/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/170901.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, September 1, 2017, Vol. 21, No. 243 Headlines 47 HOPS: May Use Cash Collateral for 30 Days; Hearing on Sept. 19 ACADEMIA CESAR: S&P Cuts 2015A/B School Lease Bonds Rating to BB AMERICAN AXLE: Egan-Jones Lowers Sr. Unsecured Rating to BB AMERICAN PARADISE: Case Summary & 20 Largest Unsecured Creditors AMERICAN POWER: Incurs $5.27 Million Net Loss in Third Quarter ANAUEL CATERING: Hires Samson Appellate Law as Appeals Counsel ANGELICA CORP: Objection Over Plan Provisions for Investor Quashed APPVION INC: S&P Lowers CCR to 'CCC', On Watch Developing ARCHDIOCESE OF ST. PAUL: Clashes With Abuse Victims in Bankr. Court ARIA ENERGY: S&P Raises Corp Credit Rating to 'B+', Outlook Stable ATLANTIC & PACIFIC: Taps Gibbons PC as Litigation Counsel BANYON 1030-32: $7M Settlement With Sabadell United Okayed BARCELONA TAXI: Case Summary & 10 Unsecured Creditors BICOM NY: Hires JND Corporate as Administrative Agent BIND THERAPEUTICS: Tax Paperwork Breach Ch 11 Plan, BE Capital Says BIOSTAR PHARMA: Receives Nasdaq Listing Non-Compliance Notice BIOSTAR PHARMACEUTICALS: Receives Deficiency Notice From Nasdaq BKEITH TRANSPORTATION: Taps Raymond Best as Bookkeeper BLANKENSHIP FARMS: Trustee Taps Phillip Hollis as Attorney BOREAL WATER: In Receivership; March 1 Claims Filing Deadline BULK EXPRESS: Taps Alan Ehrlich as Accountant CARRINGTON FARMS: Hires James Murray as Financial Consultant CENTRAL GROCERS: Exclusive Plan Filing Deadline Moved to Dec. 15 CENTRAL LAUNDRY: Exclusive Plan Filing Period Moved to Oct. 31 CHELLINO CRANE: Wants Plan Exclusivity Period Extended to Jan. 3 CORE COMMUNICATIONS: Wants Plan Filing Deadline Moved to Nov. 28 CROSSROADS SYSTEMS: Taps Olshan Frome as Corporate Counsel CRS REPROCESSING: Hires Lincoln Partners as Investment Banker CRYSTAL LAKE GOLF: Wants to Use Cash Collateral Until Sept. 30 CUPCAKE SPOT: Proposes to Pay $5,283 Retainer Fee to Reissman DAKOTA PLAINS: Seeks to Hire Carlson Advisors as Accountant DATASTARUSA INC: Taps Eric A. Liepins as Legal Counsel DELCATH SYSTEMS: Signs Deal to Extinguish Majority of $12.6M Notes DEREK GUSTAFSON DDS: Hires Nosek and Doose as Attorney DEREK L. GUSTAFSON: Wants To Use Cash Collateral; Sept. 18 Hearing DIGIDEAL CORP: Files Chapter 11 Plan; Exclusive Periods Extended DIGIDEAL CORP: Taps Eowen Rosentrater as Special Counsel DOLPHIN DIGITAL: Late-Filed Form 10-Q Reports $1.5-M Q2 Net Loss DOUBLE EAGLE: Taps Allegiance Capital as Broker DYNAMIC INT'L: Taps Kirstein & Young as Special Counsel E&I HOLDINGS: EisnerAmper Announces Hourly Rate Increase EARTHONE CIRCUIT: Goe & Forsythe Approved as Committee's Counsel EAST WEST COPOLYMER: Seeks to Hire Didier as Consultant ELLINGTON TRUCKING: Plan Filing Period Extended to Sept. 13 FAMILY FOR LIFE: Hires Forbes Law as Attorney FBOP CORP: Urges Court to Pause $276M Tax Refund Lawsuit FINJAN HOLDINGS: Forms New Subsidiary, Finjan Blue, Inc. FINTUBE LLC: Taps ClearRidge as Marketing Agent FIRST NBC: Committee Seeks Appointment of Chapter 11 Trustee FITNESS UNLIMITED: Case Summary & 10 Unsecured Creditors FLORIDA ORGANIC: Hires Torcivia Donlon as Environmental Counsel FOLTS HOME: Wants Exclusive Plan Filing Deadline Moved to Feb. 11 FORTERRA FINANCE: Moody's Cuts CFR to B3, Outlook Still Negative GELTCH SOLUTIONS: Warren Mosler Signs Deal to Buy $1.8M Shares GENERAL MOTORS: Court Doubts Kaitlyn Reichwaldt's Punitives Claim GENESIS DME: Exclusive Plan Filing Deadline Moved to Sept. 6 GOLDEN MARINA: Exclusivity Periods Extended Through October 24 GREAT BASIN: Delays June 30 Form 10-Q Due to Lack of Funds GREENE TECHNOLOGIES: Hires David Anderson as Accountant GYMBOREE CORP: Panel Opposes $296M+ Term Loan Deficiency Claim GYPC INC: Taps CliftonLarsonAllen as Accountant HUMANIGEN INC: Appoints New Chief Financial Officer IAMGOLD CORP: Moody's Hikes CFR to B1; Outlook Positive ISTAR INC: S&P Alters Outlook to Positive on Decline in Leverage JOSOVITZ PROPERTIES: Case Summary & 3 Unsecured Creditors LA PALOMA GENERATING: Exit Plan Can't Be Confirmed, LNV Corp. Says LENNAR CORP: S&P Hikes CCR to BB+ on Solid Profits, Outlook Stable LINCOLN JAMES: Case Summary & 4 Unsecured Creditors LLOYD M. HUGHES: Taps Bleiman as Counsel in Suit vs. Allstate M&K WALKER: Hires Will B. Geer as Counsel MACAVITY COMPANY: Seeks to Hire MCA as Financial Advisor MACAVITY COMPANY: To Hire Kane Russell & Shupe Ventura Firms MAR MEG: Seeks to Hire Real Estate Broker and Auctioneer MARKET SQUARE: Has Interim OK to Use Cash Collateral MONAKER GROUP: Monaco Inv., et al, Have 24.5% Stake as of Aug. 11 MONAKER GROUP: William Kerby Discloses 10.4% Stake as of Aug. 3 MUSCLEPHARM CORP: Reports $3.1 Million Net Loss in Second Quarter NASSAU DEVELOPMENT: Oct. 13 GV-Led Auction of All Assets Set NATIONSTAR MORTGAGE: Involuntary Chapter 11 Case Summary NEW JERSEY HEADWEAR: Wants Plan Filing Deadline Moved to Dec. 10 NILHAN FINANCIAL: Hires Robl Law as Counsel OMINTO INC: Won't be Able to File Form 10-Q Within Grace Period ORIGINAL SOUPMAN: Gallant Brands Wins Auction of Assets PEABODY ENERGY: Says Bankruptcy Shields It From Climate Change Suit PENINSULA AIRWAYS: Taps Stevens Group as Accountant PERFUMANIA HOLDINGS: Plan Confirmation Hearing Set for Oct. 6 PERFUMANIA HOLDINGS: Store Closing Sales Underway at Select Stores PETROQUEST ENERGY: Continued Listing Plan Accepted by NYSE PHOENIX EQUIPMENT: Hires Wetzel & Moore as Attorney PLANET FITNESS: Moody's Revises Outlook to Pos. & Affirms B1 CFR PUERTO RICO: AFS-CIO Files Adversary Complaint PUERTO RICO: Oversight Board Wants Insurers' Lawsuit Dismissed QUADRANT 4: Court OK'd Sale of 3 Business Units Totaling $13M+ R.C.A. RUBBER: Hires Weidrick Livesay as Accountant REAGAN HOSPITAL: Moody's Affirms Ba2 GOLT Rating, Outlook Pos. RETRO HOME HEALTH: Taps Bucheri McCarty as Accountant ROBERT HILL: Hires Thompson Burton as Counsel RUE21 INC: Committee, et al., Object to Amended Plan SAC DEVELOPMENT: Hires Harris Law as Counsel SBA COMMUNICATIONS: Moody's Hikes Sr. Unsecured Notes Rating to B2 SIERRA CHEMICAL: Case Summary & 20 Largest Unsecured Creditors SINGH LODGING: Payment of Expenses of Receivership Okayed SOUTHCROSS ENERGY: Holdings Owns 72% of Common Units SULLIVAN VINEYARDS: Hires Beyers Costin as Special Counsel TEXAS FLUORESCENCE: Hires Aegis Group as Appraiser TLC HEALTH NETWORK: Hires Harris Beach as Special Counsel TRI STATE TRUCKING: Hires United Country as Real Estate Broker UNI-PIXEL INC: Case Summary & Largest Unsecured Creditors UNI-PIXEL INC: Seeks Ch.11 Protection Following Adverse Judgment US DATAWORKS: Taps Albeck as Financial Services Consultant US DATAWORKS: Taps Briggs & Veselka as Accountant VERMILLION INC: Oracle et al Agree to Exercise Warrants in Full WESTINGHOUSE ELECTRIC: Panel Taps Houlihan as Investment Banker [*] Miller Legal Assistant Killed in Charlottesville Demonstration [*] QuickLiquidity OK'd to Provide DIP Financing to Investment Fund ********* 47 HOPS: May Use Cash Collateral for 30 Days; Hearing on Sept. 19 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Washington has allowed 47 Hops LLC to use cash collateral to allow the Debtor to fund operations for 30 days. The Court set a final hearing for Sept. 19, 2017. As reported by the Troubled Company Reporter on Aug. 25, 2017, the Debtor sought court permission to use cash collateral of Columbia Bank in order to fund its current operations. The Debtor owes the Bank approximately $4.5 million for a line of credit, and has guaranteed an additional $2.3 million owed to the Bank by an affiliate. The Debtor also requested use of cash collateral to purchase hops inventory. The Court did not grant that request, and asked for additional briefing and continued the hearing for Aug.18, 2017, at 11:00 a.m. As adequate protection for any cash collateral used by the Debtor, the Bank is granted replacement security interests and perfected liens upon all property acquired by the Debtor after the Petition Date of the same type, kind, character and description as the property in which the Bank held a lien or security interest on the Petition Date, with the same validity and priority and to the same extent that it had valid, enforceable liens and security interests prior to the Petition Date in and to: (a) all proceeds from the disposition of all or any portion of the prepetition collateral, (b) all property of the Debtor and the Debtor's estate of the same kind, type and nature as the prepetition collateral that is acquired after the Petition Date, and (c) all proceeds of the foregoing. The Debtor filed on Aug. 16, 2017, a supplemental brief and the supplemental declaration of Douglas MacKinnon in response to the Court's request for additional briefing and information, and in support of the Debtor's request to use cash collateral to purchase hops inventory. The Debtor has reduced its request to use cash collateral from $200,000 to $175,000 in order to make room for the adequate protection payment of $18,750 the Debtor proposes to pay the Bank. The Debtor, if allowed to purchase inventory, will improve the Bank's collateral position: amount of cash collateral will remain even, while the amount of accounts receivable and amount of inventory will increase. If not allowed to purchase the hops, the Debtor will start to suffer as a leader in the market place, and will start to lose its competitive edge. Continuing in business, fulfilling customers' needs and reacting quickly to the market are of paramount importance to the Debtor's continued survival, ability to reorganize and ability to repay the Bank. Going forward, the Debtor can purchase hops profitably and in sufficient volumes to maintain a viable business. The Debtor proposes to spend $175,000 on purchasing new hops. The reason spending the $175,000 on hops is important is that purchasing the hops allows the value of the inventory to improve, while at the same time the Debtor increases the amount of cash collateral available at the end of the period. If the Debtor is not able to buy these hops, the Debtor is missing out on the opportunity to buy and sell inventory profitably, possibly losing future sales due to the Debtor's inability to perform, and the Debtor's inventory value will start to erode. The Debtor says that the inventory will improve in three ways: cost basis of inventory, average price per pound, and total pounds. The Debtor is demonstrating the increase in inventory using these measures as these measures are more clear than using fair market value, which is more subjective, and more complicated given the Debtor's recent inventory write-downs. It is the Debtor's belief that the fair market value of the inventory is improved by these purchases of rare varieties as well. The Debtor projects it will collect $300,000 in sales and outstanding accounts receivable in the next 30 days. The outstanding accounts receivable is spread across four customers. Copies of the court order and supplemental brief is available at: http://bankrupt.com/misc/waeb17-02440-24.pdf http://bankrupt.com/misc/waeb17-02440-26.pdf About 47 Hops LLC Headquartered in Yakima, Washington, 47 Hops LLC -- https://47hops.com/ -- sells aroma and alpha hops to breweries in 38 countries around the world. 47 Hops has partnered with growers in several countries to offer its customers the quality hops brewers need. Its mission is to encourage the flow of information in the hop industry to grow the understanding of how the industry works. 47 Hops filed for Chapter 11 bankruptcy protection (Bankr. E.D. Wash. Case No. 17-02440) on Aug. 11, 2017, listing $4.30 million in total assets and $7.45 million in total liabilities. The petition was signed by Douglas MacKinnon, president. Judge Frank L. Kurtz presides over the case. Catherine J Reny, Esq., and Nathan T. Riordan, Esq., at Wenokur Riordan PLLC, serve as the Debtor's bankruptcy counsel. ACADEMIA CESAR: S&P Cuts 2015A/B School Lease Bonds Rating to BB ---------------------------------------------------------------- S&P Global Ratings lowered its rating to 'BB' from 'BB+' on the St. Paul Housing and Redevelopment Authority, Minn.'s series 2015A and series 2015B charter school lease revenue bonds, issued for Academia Cesar Chavez (ACC). The outlook is stable. "We lowered the rating based in part on the U.S. Not-for-Profit Charter School methodology, published on Jan. 3, 2017, and on our view of the school's pressured financial profile, with negative operating margins that have led to very weak maximum annual debt service coverage," said S&P Global Ratings credit analyst James Gallardo. "We assessed ACC's financial profile as vulnerable, with very weak operations, inadequate maximum annual debt service (MADS) coverage, and a moderately high debt burden, offset by a moderate cash position for the rating category. We assessed ACC's enterprise profile as adequate, characterized by solid demand with growing enrollment and healthy student retention, offset by very weak academics that potentially could pressure the school's market position. Combined, we believe these credit factors lead to an indicative standalone credit profile of 'bb' and a final long-term rating of 'BB'. "The stable outlook reflects our expectation that the charter school will maintain a steady financial profile by returning to positive operating margins on a full-accrual basis, improving its MADS and debt service coverage to the current rating category medians, and the cash position will remain stable. We anticipate the school's demand profile will continue to reflect growing enrollment and improving academics. "We could lower the rating in response to the school's failure to improve operating performance, continued declines in liquidity, violation of financial covenants, or issues with charter renewal. "Although not expected at this time, we could raise the rating during the outlook period if the charter school significantly improves operating margins and MADS coverage, increases days' cash on hand, and meaningfully improve academics." The school has about $12.6 million of debt, with annual lease-adjusted debt service of approximately $865,000 and MADS of $900,000 in fiscal 2048. AMERICAN AXLE: Egan-Jones Lowers Sr. Unsecured Rating to BB ----------------------------------------------------------- Egan-Jones Ratings Company, on June 16, 2017, lowered the local currency and foreign currency senior unsecured ratings on debt issued by American Axle & Manufacturing Holdings Inc to 'BB' from 'BB+'. American Axle & Manufacturing Holdings, Inc., is a global Tier-One automotive supplier of driveline and drivetrain systems and related components for light trucks, SUVs, passenger cars, crossover, and commercial vehicles. AMERICAN PARADISE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: American Paradise Mgt Global Group, LLC 8268 Crown Bay Center, Suite 161A St. Thomas, VI 00802 Type of Business: American Paradise Management Global Group, LLC is a provider of health care services whose principal assets are located at 8268 Crown Bay Ctr Ste 161A St Thomas, VI 00802. Chapter 11 Petition Date: August 30, 2017 Case No.: 17-30008 Court: United States District Court - Bankruptcy Division District Court of the Virgin Islands - Bankruptcy Division (St. Thomas) Debtor's Counsel: Benjamin A. Currence, Esq. BENJAMIN A. CURRENCE P. C. P.O. Box 6143 St. Thomas, VI 00804-6143 Tel: 340 775-3434 E-mail: currence@surfvi.com bencurrence@gmail.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Denswell Hodge, member. The Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/vib17-30008.pdf AMERICAN POWER: Incurs $5.27 Million Net Loss in Third Quarter -------------------------------------------------------------- American Power Group Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss available to common stockholders of $5.27 million on $381,522 of net sales for the three months ended June 30, 2017, compared to a net loss available to common stockholders of $2.08 million on $524,194 of net sales for the three months ended June 30, 2016. For the nine months ended June 30, 2017, American Power reported a net loss available to common stockholders of $8.90 million on $1.92 million of net sales compared to a net loss available to common stockholders of $8.31 million on $1.62 million of net sales for the same period during the prior year. As of June 30, 2017, American Power had $5.82 million in total assets, $12.08 million in total liabilities and a total stockholders' deficit of $6.26 million. As of June 30, 2017, the Company had $212,166 cash and cash equivalents and a working capital deficit of $5,053,549, which includes $3,000,000 of Subordinated Contingent Convertible Promissory Notes due on Oct. 27, 2017, and $500,000 under its working capital line of credit with Iowa State Bank, which expires on Sept. 14, 2017. As of Aug. 21, 2017, the Company had approximately $60,000 of cash and cash equivalents and approximately $150,000 of accounts receivable. "The fundamental conditions facing our dual fuel business over the last several years have not changed," the Company said in the report. "With oil prices remaining below $50 per barrel, the price differential between oil and natural gas remains extremely tight. The resulting delays in customer orders have negatively impacted our dual fuel operations and have made them no longer sustainable. Our efforts since June to secure licensing relationships, master distributorship relationships and/or joint marketing relationships with several of the largest domestic natural gas retail/wholesale gas suppliers have not generated material traction." As a result of the June 2017 corporate realignment, the Company has reduced its employee head count from 20 to eight employees and terminated a majority of its third party consulting agreements which is expected to result in an estimated annual savings of over $2 million per year. The Company's primary focus going forward has been on its North American stationary dual fuel business as well as vehicular dual fuel business in Latin America where the economics are very favorable for using dual fuel. Thus far, neither has yet to generate any measureable revenue since June. "We are currently managing our business on a week to week basis based on limited access to financial resources and are pursuing several financing options to fund and continue our dual fuel operations. No assurances can be given, however that additional capital will be available on terms acceptable to the Company or at all which raises substantial doubt about our ability to continue as a going concern. As a result of the foregoing and our limited access to additional near term capital, our Board of Directors is evaluating several alternatives, including the possible sale of the company or the immediate closure of operations." A full-text copy of the Form 10-Q is available for free at: https://is.gd/m0qnsI About American Power Group American Power Group's alternative energy subsidiary, American Power Group, Inc. -- http://www.americanpowergroupinc.com/-- 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. American Power reported a net loss available to common stockholders of $10.40 million on $1.86 million of net sales for the year ended Sept. 30, 2016, compared to 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. Schechter Dokken Kanter Andrews & Selcer, Ltd., in Minneapolis, Minnesota, issued a "going concern" qualification on the consolidated financial statements for the year ended Sept. 30, 2016, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. ANAUEL CATERING: Hires Samson Appellate Law as Appeals Counsel -------------------------------------------------------------- Anauel Catering Corp., seeks authority from the U.S. Bankruptcy Court for the Southern District of Florida to employ Samson Appellate Law, as counsel to the Debtor in an appellate proceeding. On June 15, 2017, the Debtor filed a Motion to Extend the Time to Assume or Reject Lease, pertaining to the property where the business restaurant operated by the Debtor is located. That property is owned by Creditor KC Property LLC. After hearing, the Court on August 9 entered an order denying the Debtor's Motion to Extend the Time to Assume or Reject the Commercial Lease. The Debtor intends to appeal that decision. Samson Appellate will be paid $25,000 flat fee, to be paid as follows: -- $5,000 due upon engagement; -- $5,000 due on October 1, 2017; -- $10,000 due on December 15, 2017, if the appeal has been accepted by the district court as of that date, or within 7 days of the district court's acceptance of the appeal should that acceptance come after December 15, 2017; -- $5,000 due on January 15, 2018 if oral argument has been ordered by that date. Otherwise, $5,000 will be due within 7 days of the Court ordering oral argument. Samson Appellate will also be reimbursed for reasonable out-of-pocket expenses incurred. Daniel M. Samson, a member of Samson Appellate Law, 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. Samson Appellate can be reached at: Daniel M. Samson, Esq. SAMSON APPELLATE LAW 201 S. Biscayne Blvd., Suite 2700 Miami, FL 33131 Tel: (305) 341-3055 Fax: (305) 379-3428 About Anauel Catering Corp. Anauel Catering Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 17-11807) on Feb. 15, 2017, disclosing under $1 million in both assets and liabilities. Dodel Druckmann, signed the petition. Alberto Carrero, Esq., at the Law Office of Alberto Carrero, PA. ANGELICA CORP: Objection Over Plan Provisions for Investor Quashed ------------------------------------------------------------------ Alex Wolf, writing for Bankruptcy Law360, reports that the Hon. James L. Garrity of the U.S. Bankruptcy Court for the Southern District of New York quashed a challenge over plan provisions that free Angelica Corp.'s main equity investor, Trilantic North America, from potential lawsuits. According to LaW360, the Court observed that no actionable claims have been identified. The Debtor's Chapter 11 reorganization plan is all set for implementation, after the Debtor cleared a final hurdle in its path to plan confirmation, Law360 relates. About Angelica Corp. Headquartered in Alpharetta, Georgia, Angelica Corp. is a national provider of medical laundry and linen management services, supplying approximately 3,800 healthcare providers in 25 states, including approximately 850 hospitals, 350 long-term care facilities, and 2,600 outpatient medical practices. Angelica provides its laundry and linen management services through a network of over 30 laundry plants and depots located across the nation and a fleet of over 220 delivery vehicles. It currently employs approximately 3,900 employees, roughly 69% of whom are unionized. Angelica Corp., formerly known as Angelica, Angelica Healthcare, and Angelica Image Apparel, and four of its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 17-10870) on April 3, 2017. The petitions were signed by John Makuch, interim chief financial officer. Angelica disclosed assets at $208 million and liabilities at $216.8 million as of Dec. 24, 2016. The cases are assigned to Judge James L. Garrity Jr. The Debtors tapped Weil, Gotshal & Magnes LLP, as bankruptcy counsel, and Grant Thornton LLP as auditor and tax advisor. An official committee of unsecured creditors has been appointed in the Chapter 11 cases. The committee hired Cole Schotz, PC, as bankruptcy counsel and FTI Consulting, Inc., as financial advisor. APPVION INC: S&P Lowers CCR to 'CCC', On Watch Developing --------------------------------------------------------- S&P Global Ratings lowered its corporate credit rating on Appvion Inc. to 'CCC' from 'B-'. S&P said, "At the same time, lowered our issue-level rating on Appvion's first-lien term loan to 'B-' from 'B+' and on its second-lien secured notes to 'CC' from 'CCC'. We also placed all ratings on CreditWatch with developing implications." The CreditWatch placement follows the disclosure that Appvion has substantial doubt as to its ability to continue as a going concern for the 12 months following Aug. 16, 2017. The company has significant debt maturities in the next 12 months, including $13 million outstanding under its accounts receivable securitization facility, which is set to mature on Sept. 29, 2017, and $19.5 million outstanding under its revolving credit facility, which will mature on June 28, 2018. These maturities, coupled with management's forecast of future cash flows, indicate that, if the company were unable to refinance or extend its accounts receivable securitization facility or the revolving credit facility or otherwise to take steps to create additional liquidity, forecast cash flows would not be sufficient for it to meet its obligations, including payment of the outstanding accounts receivable facility and the outstanding balance under the revolving credit facility, which become due in the ordinary course of business for the period of 12 months following Aug. 16, 2017. S&P said, "We expect to resolve the CreditWatch placement when we have more clarity regarding Appvion's efforts to refinance its existing debt. If Appvion is able to refinance its existing debt at par with favorable terms and we do not believe that the company is likely to default in the subsequent 12 months, we could raise the rating two notches. However, we could lower ratings further if we come to believe that the company is unable to refinance its debt and is likely to default, will breach its covenants, or will enter into a distressed exchange." ARCHDIOCESE OF ST. PAUL: Clashes With Abuse Victims in Bankr. Court ------------------------------------------------------------------- Tom Corrigan, writing for The Wall Street Journal Pro Bankruptcy, reported that a year's-long impasse between the Roman Catholic Archdiocese of Saint Paul and Minneapolis and several hundred clergy sexual abuse victims has left the fate of the archdiocese largely in the hands of a Minnesota bankruptcy judge. According to the Journal, at a hearing on Aug. 30, 2017, in U.S. Bankruptcy Court in Minneapolis, Judge Robert Kressel listened to arguments on competing chapter 11 exit plans from both victims, who are creditors in the bankruptcy, and the archdiocese, wading into a host of thorny legal questions that other bankrupt dioceses have been able to avoid or to resolve consensually. Since seeking bankruptcy protection in January 2015, the archdiocese, led by Archbishop Bernard Hebda, has raised a total of $156 million, mostly from settlements with insurance carriers, to fund compensation for abuse victims, the report said. The archdiocese says its plan is both fair to victims and ensures its survival, the report added. Lawyers representing sexual abuse victims say the archdiocese has many more assets than it is willing to make available to pay more than 400 people who claim they were sexually abused by the archdiocese's clergy as children, the report related. Their plan would force the archdiocese to contribute much more by borrowing money and seeking donations, the report further related. The victims' plan also would exclude liability protections for the archdiocese's parishes and gives victims the right to take the archdiocese's insurance carriers to court to try to increase their payout, the report said. The archdiocese says this could spawn years of additional litigation and provide less certainty to victims, the report added. Both sides say the other's plan is riddled with legal infirmities and must be rejected by the court, the report noted. About the Archdiocese of St. Paul The Archdiocese of Saint Paul and Minneapolis was originally established by the Vatican in 1850 and serves a geographical area consisting of 12 greater Twin Cities metro-area counties in Minnesota, including Ramsey, Hennepin, Anoka, Carver, Chicago, Dakota, Goodhue, Le Sueur, Rice, Scott, Washington, and Wright counties. There are 187 parishes and approximately 825,000 Catholic individuals in the region. These individuals and parishes are served by 3,999 priests and 173 deacons. The Archdiocese of St. Paul and Minneapolis filed for Chapter 11 protection (Bankr. D. Minn. Case No. 15-30125) in Minnesota on Jan. 16, 2015, saying it has large and growing liabilities related to child sexual abuse and that its pension obligations are underfunded. The Debtor disclosed $45,203,010 in assets and $15,890,460 in liabilities as of the Chapter 11 filing. The Debtor has tapped Briggs and Morgan, P.A., as Chapter 11 counsel; BGA Management LLC, d/b/a Alliance Management, as financial advisor; Lindquist & Vennum LLP as attorney; Regnier Consulting Group, Inc., as loss reserve analyst; and CliftonLarsonAllen LLP, as accountant. The U.S. Trustee appointed five creditors to serve on the Committee of Parish Creditors. Ginny Dwyer was appointed as the acting chairperson of the committee until such time as the members can meet and officially elect their own person. The Committee tapped Lamey Law Firm, P.A., as its conflict counsel. Other dioceses across the county have commenced Chapter 11 bankruptcy cases to address and settle claims from current and former parishioners who say they were sexually molested by priests. ARIA ENERGY: S&P Raises Corp Credit Rating to 'B+', Outlook Stable ------------------------------------------------------------------ S&P Global Ratings raised its rating two notches to 'B+' from 'B-' on Aria Energy Operating LLC. The outlook is stable. The '3' recovery rating on the senior secured debt is unchanged and indicates our expectation for meaningful (around 60%) recovery if a payment default occurs. Landfill-gas-to-energy company Aria Energy Operating LLC's (Aria) financial results have continued to improve during 2017, driven particularly by improved renewable gas prices and growth in the size of the portfolio of projects. "The raised rating reflects our view of Aria's sustained revenue improvement," said S&P Global Ratings credit analyst Ben Macdonald. "The rating further reflects the marked improvement in EBITDA during the past 12 months and if these ratios are maintained for another year, we may consider changing our assessment of Aria's operating efficiency," Mr. Macdonald added. S&P said, "We have not changed our view of Aria's business risk profile of 5 (weak). We still consider the company to be relatively small compared to comparables with EBITDA in the $50 million-$60 million range on a consolidated basis. The company also operates in one industry (with gas from waste, energy from waste and operating waste plants), although does have some diversification between energy production and gas production). "We have changed our view of the company's financial risk profile to aggressive from highly leveraged. The company's financial ratios support a score better than aggressive at this time with the growth in EBITDA during the past 12 months, but the score is capped by the ownership by a private equity firm. However, we consider Ares historically less aggressive than other private equity investors. This view is supported by the level of debt in the company currently and our understanding of future funding plans. We therefore assign a financial policy score of FS-5 rather than the more common FS-6, which would limit the financial risk profile to highly leveraged. "We are also changing the management and governance score from weak (-1) to fair (0). The company is now over 12 months past the technical default in early 2016, and with a new financial team at that time, including new CFO, operating results that have met budget, timely reporting and good communication from the financial leadership team, we conclude that the previous management and governance issues have been addressed." Over the past six months, the company has entered into two new joint ventures with long-time partner BP, growing the portfolio backing the rated term loan 'B' from 25 to 27 projects and 171 MWe to 191 MWe. The company is also currently constructing three other new assets that are expected to come online over the next 18 months. The portfolio is now spread across 18 states. ATLANTIC & PACIFIC: Taps Gibbons PC as Litigation Counsel --------------------------------------------------------- The Great Atlantic & Pacific Tea Company, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Gibbons P.C. as special counsel. The firm will represent the Debtors in commercial litigation matters, including objections to various master plan amendments, zoning ordinances, site plan approvals, and other actions taken by boards and municipalities. Gibbons will charge an hourly fee of $375 for its services. Phillip Duffy, 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: Phillip J. Duffy Gibbons P.C. One Gateway Center Newark, NJ 07102 Tel: 973-596-4821 Fax: 973-639-6219 Email: pduffy@gibbonslaw.com About Atlantic & Pacific Based in Montvale, New Jersey, The Great Atlantic & Pacific Tea Company, Inc., and its affiliates are one of the nation's oldest leading supermarket and food retailers, operating approximately 300 supermarkets, beer, wine, and liquor stores, combination food and drug stores, and limited assortment food stores across six Northeastern states. The primary retail operations consist of supermarkets operated under a variety of well known trade names, or "banners," including A&P, Waldbaum's, SuperFresh, Pathmark, Food Basics, The Food Emporium, Best Cellars, and A&P Liquors. The Company employs approximately 28,500 employees, over 90% of whom are members of one of twelve local unions whose members are employed by the Debtors under the authority of 35 separate collective bargaining agreements. Then with 429 stores, A&P and its affiliates filed Chapter 11 petitions (Bankr. S.D.N.Y. Case No. 10-24549) on Dec. 12, 2010, and in 2012 emerged from Chapter 11 bankruptcy as a privately held company with 320 supermarkets. On July 19, 2015, with 300 stores, A&P and 20 affiliated debtors each filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 15-23007) after reaching deals for the going concern sales of 120 stores. As of Feb. 28, 2015, the Debtors reported total assets of $1.6 billion and liabilities of $2.3 billion. Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York presides over the 2015 cases. The Debtors tapped Weil, Gotshal & Manges LLP as counsel, Evercore Group L.L.C., as investment banker, FTI Consulting, Inc., as financial advisor, Hilco Real Estate, LLC, as real estate advisor, and Prime Clerk LLC, as claims and noticing agent. BANYON 1030-32: $7M Settlement With Sabadell United Okayed ---------------------------------------------------------- Carolina Bolado, writing for Bankruptcy Law360, reports that the Hon. Raymond B. Ray of the U.S. Bankruptcy Court for the Southern District of Florida approved on Monday a $7 million deal between Robert Furr, the Chapter 7 trustee for Banyon 1030-32 LLC, and Sabadell United Bank NA. The settlement is in the best interest of both the estate and the creditors, Law360 relates, citing Judge Ray. The report quoted Judge Ray as saying, "The settlement will preclude the substantial risk, delay, and expense associated with aggressively defended litigation." About Banyon 1030-32 LLC Banyon 1030-32, LLC, which was the largest lender to Scott Rothstein's $1.2 billion Ponzi scheme, sought bankruptcy (Bankr. S.D. Fla. Case No. 10-33691) in November 2011. Robert Furr was named Chapter 7 trustee. Banyon was formed in 2007 by George and Gayla Sue Levin for the purpose of investing in Rothstein's confidential settlement scheme and sunk more than $971 million into the scam before it collapsed in October 2009. Scott Rothstein, co-founder of law firm Rothstein Rosenfeldt Adler PA -- http://www.rra-law.com/-- was suspected of running a $1.2 billion Ponzi scheme. U.S. authorities claimed in a civil forfeiture lawsuit filed Nov. 9, 2009, that Mr. Rothstein, the firm's former chief executive officer, sold investments in non- existent legal settlements. Mr. Rothstein pleaded guilty to five counts of conspiracy and wire fraud on Jan. 27, 2010. Creditors of Rothstein Rosenfeldt Adler signed a petition sending the Florida law firm to bankruptcy (Bankr. S.D. Fla. Case No. 09-34791). The petitioners include Bonnie Barnett, who says she lost $500,000 in legal settlement investments; Aran Development, Inc., which said it lost $345,000 in investments; and trade creditor Universal Legal, identified as a recruitment firm, which said it is owed $7,800. The creditors alleged being owed money invested in lawsuit settlements. Herbert M. Stettin, the state-court appointed receiver for Rothstein Rosenfeldt, was officially carried over as the Chapter 11 trustee in the involuntary bankruptcy case. Mr. Rothstein pled guilty to the scheme in January 2010 and was sentenced to 50 years in prison. In September 2011, Banyon paid at least $10 million to exit a suit brought by RRA's bankruptcy trustee, who had originally sought $830 million from the company. About Rothstein Rosenfeldt Scott Rothstein, co-founder of law firm Rothstein Rosenfeldt Adler PA -- http://www.rra-law.com/-- was suspected of running a $1.2 billion Ponzi scheme. U.S. authorities claimed in a civil forfeiture lawsuit filed Nov. 9, 2009, that Mr. Rothstein, the firm's former chief executive officer, sold investments in non- existent legal settlements. Mr. Rothstein pleaded guilty to five counts of conspiracy and wire fraud on Jan. 27, 2010. Creditors of Rothstein Rosenfeldt Adler signed a petition sending the Florida law firm to bankruptcy (Bankr. S.D. Fla. Case No. 09-34791). The petitioners include Bonnie Barnett, who says she lost $500,000 in legal settlement investments; Aran Development, Inc., which said it lost $345,000 in investments; and trade creditor Universal Legal, identified as a recruitment firm, which said it is owed $7,800. The creditors alleged being owed money invested in lawsuit settlements. Herbert M. Stettin, the state-court appointed receiver for Rothstein Rosenfeldt, was officially carried over as the Chapter 11 trustee in the involuntary bankruptcy case. On June 10, 2010, Mr. Rothstein was sentenced to 50 years in prison. The official committee of unsecured creditors appointed in the case is represented by Michael Goldberg, Esq., at Akerman Senterfitt. RRA won approval of an amended liquidating Chapter 11 plan pursuant to the Court's July 17, 2013 confirmation order. The revised plan is centered around a $72.4 million settlement payment from TD Bank NA. BARCELONA TAXI: Case Summary & 10 Unsecured Creditors ----------------------------------------------------- Debtor affiliates that filed Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Barcelona Taxi Inc. 17-27565 25 E. 86th Street, #9F New York, NY 10028 Kabbalah Taxi Inc. 17-27566 25 E. 86th Street, #9F New York, NY 10028 Devil Dog Taxi LLC 17-27567 Diamond Castle Taxi Inc. 17-27568 Ferco Hacking Corp. 17-27569 Geneva Taxi Inc. 17-27572 Gstaad Taxi LLC 17-27574 Maserati Taxi Inc. 17-27576 Monte Carlo Taxi Inc. 17-27578 Provance Taxi Inc. 17-27579 Smirnoff Taxi Inc. 17-27581 Sshri Trans Corp. 17-27583 Young Cab Corp. 17-27586 Business Description: Taxi and limousine service Chapter 11 Petition Date: August 30, 2017 Court: United States Bankruptcy Court District of New Jersey (Newark) Judge: Hon. Vincent F. Papalia Debtors' Counsel: Joseph J. DiPasquale, Esq. TRENK, DIPASQUALE, DELLA FERA & SODONO, P.C. 347 Mt. Pleasant Ave, Suite 300 West Orange, NJ 07052 Tel: 973-243-8600 Fax: 973-243-8677 E-mail: jdipasquale@trenklawfirm.com Debtors' Special Litigation Counsel: COLE SCHOTZ, P.C. - and - FOX ROTHSCHILD LLP Estimated Estimated Assets Liabilities ---------- ----------- Barcelona Taxi Inc. $100K-$500K $1M-$10M Kabbalah Taxi Inc. $100K-$500K $1M-$10M The petitions were signed by Evgeny A. Freidman, president. Barcelona Taxi Inc.'s list of 10 unsecured creditors is available for free at http://bankrupt.com/misc/njb17-27565.pdf Kabbalah Taxi's list of 10 unsecured creditors is available for free at http://bankrupt.com/misc/njb17-27566.pdf Pending bankruptcy cases filed by affiliates: Debtor Date Filed Case No. ------ ---------- -------- A&J Cab Corp. 8/29/2017 17-27510 Almanac Hacking Corp. 8/29/2017 17-27514 Antibes Taxi Inc. 8/29/2017 17-27437 Avignon Taxi LLC 8/29/2017 17-27522 Avit Trans Inc. 8/29/2017 17-27527 Badger Taxi LLC 8/17/2017 17-26680 Beaujolais Taxi Inc. 8/29/2017 17-27438 Belvedere Taxi LLC 8/29/2017 17-27439 Ben‐Khe Trans. Corp. 6/19/2017 17-22502 Betmar Express Cab Corp. 8/29/2017 17-27440 Bimbo Taxi LLC 6/19/2017 17-22503 Black Label Taxi LLC 8/29/2017 17-27441 Body Slam Taxi LLC 8/29/2017 17-27442 Bordeaux Taxi LLC 8/29/2017 17-27444 Brownie Taxi LLC 8/29/2017 17-27507 Butterscotch Taxi LLC 8/29/2017 17-27532 Byblos Taxi Inc. 6/19/2017 17-22505 Calvados Taxi LLC 8/29/2017 17-27445 Cannes Taxi Inc 8/17/2017 17-26682 Caramel Taxi LLC 8/17/2017 17-26684 Cartier Taxi Inc. 6/19/2017 17-22507 Chamonix Taxi LLC 8/29/2017 17-27446 Chardonnay Taxi Inc. 8/29/2017 17-27449 Cognac Taxi LLC 8/29/2017 17-27454 Cuervo Taxi LLC 8/29/2017 17-27455 Donkey Taxi LLC 8/17/2017 17-26685 Dov Jam Cab Corp. 8/17/2017 17-26686 Dragonfly Taxi Inc. 6/19/2017 17-22510 Ducati Taxi Inc. 6/19/2017 17-22511 Dylan Taxi Inc. 8/17/2017 17-26687 Filya Taxi Inc. 8/29/2017 17-27457 Finlandia Taxi LLC 8/29/2017 17-27458 Frangelico Taxi LLC 8/29/2017 17-27460 Gaze Service Corp. Inc. 8/29/2017 17-27462 Golden Beetle Taxi LLC 6/19/2017 17-22514 Grasshopper Taxi LLC 6/19/2017 17-22515 Hankuri Taxi Inc. 8/29/2017 17-27465 Hot Fudge Taxi LLC 8/17/2017 17-26689 Hypnotic Taxi LLC, et al. 7/22/2015 15-43300 (Admin. Consolidated Chapter 7) JDS Trans. Inc. 8/17/2017 17-26692 Jolly Hacking Corp. 6/19/2017 17-22516 Koala Taxi LLC 8/17/2017 17-26693 Lorie Valley Taxi LLC 8/29/2017 17-27467 London Taxi LLC 6/19/2017 17-22506 Macar Service Corp. 8/17/2017 17-26694 Marshmallow Taxi LLC 8/17/2017 17-26695 Mediterranean Taxi Inc. 8/29/2017 17-27472 Moth Taxi LLC 6/19/2017 17-22513 NY Kind Taxi Corp. 6/19/2017 17-22517 Panda taxi LLC 8/17/2017 17-26678 Pelican Taxi LLC 6/19/2017 17-22519 Portofino Taxi LLC 8/29/2017 17-27534 Privet Taxi Inc. 6/19/2017 17-22520 Pupsik Hacking Corp. 8/29/2017 17-27536 Purlie Trans. Corp. 6/19/2017 17-22521 Razor Service Corp. 8/29/2017 17-27476 Red Bull Taxi Inc. 11/14/2016 16-13153 Saint Tropez Taxi Inc. 6/19/2017 17-22524 Sambuca Taxi LLC 8/29/2017 17-27477 Sardinia Taxi Inc. 8/29/2017 17-27479 Shurik Taxi Corp. 8/29/2017 17-27537 Smores Taxi LLC 8/29/2017 17-27538 Soly Cab Corp. 8/29/2017 17-27540 Split Transit Inc. 6/19/2017 17-22522 Taxopark Inc. 12/23/2016 16-13570 Tori & Sarah Hacking Corp. 8/17/2017 17-26696 Trestomos Trans. Inc. 6/19/2017 17-22523 Twinkie Taxi LLC 8/17/2017 17-26702 Two Hump Taxi LLC 8/29/2017 17-27481 Wasp Taxi LLC 6/19/2017 17-22525 Wolverine Taxi LLC 6/19/2017 17-22500 Wrestler Taxi LLC 8/29/2017 17-27436 XO Taxi Inc. 8/29/2017 17-27484 BICOM NY: Hires JND Corporate as Administrative Agent ----------------------------------------------------- Bicom NY, LLC, et al., seek authority from the U.S. Bankruptcy Court for the Southern District of New York to employ JND Corporate Restructuring, as administrative agent to the Debtor. Bicom NY requires JND Corporate to: a. assist with the preparation of the Debtors' schedules and statement of financial affairs; b. assist with, among other things, balloting, and tabulation and calculation of votes, as well as preparing any appropriate reports, as required in the event the Debtors file or seek confirmation of a Chapter 11 Plan; c. in the event the Debtors seek confirmation of a Chapter 11 Plan, generating an official ballot certification and testifying, if necessary, in support of the ballot tabulation results; d. in the event the Debtors file or seek confirmation of a Chapter 11 Plan, managing any distributions pursuant to said plan; and e. provide such other claims processing, noticing, solicitation, balloting and Administrative Services described in the Services Agreement, but not included in the Section 156(c) Order, as may be requested from time to time by the Debtors. JND Corporate will be paid at these hourly rates: Case Director $175-$195 Senior Case Consultant $145-$165 Case Consultant $85-$135 IT Manager $75-$95 Case Assistant $65-$85 Clerical $35-$45 JND Corporate will be paid a retainer in the amount of $5,000. JND Corporate will also be reimbursed for reasonable out-of-pocket expenses incurred. Travis K. Vandell, chief executive officer JND Corporate Restructuring, 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. JND Corporate can be reached at: Travis K. Vandell JND CORPORATE RESTRUCTURING 8269 E. 23nd Avenue, Suite 275 Denver, CO 80238 Tel: (855) 812-6112 About Bicom NY, LLC BICOM NY, LLC, d/b/a Jaguar Land Rover Manhattan -- http://www.landrovermanhattan.com/-- is a dealer of Jaguar and Land Rover cars in New York City. ISCOM NY, LLC, d/ba/ Maserati of Manhattan -- http://www.maseratiofmanhattan.com/-- is a retailer of Maserati cars in New York City. BICOM NY, and ISCOM NY and related entity Bay Ridge Automotive Company, LLC, sought Chapter 11 protection (Bankr. S.D.N.Y. Case Nos. 17-11906 to 17-11908) on July 10, 2017. The petitions were signed by Gary B. Flom, manager. BICOM NY disclosed $37.37 million in total assets and $12.17 million in total liabilities as of the bankruptcy filing. ISCOM NY disclosed $4.85 million in total assets and $5.33 million in total liabilities. Eric J. Snyder, Esq., at Wilk Auslander LLP, serves as the Debtors' bankruptcy counsel, Aboyoun & Heller, LLC, as special transaction and automobile franchise counsel. The U.S. Trustee for Region 2 on July 31 appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of BICOM NY, LLC and its affiliates. BIND THERAPEUTICS: Tax Paperwork Breach Ch 11 Plan, BE Capital Says ------------------------------------------------------------------- Rick Archer, writing for Bankruptcy Law360, reports that hedge fund B.E. Capital Management Fund LP asked the U.S. District Court of Delaware to override a Bankruptcy Court decision in July and rule that Bind Therapeutics Inc.'s bankruptcy trustee is asking its former shareholders for too much tax paperwork. According to Law360, the bankruptcy trustee's requirement that former shareholders provide a W-8 or W-9 tax form before they get their equity distribution breaches the Chapter 11 plan. About BIND Therapeutics BIND Therapeutics, Inc., is a biotechnology company developing novel targeted therapeutics, primarily for the treatment of cancer. BIND Therapeutics, Inc., a/k/a BIND Biosciences, Inc., and BIND Biosciences Security Corporation filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case Nos. 16-11084 and 16-11085) on May 1, 2016. The petitions were signed by Andrew Hircsh, president and CEO. BIND Therapeutics, Inc., estimated $10 million to $50 million in assets and liabilities. Peter M. Gilhuly, Esq., Kimberly A. Posin, Esq., and Adam E. Malatesta, Esq., at Latham & Watkins LLP, and John Henry Knight, Esq., and Amanda R. Steele, Esq., at Richards, Layton & Finger, P.A., serve as Chapter 11 counsel. The Debtors' financial advisor is Cowen and Company, LLC. Prime Clerk LLC serves as claims and noticing agent. BIOSTAR PHARMA: Receives Nasdaq Listing Non-Compliance Notice ------------------------------------------------------------- Biostar Pharmaceuticals, Inc. on Aug. 22, 2017 received a notification letter from Nasdaq Listing Qualifications ("Nasdaq") advising the Company that, since it had not filed its Quarterly Report on Form 10-Q for the fiscal year ended June 30, 2017, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) for continued listing. The Company is required within 60 calendar days of the Nasdaq notification to submit a plan of compliance with the foregoing continued listing deficiency. If the Company's plan is approved by the Nasdaq staff, the Company may be eligible for a listing exception of up to 180 calendar days (or until February 12, 2018) to regain compliance. If the Nasdaq staff concludes that the Company will not be able to cure the deficiency, or if the Company determines not to submit the required materials or make the required representations, the Company's common stock will be subject to delisting by Nasdaq. Biostar Pharmaceuticals, Inc. (NASDAQ: BSPM) is a PRC-based manufacturer and marketer of pharmaceutical and health supplement products in China. BIOSTAR PHARMACEUTICALS: Receives Deficiency Notice From Nasdaq --------------------------------------------------------------- Biostar Pharmaceuticals, Inc., received on Aug. 22, 2017, a notification letter from Nasdaq Listing Qualifications advising the Company that, since it had not filed its Quarterly Report on Form 10-Q for the fiscal year ended June 30, 2017, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) for continued listing. The Company is required within 60 calendar days of the Nasdaq notification to submit a plan of compliance with the foregoing continued listing deficiency. If the Company's plan is approved by the Nasdaq staff, the Company may be eligible for a listing exception of up to 180 calendar days (or until Feb. 12, 2018) to regain compliance. If the Nasdaq staff concludes that the Company will not be able to cure the deficiency, or if the Company determines not to submit the required materials or make the required representations, the Company's common stock will be subject to delisting by Nasdaq. About Biostar Pharmaceuticals Based in Xianyang, China, Biostar Pharmaceuticals, Inc., develops, manufactures and markets pharmaceutical and health supplement products for a variety of diseases and conditions. For the year ended Dec. 31, 2016, the Company reported a net loss of $5.69 million for the year ended Dec. 31, 2016, compared to a net loss of $25.11 million for the year ended Dec. 31, 2015. As of March 31, 2017, Biostar had $41.49 million in total assets, $5.31 million in total liabilities, all current, and $36.18 million in total stockholders' equity. Mazars CPA Limited, Certified Public Accountants, in Hong Kong, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, stating that the Company had experienced a substantial decrease in sales volume which resulting a net loss for the year ended Dec. 31, 2016. Also, part of the Company's buildings and land use rights are subject to litigation between an independent third party and the Company's chief executive officer, and the title of these buildings and land use rights has been seized by the PRC Courts so that the Company cannot be sold without the Court's permission. In addition, the Company already violated its financial covenants included in its short-term bank loans. These conditions raise substantial doubt about the Company's ability to continue as a going concern. BKEITH TRANSPORTATION: Taps Raymond Best as Bookkeeper ------------------------------------------------------ BKeith Transportation, Inc. and BV Transportation, Inc. seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire a bookkeeper. The Debtors propose to employ Raymond Best, a certified public accountant, to assist in preparing its monthly operating reports and tax returns. Mr. Best disclosed in a court filing that he does not represent any interest adverse to the Debtors and their estates. Mr. Best maintains an office at: Raymond Best 1617 Park Place Avenue Forth Worth, TX 76110-1300 About BKeith Transportation BKeith Transportation, Inc. and BV Transportation, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 17-42614) on June 26, 2017. Brian Taylor, president, signed the petitions. At the time of the filing, both Debtors disclosed that they had estimated assets and liabilities of less than $500,000. Judge Russell F. Nelms presides over the cases. The Vida Law Firm, PLLC represents the Debtors as bankruptcy counsel. BLANKENSHIP FARMS: Trustee Taps Phillip Hollis as Attorney ---------------------------------------------------------- The Chapter 11 trustee for Blankenship Farms, LP received approval from the U.S. Bankruptcy Court for the Western District of Tennessee to hire Phillip Hollis, Esq., to provide real property title search services. Marianna Williams, the bankruptcy trustee, said she needs the services of the attorney to obtain title searches of each parcel of the Debtor's real property to be sold at a public sale. Mr. Hollis will charge a fee of $500 per parcel of the property on which a report is made. Mr. Hollis has no connection with the Debtor or any of its creditors, according to court filings. Mr. Hollis maintains an office at: Phillip G. Hollis, Esq. Peeler and Hollis, Lawyers P.O. Box 218 Camden, TN 38320 Phone: (731) 584-6191 About Blankenship Farms Headquartered in Parsons, Tennessee, Blankenship Farms, LP, is an active Tennessee limited partnership whose primary business is farming operations for row crop and cattle. It filed for Chapter 11 bankruptcy protection (Bankr. W.D. Tenn. Case No. 16-10840) on April 27, 2016, estimating assets and liabilities between $1 million and $10 million. The petition was signed by James Trent Blankenship, president of TWB Management Inc., general partner of Debtor. The case is assigned to Judge Jimmy L. Croom. Robert Campbell Hillyer, Esq., at Butler Snow LLP, served as counsel to the Debtor. Adam Vandiver of Vandiver Enterprises, LLC, served as farm equipment appraiser, and Brasher Accounting was the accountant. Marianna Williams was appointed as Trustee in the case on March 9, 2017. The Trustee retained Baker Donelson Bearman Caldwell & Berkowitz, PC, as legal counsel. The Trustee also tapped Evans Real Estate as real estate agent and Marvin E. Alexander and Alexander Auction & Real Estate Sales as auctioneer. BOREAL WATER: In Receivership; March 1 Claims Filing Deadline ------------------------------------------------------------- A Receiver was appointed over Boreal Water Collection, Inc., in Nevada's Eighth Judicial District in #A-17-757414-P on Aug. 8, 2017. All creditors must file a proof of claim by March 1, 2018, to be eligible to receive distributions from the estate. Claims must be filed at http://www.borealreceiver.com/, and sworn under the penalty of perjury. Claims not appropriately filed by March 1, 2018, will be barred from collection under NRS 78.675. The office of the Receiver cautions shareholders of Boreal (former ticker symbol OTC Markets: "BRWC") as well as individuals and entities that may be contemplating private or public transactions in the securities of Boreal, that common stock holders and entitlement holders will likely not receive any distributions from the liquidation of the company, and the company will be judicially dissolved at the end of the proceedings. The securities of Boreal were subject to a revocation order by the United States Securities and Exchange Commission on December 5, 2016, and the Receiver has no intention of taking any action that would result in a resumption of trading in the securities of Boreal. Any claims by any party to the contrary are false and actionable. About Boreal Water Kiamesha Lake, N.Y.-based Boreal Water Collection, Inc., is a personalized bottled water company specializing in premium custom bottled water. Boreal Water reported a net loss of $886,000 on $2.41 million of sales for the year ended Dec. 31, 2014, compared with net income of $613,000 on $2.15 million of sales for the year ended Dec. 31, 2013. As of March 31, 2015, the Company had $3 million in total assets, $2.68 million in total liabilities, and $314,000 in total stockholders' equity. Terry L. Johnson, CPA, in Casselberry, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014. The accounting firm noted that the Company has incurred a deficit of approximately $3.6 million and has used approximately $800,000 of cash due to its operating activities in the two years ended Dec. 31, 2014. The Company may not have adequate readily available resources to fund operations through Dec. 31, 2015. This raises substantial doubt about the Company's ability to continue as a going concern. BULK EXPRESS: Taps Alan Ehrlich as Accountant --------------------------------------------- Bulk Express Logistics, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire an accountant. The Debtor proposes to employ Alan Ehrlich, A Professional Corporation, to finalize its financial books and records for 2016 and prepare its 2016 tax returns. The firm will be paid a flat fee of $3,500. Alan Ehrlich 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: Alan Ehrlich Alan Ehrlich, A Professional Corporation 60 Park Place, Suite 1016 Newark, NJ 07102 About Bulk Express Headquartered in Monroe Township, New Jersey, Bulk Express Logistics, Inc. -- http://www.bulkexpressloqistics.com/-- is a privately held company that provides trucking and warehousing services. Bulk Express filed for Chapter 11 bankruptcy protection (Bankr. D. N.J. Case No. 17-24308) on July 14, 2017, listing $1.97 million in total assets and $4.51 million in total debts as of July 12. The petition was signed by Charlene M. Barnett-Lombard, president. The Debtor sought and obtained joint administration of its case with the case of Robert A. Lombard, Jr., and Charlene M. Barnett-Lombard (Bankr. D.N.J. Case No. 17-23949). Judge Christine M. Gravelle presides over the Debtors' cases. Richard Honig, Esq., at Hellring, Lindeman, Goldstein & Siegal LLP, serves as the Debtor's bankruptcy counsel. CARRINGTON FARMS: Hires James Murray as Financial Consultant ------------------------------------------------------------ Carrington Farms Condominium Owners' Association, seeks authority from the U.S. Bankruptcy Court for the District of New Hampshire to employ Mr. James H. Murray, as business and financial consultant to the Debtor. Carrington Farms requires Mr. Murray to represent the Debtor in information gathering and preparation of certain reports, documents and information gathering as they relate to the primary accounting and within the scope of the Chapter 11 Bankruptcy Case. Mr. Murray will be paid at the hourly rate of $150. Mr. Murray will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. James H. Murray 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. Mr. Murray can be reached at: James H. Murray 3 Windmill Lane Atkinson, NH 03811 Tel (603) 362-2211 About Carrington Farms Condominium Owners' Association Carrington Farms Condominium Owners' Association, a not for profit, voluntary association organized under RSA 292, is responsible for the management and operation of Carrington Farms. It is managed by NH Core Properties, LLC, acting through Tom Carroll. Although it was administratively dissolved, Carrington Farms Condominium Owners' Association has applied for reinstatement. Carrington Farms Condominium Owners' Association filed a Chapter 11 bankruptcy petition (Bankr. D.N.H. Case No. 17-10137) on Feb. 3, 2017. Gary Woscyna, President, signed the petition. At the time of filing, the Debtor estimated $100,000 to $500,000 in assets and $500,000 to $1 million in liabilities. William S. Gannon, Esq., at William S. Gannon PLLC is serving as counsel to the Debtor. CENTRAL GROCERS: Exclusive Plan Filing Deadline Moved to Dec. 15 ---------------------------------------------------------------- The Hon. Pamela S. Hollis of the U.S. Bankruptcy Court for the Northern District of Illinois extended the exclusive periods during which Central Grocers, Inc. and its affiliates may file a Chapter 11 Plan and solicit acceptances of the plan through and including December 15, 2017 and February 13, 2018, respectively. The Troubled Company Reporter has previously reported that the Debtors sought exclusivity extension to enable them to continue the orderly wind down of their remaining assets in a rational and value-maximizing manner while addressing numerous issues necessary to formulate a confirmable Chapter 11 plan. These cases started with an involuntary Chapter 7 petition against CGI and evolved into a litigious venue dispute, all while the Debtors and their professionals were focused on maximizing value by developing and conducting a robust marketing and sale process for substantially all of the Debtors' assets. The Debtors said they have managed these Chapter 11 cases in a transparent and inclusive manner, including by collaborating with stakeholders like their prepetition and postpetition secured lenders, the Official Committee of Unsecured Creditors, the Office of the U.S. Trustee, unions, and other parties in interest. In the first few months of these cases, the Debtors had been primarily focused on undertaking a marketing and sale process for their assets involving numerous potential purchasers, conducting two auctions held over three days, and negotiating complicated transaction documents related thereto. On Aug. 4, 2017, the Debtors consummated the going-concern sale of the stalking horse assets, including 20 of the Debtors' retail stores plus the Strack headquarters and other related assets, resulting in sale proceeds of over $85 million plus additional value for the Debtors and their estates. In addition, the Debtors have secured approval of a sale of the distribution center to SUPERVALU Holdings, Inc., for a purchase price of $61 million, which sale was approved by the Court on July 25, 2017, over the objection of the Creditors' Committee and various pension funds. The Debtors told the Court that substantial issues remain that will affect any proposed Chapter 11 plan. Over the next few weeks, the Debtors and their professionals will continue marketing their remaining unsold real property. The Debtors had also intended on evaluating and pursuing (if appropriate) estate receivables and claims. Separately, the period for which the Creditors' Committee has to challenge prepetition liens in accordance with the court order approving postpetition financing has not yet expired. The Debtors said that all of the foregoing have been taking place while they address these aspects that are critical to the successful administration of their cases, including: a. securing court-approval of certain first day relief with respect to postpetition financing, the Debtors' cash management system, employee compensation and benefit programs, insurance programs, utility providers, taxes, among others, and effectively implementing same; b. evaluating their existing leases and executory contracts to determine whether to assume or reject the agreements; c. closing approximately 16 stores at locations where the Debtors ceased operations but otherwise would have been obligated to pay rent and other costs, and similarly winding down the distribution center in an orderly manner; and d. collaborating and maintaining an open and transparent relationship with U.S. Trustee, the lenders, the Creditors' Committee, and other stakeholders. The Debtors said that these efforts have enabled them to maximize the value of their assets and minimize the disruptions often attendant to the commencement of Chapter 11 cases. About Central Grocers Joliet, Illinois-based Central Grocers, Inc. -- http://www.central-grocers.com/-- is a supplier to independent grocery stores in the Midwestern United States. Formed in 1917, Central Grocers is organized as a retail cooperative (co-op) owned by the independent supermarket retailers that it supplies. Central Grocers is the seventh largest grocery cooperative in the United States. It supplies over 400 stores in the Chicago area with groceries, produce, fresh meat, service deli items, frozen foods, ice cream and exclusively the Centrella Brand distributor. Sales have grown to $2 billion per year over the past 94 years. Central Grocers and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 17-10992 to 17-11003) between May 2 and May 4, 2017. Central Grocers estimated $100 million to $500 million in assets and liabilities. The petitions were signed by Donald E. Harer, chief restructuring officer. Prior to the Chapter 11 filing, certain creditors of CGI filed an involuntary case against the company under Chapter 7. The case was filed in the U.S. Bankruptcy Court for the Northern District of Illinois on May 2, 2017. On June 13, 2017, the Chapter 11 cases were transferred to the Illinois court, including CGI's case which was consolidated into the involuntary Chapter 7 case pending before the Illinois court. All the Chapter 11 cases are proceeding before the Illinois court, and are being jointly administered under Case No. 17-13886 for procedural purposes only. CGI's petition date is May 2, 2017 while the petition date for the other Debtors is May 4, 2017. Judge Pamela S. Hollis presides over the cases. Weil, Gotshal & Manges LLP serves as the Debtors' bankruptcy counsel. The Debtors also hired Richards, Layton & Finger P.A. as local counsel; McDonald Hopkins LLC as local counsel and conflicts counsel; Lavelle Law, Ltd., as general corporate counsel; Conway Mackenzie Inc. as chief restructuring officer; Peter J. Solomon Company as investment banker; and Prime Clerk as claims and noticing agent. Meanwhile, HYPERAMS, LLC and Tiger Capital Group, LLC were employed as liquidation consultants. An official committee of unsecured creditors was appointed by the Office of the U.S trustee on May 15, 2017. The committee hired Kilpatrick Townsend & Stockton LLP as bankruptcy counsel; Saul Ewing LLP as Delaware counsel; and FTI Consulting, Inc. as financial advisor. CENTRAL LAUNDRY: Exclusive Plan Filing Period Moved to Oct. 31 -------------------------------------------------------------- At the behest of Central Laundry, Inc. d/b/a Olympic Linen, and Bellmawr Laundry LLC d/b/a Liberty Laundry, Judge Eric L. Frank of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania has extended the Debtors' exclusive period to file a plan until October 31, 2017, as well as the exclusive period to solicit acceptances or rejections of the plan to until December 29. The Troubled Company Reporter has previously reported that the Debtors asked the Court to extend their exclusivity periods for an additional period of 120 days, or until December 29, to file a plan, and until February 27, to solicit acceptances or rejections of such plan. The Debtors have requested and the Court, by its Order dated June 7, 2017, fixed a General Bar Date of July 28 and a Governmental Unit Bar Date of October 31. The Debtors said that, after the Bar Dates have passed, they will need time to review the various proofs of claim to determine the amount and character of claims asserted against their estates. About Central Laundry Inc. Central Laundry, Inc., which does business under the name Olympic Linen, operates a commercial laundry and linen service for the restaurant and hospitality industry. Its headquarters is located at 615 Industrial Park Drive, Lansdowne, Pennsylvania. Central Laundry previously filed for Chapter 11 protection (Bankr. E.D. Pa. Case No. 16-10666) on Feb. 1, 2016, estimating its assets and liabilities of less than $50,000. Paul J. Winterhalter, Esq., at the Law Offices Of Paul J. Winterhalter, P.C., served as the Debtor's bankruptcy counsel in the 2016 case. Central Laundry, Inc. and its New Jersey-based affiliate Bellmawr Laundry LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case Nos. 17-13172 and 17-13189) on May 3, 2017. The petitions were signed by George Rengepes, president and member. At the time of the filing, each of the Debtors estimated their assets and debts at $1 million to $10 million. The cases are assigned to Judge Eric L. Frank. The Debtors tapped Maschmeyer Karalis P.C. as legal counsel, and Asterion Inc. as financial advisor. CHELLINO CRANE: Wants Plan Exclusivity Period Extended to Jan. 3 ---------------------------------------------------------------- Chellino Crane Inc., et al., ask the U.S. Bankruptcy Court for the Northern District of Illinois to extend the exclusive plan filing period through Jan. 3, 2018, and the exclusive solicitation period through March 1, 2018. A hearing on the Debtors' request is set for Sept. 6, 2017, at 10:00 a.m. The Exclusive Filing Period and the Exclusive Solicitation Period are currently set to expire on Sept. 5 and Nov. 1, 2017, respectively. Chellino Crane says facts and circumstances as reflected in the record of their Chapter 11 cases demonstrate that sufficient cause exists to grant the Debtors' requested extension, and that the complexity of these cases also justifies an extension. The Debtors are a national leading provider of heavy lift crane rentals, and have many creditors, vendors, suppliers, and contract counterparties. Adding a layer of complexity to these Cases is the fact that the Debtors' creditors include sixteen secured lenders that hold liens over the Debtors' cranes. Complicating the Cases further, two secured creditors hold liens in tandem over more than 40 different cranes. With numerous interests to protect and satisfy, spread across many creditors, the Debtors' cases are complex enough to warrant an extension of exclusivity. The Debtors have been paying, and will continue to pay, their undisputed postpetition operational debts as they come due and have operated their businesses in the ordinary course since the filing of these Cases. Chellino Crane relates the Debtors are currently pursuing a sale to a stalking horse buyer, subject to higher and better bids. If this sale process goes forward, then the Debtors intend to pursue a liquidating Chapter 11 plan. If, however, the sale process does not proceed, then the Debtors may pursue a standalone reorganization. To this end, the Debtors are engaged in discussions with potential plan sponsors. The Debtors believe that the requested extension will allow them sufficient time to run an effective plan process in these cases, whatever course they take. The Debtors are submitting a motion to establish, among other things, a general claims bar date of Oct. 13, 2017, and a governmental claims bar date of Nov. 1, 2017. To determine whether the Debtors can formulate and propose a confirmable plan of liquidation, it is critical for the Debtors and their advisors to review, analyze and reconcile proofs of claims (including administrative and priority claims) that are filed in these cases. Chellino Crane assures the Court the Debtors are not seeking an extension of exclusivity to delay the administration of these cases or to pressure creditors into acceding to a plan that they find unsatisfactory. Rather, the Debtors seek this extension of exclusivity to ensure that their continuing efforts to maximize the value of their estates are not negatively impacted by the need to file a Chapter 11 plan before the results of the sale process are known and the Debtors and their constituents have ample opportunity to negotiate a plan of liquidation or reorganization, and for the Debtors to garner the support of their creditors under either approach. About Chellino Crane Inc. Headquartered in Joliet, Illinois, Chellino Crane Inc. and its affiliates operate cranes for refineries owned by some of the largest downstream oil and gas refineries in the world. Chellino consists of two divisions: a Crane Division focused on providing customers with a full range of crane services, and a Heavy Haul/Heavy Lift Division, which specializes in transport and heavy lift or rigging services. Sam Chellino began operating the company in 1947, and to this day the company is family-owned and operated. Chellino and four of its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 17-14200) on May 5, 2017. The petitions were signed by Gregory Chellino, president. At the time of the filing, Chellino Crane estimated its assets and liabilities at $50 million to $100 million. Judge Carol A. Doyle presides over the cases. The Debtors hired Sugar Felsenthal Grais & Hammer LLP as lead counsel; Akerman LLP as special counsel; Conway MacKenzie, Inc., as financial advisor; and Epiq Bankruptcy Solutions, LLC as noticing, claims and balloting agent. On May 17, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped Brown Rudnick LLP to serve as co-counsel with Freeborn & Peters LLP; Emerald Capital Advisors Corp. as financial advisor; and FocalPoint Securities, LLC, as investment banker. CORE COMMUNICATIONS: Wants Plan Filing Deadline Moved to Nov. 28 ---------------------------------------------------------------- Core Communications Inc. seeks authorization from the U.S. Bankruptcy Court for the District of Columbia to extend the exclusive periods for the Debtor to file and solicit acceptances for a Chapter 11 plan by 90 days to Nov. 28, 2017, and Jan. 29, 2018, respectively. Section 1121(b) of the U.S. Bankruptcy Code provides for an initial period of 120 days after the commencement of a Chapter 11 case during which a debtor has the exclusive right to propose and file a plan of reorganization. Section 1121(c)(3) of the Bankruptcy Code provides that if the debtor proposes and files a plan during the Exclusive Proposal Period, then the debtor has until the 180th day after the Chapter 11 case was commenced to solicit and obtain acceptances of its plan. The Debtor says the extension is necessary given the additional time it still needs to formulate a plan. The Debtor assures the Court that good cause exists to grant it an extension of the Exclusive Periods. The Debtor explains it just recently filed its second monthly operating report, which reflected positive cash flow for June. While the July report showed negative cash flow, the Debtor is cash flow positive since the Petition was filed. The August report is anticipated to be cash flow positive. Billed revenues associated with originating switched access have increased rapidly post-petition, starting with June ($20,994.81) to July ($29,901.74) and August is expected to be significantly greater than July. These figures should continue to increase thereafter. The Debtor expects its future months to reflect positive cash flow with which it could fund a plan of reorganization. However, before filing its plan of reorganization along with cash flow projections, the Debtor needs to see the results of operations for a few more months, both in terms of the increase in OSA business and the impact of the continuing ICC transition to bill-and-keep. During the case, the Debtor has diligently acted to rid itself of burdensome contracts and leases. During the pendency of this case, the Debtor also has complied with its administrative duties -- not only by filing monthly operating reports -- but also by providing information to the Office of the U.S. Trustee. The Debtor has responded to numerous requests for information from the Office of the U.S. Trustee by providing documents and explanatory information throughout the case. About Core Communications Core Communications -- http://www.coretel.net-- provides Carriers, ISPs and ASPs with tailored telecommunications services, leveraging voice and data convergence. Core Communications Inc., based in Annapolis, Maryland, filed a Chapter 11 petition (Bankr. D.D.C. Case No. 17-00258) on May 2, 2017. The Hon. S. Martin Teel, Jr. presides over the case. Gregory P. Johnson, Esq., at Offit Kurman, P.A., serves as bankruptcy 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 Christopher Van de Verg, general counsel. CROSSROADS SYSTEMS: Taps Olshan Frome as Corporate Counsel ---------------------------------------------------------- Crossroads Systems, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Olshan Frome Wolosky LLP as an outside corporate counsel. The primary attorneys within the firm who will represent the Debtor are Adam Finerman, Esq., and Claudia Dubon, Esq., who will charge $710 per hour and $350 per hour, respectively. Olshan Frome holds a retainer in the amount of $27,365.86. Mr. Finerman disclosed in a court filing that he and his firm are "disinterested persons" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Adam W. Finerman, Esq. Olshan Frome Wolosky LLP 1325 Avenue of the Americas New York, NY 10019 Tel: 212-451-2300 About Crossroads Systems Inc. Crossroads Systems, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 17-51926) on August 13, 2017. Jennifer Crane, chief financial officer, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $500,000 and liabilities of less than $50,000. Judge Ronald B. King presides over the case. Eric Terry Law, PLLC represents the Debtor as bankruptcy counsel. CRS REPROCESSING: Hires Lincoln Partners as Investment Banker ------------------------------------------------------------- CRS Reprocessing, LLC, seeks authority from the U.S. Bankruptcy Court for the Western District of Kentucky to employ Lincoln Partners Advisors LLC, as investment banker to the Debtor. CRS Reprocessing requires Lincoln Partners to: (a) With respect to a Sale Transaction: (i) identify potential parties who might be interested in entering into a sale transaction (the "Sale Transaction" as defined in the Engagement Letter); (ii) assist with the preparation of an information memorandum or similar presentations for delivery to potential parties to a Sale Transaction describing the Debtor, the business and the assets to be sold (the "Sale Information Memorandum"); (iii) formulate and recommend a strategy for pursuing a potential Sale Transaction; (iv) contact and elicite interest from potential parties to a Sale Transaction; (v) convey information desired by potential parties to a Sale Transaction not contained in the Sale Information Memorandum (the "Sale Supplemental Information"); (vi) review and evaluate potential parties to a Sale Transaction; and (vii) review and analyze proposals regarding a potential Sale Transaction. (b) With respect to a Restructuring Transaction: (i) assist the Debtor in developing a restructuring plan, which can be a Plan (the "Restructuring Transaction"); (ii) assist the Debtor in structuring any securities to be issued pursuant to the restructuring plan; (iii) assist the Debtor in negotiating the restructuring plan with lenders, creditors and other interested parties; (iv) assist the Debtor in developing a plan of reorganization, if the Debtor files a voluntary case under the Bankruptcy Code; (v) participate in hearings before the relevant bankruptcy court, if applicable, with respect to matters upon which Lincoln has provided advice, including, as relevant, coordinating with the Debtor's legal counsel with respect to testimony in connection therewith. (c) With respect to a Financing Transaction: (i) advise the Debtor regarding an appropriate capital structure for the Debtor, including the potential pricing and terms for any new senior debt, junior capital and equity securities; (ii) identify financing sources who might be interested in participating in a Financing Transaction; (iii) assist with the preparation of an information memorandum for delivery to financing sources describing the Debtor (the "Financing Information Memorandum" and, collectively with the Sale Information Memorandum, the "Information Memorandum"); (iv) formulate and recommend a strategy for pursuing a potential Financing Transaction; (v) contact and elicite