal counsel.
The Debtor proposes to hire Carman Law Firm to give advice
regarding its duties under the Bankruptcy Code and provide other
legal services related to its Chapter 11 case.
Andre Carman, Esq., the attorney designated to represent the
Debtor, will be paid an hourly rate of $250 while the firm's
paralegals will be paid $125 per hour.
Carman Law Firm does not hold or represent any interest adverse to
the Debtor's bankruptcy estate, according to court filings.
The firm can be reached through:
Andre E. Carman, Esq.
Carman Law Firm
246 South Cortez Street
Prescott, AZ 86303
Tel: 928.445.8056
Fax: 928.445.8046
Email: acarman@carmnalf.com
About Ridge Villas Mgmt
Ridge Villas Mgmt LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 16-14209) on December 16,
2016. The petition was signed by Lynn Myers, president.
The case is assigned to Judge Brenda K. Martin.
At the time of the filing, the Debtor disclosed $685,550 in total
assets and $2.65 million in liabilities.
ROBINSON PREMIUM: Hires Barg & Henson as Accountants
----------------------------------------------------
Robinson Premium Beef, LLC seeks authorization from the U.S.
Bankruptcy Court for the Northern District of Texas to employ Barg
& Henson, PC as accountants for the Debtor.
The Debtor requires Barg & Henson to:
a. consult with the Debtor and Debtor's counsel concerning
administration of the case and preparation of the Debtor's tax
returns as required;
b. assist in and assess projections as to proposed operations
that may be a part of any plan of reorganization filed by the
Debtor;
c. assist and advise the Debtor as to requirements for filing
monthly operating reports; and
d. provide other reasonable and necessary accounting services
requested by the Debtor which the Debtor is unable to address via
its staff.
Barg & Henson will be paid at these hourly rates:
Partners $320
Senior Staff $160
Junior Staff $110
The Debtor paid $8,000 for a retainer for Barg & Henson.
Donald R. Barg, CPA, a shareholder in the accounting firm of Barg &
Henson, PC, assured the Court that the firm does not represent any
interest adverse to the Debtor and its estates.
Barg & Henson may be reached at:
Donald R. Barg, CPA
Barg & Henson, PC
1300 S. University Drive, suite 312
Forth Worth, TX 76107
Phone: (817)870-1057
Fax: (817)877-5702
E-mail: dbarg@barg-henson.com
About Robinson Premium
Robinson Premium Beef, LLC, filed a Chapter 11 petition (Bankr.
N.D. Tex. Case No. 16-60092) on September 2, 2016, and is
represented by Edwin Paul Keiffer, Esq., in Dallas, Texas.
At the time of filing, the Debtor had $10 million to $50 million in
estimated assets and $10 million to $50 million in estimated
debts.
The petition was signed by Jeremy Robinson, Manager.
ROJESIE INC: Seeks to Hire Domingo Espada as Accountant
-------------------------------------------------------
Rojesie, Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Puerto Rico to hire an accountant.
The Debtor proposes to hire Domingo Mateo Espada, a certified
public accountant, to assist in preparing its financial statements,
file tax returns, prepare the cash flow projections needed for its
disclosure statement, and provide other accounting services related
to its Chapter 11 case.
Mr. Espada will be paid an hourly rate of $50 and will receive
reimbursement for work-related expenses.
In a court filing, Mr. Espada disclosed that he is a "disinterested
person" as defined in section 101(14) of the Bankruptcy Code.
Mr. Espada maintains an office at:
Domingo Mateo Espada
Urbanizacion Villas de Rio Canas
204 San Ignacio Apartments
Phone: 787-528-7664
Ponce, PR 00769-2554
Email: mateoespada@gmail.com
About Rojesie Inc.
Adjuntas, P.R.-based Rojesie, Inc., d/b/a Parador Villas Sotomayor,
filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No.
16-08296) on Oct. 17, 2016, estimating assets and liabilities
between $1 million and $10 million.
The petition was signed by Jesus R. Ramos Puente, president. Judge
Edward A. Godoy presides over the case. The Debtor is represented
by Justiniano Law Offices.
ROOT9B TECHNOLOGIES: Sold $3.07 Million New Notes on Dec. 22
------------------------------------------------------------
As previously disclosed, root9B Holdings, Inc., a Delaware
corporation is offering secured convertible promissory notes with
an aggregate principal amount of up to $10,000,000, along with
warrants to purchase shares of the Company's common stock, par
value $0.001 per share, representing 50% warrant coverage, to
certain accredited investors, in a private placement, pursuant to a
securities purchase agreement by and between the Company and each
Investor.
On Sept. 9, 2016, the Company completed the initial closing of such
private placement, at which the Company sold Notes with an
aggregate principal amount equal to $2,636,000, along with Warrants
to purchase approximately 109,833 shares of Common Stock. On Sept.
21, 2016, the Company held a second closing of such private
placement, at which the Company sold Notes with an aggregate
principal amount equal to $1,000,000, along with Warrants to
purchase approximately 41,666 shares of Common Stock. On Sept. 30,
2016, the Company held a third closing of such private placement,
at which the Company sold Notes with an aggregate principal amount
equal to $60,000, along with Warrants to purchase 2,500 shares of
Common Stock. On Dec. 22, 2016, the Company held a fourth closing
of such private placement, at which the Company sold New Notes with
an aggregate principal amount equal to $3,075,000, along with
Warrants to purchase 128,124 shares of Common Stock. Following the
Closing, the Company may sell additional Notes with an aggregate
principal amount of up to $3,229,000, along with Warrants to
purchase 134,541 shares of Common Stock, at additional closings,
which may be conducted on a rolling basis until Dec. 31, 2016.
The term of each Note is three years after issuance. Each Note
accrues interest at a rate of 10% per annum, payable on each March
31, June 30, September 30 and December 31, commencing December 31,
2016 until the earlier of (i) the entire principal amount being
converted or (ii) the Maturity Date. The interest payments shall
be made in either cash or, at the holder's option, in shares of
Common Stock at a per share price equal to 85% of the average daily
volume weighted average price of the Common Stock during the five
consecutive trading day period immediately prior to the interest
payment date, but in no event less than $12.00 per share. Following
the date which is six months after the date of issuance, at the
election of the holder, all principal and interest due and owing
under each Note is convertible into shares of Common Stock at a
conversion price equal to $12.00. The conversion price is subject
to adjustment for stock splits, stock dividends, combinations, or
similar events. Pursuant to a security agreement entered into
concurrently with the Investors, the Notes are secured by
substantially all of the Company's assets, subject to certain
exceptions including the assets related to and held by IPSA
International, Inc., a wholly-owned subsidiary of the Company.
The Company may prepay any portion of the outstanding principal
amount of any Note and any accrued and unpaid interest, with the
prior written consent of the holder, by paying to the holder an
amount equal to (i) if the prepayment date is prior to the first
anniversary of the date of issuance, (1) the unpaid principal to be
repaid plus (2) any accrued but unpaid interest plus (3) an amount
equal to the interest which has not accrued as of the prepayment
date but would accrue on the principal to be repaid during the
period beginning on the prepayment date and ending on the
Anniversary Date of the then-outstanding principal amount of that
Note or (ii) if the prepayment date is after the Anniversary Date,
(1) the unpaid principal to be repaid plus (2) any accrued but
unpaid interest plus (3) an amount equal to one-half of the
interest which has not accrued as of the prepayment date but would
accrue on the principal to be repaid during the period beginning on
the prepayment date and ending on the Maturity Date.
The Warrants have a term of five years, an exercise price of $0.80
per share and may be exercised at any time following the date which
is six months after the date of issuance. The number of shares of
Common Stock issuable upon exercise of the Warrants is subject to
adjustment for certain stock dividends or stock splits, or any
reclassification of the outstanding securities of, or
reorganization of, the Company.
Pursuant to the terms of both the Notes and the Warrants, a holder
may not be issued Shares if, after giving effect to the conversion
or exercise of the Shares, as applicable, the holder, together with
its affiliates, would beneficially own in excess of 9.99% of the
outstanding shares of Common Stock. In addition, in the event the
Company consummates a consolidation or merger with or into another
entity or other reorganization event in which the Common Stock is
converted or exchanged for securities, cash or other property, or
the Company sells, assigns, transfers, conveys or otherwise
disposes of all or substantially all of its assets or the Company
(other than the sale, merger or asset sale of IPSA) or another
entity acquires 50% or more of the outstanding Common Stock, then
following such event, (i) at their election within 30 days of
consummation of the transaction, the holders of the Notes will be
entitled to receive the Prepayment Amount, and (ii) the holders of
the Warrants will be entitled to receive upon exercise of such
Warrants the same kind and amount of securities, cash or property
which the holders would have received had they exercised the
Warrants immediately prior to such transaction. Any successor to
the Company or surviving entity shall assume the Company's
obligations under the Notes and the Warrants.
Additionally, the Notes shall not be convertible into Common Stock
(nor any interest paid in Common Stock), and the Warrants shall not
be exercisable for Common Stock, until the Company has a sufficient
number of shares of Common Stock available for issuance to permit
full conversion or exercise of the Notes and Warrants,
respectively.
Effective as of Dec. 22, 2016, the Company and the holders of a
majority of the outstanding aggregate principal amount of the Notes
entered into an amendment to the Agreement to provide for the
issuance by the Company of a second form of secured promissory
note. The Company and certain holders of Notes also entered into
amendments to the Notes. The Note Amendments amend the Notes to
provide holders with a one-time option to partially redeem up to
50% of the Outstanding Amount if cash proceeds received by the
Company in connection with the sale of IPSA exceed certain
threshold levels. The New Notes are materially identical to the
Notes, as amended by the Note Amendments.
About Root9B
Root9B Technologies, Inc., is a provider of cyber-security,
business advisory services principally in regulatory risk
mitigation, and energy and controls solutions.
Root9B reported a net loss of $8.33 million in 2015 following a net
loss of $24.43 million in 2014.
As of Sept. 30, 2016, Root9B had $31.05 million in total assets,
$13.82 million in total liabilities, and $17.22 million in total
stockholders' equity.
"The Company will need to raise additional funds in order to fund
operations. Financing transactions, may include the issuance of
equity or debt securities, and obtaining credit facilities, or
other financing mechanisms. However, if the trading price of our
common stock declines, or if the Company continues to incur losses,
this could make it more difficult to obtain financing through the
issuance of equity or debt securities. Furthermore, if we issue
additional equity or debt securities, stockholders will likely
experience additional dilution or the new equity securities may
have rights, preferences or privileges senior to those of existing
holders of our common stock. The inability to obtain additional
financing may restrict our ability to grow and may affect
operations of the Company, its ability to retain and hire critical
staff and revenue producing sub-contractors, and will raise
substantial doubt about our ability to continue as a going
concern," the Company said in its quarterly report for the period
ended Sept. 30, 2016.
ROYAL CARIBBEAN: S&P Affirms 'BB+' CCR & Revises Outlook to Pos.
----------------------------------------------------------------
S&P Global Ratings said it revised its rating outlook on
Miami-based Royal Caribbean Cruises Ltd. to positive from stable.
S&P affirmed all ratings on the company, including the 'BB+'
corporate credit rating.
"The outlook revision to positive reflects our expectation that
Royal could improve total lease and port commitment adjusted debt
to EBITDA by approximately 0.5x to the low-3x area in 2017 compared
to S&P's forecast in the high-3x area in 2016," said S&P Global
Ratings credit analyst Melissa Long.
Importantly, it is S&P's understanding from management that it
intends to sustain this measure of adjusted leverage below 3.5x,
and will prioritize debt reduction over share repurchases until it
gets below this financial policy target. S&P's forecast for
leverage improvement is supported by its expectation for continued
good cruise demand, which should drive increased net revenue yields
(on a constant currency basis) and modest EBITDA growth, as well as
significantly lower capital expenditures in 2017 because Royal has
no ship deliveries. S&P also expects FFO to debt to improve above
25% next year. S&P expects Royal will be able to reduce debt
balances by at least $1.3 billion in 2017, as S&P expects Royal to
use the majority of its discretionary cash flow to repay debt
balances given its stated financial policy objective to achieve an
investment grade rating, and assume it would only engage in share
repurchases if it generates greater discretionary cash flow than
S&P is currently forecasting. S&P believes leverage under 3.5x
could provide sufficient cushion compared to our 3.75x downgrade
threshold so that Royal could withstand a moderate downturn in
operating performance without materially breaching that threshold.
The positive rating outlook reflects S&P's expectation that Royal
Caribbean Cruises Ltd. could improve total lease and port
commitment adjusted debt to EBITDA approximately by 0.5x to the
low-3x area in 2017 and FFO to debt to above 25%, through a
combination of modest EBITDA growth and meaningful debt repayment
with over $1.3 billion in discretionary cash flow in 2017. In
addition, it is S&P's understanding that management's financial
policy is to sustain leverage under 3.5x.
RUDEN MCCLOSKY: Final Checks Mailed to Creditors
------------------------------------------------
The American Bankruptcy Institute, citing Ron Hurtibise of Sun
Sentinel, reported that about 300 creditors of the failed Ruden
McClosky law firm can expect to receive a check for pennies on the
dollar of what they were owed when the once-mighty firm filed for
Chapter 11 bankruptcy in 2011.
According to the report, the U.S. Bankruptcy Court approved a final
distribution equal to 3 percent of the $7.6 million in claims
allowed by the court. Combined with a 10 percent distribution in
May 2015, the creditors are recovering $1.03 million of the $7.6
million, the report related.
That $7.6 million in "allowed claims" was itself a fraction of the
$73 million creditors claimed was owed when the firm declared
bankruptcy, the report said.
In 2015, Wells Fargo, the firm's secured lender received $4.8
million, while priority tax and wage creditors were paid in full --
about $58,000, Joseph Luzinski, senior managing director of the
debt restructuring firm Development Specialists Inc., told the news
agency.
The largest of the final checks -- $16,000 -- was paid to U.S.
Bank, a company that financed leases of the firm's office
equipment, Mr. Luzinski further told Sun Sentinel. Dozens who
received final payments were former law partners who had retired or
left the firm but had payouts remaining on the books, the report
said.
