/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/180806.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, August 6, 2018, Vol. 22, No. 217 Headlines 160 ROYAL PALM: Case Summary & 20 Largest Unsecured Creditors 18 AUDUBON PLACE: Case Summary & 8 Unsecured Creditors 3232 CENTRAL: Case Summary & 13 Unsecured Creditors 508 ROUNDHILL: Voluntary Chapter 11 Case Summary ADAMIS PHARMACEUTICALS: Prices Offering of $35M Common Stock AIMIA INC: DBRS Puts BB(low) Rating on Secured Debt Under Review ALABAMA PETROLEUM: U.S. Trustee Unable to Appoint Committee ASIATIQUE THAI: Taps Steidl & Steinberg as Legal Counsel BCR EQUIPMENT: Court Approves Disclosure Statement BLACKSMITH SQUARE: Disclosure Statement Hearing Set for Sept. 12 BREAST CANCER INSTITUTE: Disclosure Statement Hearing on Oct. 10 BROOKSTONE HOLDINGS: Case Summary & 30 Largest Unsecured Creditors BUX DUE: Allowed to Use Cash Collateral Through August 31 CAPE MIAMI: U.S. Trustee Unable to Appoint Committee CARTER WILSON: Plan Outline Okayed, Plan Hearing on Sept. 6 CELLECTAR BIOSCIENCES: Closes $16.56M Underwritten Public Offering CHESAPEAKE ENERGY: Reports Second Quarter Net Loss of $40 Million COMSTOCK RESOURCES: Closes Haynesville Shale Properties Acquisition CONGREGATION ACHPRETVIA: Plan Confirmation Hearing Set for Sept. 6 DANA ELECTRIC: Case Summary & 4 Unsecured Creditors DOUBLE Y FARMS: Given Until August 13 to Exclusively File Plan DPW HOLDINGS: Extends Deadline to Form I.AM Management Agreement DRAGONFLY GRAPHICS: U.S. Trustee Unable to Appoint Committee ECS REFINING: Cash Collateral Use Through August 8 Okayed EMPIRICAL LABORATORIES: Case Summary & 20 Top Unsecured Creditors EVAN JOHNSON: Seeks to Hire Advanced Solutions as IT Firm FANNIE MAE: Reports $4.5 Billion Net Income for Second Quarter FC GLOBAL: First Capital Files Amended Schedule 13D with SEC FLORIDA FOLDER: Court Denies Cash Collateral Use as Moot FORUM ENERGY: Moody's Affirms B1 CFR & B2 Sr. Unsecured Rating FRONTDOOR INC: Moody's Gives Ba3 CFR & Ba2 New Sr. Sec. Rating FRONTDOOR INC: S&P Assigns B+ Issuer Credit Rating, Outlook Stable FULCRUM EXPLORATION: May Use Veritex Bank Cash Until Aug. 30 GREAT FALLS DIOCESE: Panel Taps Bettinelli to Review Abuse Claims GREEN VERACITY: Moody's Assigns B3 CFR, Outlook Stable GULF COAST MEDICAL: Taps Webb Lorah as Accountant GUMP'S HOLDINGS: Case Summary & 5 Unsecured Creditors HARLEM MARKET: Given Until Sept. 14 to Exclusively File Plan HARMON TIRE: Case Summary & 20 Largest Unsecured Creditors HARTFORD COURT: Bankruptcy Exit Plan Gets Court Approval HELIOS AND MATHESON: MoviePass Leverages its Power at Box Office HELIOS AND MATHESON: Pays in Full $6.2M Outstanding Demand Note HIDDEN VALLEY 80: Oct. 3 Hearing to Approve Plan Outline HORIZON SHIPBUILDING: Taps Eversheds Sutherland as Special Counsel INDIANA HOTEL: Unsecured Creditors to Get 100% Under Plan INDUSTRIAL STEEL: Has Final Consent Order to Use CNB Bank's Cash INPIXON: Subsidiary Reincorporates from California to Nevada INTERCONTINENTAL GOLD: Delays Filing of Financial Statements JBECKS PROPERTIES: Taps Gleichenhaus Marchese as General Counsel JEFFERSON REALTY: Taps Backenroth Frankel as Legal Counsel JENKUEN LLC: Case Summary & 8 Largest Unsecured Creditors KAFKA CONSTRUCTION: Delays Plan to Review Reorganization Options LA CROSS GLASS: Taps Miller Group of Saginaw as Real Estate Broker LE CENTRE ON FOURTH: Plan Outline Hearing Scheduled for Sept. 5 LEGACY RESERVES: Reports Second Quarter 2018 Results LEMEN INC: Case Summary & 4 Unsecured Creditors LONG BLOCKCHAIN: Forms New Subsidiary Stran Loyalty Group LONG BLOCKCHAIN: Receives Subpoena from SEC MEDONE HEALTHCARE: Plan Outline Okayed, Plan Hearing on Sept. 5 MENSONIDES DAIRY: Taps Minnick-Hayner as Litigation Counsel MESOBLAST LIMITED: Ends Second Quarter with US$37.7M in Cash MGTF RADIO: Plan Exclusivity Period Extended Through Aug. 20 MIAMI INTERNATIONAL: Plan Exclusivity Period Extended to Sept. 6 MIDATECH PHARMA: Allots 100K Ordinary Shares Under Incentive Plan MOHDSAMEER ALJANEDI: Must File Revised Plan by Sept. 21 MOUNTAIN CRANE SERVICE: Plan Filing Deadline Moved to Oct. 9 MS DIAGNOSTIC: DOJ Watchdog Appoints E. Miller as Ch. 11 Trustee MS DIAGNOSTIC: IRS Agrees to Cash Collateral Use NANDINI INC: Plan Outline, Sept. 25 Confirmation Hearing Okayed NEOVASC INC: Will Report its Second Quarter Results on Aug. 8 NEWARK SPECIAL: Case Summary & 6 Unsecured Creditors OLIVABEL LLC: Gets Final OK to Use PCF Cash Collateral PACIFIC DRILLING: Files Chapter 11 Reorganization Plan PETROQUEST ENERGY: S&P Withdraws 'CCC-' Issuer Credit Rating PLASTIC INDUSTRIES: Case Summary & 20 Largest Unsecured Creditors PREFERRED CARE: Affiliates Taps JND as Claims and Noticing Agent PRIVILEGE WEALTH: Chapter 15 Case Summary PRO-SEC CORP: May Use Cash Collateral Through Aug. 18 QUALITY CONSTRUCTION: 2nd Interim Cash Collateral Order Entered RADICAND INC: Court Confirms Chapter 11 Plan REAGOR-DYKES MOTORS: Case Summary & 20 Largest Unsecured Creditors RODEO ROOFING: U.S. Trustee Unable to Appoint Committee ROYAL T ENERGY: Sept. 11 Plan Confirmation Hearing S&F MEAT: Plan Exclusivity Period Extended Until Dec. 27 SCIENTIFIC GAMES: Incurs $5.8 Million Net Loss in Second Quarter SCIENTIFIC GAMES: Kneeland Youngblood Elected as Director SEACREST PALACE: U.S. Trustee Unable to Appoint Committee SERVICEMASTER COMPANY: Moody's Confirms Ba3 CFR, Outlook Stable SERVICEMASTER GLOBAL: S&P Affirms 'BB-' ICR, Outlook Negative