interest from various financing sources, including senior lenders, junior capital providers and equity investors, as appropriate; (vi) convey information desired by financing sources not contained in the Financing Information Memorandum (the "Financing Supplemental Information,") and collectively with the Sale Supplemental Information, the "Supplemental Information"); and (vii) review and analyze all proposals, both preliminary and firm, received from financing sources relating to a Financing Transaction. (d) Such other services to which Debtor and Lincoln Partners mutually agree. Lincoln Partners will be paid as follows: (a) Initial Advisory Fee. An initial non-refundable cash advisory fee (the "Initial Advisory Fee") of $25,000 payable in cash upon the execution of the Engagement Letter. (b) Monthly Advisory Fee. A monthly non-refundable cash advisory fee (the "Monthly Advisory Fee") of $25,000, for the first two months. Commencing in the third month, the Monthly Advisory Fee shall be increased to $40,000. This fee is payable in cash on the first day of each month of the term hereof. (c) Sale Transaction Fee. In connection with a Sale Transaction, a transaction fee (a "Sale Transaction Fee") equal to 4.0% of the Enterprise Value (defined below), if a Sale Transaction is consummated during the term hereof or the period specified in the Engagement Letter. However, if a Sale Transaction is effectuated by Triangle Capital Corporation, or its affiliates, Lincoln Advisors would be entitled only to the Minimum Transaction Fee, defined below. The minimum Sale Transaction Fee or Restructuring Transaction Fee shall be $600,000 ("Minimum Transaction Fee"). The Minimum Transaction Fee shall be, in addition to the Initial Advisory Fee and Monthly Advisory Fee, earned, due and payable in cash at the time of the closing of the Sale Transaction or Restructuring Transaction, as applicable. A Sale Transaction Fee shall be in addition to the Initial Advisory Fee and Monthly Advisory Fee, subject to the provisions of paragraph 7(g) of the Engagement Letter, and shall be earned, due and payable in cash at the time of the closing of the Sale Transaction. (d) Restructuring Transaction Fee. A transaction fee (a "Restructuring Transaction Fee") equal to 1.5% of the total Indebtedness restructured (defined below) if a Restructuring Transaction is consummated during the term hereof or the period specified in the Engagement Letter. A Restructuring Transaction Fee shall be, in addition to the Initial Advisory Fee and Monthly Advisory Fee, earned, due and payable in cash at the time of the closing of a Restructuring Transaction. A Restructuring Transaction Fee shall be in addition to the Initial Advisory Fee and Monthly Advisory Fee and shall be earned, due and payable in cash at the time of the closing of a Restructuring Transaction. (e) Financing Fee: A transaction fee (a "Financing Transaction Fee") equal to (i) 3.0% of the committed amount of secured debt, including debtor-in-possession financing; plus (ii) 4.0% on any committed amount of unsecured debt; plus (iii) 5.0% on any preferred stock, or common stock raised (in each case in clauses (i)-(iii) above, whether or not funded at the closing of the Financing Transaction). Brent C. Williams, member of Lincoln Partners Advisors 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. Lincoln Partners can be reached at: Brent C. Williams Lincoln Partners Advisors LLC 500 W Madison Street, Suite 3900 Chicago, IL 60661 Tel: (312) 580-8339 About CRS Reprocessing, LLC CRS Reprocessing -- http://www.crs-reprocessing.com-- is a global partner in fluid reprocessing management, offering people, technology and services to efficiently handle industrial fluids for a variety of industries. With 30 years of expertise and operations in the U.S., Europe and Asia, its custom-built, on-site reprocessing facilities economically transform used fluids back to customer-specified performance levels, allowing high-yield waste recovery and lower unit costs. CRS Reprocessing, LLC, based in Louisville, KY, filed a Chapter 11 petition (Bankr. W.D. Ky. Case No. 17-32565) on August 9, 2017. Lea Pauley Goff, Esq., and Emily Pagorski, Esq., at Stoll Keenon Ogden PLLC, serve as bankruptcy counsel. The Debtor hired Lincoln Partners Advisors LLC, as investment banker. In its petition, the Debtor estimated $1 million to $10 million in assets and $50 million to $100 million in liabilities. The petition was signed by Scott T. Massie, chief executive. CRYSTAL LAKE GOLF: Wants to Use Cash Collateral Until Sept. 30 -------------------------------------------------------------- Crystal Lake Golf Club, LLC, and Crystal Lake Open Space, Inc., ask the U.S. Bankruptcy Court for the District of Massachusetts authorization to further use cash collateral of Pentucket Bank and the Internal Revenue Service until Sept. 30, 2017. The Debtors propose to grant replacement liens to the Secured Creditors as adequate protection for any diminution in value which may result in the Debtor's use of cash collateral. The deadline to object to the Debtors' further cash collateral use was extended to Aug. 22, 2017, at noon. As reported by the Troubled Company Reporter on July 10, 2017, Crystal Lake Golf Club asked for authorization from the Court to use cash collateral of the Secured Creditors until Sept. 28, 2017. In order to maintain the viability of the Debtor's business, the Debtor must pay the costs of maintaining, preserving and operating not only it business, but the property upon which it operates as well. About Crystal Lake Golf Club Crystal Lake Golf Club, LLC, filed a Chapter 11 petition (Bankr. D. Mass. Case No. 16-41324) on July 27, 2016. The petition was signed by Michael J. Maroney, managing member. The Debtor estimated assets at $500,000 to $1 million and liabilities at $1 million to $10 million at the time of the filing. The case is assigned to Judge Christopher J. Panos. The Debtor's counsel is Richard A. Mestone, Esq., at Mestone & Associates LLC. Jeffrey M. Dennis, CPA, is the Debtor's accountant. CUPCAKE SPOT: Proposes to Pay $5,283 Retainer Fee to Reissman ------------------------------------------------------------- The Cupcake Spot & Sweet, Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida an amended application in which it proposes to employ The Reissman Law Group, P.A. as legal counsel under a retainer fee of $5,283. In its original application, the Debtor proposed to pay the firm a retainer fee of $5,650. As reported by the Troubled Company Reporter, the legal services Reissman will render are: a. give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in-possession in the continued operation of its business and management of its property; if appropriate; b. prepare, on the behalf of your applicant, necessary applications, answers, orders, reports, complaints and other legal papers and appear at hearings; and c. perform all other legal services for the Debtor as Debtor-in-Possession which may be necessary. The Firm can be reached through: Marshall G Reissman, Esq. THE REISSMAN LAW GROUP 5150 Central Ave. St. Petersburg, FL 33707 Tel: (727)322-1999 Fax: (717)327-7999 Email: marshall@reissmanlaw.com About The Cupcake Spot & Sweet The Cupcake Spot & Sweet, Inc., based in St. Petersburg, Florida, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 17-05015) on June 8, 2017. Marshall G Reissman, Esq., at the Reissman Law Group serves as bankruptcy counsel. In its petition, the Debtor listed under $1 million in both assets and liabilities. DAKOTA PLAINS: Seeks to Hire Carlson Advisors as Accountant ----------------------------------------------------------- Dakota Plains Holdings, Inc., et al., filed a second verified application with the U.S. Bankruptcy Court for the District of Minnesota seeking approval to hire Carlson Advisors, as accountant to the Debtors. Dakota Plains requires Carlson Advisors to: a. prepare reports for the S.E.C.; b. prepare payroll returns and certain other tax documents, such as Form 1099s and W-2s; c. provide bookkeeping services, and advise the Debtors on adjusting entries when errors are spotted; d. communicate with auditors and prepare of footnote disclosures; and e. provide other accounting and reporting matters as requested. Carlson Advisors will be paid a flat fee of $15,000 for the tax services. Darren Kray, principal of Carlson Advisors, 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. Carlson Advisors can be reached at: Darren Kray CARLSON ADVISORS 7101 Northland Circle, Suite 123 Minneapolis, MN 55428 Tel: (763) 535-8150 Fax: (763) 535-8154 About Dakota Plains Holdings, Inc. Dakota Plains Holdings, Inc. (NYSE MKT: DAKP) -- http://www.dakotaplains.com/-- is an energy company operating the Pioneer Terminal transloading facility. The Pioneer Terminal is centrally located in Mountrail County, North Dakota, for Bakken and Three Forks related Energy & Production activity. Dakota Plains Holding and six of its wholly owned subsidiaries filed voluntary Chapter 11 petitions (Bankr. D. Minn. Lead Case No. 16-43711) on Dec. 20, 2016, initiating a process intended to preserve value and accommodate an eventual going-concern sale of Dakota Plains' business operations. The petitions were signed by Marty Beskow, CFO. The cases are assigned to Judge Michael E. Ridgway. At the time of the filing, Dakota Plains Holdings disclosed $3.08 million in assets and $75.38 million in liabilities. Baker & Hostetler LLP has been tapped as the Debtors' legal counsel. Ravich Meyer Kirkman McGrath Nauman & Tansey, A Professional Association serves as co-counsel. Canaccord Genuity Inc. serves as the Debtors' financial advisor and investment banker, Carlson Advisors as accountant, James Thornton as special purpose counsel. The U.S. Trustee has been unable to appoint an official unsecured creditors committee. DATASTARUSA INC: Taps Eric A. Liepins as Legal Counsel ------------------------------------------------------ DataStarUSA, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire legal counsel. The Debtor proposes to employ Eric A. Liepins, P.C. to give legal advice regarding its duties under the Bankruptcy Code and provide other legal services related to its Chapter 11 case. Eric Liepins, Esq., will charge $275 per hour for its services. The hourly rates for paralegals and legal assistants range from $30 to $50. The firm received a retainer of $7,500 plus the filing fee. Mr. Liepins disclosed in a court filing that his firm does not represent any interest adverse to the Debtor's estate. The firm can be reached through: Eric A. Liepins, Esq. Eric A. Liepins, P.C. 12770 Coit Road, Suite 1100 Dallas, TX 75251 Phone: (972) 991-5591 Fax: (972) 991-5788 About DataStarUSA Inc. DataStarUSA, Inc. provides construction products and services. It is a small business debtor as defined in 11 U.S.C. Section 101(51D). The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Texas Case No. 17-41826) on August 24, 2017. Jon Marshall, president, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of $1 million to $10 million. DELCATH SYSTEMS: Signs Deal to Extinguish Majority of $12.6M Notes ------------------------------------------------------------------ Delcath Systems, Inc., has negotiated an agreement for the extinguishment of its 2016 Convertible Notes from the holder of the majority of the Notes. The transaction is contingent upon the Company effecting a reverse stock split which requires shareholder approval through the current consent solicitation. If fully executed, the agreement will extinguish approximately 90% of the remaining $12.6 million in debt related to the Convertible Notes. "We negotiated this agreement as a means of reducing future potential dilution from the Convertible Notes after a reverse stock split. We strongly urge shareholders to vote in favor of the proposed reverse stock split as it will now trigger the extinguishment of a substantial portion of the Convertible Notes. The proposed reverse stock split will also allow us to regain compliance with the Nasdaq Minimum Bid Price, which provides liquidity and other benefits to shareholders. Additionally, we believe a successful reverse stock split will provide the Company with the flexibility to raise new equity capital at potentially more beneficial terms, allowing us to continue to support our Clinical Development Program and commercial efforts in Europe where we believe shareholder value ultimately resides," stated Jennifer K. Simpson, Ph.D., MSN, CRNP president and CEO of Delcath. Under the terms of this new agreement, effective immediately, the Company's Series A and B preferred shares will be redeemed and $1.65 million in restricted cash related to the Convertible Notes will be released to the Company. Following shareholder approval of the proposed reverse stock split, several additional transactions will occur to extinguish the Convertible Notes held by the majority Note Holder: the Note Holder will release all restrictions on the $6.4 million of remaining restricted cash; the Note Holder shall redeem $4.0 million of Convertible Note; the Company and the Note Holder will exchange $2.4 million of the remaining Convertible Notes for new warrants to purchase 40.0 million shares of Common Stock at an exercise price of $0.35. A final amount of $3.8 million in debt will remain outstanding until converted or redeemed in accordance with the original Convertible Note agreement. These transactions are estimated on a pre-split basis and will be subject to adjustment by the split ratio determined by its Board of Directors upon approval of the reverse split proposal. A Vote in Favor of the Reverse Stock Split Proposal is Required to Trigger Extinguishment Agreement and Maintain Nasdaq Listing If approved by the shareholders, a reverse stock split will bring the Company's stock price above $1.00 allowing the Company to meet NASDAQ's minimum bid price requirement. Should the Company not obtain approval for a reverse stock split, it is likely that the Company will be delisted from Nasdaq. Further, the Convertible Notes will not be extinguished because the Notes will likely be the primary or only source of funding once the Company is listed on an alternate market. For these reasons, the Company's Board of Directors encourages all shareholders to support the proposed reverse stock split. Shareholders are encouraged to read the Company's Definitive Schedule 14A in detail for full information regarding the proposed reverse stock split. Voting Deadline Extended to September 7, 2017 with Allowance to Change Consent In order to properly consider this new information, the Company has amended its Consent Proposal materials to extend the consent deadline to Sept. 7, 2017, and to permit shareholders to change their consents after initial submission by submitting a new consent form. Shareholders may also vote by calling (800) 454-8683 or by visiting www.proxyvote.com. Proposal on Effecting a Reverse Stock Split Delcath recently filed a Definitive Schedule 14A detailing a proposed reverse stock split, subject to shareholder approval. Delcath needs the ability to issue common shares to fund operations, support clinical programs, and explore alternative equity financing opportunities. However, the Company is currently at the maximum amount of authorized shares of common stock under its Certificate of Incorporation. Without a significant increase in available authorized shares, the Company is unable to undertake any type of equity financing. The proposed reverse stock split will reduce the number of shares outstanding and provide Delcath with the flexibility to raise equity capital and support its important clinical trials and commercial efforts in Europe. In addition, the reverse stock split will allow Delcath to regain compliance with NASDAQ Capital Markets minimum bid price requirements, which provides liquidity and other important benefits to the Company and its investors. About Delcath Systems Delcath Systems, Inc., is an interventional oncology company focused on the treatment of primary and metastatic liver cancers. The Company's investigational product -- Melphalan Hydrochloride for Injection for use with the Delcath Hepatic Delivery System (Melphalan/HDS) -- is designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects. The Company has commenced a global Phase 3 FOCUS clinical trial for Patients with Hepatic Dominant Ocular Melanoma (OM) and a global Phase 2 clinical trial in Europe and the U.S. to investigate the Melphalan/HDS system for the treatment of primary liver cancer (HCC) and intrahepatic cholangiocarcinoma (ICC). Melphalan/HDS has not been approved by the U.S. Food & Drug Administration (FDA) for sale in the U.S. In Europe, its system has been commercially available since 2012 under the trade name Delcath Hepatic CHEMOSAT Delivery System for Melphalan (CHEMOSAT), where it has been used at major medical centers to treat a wide range of cancers of the liver. Delcath Systems reported a net loss of $17.97 million on $1.99 million of product revenue for the year ended Dec. 31, 2016, compared to a net loss of $14.70 million on $1.74 million of product revenue for the year ended Dec. 31, 2015. As of June 30, 2017, Delcath Systems had $18.60 million in total assets, $17.73 million in total liabilities and $867,000 in total stockholders' equity. Grant Thornton LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has incurred recurring losses from operations and as of Dec. 31, 2016, has an accumulated deficit of $279.2 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. DEREK GUSTAFSON DDS: Hires Nosek and Doose as Attorney ------------------------------------------------------ Derek L. Gustafson, D.D.S., P.A., seeks authority from the U.S. Bankruptcy Court for the District of Minnesota to employ Steven B. Nosek, Attorney At Law, and Yvonne R. Doose, Attorney at Law, as attorney to the Debtor. Derek Gustafson DDS requires Nosek and Doose to: -- provide pre-petition planning and analysis of the Debtor's financial situation, planned use of cash collateral, post- petition financing; -- render advice and assistance to determine if the Debtor should file a Petition for Relief under Title 11 of the U.S. Code; and -- prepare and file a Petition for Relief, Statement of Financial Affairs, and other documents required by the Bankruptcy Court; -- represent the Debtor at expected adversary proceedings, motions, meetings of creditors; and -- formulate a Plan of Reorganization of the Debtor's business. Nosek and Doose will be paid at the hourly rate $300. Nosek and Doose will also be reimbursed for reasonable out-of-pocket expenses incurred. Steven B. Nosek, Attorney At Law, and Yvonne R. Doose, Attorney at Law, assured the Court that they are 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. Nosek and Doose can be reached at: Steven B. Nosek, Esq. Yvonne R. Doose, Esq. 2855 Anthony Lane South, Suite 201 St. Anthony, MN 55418 Tel: (612) 335-9171 About Derek L. Gustafson, D.D.S., P.A. Derek L. Gustafson, filed a Chapter 11 bankruptcy petition (Bankr. D. Minn. Case No. 17-50531) on August 16, 2017, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Steven B. Nosek, Esq. DEREK L. GUSTAFSON: Wants To Use Cash Collateral; Sept. 18 Hearing ------------------------------------------------------------------ Derek L. Gustafson, D.D.S., P.A., asks for permission from the U.S. Bankruptcy Court for the District of Minnesota to use cash collateral to pay essential operating expenses until Sept. 17, 2018. A final hearing on the Debtor's cash collateral use is set for 9:30 a.m. on Sept. 18, 2017. Any response to the Sept. 18, 2017 final hearing on the cash collateral use must be filed by Sept. 13, 2017. The Debtor proposes to grant a replacement lien to American Bank of the North and On Deck Capital which replacement lien will have the same priority, dignity and effect as the pre-petition lien held by the creditor. The Debtor says it will suffer irreversible and irreparable harm if it is not able to use cash collateral. If the Debtor is unable to pay these expenses, it will not be able to conduct its business. The Debtor's cash collateral since the filing date will stay the same or increase and will not decrease demonstrating further adequate protection. The Debtor assures the Court that it is not seeking to cross collateralize any pre-petition debt with post-petition collateral. The Debtor is not admitting the validity, perfection or amount of any pre-petition secured claim or waiving any right with respect thereto. According to the Debtor, the relief sought does not grant a lien on the Debtor's avoidance claims or bankruptcy causes of action as enumerated under the U.S. Bankruptcy Code. The Debtor says that its request does not: (i) propose to secure pre-petition debt with post-petition loans or otherwise attempt to roll a pre-petition obligation into a post-petition obligation; (ii) deal with or carve out fees of any professionals; (iii) propose to prime any debt of the Debtor; and (iv) provide automatic summary relief from the automatic stay to any creditor. A copy of the Debtor's request is available at: http://bankrupt.com/misc/mnb17-50530-7.pdf About Northland Family Headquartered in Hibbing, Minnesota, Derek L. Gustafson, D.D.S., P.A. doing business as Northland Family Dental -- http://www.hibbingdental.com-- is a dental office led by Hibbing, MN family dentist Derek L. Gustafson, DDS, PA who is devoted to restoring and enhancing the natural beauty of a person's smile using conservative, state-of-the-art dental care procedures. The clinic's services include new patient exams, digital x-rays, general dentistry, teeth whitening, composite fillings, crowns (caps), cosmetic dentistry, periodontics, root canal, fixed bridges, porcelain veneers and dental implants. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D. Minn. Case No. 17-50530) on Aug. 16, 2017, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by Derek L. Gustafson, chief executive officer. Judge Robert J Kressel presides over the case. Steven B. Nosek, Esq., at Steven Nosek, P.A., serves as the Debtor's bankruptcy counsel. DIGIDEAL CORP: Files Chapter 11 Plan; Exclusive Periods Extended ---------------------------------------------------------------- The Hon. Frederick P. Corbit of the U.S. District Court for the District of Maine has extended, at the behest of Digideal Corporation, the Debtor's exclusive right to file a plan of reorganization to Aug. 21, 2017. The Court's extension order was dated Aug. 29. The Debtor filed a Chapter 11 plan and disclosure statement on Aug. 21. As reported by the Troubled Company Reporter on July 25, 2017, the Debtor asked the Court to further extend to Aug. 21 the time period within which Debtor has the exclusive right to file a plan of reorganization. The Court previously granted the Debtor's request to extend until July 21, the period during which the Debtor has exclusive right to file a plan. About Digideal Corporation Digideal Corporation sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wash. Case No. 17-00449) on Feb. 22, 2017. The petition was signed by Michael J. Kuhn, president. The case is assigned to Judge Frederick P. Corbit. Kevin O'Rourke, Esq., at Southwell & O'Rourke, P.S., serves as the Debtor's legal counsel. At the time of the filing, the Debtor estimated its assets at $100 million to $500 million and liabilities at $1 million to $10 million. DIGIDEAL CORP: Taps Eowen Rosentrater as Special Counsel -------------------------------------------------------- Digideal Corporation seeks approval from the U.S. Bankruptcy Court for the Eastern District of Washington to hire Eowen Rosentrater, Esq., as special counsel. Ms. Rosentrater will, among other things, provide legal services to the Debtor related to its patent license contracts and other agreements with Shuffle Tech International LLC; assist in the collection of accounts receivables; prepare objections to certain claims; and represent the Debtor in adversary proceedings. The proposed attorney will be paid an hourly fee of $250 and will be reimbursed for work-related expenses. Ms. Rosentrater does not hold or represent any interest adverse to the Debtor's estate, according to court filings. Ms. Rosentrater maintains an office at: Eowen Rosentrater, Esq. 108 North Washington, Suite 302 Spokane, WA 99201 Phone: +1 509-868-5389 About Digideal Corporation Digideal Corporation sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wash. Case No. 17-00449) on Feb. 22, 2017. The petition was signed by Michael J. Kuhn, president. The case is assigned to Judge Frederick P. Corbit. At the time of the filing, the Debtor estimated its assets at $100 million to $500 million and liabilities at $1 million to $10 million. Kevin O'Rourke, Esq., at Southwell & O'Rourke, P.S., serves as the Debtor's legal counsel. The Debtor hired CliftonLarsenAllen as accountant. On March 30, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. DOLPHIN DIGITAL: Late-Filed Form 10-Q Reports $1.5-M Q2 Net Loss ---------------------------------------------------------------- Dolphin Digital Entertainment, Inc., filed with the Securities and Exchange Commission on Aug. 21, 2017, its quarterly report on Form 10-Q for the period ended June 30, 2017. The Form 10-Q was delayed because additional time was required by the Company's management and auditors to prepare certain financial information to be included in that report. Dolphin Digital recognized a net loss of $1.55 million on $7.83 million of total revenues for the three months ended June 30, 2017, compared to a net loss of $7.70 million on $7,750 of total revenues for the three months ended June 30, 2016. For the six months ended June 30, 2017, the Company reported net income of $3.40 million on $8.36 million of total revenues compared to a net loss of $11.24 million on $25,185 of total revenues for the same period during the prior year. As of June 30, 2017, Dolphin Digital had $35.54 million in total assets, $38.56 million in total liabilities and a total stockholders' deficit of $3.02 million. Cash flows provided by operating activities increased by approximately $5.0 million from approximately $(2.3) million used for operating activities during the six months ended June 30, 2016, to approximately $2.7 million provided by operating activities during the six months ended June 30, 2017. This increase was primarily due to (i) $2.1 million of production tax incentives received (ii) approximately $2 million received from accounts receivable related to Max Steel and (iii) cash flows provided by 42West. Cash flows from investing activities increased by approximately $1.2 million during the six months ended June 30, 2017, as compared to the same period in prior years primarily due to restricted cash that became available and was used to pay a portion of our debt. Cash flows used for financing activities increased by approximately $8.4 million during the six months ended June 30, 2017, from approximately $4.8 million provided by financing activities during the six months ended June 30, 2016, to approximately $3.5 million used for financing activities during the six months ended June 30, 2017, mainly due to (i) approximately $5.8 million used to repay the debt related to the production, distribution and marketing loans for Max Steel, (ii) $0.7 million used to pay the Put Rights exercised by the sellers of 42West and (iii) $0.5 million repaid to our CEO for advances made to the Company for working capital. In addition, we raised a net of $1.3 million more through the sale of our common stock during the six months ended June 30, 2016, than through various financing activities during the six months ended June 30, 2017. As of June 30, 2017, and 2016, the Company had cash available for working capital of approximately $1.0 million and approximately $4.9 million, respectively, and a working capital deficit of approximately $18.5 million and approximately $21.1 million, respectively. In connection with the 42West Acquisition, the Company may be required to purchase from the sellers up to an aggregate of 2,374,187 of their shares of Common Stock at a price equal to $4.61 per share during certain specified exercise periods up until December 2020. Of that amount the Company may be required to purchase up to 455,531 shares in 2017, for an aggregate of up to $3.1 million. On April 14, 2017, and June 1, 2017, the sellers of 42West, exercised put options in the aggregate amount of 151,837 shares of Common Stock and were paid an aggregate total of $0.7 million. The Company said these factors, along with an accumulated deficit of approximately $96.4 million, raise substantial doubt about its ability to continue as a going concern. "If we are not able to generate sufficient cash to service our current or future indebtedness, we will be forced to take actions such as reducing or delaying digital or film productions, selling assets, restructuring or refinancing our indebtedness or seeking additional debt or equity capital or bankruptcy protection. We may not be able to effect any of these remedies on satisfactory terms or at all and our indebtedness may affect our ability to continue to operate as a going concern," the Company said in the filing. A full-text copy of the Form 10-Q is available for free at: https://is.gd/EISqRb About Dolphin Digital Coral Gables, Florida-based Dolphin Digital Media, Inc., is dedicated to the twin causes of online safety for children and high quality digital entertainment. By creating and managing child-friendly social networking websites utilizing state-of-the-art fingerprint identification technology, Dolphin Digital Media has taken an industry-leading position with respect to internet safety, as well as digital entertainment. Dolphin Digital reported a net loss of $37.19 million for the year ended Dec. 31, 2016, following a net loss of $8.83 million for the year ended Dec. 31, 2015. BDO USA, LLP issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016. The Company, according to BDO USA, has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. DOUBLE EAGLE: Taps Allegiance Capital as Broker ----------------------------------------------- Double Eagle Energy Services, LLC received approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire Allegiance Capital Corporation as broker. The firm will provide financial counseling and market the oilfield services construction company. Allegiance will receive a 5% "success fee" from the transaction value, both tangible and intangible, realized by the Debtor as the result of a sale. There is no fee except at the closure of the sale. Furthermore, no fee will be due on sales solely of real estate. David Mahmood, chairman of Allegiance, disclosed in a court filing that his firm does not hold or represent any interest adverse to the Debtor or its estate. The firm can be reached through: David J. Mahmood Allegiance Capital Corporation 16400 Dallas Parkway, Suite 300 Dallas, TX 75248 Phone: (214) 217-7732 / (214) 247-6846 Fax: (214) 217-7751 Email: dmahmood@allcapcorp.com Email: info@allcapcorp.com About Double Eagle Energy Services Founded in 2006, Double Eagle Energy Services, a company based in Alexandria, Louisiana, provides general contracting services such as constructing water and sewer mains. The Debtor filed a Chapter 11 petition (Bankr. W.D. La. Case No. 17-80717) on July 17, 2017. In its petition, the Debtor indicated $12.41 million in total assets and $13.18 million in total liabilities. The petition was signed by Joe Ratcliff or Bob Ratcliff, owners. Judge John W. Kolwe presides over the case. Bradley L. Drell, Esq., at Gold, Weems, Bruser, Sues & Rundell, serves as the Debtor's bankruptcy counsel. The Debtor hired Colvin, Smith & McKay as its special counsel. DYNAMIC INT'L: Taps Kirstein & Young as Special Counsel ------------------------------------------------------- Dynamic International Airways, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina to hire Kirstein & Young PLLC as special counsel. The firm will provide legal advice on matters related to aviation law and regulation and will assist the Debtor in obtaining authorization from the Department of Transportation to expand its operations. The hourly rates charged by the firm are: Joanne Young $615 David Kirstein $600 Associates $190 - $425 The Debtor proposes to maintain an evergreen retainer of $50,000, first payable upon court approval of Kirstein & Young's employment. Joanne Young, Esq., managing partner of Kirstein & Young, disclosed in a court filing that her firm does not hold any interest adverse to the Debtor's estate. The firm can be reached through: Joanne W. Young, Esq. Kirstein & Young PLLC 1750 K Street NW, Suite 200 Washington, DC 20006 Phone: 202-331-3348 Fax: 202-331-3933 About Dynamic International Airways Dynamic International Airways, LLC owns and operates a full-service aviation enterprise, and is a licensed and certificated air carrier. It was formed in 2010 and operates in High Point, North Carolina. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 17-10814) on July 19, 2017. The case is assigned to Judge Catharine R. Aron. At the time of the filing, the Debtor disclosed that it had estimated assets of $10 million to $50 million and liabilities of $50 million to $100 million. The Debtor hired Bell Davis & Pitt, PA, and Garman Turner Gordon LLP, as attorneys, and MJAC L.L.C., d/b/a Allison Consulting, as financial advisor. An official committee of unsecured creditors has been appointed in the Debtor's case. The committee hired Saul Ewing LLP and Poyner Spruill LLP as its bankruptcy counsel. E&I HOLDINGS: EisnerAmper Announces Hourly Rate Increase -------------------------------------------------------- Ira Spiegel, director of EisnerAmper LLP, disclosed in a court filing that the firm has increased its hourly rates for its professionals who provide services to E&I Holdings LP and its affiliates effective August 1. The new hourly rates are: Old Hourly Rates New Hourly Rates ---------------- ---------------- Partner $500 - $530 $510 - $550 Director/Sr. Manager $340 - $470 $370 - $500 Manager $300 - $330 $310 - $360 Senior $235 - $290 $270 - $300 Staff Assistant $175 - $260 $175 - $270 Paraprofessionals $175 - $260 $175 - $270 EisnerAmper serves as accountant and financial advisor to the Debtors in their Chapter 11 cases filed in the U.S. Bankruptcy Court for the Southern District of New York. About E&I Holdings LP E&I Holdings LP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 15-45751) on December 28, 2015. The case is jointly administered with the Chapter 11 cases of E&I Management, LLC (Bankr. E.D.N.Y. Case No. 15-45754) and PA Farm Products, LLC (Bankr. E.D.N.Y. Case No. 15-45755) filed on December 28, 2015; and the case of Wise Kosher Natural Poultry, Inc. (Bankr. E.D.N.Y. Case No. 15-44725) filed on October 16, 2015. The petitions were signed by Issac Wiesenfeld, E&I Holdings general partner. At the time of the filing, E&I Holdings estimated its assets and liabilities at $1 million to $10 million. The other Debtors estimated their assets of less than $100,000 and liabilities of $1 million to $10 million. Judge Nancy Hershey Lord presides over the cases. The Law Office of Ira A. Abel represents the Debtors as bankruptcy counsel. The Debtors hired EisnerAmper LLP as accountant and financial advisor; and Clean Water, Inc. and Lenz Food Solutions, LLC as consultants. EARTHONE CIRCUIT: Goe & Forsythe Approved as Committee's Counsel ---------------------------------------------------------------- At the behest of the Official Committee of Unsecured Creditors of Earthone Circuit Technologies Corporation, a Delaware Corporation d/b/a eSurface, the U.S. Bankruptcy Court for the Central District of California authorized the Committee to retain Goe & Forsythe, LLP as counsel, following a hearing on August 30, 2017, in Santa Ana. The Committee requires the Firm to: a. advise the Committee concerning the requirements of the Bankruptcy Court and applicable rules; b. assist and advise the Committee in conducting an investigation of the Debtor's assets -- which will not include services related to any insurance claims against directors and officers or any other parties which services will be undertaken by proposed special litigation counsel -- and liabilities, including but not limited to potentially challenging alleged secured debt of certain insiders (with the assistance of proposed special litigation counsel); c. advise the Committee regarding matters of bankruptcy law, including the rights and remedies of creditors in regard to the Debtor's estate; d. represent the Committee in any proceedings or hearings in the Bankruptcy Court and in any action in any other court where Debtor's rights under the Bankruptcy Code may be litigated or affected; e. conduct examinations of witnesses, claimants, or adverse parties as may be required in connection with the investigation of Debtor's assets and liabilities and to prepare and assist in the preparation of reports, accounts and pleadings related to this Chapter 11 case; f. make any bankruptcy court appearances on behalf of the Committee; and g. take such other action and perform such other services as the Committee may require of the Firm in connection with this Chapter 11 case. The Firm's lawyers who will work on the Debtor's case and their hourly rates are: Robert P. Goe, partner $395 Marc C. Forsythe, partner $395 Donald W. Reid , associate $315 Charity J. Miller, associate $295 Kerry A. Murphy, legal assistant $140 Robert P. Goe, Esq., a partner at Goe & Forsythe, 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. The Firm may be reached at: Robert P. Goe, Esq. Goe & Forsythe, LLP 18101 Von Karman Avenue, Suite 1200 Irvine, CA 92612 Tel: (949) 798-2460 Fax: (949) 955-9437 About Earthone Circuit Technologies Corporation Based in Vetura, California, EarthOne Circuit Technologies Corporation, which does business as eSurface, is the creator and licensor of the eSurface proprietary patented technology for applied conductive materials. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 17-12521) on June 21, 2017. The petition was signed by Doug Molyneux, secretary. At the time of the filing, the Debtor disclosed that it had estimated assets and liabilities of $1 million to $10 million. The case is assigned to Judge Catherine E. Bauer. Winthrop Couchot Golubow Hollander, LLP represents the Debtor as bankruptcy counsel. On July 7, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. EAST WEST COPOLYMER: Seeks to Hire Didier as Consultant ------------------------------------------------------- East West Copolymer LLC received approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to hire Didier Consultants, Inc. as consultant. The firm will assist the Debtor in securing benefits available through the Louisiana Tax Incentive Programs. Didier will be paid a "contingency fee" of 8% of the value of the benefits received from the programs, with a minimum annual fee of $5,000. The firm will also be reimbursed for work-related expenses from the amount recovered. David Stevens, chief financial officer of Didier, 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 Stevens Didier Consultants, Inc. 1575 Church Street, Building 3 Zachary, LA 70791-2748 Phone: (225) 658-6065 Fax: (225) 658-6066 About East West Copolymer LLC East West Copolymer, LLC, filed a Chapter 11 bankruptcy petition Bankr. M.D. La. Case No. 17-10327) on April 7, 2017. 