About Ruden McClosky
Founded in 1959, Ruden McClosky P.A., fdba Ruden, McClosky, Smith,
Schuster & Russell, P.A. -- http://www.ruden.com/-- was a full-
service law firm serving the legal needs of clients throughout
Florida, the U.S., and internationally. It had eight offices in
Florida. The Ruden firm had 67 attorneys and 148 total employees
on entering Chapter 11.
In August 2011, the firm was reportedly in merger talks with
Cleveland, Ohio-based Benesch firm. In September 2011, founder
Donald McClosky died after a long battle with cancer.
Ruden McClosky filed for Chapter 11 protection (Bankr. S.D. Fla.
Case No. 11-40603) on Nov. 1, 2011, in its hometown of Fort
Lauderdale, with a plan to sell a substantial portion of its
assets for $7.6 million to Fort Lauderdale-based Greenspoon
Marder, subject to higher and better offers at an auction.
Judge Raymond B. Ray oversees the case. Leslie Gern Cloyd, Esq.,
and Paul Steven Singerman, Esq., at Berger Singerman, P.A., serve
as the Debtor's counsel. Development Specialists, Inc., serves as
the Debtor's restructuring advisors. The Debtor tapped Steven J.
Gutter, P.A., as its special litigation counsel in connection with
collection of accounts receivable, and authorization to settle
accounts receivable claims in the ordinary course of business.
The petition was signed by DSI's Joseph J. Luzinski, who serves as
chief restructuring officer. Kurtzman Carson Consultants LLC
serves as the Debtor's claims and noticing agent. In its
petition, the Debtor estimated $10 million to $50 million in both
assets and debts.
An official committee of unsecured creditors has been appointed in
the case, and is represented by Segall Gordich, P.A. The
Committee tapped Soneet Kapila, CPA, and the firm of Kapila &
Company as its financial advisor.
Counsel to the Debtor's lender, Wells Fargo Bank, N.A., is
Jonathan Helfat, Esq., at Otterbourg, Steindler, Houston & Rosen,
P.C. Counsel to Greenspoon Marder, the proposed purchaser, is R.
Scott Shuker, Esq., at Latham, Shuker, Eden & Beaudine, LLP.
The Troubled Company Reporter, on Octt. 17, 2012, reported that the
liquidation of Ruden McClosky PA was completed under a Chapter 11
plan approved in a confirmation order signed by the bankruptcy
judge in Fort Lauderdale, Florida. The plan provides a 5% recovery
for unsecured creditors, according to the explanatory disclosure
statement.
RUSTLE HILL: Hires Antonik Law Offices as Attorney
--------------------------------------------------
Rustle Hill Winery, LLC Partnership seeks authorization from the
U.S. Bankruptcy Court for the Southern District of Illinois to
employ Antonik Law Offices as attorney.
The Debtor requires Antonik to represent the Debtor in all matters
pursuant to this Chapter 11 petition.
Antonik will be paid at these hourly rates:
Douglas A. Antonik $275
Associate Attorneys $100-$200
Law Clerks $100
Paralegals $75-$95
The Debtor has agreed to and paid a retainer fee of $10,000.00 to
the Antonik Law Offices which includes the filing fee of $1,717.00
plus the previous balance owed.
Pre-petition services rendered by the Antonik Law Office in the
amount of $2,149.00 were paid pre-petition from the $10,125.00
retainer as well as the filing fee of $1,717.00 leaving a balance
of $6,259.00 of the retainer in the trust account.
Douglas A. Antonik of Antonik Law Offices, assured the Court that
the firm does not represent any interest adverse to the Debtor and
its estates.
Antonik may be reached at:
Douglas A. Antonik, Esq.
Antonik Law Offices
3405 Broadway - P.O. Box 594
Mt. Vernon, IL 62864
Phone: (618) 244-5739
Fax: (618) 244-9633
About Rustle Hill Winery
Rustle Hill Winery, LLC filed a Chapter 11 bankruptcy petition
(Bankr. S.D.Ill. Case No. 16-41058) on November, 2016. Douglas A.
Antonik, Esq., at Antonik Law Offices serves as bankruptcy
counsel.
The Debtor's assets and liabilities are both below $1 million.
SABLE NATURAL: Hires Joyce W. Lindauer as Counsel
-------------------------------------------------
Sable Natural Resources Corporation seeks authorization from the
U.S. Bankruptcy Court for the Northern District of Texas to employ
Joyce W. Lindauer Attorney, PLLC as counsel.
In order to effectuate a reorganization, propose a Plan of
Reorganization and effectively move forward in its bankruptcy
proceeding, the Debtor desires to hire Joyce W. Lindauer Attorney,
PLLC as counsel.
The Firm's lawyers who will work on the Debtor's cases and their
hourly rates are:
Joyce W. Lindauer $350
Sarah M. Cox, Associate $195
Jamie N. Kirk, Associate $195
Jeffrey M. Veteto, Associate $185
Dian Gwinnup, Paralegal $105
The Firm received a retainer of $5,000.00 which included the filing
fee of $1,717.00 in connection with this proceeding.
The Firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Joyce W. Lindauer, Esq., owner of the law practice Joyce W.
Lindauer Attorney, PLLC, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estates.
The Firm may be reached at:
Joyce W. Lindauer, Esq.
Sarah M. Cox, Esq.
Jamie N. Kirk, Esq.
Jeffrey M. Veteto, Esq.
Joyce W. Lindauer Attorney, PLLC
12720 Hillcrest Road, Suite 625
Dallas, TX 75230
Telephone: (972)503-4033
Facsimile: (972)503-4034
About Sable Natural Resources
Sable Natural Resources Corp. acquires, develops and produces oil
and natural gas reserves from wells in carbonate reservoir.
Sable Natural Resources filed for Chapter 11 protection
(Bankr.
N.D. Tex. Case No. 16-34422) on Nov. 11, 2016. The
Company is
represented by Joyce Lindauer of Joyce W. Lindauer
Attorney, PLLC. The Debtor disclosed $20.24 million in assets and
$3.19 million in liabilities.
Subsidiary Sable Operating previously filed a Chapter 11 petition
on Aug. 28, 2015 and emerged from that bankruptcy on Nov. 1, 2016.
According to Sable Natural Resources petition, "Sable Natural
Resources is in default of $1.95M Convertible Debentures and has
not been able to cure the default." Court-filed documents further
note, "Funds will be available for distribution to unsecured
creditors."
SAMUEL E. WYLY: U.S. Trustee Forms 3-Member Committee
-----------------------------------------------------
U.S. Trustee William T. Neary on Dec. 29, 2016, appointed three
creditors of Sam Wyly to serve on the official committee of
unsecured creditors.
The committee members are:
(1) THIRD CHURCH OF CHRIST, SCIENTIST
Attn: Greg McLane
4419 Oak Lawn Avenue
Dallas, TX 75219
Tel: (214) 526-7783
E-mail: clerk@thirdchurchdallas.com
(2) THE THANKSGIVING FOUNDATION
D/B/A THANKSGIVING SQUARE
Attn: Chris Slaughter, President
P.O. Box 13770
Dallas, TX 75313
Tel: (214) 969-1977
E-mail: cslaughter@thanksgiving.org
(3) ASPEN INSTITUTE
Attn: James Pickup, General Counsel
One Dupont Circle, Suite 700
Washington, DC 20036-1133
Tel: (202) 799-4314
E-mail: James.Pickup@dlapiper.com
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About Caroline Wyly
Caroline Wyly is the widow of business tycoon Charles Wyly. She
and her brother-in-law Sam Wyly sought Chapter 11 bankruptcy
protection as leverage to settle a looming tax bill and a $329
million claim from the Securities and Exchange Commission. Her
bankruptcy is In re Caroline D. Wyly, 14-35074, in U.S. Bankruptcy
Court, Northern District Texas (Dallas).
About Sam Wyly
Sam Wyly is a lifelong entrepreneur and author. His first book,
1,000 Dollars & An Idea, is a biography that tells his story of
creating and building companies, including University Computing,
Michaels Arts & Crafts, Sterling Software, and Bonanza Steakhouse.
His second book, Texas Got It Right!, co-authored with his son,
Andrew, was gifted to roughly 450,000 students and teachers,
thought leaders, and readers, and continues to be a best-seller in
its Amazon category.
Samuel Wyly filed for Chapter 11 bankruptcy protection (Bankr.
N.D. Tex. Case No. 14-35043) on Oct. 19, 2014, weeks after a judge
ordered him to pay several hundred million dollars in a civil
fraud case. In September 2014, a federal judge ordered Mr. Wyly
and the estate of his deceased brother to pay more than $300
million in sanctions after they were found guilty of committing
civil fraud to hide stock sales and nab millions of dollars in
profits.
SCOUT MEDIA: Hires Epiq as Notice and Claims Agent
--------------------------------------------------
Scout Media, Inc., and its debtor-affiliates seek permission from
the U.S. Bankruptcy Court for the Southern District of New York to
employ Epiq Bankruptcy Solutions, LLC as notice and claims agent,
nunc pro tunc to December 9, 2016.
The Debtors require Epiq to:
a. prepare and serve required notices and documents in the
cases in accordance with the Bankruptcy Code and the Federal Rules
of Bankruptcy Procedures (the "Bankruptcy Rules") in the form and
manner directed by the Debtors and/or the Court, including but not
limited to, (i) notice of the commencement of the cases and the
initial meeting of creditors under Bankruptcy Code Sec. 341(a),
(ii) notice of any claims bar date, (iii) notices of transfers of
claims, (iv) notices of objections to claims and objections to
transfers of claims, notices of any hearings on a disclosure
statement and confirmation of the Debtors' plan or plans of
reorganization, including under Bankruptcy Rule 3017(d), (v) notice
of the effective date of any plan and (vii) all other notices,
orders, pleadings, publications and other documents as the Debtors
or Court may deem necessary or appropriate for an orderly
administration of the cases;
b. maintain an official copy of the Debtors' schedules of
assets and liabilities and statement of financial affairs
(collectively, the "Schedules"), if any, listing the Debtors’
known creditors and the amounts owed thereto;
c. maintain (i) a list of all potential creditors, equity
holders and other parties-in-interest; and (ii) a "core" mailing
list consisting of all parties described in sections 2002(i), (j)
and (k) and those parties that have filed a notice of appearance
pursuant to Bankruptcy Rule 9010; update said lists and make said
lists available upon request by a party-in-interest or the Clerk's
Office;
d. furnish a notice to all potential creditors of the last
date for the filing of proofs of claim and a form for the filing of
a proof of claim, if necessary, after such notice and form are
approved by this Court, and notify potential creditors of the
existence, amount and classification of their respective claims as
set forth in the Schedules, which may be effected by inclusion of
such information (or the lack thereof, in cases where the Schedules
indicate no debt due to the subject party) on a customized proof of
claim form provided to potential creditors;
e. maintain a post office box or address for the purpose of
receiving claims and returned mail, and process all mail received;
f. for all notices, motions, orders or other pleadings or
documents served, prepare and file or caused to be filed with the
Clerk's Office an affidavit or certificate of service within seven
(7) business days of service which includes (i) either a copy of
the notice served or the docket number(s) and title(s) of the
pleading(s) served, (ii) a list of persons to whom it was mailed
(in alphabetical order) with their addresses, (iii) the manner of
service, and (iv) the date served;
g. process all proofs of claim received, if any, including
those received by the Clerk's Office, and review said processing
for accuracy, and maintain the original proofs of claim in a secure
area; maintain the official claims register, if any, for each
Debtor (the "Claims Registers") on behalf of the Clerk's Office on
a case specific website; upon the request of the Clerk's Office,
provide the Clerk's Office with certified, duplicate unofficial
Claims Registers; and specify in the Claims Registers the following
information for each claim docketed: (i) the claim number assigned,
(ii) the date received, (iii) the name and address of the claimant
and agent, if applicable, who filed the claim, (iv) the amount
asserted, (v) the asserted classification(s) of the claim (e.g.,
secured, unsecured, priority, etc.), (vi) the applicable Debtor,
and (vii) any disposition of the claim;
i. provide public access to the Claims Registers, including
complete proofs of claim with attachments, if any, without charge;
j. implement necessary security measures to ensure the
completeness and integrity of the Claims Registers, if any, and the
safekeeping of the original proofs of claims;
k. record all transfers of claims and provide any notices of
such transfers as required by Bankruptcy Rule 3001(e);
l. relocate, by messenger or overnight delivery, all of the
court- filed proofs of claim to Epiq's offices not less than
weekly;
m. upon completion of the docketing process for all claims
received to date for each case, turn over to the Clerk's Office
copies of the Claims Registers for review by the Clerk's Office
(upon request by the Clerk's Office);
n. monitor the Court's docket for all notices of appearance,
address changes, and claims-related pleadings and orders filed and
make necessary notations on and/or changes to the Claims
Registers;
o. assist in the dissemination of information to the public and
respond to requests for administrative information regarding the
case as directed by the Debtors or the Court, including through the
use of a case website and/or call center or other creditor
hotline;
p. if the case is converted to chapter 7, contact the Clerk's
Office within three (3) days of the notice to Epiq of entry of the
order converting the case;
q. thirty (30) days prior to the close of these cases, to the
extent practicable, request that the Debtors submit to the Court a
proposed order dismissing Epiq and terminating the services of such
agent upon completion of its duties and responsibilities and upon
the closing of these cases;
r. within seven (7) days of notice to Epiq of entry of an order
closing the chapter 11 cases, provide to the Court the final
version of the Claims Registers as of the date immediately before
the close of the cases;
s. at the close of these cases, box and transport all original
documents, in proper format, as provided by the Clerk's Office, to
(i) the Federal Archives Record Administration, located at Central
Plains Region, 200 Space Center Drive, Lee's Summit, MO 64064 or
(ii) any other location requested by the Clerk's Office; and
t. the Claims Registers shall be opened to the public for
examination without charge during regular business hours and on a
case-specific website maintained by Epiq.