SEVEN TOWER: Confirmation Hearing for 2nd Amended Plan Aug. 15 SKYLINE RIDGE: Disclosure Statement Hearing Set for October 3 SPA 810: Taps Jonathan Miller as Accountant SPINLABEL TECHNOLOGIES: Solicitation Period Extended Until Sept. 4 STATESBORO LIFE: Sept. 11 Plan Confirmation Hearing STEADYMED LTD: Shareholders OK Merger with United Therapeutics STEAM DISTRIBUTION: Exclusive Plan Filing Period Moved to Oct. 22 STONEMOR PARTNERS: ACII Holds 6.2% of Common Units STONEMOR PARTNERS: Axar Capital Owns 17.5% of Common Units STORE IT REIT: Committee Taps Dunn Carney as Special Counsel SUMMIT HILL: Hires Ciardi Ciardi & Astin as Legal Counsel SUNCREST STONE: Taps McMurry Smith as Accountant SUPERIOR HOME SAN ANTONIO: Can Use Healthcare Receivable's Cash SUPERIOR HOSPICE DEL RIO: Has Final OK to Use Channel's Cash SUPERIOR HOSPICE MCALLEN: Has Final OK to Use Channel & EBF Cash SUPERMOOSE BORROWER: Moody's Assigns B3 CFR, Outlook Stable SWIFT STAFFING: Hires Jewel Bunch as Consultant T. FIORE DEMOLITION: Voluntary Chapter 11 Case Summary TECK RESOURCES: S&P Alters Outlook to Pos. & Affirms 'BB+' ICR THIRTY WOODHOLLOW: U.S. Trustee Unable to Appoint Committee THX PROPERTIES: Hires Sawko & Burroughs as Special Counsel THX PROPERTIES: Taps John E. Baines, CPA as Accountant TMR LLC: Court Approves Second Amended Disclosure Statement TMTR HOLDINGS: Hires Fisher Herbst & Kemble as Accountant TMTR HOLDINGS: Taps Keller Williams Heritage as Real Estate Broker VILLA PROPERTIES: Sept. 11 Plan and Disclosure Statement Hearing VON DIRECTIONAL: Taps Hoover Slovacek as Bankruptcy Counsel W&T OFFSHORE: Posts Second Quarter Net Income of $36.1 Million WESTMORELAND COAL: Will Hold its Annual Meeting on Dec. 17 WINDLEY KEY: U.S. Trustee Unable to Appoint Committee [*] Discounted Tickets for 2018 Distressed Investing Conference! [*] Hahn & Hessen's Figueiredo Bags TMA's 2018 Chapter Impact Award [^] BOND PRICING: For the Week from July 30 to August 3, 2018 ********* 160 ROYAL PALM: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: 160 Royal Palm, LLC 1118 Waterway Lane Delray Beach, FL 33483 Business Description: 160 Royal Palm, LLC's principal asset is an abandoned construction project located at 160 Royal Palm Way in Palm Beach, FL. The Property is currently under state court receivership. Chapter 11 Petition Date: August 2, 2018 Court: United States Bankruptcy Court Southern District of Florida (West Palm Beach) Case No.: 18-19441 Judge: Hon. Erik P. Kimball Debtor's Counsel: Philip J. Landau, Esq. SHRALBERG LANDAU & PAGE PA 2385 N.W. Executive Center Dr # 300 Boca Raton, FL 33431 Tel: (561) 443-0800 Email: plandau@slp.law Total Assets: $16,447,759 Total Liabilities: $114,926,976 The petition was signed by Cary Glickstein, sole and exclusive manager. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/flsb18-19441.pdf List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Dongsheng Zhu $660,665 c/o Edward Marod 777 S. Flagler Drive Suite 500E West Palm Beach, FL 33401 Feng Guo $675,343 c/o Edward A. Marod 777 S. Flagler Drive Suite 500E West Palm Beach, FL 33401 Hali Eversen $690,223 c/o Edward A. Marod 777 S. Flagler Drive Suite 500E West Palm Beach, FL 33401 Junqiang Feng $664,947 c/o Edward A. Marod 777 S. Flagler Drive Suite 500E West Palm Beach, FL 33401 KK-PB Financial LLC 160 Royal Palm $11,418,141 13501 South Shore Way, Palm Beach Boulevard, Suite 101 FL Wellington, FL 33414 Lan Li $672,672 c/o Edward A. Marod 777 S. Flagler Drive Suite 500E West Palm Beach, FL 33401 New Haven 160 Royal Palm $3,387,855 Contracting South, Inc. Way, Palm Beach 638 Shore Drive FL Boynton Beach, FL 33435 Palm House Hotel, LLLP Action for $39,500,000 197 S. Federal Conversion Highway, Suite 200 of loan funds Boca Raton, FL 33432 Sha Shi $668,426 c/o Edward A. Marod 777 S. Flagler Drive Suite 500E West Palm Beach, FL 33401 Tao Xiong $665,530 c/o Edward A. Marod 777 S. Flagler Drive Suite 500E West Palm Beach, FL 33401 Tingting Sun $666,662 c/o Edward A. Marod 777 S. Flagler Drive Suite 500E West Palm Beach, FL 33401 Tonghui Luan $666,355 c/o Edward A. Marod 777 S. Flagler Drive Suite 500E West Palm Beach, FL 33401 Town of Palm Beach Development $2,796,000 345 South County Road Agreement Palm Beach, FL 33480-4443 Wenhao Zhang $668,426 c/o Edward A. Marod 777 S. Flagler Drive Suite 500E West Palm Beach, FL 33401 Xiao Sun $664,865 c/o Edward Marod 777 S. Flagler Drive Suite 500E West Palm Beach, FL 33401 Xiaonan Wang $663,416 c/o Edward A. Marod 777 S. Flagler Drive Suite 500E West Palm Beach, FL 33401 Yawen Li $664,865 c/o Edward A. Marod 777 S. Flagler Drive Suite 500E West Palm Beach, FL 33401 Ying Tan $666,404 c/o Edward A. Marod 777 S. Flagler Drive Suite 500E West Palm Beach, FL 33401 Yuanbo Wang $668,840 c/o Edward A. Marod 777 S. Flagler Drive Suite 500E West Palm Beach, FL 33401 Zheng Yu $664,865 c/o Edward A. Marod 777 S. Flagler Drive Suite 500E West Palm Beach, FL 33401 18 AUDUBON PLACE: Case Summary & 8 Unsecured Creditors ------------------------------------------------------ Debtor: 18 Audubon Place, LLC 537 Cajundome Boulevard, Suite 111 Lafayette, LA 70506 Business Description: 18 Audubon Place, LLC owns a real property located at 18 Audubon Place New Orleans, LA 70118 valued by the company at $5,200,000. Chapter 11 Petition Date: August 1, 2018 Court: United States Bankruptcy Court Western District of Louisiana (Lafayette) Case No.: 18-50960 Judge: Hon. Robert Summerhays Debtor's Counsel: William C. Vidrine, Esq. VIDRINE & VIDRINE, PLLC 711 West Pinhook Road Lafayette, LA 70503 Tel: (337) 233-5195 Fax: (337) 233-3897 Email: williamv@vidrinelaw.com Total Assets: $5,800,000 Total Liabilities: $7,234,114 The petition was signed by Richard Goldenberg, member/manager. A full-text copy of the petition containing, among other items, a list of the Debtor's eight unsecured creditors is available for free at: http://bankrupt.com/misc/lawb18-50960.pdf 3232 CENTRAL: Case Summary & 13 Unsecured Creditors --------------------------------------------------- Debtor: 3232 Central Avenue, LLC 3232 Central Avenue Lake Station, IN 46405 Business Description: 3232 Central Avenue, LLC is a privately held company in Lake Station, Indiana. Chapter 11 Petition Date: August 2, 2018 Court: United States Bankruptcy Court Northern District of Indiana (Hammond Division) Case No.: 18-22070 Judge: Hon. James R. Ahler Debtor's Counsel: Shawn D. Cox, Esq. HODGES AND DAVIS, P.C. 8700 Broadway Merrillville, IN 46410 Tel: 219-641-8700 Fax: 219-641-8710 Email: scox@hodgesdavis.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Zafar Sheikh, president. A full-text copy of the petition containing, among other items, a list of the Debtor's 13 unsecured creditors is available for free at: http://bankrupt.com/misc/innb18-22070.pdf 508 ROUNDHILL: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: 508 Roundhill, LLC 40 West Elm Street, Suite 1-D Greenwich, CT 06831 Business Description: 508 Roundhill, LLC is a privately held company in Greenwich, Connecticut. Chapter 11 Petition Date: August 1, 2018 Court: United States Bankruptcy Court District of Connecticut (Bridgeport) Case No.: 18-50991 Judge: Hon. Julie A. Manning Debtor's Counsel: Scott M. Charmoy, Esq. CHARMOY & CHARMOY 1700 Post Road, Suite C-9 P.O. Box 804 Fairfield, CT 06824 Tel: (203) 255-8100 Fax: 203-255-8101 Email: scottcharmoy@charmoy.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sherri DeVito, manager. The Debtor failed to incorporate in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/ctb18-50991.pdf ADAMIS PHARMACEUTICALS: Prices Offering of $35M Common Stock ------------------------------------------------------------ Adamis Pharmaceuticals Corporation has priced an underwritten public offering of 11,666,667 shares of its common stock at a public offering price of $3.00 per share, resulting in gross proceeds of approximately $35,000,000, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the company. The offering is expected to close on Aug. 6, 2018, subject to the satisfaction of customary closing conditions. The company has also granted the underwriters a 30-day option to purchase up to 1,750,000 additional shares of its common stock. Raymond James & Associates, Inc. is acting as the sole book-running manager for the offering. B. Riley FBR is acting as lead manager for the offering. H.C. Wainwright & Co. and Maxim Group LLC are acting as co-managers for the offering. The company intends to use the net proceeds from this offering for general corporate purposes, which may include, without limitation, expenditures relating to research, development and clinical trials relating to its products and product candidates, capital expenditures, manufacturing, hiring additional personnel, acquisitions of new technologies or products, the repayment, refinancing, redemption or repurchase of existing or future indebtedness or capital stock and working capital. A preliminary prospectus supplement and the related prospectus have been filed with the SEC and are available on the SEC's website at www.sec.gov. A final prospectus supplement and an accompanying prospectus related to the offering will be filed with the SEC and will be available on the SEC's website located at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained by contacting Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida, or by telephone at (800) 248-8863, or e-mail at prospectus@raymondjames.com. About Adamis San Diego, Calif.-based Adamis Pharmaceuticals Corporation (OTCQB:ADMP) -- http://www.adamispharmaceuticals.com/-- is a specialty biopharmaceutical company focused on developing and commercializing products in the therapeutic areas of respiratory disease and allergy. The company's first product, Symjepi (epinephrine) Injection 0.3mg, was approved for use in the emergency treatment of acute allergic reactions, including anaphylaxis. Adamis' product pipeline includes HFA metered dose inhaler and dry powder inhaler products for the treatment of bronchospasm and asthma. Adamis incurred a net loss of $25.53 million in 2017 compared to a net loss of $19.43 million in 2016. As of March 31, 2018, Adamis had $43.78 million in total assets, $10.33 million in total liabilities and $33.44 million in total stockholders' equity. The report from the Company's independent accounting firm Mayer Hoffman McCann P.C., in San Diego, California, on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that the Company has incurred recurring losses from operations, and is dependent on additional financing to fund operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. AIMIA INC: DBRS Puts BB(low) Rating on Secured Debt Under Review ---------------------------------------------------------------- DBRS Limited placed Aimia Inc.'s (Aimia or the Company) Issuer Rating and Senior Secured Debt rating of BB (low) and Preferred Shares rating of Pfd-5 (high) Under Review with Developing