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 Gregory Nelson, manager. Stewart Robbins & Brown, LLC represents the Debtor as counsel. The Debtor hired Shared Management Resources, Ltd. as chief restructuring officer; Balmoral Advisors, LLC as investment banker; and Alluvion Community Capital, LLC as agent to secure reimbursement for overpayment of utilities. On May 4, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee hired Taylor, Porter, Brooks & Phillips LLP as bankruptcy counsel. ELLINGTON TRUCKING: Plan Filing Period Extended to Sept. 13 ----------------------------------------------------------- The Hon. Robyn L. Moberly of the U.S. Bankruptcy Court for the Southern District of Indiana has extended, at the behest of Ellington Trucking LLC, the exclusivity period to file a Chapter 11 plan and disclosure statement until Sept. 13, 2017. As reported by the Troubled Company Reporter on Aug. 10, 2017, the Debtor asked for the extension, saying it believes that it is more likely than not that the court will confirm a plan within a reasonable period of time. The Debtor claims that on Aug. 4, its counsel e-mailed ITC Acceptance Co.'s counsel to see if ITC has any objection to the requested extension. However, the Debtor's counsel received an out-of-office reply that ITC's counsel is in court all day, and as of the time of filing of the exclusivity motion, the Debtor has not heard from ITC's counsel. On June 1, 2017, the Debtor and ITC agreed to provide ITC with adequate protection. Under that agreement, the Debtor was required to file its plan of reorganization on or before Aug. 14. About Ellington Trucking LLC Ellington Trucking LLC filed a Chapter 11 petition (Bankr. S.D. Ind. Case No. 17-00781), on Feb. 15, 2017. The Petition was signed by its authorized representative, Sharon E. Harris. The Debtor is represented by David R. Krebs, Esq. at Hester Baker Krebs LLC. At the time of filing, the Debtor had $0 to $50,000 in estimated assets and $100,000 to $500,000 in estimated liabilities. FAMILY FOR LIFE: Hires Forbes Law as Attorney --------------------------------------------- The Family For Life Foundation has filed an amended application with the U.S. Bankruptcy Court for the Northern District of Ohio seeking approval to hire Forbes Law LLC, as attorney to the Debtor. Family For Life requires Forbes Law to: a. advise the Debtor as to its rights, duties and powers as a Debtor In Possession; b. prepare and file the Statements, Schedules, Plans and other documents and pleadings necessary to be filed by the Debtor in the bankruptcy case; c. represent the Debtor at all hearings, meetings of creditors, conferences, trials, and other proceedings in the bankruptcy case; and d. perform such other legal services as may be necessary in connection with the bankruptcy case. Forbes Law will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Glenn E. Forbes, A member of Forbes Law 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. Forbes Law can be reached at: Glenn E. Forbes, Esq. FORBES LAW LLC 166 Main Street Painesville, OH 44077 Tel: (440) 357-6211 Fax: (440) 357-1634 E-mail: gforbes@geflaw.net About The Family For Life Foundation The Family For Life Foundation filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ohio Case No. 17-14759) on August 12, 2017, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Glenn E. Forbes, Esq., at Forbes Law LLC. FBOP CORP: Urges Court to Pause $276M Tax Refund Lawsuit -------------------------------------------------------- Michael Macagnone, writing for Bankruptcy Law360, reports that FBOP Corp. and other parties filed a motion on Monday seeking to pause stay the lawsuit over $276 million tax refund and allow FBOP to refile its motion for summary judgment against the Pension Benefit Guaranty Corp. According to the report, FBOP and other parties ask the federal judge to pause the dispute as FBOP attempts to jettison the PBGC's claim for $30 million. FBOP Corp. is a defunct banking company. The case is Federal Deposit Insurance Corp. v. FBOP Corp. et al., case number 1:14-cv-04307, in the U.S. District Court for the Northern District of Illinois. FINJAN HOLDINGS: Forms New Subsidiary, Finjan Blue, Inc. -------------------------------------------------------- Finjan Holdings, Inc., has formed a new subsidiary, Finjan Blue, Inc., a Delaware corporation and wholly owned subsidiary of Finjan Holdings, which has entered into a patent acquisition and development agreement with IBM, and includes pathways for the two companies to consider development efforts in the future. The Agreement, the terms of which are confidential, includes the transfer of select security-related patent assets and provides for the sharing of pertinent institutional knowledge and resources by IBM to Finjan Blue. "Finjan returns to its roots with a business relationship it had with IBM nearly 20 years ago that included Finjan shipping its early enterprise appliance products on the IBM e-series chassis," said Phil Hartstein, president and CEO of Finjan Holdings. "This Agreement sets the foundation for us to work cooperatively with IBM now and into the future, bolsters our growth, and fits squarely within our strategic objectives." A call to discuss Finjan's new subsidiary, Finjan Blue, Inc. was be held on Monday, Aug. 28, 2017, at 1:30 p.m. PT/ 4:30 p.m. ET. Interested parties can dial in 1-855-327-6837. The call was also webcasted on the IR section of Finjan's website https://ir.finjan.com/ir-calendar. About Finjan Established nearly 20 years ago, Finjan -- http://www.finjan.com/ -- claims to be a globally recognized leader in cybersecurity. Finjan's inventions are embedded within a strong portfolio of patents focusing on software and hardware technologies capable of proactively detecting previously unknown and emerging threats on a real-time, behavior-based basis. Finjan continues to grow through investments in innovation, strategic acquisitions, and partnerships promoting economic advancement and job creation. Finjan reported a net loss attributable to common stockholders of $6.43 million for the year ended Dec. 31, 2016, a net loss attributable to common stockholders of $12.60 million for the year ended Dec. 31, 2015, and a net loss of $10.47 million for the year ended Dec. 31, 2014. As of June 30, 2017, Finjan had $43.42 million in total assets, $7.64 million in total liabilities, $18 million in Series A-1 preferred stock and $17.77 million in total stockholders' equity. FINTUBE LLC: Taps ClearRidge as Marketing Agent ----------------------------------------------- Fintube, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Oklahoma to hire a marketing agent. In a court filing, Fintube proposes to employ ClearRidge LLC to market the company or its assets for sale, and pay the firm a "success fee" of 4% of the purchase price. Fintube had previously employed the firm and its managing director Bruce Jones who was appointed as its chief restructuring officer. The engagement concluded before August 17. Mr. Jones disclosed in a court filing that his firm does not hold or maintain any interest adverse to the Debtor or its estate. The firm can be reached through: Bruce Jones ClearRidge, LLC 427 S. Boston Avenue, Suite 104 Tulsa, OK 74103 Tel: (918) 392-2900 About Fintube LLC Fintube, LLC, is a Delaware limited liability company engaged in the business of engineering and manufacturing welded, extended surface tubing and designing and fabricating heat recovery systems for a worldwide market. The Company has been in business for over 50 years. Its primary facilities are located in Tulsa, Oklahoma. Fintube filed a Chapter 11 petition (Bankr. N.D. Okla. Case No. 17-11274) on June 27, 2017. The Debtor hired Doerner, Saunders, Daniel & Anderson, L.L.P. as legal counsel; ClearRidge LLC as financial advisor; and Bruce Jones, managing director of ClearRidge, as chief restructuring officer. On July 10, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. No trustee or examiner has been appointed. The committee hired Crowe & Dunlevy, PC, as counsel. FIRST NBC: Committee Seeks Appointment of Chapter 11 Trustee ------------------------------------------------------------ BankruptcyData.com reported that First NBC Bank Holding's official committee of unsecured creditors filed with the U.S. Bankruptcy Court a motion seeking the appointment of a Chapter 11 trustee. The motion explains, "The Committee respectfully moves for appointment of a trustee pursuant to 11 U.S.C. sections 1104(a)(1) and (2) because the Debtor is rudderless and conflicted, and cannot fulfil its fiduciary duties to the Debtor's bankruptcy estate, for at least the following two reasons: a. The Debtor's management no longer is employed by the Debtor, leaving the Debtor's day-to-day operations in the hands of Mr. Blake Jones, one of its directors, who by training and experience is not suited to operating the Debtor during this complex chapter 11 case. A trustee experienced in and familiar with the complex and esoteric issues that arise in bank holding company bankruptcy cases is needed to do what the Debtor has not yet begun to do - commence litigation against the Debtor's officers, directors and former auditor, resolve potential regulatory and tax issues with the Federal Deposit Insurance Company ('FDIC'), preserve and monetize the Debtor's tax assets and attributes, and otherwise take control of the directionless and drifting Debtor and maximize recovery for creditors. The Debtor is hopelessly conflicted and cannot maximize the value of the Debtor's serious claims against its officers and directors. Mr. Jones has serious conflicts and cannot realistically bring suit against, among others, himself. The Debtor risks coverage disputes with its insurers if Mr. Jones tries. By its plain terms, the Debtors' directors and officers liability insurance policies (allegedly in the amount of at least $60 million) require the Debtor's directors, including the director who is managing the Debtor, to cooperate with the insurer in defending covered claims. Each of the directors, therefore, including Mr. Jones, is hopelessly conflicted." The Court scheduled a September 12, 2017 hearing on the motion. About First NBC Bank Holding First NBC Bank Holding Company -- http://www.firstnbcbank.com/-- is a bank holding company, headquartered in New Orleans, Louisiana, which offers a broad range of financial services through its wholly-owned banking subsidiary, First NBC Bank, a Louisiana state non-member bank. First NBC Bank's primary market is the New Orleans metropolitan area and the Florida panhandle. It serves its customers from its main office located in the Central Business District of New Orleans, 38 full service branch offices located throughout its market and a loan production office in Gulfport, Mississippi. First NBC Bank sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 17-11213) on May 11, 2017. The petition was signed by Lawrence Blake Jones, chief restructuring officer. The Debtor disclosed $6 million in assets and $65 million in liabilities as of May 10, 2017. The bankruptcy filing follows the appointment of the Federal Deposit Insurance Corporation as receiver of First NBC Bank, the Debtor's wholly owned subsidiary and principal asset, on April 28, 2017, for which the Debtor has previously announced that it does not expect any recovery. The case is assigned to Judge Elizabeth W. Magner. Steffes, Vingiello & McKenzie, LLC, is the Debtor's bankruptcy counsel. On May 18, 2017, the U.S. Trustee for Region 5 appointed an official committee of unsecured creditors. Jeffrey D. Sternklar LLC is the committee's legal counsel. No trustee or examiner has been appointed or designated in the case. FITNESS UNLIMITED: Case Summary & 10 Unsecured Creditors -------------------------------------------------------- Debtor: Fitness Unlimited Health Club, Inc. 1201 Military Road, Ste 2, PMB 154 Benton, AR 72015 Type of Business: Fitness Unlimited operates a health club facility at 1212 Hwy 35 North Benton, AR 72019. It previously sought bankruptcy protection on Nov. 20, 2013 (Bankr. E.D. Ark. Case No. 13-16393). Chapter 11 Petition Date: August 30, 2017 Case No.: 17-14711 Court: United States Bankruptcy Court Eastern District of Arkansas (Little Rock) Debtor's Counsel: Kevin P. Keech, Esq. KEECH LAW FIRM, PA 2011 S. Broadway St. Little Rock, AR 72206 Tel: (501) 221-3200 Fax: (501)221-3201 E-mail: kkeech@keechlawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kimberly McClendon, general manager. The Debtor's list of 10 unsecured creditors is available for free at http://bankrupt.com/misc/areb17-14711.pdf FLORIDA ORGANIC: Hires Torcivia Donlon as Environmental Counsel --------------------------------------------------------------- Florida Organic Aquaculture, LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of Florida to employ Torcivia Donlon Goddeau & Ansay, P.A., as special counsel. Florida Organic requires Torcivia Donlon to provide substantial legal services to the Debtor related to land use and environmental issues related to the Debtor's location in Fellsmere, Florida, including approval of the current site plan and a proposed expansion. Torcivia Donlon will be paid at the hourly rate of $325. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Carolyn S. Ansay, partner of Torcivia Donlon Goddeau & Ansay, P.A., 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. Torcivia Donlon can be reached at: Carolyn S. Ansay, Esq. TORCIVIA DONLON GODDEAU & ANSAY, P.A. 701 Northpoint Parkway, Suite 209 West Palm Beach, FL 33407 Tel: (561) 686-8700 About Florida Organic Aquaculture, LLC Based in Jupiter, Florida, Florida Organic Aquaculture, LLC, is engaged in shrimp cultivation using energy-efficient and sustainable aquaculture techniques. Florida Organic Aquaculture sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 17-15012) on April 24, 2017. The petition was signed by Clifford Morris, managing member. At the time of the filing, the Debtor estimated its assets and debts at $10 million to $50 million. The case is assigned to Judge Erik P. Kimball. Malinda L. Hayes, Esq., at Markarian Frank & Hayes serves as the Debtor's bankruptcy counsel. On July 21, 2017, the Debtor filed a disclosure statement, which explains its proposed Chapter 11 plan of reorganization. FOLTS HOME: Wants Exclusive Plan Filing Deadline Moved to Feb. 11 ----------------------------------------------------------------- Folts Home and Folts Adult Home, Inc., ask the U.S. Bankruptcy Court for the Northern District of New York to extend the Debtors' exclusive periods within which to file and solicit acceptances of their Chapter 11 plans from Oct. 14, 2017, and Dec. 13, 2017, respectively, to Feb. 11, 2018, and April 12, 2018, respectively. A hearing on the Debtors' request for extension will be held on Sept. 19, 2017, at 9:30 a.m. Objections to the extension must be filed by Sept. 12, 2017. As reported by troubled Company Reporter on June 9, 2017, the Court extended, at the behest of the Debtors, their exclusive periods to file and solicit acceptances of a Chapter 11 plan until Oct. 14 and Dec. 13, respectively. FAH, also known as Folts-Claxton, is a New York not-for-profit corporation and the owner of an 80-bed adult residential center that was constructed in 1998 and is located at 104 North Washington Street, Herkimer, New York 13350. FAH residents reside in separate apartments and are provided services like daily meals, laundry, housekeeping and medication assistance. As a result of operating losses in 2011, 2012 and 2013 and the accumulation of significant debt during that period, the Debtors requested that the New York State Department of Health appoint receivers to operate the facilities. As a result, receivers have operated the Facilities since Oct. 1, 2013. HomeLife has operated the facilities as receiver since Feb. 14, 2015, and will continue in that capacity until a new substitute temporary receiver is appointed to operate the facilities. The primary purpose of the Debtors' Chapter 11 cases is to implement the sale of the facilities as going concerns pursuant to Section 363 of the U.S. Bankruptcy Code, and to address the numerous significant claims that accrued prior to Oct. 1, 2013. The Debtors sought this relief in light of their financial inability to continue operating the facilities, the fact that they have encountered operating losses since 2011, and their desire to sell the facilities to a qualified purchaser who will protect the health, safety and welfare of the Folts Home and FAH residents and preserve the Debtors' long-standing mission to provide quality residential healthcare to members of the Herkimer community. On June 6, 2017, the Debtors conducted an auction sale of substantially all of their assets under Section 363 of the U.S. Bankruptcy Code. The Debtors selected a successful bidder for the assets and the Successful Bidder intends to purchase the Debtors' businesses as going concerns. On July 21, 2017, the Court entered an Order approving the asset sale. The Debtors anticipate that the asset sale to the successful bidder will close during late 2017 or early 2018. The Debtors will continue to work with the U.S. Department of Housing and Urban Development, the New York State Department of Health, the Office of the U.S. Trustee and HomeLife on all essential issues relating to the asset sale, and the development of, what will most likely be, a joint disclosure statement and liquidating Chapter 11 plans in these cases. The Debtors note that their cases are complex, and involve, on a consolidated basis, assets valued on the Petition Date at approximately $20 million and liabilities totaling approximately $25 million. In addition, the Debtors' counsel is in the process of preparing a joint disclosure statement and Chapter 11 plans for the Debtors which will involve input from counsel for HUD, the DOH and the U.S. Trustee. Counsel anticipates that the disclosure statement and plans will be filed in September or October 2017. The Debtors' demonstrated progress in resolving issues that have arisen since the Petition Date also justifies the requested extension of the Debtors' Exclusive Periods. The Debtors have worked with HUD, the DOH, their other prepetition secured creditors, HomeLife, the Office of the U.S. Trustee and investment banker CohnReznick Capital Markets Securities, LLC, on all issues in order to ensure the proper administration of their cases. The Debtors tell the Court that receiver HomeLife, on behalf of the Debtors, have been paying the Debtors' post-petition debts when due. The fact that a debtor has sufficient liquidity to pay its post-petition debts as they come due supports the granting of an extension of the exclusive periods, because it suggests that such an extension will not jeopardize the rights of post-petition creditors. The Debtors, through HomeLife, will continue to pay their undisputed post-petition debts as they come due and they anticipate having sufficient liquidity due to the relevant cash collateral orders to do so. About Folts Home Folts Home is a New York not-for-profit corporation and the owner of a 163-bed long-term residential health care and rehabilitation facility located at 100-122 North Washington Street, Herkimer, New York. In addition to long-term skilled nursing and residential care, Folts Home provides memory care to residents with dementia, palliative care and respite care and operates an adult day care program. Folts Home also offers rehabilitation services, like physical, occupational and speech therapy, on both inpatient and out-patient bases. Currently, Folts Home has approximately 218 active employees. Approximately 124 of the employees are full-time, 60 are part-time and 34 employees are employed on a per diem basis None of Folts Home's employees are represented by labor unions. Folts Adult Home, Inc. ("FAH"), also known as Folts-Claxton, is a New York not-for-profit corporation and the owner of an 80-bed adult residential center that was constructed in 1998 and is located at 104 North Washington Street, Herkimer, New York. FAH residents reside in separate apartments and are provided services like daily meals, laundry, housekeeping and medication assistance. FAH has approximately 22 active employees. Approximately 12 are full-time employees and 10 are part-time employees. None of FAH's employees are represented by labor unions. Folts Home and FAH currently have average daily censuses of 145 and 69, respectively. Folts Home has 3 major payors: Medicare, Medicaid and Excellus/Blue Cross. The majority of FAH residents are government subsidized, with 58% covered by Social Security Insurance and 42% private pay. Folts Home and Folts Adult Home, Inc., filed separate, voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D.N.Y. Lead Case No. 17-60139) on Feb. 16, 2017. The Hon. Diane Davis presides over the cases. Stephen A. Donato, Esq., at Bond, Schoeneck & King, PLLC, serves as the Debtors' counsel. Folts Home and Folts Adult Home, Inc., through duly-appointed receivers HomeLife at Folts, LLC and HomeLife at Folts-Claxton, LLC, continue to operate their skilled nursing home and adult residence businesses, respectively, and manage their properties as debtors in possession. William K. Harrington, the U.S. Trustee for Region 2, appointed Krystal Wheatley as patient care ombudsman for the Debtors. FORTERRA FINANCE: Moody's Cuts CFR to B3, Outlook Still Negative ---------------------------------------------------------------- Moody's Investors Service downgraded Forterra Finance LLC's corporate family rating to B3 from B1. The two notch downgrade reflects the deterioration in Forterra's operating results and credit metrics, the company's substantially higher leverage and weaker coverage, the significant execution risk ahead, and the expectation that the company's credit profile will remain weak over the next 12 to 18 months. The rating outlook remains negative. The following is a summary of Moody's ratings and actions taken for Forterra: - Corporate Family Rating, downgraded to B3 from B1; - Probability of Default Rating, downgraded to B3-PD from B1-PD; - Speculative Grade Liquidity Rating, downgraded to SGL-3 from SGL-2; - Senior Secured First Lien Term Loan, downgraded to B3 (LGD4) from B1 (LGD4). Outlook Actions: - Outlook, remains negative. RATINGS RATIONALE Forterra's key credit metrics have deteriorated significantly over the last six months as debt increased and operating performance declined. The B3 corporate family rating ("CFR") reflects Moody's expectations for continued high debt leverage (measured as Moody's adjusted Debt to EBITDA) above 8.5x as well as Forterra's relatively weak interest coverage (measured as EBITA/Interest) hovering around 1.0x. The B3 CFR also considers Forterra's deteriorating operating performance, and takes into account Moody's expectations for continued execution challenges ahead. Forterra's low organic revenue growth and capacity to cope with thinning margins are also accounted for in the rating. Moody's also expects a negative impact from Hurricane Harvey on the company's FY 2017 results. The rating is supported by Forterra's adequate liquidity with no near-term maturities and access to committed external financing. Moody's does, however, see the company's existing Tax Receivable Agreement signed with its long-term sponsor, Lone Star Funds, as a credit negative that can affect liquidity. The company's leading position as a water infrastructure participant in North America and the positive momentum anticipated in their main end-markets are also reflected in the rating. The negative outlook reflects the risk that Forterra's may not be able to improve operating performance enough to reverse its earnings drop and successfully boost its leverage and coverage metrics over the next 12 to 18 months to better align with its B3 ratings. The negative outlook considers the risk of Forterra being unable to successfully implement all the changes needed to turn its lagging results around while integrating all of its acquired assets into the existing platform. WHAT COULD CHANGE RATINGS UP/DOWN Factors that Could Lead to an Upgrade Forterra could be upgraded if its credit metrics improve to these levels: * Adjusted debt-to-EBITDA sustained below 6.0x. * Interest coverage (measured as EBITA-to-Interest Expense), sustained above 1.5x. * Consistent positive free cash flow is maintained. Factors that Could Lead to a Downgrade Forterra could be downgraded if adjusted credit metrics weaken to these levels: * Adjusted debt-to-EBITDA sustained above 8.0x. * Interest coverage (measured as EBITA-to-Interest Expense), sustained below 1.0x. * Operating and profit margins don't improve. * Further deterioration in liquidity profile CORPORATE PROFILE Headquartered in Irving, Texas, Forterra manufactures concrete, steel and ductile water infrastructure products in the US and eastern Canada. The company operates under two segments: 1) Drainage Pipe & Products and 2) Water Pipe & Products. The sponsor is Lone Star with approximately 71% ownership. For the 12 months ended June 30, Forterra generated revenues of $1.57 billion and Moody's adjusted EBITDA of $165.4 million. All calculations include Moody's standard adjustments. The principal methodology used in these ratings was Global Manufacturing Companies published in June 2017. GELTCH SOLUTIONS: Warren Mosler Signs Deal to Buy $1.8M Shares -------------------------------------------------------------- GelTech Solutions, Inc. and Warren Mosler entered into a stock purchase agreement on Aug. 22, 2017, whereby Mr. Mosler committed to purchase up to $1,800,000 shares of the Company's common stock until Aug. 1, 2018, subject to Michael Reger, the Company's president and chairman of the Board, continuing to serve as an officer of the Company. The Company will have the right to direct Mr. Mosler to purchase up to $150,000 of shares in any calendar month (although the parties can mutually agree to increase it in any calendar month). The price paid for the shares will be the closing price of the Company's common stock on the trading day immediately before the Company delivers its notice to the Purchaser. Mr. Mosler will not be obligated to make purchases under the Agreement if the price is above $0.50 per share. Mr. Mosler is a co-founder, principal and inactive partner of AVM LP, a licensed broker-dealer of which Mr. Reger is a principal and inactive partner. About GelTech Jupiter, Fla.-based GelTech Solutions. Inc. is a Delaware corporation organized in 2006. The Company markets four products: (1) FireIce(R), a water soluble fire retardant used to protect firefighters, structures and wildlands; (2) Soil2O(R) 'Dust Control', its new application which is used for dust mitigation in the aggregate, road construction, mining, as well as, other industries that deal with daily dust control issues; (3) Soil2O(R), a product which reduces the use of water and is primarily marketed to golf courses, commercial landscapers and the agriculture market; and (4) FireIce(R) Home Defense Unit, a system for applying FireIce(R) to structures to protect them from wildfires. GelTech Solutions reported a net loss of $4.67 million on $1.20 million of sales for the year ended Dec. 31, 2016, compared with a net loss of $6.02 million on $1.31 million of sales for the year ended Dec. 31, 2015. As of June 30, 2017, Geltech had $2.31 million in total assets, $8.74 million in total liabilities and a total stockholders' deficit of $6.42 million. Salberg & Company, P.A., in Boca Raton, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has a net loss and net cash used in operating activities in of $4,672,043 and $3,344,593, respectively, for the year ended Dec. 31, 2016 and has an accumulated deficit and stockholders' deficit of $47,957,926 and $6,363,616, respectively, at Dec. 31, 2016. These matters raise substantial doubt about the Company's ability to continue as a going concern. GENERAL MOTORS: Court Doubts Kaitlyn Reichwaldt's Punitives Claim ----------------------------------------------------------------- Cara Salvatore, writing for Bankruptcy Law360, reports that the U.S. Bankruptcy Court for the Southern District of New York was skeptical of a bid by General Motors plaintiff Kaitlyn Reichwaldt to pursue punitive damages over an alleged gas tank defect in a 1980s pickup. The Court said the bid has been blocked by earlier orders, Law360 relates. According to Law360, Ms. Reichwaldt claims that the gas tanks of early-1980s Chevy CK pickups were in a "known crush zone" outside the car's safety rails and created a clear explosion hazard during impacts. Dozens of people have burned to death from the defect, the report states, citing Ms. Reichwaldt. About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on June 1, 2009. The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as the Chief Executive Officer for Motors Liquidation Company. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. Garden City Group is the claims and notice agent of the Debtors. The U.S. Trustee appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Unsecured Creditors Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis & Frankel LLP served as bankruptcy counsel to the Creditors Committee. Attorneys at Butzel Long served as counsel on supplier contract matters. FTI Consulting Inc. served as financial advisors to the Creditors Committee. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, represented the Asbestos Committee. Legal Analysis Systems, Inc., served as asbestos valuation analyst. The Bankruptcy Court entered an order confirming the Debtors' Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan was declared effect on March 31. On Dec. 15, 2011, Motors Liquidation Company was dissolved. On the Dissolution Date, pursuant to the Plan and the Motors Liquidation Company GUC Trust Agreement, dated March 30, 2011, between the parties thereto, the trust administrator and trustee -- GUC Trust Administrator -- of the Motors Liquidation Company GUC Trust, assumed responsibility for the affairs of and certain claims against MLC and its debtor subsidiaries that were not concluded prior to the Dissolution Date. GENESIS DME: Exclusive Plan Filing Deadline Moved to Sept. 6 ------------------------------------------------------------ The Hon. Michele J. Kim of the U.S. Bankruptcy Court for the Southern District of Georgia has extended, at the behest of Genesis DME, Inc., the exclusivity period for the Debtor to file a plan of reorganization and disclosure statement, and to obtain acceptances of that plan through Sept. 6 and Nov. 6, 2017, respectively. The Debtor sought the extension, saying that it is working on a budget to file in conjunction with its plan and disclosure statement. The Debtor says its revenues are largely based on reimbursements from Medicare. The Debtor is anticipating an increase in its receivables based on a rate increase from Medicare which is pending but expected to be issued sometime during the month of July 2017. The outcome of the rate increase will have a significant effect on the Debtor's income and the feasibility of its plan. As reported by the Troubled Company Reporter on May 12, 2017, the Hon. John S. Dalis of the U.S. Bankruptcy Court for the Southern District of Georgia extended the exclusivity period for the Debtor to file a plan and disclosure statement and to obtain acceptances of that plan through July 8 and Sept. 6, respectively. About Genesis DME Genesis DME, Inc., filed a Chapter 11 petition (Bankr. S.D. Ga. Case No. 16-50791), on Nov. 10, 2016. The Petition was signed by Donnie L. Streat, Sr., president. The case is pending before the Hon. Michele J. Kim, who took over following Judge John S. Dalis' retirement. The Debtor is represented by James C. McCallar, Jr., Esq., at the McCallar Law Firm. At the time of filing, the Debtor had estimated $1 million to $10 million in both assets and liabilities. GOLDEN MARINA: Exclusivity Periods Extended Through October 24 -------------------------------------------------------------- Judge Donald R. Cassling of the U.S. Bankruptcy Court for the Northern District of Illinois extend the exclusivity periods in which only Golden Marina Causeway LLC can propose and solicit acceptances for a bankruptcy-exit plan to October 24, 2017. The Troubled Company Reporter previously reported that the Debtor sought the extension since parties-in-interest were still discussing a possible settlement of Cliffs Mining's issues that would lead to consensual confirmation of the Debtor's plan. The Debtor related that it has sold its major asset: the real estate located at 302 and 311 East Greenfield in Milwaukee, Wisconsin. The Court approved the sale to the stalking horse bidder, We Energies, on April 4, 2017, and the transaction has closed. The Debtor explained that after extensive negotiations with the Anne Marie Barry Trust, its main creditor, over the terms of its plan, the Debtor had filed a plan and disclosure statement, had solicited votes on that plan, and was already in the process of seeking confirmation of that plan. The Debtor's proposed plan was accepted by creditors, but objected to by Cliffs Mining Company, an alleged creditor of the Debtor's owner, East Greenfield Investors LLC. Cliffs Mining had also filed an involuntary petition against East Greenfield. About Golden Marina Causeway, LLC Golden Marina Causeway LLC owns two parcels of real estate, located at 302 and 311 East Greenfield Avenue in Milwaukee, Wisconsin. The parcel at 311 E. Greenfield consists of 47 acres and the smaller parcel at 302 E. Greenfield is approximately 1 acre. Golden Marina Causeway, LLC, based in Downers Grove, Illinois, filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 16-03587) on Feb. 5, 2016. The petition was signed by Lawrence D. Fromelius, manager. The Debtor is represented by Jeffrey K. Paulsen, Esq., at The Law Office of William J. Factor, Ltd. The Debtor also hired Nijman Franzetti LLP as special counsel. Golden Marina's case was assigned to Judge Carol A. Doyle, and later transferred to the chambers of Judge Donald R. Cassling. Golden Marina estimated assets and liabilities at $1 million to $10 million at the time of the filing. Lawrence D. Fromelius filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 15-22373) on June 29, 2015. On July 2, 2015, L. Fromelius Investment Properties LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code under Case No. 15-22943. Mr. Fromelius is the sole member of Investment Properties. He is also the sole member of East Greenfield Investors LLC, which in turn is the sole member of Golden Marina Causeway LLC. GREAT BASIN: Delays June 30 Form 10-Q Due to Lack of Funds ---------------------------------------------------------- Great Basin Scientific, Inc., filed a Form 12b-25 with the Securities and Exchange Commission notifying the delay in the filing of its quarterly report on Form 10-Q for the period ended June 30, 2017. The Company said it is currently unable to meet its payment obligations to certain of its suppliers and service providers and is currently unable to satisfy its ordinary course working capital requirements. Due to its lack of funds, the Company could not complete the finalization of its financial statements and related disclosures for the quarter ended June 30, 2017, and consequently cannot file its Quarterly Report on Form 10-Q within the prescribed time period and will not be able to file the Form 10-Q within 5 calendar days of its prescribed due date. Because of its lack of funds, there can be no assurance that the Company will continue as a going concern. Due to the change in the various complex instruments required to be recorded at fair value, the Company anticipates a significant change in reported net income or net loss for the three and six months ended June 30, 2017, as compared to the net loss recorded for the three and six months ended June 30, 2016, in the amount of $20.3 million and $53.9 million, respectively. The Company is unable to estimate the amount of the change as the fair value calculation has not been completed. About Great Basin West Valley City, Utah-based Great Basin Scientific Inc. -- http://www.gbscience.com/-- 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. Great Basin Scientific reported a net loss of $89.14 million on $3.04 million of revenues for the year ended Dec. 31, 2016, compared to a net loss of $57.89 million on $2.14 million of revenues for the year ended Dec. 31, 2015. As of March 31, 2017, Great Basin had $29.24 million in total assets, $59.10 million in total liabilities, and a total stockholders' deficit of $29.86 million. The Company's independent accountants, BDO USA, LLP, in Salt Lake City, Utah, expressed "substantial doubt" about the Company's ability to continue as a going concern noting that the Company has incurred substantial losses from operations, has negative operating cash flows and has a net capital deficiency. GREENE TECHNOLOGIES: Hires David Anderson as Accountant ------------------------------------------------------- Greene Technologies Incorporated seeks authority from the U.S. Bankruptcy Court for the Northern District of New York to employ David Anderson, CPA, as accountant to the Debtor. Greene Technologies requires David Anderson to: a. prepare the annual corporate tax returns for 2014 through 2016; and b. prepare the financial projections in anticipation of its plan of reorganization for the year ended 2014 through 2016. David Anderson will be paid at the hourly rate $150. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. David Anderson, member of David Anderson, CPA, 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. David Anderson can be reached at: David Anderson DAVID ANDERSON, CPA 1066 West Genesee Street Syracuse, NY Tel: (315) 476-6644 About Greene Technologies Incorporated Greene Technologies Incorporated filed a Chapter 11 bankruptcy petition (Bankr. N.D.N.Y.. Case No. 17-60389) on March 31, 2017. The petition was signed by Carol M. Rosenkrantz, president. The Debtor disclosed total assets of $795,274 and total liabilities of $1.01 million. Edward J. Fintel, Esq., at Edward J. Fintel & Associates, serves as the Debtor's attorney. GYMBOREE CORP: Panel Opposes $296M+ Term Loan Deficiency Claim -------------------------------------------------------------- BankruptcyData.com reported tht Gymboree Corp's official committee of unsecured creditors filed with the U.S. Bankruptcy Court an objection to any term loan deficiency claim in excess of $296 million as well as the motion to determine the value of the term loan deficiency claim. The committee asserts, "As an initial matter, the Term Loan Deficiency Claim is currently unliquidated, and as such, should only be entitled to vote for the Plan in the amount of $1.00 pursuant to the Solicitation and Voting Procedures. Moreover, the Committee objects to the allowance of the Term Loan Deficiency Claim in excess of $296 million and seeks a determination, pursuant to Section 506(a) of the Bankruptcy Code and Rule 3012 of the Bankruptcy Rules, that the value of the Term Loan Deficiency Claim is no more than $296 million based on a total enterprise value of $741 million." About The Gymboree Corp. The Gymboree Corporation is a children's apparel retailer in North America, with 1,291 retail stores as of Jan. 28, 2017 operating under three brands: Gymboree; Janie & Jack (a higher-end offering launched in 2002); and Crazy 8 (a value-oriented line launched in 2007). The Company operates online stores at http://www.gymboree.com/, http://www.janieandjack.com/and http://www.crazy8.com/ In October 2010, Gymboree was acquired by Bain Capital Private Equity, LP and certain of its affiliated investment funds or investment vehicles managed or advised by it -- Sponsor -- for approximately $1.8 billion. The Gymboree Corp. and seven affiliates each filed a Chapter 11 voluntary petition (Bankr. E.D. Va. Lead Case No. 17-32986) on June 11, 2017. James A. Mesterharm, chief restructuring officer, signed the petitions. The cases are pending before the Honorable Keith L. Phillips. Gymboree had $755.5 million in assets and $1.36 billion in total liabilities as of March 14, 2017. Kirkland & Ellis LLP, is the Debtors' bankruptcy counsel. Kutak Rock LLP is the Debtors' local bankruptcy counsel. Munger, Tolles & Olson LLP is the Debtors' special counsel. Lazard Freres & Co. LLC is the investment banker. AlixPartners, LLP is the restructuring advisor. Prime Clerk LLC is the claims agent. Counsel to the Term Loan Agent and the DIP Term Loan Agent are Milbank, Tweed, Hadley & McCloy LLP; and McGuireWoods LLP. Rothschild & Co. also serves as advisor to the Term Loan Agent. Bain Capital Partners is represented by Weil Gotshal & Manges LLP. Counsel to the DIP ABL Administrative Agent are Morgan, Lewis & Bockius LLP; and Hunton & Williams LLP. Counsel to the DIP ABL Term Agent are Choate, Hall & Stewart LLP; and Whiteford Taylor Preston, LLP. The indenture trustee for the Debtors' senior unsecured notes is Deutsche Bank Trust Company Americas. Counsel to the ad hoc group of senior unsecured noteholders is Akin Gump Strauss Hauer & Feld LLP. Judy A. Robbins, U.S. Trustee for Region 4, on June 22, 2017, appointed seven creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Gymboree Corp. Hahn & Hessen LLP serves as lead counsel to the Committee and Tavenner & Beran, PLC serves as local counsel. Protiviti Inc. acts as financial advisor to the Committee. GYPC INC: Taps CliftonLarsonAllen as Accountant ----------------------------------------------- GYPC, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire an accountant. The Debtor proposes to employ CliftonLarsonAllen LLP to, among other things, prepare its 2016 tax returns; respond to the 2014 audit; and complete a final audit of its 401K plan. The hourly rates charged by the firm range from $125 to $425. Mark Dalbey, principal of CliftonLarsonAllen, 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: Mark M. Dalbey CliftonLarsonAllen 301 SW Adams Street, Suite 2000 Peoria, IL 61602-1557 About GYPC Inc. Based in Dayton, Ohio, GYPC Inc. designs and operates programs that motivate employees, dealers, resellers and distributors, helping increase productivity and profitability, reduce turnover and promote innovation. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Case No. 17-31030) on March 30, 2017. The petition was signed by Christopher F. Cummings, chairman and CEO. At the time of the filing, the Debtor estimated its assets at $1 million to $10 million and debts at $50 million to $100 million. The case is assigned to Judge Guy R Humphrey. The Debtor hired Porter Wright Morris & Arthur LLP as counsel. No trustee, examiner, or creditors' committee has been appointed in the Debtor's case. HUMANIGEN INC: Appoints New Chief Financial Officer --------------------------------------------------- Humanigen, Inc., has appointed Greg Jester to serve as chief financial officer of the Company, effective Sept. 5, 2017. Prior to joining the Company, Mr. Jester, age 50, served as vice president, finance, for Tris Pharma, Inc., a specialty pharmaceutical company, from May 2015 to August 2017. From August 2014 to May 2015, Mr. Jester served as interim controller for Virtus Pharmaceuticals, LLC, a $40 million generic pharmaceutical company. He also served as a financial consultant to Cormedix, Inc., a publicly traded commercial drug device company, from March 2014 to August 2014. From July 2013 to December 2013, Mr. Jester served as chief financial officer and partner for Madden Global Solutions, Inc., a food brokerage serving warehouse club and chain drug stores, and served as chief financial officer of House Party, Inc., a social media marketing company, from January 2011 to June 2013. Mr. Jester has held CFO roles at numerous private and publicly-owned pharmaceutical companies, including Alvogen Group Inc. and Innovive Pharmaceuticals, Inc. Mr. Jester holds a Bachelor of Science in business administration from the University of Richmond. In connection with his appointment as CFO, the Company and Mr. Jester entered into an offer letter pursuant to which Mr. Jester will be eligible to receive the following compensation: (i) an initial annual base salary of $290,000; (ii) an annual bonus pursuant to the Company's annual bonus plan for executive officers, as then in effect, with a maximum bonus (if any) equal to 50% of Mr. Jester's salary for the bonus period; and (iii) certain medical, retirement and other benefits generally available to the Company's other employees. Under the Offer Letter, Mr. Jester will also be eligible to receive stock options to purchase 150,000 shares of the Company's common stock pursuant to the terms and conditions set forth in a stock option agreement governed by the Company's 2012 Equity Incentive Plan. Dr. Cameron Durrant will continue to serve as the Company's Chairman of the Board and chief executive officer but will no longer serve as the Company's interim chief financial officer as of the Effective Date. About Humanigen, Inc. Humanigen, Inc. (OTCQB: HGEN), formerly known as KaloBios Pharmaceuticals, Inc., -- http://www.humanigen.com/-- is a biopharmaceutical company focused on advancing medicines for patients with neglected and rare diseases through innovative, accelerated business models. Lead compounds in the portfolio are benznidazole for the potential treatment of Chagas disease in the U.S., and the proprietary monoclonal antibodies, lenzilumab and ifabotuzumab. Lenzilumab has potential for treatment of various rare diseases, including hematologic cancers such as chronic myelomonocytic leukemia (CMML) and juvenile myelomonocytic leukemia (JMML). KaloBios amended its Amended and Restated Certificate of Incorporation to change its corporate name to Humanigen, Inc., effective Aug. 7, 2017. KaloBios filed a voluntary petition for bankruptcy protection under Chapter 11 of Title 11 of the United States Bankruptcy Code (Bankr. D. Del. Case No. 15-12628) on Dec. 29, 2015. The Company was represented by Eric D. Schwartz of Morris, Nichols, Arsht & Tunnell. KaloBios emerged from Chapter 11 bankruptcy six months later. The Company has acquired the rights from Savant Neglected Diseases LLC to develop benznidazole for the treatment of Chagas disease. Kalobios reported a net loss of $27.01 million for the year ended Dec. 31, 2016, compared to a net loss of $35.37 million for the year ended Dec. 31, 2015. As of June 30, 2017, Humanigen had $1.92 million in total assets, $16.61 million in total liabilities and a total stockholders' deficit of $14.69 million. HORNE LLP, in Ridgeland, Mississippi, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, noting that the Company has recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. IAMGOLD CORP: Moody's Hikes CFR to B1; Outlook Positive ------------------------------------------------------- Moody's Investors Service upgraded IAMGOLD Corp. (IAG)'s corporate family rating (CFR) to B1 from B2, probability of default rating (PDR) to B1-PD from B2-PD, and senior unsecured notes rating to B2 from B3. The speculative grade liquidity rating of SGL-1 was affirmed. The ratings outlook remains positive. "IAMGOLD's ratings upgrade is driven by its low leverage, available cash in excess of debt, declining cash costs and increasing production at its Westwood mine", said Jamie Koutsoukis, Moody's Vice President, Senior Analyst. "The positive outlook reflects Moody's expectations IAMGOLD will continue to improve costs, and maintain leverage under 2x," she added. Rating Actions: Corporate Family Rating, Upgraded to B1 from B2 Probability of Default Rating, Upgraded to B1-PD from B2-PD $400 Million Senior Unsecured Notes due 2025, Upgraded to B2 (LGD4) from B3 (LGD4) Speculative Grade Liquidity Rating, Affirmed at SGL-1 Outlook Actions: Outlook, remains positive RATINGS RATIONALE IAMGOLD's B1 CFR reflects the company's exposure to volatile gold prices, its moderate scale, a concentration of production and cash flows at its two largest mines, and some geopolitical risk. Providing offsets are IAMGOLD's low leverage, cash that exceeds debt , improving cash operating costs, and increasing production at Westwood, which will add diversity and reduce geopolitical risk. The rating also incorporates Moody's view that management is fiscally prudent and will largely use cash for future development rather than shareholder returns. IAMGOLD's Rosebel and Essakane gold mines accounted for over 75% of IAMGOLD's production and 85% of gross profit in the first half of 2017. Also, Rosebel is located in Suriname (B1 stable) and Essakane in Burkina Faso (unrated), both jurisdictions with elevated geopolitical risks, however as IMAGOLD's Westwood mine (located in Quebec) ramps up to full production in 2019, both its concentration and geopolitical risk should lessen. IAMGOLD's cash costs (total revenue less adjusted total EBITDA divided by total production) have improved to $780/oz in the first half of 2017 compared to $810/oz for full year 2016, as a result of successes in the comapny's cost-reduction efforts despite some hard rock challenges at both of its main mines. Moody's expects cash costs to remain steady over time, but could see further improvement as Westwood moves towards full production of about 210,000 oz/year (125,000 run rate currently). IAMGOLD Corp. has very good liquidity (SGL-1). The company had $776 million in cash and equivalents at June 2017 and a $250 million committed facility (matures 2020) which largely is undrawn. Moody's expects the company to generate positive free cash flow of about $20 million over the next 12 months, using a gold price sensitivity of $1250 in 2017 and $1200 in 2018, and increased production from Westwood. IAMGOLD will receive an additional $95 million from its $195 million sale of its 30% interest in the Côté Gold Project on the earlier of end of 2018, or the date of public filing of a feasibility study on the project. IAMGOLD Corp. (IAG)'s credit facility includes financial covenants including net debt to EBITDA, tangible net worth, interest coverage and minimum liquidity of which Moody's believes IAMGOLD Corp. (IAG) will remain comfortably in compliance. The positive outlook reflects Moody's expectations that IAMGOLD will maintain adjusted debt/EBITDA below 2x, total cash costs per ounce (revenue less adjusted EBITDA divided by total production) will move towards the mid $700/oz range and Westwood will continues to progress towards full production of about 210k oz/year in 2019. The CFR could be upgraded to Ba3 if IAMGOLD successfully brings production at Westwood close to full production (210k oz/year), improving its operational diversity and demonstrating its execution abilities with this previously challenging mine. Also, an upgrade would require that total cash costs per ounce (revenue less adjusted EBITDA divided by total production) remain below $800/oz, leverage remains below 2.5x (1.2x at Q2/2017), and liquidity remains good. Free cash flow is just above breakeven currently, and if IAMGOLD undertakes development of the Côté Gold mine with increased capex and negative free cash flow, Moody's would need to be confident that the company would have sufficient liquidity to reach positive free cash flow on that project. The CFR could be downgraded to B2 if Moody's expects IAMGOLD's adjusted debt/EBITDA to be sustained above 3.5x (1.2x at Q2/2017), or should Moody's believes the company's liquidity position would materially contract, most likely due to new development costs consuming most of its currently very good liquidity. Headquartered in Toronto, Canada, IAMGOLD owns and operates three gold mines: Rosebel (95% owned,~296koz of attributable gold production in 2016) in Suriname, Essakane (90%, ~377koz) in Burkina Faso, and Westwood (100%, ~65koz) in Canada. The company also owns 41% of a joint venture (Sadiola, 70koz) in Mali. The principal methodology used in these ratings was Global Mining Industry published in August 2014. ISTAR INC: S&P Alters Outlook to Positive on Decline in Leverage ---------------------------------------------------------------- S&P Global Ratings said it revised its outlook on iStar Inc. to positive from stable and affirmed its 'B+' issuer credit, senior secured, and unsecured debt ratings. S&P said, "Our outlook revision to positive from stable reflects iStar's declining leverage, improving asset quality and profitability, and progress addressing its debt maturities. Recent transactions and strong earnings have added to equity capitalization and reduced leverage, as measured by debt to adjusted total equity of 6.6x as of June 30, 2017. The firm's required January 1, 2018 adoption of accounting standard ASU 2017-05 will result in a retroactive gain on its Safety, Income and Growth, Inc. (SAFE) stock holdings that pro forma for SAFE's current stock price would lower leverage below 6x. However, we believe that how the company addresses upcoming debt maturities, its high- cost preferred stock and additional investment in its net lease joint venture, lends uncertainty as to the company's prospective leverage. "The positive outlook on iStar reflects our expectation that continued investment in the land portfolio should support ongoing profitability and adequate liquidity. We also believe that available liquidity, considerable unencumbered assets, and recently demonstrated capacity to access capital markets should enable iStar to address upcoming debt maturities. Further, we expect leverage to not increase above the June 30, 2017, level of 6.6x." Over the next 12 months, S&P could raise its rating if iStar: -- Addresses upcoming debt maturities while maintaining liquidity; -- Reduces leverage to 6x or below on a sustained basis; and -- Continues to reduce the size and risk of the land, transitional properties, and nonperforming assets portfolios, sufficient to improve overall asset quality and sustain good profitability. S&P said, "Conversely, we could revise the outlook to stable if we do not expect the company to maintain leverage below 6.5x, or if it suffers setbacks in asset quality, profitability, or liquidity. "While less likely, we could downgrade the company if difficulty meeting debt maturities causes liquidity to deteriorate materially." JOSOVITZ PROPERTIES: Case Summary & 3 Unsecured Creditors --------------------------------------------------------- Debtor: Josovitz Properties, LLC 726 South Church Street Murfreesboro, TN 37130 Type of Business: Josovitz Properties listed its business as a single asset real estate (as defined in 11 U.S.C. Section 101(51B)). The Company owns in fee simple interest a real property located at 726 South Church Street, Murfreesboro, TN 37130 currently valued at $1.22 million. Chapter 11 Petition Date: August 30, 2017 Case No.: 17-05918 Court: United States Bankruptcy Court Middle District of Tennessee (Nashville) Judge: Hon. Marian F Harrison Debtor's Counsel: Steven L. Lefkovitz, Esq. LAW OFFICES LEFKOVITZ & LEFKOVITZ 618 Church St Ste 410 Nashville, TN 37219 Tel: 615 256-8300 Fax: 615 255-4516 E-mail: slefkovitz@lefkovitz.com Total Assets: $1.52 million Total Liabilities: $639,662 The petition was signed by Mark Josovitz, chief manager, who also sought bankruptcy protection on Feb. 16, 2017 (Bankr. M.D. Tenn. Case No. 17-01046). Josovitz Properties' list of the Debtor's three unsecured creditors is available for free at http://bankrupt.com/misc/tnmb17-05918.pdf LA PALOMA GENERATING: Exit Plan Can't Be Confirmed, LNV Corp. Says ------------------------------------------------------------------ Matt Chiappardi, writing for Bankruptcy Law360, reports that La Paloma Generating Co. LLC secured creditor LNV Corp. told the U.S. Bankruptcy Court for the District of Delaware that the exit strategy the Debtor is floating can't be confirmed. LNV argued that its exit strategy is "far preferable" to what it characterizes as the Debtor's litigation-heavy effort. LNV was responding to criticism that its bid to file its own Chapter 11 plan in the case would "hijack" the proceedings. About La Paloma Generating La Paloma Generating Company, LLC, a D.C.-based merchant power generator, and its affiliates La Paloma Acquisition Co, LLC, and CEP La Paloma Operating Company, LLC, filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-12700 to 16-12702) on Dec. 6, 2016. The petitions were signed by Niranjan Ravindran, as the Debtors' authorized person. La Paloma Generating estimated $100 million to $500 million in assets and $500 million to $1 billion in liabilities. The Hon. Christopher S. Sontchi presides over the cases. The Debtors are represented by John J. Rapisardi, Esq., and George A. Davis, Esq., at O'Melveny & Myers LLP, as lead bankruptcy counsel; and Mark D. Collins, Esq., Andrew Dean, Esq., and Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., as Delaware counsel. Lawyers at Curtis, Mallet-Prevost, Colt & Mosle LLP serve as conflicts counsel. Jefferies LLC serves as the Debtors' financial advisor and investment banker, while their claims and noticing agent is Epiq Bankruptcy Solutions. Alvarez & Marsal North America, LLC, is the financial advisor. Maria Aprile Sawczuk has been appointed fee examiner in the bankruptcy case. On Aug. 2, 2017, the Debtors filed a Chapter 11 Plan and Disclosure Statement. LENNAR CORP: S&P Hikes CCR to BB+ on Solid Profits, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings raised its corporate credit rating on Lennar Corp. to 'BB+' from 'BB'. The outlook is stable. S&P said, "We also raised our issue-level rating on the company's debt to 'BB+' from 'BB'. The recovery rating on the debt is unchanged at '3', which indicates our expectation of meaningful (50% to 70%, rounded estimate: 65%) recovery in the event of payment default. S&P said, "We are raising our rating on Lennar based on our assessment of the company's key business drivers relative to peers, particularly the company's profitability. We believe that the company's homebuilding margins and returns on capital rank among close peers Toll Brothers Inc. and PulteGroup Inc. In addition, Lennar's debt leverage continues to improve as the company bolsters earnings and capital, providing some cushion at the 'BB+' rating for an inevitable downturn in homebuilding or for debt-funded initiatives. "The stable outlook on Lennar reflects our expectation that the company will improve adjusted debt to EBITDA to below 3x and debt to capital to about 40% in fiscal 2017 along with steady EBITDA growth amid favorable market conditions and the integration of the WCI acquisition. We believe that Lennar's credit measures will improve further in 2018, providing ample cushion at the rating for earnings deterioration or for debt-funded initiatives. We expect that Lennar can sustain adjusted debt to EBITDA below 4x and debt to capital below 50%, even if market conditions weaken, as lower sales release working capital for debt reduction. "We could lower the rating if Lennar's adjusted debt to EBITDA increases above 4x because of any combination of weaker market conditions, operating setbacks, or debt-funded corporate developments. We believe that such a scenario could occur with about 300 bps of rapid gross margin degradation, which is unlikely unless costs rise sharply. More likely, we could lower the rating if the company increases leverage above 4x for shareholder returns, acquisitions, or other initiatives amid strong market conditions, which would eliminate any buffer for potentially weaker earnings in this cyclical industry. "We are unlikely to raise the rating on Lennar to investment-grade in the next 12 months. Although we believe the company could continue improving credit measures over the next year, credit measures are exposed to an inevitable downturn in U.S. homebuilding after nearly a decade of steady recovery. However, we could raise the rating one notch if the company sustainably reduced adjusted leverage to about 2x." LINCOLN JAMES: Case Summary & 4 Unsecured Creditors --------------------------------------------------- Debtor: Lincoln James Investment Properties, LLC 27310 Madison Ave, STE 103 Temecula, CA 92590 Type of Business: Lincoln James Investment listed its business as a single asset real estate (as defined in 11 U.S.C. Section 101(51B)). It owns in fee simple interest a real property located at 27310 Madison Ave, Temecula, CA 92590 valued at $7 million. Chapter 11 Petition Date: August 30, 2017 Case No.: 17-17285 Court: United States Bankruptcy Court Central District of California (Riverside) Judge: Hon. Wayne E. Johnson Debtor's Counsel: Todd L Turoci, Esq. THE TUROCI FIRM 3845 Tenth Street Riverside, CA 92501 Tel: 888-332-8362 Fax: 866-762-0618 E-mail: mail@theturocifirm.com Total Assets: $7.01 million Total Liabilities: $5.21 million The petition was signed by Jared Scarth, managing member. The Debtor's list of four unsecured creditors is available for free at http://bankrupt.com/misc/cacb17-17285.pdf LLOYD M. HUGHES: Taps Bleiman as Counsel in Suit vs. Allstate ------------------------------------------------------------- Lloyd M. Hughes Enterprises, Incorporated seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Leo M. Bleiman & Associates as special counsel. The Debtor tapped the firm to provide legal assistance in connection with a lawsuit (Case No. 17-105698) involving Allstate Insurance Company. The case was filed in the Circuit Court of Cook County. The Debtor's real estate located at 9317 S. Michigan Avenue in Chicago had a partial collapse causing damages of $12,240, which the insurance company allegedly refused to cover, according to court filings. Bleiman will be paid a "contingency fee," which is one-third of any gross recovery. Leo Bleiman, Esq., disclosed in a court filing that he and the firm's associates and partners are "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Leo M. Bleiman, Esq. Leo M. Bleiman & Associates 205 West Randolph St., Suite 2200 Chicago, IL 60606 Phone : (312) 346-7222 About Lloyd M. Hughes Enterprises Lloyd M. Hughes Enterprises, Incorporated, is an Illinois corporation that owns and operates a laundry facility consisting of 155 coin operative washers and dryers. The facility is located at 6331 S. Martin Luther King Drive, Chicago, Illinois. Lloyd M. Hughes Enterprises sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 17-16025) on May 24, 2017. Lloyd M. Hughes, chairman and president, signed the petition. At the time of the filing, the Debtor had less than $50,000 in estimated assets and $500,001 to $1 million in estimated liabilities. Judge A. Benjamin Goldgar presides over the case. Crane, Heyman, Simon, Welch & Clar represents the Debtor as bankruptcy counsel. M&K WALKER: Hires Will B. Geer as Counsel ----------------------------------------- M&K Walker & Sons Trucking, LLC, seeks authority from the U.S. Bankruptcy Court for the Northern District of Georgia to employ The Law Office of Will B. Geer, LLC, as counsel to the Debtor. M&K Walker requires Will B. Geer to: (a) prepare pleadings and applications; (b) conduct of examination; (c) advise the Debtor of its rights, duties and obligations as debtors-in-possession; (d) consult with the Debtor and represent the Debtor with respect to a Chapter 11 plan; (e) perform those legal services incidental and necessary to the day-to-day operations of the Debtor's business, including, but not limited to, institution and prosecution of necessary legal proceedings, and general business and corporate legal advice and assistance; (f) take any and all other action incident to the proper preservation and administration of the Debtor's estates and business. Will B. Geer will be paid at these hourly rates: Attorney $350 Legal Assistants $150 Will B. Geer has accepted a retainer of $15,038 plus $1,717 for the Chapter 11 filing fees paid by the Debtor. From that retainer, the Firm earned $6,090 pre-petition services, plus the filing fee incurred, leaving a retainer of $8,948. Will B. Geer will also be reimbursed for reasonable out-of-pocket expenses incurred. Will B. Geer, partner of The Law Office of Will B. Geer, 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. Will B. Geer can be reached at: Will B. Geer, Esq. THE LAW OFFICE OF WILL B. GEER, LLC 333 Sandy Springs Circle, NE, Suite 225 Atlanta, Georgia 30328 Tel: (678) 587-8740 Fax: (404) 287-2767 E-mail: willgeer@willgeerlaw.com About M&K Walker & Sons Trucking, LLC M&K Walker & Sons is a licensed and bonded freight shipping and trucking company running freight hauling business from Marietta, Georgia. M&K Walker & Sons Trucking, LLC, based in Marietta, GA, filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 17-64328) on August 16, 2017. The Hon. Paul Baisier presides over the case. Will B. Geer, Esq., at Law Office of Will B. Geer, LLC, serves as bankruptcy counsel. M&K Walker & Sons says it is a small business debtor as defined in 11 U.S.C. Section 101(51D). M&K Walker & Sons is an affiliate of Milton and Kathy Walker, who jointly sought bankruptcy protection (Bankr. N.D. Ga. Case No. 17-61756) on July 5, 2017. In its petition, the Debtor estimated $647,000 in assets and $1.08 million in liabilities. The petition was signed by Brenton Walker, manager. MACAVITY COMPANY: Seeks to Hire MCA as Financial Advisor -------------------------------------------------------- Macavity Company, LLC, seeks authority from the U.S. Bankruptcy Court for the District of Arizona to employ MCA Financial Group Ltd., as financial advisor to the Debtor. Macavity Company requires MCA Financial to: a. advise the Debtor in connection with, and assist in the preparation of, any amendments to the bankruptcy schedules and statement of financial affairs, monthly operating reports, and other financial reporting requirements; b. advise the Debtor in connection with, and assist in the preparation of, financial projections; c. advise the Debtor in connection with cash collateral and financing issues; d. perform financial analysis of the Debtor's business and operations; e. perform valuation and feasibility analysis; f. advise the Debtor in connection with business and financial restructuring of the company, and in the formulation, negotiation, and confirmation of a chapter 11 reorganization plan; g. provide expert witness and litigation support services in relation to cash collateral, financing, valuation, feasibility, and plan confirmation issues; and h. provide other financial and business consulting services to the Debtor as needed. MCA Financial will be paid at these hourly rates: Senior Managing Director $450 Managing Directors $375 Directors $295 MCA Financial will also be reimbursed for reasonable out-of-pocket expenses incurred. Morris C. Aaron, a member of MCA Financial Group Ltd., assured the Court 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. MCA Financial can be reached at: Morris C. Aaron MCA FINANCIAL GROUP LTD. 4909 N 44th St. Phoenix, AZ 85018 Tel: (602) 710-2520 About Macavity Company, LLC Macavity Company, LLC, develops real estate properties. Macavity was incorporated in 2008 and is based in Mesa, Arizona. It has a fee simple interest in an 861.50 acres of undeveloped land at NW Corner of Monte Carlo Boulevard and FM 75, Princeton, Texas, valued at $28 million. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 17-08474) on July 24, 2017. The petition was signed by Lane Spencer of Ready RDC LLC, sole member. At the time of the filing, the Debtor disclosed $28.12 million in assets and $17.29 million in liabilities. Judge Brenda K. Martin presides over the case. MACAVITY COMPANY: To Hire Kane Russell & Shupe Ventura Firms ------------------------------------------------------------ Macavity Company, LLC, seeks authority from the U.S. Bankruptcy Court for the District of Arizona to employ these ordinary course professionals: Professional Services ------------ -------- Kane Russell Coleman Logan PC Legal assistance with contract, business, real estate development, and transactional matters. Shupe Ventura, PLLC Legal assistance with governmental, entitlement, public incentives, and municipal matters. Kane Russell will be paid at the hourly rate of $350. Kane Russell will be paid a retainer in the amount of $2,000. The firm will be reimbursed for reasonable out-of-pocket expenses incurred. Shupe Ventura will be paid at these hourly rates: Ike Shupe $475 Misty Ventura $475 Matt Molash $425 Melissa Lindelow $375 Marcella Olson $375 Corey Admire $375 Agenda Monitoring $125 Contract Paralegal $50-$175 Shupe Ventura is currently holding $22,456 in retainer funds. It will be reimbursed for reasonable out-of-pocket expenses incurred. Gordon B. Russell, shareholder of Kane Russell Coleman Logan PC, and Misty Ventura, shareholder of Shupe Ventura, PLLC, assured the Court that the firms are 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 professionals can be reached at: Gordon B. Russell, Esq. KANE RUSSELL COLEMAN LOGAN PC 1601 Elm Street, Suite 3700 Dallas, TX 75201 Tel: (214) 777-4213 Fax: (214) 777-4299 - and - Misty Ventura, Esq. SHUPE VENTURA, PLLC 9406 Biscayne Blvd. Dallas, TX 75218 Tel: (214) 328-1101 Fax: (214) 450-8753 E-mail: misty.ventura@svlandlaw.com About Macavity Company, LLC Macavity Company, LLC, develops real estate properties. Macavity was incorporated in 2008 and is based in Mesa, Arizona. It has a fee simple interest in an 861.50 acres of undeveloped land at NW Corner of Monte Carlo Boulevard and FM 75, Princeton, Texas, valued at $28 million. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 17-08474) on July 24, 2017. The petition was signed by Lane Spencer of Ready RDC LLC, sole member. At the time of the filing, the Debtor disclosed $28.12 million in assets and $17.29 million in liabilities. Judge Brenda K. Martin presides over the case. MAR MEG: Seeks to Hire Real Estate Broker and Auctioneer -------------------------------------------------------- Mar Meg LLC, seeks authority from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Century 21 New Millenium, as real estate broker, and Auction Markets, LLC, as auctioneer, to the Debtor. Mar Meg requires Century 21 to market and sell the Debtor's property a three-story commercial office building located at 21 Main Street, Round Hill, Loudoun County, Virginia 20141. Century 21 will be paid a 6% commission of the purchase price. Mar Meg requires Auction Markets to conduct an auction sale of the Debtor's Property. Auction Markets will be paid an 8% commission of the purchase price. Both the Auctioneer and the Broker may spend up to $4,000 on advertising and promotion expenses for marketing of the Property for auction. The Auctioneer shall advance all marketing costs as defined in a marketing budget and shall be reimbursed for the first $2,000 spent at closing on any sale. All marketing costs above $2,000 shall be the sole responsibility of the Auctioneer and the Broker. Stephen Karbelk, a member of both Century 21 New Millenium, and Auction Markets, 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. Century 21 and Auction Markets can be reached at: Stephen Karbelk CENTURY 21 NEW MILLENIUM AUCTION MARKETS, LLC 20405 Exchange Street, Suite 221 Ashburn, VA 20147 Tel: (571) 481-1037 Fax: (703) 797-2350 About Mar Meg LLC Mar Meg LLC, based in Round Hill, VA, filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 17-12214) on June 28, 2017. The Hon. Brian F. Kenney presides over the case. Robert M. Marino, Esq., at Redmon Peyton & Braswell, LLP, serves as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in assets and $500,000 to $1 million in liabilities. The petition was signed by Margaret M. Albright, manager. MARKET SQUARE: Has Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois has entered a second interim order authorizing Market Square Hospitality, LLC's cash collateral during the period Aug. 16, 2017, through Aug. 23, 2017. As reported by the Troubled Company Reporter on Aug. 11, 2017, the Debtor sought court permission to use cash collateral of Thomas A. Olson, and U.S. Small Business Administration on an interim or preliminarily basis to pay for the necessary expenses related to the operation of the hotel and maintenance, upkeep, and preservation of the Debtor's property for purposes of the first interim cash collateral order. The Secured Creditors will be granted valid, perfected, enforceable liens upon the Debtor's post-petition assets, including all rents, profits, and proceeds which are now or hereafter become property of the Debtor's estate to the extent and with the priority of their respective prepetition liens, if valid, but only to the extent of any diminution in the value of the property during the period from July 27, 2017, through Aug. 23, 2017. A copy of the Order is available at: http://bankrupt.com/misc/ilnb17-22394-39.pdf About Market Square Hospitality Market Square Hospitality, LLC, operates a hotel at 2723 Sheridan Rd, Zion, Illinois 60099, USA, known as "The Inn At Market Square". Market Square Hospitality filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 17-22394) on July 27, 2017, estimating its assets at up to $50,000 and its liabilities at between $1 million and $10 million. The petition was signed by David Delach and Richard Delisle, managers. Judge Janet S. Baer presides over the case. Abraham Brustein, Esq., and Julia Jensen Smolka, Esq., at Dimonte & Lizak, LLC, serve as the Debtor's bankruptcy counsel. MONAKER GROUP: Monaco Inv., et al, Have 24.5% Stake as of Aug. 11 ----------------------------------------------------------------- As of the close of business on Aug. 11, 2017, Monaco Investment Partners II, LP, Donald P. Monaco Insurance Trust and Donald P. Monaco beneficially own in aggregate 4,137,066 shares of Common Stock, representing 24.5% of the outstanding Common Stock of Monaker Group, Inc. MI Partners beneficially owns in aggregate 2,055,754 shares of Common Stock, representing 12.2% of the outstanding Common Stock. By virtue of his relationship with MI Partners, Mr. Monaco is deemed to beneficially own the securities beneficially owned by MI Partners. The Trust beneficially owns in aggregate 2,081,292 shares of Common Stock, representing 12.4% of the outstanding Common Stock. By virtue of his relationship with the Trust, Mr. Monaco is deemed to beneficially own the securities beneficially owned by the Trust. Mr. Monaco may be deemed to have shared power with MI Partners and the Trust, to vote and dispose of the securities reported in the Schedule 13D beneficially owned by MI Partners and the Trust, respectively. Effective on Aug. 3, 2017, the Reporting Person converted 1,075,000 shares of the Company's Series A 10% Cumulative Convertible Preferred Stock (including 575,000 shares held by MI Partners and 500,000 shares held by the Trust), on a 2-for-1 basis (as provided by the current terms of the Series A Preferred Stock), into 2,150,000 shares of Common Stock. Effective on Aug. 11, 2017, the Reporting Person (through the Trust), purchased 87,500 shares of Common Stock of the Issuer and warrants to acquire 87,500 shares of Common Stock of the Company with an exercise price of $2.10 per share, from the Company, for the purchase price of $2.00 per unit (one share and one warrant), pursuant to the terms of a July 31, 2017, Common Stock and Warrant Purchase Agreement. A full-text copy of the regulatory filing is available at: https://is.gd/ZtzQc9 About Monaker Monaker Group, Inc., formerly known as Next 1 Interactive, Inc. -- http://www.monakergroup.com/-- is a technology-driven travel company focused on delivering innovation to alternative lodging rentals (ALR) market. The Monaker Booking Engine (MBE) delivers instant booking of more than 1.5 million vacation rental homes, villas, chalets, apartments, condos, resort residences and castles. MBE offers travel distributors and agencies an industry-first: a customizable instant booking platform for ALR. Monaker's NextTrip.com B2C website, powered by the MBE, is the first to offer significant instantly-bookable ALR products along with mainstream travel products and services, all on a single site. NextTrip also features rich content, imagery and high-quality video to enhance a traveler's booking experience and assist in the search, decision and buying process for both individuals and groups. Monaker reported a net loss of $7.10 million on $400,277 of revenues for the year ended Feb. 28, 2017, compared to a net loss of $4.55 million on $544,658 of revenues for the year ended Feb. 29, 2016. As of May 31, 2017, Monaker had $2.11 million in total assets, $2.91 million in total liabilities and a total stockholders' deficit of $804,603. LBB & Associates Ltd. LLP, in Houston, Texas, stated in its report on the Company's consolidated financial statements for the year ended Feb. 28, 2017, that the Company's accumulated deficit and limited financial resources raise substantial doubt about the Company's ability to continue as a going concern. MONAKER GROUP: William Kerby Discloses 10.4% Stake as of Aug. 3 --------------------------------------------------------------- William Kerby beneficially owns 1,739,322 shares of common stock of Monaker Group, Inc. as of Aug. 3, 2017, constituting 10.4% of the outstanding Common Stock, as disclosed in a Schedule 13D/A filed with the Securities and Exchange Commission . Of those securities, In-Room Retail beneficially owned 200,000 shares of Common Stock, representing 1.2% of the total Common Stock. Mr. Kerby is the manager of In-Room Retail. By virtue of this relationship, Mr. Kerby is deemed to beneficially own the securities beneficially owned by In-Room Retail. Effective on Aug. 3, 2017, the Reporting Persons converted 794,611 shares of the Company's Series A 10% Cumulative Convertible Preferred Stock (1,389,222 shares held by Mr. Kerby and 100,000 shares held by In-Room Retail), on a 2-for-1 basis (as provided by the current terms of the Series A Preferred Stock), into 1,589,222 shares of Common Stock. Effective on Aug. 11, 2017, Mr. Kerby purchased 25,000 shares of Common Stock of the Company and warrants to acquire 25,000 shares of Common Stock of the Company with an exercise price of $2.10 per share, from the Company, for the purchase price of $2.00 per unit (one share and one warrant), pursuant to the terms of a July 31, 2017, Common Stock and Warrant Purchase Agreement. The exercise price of the warrants is $2.10 per share, subject to adjustment as provided therein, and the warrants are exercisable from Aug. 11, 2017, through July 30, 2022. The exercise price and number of shares of Common Stock issuable upon the exercise of the warrants will be subject to adjustment in the event of any stock dividends and splits, reverse stock split, recapitalization, reorganization or similar transaction, and will also be subject to weighted average anti-dilution adjustments in the event