Epiq will be paid at these rates:
Claim Administration hourly rates
Clerical/Administrative Support $25-$45
IT / Programming $65-$85
Case Managers $70-$165
Consultants/ Directors/Vice Presidents $160-$190
Solicitation Consultant $190
Executive Vice President, Solicitation $215
Executives No charge
Claims and Noticing Rates
Printing $0.09 per image
Personalization / Labels Waived
Envelopes Varies by Size
Postage / Overnight Delivery At Preferred
Rates
E-Mail Noticing Waived
Fax Noticing $0.05 per page
Claim Acknowledgement Letter $0.05 per letter
Publication Noticing Quoted at time of
request
Data Management Rates
Data Storage, Maintenance and Security $0.09 per
record/month;
waived first three
months
Electronic Imaging 0.10 per image;
no monthly storage
charge
Website Hosting Fee No charge
CD- ROM (Mass Document Storage) Quoted at time of
request
On-Line Claim Filing No charge
Call Center Rates
Standard Call Center Setup No charge
Call Center Operator $55 per hour
Voice Recorded Message $0.34 per minute
Other Services Rates
Custom Software, Workflow
and Review Resources Quoted at time of
request
eDiscovery Quoted at time of
request,
bundling pricing
available
Virtual Data Room --
Confidential On-Line Workspace Quoted at time of
request
Disbursements --
Check and/or Form 1099 Quoted at time of
request
Disbursements --
Record to Transfer Agent Quoted at time of
request
The Debtors provided Epiq with a $25,000 retainer.
Kathryn Tran, senior consultant of Epiq Bankruptcy Solutions, LLC,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.
Epiq may be reached at:
Kathryn Tran
Epiq Bankruptcy Solutions, LLC
777 third Avenue, 12th Floor
New York, NY 10017
Tel: 1.212.225.9200
About Scout Media
Scout Media, Inc., is a privately held digital sports media
company
that publishes and distributes content related to the National
Football League, fantasy sports, college football and basketball,
high school recruiting, hunting, fishing, outdoors, military, and
history. Scout Media owns and operates a digital network of 150
team-specific, credentialed publishers, and their respective
social
communities. Scout Media is the only sports network with a
full-time video channel for every NFL and major college team.
North American Membership Group Holdings, Inc., bought Scout Media
from Scout Media in 2013.
An involuntary Chapter 11 petition was filed against Scout Media,
Inc. (Bankr. S.D.N.Y. Case No. 16-13369) on Dec. 1, 2016, by LSC
Communications, Inc. f/d/b/a R.R. Donnelley & Sons Co., On Safari
Foods, and Imatch. The petitioners are represented by Joy R.
Grafton, Esq., at Popper & Grafton.
On Dec. 8, 2016, affiliates of Scout Media filed a voluntary
petition for relief under chapter 11 of the Bankruptcy Code. The
Debtors filed a motion seeking joint administration of the Chapter
11 cases pursuant to Rule 1015(b) of the Federal Rules of
Bankruptcy Procedure. The Debtors are continuing in possession of
their properties and are managing their businesses, as debtors in
possession, pursuant to Sections 1107(a) and 1108 of the Bankruptcy
Code.
SHIROKIA DEVELOPMENT: Hires DelBello Donnellan as Attorneys
-----------------------------------------------------------
Shirokia Development LLC seeks authorization from the U.S.
Bankruptcy Court for the Eastern District of New York to employ
DelBello, Donnellan, Weingarten, Wise & Wiederkehr, LLP as
attorneys for the Debtor, nunc pro tunc to the Petition Date.
The Debtor requires DDWWW to:
a. give advice to the Debtor with respect to its powers and
duties as Debtor-in-Possession and the continued management of its
property and affairs;
b. negotiate with creditors of the Debtor and work out a plan
of reorganization and take the necessary legal steps in order to
effectuate such a plan including, if need be, negotiations with the
creditors and other parties in interest;
c. prepare the necessary answers, orders, reports and other
legal papers required for the Debtor's protection from its
creditors under Chapter 11 of the Bankruptcy Code;
d. appear before the Bankruptcy Court to protect the interest
of the Debtor and to represent the Debtor in all matters pending
before the Court;
e. attend meetings and negotiate with representatives of
creditors and other parties in interest;
f. advise the Debtor in connection with any potential
refinancing of secured debt and any potential sale of the Debtor's
assets;
g. represent the Debtor in connection with obtaining
post-petition financing, if necessary;
h. take any necessary action to obtain approval of a
disclosure statement and confirmation of a plan of reorganization;
and
i. perform all other legal services for the Debtor which may
be necessary for the preservation of the Debtor’s estate and to
promote the best interests of the Debtor, its creditors and the
estate.
DDWWW will be paid at these hourly rates:
Attorneys $375-$595
Paraprofessionals $150
DDWWW received a pre-petition retainer payment from the Debtor in
the amount of $31,500 on account of legal services and expenses in
conjunction with the filing of this Chapter 11 case.
Dawn Kirby, Esq., partner of the firm DelBello, Donnellan,
Weingarten, Wise & Wiederkehr, LLP, assured the Court that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtor and its estates.
DDWWW may be reached at:
Dawn Kirby, Esq.
DelBello, Donnellan, Weingarten, Wise & Wiederkehr, LLP
One North Lexington Avenue
White Plains, NY 10601
Phone: (914)681-0200
About Shirokia
Shirokia Development, LLC, a real property owner in Flushing, New
York, which was placed in receivership, filed a Chapter 11
bankruptcy petition (Bankr. S.D.N.Y. Case No. 14-12341) in
Manhattan, on Aug. 12, 2014. Hong Qin Jiang signed the petition
as authorized individual. The Debtor disclosed, in an amended
schedules total assets of $28.4 million and total liabilities
of $16.8 million. The Debtor has tapped Dawn Kirby Arnold, Esq.,
at DelBello Donnellan Weingarten Wise & Wiederkehr, LLP, as
counsel.
Shirokia Development, LLC filed a chapter 11 petition (Bankr.
E.D.N.Y. Case No. 16-45568) on December 9, 2016, before the Hon.
Nancy Hershey Lord.
SILGAN HOLDINGS: S&P Affirms BB- Rating on Sr. Unsecured Debt
-------------------------------------------------------------
S&P Global Ratings said that it has reviewed its recovery and
issue-level ratings on Silgan Holdings Inc. that were labeled as
"under criteria observation" (UCO) after publishing its revised
recovery ratings criteria on Dec. 7, 2016. With S&P's criteria
review complete, it is removing the UCO designation from these
ratings, revising the recovery ratings on Silgan's secured debt to
'1' from '2', and affirming the issue-level ratings on Silgan's
secured debt. S&P is also affirming the issue-level ratings on
Silgan unsecured debt. The recovery rating on the unsecured debt
is unchanged.
Despite a higher recovery rating on Silgan's secured debt, S&P is
affirming the 'BBB-' issue-level rating because S&P now caps issue
ratings for most speculative-grade issuers at 'BBB-', regardless of
our recovery rating. This change deemphasizes the weight recovery
plays in the up-notching of issue ratings for issuers near the
investment-grade threshold, since recovery is a smaller component
of credit risk when default risk is more remote and because
recovery prospects may be less predictable and more variable for
these issuers. Importantly, this revision does not reflect a
change in S&P's assessment of the company's default risk, which is
indicated by S&P's corporate credit rating, or S&P's opinion of
recovery given default, which is indicated by its recovery
ratings.
These rating actions stem solely from the application of S&P's
revised recovery criteria and do not reflect any change in its
assessment of the corporate credit ratings for issuers of the
affected debt issues.
Ratings list
Issue Ratings Affirmed; Recovery Ratings Revised Due To Revised
Recovery Rating Criteria For Speculative-Grade Corporate Issuers
To From
Silgan Holdings Inc.
Senior Secured BBB- BBB-
Recovery Rating 1 2H
Silgan Plastics Canada Inc.
Senior Secured BBB- BBB-
Recovery Rating 1 2H
Issue Ratings Affirmed; Recovery Ratings Unchanged Due To Revised
Recovery Rating Criteria For Speculative-Grade Corporate Issuers
Silgan Holdings Inc.
Senior Unsecured BB-
Recovery Rating 6
Silgan Plastics Canada Inc.
Senior Unsecured BB-
Recovery Rating 6
SINCLAIR'S RESTAURANT: Wants to Use IRS Cash Collateral
-------------------------------------------------------
Sinclair's Restaurant, LLC seeks authorization from the U.S.
Bankruptcy Court for the Western District of Missouri, to cash
collateral.
The Debtor's proposed Budget provides for disbursements in the
aggregate total amount of $292,768, which the Debtor anticipates to
incur in the operation of its restaurant at 1402 NW Highway 7, Blue
Springs, Missouri within a 6-month period from January 2017 through
June 2017.
The Debtor believes that at the time of the Debtor's bankruptcy
filing, it had cash and bank balances account receivables of
approximately $10,000.
The Debtor is indebted to both the Internal Revenue Service and to
MCA Ventures, LLC dba CapAssist, however, the Debtor has not found
any record of any filed lien for the benefit of MCA Ventures and
thus, MCA Ventures will be treated as an unsecured creditor.
While Debtor has not fully analyzed the IRS liens, the Debtor
believes that the IRS holds duly perfected liens on Debtor's
accounts receivable.
The Debtor proposes to provide the IRS with a replacement lien in
post-petition accounts, accounts receivable, and inventory to the
extent that use of cash collateral results in any decrease in the
aggregate value of the IRS' liens on the Debtor's property on the
Petition Date.
A full-text copy of the Debtor's Motion, dated December 27, 2016,
is available at http://tinyurl.com/zzy7vsw
A copy of the Debtor's proposed Budget, dated December 27, 2016, is
available at http://tinyurl.com/zqmrhxp
Sinclair's Restaurant, LLC is represented by:
Colin N. Gotham, Esq.
EVANS & MULLINIX, P.A.
7225 Renner Road, Suite 200
Shawnee, KS 66217
Telephone: (913) 962-8700
Facsimile: (913) 962-8701
Email: cgotham@emlawkc.com
About Sinclair's Restaurant
Sinclair's Restaurant, LLC filed a Chapter 11 petition (Bankr. W.D.
Mo. Case No. 16-43488), on December 27, 2016. The Debtor is
represented by Colin N. Gotham, Esq., of Evans & Mullinix, P.A.
SIRGOLD INC: Committee Taps Citrin Cooperman as Accountant
----------------------------------------------------------
The official committee of unsecured creditors of Sirgold, Inc.
seeks approval from the U.S. Bankruptcy Court for the Southern
District of New York to hire an accountant.
The committee proposes to hire Citrin Cooperman & Company LLP to
analyze the Debtor's financial operations, prepare a report to aid
in its evaluation of any proposed Chapter 11 plan, assist in
reviewing the financial aspects of asset sales and any bankruptcy
plan, and provide other accounting services.
The hourly rates charged by the firm are:
Partners $450 - $650
Managers/Directors $300 - $390
Supervisors $200 - $300
Staff/Senior Accountants $125 - $200
Howard Fielstein, a certified public accountant, disclosed in a
court filing that his firm is "disinterested" as defined in section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Howard Fielstein
Citrin Cooperman & Company LLP
529 Fifth Avenue
New York, NY 10017
Tel: 212-697-1000
Fax: 212-697-1004
About Sirgold Inc.
Sirgold, Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 16-12963) on October 21, 2016. The
case is assigned to Judge Shelley C. Chapman.
On December 8, 2016, the Office of the U.S. Trustee appointed five
creditors to serve on the official committee of unsecured
creditors.
SLM CORP: Egan-Jones Withdraws BB+ Sr. Unsecured Rating
-------------------------------------------------------
Egan-Jones Ratings, on Dec. 22, 2016, withdrew the BB+ senior
unsecured ratings on debt issued by SLM Corp.
SLM Corporation is a publicly traded U.S. corporation that provides
consumer banking.
SMARTHEAT INC: Recurring Losses Raise Going Concern Doubt
---------------------------------------------------------
Smartheat Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net loss
of $2.78 million on $138,047 of net sales for the three months
ended March 31, 2016, compared to a net loss of $37.80 million on
$108,765 of net sales for the same period in 2015.
The Company's balance sheet at March 31, 2016, showed total assets
of $7.07 million, total liabilities of $9.64 million, and a
stockholders' deficit of $2.57 million.
The Company has incurred significant recurring losses from
operations in the past several years, including a net loss from
continuing operations of $1.10 million for the three months ended
March 31, 2016. In addition, the Company recognized a loss of
$2.08 million from the 85% equity interest sale on SmartHeat
Germany. These conditions raise a substantial doubt about the
Company's ability to continue as a going concern. However, since
demand in China for heat pump products is increasing, the Company
will put more resources and efforts to grow its heat pump business
after completing the operational restructuring due to disposing of
its PHE business. The Company expects to be able to obtain
necessary bank loans for expanding the HP business.
A full-text copy of the Company's Form 10-Q is available at:
https://is.gd/HENfnF
SmartHeat Inc., formerly known as Pacific Goldrim Resources, Inc.,
through its operating subsidiaries in China and Germany, designed,
manufactured, sold and serviced plate heat exchangers ("PHEs"), PHE
Units, which combine PHEs with various pumps, temperature sensors,
valves and automated control systems, heat meters and heat pumps
for use in commercial and residential buildings.
SPRINGLEAF FINANCE: Egan-Jones Withdraws B- Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings, on Dec. 22, 2016, withdrew the B- senior
unsecured ratings on debt issued by Springleaf Finance Corp. EJR
also withdrew the C commercial paper ratings on the Company.
Springleaf Financial Services, previously known as American General
Finance, is a company whose primary business is consumer lending,
credit insurance, and other credit related products. Its corporate
headquarters are in Evansville, Indiana.
STONE ENERGY: Deal Gives Shareholders Plan Ballots, 5% of New Stock
-------------------------------------------------------------------
In response to a motion filed by an ad hoc group of stockholders,
Stone Energy Corporation engaged in discussions and, on Dec. 21,
2016, agreed to a resolution with the Stockholder Ad Hoc Group with
respect to the issues raised in the Equity Committee Motion. The
Settlement contemplates that Stone's First Amended Joint
Prepackaged Plan of Reorganization that was filed on Dec. 14, 2016,
would be amended.