Implications. The rating action follows an announcement by Air Canada, The Toronto-Dominion Bank (rated AA with a Positive trend by DBRS), the Canadian Imperial Bank of Commerce (rated AA with a Stable trend by DBRS) and Visa Canada Corporation (collectively, the Consortium) that the Consortium has made a proposal to Aimia to acquire its Aero plan loyalty business for $250 million. The proposal includes the assumption of the Aero plan redemption liability, which totaled $1.96 billion for the quarter ended March 31, 2018. DBRS notes that Aimia has acknowledged the proposal and that the Company has formed a special committee of independent directors, who will assess whether the proposal is in the best interests of shareholders and the Company as a whole, to make a recommendation to the board of directors. DBRS notes that subsequent to the Consortium's proposal, Grupo Aeromexico has made a proposal to purchase the shares in PLM Premier, S.A.P.I. de C.V. (PLM) held by Aimia for USD 180 million. The Under Review with Developing Implications status reflects the uncertainty over what the net proceeds will be and how those proceeds will be used, what assets will remain at Aimia and what the future strategic and financial management intentions of the Company will be should either transaction occur. On August 10, 2017, DBRS downgraded Aimia's Issuer Rating and Senior Secured Debt rating to BB (low) from BBB (low) and Preferred Shares rating to Pfd-5 (high) from Pfd-3 (low), as well as changed the trends on all the ratings to Negative (see the DBRS press release "DBRS Downgrades Aimia Inc. to BB (low), Trend Changed to Negative" dated August 10, 2017). The rating actions followed the Company's announcement that it had received a notice of contract non-renewal from Air Canada after the contract's expiration in June 2020. On February 2, 2018, DBRS commented on the sale of Aimia's Nectar loyalty program to J Sainsbury plc. for approximately $105 million (see the DBRS press release "DBRS Comments on the Sale of Aimia's Nectar Loyalty Program" dated February 2, 2018). Aimia used $100 million of the proceeds from the transaction to repay amounts outstanding on its credit facility. DBRS notes that although the Consortium's proposal is not for Aimia shares, the sale of the Aero plan program is sufficient in size to likely trigger a change-of-control provision in Aimia's Senior Secured Debt that requires the occurrence of both a change of control and a rating event (i.e., a rating downgrade of the Senior Secured Debt). If triggered, the provision requires that an offer be made to repurchase at a price equal to 101% of the outstanding Senior Secured Debt of the Company. DBRS notes that as of Q1 2018, Aimia had approximately $350 million of debt, $270 million of cash, $16 million of restricted cash and $272 million invested in corporate and government bonds. The debt consists of $250 million of Senior Secured Notes due May 2019 and $100 million drawn on the credit facility, which matures in 2020. Should Aimia sell the Aero plan business to the Consortium for $250 million and its PLM interest to Grupo Aeromexico for USD180 million, the Company would be very small in size and consist of its interest in Cardlytics and Air Miles Middle East, along with $755 million of cash that would be sufficient to repay the outstanding debt. Aimia's ratings are based on the quality of the Company's brands and its relationships with remaining key commercial partners. The ratings also consider the consumer response following the announcement of the termination of the Air Canada agreement, a heightening competitive environment and the significant degree of revenue concentration. ALABAMA PETROLEUM: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of Alabama Petroleum Carrier, LLC, as of July 31, according to a court docket. Montgomery, Alabama-based Alabama Petroleum Carrier, LLC, filed for Chapter 11 bankruptcy protection (Bankr. M.D. Ala. Case No. 18-32126) on July 30, 2018. Judge Bess M. Creswell presides over the case. The Debtor's bankruptcy counsel can be reached at: Michael A. Fritz, Sr., Esq. 25 South Court Street, Suite 200 Montgomery, AL 36104 Tel: (334) 230-9790 Fax: (334) 230-9789 E-mail: bankruptcy@fritzlawalabama.com ASIATIQUE THAI: Taps Steidl & Steinberg as Legal Counsel -------------------------------------------------------- Asiatique Thai Bistro LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Steidl & Steinberg, P.C. as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code and will provide other legal services related to its Chapter 11 case. Steidl & Steinberg will charge an hourly fee of $300. The firm received from the Debtor a retainer totaling $5,000, plus the filing fee of $1,717. Christopher Frye, Esq., at Steidl & Steinberg, disclosed in a court filing that he and his firm are "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher M. Frye, Esq. Steidl & Steinberg 2830 Gulf Tower 707 Grant Street Pittsburgh, PA 15219 Phone: 412-391-8000 Email: chris.frye@steidl-steinberg.com About Asiatique Thai Bistro LLC Asiatique Thai Bistro LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 18-22783) on July 10, 2018. In the petition signed by Janfong Ling, managing member, the Debtor disclosed that it had estimated assets of less than $100,000 and liabilities of less than $500,000. BCR EQUIPMENT: Court Approves Disclosure Statement -------------------------------------------------- BCR