the Company issues or is deemed to have issued any securities below the then exercise price of the warrants, subject to certain exceptions, until Aug. 10, 2018, each as described in greater detail in the warrants. After the six month anniversary of Aug. 11, 2017, if a registration statement covering the issuance or resale of the shares of Common Stock issuable upon exercise of the warrants is not available for the issuance or resale, as applicable, the warrants may be exercised by means of a "cashless exercise." A full-text copy of the Schedule 13D/A is available for free at: https://is.gd/dumEJB About Monaker Monaker Group, Inc., formerly known as Next 1 Interactive, Inc. -- http://www.monakergroup.com/-- is a technology-driven travel company focused on delivering innovation to alternative lodging rentals (ALR) market. The Monaker Booking Engine (MBE) delivers instant booking of more than 1.5 million vacation rental homes, villas, chalets, apartments, condos, resort residences and castles. MBE offers travel distributors and agencies an industry-first: a customizable instant booking platform for ALR. Monaker's NextTrip.com B2C website, powered by the MBE, is the first to offer significant instantly-bookable ALR products along with mainstream travel products and services, all on a single site. NextTrip also features rich content, imagery and high-quality video to enhance a traveler's booking experience and assist in the search, decision and buying process for both individuals and groups. Monaker reported a net loss of $7.10 million on $400,277 of revenues for the year ended Feb. 28, 2017, compared to a net loss of $4.55 million on $544,658 of revenues for the year ended Feb. 29, 2016. As of May 31, 2017, Monaker had $2.11 million in total assets, $2.91 million in total liabilities and a total stockholders' deficit of $804,603. LBB & Associates Ltd. LLP, in Houston, Texas, stated in its report on the Company's consolidated financial statements for the year ended Feb. 28, 2017, that the Company's accumulated deficit and limited financial resources raise substantial doubt about the Company's ability to continue as a going concern. MUSCLEPHARM CORP: Reports $3.1 Million Net Loss in Second Quarter ----------------------------------------------------------------- MusclePharm Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $3.14 million on $26.19 million of net revenue for the three months ended June 30, 2017, compared to a net loss of $4.19 million on $32.86 million of net revenue for the three months ended June 30, 2016. For the six months ended June 30, 2017, the Company reported a net loss of $6.29 million on $52.20 million of net revenue compared to a net loss of $10.80 million on $75.77 million of net revenue for the same period during the prior year. As of June 30, 2017, MusclePharm had $29.75 million in total assets, $39.76 million in total liabilities, and a total stockholders' deficit of $10.01 million. The Company said that its ability to meet its total liabilities of $39.8 million as of June 30, 2017, and to continue as a going concern, is partially dependent on meeting its operating plans, and partially dependent on its Chairman of the Board, Chief Executive Officer and President, Ryan Drexler, either converting or extending his two fixed maturity notes prior to or upon their maturity. Mr. Drexler has verbally conveyed his intentions of doing so and management believes that this alone would enable the Company to meet its obligations over the next twelve months. In addition, Mr. Drexler has verbally both stated his intent and ability to put more capital into the business if necessary. However, Mr. Drexler is under no obligation to the Company to do so, and the Company can give no assurances that Mr. Drexler will be willing or able to do so at a future date and/or that he will not demand payment of the convertible notes at the maturity date. "The Company's ability to continue as a going concern and raise capital for specific strategic initiatives is also dependent on obtaining adequate capital to fund operating losses until it becomes profitable. The Company can give no assurances that any additional capital that it is able to obtain, if any, will be sufficient to meet its needs, or that any such financing will be obtainable on acceptable terms or at all. "If the Company is unable to obtain adequate capital or Mr. Drexler does not extend or convert his fixed maturity notes, it could be forced to cease operations or substantially curtail its commercial activities. These conditions, or significant unforeseen expenditures including the unfavorable settlement of its legal disputes, could raise substantial doubt as to the Company's ability to continue as a going concern," the Company said in the report. Operational Highlights * Online sales expanded in the quarter to 17.8% of sales, from 14.8% of sales, driven by its enhanced presence on Amazon.com * Shipped first products from the Natural Series line * Natural Series now available in Sprouts Farmers Market, Inc., and other stores * Ramped manufacturing in Europe; added two new customers - Tropicana and Muscle Finesse * Settled the City Football Group litigation with a $3 million settlement, representing a significant reduction in potential liability * Entered into a partnership with the United States Air Force School of Aerospace Medicine (USAFSAM) to develop products specific to the needs of special tactics airmen when in combat. Cost Reduction Activities * Reduced inventory by 28.4% compared to $8.6 million as compared to Dec. 31, 2016 * Total operating expenses decreased by 17.6% to $10.0 million * Selling, general and administrative expenses decreased 36.1% to $2.8 million * Salaries and benefits costs decreased 20.4% to $2.6 million * Advertising and promotion expenses decreased 16.6% to $2.2 million * Professional fees decreased 58.3% to $0.7 million Expansion of the Executive Team and Board of Directors * Appointed Matthew Kerbel as chief marketing officer and Paul Anton as vice president of finance; both joined the Company in August 2017 * Strengthened corporate governance with two new appointments to the Board of Directors: John J. Desmond, a certified public accountant with more than 40 years of public accounting industry experience, and Brian Casutto, MusclePharm's executive vice president of sales & operations. "During the second quarter of 2017, MusclePharm continued to successfully execute against its growth strategy and began to tilt the scales away from the distractions of having to address legacy issues, to truly move forward and build what we are confident will be a high-growth, sustainably profitable business," commented Ryan Drexler, president and chief executive officer of MusclePharm, Inc. "We made significant progress executing against the three core elements of our growth plan: 1) growing international sales; 2) expanding and improving our product lines; and 3) diversifying our distribution channels, with a focus on growth from our online channels. "International sales accounted for a higher percentage of total revenue in the second quarter, both year-over-year and sequentially. Notable progress was made in the U.K., led by our new U.K. Sales Director, Daniel Clark. As market demand for nutritional supplements remains robust in the region, we are investing significantly in our European manufacturing capabilities to support our sales efforts in this promising market. "We are excited about the initial market acceptance and broad rollout strategy for the Natural Series. Shipping of initial products commenced in the middle of the second quarter, and we were proud and excited to have the Natural Series accepted by Sprouts Farmers Market. Several additional products also began their initial rollout near the end of the quarter. We are encouraged by the strong initial uptake online and anticipate strong demand for the Natural Series, especially among the specialty retailer channel. We expect to introduce new products in the Natural Series product line in the second half of 2017. "We also continued to make significant progress diversifying our distribution channels. In particular, we expanded sales online through the online offerings of our existing brick and mortar customers and reported strong results through our distribution partnership with Amazon, which accounted for 12% of our total revenues in the second quarter from 6% in Q1 of 2017. "The results of these initiatives demonstrate continued strength in our core business and early positive signs that we are making headway against our growth strategy. We are encouraged by the trends we saw in the second quarter and look forward to accelerating our growth strategy in the second half of the year," concluded Mr. Drexler. A full-text copy of the Form 10-Q is available for free at: https://is.gd/bNtVAe About MusclePharm Headquartered in Denver, Colorado, MusclePharm Corporation (OTCQB:MSLP) -- http://www.muslepharm.com/-- develops and manufactures a full line of National Science Foundation approved nutritional supplements that are 100 percent free of banned substances. MusclePharm is sold in over 120 countries and available in over 5,000 U.S. retail outlets, including GNC and Vitamin Shoppe. MusclePharm products are also sold in over 100 online stores, including bodybuilding.com, Amazon.com and Vitacost.com. MusclePharm reported a net loss of $3.47 million on $132.5 million of net revenue for the year ended Dec. 31, 2016, compared to a net loss of $51.85 million on $166.9 million of net revenue for the year ended Dec. 31, 2015. NASSAU DEVELOPMENT: Oct. 13 GV-Led Auction of All Assets Set ------------------------------------------------------------ Judge A. Jay Cristol of the U.S. Bankruptcy Court for the Southern District of Florida authorized the bidding procedures and the Purchase and Sale Agreement with GV Nassau, LLC in connection with the sale by Drew M. Dillworth, Chapter 11 Trustee of Nassau Development of Village West Corp., of substantially all assets of the Debtor for $2,160,000, subject to overbid. A hearing on the Motion was held on Aug. 17, 2017 at 2:00 p.m. The Wilmington Objection and BU Objection are granted to the extent that the sale of the Nassau Properties cannot be approved in accordance with 11 U.S.C. Section 363(f) unless these over secured creditors are paid in full or otherwise consent. The bid submitted by GV as the stalking horse bid is deemed a Qualified Bid and GV as the stalking horse bidder is deemed a Qualified Bid without further action or process. Accordingly, GV is entitled to all of the bidding protections pursuant to the Bidding Procedures, including payment of a Break-Up Fee if GV is not the Prevailing Bidder. The Trustee may sell the Assets and enter into the transaction contemplated by the Agreement by conducting an Auction in accordance with the Bidding Procedures. The salient terms of the Bidding Procedures are: a. Bid Deadline: Oct. 10, 2017 b. Bidder Deposit: $100,000 c. Initial Overbid Amount: $55,000 ($50,000 Breakup Fee plus $5,000). The purchase price will be equal to or greater than $2,215,000 for the Nassau Real Property and/or equal to or greater than $1,055,000 for the Abbaco Real Property. d. Bid Deadline: three business days before the Auction e. Breakup Fee: If GV is not the successful bidder at the Auction, GV will be entitled to a Breakup Fee in the amount of $50,000. f. Auction: Oct. 13, 2017 at 10:00 a.m. (PET) at the offices of at the C. Clyde Atkins United States Courthouse, 301 N. Miami Avenue, Courtroom 7, Miami, Florida. If, however, no such Qualified Bid is received by the Bid Deadline, then the Auction will not be held and the Trustee will ask Court approval of the Sale to GV in accordance with the Agreement. g. Bid Increments: $10,000 h. Sale Hearing: Oct. 13, 2017 at 2:00 p.m. (PET). i. Sale Objections Deadline: No later than Oct. 13, 2017 at 4:30 p.m. (PET) Within three business days after entry of the Bidding Procedures Order, the Trustee will cause the Auction and Sale Notice to be sent upon all Notice Parties. The form of the Agreement is approved in all respects, except that Section 7.1(d) of the Agreement is revised as follows: Offer for Assemblage. By Seller, in the event that Seller receives a bona fide offer from a third party to purchase the assemblage, more particularly described on Schedule 2 attached hereto ("Assemblage"), acceptable to Seller prior to five days before the Auction (at which point the Seller can cancel the Auction and this Agreement will be deemed terminated). In the event of such termination pursuant to this Section 7.1(d), Escrow Agent will promptly return the Deposit to Purchaser, and thereafter this Agreement will be null and void, and neither party will have any further or other obligation to the other. The stay provided for in Bankruptcy Rules 6004(h) is waived and the Bidding Procedures Order will be effective immediately upon its entry. All time periods set forth in the Bidding Procedures Order will be calculated in accordance with Bankruptcy Rule 9006(a). A copy of the Notice and the Bidding Procedures attached to the Order is available for free at: http://bankrupt.com/misc/Nassau_Development_169_Order.pdf About Nassau Development Nassau Development of Village West Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 15-27691) on Oct. 2, 2015. On June 3, 2016, the Court appointed Drew M. Dillworth, as Chapter 11 Trustee of the Debtor. NATIONSTAR MORTGAGE: Involuntary Chapter 11 Case Summary -------------------------------------------------------- Alleged Debtor: Nationstar Mortgage, LLC, et al aka Bank Nationstar, LLC aka Bank of America, LLC aka Nationstar, et al ATTN: Stern, Laventhal, & Frankenburg 105 E. Hanover Pkwy Roseland, NJ 08068 Case Number: 17-27348 Type of Business: Bond Insurer Involuntary Chapter 11 Petition Date: August 25, 2017 Court: United States Bankruptcy Court District of New Jersey (Trenton) Judge: Hon. Michael B. Kaplan Petitioners' Counsel: Jeffrey Bernstein, Esq. MCELROY, DEUTSCH, MULVANEY & CARPENTER 570 Broad St Newark, NJ 07102 Tel: (973) 622-7711 E-mail: jbernstein@mdmc-law.com Alleged creditors who signed the involuntary Chapter 11 petition: Petitioners Nature of Claim Claim Amount ----------- --------------- ------------ Jerome E. Fields, Jr. Up to 45 Triangle La $25,000,000 Willingboro, NJ 08046 Lauren Collier $250,000 45 Triangle Lane Willingboro, NJ 08046 United States et al Up to $25,000,000 A full-text copy of the petition is available for free at: http://bankrupt.com/misc/njb17-27348.pdf NEW JERSEY HEADWEAR: Wants Plan Filing Deadline Moved to Dec. 10 ---------------------------------------------------------------- New Jersey Headwear Corp. asks the U.S. Bankruptcy Court for the District of New Jersey to extend the time to obtain confirmation of its Chapter 11 plan by 75 days from Sept. 26 through Dec. 10, 2017, to allow the confirmation process to continue unhindered by competing plans. A hearing to consider the Debtor's request is scheduled for Sept. 19 at 10:00 a.m. As reported by the Troubled Company Reporter on April 3, 2017, the Court extended the Debtor's exclusive periods for filing a plan of reorganization and soliciting acceptances to the plan to June 14 and Aug. 13, respectively. The Debtor filed its plan and disclosure statement on Aug. 11. The Debtor says that without the extension, the Exclusive Period will expire on the midst of the plan confirmation process, presenting a risk of undue interference and disruption to the confirmation process. About New Jersey Headwear New Jersey Headwear Corp. maintains its offices at 305 3rd Avenue West #5, NJ 07107. It manages and operates a manufacturing business producing headwear, tote bags and other textiles. New Jersey Headwear Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 16-31777) on Nov. 14, 2016. The petition was signed by Mitchell Cahn, president. The case is assigned to Judge Stacey L. Meisel. At the time of the filing, the Debtor estimated its assets and liabilities at $1 million to $10 million. The Debtor is represented by William S. Katchen, Esq., at the Law Offices of William S. Katchen, LLC. The Debtor employs Edward Bond, Esq., and Bederson, LLP, as financial advisor. NILHAN FINANCIAL: Hires Robl Law as Counsel ------------------------------------------- Nilhan Financial, LLC, seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida employ Robl Law Group, LLC, as counsel to the Debtor. Nilhan Financial requires Robl Law to serve as the primary reorganization counsel in the Chapter 11 bankruptcy case. Robl Law will be paid at these hourly rates: Partners $350-$400 Associates/Of Counsels $250 Paralegals $150 Robl Law will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael D. Robl, owner and manager of Robl Law Group, 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. Robl Law can be reached at: Michael D. Robl, Esq. ROBL LAW GROUP, LLC 3754 Lavista Road, Suite 250 Tucker, GA 30084 Tel: (404) 373-5153 Fax: (404) 537-1761 E-mail: Michael@roblgroup.com About Nilhan Financial, LLC An involuntary Chapter 7 bankruptcy petition (Bankr. S.D. Fla. Case No. 17-13320) was filed against Nilhan Financial, LLC, by petitioning creditor Moffa & Breuer, PLLC on March 20, 2017. The Petitioning Creditor is represented by: John A. Moffa, Esq. Stephen C Breuer, Esq. Moffa & Breuer, PLLC 1776 N Pine Island Road, Suite #102 Plantation, FL 33322 Tel: (954) 634-4733 Fax: (954) 337-0637 E-mail: John@moffa.law stephen@moffa.law On April 27, venue of the case was transferred to the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, and assigned Case No. 17-03597, before Chief Judge Michael G. Williamson. The Alleged Debtor filed an Answer to the Petition and a hearing was held on July 10, 2017, on whether the case would proceed. The Debtor made an ore tenus motion on July 10 to convert the Chapter 7 case to a case under Chapter 11. The Court entered a Chapter 11 conversion order on July 26. OMINTO INC: Won't be Able to File Form 10-Q Within Grace Period --------------------------------------------------------------- Ominto, Inc., said in Form 12b-25 filed with the Securities and Exchange Commission that it is presently evaluating certain accounting positions that could have a material impact on the Company's financial statements for one or more prior reporting periods. Because management is devoting considerable time and resources towards quantifying the impact, if any, of such accounting positions, the Company's 10-Q for the fiscal quarter ended June 30, 2017, could not be completed without incurring undue hardship and expense. The Company does not anticipate filing such Report within the prescribed five-day time period but will continue its efforts to do so as soon as practicable. About Ominto, Inc. Ominto, Inc. -- http://inc.ominto.com/-- is a global e-commerce leader and pioneer of online Cash Back shopping, delivering value-based shopping and travel deals through its primary shopping platform and affiliated Partner Program websites. At DubLi.com or at Partner sites powered by Ominto.com, consumers shop at their favorite stores, save with the best coupons and deals, and earn Cash Back with each purchase. The Ominto.com platform features thousands of brand name stores and industry-leading travel companies from around the world, providing Cash Back savings to consumers in more than 120 countries. Ominto's Partner Programs offer a white label version of the Ominto.com shopping and travel platform to businesses and non-profits, providing them with a professional, reliable web presence that builds brand loyalty with their members, customers or constituents while earning commission for the organization and Cash Back for shoppers on each transaction. Ominto reported a net loss of $10.30 million for the year ended Sept. 30, 2016, compared to a net loss of $11.69 million for the year ended Sept. 30, 2015. As of March 31, 2017, Ominto had $68.62 million in total assets, $48.03 million in total liabilities and $20.58 million in total stockholders' equity. ORIGINAL SOUPMAN: Gallant Brands Wins Auction of Assets ------------------------------------------------------- Matt Chiappardi, writing for Bankruptcy Law360, reports that The Original Soupman, Inc., told the U.S. Bankruptcy Court for the District of Delaware during a hearing that WealthColony Management Group LLC unit Gallant Brands Inc. emerged as the winning bidding in an auction for the Debtor's assets. As reported by the Troubled Company Reporter on July 21, 2017, the Court authorized the bidding procedures and the Stalking Horse Agreement of the Debtor and its affiliates in connection with their sale of substantially all assets at auction. About the Original Soupman The Original Soupman, Inc. -- http://originalsoupman.com/-- manufactures and sells soups under the brand name "Original Soupman". Soupman at present sells soups in 17-ounce Tetra Recart packaging to grocery chains and club stores throughout the United States, through on-line retailers, and in frozen 4 pound bulk packaging to its franchise restaurants and to the New York City School System. The parent entity, Soupman, Inc., is a publically traded Delaware corporation on the OTCQB. Kiosk Concepts, Inc., an 80% owned subsidiary of The Original Soupman, was created to license the intellectual property to franchisees. In 2004, Soupman signed a license agreement with Yegan Food Inc., which operated a soup restaurant in West 55th Street in New York, run by Ali "Al" Yeganeh. This restaurant became a worldwide destination for soups, being rated #1 by Zagat and praised by the New York Times as "Art, not Soup." The fame of the business and its soup rose to even greater heights after a 1995 "Seinfeld" episode in which the irascible Soup Nazi berates customers who stand in long lines for his legendary soup, often yelling "No soup for you!" The Original Soupman, Inc., Soupman, Inc., and Kiosk Concepts, Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 17-11313) on June 13, 2017. The Debtors tapped Polsinelli PC as bankruptcy counsel, and Epiq Bankruptcy Solutions, Inc. as administrative advisor and notice and claims agent. The Debtors tapped Wyse Advisors, LLC and appointed the firm's managing partner as its chief restructuring officer. PEABODY ENERGY: Says Bankruptcy Shields It From Climate Change Suit ------------------------------------------------------------------- Jonathan Randles, writing for The Wall Street Journal Pro Bankruptcy, reported that coal producer Peabody Energy Corp. says its recent emergence from bankruptcy shields it from lawsuits brought by three coastal California communities against fossil fuel companies over rising sea levels and global warming. According to the report, the lawsuits were filed in July by the counties of San Mateo and Marin in Northern California and the southern city of Imperial Beach. The suits seek to hold more than three dozen oil, gas and coal companies responsible for greenhouse-gas emissions produced over decades, the report related. The lawsuits link these emissions to global climate change and rising sea levels, which they say have made coastal communities more vulnerable to flooding and other dangers, the report further related. Peabody, which emerged from chapter 11 in April, said in papers filed in U.S. Bankruptcy Court in Missouri that it should be dropped as a defendant in these lawsuits, saying provisions in its court-approved bankruptcy plan block the California lawsuits from moving forward against the company, the report noted. "We believe the case is without merit and will vigorously defend against it," the Journal cited Peabody spokeswoman Beth Sutton as saying in an email. San Mateo County, Marin County and Imperial Beach are seeking monetary damages from companies including Exxon Mobil Corp., Chevron Corp. and Arch Coal Inc., which itself emerged from bankruptcy protection in 2016, the report said. The communities claim the companies named in the lawsuits are responsible for roughly 20% of global industrial carbon dioxide emissions between 1965 and 2015, the report added. Gerald Torres, a professor at Cornell University Law School, told the Journal the lawsuits describe a plausible theory under which fossil fuel companies could be held liable under state law for impacts caused by global climate change. He said past litigation over tobacco and lead paint are plausible analogies, the Journal said. Peabody has asked U.S. Bankruptcy Judge Barry Schermer to enforce injunction and discharge provisions in its chapter 11 plan, a move the company said would halt the California lawsuits against it, the report said. A court hearing is scheduled for Sept. 19, the report added. About Peabody Energy Corporation Headquartered in St. Louis, Missouri, Peabody Energy Corporation -- http://www.PeabodyEnergy.com/-- claims to be the world's largest private-sector coal company. As of Dec. 31, 2014, the Company owned interests in 26 active coal mining operations located in the United States (U.S.) and Australia. The Company has a majority interest in 25 of those mining operations and a 50% equity interest in the Middlemount Mine in Australia. In addition to its mining operations, the Company markets and brokers coal from other coal producers, both as principal and agent, and trade coal and freight-related contracts through trading and business offices in Australia, China, Germany, India, Indonesia, Singapore, the United Kingdom And the U.S. Peabody posted a net loss of $1.988 billion for 2015, wider from the net loss of $777 million in 2014 and the $513 million net loss in 2013. At Dec. 31, 2015, the Company had total assets of $11.02 billion against $10.1 billion in total liabilities, and stockholders' equity of $919 million. On April 13, 2016, Peabody Energy Corp. and 153 affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The 154 cases are jointly administered before the Honorable Judge Barry S. Schermer under (Bankr. E.D. Mo. Case No. 16-42529). As of the Petition Date, PEC has approximately $4.3 billion in outstanding secured debt obligations and $4.5 billion in outstanding unsecured debt obligations. The Debtors tapped Jones Day as general counsel; Armstrong, Teasdale LLP as local counsel; Lazard Freres & Co. LLC and investment banker Lazard PTY Limited as investment banker; FTI Consulting, Inc., as financial advisors; and Kurtzman Carson Consultants, LLC, as claims, ballot and noticing agent. The Office of the U.S. Trustee on April 29, 2016, appointed seven creditors of Peabody Energy Corp. to serve on the official committee of unsecured creditors. The Committee retained Morrison & Foerster LLP as counsel, Spencer Fane LLP as local counsel, Curtis, Mallet-Prevost, Colt & Mosle LLP as conflicts counsel, Blackacre LLC as its independent expert, and Berkeley Research Group, LLC, as financial advisor. On March 17, 2017, the U.S. Bankruptcy Court for the Eastern District of Missouri, Eastern Division, entered an order confirming the Second Amended Joint Plan of Reorganization of Peabody Energy Corporation, et al., as Revised March 15, 2017. At 4:01 p.m. (Eastern Time), on April 3, 2017, the Effective Date of the Plan occurred. PENINSULA AIRWAYS: Taps Stevens Group as Accountant --------------------------------------------------- Peninsula Airways, Inc. received approval from the U.S. Bankruptcy Court for the District of Alaska to hire Stevens Group, CPAs as its accountant. The firm will provide financial analysis, prepare the Debtor's income tax returns and provide other accounting services. Rhen Stevens, the accountant who will be providing the services, does not hold or represent any interest adverse to the Debtor's estate, according to court filings. The firm can be reached through: Rhen Stevens Stevens Group, CPAs 471 West 36th Avenue, Suite 202 Anchorage AK 99503 Phone: (907) 562-3968 Email: frontdesk@stevensgroupcpas.com About Peninsula Airways Founded in 1955 by Orin Seybert in Pilot Point, Alaska, PenAir is one of the oldest family owned airlines in the United States. It is Alaska's second largest commuter airline operating an extensive scheduled passenger and cargo service, as well as charter and medevac services, and also operates scheduled passenger service in several regions of the continental U.S. Its main base is Ted Stevens Anchorage International Airport, with other hubs located at Portland International Airport in Oregon, Boston Logan International Airport in Massachusetts and Denver International Airport in Colorado. PenAir currently has a code sharing agreement in place with Alaska Airlines with its flights operated in the state of Alaska as well as all of its flights in the lower 48 states appearing in the Alaska Airlines system timetable. Peninsula Airways, Inc., dba PenAir, filed a Chapter 11 petition (Bankr. D. Alaska Case No. 17-00282) on Aug. 6, 2017. The petition was signed by Daniel P. Seybert, president. At the time of filing, the Debtor estimated assets and liabilities ranging from $10 million to $50 million. The case is assigned to Judge Gary Spraker. The Debtor is represented by Cabot C. Christianson, Esq., at the Law Offices of Cabot Christianson, P.C. On August 18, 2017, the Office of the U.S. Trustee, appointed an official committee of unsecured creditors. PERFUMANIA HOLDINGS: Plan Confirmation Hearing Set for Oct. 6 ------------------------------------------------------------- The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware scheduled for Oct. 6, 2017, the hearing to consider the confirmation of Perfumania Holdings, Inc.'s pre-packaged Chapter 11 plan. As reported by the Troubled Company Reporter on Aug. 29, 2017, the Debtor sought Chapter 11 protection with a pre-packaged Chapter 11 plan that contemplates a reorganization that would reduce its retail store count to better align with current consumer shopping patterns, increase investments in its e-commerce business, and become a privately-held company. Under the Plan, the Debtor will pay vendors and suppliers in full in the ordinary course of business. It is anticipated that current equity of the Debtor will be cancelled, however, current shareholders will be given the opportunity to receive consideration of $2.00 per share in exchange for completing a shareholder release form. An equity infusion will be used to make (1) distributions under the Plan; (2) to fund the consideration being paid to shareholders who submit a shareholder release form; and (3) to fund ongoing operations. About Perfumania Holdings Perfumania Holdings, Inc. (PERF) -- http://www.perfumaniaholdings.com/-- is a specialty retailer and distributor of fragrances and related beauty products across the United States. Perfumania has a 30-year history of innovative marketing and sales management, brand development, license sourcing and wholesale distribution making it the premier destination for fragrances and other beauty supplies. As of Aug. 26, 2017, Perfumania, Inc. operated a chain of 226 retail stores, specializing in the sale of fragrances and related products at discounted prices up to 75% below the manufacturers' suggested retail prices. Perfumania reported a net loss of $23.63 million for the fiscal year ended Jan. 28, 2017, and a net loss of $11.67 million for the fiscal year ended Jan. 30, 2016. As of April 29, 2017, Perfumania had $304.7 million in total assets, $253.9 million in total liabilities and $50.80 million in total shareholders' equity. On Aug. 26, 2017, Model Reorg Acquisition, LLC and 18 affiliated debtors, including Perfumania Holdings, Inc., each filed voluntary petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors' cases jointly administered for procedural purposes under the case docket for Model Reorg Acquisition, LLC, (Bankr. D. Del. Case No. 17-11794). Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel, Ankura Consulting Group, LLC is serving as financial advisor and Imperial Capital is serving as investment banker to the Company. The Skadden team includes: Corporate Restructuring partners Lisa Laukitis and J. Gregory Milmoe (Boston), and associates Raquelle Kaye (Boston), Esther Adzhiashvili and AZ Biazar, as well as Corporate Restructuring and Bankruptcy Litigation partner Anthony Clark (Wilmington) and associate Cameron Fee (Wilmington); Banking partner Sarah Ward and associates Emily Stork, Shan Song (Chicago) and Katherine Webb; Tax partner Brian Krause and associate Joseph Soltis; and Corporate partner Richard Grossman (New York). Epiq Bankruptcy Solutions is the claims and noticing agent and maintains the Web site http://dm.epiq11.com/perfumania PERFUMANIA HOLDINGS: Store Closing Sales Underway at Select Stores ------------------------------------------------------------------ Store closing sales are underway at select Perfumania store locations -- offering shoppers deep discounts on top brand fragrance names and more. The nationwide sale is being conducted by Gordon Brothers and its joint venture partner, Hilco Global. Perfumania is one of America's largest fragrance retailers, specializing in the sale of genuine designer fragrances, bath and body, cosmetics and skin care products for men and woman. Perfumania filed for Chapter 11 bankruptcy protection on August 26 as part of a recapitalization. While Gordon Brothers and Hilco Global will be liquidating the inventory for 65 stores nationwide, Perfumania will continue operating over 150 of their stores. It is expected to be a very short sale as opening discounts range from 30-50 percent off already low prices. "Perfumania sells a wide selection of high quality products at substantial savings," stated a representative of the joint venture. "This sale offers Perfumania's loyal, value-oriented customer an opportunity to stock up on their favorite products offered at even lower prices. Due to these significant reductions, customers are encouraged to shop early and take advantage of the additional discounts while supplies last." "Perfumania Perks" will continue to be earned and redeemed. A full listing of closing locations is available at: https://is.gd/NhWnFx About Perfumania Holdings Perfumania Holdings, Inc. (PERF) -- http://www.perfumaniaholdings.com/-- is a specialty retailer and distributor of fragrances and related beauty products across the United States. Perfumania has a 30-year history of innovative marketing and sales management, brand development, license sourcing and wholesale distribution making it the premier destination for fragrances and other beauty supplies. As of Aug. 26, 2017, Perfumania, Inc., operated a chain of 226 retail stores, specializing in the sale of fragrances and related products at discounted prices up to 75% below the manufacturers' suggested retail prices Perfumania reported a net loss of $23.63 million for the fiscal year ended Jan. 28, 2017, and a net loss of $11.67 million for the fiscal year ended Jan. 30, 2016. As of April 29, 2017, Perfumania had $304.73 million in total assets, $253.93 million in total liabilities and $50.80 million in total shareholders' equity. On Aug. 26, 2017, Model Reorg Acquisition, LLC and 18 affiliated debtors, including Perfumania Holdings, Inc., each filed voluntary petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors are seeking to have their cases jointly administered for procedural purposes under the case docket for Model Reorg Acquisition, LLC (Bankr. D. Del. Case No. 17-11794). Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel, Ankura Consulting Group, LLC is serving as financial advisor, and Imperial Capital is serving as investment banker to the Company. The Skadden team includes Corporate Restructuring partners Lisa Laukitis and J. Gregory Milmoe (Boston), and associates Raquelle Kaye (Boston), Esther Adzhiashvili and AZ Biazar, as well as Corporate Restructuring and Bankruptcy Litigation partner Anthony Clark (Wilmington) and associate Cameron Fee (Wilmington); Banking partner Sarah Ward and associates Emily Stork, Shan Song (Chicago) and Katherine Webb; Tax partner Brian Krause and associate Joseph Soltis; and Corporate partner Richard Grossman (New York). Epiq Bankruptcy Solutions is the claims and noticing agent and maintains the Web site http://dm.epiq11.com/perfumania PETROQUEST ENERGY: Continued Listing Plan Accepted by NYSE ---------------------------------------------------------- PetroQuest Energy, Inc., announced receipt of notice that the New York Stock Exchange has accepted the Company's plan for continued listing on the NYSE. As a result, the Company's common stock will continue to be listed on the NYSE, subject to providing quarterly reviews to the NYSE's Listings and Compliance Committee to ensure the Company's progress toward its plan to restore compliance with continued listing standards by achieving an average market capitalization over a consecutive 30-day trading period of $50 million or total stockholders' equity of $50 million by June 12, 2018. About PetroQuest Lafayette, La.