On Dec. 28, 2016, the Company amended the Existing Plan and filed
the Second Amended Joint Prepackaged Plan of Reorganization of
Stone Energy Corporation and Its Debtor Affiliates Under Chapter 11
of the Bankruptcy Code, dated Dec. 28, 2016. The Second Amended
Plan provides that, among other things, Stone's existing
stockholders will be entitled to vote to accept or reject the
Second Amended Plan and, subject to certain conditions, will
receive their pro rata share of (i) 5% of reorganized Stone's
common stock, compared to 4% as contemplated by the Existing Plan,
and (ii) warrants for ownership of 15% of reorganized Stone's
common equity with an exercise price equal to a total equity value
of the reorganized Company that implies a 100% recovery of
outstanding principal to the Company's noteholders plus accrued
interest through the Second Amended Plan's effective date less the
face amount of the New Secured Notes and the Prepetition Notes Cash
(as those terms are defined in the Second Amended Plan), and which
may be exercised any time prior to the fourth anniversary of the
Second Amended Plan's effective date, compared to 10% as
contemplated by the Existing Plan. In the event that the U.S.
Bankruptcy Court for the Southern District of Texas enters an order
prior to the effective date of the Second Amended Plan appointing
any official committee of equity security holders pursuant to
Section 1102 of the Bankruptcy Code, the common stock to be
distributed to Stone's existing stockholders will be reduced to 4%
and the warrants will be exercisable for 10% of reorganized Stone's
common stock. In addition, under the Second Amended Plan, no
common stock or warrants will be distributed to any existing
stockholder that (a) votes to reject the Plan and elects to not
consent to the voluntary releases contained in the Plan or (b)
objects to, delays, impedes, or takes any other action to interfere
with the consummation of the Second Amended Plan. The Second
Amended Plan remains subject to approval by the Court. The Court
has previously determined that it would consider the confirmation
of the Second Amended Plan on Feb. 14, 2017.
A full-text copy of the Second Amended Joint Prepackaged Plan of
Reorganization of Stone Energy Corporation and its Debtor
Affiliates, dated Dec. 28, 2016, is available for free at:
https://is.gd/fP9T9U
About Stone Energy
Stone Energy Corp. is an independent oil and natural gas
exploration and production company headquartered in Lafayette,
Louisiana with additional offices in New Orleans, Houston and
Morgantown, West Virginia. Stone is engaged in the acquisition,
exploration, development and production of properties in the Gulf
of Mexico and Appalachian basins. For additional information,
contact Kenneth H. Beer, chief financial officer, at 337-521-2210
phone, 337-521-9880 fax or via e-mail at CFO@StoneEnergy.com
As of Dec. 31, 2015, the Debtors' estimated proved oil and gas
reserves, as determined by Netherland Sewell & Associates, were
approximately 57 million barrels of oil equivalent ("MMBoe"), or
approximately 342 billion cubic feet of gas equivalent ("Bcfe")
compared to Dec. 31, 2014, estimated proved oil and gas reserves of
approximately 153 MMBoe, or approximately 915 Bcfe. Stone Energy
had 247 employees as of the bankruptcy filing.
Stone Energy Corp. and two affiliates sought Chapter 11 protection
(Bankr. S.D. Tex. Case Nos. 16-36390, 16-36391 and 16-36392) on
Dec. 14, 2016, to pursue a prepackaged plan of reorganization.
Judge Marvin Isgur is assigned to the cases.
The Debtors hired Latham & Watkins LLP as general counsel, Porter
Hedges LLP as local counsel; Alvarez & Marsal North America, LLC as
financial advisor; Lazard Freres & Co. LLC, as investment banker;
and Epiq Bankruptcy Solutions, LLC as claims, noticing,
solicitation and balloting agent.
STONE ENERGY: Seeks to Hire Vinson & Elkins as Special Counsel
--------------------------------------------------------------
Stone Energy Corp. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to hire Vinson & Elkins LLP as
special counsel.
Vinson & Elkins will provide legal advice to Stone Energy and its
affiliates regarding general corporate matters, including
securities, employee benefits, environment, labor, litigation and
tax.
The hourly rates charged by the firm range from $305 to $1,170 for
attorneys, and from $205 to $335 for paraprofessionals.
Shelley Barber, Esq., at Vinson & Elkins, disclosed in a court
filing that the firm is a "disinterested person" as defined in
section 101(14) of the Bankruptcy Code.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Ms.
Barber disclosed that the firm agreed to modify its rate structure
and use its discounted hourly rates.
Ms. Barber also said that the hourly rates used by Vinson & Elkins
in representing the Debtors are consistent with the rates that it
charges other comparable Chapter 11 clients regardless of the
location of the bankruptcy case.
The Debtors have not approved the firm's budget and staffing plan,
Ms. Barber further disclosed in a court filing.
Vinson & Elkins can be reached through:
Shelley A. Barber, Esq.
Vinson & Elkins LLP
666 Fifth Avenue, 26th Floor
New York, NY 10103-0040
Tel: +1.212.237.0022
Fax: +1.917.849.5353
Email: sbarber@velaw.com
About Stone Energy
Stone Energy Corp. is an independent oil and natural gas
exploration and production company headquartered in Lafayette,
Louisiana with additional offices in New Orleans, Houston and
Morgantown, West Virginia. Stone is engaged in the acquisition,
exploration, development and production of properties in the Gulf
of Mexico and Appalachian basins. Stone Energy had 247 employees
as of the bankruptcy filing.
Stone Energy Corp. and two affiliates sought Chapter 11 protection
(Bankr. S.D. Tex. Case Nos. 16-36390, 16-36391 and 16-36392) on
Dec. 14, 2016, to pursue a prepackaged plan of reorganization.
Judge Marvin Isgur is assigned to the cases.
The Debtors hired Latham & Watkins LLP as general counsel, Porter
Hedges LLP as local counsel; Alvarez & Marsal North America, LLC as
financial advisor; Lazard Freres & Co. LLC, as investment banker;
and Epiq Bankruptcy Solutions, LLC as claims, noticing,
solicitation and balloting agent.
STONE ENERGY: Unsecureds To Recover 100% Under Plan
---------------------------------------------------
Stone Energy Corporation and its domestic subsidiaries filed with
the U.S. Bankruptcy Court for the Southern District of Texas a
disclosure statement dated Nov. 17, 2016, for joint prepackaged
plan of reorganization.
The Debtors commenced solicitation after extensive discussions over
the past several months with certain of their key creditor
constituencies. As a result of these negotiations, the Debtors
entered into a Restructuring Support Agreement, dated as of October
20, 2016, as amended on November 4, 2016, November 9, 2016, and
November 15, 2016, with certain creditors holding (i) the Debtors'
7.5% Senior Notes due 2022, and (ii) the Debtors' 1.75% Senior
Unsecured Convertible Notes due 2017. The Consenting Noteholders
hold, in the aggregate, approximately 85.4% of the aggregate
outstanding amount of the Prepetition Notes Claims.
The Restructuring proposed by the Debtors will provide substantial
benefits to the Debtors and all of their stakeholders, including,
without limitation, the following:
* The Restructuring will leave the Debtors' business intact and
substantially de-levered, providing for the permanent reduction of
at least a net $850 million of debt and a net $46 million of annual
cash interest expense as a result of the extinguishment of the $775
million Senior Notes and $300 million Convertible Notes offset by
the issuance of $225 million of New Secured Notes upon the
completion of the Restructuring. This deleveraging will enhance the
Debtors' long-term growth prospects and competitive position and
allow the Debtors to emerge from their chapter 11 cases as
reorganized entities better positioned to withstand depressed oil
and natural gas prices.
* In addition, the Restructuring will allow the Debtors'
management team to focus on operational performance and value
creation. A significantly improved balance sheet will enable the
Reorganized Debtors to pursue value-creating development and
exploration associated with the Pompano platform rig and
exploration prospects. Furthermore, by enhancing their capital
structure, the Debtors will have the ability to accelerate drilling
activity if prices recover.
* Moreover, the Restructuring proposed under the Plan provides
recoveries to all of the Debtors' stakeholders. The Plan provides
for a recovery to each class of Claims and Interests (for those
Holders who do not affirmatively elect to opt out of the releases
provided under the Plan) in the form of cash, notes, stock,
warrants, or a combination thereof. Distributions of equity in the
Reorganized Debtors will allow certain stakeholders to participate
in potential future upside in the Reorganized Debtors. The proposed
Restructuring has the additional benefit of ensuring that
management remains highly committed to the future of the
Reorganized Debtors.
Class 2 Prepetition Banks Claims are impaired. If Class 2 votes in
favor of the
Plan, (a) the Consenting Banks will receive on account of the
Prepetition Banks Claims held by the Consenting Banks, including
obligations relating to issued but
undrawn letters of credit under the Prepetition Credit Agreement,
(i) their Pro Rata share of commitments, and obligations owing to
the Holders with respect to outstanding loans, under the Amended
Credit Agreement and (ii) their Pro Rata share of Prepetition Banks
Cash as a partial repayment of the outstanding loans subject to
reborrowing
pursuant to the terms of the Amended Credit Agreement and (b) the
Holders of Prepetition Banks Claims other than the Consenting Banks
will receive their Pro Rata share of the obligations owing to the
Holders with respect to the New Senior Secured Term Loans, provided
that the obligations owing to the Holders of Prepetition Banks
Claims with respect to issued but undrawn letters of credit under
the Prepetition Credit Agreement will remain outstanding and be
cash collateralized in an amount equal to 102% of the face amount
thereof.
If Class 2 votes against the Plan, the Holders of Prepetition Banks
Claims, including any Consenting Banks, will each receive their Pro
Rata share of the obligations owing to the Holders with respect to
the New Senior Secured Term Loans, provided that the issued but
undrawn letters of credit under the Prepetition Credit Agreement
will remain outstanding and be cash collateralized in an amount
equal to 102% of the face amount thereof.
Class 3 Prepetition Notes Claims are impaired. Holders of
Prepetition Notes Claims will receive their Pro Rata share of (i)
the Prepetition Notes Cash, (ii) 85% of the net cash proceeds
received by the Debtors from the Appalachia Sale in excess of $350
million, if any, (iii) the New Secured Notes, and (iv) the number
of shares of New Common Stock constituting 95% of the shares of New
Common Stock to be issued and outstanding pursuant to the Plan on
the Effective Date, prior to dilution for the Management Equity
Incentive Program and the New Warrants.
Class 4 General Unsecured Claims is unimpaired under the Plan.
Holders of Class 4 General Unsecured Claims are presumed to have
accepted the Plan, and therefore holders of General Unsecured
Claims are not entitled to vote to accept or reject the Plan.
Except to the extent that a holder of a General Unsecured Claim
agrees to less favorable treatment, in full and final satisfaction,
settlement, release and discharge of and in exchange for each
General Unsecured Claim, on or as soon as practicable after the
Effective Date or when obligation becomes due in the ordinary
course of business in accordance with applicable law or the terms
of any agreement that governs General Unsecured Claim, whichever is
later, each holder of a General Unsecured Claim will be paid in
full in cash, or otherwise receive treatment as to render the
holder unimpaired; provided, however, that no holder of a General
Unsecured Claim will receive any distribution for any claim which
has previously been satisfied pursuant to a final court order of
the Court.
All consideration necessary for the Reorganized Debtors to make
payments or distributions pursuant to the Plan will be obtained
from the proceeds of the Appalachia sale or other cash from the
Debtors, including Cash from business operations. Further, the
Debtors and the Reorganized Debtors will be entitled to transfer
funds between and among themselves as they determine to be
necessary or appropriate to enable the Reorganized Debtors to
satisfy their obligations under the Plan. Except as set forth in
the Plan, any changes in intercompany account balances resulting
from the transfers will be accounted for and settled in accordance
with the Debtors' historical intercompany account settlement
practices and will not violate the terms of the Plan.
Holders of approximately 85.4% in outstanding principal amount of
the Prepetition Notes Claims have already agreed to vote in favor
of the Plan.
The Disclosure Statement is available at:
http://bankrupt.com/misc/txsb16-36390-19.pdf
As reported by the Troubled Company Reporter on Dec. 20, 2016, the
Debtors had filed voluntary petitions under Chapter 11 of the
Bankruptcy Code to pursue a pre-packaged plan of reorganization in
accordance with its previously announced comprehensive balance
sheet restructuring efforts. Under that plan, noteholders will
receive their pro rata share of (a) $100 million of cash, (b) 96%
of the common stock in reorganized Stone and (c) $225 million of
new 7.5% second lien notes due 2022.
About Stone Energy
Stone Energy Corp. is an independent oil and natural gas
exploration and production company headquartered in Lafayette,
Louisiana with additional offices in New Orleans, Houston and
Morgantown, West Virginia. Stone is engaged in the acquisition,
exploration, development and production of properties in the Gulf
of Mexico and Appalachian basins. For additional information,
contact Kenneth H. Beer, chief financial officer, at 337-521-2210
phone, 337-521-9880 fax or via e-mail at CFO@StoneEnergy.com
As of Dec. 31, 2015, the Debtors' estimated proved oil and gas
reserves, as determined by Netherland Sewell & Associates, were
approximately 57 million barrels of oil equivalent ("MMBoe"), or
approximately 342 billion cubic feet of gas equivalent ("Bcfe")
compared to Dec. 31, 2014, estimated proved oil and gas reserves of
approximately 153 MMBoe, or approximately 915 Bcfe. Stone Energy
had 247 employees as of the bankruptcy filing.
Stone Energy Corp. and two affiliates sought Chapter 11 protection
(Bankr. S.D. Tex. Case Nos. 16-36390, 16-36391 and 16-36392) on
Dec. 14, 2016, to pursue a prepackaged plan of reorganization.
Judge Marvin Isgur is assigned to the cases.
The Debtors hired Latham & Watkins LLP as general counsel, Porter
Hedges LLP as local counsel; Alvarez & Marsal North America, LLC,
as financial advisor; Lazard Freres & Co. LLC, as investment
banker; and Epiq Bankruptcy Solutions, LLC, as claims, noticing,
solicitation and balloting agent.
STRINGER FARMS: Intends to Use Wells Fargo Cash Collateral
----------------------------------------------------------
Stringer Farms, Inc. and Charles Blake Stringer seek authorization
from the U.S. Bankruptcy Court for the Northern District of Texas
to use cash collateral.
Mr. Stringer is the sole shareholder of Stringer Farms, Inc., or
SFI, which operates a fully irrigated farm covering approximately
2,600 acres in Moore County, Texas. Pursuant to a recent
appraisal, the SFI Farmland has a fair market value of
approximately $10 million. The SFI Farmland is encumbered by a
first lien held by Zions First National Bank which secures payment
of a Promissory Note with an outstanding balance of approximately
$3.75 million.