Equipment Rental LLC is now a step closer to emerging from Chapter 11 protection after a bankruptcy judge approved the outline of its plan of reorganization. Judge Mark Mullin of the U.S. Bankruptcy Court for the Northern District of Texas on July 26 gave the thumbs-up to the disclosure statement after finding that it contains "adequate information." Judge Mullin also issued an order confirming the Plan on the same day. The Debtor filed its proposed plan and disclosure statement on June 25. About BCR Equipment Rental Based in Fort Worth, Texas, BCR Equipment Rental LLC filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 17-44202) on Oct. 14, 2017. The Debtor estimated both assets and liabilities to be less than $1 million. Judge Mark X. Mullin presides over the case. Craig Douglas Davis at Davis, Ermis & Roberts, P.C., is the Debtor's counsel. BLACKSMITH SQUARE: Disclosure Statement Hearing Set for Sept. 12 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of New York is set to hold a hearing on Sept. 12, at 10:30 a.m., to consider approval of the disclosure statement, which explains the proposed Chapter 11 plan for Blacksmith Square Partners LLC. The hearing will take place at James T. Foley Courthouse, Suite 306. Objections to the disclosure statement must be filed no later than seven days prior to the hearing. About Blacksmith Square Partners Blacksmith Square owns in fee simple interest a parcel of undeveloped commercial real estate measuring 5.34 acre located at 2458 Route 9 Malta, NY 12020, valued by the Company at $3 million. It is also the fee simple owner of a .7 acre of undeveloped commercial property located at 11 Blacksmith Drive Malta, NY 12020, valued by the Company at $150,000. Blacksmith Square is equally owned by Neil Swingruber and Bruce Schnitz. Blacksmith Square Partners LLC, based in Malta, NY, filed a Chapter 11 petition (Bankr. N.D.N.Y. Case No. 17-11745) on Sept. 20, 2017. In the petition signed by Neil S. Swingruber, Jr., member, the Debtor disclosed $3.15 million in assets and $3.05 million in liabilities. Michael Leo Boyle, Esq., at Tully Rinckey P.L.L.C., serves as bankruptcy counsel to the Debtor. BREAST CANCER INSTITUTE: Disclosure Statement Hearing on Oct. 10 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico is set to hold a hearing on Oct. 10, at 2:00 p.m., to consider approval of the disclosure statement, which explains the proposed Chapter 11 plan for Breast Cancer Institute P.S.C. The hearing will take place at the Jose V. Toledo Federal Building and U.S. Courthouse, Courtroom No. 1. Objections to the disclosure statement must be filed no later than 14 days prior to the hearing. About Breast Cancer Institute Breast Cancer Institute, PSC, which conducts business under the name Advance Breast Center, is a healthcare company that provides breast imaging, mammography, diagnostic imaging, stereotactic biopsy, radiology services. It is based in Cavey, Puerto Rico. Breast Cancer Institute sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-01524) on March 22, 2018. In the petition signed by Vidal Rosario Leon, president, the Debtor disclosed $4.06 million in assets and $14.67 million in liabilities. Judge Brian K. Tester presides over the case. C. Conde & Assoc. is the Debtor's bankruptcy counsel. BROOKSTONE HOLDINGS: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------------ Affiliated companies that have filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Brookstone Holdings Corp. (Lead Debtor) 18-11780 aka Brookstone One Innovation Way Merrimack, NH 03054 Brookstone, Inc. 18-11781 Brookstone Company, Inc. 18-11782 Brookstone Retail Puerto Rico, Inc. 18-11783 Brookstone International Holdings, Inc. 18-11784 Brookstone Purchasing, Inc. 18-11786 Brookstone Stores, Inc. 18-11787 Big Blue Audio LLC 18-11789 Brookstone Holdings, Inc. 18-11790 Brookstone Properties, Inc. 18-11791 Business Description: Founded in 1965, Brookstone is a U.S.- based developer and retailer of wellness entertainment, and travel products. As of the Petition Date, Brookstone operates 137 retail stores across 40 states and Puerto Rico. In addition, the Debtors operate one liquidation center in North Conway, New Hampshire. Of the 137 retail stores, 102 stores are located in malls and 35 stores are located at airports. The Debtors' corporate headquarters are located in Merrimack, New Hampshire. Brookstone also operates a single 400,000 square feet distribution center in Mexico, Missouri. The Debtors are 100% owned by Sanpower Group Co., Ltd. through a series of wholly-owned intermediate holding companies. Chapter 11 Petition Date: August 2, 2018 Court: United States Bankruptcy Court District of Delaware Judge: Hon. Brendan Linehan Shannon Debtors' Bankruptcy Counsel: Matthew J. Williams, Esq. David M. Feldman, Esq. Matthew K. Kelsey, Esq. Keith R. Martorana, Esq. Jason Zachary Goldstein, Esq. GIBSON, DUNN & CRUTCHER LLP 200 Park Avenue New York, New York 10166 Tel: (212) 351-4000 Fax: (212) 351-4035 Email: mjwilliams@gibsondunn.com dfeldman@gibsondunn.com mkelsey@gibsondunn.com kmartorana@gibsondunn.com jgoldstein@gibsondunn.com Debtors' Delaware Counsel: Michael R. Nestor, Esq. Sean M. Beach, Esq. Andrew L. Magaziner, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 (302) 571-6621 Fax: (302) 571-1253 Email: mnestor@ycst.com sbeach@ycst.com amagaziner@ycst.com Debtors' Financial Advisors: BERKELEY RESEARCH GROUP, LLC Debtors' Investment Banker: GLC ADVISORS & CO. Debtors' Claims, Noticing, Balloting and Administrative Agent: OMNI MANAGEMENT GROUP Web site: https://is.gd/fq5dHM Estimated Assets: $50 million to $100 million Estimated Liabilities: $100 million to $500 million The petitions were signed by Stephen A. Gould, secretary. A full-text copy of Brookstone Holdings' petition is available for free at http://bankrupt.com/misc/deb18-11780.pdf List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Ssg-Shenzhen Yuan Chuang Merch $39,399,679 Int'L Trading Company Ltd Guangdong Province, 518101 Tel: 86-755-2970-1598 Email: simonfung@sanpowergroup.com Sz Telstar Co, Ltd Merch $827,156 Attn: Controller Merrimack, NH 03054 Tel: 952-239-9241 Fax: 0755-89567502 Email: rezaaghelnejad@comtechsales.com Simon Property Group, Inc. Rent $779,146 225 West Washington Street Indianapolis, IN 46204 Tel: 317-263-7742 Email: Erica.Mace@simon.com After Shokz LLC Merch $473,952 6057 Corporate Drive East Syracuse, NY 13057 Tel: 315 657 1295 Email: bill@aftershokz.com Asia Combine Co., Ltd Merch $453,019 17 Riverside St Nashua, NH 03062 Tel: 714-851-0688 / 86 130 2881 5373 Email: asiacomb@icloud.com / gchen@asiacomb.com.cn GGP Rent $441,568 350 North Orleans, Suite 300 Chicago, IL 60654-1607 Tel: 312-960-5401 Email: Nancy.Bernero@ggp.com Emerge Technologies, Inc. Merch $331,344 Dept. 3779 Dallas, TX 75312 3779 Tel: 508-277-9330 Email: jay@dedicatedsales.com Axent Wear, Inc. Expense $309,317 21515 Hawthorne Blvd Torrance, CA 90503 Email: victoriahu.rm@gmail.com Shenzhen Cham Battery Techno Merch $296,461 B3 Bldg. Gao Xin Jian Shenzhen Guang Don, 518103 Tel: 86 755 2518 5991 Email: sammy@powerocks.com Shenzhen Forrest Health Merch $277,072 Building 2A, No 48 Shenzhen, Tel: 86 755 2518 5991 Email: Pan@forrestmassager.com Qbe Insurance Corporation Expense $239,846 Attn. Lynn Grunst Sun Prairie, WI 53596 Tel: 608-837-4440 Fax: 608-837-0583 Pilot Air Freight Corp Expense $218,557 Pob Ox 654058 Dallas, TX 75265-4058 Tel: 484-234-4375 Cozzia Usa LLC Merch $201,519 861 S. Oak Park Road Covina, CA 91724 Tel: 410-271-0923 Email: JohnC@cozziausa.com Taubman-Cherry Creek Lp Rent $193,986 P.O. Box 67000 Detroit, MI 48267-0898 Tel: 248-258-7562 Email: Jsanders@Taubman.com Demandware Inc. Expense $192,033 5 Wall Street Burlington, MA 01803 Tel: 978-430-7565 Email: Tpetzold@salesforce.com Westfield Concession Management Rent $191,896 Attn: Judy Tuttle, VP 2730 University Boulevard West 900 Wheaton, MD 20902 Tel: 310-689-5623 Email: Cbuenaventura@westfield.com Federal Express Expense $186,127 P.O. Box 371461 Pittsburgh, PA 15250-7461 Tel: 855-552-5393 Ext 3078 Email: ccjeffries@fedex.com The Bernard Group Expense $185,254 19011 Lake Drive East Chanhassen, MN 55317 Tel: 952-934-1900 Scosche Merch $184,852 1550 Pacific Ave Oxnard, CA 93034 Tel: 805 486 4450 Email: tylerd@scosche.com Grantec Zhangzhou Co. Ltd Merch $184,394 14F B04 Bldg Software Par Fujian, Tel: 0592-6296673 Fax: 0592-6296663 Email: lee@grantec.com.cn Session M, Inc. Expense $182,250 2 Seaport Lane Boston, MA 02210 Tel: 888-226-9756 Macerich Rent $180,072 401 Wilshire Boulevard, Suite 700 Santa Monica, CA 90401 Tel: 602-953-6328 Email: Tamara.Ortega@macerich.com Boston Retail Partners, LLC Expense $179,187 P.O. Box 2252 Birmingham, AL 35246-1058 Tel: 781-858-1086 Email: sjoyce@bostonretailpartners.com Acctron Company Limited Merch $177,766 Attn:Controller Merrimack, NH 03054 Email: desmond@acctron.net.cn Jiangsu Cross-Border Merch $168,840 E-Comm Service Co Ltd Nanjing, China, 210049 Tel: 86-025-84356754 Fax: 86-025-84356508 Aon Risk Services Northeast, I Expense $167,857 P.O. Box 7247-7376 Philadelphia, PA 19170-7376 Tel: 617-482-3100 Fax: 617-542-2597 Samsonite LLC Merch $163,022 Dept Ch 19296 Palatine, IL 60055-9296 Tel: 415-922-1959 Fax: 415-922-8659 Email: Linda.Doty@Samsonite.com Little Upstarts, Inc. Merch $159,587 2589 Sandhurst Drive Lewis Center, OH 43035 Tel: 781-974-6863 Email: jene@jemasales.com Taishin Electronic Co Ltd Merch $140,386 Attn:Controller Merrimack, NH 03054 Email: sherryhuang@chinataishin.com Health Care Co Ltd Merch $137,156 No 999 Gaonan Road Dingyan Rugao City BUX DUE: Allowed to Use Cash Collateral Through August 31 --------------------------------------------------------- The Hon. Ashely M. Chan of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania has authorized Bux Due, Inc. doing business as The Melting Pot Warrington, to use cash collateral through August 31, 2018, solely in accordance with the court-approved Cash Collateral Budget and subject to compliance with the further terms and provisions of the Second Interim Cash Collateral Order. Any creditor or other interested party having any objection to the Second Interim Order must file with the Clerk of the Court and serve upon counsel for the Debtor on or before of August 15, 2018, a written objection and must appear to advocate said objection at a Further Interim Hearing to be held on August 22, 2018 at 11:00 a.m. Continental Bank, as predecessor in interest to Bryn Mawr Trust ("BMT"), claims a first position lien on all of the Debtor's assets as well as a consequent interest in the Debtor's continued use of cash collateral. As of the Petition Date, the outstanding indebtedness owed by the Debtor consists of: (a) under the $1.3MM Loan, $297,854.21 (exclusive of attorneys' fees, expenses and costs), and together with all accrued and accruing interest at the per diem rate of $60.27, fees, expenses, attorneys' fees