-based PetroQuest Energy, Inc., is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in East Texas, Oklahoma, South Louisiana and the shallow waters of the Gulf of Mexico. PetroQuest's common stock trades on the New York Stock Exchange under the ticker PQ. PetroQuest reported a net loss available to common stockholders of $96.24 million on $66.66 million of oil and gas revenues for the year ended Dec. 31, 2016, compared to a net loss available to common stockholders of $299.92 million on $115.96 million of oil and gas revenues for the year ended Dec. 31, 2015. As of June 30, 2017, Petroquest had $148.57 million in total assets, $402.01 million in total liabilities and a total stockholders' deficit of $253.43 million. * * * In June 2017, Moody's Investors Service withdrew all assigned ratings for PetroQuest Energy, including the 'Caa3' Corporate Family Rating, following the elimination of all of its rated debt. In October 2016, S&P Global Ratings raised the corporate credit rating on PetroQuest Energy to 'CCC' from 'SD'. The outlook is negative. "The upgrade reflects our reassessment of the company's corporate credit rating following the exchange of the majority of its outstanding 10% senior unsecured notes due September 2017 at par," said S&P Global Ratings credit analyst Daniel Krauss. The negative outlook reflects the company's current debt leverage levels, which S&P views to be unsustainable, as well as its less than adequate liquidity position. PHOENIX EQUIPMENT: Hires Wetzel & Moore as Attorney --------------------------------------------------- Phoenix Equipment Brokerage, LLC, seeks authority from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ Wetzel & Moore, P.A., as attorney to the Debtor. Phoenix Equipment requires Wetzel & Moore to: a. advise and consult with the Debtor concerning questions arising in the conduct of the administration of the estate and concerning the Debtor's rights and remedies with regard to the estate's assets and the claims of secured, preferred and unsecured creditors and other parties in interest; b. appear for, prosecute, defend and represent the Debtor's interest in suits arising in or related to this case; c. investigate and prosecute preference and other actions arising under the Debtor's avoiding powers; d. assist in the preparation of such pleadings, motions, notices and orders as are required for the orderly administration of this estate; and e. consult with and advise the Debtor in connection with the operation of or the termination of the operation of the business of the Debtor. Wetzel & Moore will be paid at these hourly rates: Attorneys $250-$350 Paralegals $100 Wetzel & Moore will also be reimbursed for reasonable out-of-pocket expenses incurred. J. Brad Moore, member of Wetzel & Moore, P.A., 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. Wetzel & Moore can be reached at: J. Brad Moore, Esq. WETZEL & MOORE, P.A. 200 North State Street, Suite 200 Little Rock, AR 72201 Tel: (501) 663-0535 Fax: (501) 372-1550 About Phoenix Equipment Brokerage, LLC Phoenix Equipment Brokerage -- http://www.phoenix-equipment.com/-- buys and sells used commercial coffee and tea brewers, chilled/frozen drink dispensers, soda machines, grinders and other beverage equipment. The Company deals in the top name brands in the industry -- Bunn, Curtis, Fetco, Keurig, Newco, Grindmaster/Cecilware, Carpigiani, Crathco, Ugolini, Wilch, GBM, Concordia, Bloomfield and Cornelius. Phoenix Equipment Brokerage, LLC, based in Maumelle, Arizona, filed a Chapter 11 petition (Bankr. E.D. Ark. Case No. 17-14437) on August 16, 2017. The Hon. Ben T. Barry presides over the case. J. Brad Moore, Esq., at Wetzel & Moore, P.A., serves as bankruptcy 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 Walter E. Anderson, operating manager and member. PLANET FITNESS: Moody's Revises Outlook to Pos. & Affirms B1 CFR ---------------------------------------------------------------- Moody's Investors Service changed the ratings outlook for the debt of Planet Fitness Holdings, LLC to positive from stable. At the same time, Moody's upgraded its Probability of Default Rating (PDR) for the company to B1-PD, from B2-PD, and revised its Speculative Grade Liquidity rating to SGL-1 from SGL-2. In conjunction with this action, Moody's also affirmed the company's B1 Corporate Family Rating (CFR) and the B1 ratings for its Senior Secured Bank Credit Facilities. The positive outlook reflects strong operating performance and an improving financial profile, which Moody's expects to persist. In particular, Moody's cited its expectation of continued strong growth in EBITDA and cash flow from operations, with related improvement in key credit metrics, including free cash flow-to-debt rising above 8%. The upgrade to SGL-1 acknowledges the strength of Planet Fitness' liquidity profile given its sizable free cash flow forecast for 2017 and 2018. Moody's estimates that Planet Fitness will generate about $85 million in free cash flow for the full year of 2017 which will increase to almost $100 million in 2018. The upgrade of the PDR to B1-PD reflects the associated credit enhancement and perceived reduction in default risk. "Planet Fitness is poised to experience another year of strong earnings growth as its franchise based business model allows it to have new club openings that outpace the market which Moody's believes will drive further market share gains and strengthen credit metrics and cash flow," stated Maggie Taylor, a Senior Vice President with Moody's. Rating Actions: Corporate Family Rating, Affirmed at B1 Probability of Default Rating, Upgraded to B1-PD from B2-PD $75 Million Senior Secured Revolving Credit Facility due 2019, Affirmed at B1 (LGD3) $718 Million ($713.1 million outstanding at June 30, 2017) Senior Secured Term Loan B due 2021, Affirmed at B1 (LGD3) Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-2 Outlook, Changed to Positive from Stable RATINGS RATIONALE Planet Fitness' B1 CFR broadly reflects its national brand and leading market position in terms of number of clubs and membership. The rating is supported by Planet Fitness' strong comparable store sales growth and rapid pace of new club openings that far outpace the industry. The rating benefits from its franchise-based business model which drives EBITA margins of nearly 40% and strong cash flows. The rating also considers Planet Fitness' solid interest coverage, with EBITA-to-interest expense of 4.4 times for the trailing twelve-month period ended June 30, 2017 and further strengthening anticipated. Planet Fitness has very good liquidity, supported by cash balances of $78.5 million as of June 30, 2017, a fully available $75 million revolving credit facility and free cash flow estimate of $85 million for 2017 and just below $100 million in 2018. However, the rating is constrained by Planet Fitness' financial policy which supports the potential for further debt financed shareholder friendly activities so long as leverage remains within its target range of net funded debt-to-EBITDA of 3-5 times (company-defined levels). For the lagging twelve month period ended June 30, 2017, Moody's lease adjusted debt to EBITDA was 4.2x. It is also constrained by Planet Fitness' comparatively small revenue base, and its concentration in the highly fragmented and competitive fitness club industry, which has low barriers to entry, high attrition rates and exposure to discretionary consumer spending trends. The ratings could be upgraded if the company achieves significant profitable growth in total revenues and continued strong system-wide and comparable club revenue growth while maintaining a good liquidity profile. In terms of financial metrics, EBITA to interest expense sustained above 4.0x and free cash flow-to-debt above 8% could warrant consideration for a prospective ratings upgrade. The ratings could be downgraded if debt-to-EBITDA is sustained above 5.0 times, or EBITA-to-interest expense approaches 2.0 times. A material weakening of the company's liquidity profile and/or additional debt-financed shareholder activities that result in significantly higher leverage could lead to negative rating actions. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Headquartered in Hampton, NH, Planet Fitness Holdings, LLC franchises and owns/operates fitness clubs across the US and Canada, as well as in Puerto Rico and the Dominican Republic. As of June 30, 2017, Planet Fitness had about 10.4 million members and 1,403 locations in 48 states and the District of Columbia, Canada, Puerto Rico and the Dominican Republic. More than 95% of its locations are franchises. Trailing twelve-month revenues as of June 30, 2017 were about $402 million. PUERTO RICO: AFS-CIO Files Adversary Complaint ---------------------------------------------- BankruptcyData.com reported that American Federation of State, County & Municipal Employees (AFSCME), AFL-CIO filed with the U.S. Bankruptcy Court an adversary complaint against the Financial Oversight and Management Board for Puerto Rico; the Commonwealth of Puerto Rico; the Puerto Rico Fiscal Agency and Financial Advisory Authority and several Puerto Rico officials. The plaintiffs allege, "AFSCME brings this action to secure and protect the rights of its members, both active and retired employees of the Commonwealth, for the purpose of obtaining declaratory and injunctive relief to oppose the implementation of austerity measures on Commonwealth employees and retirees through furloughs and cuts to retirement income. The anticipated furloughs and cuts are the product of an unauthorized and illegal policy adopted by an unelected oversight board, to be imposed by such Board over the objection of the Commonwealth's democratically-elected governor. Putting aside matters of Puerto Rican sovereignty and democratic principles, these actions of the Board are illegal as they violate the terms of PROMESA and exceed the statutorily-conferred authority granted by PROMESA to the Board. AFSCME and its members are invested in the Commonwealth's financial recovery and desire, above all else, for it to thrive. Unlike some other of the Commonwealth's creditors, the result of these Title III proceedings will not be reflected merely by a line item adjustment to a balance sheet, but will be endured by AFSCME members daily -- at home, work, and in retirement -- through a multitude of daily lived experiences." About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States that's facing a massive bond debt of $70 billion, a 68% debt-to-GDP ratio and negative economic growth in nine of the last 10 years. The Commonwealth of Puerto Rico has sought bankruptcy protection, aiming to restructure its massive $74 billion debt-load and $49 billion in pension obligations. The debt restructuring petition was filed by Puerto Rico's financial oversight board in U.S. District Court in Puerto Rico (Case No. 17-01578) on May 3, 2017, and was made under Title III of 2016's U.S. Congressional rescue law known as the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"). The Financial Oversight and Management Board later commenced Title III cases for the Puerto Rico Sales Tax Financing Corporation (COFINA) on May 5, 2017, and the Employees Retirement System (ERS) and the Puerto Rico Highways and Transportation Authority (HTA) on May 21. On July 2, 2017, a Title III case was commenced for the Puerto Rico Electric Power Authority ("PREPA"). U.S. Chief Justice John Roberts has appointed U.S. District Judge Laura Taylor Swain to oversee the Title III cases. The Honorable Judith Dein, a United States Magistrate Judge for the District of Massachusetts, has been designated to preside over matters that may be referred to her by Judge Swain, including discovery disputes, and management of other pretrial proceedings. Joint administration of the Title III cases, under Lead Case No. 17-3283, was granted on June 29, 2017. The Oversight Board has hired as advisors, Proskauer Rose LLP and O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at O'Neill & Borges are onboard as attorneys. McKinsey & Co. is the Board's strategic consultant, Ernst & Young is the Board's financial advisor, and Citigroup Global Markets Inc. is the Board's municipal investment banker. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains a case web site at: https://cases.primeclerk.com/puertorico Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA, and PREPA. O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF), the agency responsible for negotiations with bondholders. The Oversight Board named Professor Nancy B. Rapoport as fee examiner and to chair a committee to review professionals' fees. Bondholders' Attorneys Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group, comprised of mutual funds managed by Oppenheimer Funds, Inc., Franklin Advisers, Inc., and the First Puerto Rico Family of Funds, which collectively hold over $3.5 billion in COFINA Bonds and over $2.9 billion in other bonds issued by Puerto Rico and other instrumentalities, including over $1.8 billion of Puerto Rico general obligation bonds ("GO Bonds"). White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS Family of Funds and the Puerto Rico Family of Funds, which hold $613.3 million in COFINA bonds. Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam & Lausell are co-counsel to the ad hoc group of General Obligation Bondholders, comprised of Aurelius Capital Management, LP, Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual Advisers LLC, Monarch Alternative Capital LP, Senator Investment Group LP, and Stone Lion Capital Partners L.P. Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are co-counsel to the ad hoc coalition of holders of senior bonds issued by COFINA, comprised of at least 30 institutional holders, including Canyon Capital Advisors LLC and Varde Investment Partners, L.P. Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson Kempner Capital Management LP, OZ Management, LP, and OZ Management II LP (the QTCB Noteholder Group). Committees The U.S. Trustee formed a nine-member Official Committee of Retirees and a seven-member Official Committee of Unsecured Creditors of the Commonwealth. The Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its attorneys. The Creditors Committee tapped Paul Hastings LLP and O'Neill & Gilmore LLC as counsel. PUERTO RICO: Oversight Board Wants Insurers' Lawsuit Dismissed -------------------------------------------------------------- Ryan Boysen, writing for Bankruptcy Law360, reports that the oversight board tasked with steering Puerto Rico through its bankruptcy-like process told the federal court on Monday that the bond insurers Assured Guaranty Corp. and National Public Finance Guarantee Corp., who are seeking to overturn the island's proposed fiscal plan, have no standing and that their lawsuit must be dismissed. Law360 recalls that Assured Guaranty and National Public Finance filed the lawsuit in May, claiming that Puerto Rico's fiscal plan takes way too much off the top with its proposed haircuts for bondholders. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States that's facing a massive bond debt of $70 billion, a 68% debt-to-GDP ratio and negative economic growth in nine of the last 10 years. The Commonwealth of Puerto Rico has sought bankruptcy protection, aiming to restructure its massive $74 billion debt-load and $49 billion in pension obligations. The debt restructuring petition was filed by Puerto Rico's financial oversight board in U.S. District Court in Puerto Rico (Case No. 17-01578) on May 3, 2017, and was made under Title III of 2016's U.S. Congressional rescue law known as the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"). The Financial Oversight and Management Board later commenced Title III cases for the Puerto Rico Sales Tax Financing Corporation (COFINA) on May 5, 2017, and the Employees Retirement System (ERS) and the Puerto Rico Highways and Transportation Authority (HTA) on May 21. On July 2, 2017, a Title III case was commenced for the Puerto Rico Electric Power Authority ("PREPA"). U.S. Chief Justice John Roberts has appointed U.S. District Judge Laura Taylor Swain to oversee the Title III cases. The Honorable Judith Dein, a United States Magistrate Judge for the District of Massachusetts, has been designated to preside over matters that may be referred to her by Judge Swain, including discovery disputes, and management of other pretrial proceedings. Joint administration of the Title III cases, under Lead Case No. 17-3283, was granted on June 29, 2017. The Oversight Board has hired as advisors, Proskauer Rose LLP and O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at O'Neill & Borges are on-board as attorneys. McKinsey & Co. is the Board's strategic consultant, Ernst & Young is the Board's financial advisor, and Citigroup Global Markets Inc. is the Board's municipal investment banker. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains a case Web site at https://cases.primeclerk.com/puertorico Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA, and PREPA. O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF), the agency responsible for negotiations with bondholders. The Oversight Board named Professor Nancy B. Rapoport as fee examiner and to chair a committee to review professionals' fees. Bondholders' Attorneys Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group, comprised of mutual funds managed by Oppenheimer Funds, Inc., Franklin Advisers, Inc., and the First Puerto Rico Family of Funds, which collectively hold over $3.5 billion in COFINA Bonds and over $2.9 billion in other bonds issued by Puerto Rico and other instrumentalities, including over $1.8 billion of Puerto Rico general obligation bonds ("GO Bonds"). White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS Family of Funds and the Puerto Rico Family of Funds, which hold $613.3 million in COFINA bonds. Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam & Lausell are co-counsel to the ad hoc group of General Obligation Bondholders, comprised of Aurelius Capital Management, LP, Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual Advisers LLC, Monarch Alternative Capital LP, Senator Investment Group LP, and Stone Lion Capital Partners L.P. Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are co-counsel to the ad hoc coalition of holders of senior bonds issued by COFINA, comprised of at least 30 institutional holders, including Canyon Capital Advisors LLC and Varde Investment Partners, L.P. Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson Kempner Capital Management LP, OZ Management, LP, and OZ Management II LP (the QTCB Noteholder Group). Committees The U.S. Trustee formed an official committee of retirees and an official committee of unsecured creditors of the Commonwealth. The retiree committee tapped Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its attorneys. The creditors' committee tapped Paul Hastings LLP and O'Neill & Gilmore LLC as counsel. QUADRANT 4: Court OK'd Sale of 3 Business Units Totaling $13M+ -------------------------------------------------------------- BankruptcyData.com reported tht the U.S. Bankruptcy Court approved the sale of Quadrant 4 Systems' Solution Business Unit to Aspire System Consulting. The order states, "As a result of the competitive bidding at the Auction: (i) the offer of Aspire of a cash payment in the amount of $9,790,000 for all of the Solutions Units, in bulk . . . was declared by the Debtor . . . as the Prevailing Bid." The Court also approved the sale of the QEDU Education Platform Business Unit to Brainchild Unlimited, as assignee of First Tek, in the amount of $700,000. Finally, the Court authorized the sale of the Legacy Staffing Business Unit to Intellyk, as assignee of Innovyt and Sunmerge Systems. That order states, "As a result of the competitive bidding at the Auction: (i) the offer of Innovyt/Sunmerge in the amount of $3,470,000 for the Staffing Business . . . was declared . . . as the Prevailing Bid." About Quadrant 4 System Quadrant 4 System Corporation (OTC:QFOR) -- http://www.qfor.com/-- sells IT products and services. Its revenues are primarily generated from the placement of staffing or solution consultants, and the sale and licensing of its proprietary cloud-based Software as a Service (SaaS) systems, as well as a wide range of technology oriented services and solutions. Quadrant's principal executive offices are located in Schaumburg Illinois. The Company also operates its business from various offices located in Naples, Florida; Alpharetta, Georgia; Bingham Farms, Michigan; Cranbury, New Jersey; Pleasanton, California; and Ann Arbor, Michigan. Quadrant 4 System is the 100% owner of the issued and outstanding common stock of Stratitude, Inc., a California corporation, which it acquired on or about Nov. 3, 2016. Concurrently with the Stratitude Acquisition, Stratitude acquired certain of the assets of Agama Solutions, Inc., a California corporation. Both Stratitude and Agama are located in Pleasanton and Fremont, California and are engaged in the IT business. Quadrant 4 System disclosed total assets of $47.05 million and total liabilities of $31.39 million as of Sept. 30, 2016. Quadrant 4 System filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-19689) on June 29, 2017. CEO Robert H. Steele signed the petition. Quadrant 4, which was subject to a securities fraud probe that led to the arrest and resignation of its top two executives seven months ago, sought Chapter 11 protection after reaching a settlement with the U.S. Securities and Exchange Commission and signing deals to sell four business segments for at least $6.9 million. The Chapter 11 case is assigned to Judge Jack B. Schmetterer. The Debtor's bankruptcy attorneys are Adelman & Gettleman, Ltd.'s Chad H. Gettleman, Esq. and Nathan Q. Rugg, Esq. Nixon Peabody LLP acts as special counsel for matters concerning taxes, labor, ERISA, securities compliance, international law, and related matters while Faegre Baker Daniels LLP acts as special counsel for securities litigation. Silverman Consulting Inc., serve as financial consultants to the Debtor, and Livingstone Partners, LLC, as investment banker. On July 10, 2017, a three-member panel was appointed as official committee of unsecured creditors in the Debtor's case. Sugar Felsenthal Grais & Hammer LLP serve as counsel to the Committee and Amherst Partners, LLC as financial advisor. R.C.A. RUBBER: Hires Weidrick Livesay as Accountant --------------------------------------------------- The R.C.A. Rubber Company seeks authority from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Weidrick Livesay & Co., CPA, as accountant to the Debtor. R.C.A. Rubber requires Weidrick Livesay to: -- file the tax returns for the Debtor, and any associated tax schedules, K-1 schedules, amendments or restatements of the return; and -- perform any bookkeeping necessary for the preparation of the income tax returns or items of a related matter as requested by the Debtor. Weidrick Livesay will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael T. Livesay, partner of Weidrick Livesay & Co., CPA, 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. Weidrick Livesay can be reached at: Michael T. Livesay WEIDRICK LIVESAY & CO., CPA 2150 N. Cleveland-Massillon Road Akron, OH 44333-1257 Tel: (330) 659-5985 Fax: (330) 659-5986 About The R.C.A. Rubber Company The R.C.A. Rubber Company filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ohio Case No. 16-52757) on November 18, 2016. The petition was signed by Shane R. Price, vice president. The Debtor operates a commercial rubber manufacturing company specializing in commercial flooring primarily used in the transit/transportation industry. The Hon. Alan M. Koschik presides over the case. Michael A. Steel, Esq. of Brennan, Manna & Diamond, LLC represents the Debtor as counsel. The Debtor disclosed total assets of $2.17 million and total liabilities of $1.57 million. REAGAN HOSPITAL: Moody's Affirms Ba2 GOLT Rating, Outlook Pos. -------------------------------------------------------------- Moody's Investors Service has affirmed Reagan Hospital District of Reagan County, Texas' GOLT rating at Ba2 and revised the outlook to positive from negative. The affirmation affects $30.6 million in Moody's rated debt. The district has an additional $721,000 in outstanding debt not rated by Moody's, but considered in Moody's analysis. Affirmation of the Ba2 rating reflects the district's ample tax rate margin, providing revenue raising flexibility, and demonstrated willingness to adjust rates; a new management team, which has improved operating and financial performance; and, a concentrated tax base in a commodity price sensitive market. Rating Outlook The positive outlook reflects the district's recovering tax base and finances, which are expected to improve based on newly initiated business practices. In addition, the district is expanding their scope of operations to meet customer demands with the inclusion of a sleep lab, cardio rehab center and retail pharmacy, which will increase the hospital's market position within the county. Factors that Could Lead to an Upgrade Improved financial management resulting in stabilized reserves Significant tax base diversification; continued taxable value growth Factors that Could Lead to a Downgrade Deterioration of the district's cash position Contraction of the tax base without sufficient tax rate adjustment Significantly increased debt burden Legal Security The bonds are secured by a direct and continuing ad valorem tax, levied on all taxable property in the district, within the limits prescribed by law. The bonds are additionally secured by net revenues of the district. Use of Proceeds Not applicable. Obligor Profile Reagan Hospital District, TX is located in Reagan County in west Texas. Its boundaries encompass approximately 1,177 square miles and are coterminous with Reagan County Independent School District. The district operates Reagan Memorial Hospital, a 14-bed general medical, surgical, and critical access hospital in Big Lake, TX approximately 75 miles south of the Midland/Odessa metropolitan statistical area. The hospital is a public acute care hospital and provides inpatient, outpatient and emergency care services of the district. The closest tertiary facilities are approximately 70 miles away in San Angelo. Methodology The principal methodology used in this rating was US Local Government General Obligation Debt published in December 2016. The additional methodology used in this rating was Not-for-Profit Healthcare Rating Methodology published in November 2015. RETRO HOME HEALTH: Taps Bucheri McCarty as Accountant ----------------------------------------------------- Retro Home Health Care Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire an accountant. The Debtor proposes to employ Bucheri, McCarty & Metz LLP to, among other things, prepare its tax returns; give advice on matters related to tax and financial accounting; and prepare personal property assessment form. Gregory McCarty, the accountant who will be providing the services, will charge between $80 and $250 per hour. The firm does not represent or hold any interest adverse to the Debtor, according to court filings. Bucheri McCarty can be reached through: Gregory A. McCarty Bucheri, McCarty & Metz LLP 2366 West Boulevard P.O. Box 2147 Kokomo, IN 46904-2147 About Retro Home Health Care Retro Home Health Care Services, Inc. doing business as Retro Home Care Services -- http://www.retrohomecareservices.com-- is a home care service located in Indianapolis, Indiana, with satellites throughout the state of Indiana. Retro Home Health Care provides care to disabled persons who want to maintain their independence and remain in their homes as long as possible. It reported gross revenue of $2.84 million for 2016 and gross revenue of $2.24 million for 2015. Retro Home Health Care filed for Chapter 11 bankruptcy protection Bankr. S.D. Ind. Case No. 17-05297) on July 17, 2017, listing $53,100 in total assets and $1.22 million in total liabilities. The petition was signed by Michelle Cherry, CEO. Judge Jeffrey J. Graham presides over the case. Eric C Redman, Esq., at Redman Ludwig, PC, is the Debtor's bankruptcy counsel. ROBERT HILL: Hires Thompson Burton as Counsel --------------------------------------------- The Law Offices of T. Robert Hill P.C., f/k/a Hill Boren P.C., seeks authority from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Thompson Burton, PLLC, as counsel to the Debtor. T. Robert Hill requires Thompson Burton to: a. provide the Debtor legal advice with respect to powers and duties in the management of the Debtor's property; b. prepare on behalf of the Debtor necessary applications, notices, complaints, answers, motions, orders, reports, plans, disclosure statements, and other documents; c. represent the Debtor at hearings, proceedings, meetings, etc., in the Bankruptcy Court and before other tribunals and administrative agencies; d. facilitate filings and other activities, to perform any and all other legal services for the Debtor which may be necessary or appropriate in the chapter 11 case; and c. represent the Debtor in litigation pending before the Chancery Court for Madison County, Tennessee. Thompson Burton will be paid at these hourly rates: Phillip G. Young, Jr. $395 Ronn G. Steen, Jr. $395 David P. Cañas $395 Justin Campbell $225 T. Robert Hill received a retainer payment of $15,000 from T. Robert Hill, for initial attorney fees, expenses and filing fee. All prepetition fees, expenses and filing fees were paid as of the petition date, and there remains $1,783.50 in the Debtor's trust account on behalf of the Debtor. Thompson Burton will also be reimbursed for reasonable out-of-pocket expenses incurred. Phillip Young, Jr., a member of Thompson Burton, 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. Thompson Burton can be reached at: Phillip Young, Jr., Esq. THOMPSON BURTON, PLLC 6100 Tower Circle, Suite 200 Franklin, TN 37067 Tel: (615) 465-6000 E-mail: phillip@thompsonburton.com; About The Law Offices of T. Robert Hill P.C. The Law Offices of T. Robert Hill P.C., based in Jackson, Tennessee, filed a Chapter 11 petition (Bankr. W.D. Tenn. Case No. 17-10597) on March 15, 2017. The Hon. Jimmy L Croom presides over the case. David Phillip Canas, Esq., and Phillip G. Young, Jr., Esq., at Thompson Burton, PLLC, to serve as bankruptcy counsel. In its petition, the Debtor estimated $6.45 million in assets and $185,691 in liabilities. The petition was signed by Robert T. Hill, Jr., CEO/president. RUE21 INC: Committee, et al., Object to Amended Plan ---------------------------------------------------- BankruptcyData.com reported that rue21's official committee of unsecured creditors and Woodmont Companies, DDR, DLC Management, GGP Limited Partnership, Gregory Greenfield & Associates, Jones Lang LaSalle Americas, Northwest Capital Investment Group, Regency Centers, Rouse Properties and ShopCore Properties (collectively, "the landlords") filed with the U.S. Bankruptcy Court separate objections to rue21's First Amended Joint Plan of Reorganization. The committee asserts, "Notwithstanding the Committee's general support for the Debtors' operational and financial restructuring as a value maximizing endeavour, one element of the Amended Plan stands out as decidedly not in the best interests of creditors - the proposed release of Apax (the Debtors' private equity sponsor) and its affiliates without providing any consideration. Moreover, because the Debtors cannot demonstrate that Apax made a substantial contribution to the Debtors' reorganization, the Debtors' efforts to release Apax violate well-settled Third Circuit law. Such an outcome undoubtedly prejudices creditors. As to the third factor, the Apax Release is not necessary to the Debtors' reorganization. Apax is a completely separate entity from the Debtors, and it will not have any control over the Reorganized Debtors upon their emergence from bankruptcy. Any causes of action pursued against Apax will have no impact on the Reorganized Debtors' operations. A release of Apax, therefore, is not necessary to the Debtors' reorganization. As to the fourth factor, the number of creditors or amount of the creditors' claims that vote to accept the Amended Plan is irrelevant. At the time of the solicitation of the Amended Plan, the Committee Investigation was incomplete….As to the last factor, these cases will not result in the payment of all or substantially all of the creditors' claims. General unsecured creditors will receive less than 4% of the Reorganized Debtors' equity under the Amended Plan. This relatively low return is not a valid basis to grant the Apax Release. Accordingly, because the Debtors have failed to satisfy the Master Mortgage factors, the Apax Release should not be approved." About rue21 rue21 -- http://www.rue21.com/-- is a teen specialty apparel retailer. For over 37 years, rue21 has been famous for offering the latest trends at an affordable price point. It has core brands in girls' apparel (rue21), intimate apparel (true), girls' accessories (etc!), girls' cosmetics (ruebeaute!), guys' apparel and accessories (Carbon), girls' plus-size apparel (rue+), and girls' swimwear (ruebleu). The company is headquartered in Warrendale, Pennsylvania and have one distribution center located in Weirton, West Virginia. Headquartered just north of Pittsburgh, Pennsylvania, rue21 had 1,179 stores in 48 states in shopping malls, outlets and strip centers, and on its website. In April, Company began the process of closing approximately 400 underperforming stores in its 1,179 store fleet in order to streamline operations. On May 15, 2017, rue21, inc., and affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Lead Case No. 17-22045). Todd M. Lenhart, the Company's senior vice president, treasurer, chief financial officer, and chief accounting officer, signed the petitions. The Debtors have sought joint administration of the Chapter 11 cases. The Honorable Gregory L. Taddonio is the case judge. The Debtors tapped Reed Smith LLP as local counsel; Kirkland & Ellis LLP as bankruptcy counsel; Rothschild Inc., as investment banker; Berkeley Research Group, LLC, as financial advisor; A&G Realty Partners, LLC, as real estate advisor and consultant; and Kurtzman Carson Consultants LLC as claims and notice agent. rue21 estimated $1 billion to $10 billion in assets and liabilities. Counsel to the DIP Term Loan Agent, DIP Term Loan Lenders, Prepetition Term Loan Agent and Term Loan Steering Committee are Scott J. Greenberg, Esq., Michael J. Cohen, Esq., and Jeffrey J. Bresch, Esq., at Jones Day. Counsel to the DIP ABL Agent and the Prepetition ABL Agent are Julia Frost-Davies, Esq., and Amelia C. Joiner, Esq., at Morgan Lewis & Bockius LLP; and James D. Newell, Esq., and Timothy Palmer, Esq., at Buchanan Ingersoll & Rooney PC. The Sponsor Lenders are represented by Simpson Thacher & Bartlett's Elisha D. Graff, Esq. An Ad Hoc Cross-Holder Group is represented by Milbank, Tweed, Hadley & McCloy's Gerard Uzzi, Esq., and Eric Stodola, Esq. Andrew R. Vara, Acting U.S. Trustee for Region 3, on May 23, 2017, appointed seven creditors to serve on the official committee of unsecured creditors. The Committee has tapped Cooley LLP as counsel; and Fox Rothschild LLP as local counsel. SAC DEVELOPMENT: Hires Harris Law as Counsel -------------------------------------------- SAC Development, Inc., seeks authority from the U.S. Bankruptcy Court for the Eastern District of California to employ Harris Law Firm, PC, as counsel to the Debtor. SAC Development requires Harris Law to: a. take all necessary action to protect and preserve the estate, including the prosecution of actions and adversary or other proceedings on the estate's behalf, the defense of any actions and adversary or other proceedings against the estate, negotiations concerning all disputes and litigation in which the estate is involved, and file or prosecute objections to claims filed against the estate; b. prepare all necessary applications, motions, answers, orders, briefs, reports and other papers in connection with the administration of the estate; c. develop, negotiate and promulgate an plan; and d. perform all other legal services requested. Harris Law will be paid at these hourly rates: Attorneys $375 Legal Assistants $85-$100 Prior to the filing of the petition, the Debtor paid Harris Law a retainer in the amount of $15,000; and $3,779.50 of the retainer was used to pay for fees including $1,717 filing fee. The balance retainer is held in Harris Laws attorney-client trust account. Harris Law will also be reimbursed for reasonable out-of-pocket expenses incurred. Justin D. Harris, member of Harris Law Firm, 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. Harris Law can be reached at: Justin D. Harris, Esq. HARRIS LAW FIRM, PC 7110 N Fresno St., Suite 400 Fresno, CA 93720 Tel: (559) 272-5700 Fax: (559) 554-9989 E-mail: jdh@harrislawfirm.net About SAC Development, Inc. SAC Development, Inc., based in Fresno, CA, filed a Chapter 11 petition (Bankr. E.D. Cal. Case No. 17-12857) on July 26, 2017. The Hon. Rene Lastreto II presides over the case. Justin D. Harris, Esq., at Harris Law Firm, PC, serves as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Shabbir A. Chaudhry, president. SBA COMMUNICATIONS: Moody's Hikes Sr. Unsecured Notes Rating to B2 ------------------------------------------------------------------ Moody's Investors Service upgraded the senior unsecured ratings of SBA Communications Corporation's ("SBAC") to B2 from B3 and affirmed SBAC's B1 corporate family rating (CFR) and the B1 senior secured ratings of SBAC's subsidiary, SBA Senior Finance II, LLC. The rating outlook is stable. Concurrently, Moody's withdrew the REIT's speculative grade liquidity rating, probability of default rating and loss given default assessments because these ratings do not apply under Moody's methodology for rating commercial property REITs. The following ratings were upgraded: SBA Communications Corporation -- senior unsecured debt rating to B2 from B3; The following ratings were affirmed: SBA Communications Corporation -- B1 corporate family rating; SBA Senior Finance II, LLC -- senior secured bank credit facility at B1 The following ratings were withdrawn: SBA Communications Corporation -- B1-PD probability of default; SGL-1 speculative grade liquidity rating; (LGD5) senior unsecured debt LGD assessment. SBA Senior Finance II, LLC -- (LGD3) senior secured credit facility LGD assessment. The rating affirmation reflects SBAC's strong operating performance and Moody's view that SBAC's conversion to a REIT earlier this year does not impact SBAC's credit strengths, which center on its high-margin business with stable, contractual cash flows, attractive growth opportunities and good liquidity. Over time SBAC will assume a new dividend burden under the REIT mandates, but the company intends to use its net operating loss carry forward positions (NOLs) for tax purposes to eliminate distribution requirements, which are estimated to last through the end of 2020. However, SBAC is an active share re-purchaser. Since commencing its share buy-back program in 2015, SBAC has repurchased a total of approximately $1.2 billion of stock as of August 4, 2017. The REIT has approximately $750 million remaining on its $1 billion share buy-back authorization announced in January 2017. SBAC's discipline around balancing the interests of stockholders and debtholders, its commitment to maintaining leverage under 7.5x (as per SBA's definition, before Moody's adjustments) and prudent approach to cash deployment priorities when the dividend distributions commence over time, will continue to be key credit considerations. Large debt-funded share repurchases that increase leverage above the REIT's target leverage range of 7x-7.5x (per SBAC's definition) will put negative pressure on the ratings. The upgrade of SBAC's senior unsecured debt reflects the gradual shift in SBAC's capital structure that in a distress case scenario would result in a lower loss absorption by the unsecured debt obligations. The one-notch upgrade also reflects Moody's approach to the notching differential for senior unsecured obligations of REITs with a largely secured capital structure. RATINGS RATIONALE SBAC's B1 Corporate Family Rating reflects the REIT's significant tenant concentration, meaningful share of secured debt in its capital structure and high financial leverage, with Moody's adjusted financial leverage of 8x net debt to EBITDA and effective leverage (defined as debt plus preferred as a percentage of gross assets) of 90% as of June 30, 2017. The B1 rating also considers SBAC's substantial scale as the third largest wireless tower operator in the US. The REIT's credit profile benefits from the stability of much of its revenue base and cash flow generation, which is derived predominantly from its contractual relationships with the largest wireless operators in the US and the high barriers to entry for macro cell towers. The B1 rating embeds the risk of lower lease demand as a result of technology network shifts or the emergence of substitute technologies, customer concentration and the possibility of higher churn from further carrier consolidation in the US. These risks are offset over the near-term by the firm contracts with embedded annual escalators in the range of 3-4% per annum that SBAC has with the largest wireless carriers. Moody's believes that strong growth in cellular data traffic will favorably support wireless tower sector fundamentals over the next several years. As the third largest US tower operator, SBAC is well positioned to benefit from the current upgrade cycle and amendment fees as carriers install new cell site equipment and upgrade existing apparatus to expand coverage and densify their 4G/LTE wireless networks across new license areas acquired in the 