Mr. Stringer also owns an additional real estate in Moore County,
Texas covering approximately 4,000 acres. Pursuant to a recent
appraisal, the Stringer Farmland has a fair market value of
approximately $14.8 million. The Stringer Farmland is encumbered
by a first lien held by Zions Bank which secures payment of a
Promissory Note with an outstanding balance of approximately $6.1
million. Mr. Stringer also operates a 39-acre feed lot in Moore
County, TX through his interests in Dos Ex Partnership, LP.
The Debtors seek authorization to use cash collateral to pay for
and fund all costs and expenses incurred in the ordinary course of
their businesses, including utilities, payroll and costs associated
with maintaining the Debtors' cattle and crops in the ground, and
in connection with or related to the administration of their
Chapter 11 cases in accordance with the cash budget.
The Debtors' proposed cash budget provides for a total cash outflow
of $118,751 for the period commencing from December 23, 2016
through January 6, 2017.
The Debtors contend that if they are unable to obtain the immediate
use of cash, they risk immediate and irreparable harm to the value
of their businesses, their bankruptcy estates, and a significant
portion of Wells Fargo's alleged Collateral.
The Debtors relate that the farming operations of their respective
Farmlands, as well as Dos Ex's Feed Lot operations, were financed
by loans made to Mr. Stringer by Wells Fargo, National Association,
as follows:
(a) First Wells Fargo Note in the original principal amount
of $2 million;
(b) Second Wells Fargo Note in the original principal amount
of $2.2 million;
(c) Third Wells Fargo Note in the original principal amount
of $5 million; and
(d) Mr. Stringer is also indebted to Wells Fargo pursuant to
a WellsOne Commercial Card Agreement.
Pursuant to a Commercial Guaranty, SFI guaranteed payment of each
of the Wells Fargo Notes and Mr. Stringer's debt under the Card
Agreement.
Wells Fargo alleges that it possesses perfected security interests
in and liens on various personal property of the Debtors including
all: accounts and other rights to payment of every kind; inventory;
equipment; documents of title; and farm products, and all supplies
and feed used in the Debtor's farming operations, to secure payment
of the Wells Fargo Notes, the debt pursuant to the Card Agreement
and SFI's obligations pursuant to the Guaranty.
Accordingly, the Debtors propose to grant Wells Fargo with
replacement liens on property acquired by the Debtors post-petition
which is of the same nature, kind and character as Wells Fargo's
alleged pre-petition collateral, with such replacement liens having
the same priority, validity, force and effect as the liens they
replace.
The Debtors also propose to grant Wells Fargo an administrative
expense claim up to the amount of the diminution of the value of
Wells Fargo's collateral that is not fully replaced by the
replacement liens. In addition, the Debtors will maintain
insurance on Wells Fargo's pre-petition and post-petition
collateral.
A full-text copy of the Debtor's Motion, dated December 20, 2016,
is available at https://is.gd/s0D22s
Wells Fargo Bank National Association is represented by:
Don D. Sunderland, Esq.
Johnathan H. Hinders, Esq.
Mullin Hoard & Brown, LLP
P.O. Box 31656
Amarillo, TX 79120-1656
Email: dsunder@mhba.com
jhinders@mhba.com
-- and --
M. Andrew Stewart, Esq.
Mulling Hoard & Brown, LLP
P.O. Box 2585
Lubbock, TX 79408
Email: astewart@mhba.com
About Stringer Farms, Inc.
Stringer Farms, Inc. filed a Chapter 11 petition (Bankr. N.D. Tex.
Case No. 16-44821), on December 14, 2016. The Petition was signed
by Charles Blake Stringer, president. The case is assigned to
Judge Russell F. Nelms. The Debtor is represented by Jeff P.
Prostok, Esq., Forshey & Prostok, LLP. At the time of filing, the
Debtor had $10 million to $50 million in estimated assets and $1
million to $10 million in estimated liabilities.
No creditors' committee has been appointed in the Debtors' cases by
the U.S. Trustee. Further, no trustee or examiner has been
requested or appointed in the Debtors' Chapter 11 cases.
SWAGAT HOTELS: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of Swagat Hotels, LLC, as of
Dec. 29, 2016, according to a court docket.
About Swagat Hotels
Swagat Hotels LLC, doing business as Quality Inn Deep Creek Lake,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Md. Case No. 16-24255) on Oct. 27, 2016. The petition was
signed by Nitin B. Chhibber, managing member. The case is assigned
to Judge Wendelin I. Lipp. At the time of the filing, the Debtor
estimated assets of less than $50,000 and liabilities of $1 million
to $10 million.
The Debtor is a Maryland Limited Liability Company operating a
hotel trading as the Quality Inn - McHenry.
THAMES FUNDING: Allowed to Use Cash Collateral Until January 31
---------------------------------------------------------------
Judge James J. Tancredi of the U.S. Bankruptcy Court for the
District of Connecticut authorized Thames Funding Inc. to use cash
collateral until January 31, 2017.
The Debtor was authorized to use cash generated from its rental
payments from its properties, in an amount not exceeding $6,500.
The approved Budget for January 2017 projects total monthly
expenses of $6,150.
Dime Bank claimed a duly perfected non-avoidable security interest
in the Debtor's properties in Groton and Gales Ferry Connecticut,
which includes cash collateral associated with the real
properties.
Judge Tancredi granted Dime Bank with replacement liens in all
after-acquired property of the Debtor from the property, of equal
extent and priority to that which Dime Bank enjoyed with regard to
the said property at the time the Debtor filed its Chapter 11
petition.
The Debtor was directed to make adequate protection payments of
$500 per month to Dime Savings Bank and make all January 2017 tax
payments on or before January 31, 2017 from the funds previously
escrowed in previous cash collateral orders. The Debtor was also
directed to provide Dime Savings Bank a monthly register report
from all DIP account showing all disbursements made.
A hearing on the continued use of cash collateral will be held on
January 26, 2017 at 2:00 p.m.
A full-text copy of the Order, dated December 27, 2016, is
available at https://is.gd/KiRb7y
About Thames Funding
Thames Funding, Inc., filed a chapter 11 petition (Bankr. D. Conn.
Case No. 16-21286) on Aug. 7, 2016. The petition was signed by
John G. Syragakis, principal. The case is assigned to Judge Ann M.
Nevins. The Debtor disclosed total assets of $640,000 and total
debt of $1.02 million. The Debtor is represented by Joseph J.
D'Agostino, Jr., Esq., at Attorney Joseph J. D'Agostino, Jr., LLC.
The Debtor is authorized to continue to operate and manage its
business as a Debtor-In-Possession. No trustee or examiner has
been appointed in these proceedings.
THEODORE VENIA: Katz Buying Laguna Niguel Property for $410,000
---------------------------------------------------------------
Debtor Theodore Venia on Jan. 23, 2017, at 2:00 p.m., will ask the
U.S. Bankruptcy Court for the Central District of California for
approval of the sale of the Debtor's real property located at 27982
Via Moreno, Laguna Niguel, CA.
Joshua Katz, Gary Katz and Marta Katz, individuals unrelated to the
Debtor, have made an offer to purchase the Property for the sum of
$410,000.
The Debtor seeks approval of the sale of the Property to the Buyer,
subject to overbid.
Any response or opposition to the Motion must be filed with the
Court and served on Debtor's counsel, the office of the United
States Trustee, and all parties in interest, at least 14 days prior
to the scheduled hearing date on the Motion (not excluding
Saturdays, Sundays, or legal holidays).
On or about Dec. 5, 2016, the Debtor accepted an offer to purchase
the Property by the Buyer. The principal terms of agreement are as
follows:
(1) The purchase price is $410,000.
(2) The Buyers have made a deposit of $10,000 into escrow upon
execution of the purchase agreement.
(3) The Property will be sold "as is, where is" with no
warranties or representations of any kind whatsoever.
(4) Escrow is to close upon the Court's approval.
The property is currently a financial burden to the Estate. The
Debtor submits that the proposed sale is in the best interest of
his estate and his creditors because, the proposed sale will result
in payoff of one of the Debtor's most significant creditors,
(Nationstar Mortgage LLC) after the payment of all amounts required
to be paid to brokers, taxing authorities and closing costs in
connection with the sale of the Property.
The Debtor proposes these overbidding procedures:
(1) The initial overbid must be must be at least $5,000 more
than the initial bid of $410,000. The overbid must be on
substantially the same terms as set forth in the Purchase
Agreement.
(2) Overbid increments will be $5,000 after the initial
overbid.
(3) Any successful overbidder must be able to close by the
Proposed Closing Date, or upon the Court's approval whichever is
later.
(4) Any party wishing to overbid on the Property during the
hearing on the Motion must contact the Debtor's counsel at least 48
hours prior to the hearing and provide evidence of available
financial resources such as funds and/or proof of ability to
finance to Debtor's Counsel up to the overbidder's maximum bid to
the Debtor's reasonable satisfaction.
(5) Any overbidder wishing to overbid on the Property during the
hearing must also submit, before the time of the hearing, a deposit
for the purchase of the Property, by cashier's check or other cash
equivalent in the amount of at least $10,000.00 made payable to
"LAW OFFICES OF LIONEL GIRON CLIENT TRUST ACCOUNT." The successful
overbidder's deposit will be applied towards the purchase of the
Property, and will not be refunded in the event the overbidder
cannot successfully close escrow pursuant to the terms of the sale
as proscribed herein.
(6) If a broker brings a prospective bidder who is ultimately
the successful bidder and to whom the sale is approved, the broker
will share in the commission on the terns set forth in the Purchase
Agreement.
About Theodore Venia
Theodore Venia commenced a bankruptcy case by filing a voluntary
petition under Chapter 13 of 11 U.S.C. Sec. 101 et seq. on Sept.
28, 2016 and the case was converted to chapter 11 (Bankr. C.D. Cal.
16-14048) on Dec. 13, 2016. The Debtor seeks to liquidate his
assets and pay off debt. The Debtor is retired and his income is
insufficient to pay his existing debt obligations and living
expenses.
The Debtor's attorney:
Kevin Tang, Esq.
Lionel E Giron, Esq.
LAW OFFICES OF LIONEL GIRON
337 North Vineyard Avenue, Suite 100
Ontario, CA 91764
Tel: (909) 397-7260
Fax: (909)-397-7277
E-mail: notices@lglawoffice.com
tangkevin911@gmail.com
TPP ACQUISITION: Creditors' Panel Hires Gruber Elrod as Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of TPP Acquisition,
Inc., d/b/a The Picture People, seeks authorization from the U.S.
Bankruptcy Court for the Northern District of Texas to retain
Gruber Elrod Johansen Hail Shank LLP as litigation counsel for the
Committee, nunc pro tunc to December 7, 2016.
The Committee requires Gruber Elrod to:
a. investigate claims;
b. draft complaint and other motion practice;
c. draft and respond to discovery;
d. appear and advocate at hearings;
e. negotiate with various other parties, potentially through
mediation; and
f. try the Litigation.
Gruber Elrod lawyers who will work on the Debtor's case and their
hourly rates are:
David Elrod, partner $625
Sam Stricklin, partner $575
Tricia DeLeon, partner $475
Machir Stull, associate $330
Hayley Ellison, associate $315
Gruber Elrod will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David Elrod, Esq., partner with the law firm Gruber Elrod Johansen
Hail Shank LLP, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtors and
their estates.
Gruber Elrod can be reached at:
David Elrod, Esq.
Gruber Elrod Johansen Hail Shank LLP
1455 Ross Avenue, Suite 2500
Dallas, TX 75202
Phone: 214.855.6858
Fax: 214.855.6808 fax
E-mail: delrod@getrial.com
About TPP Acquisition
TPP Acquisition, Inc., doing business as The Picture People, filed
a Chapter 11 petition (Bankr. N.D. Tex. Case No. 16-33437-hdh-11)
on Sept. 2, 2016. The Debtor is represented by Robert D.
Albergotti, Esq., Ian T. Peck, Esq., and Jarom J. Yates, Esq., at
Haynes and Boone, LLP.
The petition was signed by Stuart Noyes, chief
restructuring
officer. The case is assigned to Judge Harlin
DeWayne Hale. At the time of filing, the Debtor estimated assets
at $10 million to $50 million and liabilities at $50 million to
$100 million.
The Debtor's Restructuring Advisor is Winter Harbor LLC;
the
Debtor's Investment Banker is SSG Advisors, LLC; and its
Claims & Noticing Agent is Kurtzman Carson Consultants LLC.
U.S. Trustee William T. Neary on Sept. 13, 2016, appointed
nine
creditors to serve on the official committee of unsecured
creditors of TPP Acquisition, Inc. The committee members are:
(1) W. B. Mason Company, Inc.; (2) Identity Management Consultants,
LLC; (3) AAA Imaging Solutions; (4) Noritsu America Corporation;
(5) Urban Retail Properties, LLC; (6) GGP Limited Partnership; (7)
MFA Contemporary Atelier, Inc. dba Gemline Frame Company; (8) DFM
Print Pak; and (9) Simon Property Group, Inc.
TRENDSETTER HR: Hires BFS Law Group as Special Counsel
------------------------------------------------------
Trendsetter HR, LLC and its debtor-affiliates seek permission from
the U.S. Bankruptcy Court for the Northern District of Texas to
employ BFS Law Group as special counsel.
The Debtors are one of the North Texas Corridor's largest human
resource outsourcing companies that provides companies with
payroll, staffing and recruiting, government compliance
requirements and employee insurances. Several of the Debtors'
services are through a professional employer organization ("PEO")
services.
The Debtors need BFS Law Group as their special counsel in
determining the claim amount, if any, Zurich American Insurance
Company and American Zurich Insurance Company have in these Chapter
11 Cases.
Prior to the filing of the Petition, the Debtors were respondents
and defendants in arbitration and litigation involving Zurich.
BFS Law Group lawyers who will work on the Debtors' cases and their
hourly rates are:
James D. Blume, Shareholder $350
Shelly L. Skeen, Shareholder $350
Richard D. Faulkner, Shareholder $350
Mercy McBrayer, Associates $150
Trechelle Andersen, Paralegals $125
BFS Law Group will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Shelly L. Skeen, Esq., shareholder with the law firm of BFS Law
Group, assured the Court that the firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and does not represent any interest adverse to the Debtors and
their estates.
BFS Law Group may be reached at:
Shelly L. Skeen, Esq.