and costs, and other amounts owing under the terms of the Loan Documents; (b) under the LOC was $218,121.96 (exclusive of attorneys' fees and costs), and together with all accrued and accruing interest at the per diem rate of $26.62, fees, expenses, attorneys' fees and costs, and other amounts owing under the terms of the Line Loan Documents; and (c) under the LV Gaucho Loan was $518,604.85 (exclusive of attorneys' fees, costs and expenses), and together with all accrued and accruing interest at the per diem rate of $106.56, fees, expenses, attorneys' fees and costs, and other amounts owing under the terms of the related loan documents. As adequate protection for use of cash collateral, the Lenders and Non-Traditional Lenders are each granted a replacement perfected security interest to the extent the Lenders' or Non-Traditional Lenders' cash collateral is used by the Debtor, to the extent and validity and with the same priority in the Debtor's post-petition collateral, and proceeds thereof, that the Lenders and Non-Traditional Lenders held in the Debtor's pre-petition collateral, subject to payments due under 28 U.S.C. Section 1930(a)(6). To the extent any other creditor holds or asserts a lien position in cash collateral, such creditor will receive a replacement lien to the same extent, priority and validity as it existed pre-petition. To the extent the adequate protection provided in the Second Interim Order proves insufficient to protect the Lenders' and Non-Traditional Lenders' interests in and to the cash collateral, the Lenders and Non-Traditional Lenders will have a super-priority administrative expense claim, pursuant to Section 507(b) of the Bankruptcy Code, senior to any and all claims against the Debtor under Section 507(a) of the Bankruptcy Code, whether in this proceeding or in any superseding proceeding, subject to payments due under 28 U.S.C. Section 1930(a)(6). The Debtor will permit a party and any of its agents reasonable and free access to the Debtor's records and place of business during normal business hours to verify the existence, condition and location of Collateral in which that creditor holds a security interest and to audit the Debtor's cash receipts and disbursements. At any reasonable time, the Debtor will permit the Lenders or Non-Traditional Lenders and any of their agents access to inspect the Collateral. A copy of the Second Interim Cash Collateral Order is available at PacerMonitor.com at https://tinyurl.com/yccwe5u2 at no charge. About Bux Due and affiliates Bux Due, Philly Due and Mountain Due are three separate melting pot restaurants where guests can enjoy several fondue cooking styles and a variety of unique entrees, salads, and desserts. LV Gaucho is a steakhouse restaurant located in Allentown, Pennsylvania. Mountain Due, Inc., d/b/a The Melting Pot Warrington and its affiliates, Bux Due, Inc., LV Gaucho, Inc., and Philly Due, Inc., filed separate Chapter 11 bankruptcy petitions (Bankr. E.D. Pa. Lead Case No. 18-14420) on July 2, 2018. The cases are jointly administered. In the petitions signed by Charles LaRosa, their president, each Debtor estimated assets of less than $500,000 and liabilities of $1 million to $5 million. Judge Richard E. Fehling presides over the case. The Debtors tapped Ciardi Ciardi & Astin as their legal counsel. CAPE MIAMI: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of Cape Miami 32 LLC (DE), as of July 31, according to a court docket. Headquartered in Miami Beach, Florida, Cape Miami 32 LLC (DE) filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 18-17592) on June 25, 2018, estimating its assets at between $50,000 and $100,000 and its liabilities at between $100,000 and $500,000. Joel M. Aresty, Esq., at Joel M. Aresty P.A. serves as the Debtor's bankruptcy counsel. CARTER WILSON: Plan Outline Okayed, Plan Hearing on Sept. 6 ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey will consider approval of the Chapter 11 plan for Carter Wilson Group LLC at a hearing on Sept. 6. The hearing will be held at 2:00 p.m., at Courtroom 2. The court will also consider at the hearing the final approval of Carter Wilson's disclosure statement, which it conditionally approved on July 26. The order set an August 30 deadline for creditors to file their objections and submit ballots of acceptance or rejection of the plan. The Plan Proponent seeks to accomplish payments under the Plan by positive cash flow from the following sources of income: the Debtor, under its present management and operating systems, will modify the scale and focus of its business while continuing its efforts to refine and improve operating practices and procedures, economizing business practices by all available means, to adjust to dynamic market changes and adopt new strategies and operating procedures so as to enhance business productivity while decreasing business operating costs, thereby continuing to create the necessary monthly cash flow requirements to fund the plan and an additional capital contribution from the equity interest holder of $40,000.00. The Chapter 11 Small Business Plan consists of the following: a. Paying all secured claims within 46 months from the effective date; and b. Paying allowable, priority tax claims to IRS and State of NJ with interest within 48 months from the effective date; and c. Paying a 5.0% dividend of $1,664.00 pro-rata to allowable, unsecured claims on the 50th month following the Effective