2015 AWS-3 spectrum auction, as well as the 600-Megahertz spectrum Broadcast Incentive Auction that closed in March 2017. This should lead to SBAC's continued EBITDA expansion and adjusted leverage maintained in the low-8x range in the next 12-18 months, as the REIT continues to invest in growth and funds its share repurchase program. The rating outlook is stable, reflecting SBAC's good operating performance, visible revenue growth from a significant backlog of contractual rents and increasing wireless carrier demand. The stable outlook also reflects Moody's expectations that SBAC will remain disciplined in managing its future growth and shareholder returns. Ratings could be considered for an upgrade if SBAC continues to demonstrate EBITDA expansion and allocates a significant portion of free cash flows towards deleveraging and unencumbering its asset base such that Moody's adjusted net debt to EBITDA is sustained below 8x, effective leverage (debt plus preferred over gross assets) approaches 80%, and secured debt declines to represent less than 30% of gross assets. Ratings could be downgraded if weakening industry fundamentals, or a more aggressive financial policy, including large debt-financed acquisitions or share repurchases, or lower-than-expected cash flow growth result in tight liquidity and deterioration in credit metrics, such that Moody's adjusted net debt to EBITDA is sustained above 9x. The principal methodology used in these ratings was Global Rating Methodology for REITs and Other Commercial Property Firms published in July 2010. Headquartered in Boca Raton, Florida, SBA Communications Corporation (NASDAQ: SBAC) is the third largest independent operator of wireless tower assets in the US. In addition, SBAC owns and operates towers in South America, Central America and Canada. SIERRA CHEMICAL: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Sierra Chemical Co. 2302 Larkin Circle Sparks, NV 89431 Type of Business: Sierra Chemical Co., a Carus Group Inc. company, manufactures and distributes environmental chemicals for the municipal, agricultural, mining, and industrial markets. Founded in 1959, Sierra Chemical Co. started as a compressed gas supplier in Northern Nevada. The business grew to become a full line supplier to the industrial, mining, and municipal markets in Nevada. Sierra expanded into Northern California in the mid 1990's and established a production facility in Stockton, California. Sierra Chemical Co. was acquired by Carus Group Inc. in 2011. As a result, Sierra's product line has expanded to include CAIROX Potassium Permanganate, CARUSOL Sodium Permanganate, and the Carus Phosphates Family of products. Web site: http://www.caruscorporation.com/page/sierra-chemical Chapter 11 Petition Date: August 30, 2017 Case No.: 17-51019 Court: United States Bankruptcy Court District of Nevada (Reno) Judge: Hon. Bruce T. Beesley Debtor's Counsel: Robert R. Benjamin, Esq. GOLAN CHRISTIE TAGLIA LLP 70 W. Madison Street, Suite 1500 Chicago, IL 60602 Tel: (312) 263-2300 Fax: (312) 263-0939 E-mail: rrbenjamin@gct.law; Anthony J. D'Agostino, Esq. GOLAN CHRISTIE TAGLIA LLP 70 W. Madison Street, Suite 1500 Chicago, IL 60602 Tel: (312) 263-2300 Fax: (312) 263-0939 E-mail: ajdagostino@gct.law; Caren A. Lederer, Esq. GOLAN CHRISTIE TAGLIA LLP 70 W. Madison Street, Suite 1500 Chicago, IL 60602 Tel: (312) 263-2300 Fax: (312) 263-0939 E-mail: calederer@gct.law; Barbara L Yong, Esq. GOLAN CHRISTIE TAGLIA LLP 70 W. Madison Street, Suite 1500 Chicago, IL 60602 Tel: (312) 263-2300 Fax: (312) 263-0939 E-mail: blyong@gct.law; - and - Stephen R Harris, Esq. HARRIS LAW PRACTICE LLC 6151 Lakeside DR, Ste 2100 Reno, NV 89511 Tel: (775) 786-7600 Fax: (775) 786-7764 E-mail: steve@harrislawreno.com; Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by David J. Kuzy, president. The Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/nvb17-51019.pdf SINGH LODGING: Payment of Expenses of Receivership Okayed --------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of New York has entered, at the behest of Singh Lodging, Inc., an order continuing the state court-appointed receivership on an interim basis and authorizing the payment of certain expenses of the receivership. As reported by the Troubled Company Reporter on Aug. 18, 2017, the Debtor asked for court permission to use cash collateral in which Zions First National Bank, New York Business Development Corporation, BBCN Bankcorp, Inc., CAN Capital, Inc., and Elm Services LLC have or allege to have a lien or security interest. The Debtor wants to use cash collateral to meet the costs of overhead, operations and preservation of its secured creditors' collateral. Zions objected to the Debtor's cash collateral use and requested, among other things, to excuse compliance with 11 U.S.C. Section 543(a) and (b) pending resolution of the Debtor's anticipated motion to remove receiver, M. Neal Eckard. Parties have agreed to allow the Receiver and Nationwide Asset Management Group with their appointment pursuant to the State Court Order dated May 29, 2017, in an action entitled ZB, N.A. dba Zions Bank v. Singh Lodging Inc., et al. Index No. 803394/2017, to remain in place as Receiver of the rents and profits stemming from the operation of the hotel located at 50 Freeman Road, Lancaster, New York, pending the anticipated hearing on the request to remove the Receiver scheduled for Aug. 24, 2017, at 10:30 a.m. The Court ordered that the Receivership is continued nunc pro tunc as of Aug. 4, 2017, until Aug. 25, 2017, and the provisions of the court orders appointing receiver will govern the Receiver's authority to act subject to the provisions of the U.S. Bankruptcy Code. The Receiver is authorized to continue to manage the premises during the adjourned period and is authorized to pay the postpetition expenses necessary to operate the premises, in the same manner as is customary and usual in the operation of similar hotels in the Western New York area. To the extent Zions advances funds to cover any deficiencies, the amounts will be added to Zions' secured claim. The Receiver will not conduct any repairs on the premises exceeding $2,000 without obtaining permission from the Court. A copy of the court order is available at: http://bankrupt.com/misc/nywb17-11637-39.pdf About Singh Lodging Singh Lodging, Inc., provides accommodation for travelers. It owns a fee simple interest in a property located at 50 Freeman Drive, Lancaster, New York, valued at $2.5 million. Singh Lodging filed a Chapter 11 petition (Bankr. W.D.N.Y. Case No. 17-11637) on Aug. 4, 2017. The petition was signed by Kabal S. Virk, president. At the time of filing, the Debtor disclosed $2.53 million in assets and $3.63 million in liabilities. Robert B. Gleichenhaus, Esq., at Gleichenhaus, Marchese, Weishaar, P.C., is serving as counsel to the Debtor. No official committee of unsecured creditors has been appointed in the case. SOUTHCROSS ENERGY: Holdings Owns 72% of Common Units ---------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Southcross Holdings GP LLC, Southcross Holdings LP, Southcross Holdings Intermediary LLC, Southcross Holdings Guarantor GP LLC, Southcross Holdings Guarantor LP, Southcross Holdings Borrower GP LLC and Southcross Holdings Borrower LP, disclosed that as of Aug. 11, 2017, they beneficially owned 56,725,598 common units representing limited partner interests in Southcross Energy Partners, L.P., which constitutes 72% of Common Units outstanding. Southcross Holdings Borrower LP directly owns 26,492,074 common units representing limited partner interests, 18,019,811 Class B convertible units representing limited partner interests and 12,213,713 subordinated units representing limited partner interests in the Issuer. The Class B Convertible Units convert into Common Units at the Class B Conversion Rate on the Class B Conversion Date (as defined in the Partnership Agreement). The Subordinated Units convert into Common Units on a one-for-one basis on the expiration of the Subordination Period (as defined in the Partnership Agreement). Because such Class B Convertible Units and Subordinated Units were acquired in connection with transactions having the purpose or effect of changing or influencing the control of the Issuer, such Class B Convertible Units and Subordinated Units are considered converted for purposes of the calculations of the amounts noted under Rule 13d-3(d)(1)(i) of the Securities Exchange Act of 1934, as amended. The Reporting Persons acquired 2,116,400 of the Common Units, Class B Convertible Units and Subordinated Units as part of the consideration for SXE to acquire TexStar's Rich Gas System through the Drop-Down Contribution and to establish a structure for common ownership and control of the Common Units, Class B Convertible Units and Subordinated Units through Holdings, as a new holding company of SXE, and its general partner Holdings GP, both of which are owned by SELLC, EIG, and Aggregator. The Reporting Persons acquired an additional 4,500,000 Common Units as part of the consideration for SXE to acquire certain assets through the Holdings Drop-Down Contribution. The Reporting Persons acquired an additional 3,386,811 Class B PIK Units as distributions on the Class B Convertible Units. The Reporting Persons acquired an additional 8,389,188 Common Units pursuant to the Equity Cure Agreement as an equity cure. The Reporting Persons acquired an additional 11,486,486 Common Units in connection with the Fifth Amendment and pursuant to the Equity Cure Agreement. As a result of the relationship of the Reporting Persons, each of the Reporting Persons is deemed to be the beneficial owner, with shared power to vote or direct the vote and shared power to dispose or direct the disposition, of 56,725,598 Common Units, which constitutes approximately 72.0% of the outstanding Common Units (giving effect to the conversion of all outstanding Class B Convertible Units and Subordinated Units). A full-text copy of the regulatory filing is available at: https://is.gd/fBUWJC About Southcross Energy Partners Southcross Energy Partners, L.P. -- http://www.southcrossenergy.com/-- is a master limited partnership that provides natural gas gathering, processing, treating, compression and transportation services and NGL fractionation and transportation services. It also sources, purchases, transports and sells natural gas and NGLs. Its assets are located in South Texas, Mississippi and Alabama and include four gas processing plants, two fractionation plants and approximately 3,100 miles of pipeline. The South Texas assets are located in or near the Eagle Ford shale region. Southcross is headquartered in Dallas, Texas. Southcross Energy reported a net loss of $94.94 million for the year ended Dec. 31, 2016, following a net loss of $55.49 million for the year ended Dec. 31, 2015. * * * As reported by the TCR on Feb. 28, 2017, S&P Global Ratings said that it affirmed its 'CCC+' corporate credit and senior secured issue-level ratings on Southcross Energy Partners L.P. The outlook is stable. The rating action reflects S&P's view that the recent credit agreement amendment limits the likelihood of a default in the next two years as the partnership will have an improved liquidity position and need no longer adhere to its leverage covenants. The TCR reported on Jan. 13, 2016, that Moody's Investors Service downgraded Southcross Energy's Corporate Family Rating to 'Caa1' from 'B2'. Southcross' Caa1 CFR reflects its high financial leverage, limited scale, concentration in the Eagle Ford Shale and Moody's expectation of continued high leverage and challenging industry conditions into 2017. SULLIVAN VINEYARDS: Hires Beyers Costin as Special Counsel ---------------------------------------------------------- Sullivan Vineyards Corporation, et al., seek authority from the U.S. Bankruptcy Court for the Northern District of California to employ Beyers Costin Simon, P.C., as special litigation counsel. Sullivan Vineyards requires Beyers Costin to: a. represent the Debtors in the action pending in the U.S. District Court for the Northern District of California, Case No 16-cv-05285-WHO, Finn v. Kellen F. Sullivan, et al., to the extent that and in the event that the automatic stay is lifted therein to allow for entry of a stipulated order to amend the judgment, the prosecution of post- judgment motions, and the filing of a notice of appeal. b. represent the Debtors in an adversary proceeding filed against Stephen A. Finn and Angelica de Vere, a former CEO and director of the Debtor Sullivan Vineyards, object to claims of Mr. Finn against the Debtors, seek an affirmative recovery from Mr. Finn for his breach of his fiduciary duties to the Debtors, and seek affirmative recovery from Ms. de Vere for her breach of her fiduciary duties to Sullivan Vineyards. Beyers Costin will be paid at these hourly rates: Shareholders $425-$465 Partners/Of Counsel $395-$465 Associates $265-$350 Paralegals $145-$165 Beyers Costin has an unsecured claim against the Debtors in the amount of $62,777.82. Beyers Costin will also be reimbursed for reasonable out-of-pocket expenses incurred. Peter L. Simon, shareholder of Beyers Costin Simon, P.C., 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. Beyers Costin can be reached at: Peter L. Simon, Esq. BEYERS COSTIN SIMON, P.C. 200 Fourth Street, Suite 400 Santa Rosa, CA 95401 Tel: (707) 547-2000 Fax: (707) 526-2746 About Sullivan Vineyards Corporation Sullivan Vineyards Corporation filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 17-10065) on Feb. 1, 2017, estimating assets at $1 million to $10 million and liabilities at $10 million to $50 million at the time of the filing. Sullivan Vineyards Partnership sought Chapter 11 protection (Bankr. N.D. Cal. Case No. 17-10067) on Feb. 2, 2017, disclosing $18.99 million in assets and $14.27 million in liabilities. The cases are jointly administered under Case No. 17-10065 before the Hon. Roger L Efremsky. The petitions were signed by Ross Sullivan, CEO. The Debtors are represented by Steven M. Olson, Esq., at the Law Office of Steven M. Olson. The Debtors hired Beyers Costin Simon, P.C., as special litigation counsel. TEXAS FLUORESCENCE: Hires Aegis Group as Appraiser -------------------------------------------------- Texas Fluorescence Laboratories, Inc., seeks authority from the U.S. Bankruptcy Court for the Western District of Texas to employ Aegis Group, Inc., as appraiser to the Debtor. Texas Fluorescence requires Aegis Group to prepare written appraisal, and possible expert witness testimony in a deposition or in court regarding Aegis Group's opinion of value, of the Debtor's real estate located in southeast Travis County, consisting of 2.123 acres of land, improved by a commercial metal building currently being used by the Debtor as its chemistry laboratory, and a smaller secondary building. The 2.123 acres is a portion of Lot 16, Capitol View Estates, a subdivision in Travis County. Aegis Group will be paid $4,000 flat fee for the preparation of the appraisal. Aegis Group rate for preparation for testifying and for his testimony is $295 per hour. John Chalmers Goddard, member of Aegis Group, Inc., 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. Aegis Group can be reached at: John Chalmers Goddard AEGIS GROUP, INC. 4926 Spicewood Springs Road, Suite 101 Austin, TX 78759 Tel: (512) 346-9983 Fax: (512) 343-6550 E-mail: Goddard@aegisgroupinc.com About Texas Fluorescence Laboratories, Inc. Texas Fluorescence Laboratories, Inc., a small business debtor as defined in 11 U.S.C. Section 101(51D), develops products for designing fluorescent and molecular probes. It develops ion indicators, ionophores, PKC indicators, general fluorophores, and surfactants for cell biology, biochemistry, biomolecular screening, molecular biology, microbiology, and neuroscience. The company also provides probes for electrophysiology, live-cell function, receptors and ion channels, in situ hybridization, signal transduction, and ribonucleic acid and deoxyribonucleic acid; and pH indicators; as well as membrane potential; flow cytometry; and custom synthesis products. TEF Labs, Inc., is based in Austin, Texas. Texas Fluorescence Laboratories filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 17-10517) on May 1, 2017. The Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Akwasi Minta, director and officer. The Hon. Tony M. Davis presides over the case. B. Weldon Ponder, Jr., Esq., at B. Weldon Ponder, Jr., Attorney at Law, serves as bankruptcy counsel to the Debtor. TLC HEALTH NETWORK: Hires Harris Beach as Special Counsel --------------------------------------------------------- TLC Health Network, seeks authority from the U.S. Bankruptcy Court for the Western District of New York to employ Harris Beach PLLC, as special counsel to the Debtor. TLC Health Network requires Harris Beach to provide legal services in relation to the Debtor's merger with Brooks Memorial Hospital and subsequent affiliation with Kaleida Health. Harris Beach will be paid at these hourly rates: Partners $350-$500 Associates $220-$325 Paralegals $95-$195 Harris Beach will also be reimbursed for reasonable out-of-pocket expenses incurred. Justin Runke, member of Harris Beach 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. Harris Beach can be reached at: Justin Runke, Esq. HARRIS BEACH PLLC 99 Garnsey Road Pittsford, NY 14534 Tel: (585) 419-8800 E-mail: JRUNKE@HARRISBEACH.COM About TLC Health Network TLC Health Network filed a Chapter 11 petition (Bankr. W.D.N.Y. Case No. 13-13294) on Dec. 16, 2013. The petition was signed by Timothy Cooper as Chairman of the Board. The case is assigned to the Hon. Carl L. Bucki. The Debtor estimated assets of at least $10 million and debt of at least $1 million. Jeffrey A. Dove, Esq., at Menter, Rudin & Trivelpiece, P.C., serves as the Debtor's counsel. Damon & Morey LLP is the Debtor's special health care law and corporate counsel. The Bonadio Group is the Debtor's accountants. Howard P. Schultz & Associates, LLC is the Debtor's appraiser. A three-member panel composed of Cannon Design, Chautauqua Opportunities, Inc., and Jamestown Rehab Services has been appointed as the official unsecured creditors committee. Bond, Schoeneck & King, PLLC is the counsel to the Committee. The Committee has tapped NextPoint LLC as financial advisor. TRI STATE TRUCKING: Hires United Country as Real Estate Broker -------------------------------------------------------------- Tri State Trucking Company seeks authority from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ United Country Jelliff Auction Group, as real estate broker to the Debtor. Tri State Trucking requires United Country to market and sell the following Debtor's properties: a. 2433 N Williamson Road, Covington, Covington/Putnam Township, Pennsylvania; and b. 1072 Korb Road, Richmond Township, Mansfield, Pennsylvania. United Country will be paid a commission of 6% of the purchase price per property. Edgar R. Jelliff, a member of United Country Jelliff Auction 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 Debtor and its estates. United Country can be reached at: Edgar R. Jelliff UNITED COUNTRY JELLIFF AUCTION GROUP 95 Longbow Ln Tioga, PA 16946-8795 Tel: (570) 835-4212 Fax: (570) 835-5199 About Tri State Trucking Company Tri State Trucking Company operates an over the road logistics company hauling various freight of its customers. It employs approximately 50 people and operates from its headquarters located at 16064 Route 6, Mansfield, Pennsylvania 16933. Tri State filed Chapter 11 bankruptcy petition (Bankr. M.D. Pa. Case No. 15-04444) on Oct. 13, 2015. William E. Robinson signed the petition as president. The Debtor estimated assets in the range of $10 million to $50 million and liabilities of at least $1 million. Mette, Evans, & Woodside represents the Debtor as counsel. Judge John J. Thomas is assigned to the case. The Debtor also hired Robert E. Chernicoff, Esq., at Cunningham Chernicoff & Warshawsky, P.C., as counsel. UNI-PIXEL INC: Case Summary & Largest Unsecured Creditors --------------------------------------------------------- Lead Debtor: Uni-Pixel, Inc. 4699 Old Ironsides Drive Santa Clara, CA 95054 Type of Business: UniPixel, Inc. (NASDAQ: UNXL) develops and markets high performance metal mesh capacitive touch sensors for the touch-screen and flexible displays markets. The Company's roll-to-roll electronics manufacturing process patterns fine line conductive elements on thin films. The Company markets its technologies for touch panel sensor, cover glass replacement, and protective cover film applications under the XTouch and Diamond Guard brands. Web site: http://www.unipixel.com/ Chapter 11 Petition Date: August 30, 2017 Debtor affiliates that simultaneously filed Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Uni-Pixel, Inc. 17-52100 Uni-Pixel Displays, Inc. 17-52101 Court: United States Bankruptcy Court Northern District of California (San Jose) Debtors' Counsel: Scott H. McNutt, Esq. MCNUTT LAW GROUP LLP 219 9th St. San Francisco, CA 94103 Tel: (415) 995-8475 Email: SMcNutt@ml-sf.com Debtors' Special Counsel: CROWELL & MORING LLP Uni-Pixel, Inc.'s total assets: $9.88 million Uni-Pixel, Inc.'s total debt: $9.88 million Uni-Pixel Displays' estimated assets: $0 to $50,000 Uni-Pixel Displays' estimated debt: $500,000 to $1 million The petitions were signed by Jeff Hawthorne, chief executive officer. Uni-Pixel Inc.'s list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/canb17-52100.pdf Uni-Pixel Displays' list 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/canb17-52101.pdf UNI-PIXEL INC: Seeks Ch.11 Protection Following Adverse Judgment ---------------------------------------------------------------- Uni-Pixel, Inc., a Delaware corporation, and its subsidiary Uni-Pixel Displays, Inc., a Texas corporation filed on Aug. 30, 2017, voluntary petitions for relief under Title 11 of the U.S. Bankruptcy Code. No trustee has been appointed, and the Debtors will continue to operate their business as "debtors in possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The Company said that, after conducting a hearing on Aug. 25, the Court of Chancery of the State of Delaware entered on Aug. 28 a final partial judgment against the Company and in favor of the Company's two former executive officers, Reed Killion and Jeffrey Tomz, pursuant to which the Chancery Court determined that Messrs. Killion and Tomz were entitled to an advancement of expenses by the Company in an amount equal to an aggregate of $1,404,599, in relation to their defense of an action brought against them by the Securities and Exchange Commission. About Uni-Pixel Inc. The Woodlands, Tex.-based Uni-Pixel, Inc. (NASDAQ:UNXL) -- http://www.unipixel.com/-- is a production stage company delivering its Clearly Superior(TM) Performance Engineered Films to the Lighting & Display, Solar and Flexible Electronics market segments. Uni-Pixel reported a net loss of $37.02 million on $3.75 million of revenue for the year ended Dec. 31, 2015, compared to a net loss of $25.7 million on $0 of revenue for the year ended Dec. 31, 2014. The Company also was in the red since 2010, reporting a net loss of $3.8 million that year, $8.5 million in 2011, $9.0 million in 2012 and $15.2 million in 2013. As of June 30, 2016, Uni-Pixel had $22.52 million in total assets, $4.64 million in total liabilities, and $17.88 million in total shareholders' equity. Uni-Pixel, Inc., and its subsidiary Uni-Pixel Displays, Inc., filed Chapter 11 petitions (Bankr. N.D. Cal. Case Nos. 17-52100 and Case No. 17-52101) on Aug. 30, 2017. The Debtors tapped Scott H. McNutt, Esq., at McNutt Law Group LLP, as bankruptcy counsel; and Crowell & Moring LLP, as special counsel. The meeting of creditors under 11 U.S.C. Sec. 341(a) is slated to be held on Oct. 3, 2017 at 1:00 p.m. Proofs of claim are due by Jan. 2, 2018. US DATAWORKS: Taps Albeck as Financial Services Consultant ---------------------------------------------------------- US Dataworks, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire a financial services consultant. The Debtor proposes to employ Albeck Financial Services, Inc. to provide month-end financial closeout assistance for the period July to September 2017, and liquidation accounting. The firm will charge a flat fee of $5,000. Christy Albeck, a principal of Albeck, disclosed in a court filing that the firm does not represent any interest adverse to the Debtor or its estate. The firm can be reached through: Christy Albeck, Principal Albeck Financial Services, Inc. 11767 Katy Fwy., Suite 830 Houston, TX 77079 About US Dataworks Headquartered in Sugar Land, Texas, US Dataworks, Inc. (otc pinksheets:UDWK) -- http://www.usdataworks.com/-- is a software and technology provider serving the financial services sector. Its board of directors currently consists of two directors -- John Penrod and Joe Saporito. Mr. Penrod is also the Debtor's CEO and president who has been with the company since 2010. Mr. Saporito is the CAO for Rackspace Managed Hosting. US Dataworks filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 17-32765) on May 1, 2017. Mr. Penrod signed the petition. At the time of filing, the Debtor disclosed $2.67 million in assets and $3.98 million in liabilities. The case is assigned to Judge Jeff Bohm. Wayne Kitchens, Esq., at Hughes Watters Askanase LLP, represents the Debtor as bankruptcy counsel. The Debtor hired Loftis Law Firm as special corporate, securities and outside general counsel. No trustee or examiner has been appointed in the case. US DATAWORKS: Taps Briggs & Veselka as Accountant ------------------------------------------------- US Dataworks, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire an accountant. The Debtor proposes to employ Briggs & Veselka Co. to prepare its tax returns for 2016 and 2017, and pay the firm a flat fee of $9,000. Brian Jordan, tax director at Briggs & Veselka, 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: Brian Jordan Briggs & Veselka Co. Nine Greenway Plaza, Suite 1700 Houston, TX 77046 Phone: 1-713-667-9147 Fax: 1-713-667-1697 About US Dataworks Headquartered in Sugar Land, Texas, US Dataworks, Inc. (otc pinksheets:UDWK) -- http://www.usdataworks.com/-- is a software and technology provider serving the financial services sector. Its board of directors currently consists of two directors -- John Penrod and Joe Saporito. Mr. Penrod is also the Debtor's CEO and president who has been with the company since 2010. Mr. Saporito is the CAO for Rackspace Managed Hosting. US Dataworks filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 17-32765) on May 1, 2017. Mr. Penrod signed the petition. At the time of filing, the Debtor disclosed $2.67 million in assets and $3.98 million in liabilities. The case is assigned to Judge Jeff Bohm. Wayne Kitchens, Esq., at Hughes Watters Askanase LLP, represents the Debtor as bankruptcy counsel. The Debtor hired Loftis Law Firm as special corporate, securities and outside general counsel. No trustee or examiner has been appointed in the case. VERMILLION INC: Oracle et al Agree to Exercise Warrants in Full --------------------------------------------------------------- Vermillion, Inc., entered into letter agreements with certain holders of outstanding warrants initially issued by the Company to the Participating Holders and certain other investors in a December 2014 private placement. As originally issued, the 2014 Warrants permitted the holders thereof to purchase up to an aggregate of 4,166,659 shares of Company common stock, par value $0.001 per share, at an exercise price of $2.00 per share of Common Stock, subject to customary anti-dilution adjustments. The 2014 Warrants expire by their terms on Dec. 23, 2017. Pursuant to the terms and subject to the conditions of the Letter Agreements, each Participating Holder agreed to exercise such Participating Holder's 2014 Warrants in full or in part on or before Aug. 31, 2017, and, in consideration therefor, the Company agreed to reduce the Exercise Price of the 2014 Warrants to $1.00 per share of Common Stock to the extent such Participating Holder's 2014 Warrants are exercised on or before Aug. 31, 2017. To the extent any Participating Holder's 2014 Warrants are not exercised in full on or prior to Aug. 31, 2017, the exercise price per share of Common Stock subject to such Participating Holder's 2014 Warrants will be $2.00 per share of Common Stock. The Participating Holders include Oracle Institutional Partners, L.P., the Jack W. Schuler Living Trust, certain trusts and other entities of which H. George Schuler is the trustee or manager and Birchview Fund LLC. Pursuant to the Stockholders Agreement, dated May 13, 2013, certain affiliates of Oracle Institutional Partners, L.P. together are entitled to designate one individual to be nominated by the Company to serve on the Company's board of directors, and Mr. Schuler is entitled to designate one individual to be nominated by the Company to serve on the Company's board of directors. According to their respective most recent Schedule 13D filings, (a) Larry N. Feinberg is the managing member of Oracle Associates, LLC, which is the general partner of Oracle Institutional Partners, L.P., and beneficially owns 17.36% of the issued and outstanding shares of Common Stock; (b) Jack Schuler is the sole trustee of the Jack W. Schuler Living Trust and beneficially owns 19.6% of the issued and outstanding shares of Common Stock; (c) H. George Schuler is the sole trustee or manager of certain of the Participating Holders and beneficially owns 19.4% of the issued and outstanding shares of Common Stock and (d) Birchview Fund LLC beneficially owns 5.8% of the issued and outstanding shares of Common Stock. The Company expects to issue approximately 3.8 million shares of Common Stock and receive approximately $3.8 million in aggregate gross proceeds, before transaction costs, in connection with the exercise of the 2014 Warrants held by the Participating Holders. About Vermillion Vermillion, Inc., is dedicated to the discovery, development and commercialization of novel high-value diagnostic tests that help physicians diagnose, treat and improve outcomes for patients. Vermillion, along with its prestigious scientific collaborators, has diagnostic programs in oncology, hematology, cardiology and women's health. Vermillion, Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 09-11091) on March 30, 2009. Vermillion's legal advisor in connection with its successful reorganization efforts wass Paul, Hastings, Janofsky & Walker LLP. Vermillion emerged from bankruptcy in January 2010. The Plan called for the Company to pay all claims in full and equity holders to retain control of the Company. Vermillion reported a net loss of $14.96 million on $2.64 million of total revenue for the year ended Dec. 31, 2016, compared to a net loss of $19.11 million on $2.17 million of total revenue for the year ended Dec. 31, 2015. As of June 30, 2017, the Company had $8.17 million in total assets, $3.64 million in total liabilities and $4.52 million in total stockholders' equity. WESTINGHOUSE ELECTRIC: Panel Taps Houlihan as Investment Banker --------------------------------------------------------------- The statutory committee of unsecured claimholders of Westinghouse Electric Company LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire an investment banker. The committee proposes to employ Houlihan Lokey Capital, Inc. to provide these services related to the Chapter 11 cases of the company and its affiliates: (a) analyzing business plans and forecasts of the Debtors and their affiliates; (b) evaluating the assets and liabilities of the Debtors and their affiliates; (c) assessing the financial issues and options concerning (i) any potential sale of the Debtors, either in whole or in part, and (ii) the Debtors' Chapter 11 plan of reorganization or liquidation or any other plan, and (iii) any impact on the foregoing on any of the Debtors' affiliates; (d) analyzing and reviewing the financial and operating statements of the Debtors and their affiliates; (e) providing financial analyses as the committee may require in connection with the cases, including valuations; (f) assisting in the determination of an appropriate capital structure for the Debtors; (g) assisting in the review of the Debtors' employee benefit programs; (h) analyzing strategic alternatives available to the Debtors and their affiliates; (i) evaluating the Debtors' debt capacity in light of their projected cash flows; (j) assisting in the review of claims; (k) assisting the committee in identifying potential alternative sources of liquidity in connection with any debtor-in-possession financing, any Chapter 11 plan or otherwise; (l) representing the committee in negotiations with the Debtors and third parties; and (m) providing testimony in court on behalf of the committee. Houlihan will be paid in advance a nonrefundable monthly cash fee of $200,000. The first payment will be made upon approval of its employment by the court. Fifty percent of monthly fees received by the firm after the tenth month of the approval of its employment will be credited against the "deferred fee." The firm will receive a deferred fee of $6.25 million, to be paid in cash by the Debtors. This fee will be earned and payable upon the confirmation of the Debtors' Chapter 11 plan of reorganization or liquidation and will be paid on the effective date of the plan. P. Eric Siegert, senior managing director of Houlihan, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Houlihan can be reached through: P. Eric Siegert Houlihan Lokey Capital, Inc. 225 South Sixth St., Suite 4950 Minneapolis, MN 55402 Tel: 612-215-2250 / 612-338-2910 Fax: 612-338-2938 About Westinghouse Electric Company Westinghouse Electric Company LLC -- http://www.westinghousenuclear.com/-- is a U.S. based nuclear power company founded in 1999 that provides design work and start-up help for new nuclear power plants and makes many of the components. Westinghouse manufactures and supplies the commercial fuel products needed to run the plants, and it offers training, engineering, maintenance, and quality management services. Almost 50% of nuclear power plants around the world and about 60% of U.S. plants are based on Westinghouse's technology. Westinghouse's world headquarters are located in the Pittsburgh suburb of Cranberry Township, Pennsylvania. On Oct. 16, 2006, Westinghouse Electric was sold for $5.4 billion to a group comprising of Toshiba (77% share), partners The Shaw Group (20% share), and Ishikawajima-Harima Heavy Industries Co. Ltd. (3% share). After purchasing part of Shaw's stake in 2013, Japan-based conglomerate Toshiba obtained ownership of 87% of Westinghouse. Amid cost overruns at U.S. nuclear reactors it was building, Westinghouse Electric Company LLC, along with 29 affiliates, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-10751) on March 29, 2017. The petitions were signed by AlixPartners' Lisa J. Donahue, chief transition and development officer. The Debtors disclosed total assets of $4.32 billion and total liabilities of $9.39 billion as of Feb. 28, 2017. The Hon. Michael E. Wiles presides over the cases. Weil, Gotshal & Manges LLP serves as counsel to the Debtors. The Debtors hired AlixPartners LLP as financial advisor; PJT Partners Inc. as investment banker; Kurtzman Carson Consultants LLC as claims and noticing agent; K&L Gates as special counsel; and KPMG LLP as tax consultant and accounting and financial reporting advisor. Toshiba Nuclear Energy Holdings (UK) Ltd. is represented by Albert Togut, Esq., Brian F. Moore, Esq., and Kyle J. Ortiz, Esq., at Togut, Segal & Segal LLP. On April 7, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. Proskauer Rose LLP is the committee's bankruptcy counsel. The Board of Directors of Westinghouse appointed a special panel called the U.S. AP1000 Committee to oversee the company's activities related to certain AP1000 nuclear plants located in Georgia and South Carolina. [*] Miller Legal Assistant Killed in Charlottesville Demonstration ------------------------------------------------------------------ Sam Reisman, writing for Bankruptcy Law360, reports that Heather Heyer, a legal assistant at Miller Law Group was killed in Charlottesville, Virginia, while counter-protesting a white nationalist demonstration. According to Law360, Ms. Heyer joined the Miller Law Group five years ago with only a high school diploma, having previously worked as a waitress, and became a mainstay in the Firm's bankruptcy department. [*] QuickLiquidity OK'd to Provide DIP Financing to Investment Fund ------------------------------------------------------------------- QuickLiquidity, a real estate private equity firm providing equity recapitalizations and subordinated debt on commercial real estate, on Aug. 29, 2017 disclosed that it has been approved by the U.S. Bankruptcy Court in the Eastern District of Pennsylvania to provide $1 million of post-petition debtor-in-possession (DIP) financing to a commercial real estate investment fund in Chapter 11 bankruptcy. The DIP financing is secured by a priority lien against the funds ownership interests in 5 properties totaling almost 500,000-square-feet between three office buildings and two retail shopping centers. The properties are located in Pennsylvania and New Jersey. "The $1 million post-petition financing will provide the necessary capital to allow the fund to operate while perusing a confirmable plan of reorganization," said A. Yoni Miller, Principal of QuickLiquidity. QuickLiquidity has a tremendous amount of experience with purchasing and lending against commercial real estate assets through the bankruptcy court. This allows QuickLiquidity to understand and close complicated transactions quickly. Besides DIP financing, previous QuickLiquidity transactions through the bankruptcy court include acting as a Stalking Horse to purchase illiquid and non-controlling ownership interests in real estate partnerships. In one recent transaction QuickLiquidity acted as a Stalking Horse in a Chapter 11 bankruptcy in an effort to acquire a 40% ownership interest in a portfolio of over 20 single tenant Walgreens, with the portfolio valued at an estimated $130 million. QuickLiquidity increased the initial purchase price and made the debtor approximately an additional $5 million. In another recent example, QuickLiquidity purchased a 12.756% ownership interest in a 28,000-square-foot retail strip mall located in Mechanicsville, VA out of a Chapter 7 bankruptcy. The borrower had received a term sheet from QuickLiquidity only one day after submitting their DIP financing request. The DIP financing was then funded within one day of the order being approved by the U.S. Bankruptcy Court. QuickLiquidity worked with the borrower and their attorneys to ensure the DIP financing was in full compliance with their operating agreements and the properties mortgages. About QuickLiquidity QuickLiquidity -- http://www.quickliquidity.com/-- is a real estate private equity firm providing limited partners with a viable exit strategy to their illiquid minority interest positions in LLCs, LPs, TICs, and DSTs; and offering equity recapitalizations and subordinated debt on commercial real estate. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2017. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***