BFS Law Group
111 W. Spring Valley Road, Suite 250
Richardson, TX 75081
Tel: (214)373-7788
E-mail: sskeen@bfslawgroup.com
About Trendsetter HR
Tresndsetter HR LLC filed a Chapter 11 bankruptcy petition
(Bankr. N.D.Tex. Case No. 16-34457) on November 17, 2016. The
Hon. Stacey G. Jernigan presides over the case. Ackerman LLP
represents the Debtor as counsel.
In its petition, the Debtor estimated $1 million to $10 million in
assets and $10 million to $50 million in liabilities. The petition
was signed by Daniel W. Bobst, president.
TSALECH HOLDINGS: Hires Joyce W. Lindauer as Counsel
----------------------------------------------------
tSalech Holdings,LLC, seeks authorization from the U.S. Bankruptcy
Court for the Northern District of Texas to employ Joyce W.
Lindauer Attorney, PLLC as counsel.
In order to effectuate a reorganization, propose a Plan of
Reorganization and effectively move forward in its bankruptcy
proceeding, the Debtor desires to hire Joyce W. Lindauer Attorney,
PLLC as counsel.
The Firm's lawyers who will work on the Debtor's cases and their
hourly rates are:
Joyce W. Lindauer $350
Sarah M. Cox, Associate $195
Jamie N. Kirk, Associate $195
Jeffrey M. Veteto, Associate $185
Dian Gwinnup, Paralegal $105
The Firm received a retainer of $7,500.00 which included the filing
fee of $1,717.00 in connection with this proceeding.
The Firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Joyce W. Lindauer, Esq., owner of the law practice Joyce W.
Lindauer Attorney, PLLC, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estates.
The Firm may be reached at:
Joyce W. Lindauer, Esq.
Sarah M. Cox, Esq.
Jamie N. Kirk, Esq.
Jeffrey M. Veteto, Esq.
Joyce W. Lindauer Attorney, PLLC
12720 Hillcrest Road, Suite 625
Dallas, TX 75230
Telephone: (972)503-4033
Facsimile: (972)503-4034
About tSalech Holdings, LLC
tSalech Holdings, LLC filed a Chapter 11 bankruptcy petition
(Bankr. N.D.Tex. Case No. 16-34659) on December 5, 2016. The Hon.
Stacey G. Jernigan presides over the case. Joyce W. Lindauer
Attorney, PLLC represents the Debtor as counsel.
In its petition, the Debtor estimated $1 million to $10 million in
both assets and liabilities. The petition was signed by Jason Shaw,
manager.
TUMBLEWEED CENTER: Proposed Attorney Gets Wells Fargo's Approval
----------------------------------------------------------------
Tumbleweed Center for Youth Development disclosed in a court filing
that Perkins Coie LLP has obtained Wells Fargo's consent to serve
as its legal counsel.
In a filing with the U.S. Bankruptcy Court in Arizona, the Debtor
disclosed that Wells Fargo, which has an existing relationship with
Perkins Coie, approved the law firm's representation of the Debtor
on condition that it "will be subject to all applicable rules of
professional conduct" and that the firm will not disclose any
confidential information about the company or its business.
Perkins Coie will not also use any information about Wells Fargo in
any proceeding without the company's consent, or make any claim
against the company in the Debtor's bankruptcy case, according to
the court filing.
Perkins Coie can be reached through:
Jordan A. Kroop, Esq.
Bradley A. Cosman, Esq.
Perkins Coie LLP
2901 N. Central Ave., Suite 2000
Phoenix, AZ 85012
Phone: (602) 351-8000
Email: jkroop@perkinscoie.com
Email: bcosman@perkinscoie.com
About Tumbleweed Center
Tumbleweed Center for Youth Development sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
16-14181) on December 16, 2016. The petition was signed by Paula
Adkins, interim chief executive officer. The case is assigned to
Judge Paul Sala. At the time of the filing, the Debtor estimated
its assets and liabilities at $1 million to $10 million.
ULTRA PETROLEUM: Sr. Creditors Seek Ch. 11 Trustee Appointment
--------------------------------------------------------------
The ad hoc committee of unsecured creditors or the Senior Creditor
Committee of Ultra Resources, Inc., asks the U.S. Bankruptcy Court
for the Southern District of Texas to enter an order directing the
appointment of a Chapter 11 Trustee for Ultra Petroleum Corp., et
al., or in the alternative, appoint an independent directors to the
board of Ultra Resources, Inc.
The Debtors are an oil and natural gas exploration and production
company, which is publicly held at Holdco. The value of the
Debtors' enterprise is concentrated almost entirely in Opco, while
Holdco has no material assets other than its equity interests in
Opco.
According to the Motion, the Senior Creditor Committee has been
urging the Debtors to pursue a restructuring strategy based on the
respective legal rights of its creditor constituencies, while
allowing for a quick exit that would preserve the Debtors' going
concern value. Any such restructuring would need to recognize the
structural seniority of claims against Opco, where the Debtors'
primary assets reside. Opco's only board members are Messrs.
Michael D. Watford and Garland R. Shaw -- both of whom are also
officers and significant equity holders at Holdco. Not only do
these board members stand to profit generously from the transfer of
value to equity holders but, worse still, the Plan Support
Agreement (PSA) and the Debtors' "joint" plan of reorganization
reflect that they will receive record breaking compensation in
their capacities as officers of both Holdco and Opco.
The Motion further suggests that before these cases progress
further, a Chapter 11 Trustee must be appointed with the sole
decision of making authority with respect to Opco or, in the
alternative, the Debtors must appoint at least three independent,
disinterested directors to Opco's Board, with full and sole
authority to negotiate a plan of reorganization for Opco.
About Ultra Petroleum
Houston, Texas-based Ultra Petroleum Corp. (OTC Pink Marketplace:
"UPLMQ") is an independent oil and gas company engaged in the
development, production, operation, exploration and acquisition of
oil and natural gas properties.
On April 29, 2016, Ultra Petroleum Corp. and seven subsidiary
companies filed petitions (Bankr. S.D. Tex.) seeking relief under
chapter 11 of the United States Bankruptcy Code. The Debtors' cases
have been assigned to Judge Marvin Isgur. These cases are being
jointly administered for procedural purposes, with all pleadings
filed in these cases will be maintained on the case docket for
Ultra Petroleum Corp. Case No. 16-32202.
Ultra Petroleum disclosed total assets of $1.28 billion and total
liabilities of $3.91 billion as of March 31, 2016.
James H.M. Sprayregen, P.C., David R. Seligman, P.C., Michael B.
Slade, Esq., Christopher T. Greco, Esq., and Gregory F. Pesce,
Esq., at Kirkland & Ellis LLP; and Patricia B. Tomasco, Esq.,
Matthew D. Cavenaugh, Esq., and Jennifer F. Wertz, Esq., at Jackson
Walker, L.L.P., serve as co-counsel to the Debtors. Rothschild Inc.
serves as the Debtors' investment banker; Petrie Partners serves as
their investment banker; and Epiq Bankruptcy Solutions, LLC, serves
as claims and noticing agent.
The Office of the U.S. Trustee has appointed seven creditors of
Ultra Petroleum Corp. to serve on an Official Committee of
Unsecured Creditors. The Committee tapped Weil, Gotshal & Manges
LLP as its legal counsel; Opportune LLP as advisor; and PJT
Partners LP as its financial advisor.
VISUALANT INC: AWM Investment Holds 4.9% Stake as of Nov. 30
------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, AWM Investment Company, Inc. disclosed that as of
Nov. 30, 2016, it beneficially owns 35,426 shares of common stock,
par value $.001, of Visualant, Inc., representing 4.99 percent of
the shares outstanding. A full-text copy of the regulatory filing
is available for free at https://is.gd/GVvFZI
About Visualant Inc.
Seattle, Wash.-based Visualant, Inc., was incorporated under the
laws of the State of Nevada on Oct. 8, 1998. The Company
develops low-cost, high speed, light-based security and quality
control solutions for use in homeland security, anti-
counterfeiting, forgery/fraud prevention, brand protection and
process control applications.
Visualant reported a net loss of $2.63 million on $6.29 million of
revenue for the year ended Sept. 30, 2015, compared to a net loss
of $1.01 million on $7.98 million of revenue for the year ended
Sept. 30, 2014.
As of June 30, 2016, Visualant had $3.05 million in total assets,
$7.22 million in total liabilities, all current, and a total
stockholders' deficit of $4.17 million.
PMB Helin Donovan, LLP, in Seattle, Washington, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Sept. 30, 2015, citing that Company has sustained a
net loss from operations and has an accumulated deficit since
inception. These factors raise substantial doubt about the
Company's ability to continue as a going concern.
VISUALANT INC: Delays Filing of Fiscal 2016 Annual Report
---------------------------------------------------------
Visualant Incorporated filed with the Securities and Exchange
Commission a Form 12b-25 notifying the delay in the filing of its
annual report on Form 10-K for the period ended ended Sept. 30,
2016.
"A delay in receiving financial information, questions regarding
the accounting treatment of certain financial items, and the
inability of the Registrant to incorporate that information into
the Form 10-K without unreasonable effort and expense on the part
of Registrant has caused the inability to file timely," the Company
stated in the filing.
About Visualant Inc.
Seattle, Wash.-based Visualant, Inc., was incorporated under the
laws of the State of Nevada on Oct. 8, 1998. The Company
develops low-cost, high speed, light-based security and quality
control solutions for use in homeland security, anti-
counterfeiting, forgery/fraud prevention, brand protection and
process control applications.
Visualant reported a net loss of $2.63 million on $6.29 million of
revenue for the year ended Sept. 30, 2015, compared to a net loss
of $1.01 million on $7.98 million of revenue for the year ended
Sept. 30, 2014.
As of June 30, 2016, Visualant had $3.05 million in total assets,
$7.22 million in total liabilities, all current, and a total
stockholders' deficit of $4.17 million.
PMB Helin Donovan, LLP, in Seattle, Washington, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Sept. 30, 2015, citing that Company has sustained a
net loss from operations and has an accumulated deficit since
inception. These factors raise substantial doubt about the
Company's ability to continue as a going concern.
WAYSIDE PRODUCTIONS: Texas Workforce To Get $100 A Month For 5 Yrs.
-------------------------------------------------------------------
Wayside Productions Inc. filed with the U.S. Bankruptcy Court for
the Western District of Texas an amended disclosure statement,
referring to the Debtor's amended plan of reorganization dated Dec.
14, 2016.
Class 2 secured claim of Texas Workforce -- with an allowed secured
amount of $6420.95 -- is impaired under the Plan. The holder will
receive a monthly payment of $100 starting April 2017 until May
2022, with an interest rate of 9%. The balloon payment is due May
2022. The creditor will maintain its lien interest.
Payments and distributions under the Plan will be funded by future
income and cash flow of Debtor from operations. Additionally, all
proceeds collected by the Debtor as a result of the litigation will
be contributed to the Plan and will be used to extinguish the
claims. The proceeds shall first be allocated to Class 2 then to
Class 4.
The Disclosure Statement is available at:
http://bankrupt.com/misc/txwb16-50198-78.pdf
As reported by the Troubled Company Reporter on Dec. 6, 2016, the
Debtor's November 22 Plan would give general unsecured creditors a
distribution of 100% of their allowed claims. Class 1 consists of
the secured claims of Bexar County in the amount of $21,027. Bexar
County would receive a monthly payment of $1,868 starting April
2017 and ending on March 2018. Class 4 consists of the general
unsecured creditors which would recover 100% under that plan.
Payment would be distributed monthly in the amount of $1,951
starting April 2017 and ending March 2022.
Wayside Productions Inc. sought Chapter 11 protection (Bankr. W.D.
Tex. Case No. 16-50198) on Jan. 27, 2016. Morris E. "Trey" White
III, Esq., at Villa & White LLP serves as the Debtor's bankruptcy
counsel.
WERTHAN PACKAGING: Hires Resurgence Financial's Murphey as CRO
--------------------------------------------------------------
Werthan Packaging, Inc., seeks authorization from the U.S.
Bankruptcy Court for the Middle District of Tennessee to employ
Gary M. Murphey of Resurgence Financial Services, LLC as their
Chief Restructuring Officer.
Werthan, based in White House, TN, is a supplier of multiwall paper
packaging for the pet food industry. This sixth generation company
has been an important part of the fabric of Nashville business
since the late 1860s. At its height the company employed over 1,200
people at its long-standing home in North Nashville.
In 2010 the company began its move to a modern 184,000 sq. ft.
facility in White House, Tennessee. During 2016, the company
installed a new 10-color flexographic press, and was awarded the
Safe Quality Food (SQF) certification. With these initiatives
accomplished, the nearly 100 associates of the upgraded company
expected to grow its paper packaging business, as well as introduce
plastic packaging and packaging for human food into its product
mix.
Unfortunately, Werthan's business did not expand as quickly as
hoped, and on September 20, 2016, the Debtor engaged Gary Murphey
and his company, Resurgence Financial Services, LLC, as Chief
Restructuring Officer of the Debtor to assist with possible
financing sources and possibly run a sale process for the Debtor's
assets.
The Debtor will compensate at these hourly rates:
Gary Murphey $350
Murphey's Staff $200
Additionally, as provided for in the Agreement, RFS will be paid a
transaction fee for the proposed asset sale. That fee is calculated
as follows: (8) 5% of first $1 million, (ii) 4% of second $1
million, (iii) 3% of the third $1 million and (iv) 2% of proceeds
thereafter.
The Debtor paid an initial retainer to RFS in the amount of
$25,000, which will be applied to RFS's final invoice.
Gary M. Murphey, managing director of Resurgence Financial
Services, LLC, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.
RFS may be reached at:
Gary Murphey
Resurgence Financial Services, LLC
3330 Cumberland Boulevard, Suite 500
Atlanta, GA 30339
Phone: (404) 886-9104
About Werthan Packaging
Werthan Packaging, Inc., based in White House, TN, is a supplier of
multiwall paper packaging for the pet food industry. Werthan
Packaging filed a Chapter 11 petition (Bankr. M.D. Tenn. Court Case
No. 16-08624), on Dec. 4, 2016. The Debtor is represented by
Paul G. Jennings, Esq., and Gene L. Humphreys, Esq., at Bass, Berry
& Sims PLC of Nashville, Tennessee.
On Dec. 8, 2016, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.
WESTMORELAND COAL: Enters Into Substitute Energy Purchase Pact
--------------------------------------------------------------
Westmoreland Coal Company, via its Westmoreland Partners
subsidiary, entered into a Substitute Energy Purchase Agreement
that amends the Consolidated Power Purchase and Operating Agreement
for Roanoke Valley Units 1 and 2 with Virginia Electric and Power
Company, operating in North Carolina as Dominion North Carolina
Power for the provision to sell exclusively to Dominion North
Carolina Power all of the Facility's net electrical output and
dependable capacity from the Facility.
Beginning March 1, 2017, the Amending Agreement adjusts the
Substitute Energy and Capacity Purchase Price terms, replacing the
latter with a Fixed Payment and other scheduled pricing through the
end of the Term. On the Actual Deactivation Date, as such term is
defined in the Amending Agreement, the Consolidated Agreement will
automatically terminate and be superseded by the Amending
Agreement. After that time, the Company will not be obligated to
operate the Facility in order to fulfill its contracted energy and
capacity requirements.
About Westmoreland Coal
Colorado Springs, Colo.-based Westmoreland Coal Company (NYSE
AMEX: WLB) -- http://www.westmoreland.com/-- is the oldest
independent coal company in the United States. The Company's coal
operations include coal mining in the Powder River Basin in
Montana and lignite mining operations in Montana, North Dakota and
Texas. Its power operations include ownership of the two-unit
ROVA coal-fired power plant in North Carolina.
Westmoreland reported a net loss applicable to common shareholders
of $203 million on $1.41 billion of revenues for the year ended
Dec. 31, 2015, compared to a net loss applicable to common
shareholders of $173 million on $1.11 billion of revenues for
the year ended Dec. 31, 2014.
As of Sept. 30, 2016, Westmoreland Coal had $1.71 billion in total
assets, $2.30 billion in total liabilities and a total deficit of
$581.2 million.
* * *
Moody's Investors Service at the end of February 2016 downgraded
the ratings of Westmoreland, including its corporate family rating
to 'Caa1' from 'B3'.
Standard & Poor's Ratings Services in March 2016 affirmed its 'B'
corporate credit rating on Westmoreland and revised the rating
outlook to "negative" from "stable". "The negative outlook
reflects weaker-than-expected liquidity as a result of a
combination of exposure to a lower price environment and
difficult-to-secure favorable new volume commitments," said
Standard & Poor's credit analyst Vania Dimova.
WESTPORT HOLDINGS: U.S. Trustee Forms 7-Member Resident Committee
-----------------------------------------------------------------
Guy G. Gebhardt, Acting U.S. Trustee for Region 21, on Dec. 29,
2016, appointed seven creditors of Westport Holdings Tampa, Limited
Partnership, and Westport Holdings Tampa II, Limited Partnership,
to serve on the committee of resident creditors.
The committee members are:
(1) David Whiting
David Whiting and Norman Jean Whiting Trustees,
Revocable Living Trust, Dated Sept. 12, 1995
12401 North 22nd Street, Apartment A-705
Tampa, FL 33612
Tel: (813) 975-5509
(2) Irwin J. Karpay
12710 Taylor Nicolas Drive
Tampa, FL 33612
Tel: (813) 373-5695
(3) David P. Henry
12401 North 22nd Street, Apartment A-410
Tampa, FL 33612
Tel: (813) 443-2346
(4) Marvin Weathers
12401 North 22nd Street, Apartment G-404
Tampa, FL 33612
Tel: (813) 975-5272
(5) Denis Johnson
12401 North 22nd Street, Apartment B-201
Tampa, FL 33612
Tel: (813) 975-5201
(6) Mary Adams Castor
12401 North 22nd Street, Apartment C-311
Tampa, FL 33612
Tel: (813) 975-5620
(7) Stephen K. Miller
12401 North 22nd Street, Apartment H-502
Tampa, FL 33612
Tel: (813) 962-8473
About Westport Holdings Tampa
Westport Holdings Tampa, dba University Village, is a care
retirement community in Tampa, Florida. It offers residents
villas, apartments, an assisted living facility and a skilled
nursing care center for their end of life needs.
Westport Holdings Tampa, Limited Partnership and Westport Holdings
Tampa II, Limited Partnership filed Chapter 11 petitions (Bankr.
M.D. Fla. Case Nos. 16-8167 and 16-8168) on Sept. 22, 2016. The
Debtors are represented by Scott A. Stichter, Esq., and Stephen R.
Leslie, Esq., at Stichter Riedel Blain & Postler, P.A.
The Debtors tapped Broad and Cassel as special counsel for
healthcare and related litigation matters.
The Acting U.S. Trustee for Region 21, on Oct. 11 appointed three
creditors of Westport Holdings Tampa, Limited Partnership, to serve
on the official committee of unsecured creditors. The committee
members are Muriel T. Upton Trust, Darrell D. Ballard, and Thomas
M. Allensworth, Jr.
WHISKEY ONE: Court Declines to Extend Solicitation Period
---------------------------------------------------------
Judge David E. Rice of the U.S. Bankruptcy Court for the District
of Maryland, for the reasons stated at the Court's oral ruling on
the matter on December 19, 2016, denied Whiskey One Eight, LLC's
Motion requesting for further extension of its exclusive period to
obtain acceptances to its Plan of Reorganization through January
15, 2017 and staying consideration of its pending Disclosure
Statement.
About Whiskey One
Whiskey One Eight, LLC, is a Maryland limited liability company
having a principal place of business in Anne Arundel County,
Maryland. The Debtor was organized by the filing of Articles of
Organization with the State Department of Assessments and Taxation
on or about Aug. 9, 2005. It was organized to hold title to a
valuable fifty-acre parcel, having a street address of 520 Brock
Bridge Road, Laurel, Maryland 20724, commonly known as the Suburban
Airport Property and to conduct development-related activities in
connection with the Property.
The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D. Md.
Case No. 15-19885) on July 15, 2015. Andrew Zois signed the
petition as managing member. The Debtor disclosed total assets of
$18,008,600 and total liabilities of $5,100,057 as of the Chapter
11 filing.
Lawrence Joseph Yumkas, Esq., at Yumkas, Vedmar & Sweeney, LLC, as
the Debtor's counsel. Judge David E. Rice presides over the case.
The Debtor, on Feb. 10, 2016, filed with the U.S. Bankruptcy Court
for the District of Maryland, Baltimore Division, a plan of
reorganization, which impairs all general unsecured claims. A
full-text copy of the Plan is available at
http://bankrupt.com/misc/WOEplan0210.pdf
WILLMAN CONSTRUCTION: Taps John Moeller as Special Counsel
----------------------------------------------------------
Willman Construction, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Iowa to hire a special counsel.
The Debtor proposes to hire John Moeller to file a malpractice
lawsuit and pay him an hourly rate of $245.
Mr. Moeller disclosed in a court filing that he and his firm do not
have any connection with the Debtor or any of its creditors.
Willman Construction, Inc., filed bankruptcy petitions (Bankr.
S.D.Ia. Lead Case No. 16-00774) on April 15, 2016. The petitions
were signed by Mark Willman, authorized representative. Judge Lee
M. Jackwig is assigned to the cases.
Willman Construction scheduled $521,700 in total assets and
$1,200,000 in total liabilities as of the petition date.
The Debtors have hired Katz Nowinski PC as counsel, and Honkamp
Krueger & Co, PC, as accountants.
The Office of the U.S. Trustee for Region 12 on April 28, 2016,
appointed four creditors of Willman Construction, Inc., to serve on
the official committee of unsecured creditors.
WIRED COFFEE BAR: Taps W. Thomas Bible as Legal Counsel
-------------------------------------------------------
Wired Coffee Bar, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Tennessee to hire legal counsel in
connection with its Chapter 11 case.
The Debtor proposes to hire the Law Office of W. Thomas Bible, Jr.
to give legal advice regarding its duties under the Bankruptcy
Code, institute legal action to recover its assets, assist in the
preparation of a bankruptcy plan, and provide other legal
services.
The hourly rates charged by the firm are:
W. Thomas Bible, Jr. $250
Harry Miller, III $250
Robert Wilkinson $250
Alex Burd $250
Paralegals $105
W. Thomas Bible, Jr. disclosed in a court filing that the firm does
not hold or represent any interest adverse to the Debtor's
bankruptcy estate.
The firm can be reached through:
W. Thomas Bible, Jr., Esq.
Law Office of W. Thomas Bible, Jr.
6918 Shallowford Road, Suite 100
Chattanooga, TN 37421
Phone: (423) 424-3116
Fax: (423) 553-0639
Email: tom@tombiblelaw.com
Email: wtbibleecf@gmail.com
About Wired Coffee Bar
Wired Coffee Bar, LLC sought protection under Chapter 11 of the
Bankruptcy Code (E.D. Tenn. Case No. 16-15452) on December 20,
2016. The petition was signed by Lisa Goolsby, president.
At the time of the filing, the Debtor estimated assets and
liabilities of less than $500,000.
WONDERWORK INC: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Wonderwork, Inc.
aka Surgery for the Poor, Inc.
411 Fifth Avenue, Suite 702
New York, NY 10016
Case No.: 16-13607
Type of Debtor: An innovative new charity that provides free,
life-changing surgeries for children
Chapter 11 Petition Date: December 29, 2016
Court: United States Bankruptcy Court
Southern District of New York (Manhattan)
Judge: Hon. Stuart M. Bernstein
Debtor's Counsel: Aaron R. Cahn, Esq.
CARTER LEDYARD & MILBURN LLP
2 Wall Street
New York, NY 10005
Tel: (212) 238-8629
Fax: (212) 732-3232
E-mail: cahn@clm.com
bankruptcy@clm.com
Estimated Assets: $10 million to $50 million
Estimated Debts: $10 million to $50 million
The petition was signed by Brian Mullaney, chief executive
officer.
Debtor's List of 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Help Me See, Inc. Arbitration $15,981,187
Award
Thompson Family Foundation Loans Payable $7,954,166
c/o Mr. William S. Thompson
610 Newport Center Dr., Ste 1220
Newport Beach, CA 92660
Bill and Ann Ziff Foundation Loans Payable $845,500
350 Park Avenue, 4th Floor
New York, NY 10022
Attn: Spencer Lehv
Meadowlark Foundation Loans Payable $524,833
c/o Amy Seagroatt
Ayco Company, LP
P.O. Box 860
Saratoga Springs, NY 12866-0860
Adams & Co Real Estate, LLC Lease Liability $448,621
411 Fifth Avenue
New York, NY 10016
Joseph Mullaney Loans Payable $110,750
Detter Family Foundation Loans Payable $106,833
CDR Fundraising Group Accounts Payable $81,250
Sadguru Netra Chikitsalaya Grants Payable $75,000
The Raphael and Diana Vinoly Loans Payable $60,083
Foundation
Vivekananda Mission Asram Grants Payable $60,000
Ispahani Islamia Eye Institute Grants Payable $40,000
& Hospital
Siliguri Greater Lions Eye Accounts Payable $37,500
Hospital
Log-On Accounts Payable $30,070
Dr. Shroff's Charity Eye Grants Payable $30,000
Hospital
Tejas Eye Hospital Grants Payable $30,000
Drashti Netralaya Grants Payable $27,500
Lumbini Eye Institute Grants Payable $20,000
Gombai Netralaya Grants Payable $17,500
Color Tree Group Grants Payable $16,825
[*] S&P Revises Ratings on Health Care Equipment/Life Sciences Cos.
-------------------------------------------------------------------
S&P Global Ratings said that it has reviewed most of its recovery
and issue-level ratings in the U.S. health care equipment and life
sciences sector for speculative-grade corporate issuers that were
labeled as "under criteria observation" (UCO) after publishing its
revised recovery ratings criteria on Dec. 7, 2016. With S&P's
criteria review complete, it is removing the UCO designation from
these ratings and are revising issue-level and recovery ratings as
appropriate.
This release pertains to rated companies in the U.S. health care
equipment and life sciences sector. The ratings list below is
arranged alphabetically by issuer and identifies the debt
instruments with ratings changes.
As an overview, S&P is revising the issue-level ratings on five
rated debt issues in the U.S. health care equipment and life
sciences sector, reflecting two upgrades and three downgrades. In
all but one case, the revision to the issue-level rating resulted
from a revision to the recovery rating on the debt instrument.
In the remaining case, the recovery ratings on the secured debt are
unchanged and the issue-level change is because S&P now caps issue
ratings at 'BBB-' for issuers rated 'BB' and 'BB+', regardless of
S&P's recovery ratings. This change deemphasizes the weight
recovery plays in up-notching issue ratings for issuers near the
investment-grade threshold, since recovery is a smaller component
of credit risk when default risk is more remote and because
recovery prospects may be less predictable and more variable for
these issuers. This revision does not reflect a change in S&P's
assessment of the company's default risk, which is indicated by its
corporate credit rating, or our opinion of recovery given default,
which is indicated by S&P's recovery ratings.
In addition, S&P is revising the recovery rating to '3' from '4' on
three rated debt instruments in the U.S. health care equipment and
life sciences sector, as a result of S&P's new criteria. Since
these revisions do not result in issue-level ratings changes, S&P
is affirming the issue-level ratings for the affected issues.
These rating actions stem solely from the application of S&P's
revised recovery criteria and do not reflect any change in our
assessment of the corporate credit ratings for issuers of the
affected debt issues.
RATINGS LIST
RATINGS LIST
Issue Ratings Raised, Recovery Ratings Revised Due To Revised
Recovery Rating Criteria For Speculative-Grade Corporate Issuers
To From
Alere Inc.
Senior Secured BB-/Watch Pos B+/Watch Pos
Recovery rating 1 2H
Beaver-Visitec International Holdings Inc.
Second-Lien Secured B- CCC+
Recovery rating 5L 6
Issue Ratings Lowered, Recovery Ratings Revised Due To Revised
Recovery Rating Criteria For Speculative-Grade Corporate Issuers
To From
DJO Global Inc.
Second-Lien Secured CCC CCC+
Recovery rating 6 5L
Hologic Inc.
Senior Unsecured B+ BB
Recovery rating 6 3H
Issue Ratings Lowered, Recovery Ratings Unchanged Due To Revised
Recovery Rating Criteria For Speculative-Grade Corporate Issuers
Teleflex Inc.
Senior Secured BBB-/Watch Neg BBB/Watch Neg
Recovery rating 1 1
Issue Ratings Remain On Watch, Recovery Ratings Revised Due To
Revised Recovery Rating Criteria For Speculative-Grade Corporate
Issuers
Alere Inc.
Senior Unsecured B/Watch Pos B/Watch Pos
Recovery rating 3L 4L
Issue Ratings Affirmed, Recovery Ratings Revised Due To Revised
Recovery Rating Criteria For Speculative-Grade Corporate Issuers
Universal Hospital Services Inc.
Second-Lien Secured B- B-
Recovery rating 3L 4H
Zest Holdings LLC
Senior Secured B B
Recovery rating 3H 4H
Issue Ratings Affirmed; Recovery Rating Expectations Changed
To From
Beaver-Visitec International Holdings Inc.
First Lien Secured B B
Recovery rating 3H 3L
Issue Ratings Affirmed; Recovery Rating Unchanged
Alere Inc.
Subordinated CCC+/Watch Pos
Recovery rating 6
DJO Global Inc.
First-Lien Secured B+
Recovery rating 1
Third-Lien Secured CCC
Recovery rating 6
Hologic Inc.
Senior Secured BBB-
Recovery rating 1
Hologic Inc.
Subordinated B+
Recovery rating 6
Teleflex Inc.
Senior Unsecured BB
Recovery rating 5H
Teleflex Inc.
Subordinated BB-
Recovery rating 6
Universal Hospital Services Inc.
First-Lien Secured B+
Recovery rating 1
[^] BOND PRICING: For the Week from December 26 to 30, 2016
-----------------------------------------------------------
Company Ticker Coupon Bid Price Maturity
------- ------ ------ --------- --------
A. M. Castle & Co CASL 12.75 66.00 12/15/2018
A. M. Castle & Co CASL 7.00 58.00 12/15/2017
American Eagle Energy Corp AMZG 11.00 5.75 9/1/2019
American Eagle Energy Corp AMZG 11.00 5.75 9/1/2019
American Gilsonite Co AMEGIL 11.50 63.25 9/1/2017
American Gilsonite Co AMEGIL 11.50 69.50 9/1/2017
Avaya Inc AVYA 10.50 43.00 3/1/2021
Avaya Inc AVYA 10.50 46.00 3/1/2021
BPZ Resources Inc BPZR 6.50 3.02 3/1/2015
BPZ Resources Inc BPZR 6.50 3.02 3/1/2049
Caesars Entertainment
Operating Co Inc CZR 12.75 71.00 4/15/2018
Caesars Entertainment
Operating Co Inc CZR 5.75 66.75 10/1/2017
Chassix Holdings Inc CHASSX 10.00 8.00 12/15/2018
Chassix Holdings Inc CHASSX 10.00 8.00 12/15/2018
Chesapeake Energy Corp CHK 6.50 102.64 8/15/2017
Chukchansi Economic
Development Authority CHUKCH 9.75 42.50 5/30/2020
Chukchansi Economic
Development Authority CHUKCH 9.75 42.25 5/30/2020
Cinedigm Corp CIDM 5.50 10.00 4/15/2035
Claire's Stores Inc CLE 9.00 51.00 3/15/2019
Claire's Stores Inc CLE 8.88 21.00 3/15/2019
Claire's Stores Inc CLE 10.50 64.75 6/1/2017
Claire's Stores Inc CLE 7.75 12.38 6/1/2020
Claire's Stores Inc CLE 9.00 52.50 3/15/2019
Claire's Stores Inc CLE 7.75 12.38 6/1/2020
Claire's Stores Inc CLE 9.00 50.38 3/15/2019
Cobalt International
Energy Inc CIE 2.63 40.00 12/1/2019
Cumulus Media
Holdings Inc CMLS 7.75 40.94 5/1/2019
EXCO Resources Inc XCO 7.50 59.57 9/15/2018
Eagle Rock Energy
Partners LP /
Eagle Rock Energy
Finance Corp VNR 8.38 53.00 6/1/2019
Energy Conversion
Devices Inc ENER 3.00 7.88 6/15/2013
Energy Future
Holdings Corp TXU 6.55 14.00 11/15/2034
Energy Future
Holdings Corp TXU 5.55 30.75 11/15/2014
Energy Future
Holdings Corp TXU 6.50 13.75 11/15/2024
Energy Future
Holdings Corp TXU 11.25 13.63 11/1/2017
Energy Future
Holdings Corp TXU 10.88 13.63 11/1/2017
Energy Future
Holdings Corp TXU 9.75 29.25 10/15/2019
Energy Future
Holdings Corp TXU 10.88 13.63 11/1/2017
Energy Future Intermediate
Holding Co LLC /
EFIH Finance Inc TXU 10.00 25.00 12/1/2020
Energy Future Intermediate
Holding Co LLC /
EFIH Finance Inc TXU 10.00 24.05 12/1/2020
Energy Future Intermediate
Holding Co LLC /
EFIH Finance Inc TXU 9.75 30.00 10/15/2019
Energy Future Intermediate
Holding Co LLC / EFIH
Finance Inc TXU 6.88 24.50 8/15/2017
Erickson Inc EAC 8.25 37.75 5/1/2020
FXCM Inc FXCM 2.25 55.00 6/15/2018
FairPoint Communications
Inc/Old FRP 13.13 1.88 4/2/2018
Fleetwood Enterprises Inc FLTW 14.00 3.56 12/15/2011
Forbes Energy Services Ltd FESL 9.00 28.75 6/15/2019
GenOn Energy Inc GENONE 7.88 71.60 6/15/2017
Goodman Networks Inc GOODNT 12.13 43.00 7/1/2018
Gymboree Corp/The GYMB 9.13 45.00 12/1/2018
Homer City Generation LP GE 8.14 41.50 10/1/2019
Horsehead Holding Corp ZINC 10.50 80.25 6/1/2017
Illinois Power
Generating Co DYN 7.00 36.75 4/15/2018
Illinois Power
Generating Co DYN 6.30 36.25 4/1/2020
Iracore International
Holdings Inc IRACOR 9.50 52.63 6/1/2018
Iracore International
Holdings Inc IRACOR 9.50 52.63 6/1/2018
IronGate Energy
Services LLC IRONGT 11.00 28.50 7/1/2018
IronGate Energy
Services LLC IRONGT 11.00 32.25 7/1/2018
IronGate Energy
Services LLC IRONGT 11.00 32.25 7/1/2018
IronGate Energy
Services LLC IRONGT 11.00 32.25 7/1/2018
Jack Cooper Holdings Corp JKCOOP 9.25 43.78 6/1/2020
KB Home KBH 9.10 104.78 9/15/2017
Kellwood Co KWD 7.63 78.75 10/15/2017
Las Vegas Monorail Co LASVMC 5.50 2.62 7/15/2019
Lehman Brothers
Holdings Inc LEH 2.07 2.66 6/15/2009
Lehman Brothers
Holdings Inc LEH 4.00 2.66 4/30/2009
Lehman Brothers
Holdings Inc LEH 1.25 2.66 2/6/2014
Lehman Brothers
Holdings Inc LEH 1.25 2.66 3/22/2012
Lehman Brothers
Holdings Inc LEH 1.25 2.66 8/5/2012
Lehman Brothers
Holdings Inc LEH 2.00 2.66 3/3/2009
Lehman Brothers
Holdings Inc LEH 1.50 2.66 3/29/2013
Lehman Brothers
Holdings Inc LEH 1.38 2.66 6/15/2009
Lehman Brothers
Holdings Inc LEH 1.60 2.66 11/5/2011
Lehman Brothers
Holdings Inc LEH 5.00 2.66 2/7/2009
Lehman Brothers Inc LEH 7.50 1.23 8/1/2026
Light Tower Rentals Inc LHTTWR 8.13 44.13 8/1/2019
Light Tower Rentals Inc LHTTWR 8.13 44.13 8/1/2019
Linc USA GP / Linc Energy
Finance USA Inc LNCAU 9.63 19.50 10/31/2017
Linn Energy LLC / Linn
Energy Finance Corp LINE 8.63 43.00 4/15/2020
Linn Energy LLC / Linn
Energy Finance Corp LINE 7.75 40.50 2/1/2021
Linn Energy LLC / Linn
Energy Finance Corp LINE 6.25 41.50 11/1/2019
Linn Energy LLC / Linn
Energy Finance Corp LINE 6.50 41.25 9/15/2021
Linn Energy LLC / Linn
Energy Finance Corp LINE 6.25 27.50 11/1/2019
Linn Energy LLC / Linn
Energy Finance Corp LINE 6.25 27.50 11/1/2019
Linn Energy LLC / Linn
Energy Finance Corp LINE 6.50 42.50 5/15/2019
Lumbermens Mutual
Casualty Co KEMPER 8.30 0.21 12/1/2037
MF Global Holdings Ltd MF 3.38 26.00 8/1/2018
MModal Inc MODL 10.75 10.13 8/15/2020
Midstates Petroleum
Co Inc / Midstates
Petroleum Co LLC MPO 10.75 0.81 10/1/2020
Modular Space Corp MODSPA 10.25 55.63 1/31/2019
Modular Space Corp MODSPA 10.25 55.25 1/31/2019
NRG REMA LLC GENONE 9.24 85.00 7/2/2017
New Gulf Resources LLC/
NGR Finance Corp NGREFN 12.25 2.63 5/15/2019
New Gulf Resources LLC/
NGR Finance Corp NGREFN 12.25 2.63 5/15/2019
New Gulf Resources LLC/
NGR Finance Corp NGREFN 12.25 2.63 5/15/2019
Nine West Holdings Inc JNY 6.88 24.25 3/15/2019
Nine West Holdings Inc JNY 8.25 18.75 3/15/2019
Nine West Holdings Inc JNY 6.13 15.75 11/15/2034
Nine West Holdings Inc JNY 8.25 19.00 3/15/2019
Nuverra Environmental
Solutions Inc NESC 9.88 13.50 4/15/2018
OMX Timber Finance
Investments II LLC OMX 5.54 9.13 1/29/2020
Orexigen Therapeutics Inc OREX 2.75 28.10 12/1/2020
Permian Holdings Inc PRMIAN 10.50 30.00 1/15/2018
Permian Holdings Inc PRMIAN 10.50 30.00 1/15/2018
Pernix Therapeutics
Holdings Inc PTX 4.25 25.00 4/1/2021
Pernix Therapeutics
Holdings Inc PTX 4.25 23.66 4/1/2021
Prospect Holding Co LLC /
Prospect Holding
Finance Co PRSPCT 10.25 47.81 10/1/2018
Prospect Holding Co LLC /
Prospect Holding
Finance Co PRSPCT 10.25 47.81 10/1/2018
Rex Energy Corp REXX 8.88 39.55 12/1/2020
River Rock Entertainment
Authority RIVER 9.00 19.00 11/1/2018
Rolta LLC RLTAIN 10.75 22.13 5/16/2018
SAExploration
Holdings Inc SAEX 10.00 50.38 7/15/2019
Samson Investment Co SAIVST 9.75 5.88 2/15/2020
Sequa Corp SQA 7.00 56.00 12/15/2017
Sequa Corp SQA 7.00 54.63 12/15/2017
Sidewinder Drilling Inc SIDDRI 9.75 6.50 11/15/2019
Sidewinder Drilling Inc SIDDRI 9.75 6.50 11/15/2019
Starz LLC / Starz
Finance Corp STRZA 5.00 101.35 9/15/2019
Stone Energy Corp SGY 1.75 59.75 3/1/2017
SunEdison Inc SUNE 5.00 51.75 7/2/2018
SunEdison Inc SUNE 2.00 2.88 10/1/2018
SunEdison Inc SUNE 2.38 3.50 4/15/2022
SunEdison Inc SUNE 2.75 3.13 1/1/2021
SunEdison Inc SUNE 3.38 2.75 6/1/2025
SunEdison Inc SUNE 0.25 3.20 1/15/2020
SunEdison Inc SUNE 2.63 3.25 6/1/2023
TMST Inc THMR 8.00 10.36 5/15/2013
Talos Production LLC /
Talos Production
Finance Inc TALPRO 9.75 52.50 2/15/2018
Talos Production LLC /
Talos Production
Finance Inc TALPRO 9.75 54.75 2/15/2018
TerraVia Holdings Inc TVIA 5.00 43.00 10/1/2019
TerraVia Holdings Inc TVIA 6.00 65.75 2/1/2018
Terrestar Networks Inc TSTR 6.50 10.00 6/15/2014
TetraLogic
Pharmaceuticals Corp TLOG 8.00 5.50 6/15/2019
Texas Competitive Electric
Holdings Co LLC /
TCEH Finance Inc TXU 11.50 28.63 10/1/2020
Texas Competitive Electric
Holdings Co LLC /
TCEH Finance Inc TXU 11.50 28.63 10/1/2020
Texas Competitive Electric
Holdings Co LLC /
TCEH Finance Inc TXU 15.00 2.63 4/1/2021
Trans-Lux Corp TNLX 8.25 20.13 3/1/2012
UCI International LLC UCII 8.63 19.50 2/15/2019
Venoco LLC VQ 8.88 1.27 2/15/2019
Verso Paper Holdings
LLC / Verso Paper Inc VRS 11.75 17.00 1/15/2019
Verso Paper Holdings
LLC / Verso Paper Inc VRS 11.75 17.00 1/15/2019
Violin Memory Inc VMEM 4.25 8.00 10/1/2019
Walter Energy Inc WLTG 9.50 0.38 10/15/2019
Walter Energy Inc WLTG 8.50 0.54 4/15/2021
Walter Energy Inc WLTG 9.50 0.38 10/15/2019
Walter Energy Inc WLTG 9.88 0.39 12/15/2020
Walter Energy Inc WLTG 9.50 0.38 10/15/2019
Walter Energy Inc WLTG 9.88 0.39 12/15/2020
Walter Energy Inc WLTG 9.88 0.39 12/15/2020
Walter Energy Inc WLTG 9.50 0.38 10/15/2019
iHeartCommunications Inc IHRT 10.00 74.50 1/15/2018
rue21 inc RUE 9.00 22.00 10/15/2021
rue21 inc RUE 9.00 22.00 10/15/2021
*********
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