Date. The Plan will provide for the Debtor to continue to reorganize, consolidate and focus its operations into a consulting service for construction companies by continuing to operate, modifying the scale of its business while decreasing business operating costs including significantly reducing its payroll requirements and associated costs or a combination of both, thereby continuing to create the necessary monthly cash flow requirements to fund its plan. A copy of the Plan is available from PacerMonitor.com at https://tinyurl.com/ychtm2fa at no charge. About Carter Wilson Group Based in Ewing, New Jersey, Carter Wilson Group, LLC, filed a Chapter 11 petition (Bankr. D.N.J. Case No. 17-31791) on Oct. 27, 2017, estimating under $1 million in both assets and liabilities. Scott E. Kaplan, Esq., at the Law Offices of Scott E. Kaplan, LLC, is the Debtor's counsel. Anthony D. Nini Sr., CPA, is the Debtor's accountant. The Debtor filed its proposed Chapter 11 plan and disclosure statement on July 24, 2018. CELLECTAR BIOSCIENCES: Closes $16.56M Underwritten Public Offering ------------------------------------------------------------------ Cellectar Biosciences announced the closing of an underwritten public offering for gross proceeds of $16.56 million, which includes the full exercise of the underwriters' over-allotment option to purchase additional shares of common stock and warrants, prior to deducting underwriting discounts and commissions and estimated offering expenses. The offering was comprised of 1,355,000 shares of common stock at a combined public offering purchase price of $4.00 per fixed combination of a share of common stock and a Series E warrant to purchase one share of common stock (and the shares issuable from time to time upon exercise of the Series E warrants). The shares and Series E warrants were separately issued, but the shares and Series E warrants were issued and sold to purchasers in the ratio of one to one. Each Series E Warrant has an exercise price of $4.00 per share and is exercisable for five years from the date of issuance. Cellectar also issued 1,114 shares of Series C convertible preferred stock, convertible at any time at the holder's option into a number of shares of common stock equal to $10,000 divided by $4.00 (or 2,500 shares of common stock for each share of Series C Preferred Stock converted), at a price of $10,000 per fixed combination of a share of Series C Preferred Stock and a Series E Warrant to purchase 2,500 shares of common stock (and the shares issuable from time to time upon exercise of the warrants and conversion of the preferred stock). The preferred stock issued in this transaction includes a beneficial ownership blocker, but has no dividend rights (except to the extent that dividends are also paid on the common stock), liquidation preference or other preferences over common stock, and subject to limited exceptions, has no voting rights. The securities are being sold in fixed combinations, but are immediately separable and will be issued separately. Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE American:LTS), was the sole book-running manager in connection with the offering and CIM Securities, LLC acted as a co-manager. The Common Stock, Series C Preferred Stock and Warrants were offered by the Company pursuant to a Registration Statement on Form S-1 filed with the Commission under the Securities Act of 1933, as amended (File No. 333-225675), which was initially filed with the Securities and Exchange Commission on June 15, 2018, and an additional registration statement filed pursuant to Rule 462(b) under the Act (File No. 333-226374). About Cellectar Biosciences Cellectar Biosciences -- http://www.cellectar.com/-- is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of targeted treatments for cancer and leveraging its proprietary phospholipid drug conjugate (PDC) platform to develop the next generation of tumor targeting treatments. Its headquarters are located in Madison, Wisconsin. The report from the Company's independent accounting firm Baker Tilly Virchow Krause, LLP, in Madison, Wisconsin, on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that the Company 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. Cellectar reported a net loss attributable to common stockholders of $15.01 million for the year ended Dec. 31, 2017, following a net loss attributable to common stockholders of $9.36 million for the year ended Dec. 31, 2016. As of March 31, 2018, Cellectar had $9.56 million in total assets, $2.11 million in total liabilities and $7.45 million in total stockholders' equity. CHESAPEAKE ENERGY: Reports Second Quarter Net Loss of $40 Million ----------------------------------------------------------------- Chesapeake Energy Corporation has filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss available to common stockholders of $40 million on $2.25 billion of total revenues for the three months ended June 30, 2018, compared to net income available to common stockholders of $470 million on $2.28 billion of total revenues for the three months ended June 30, 2017. For the six months ended June 30, 2018, the Company reported net income available to common stockholders of $228 million on $4.74 billion of total revenues compared to net income available to common stockholders of $547 million on $5.03 billion of total revenues for the same period last year. As of June 30, 2018, Chesapeake Energy had $12.34 billion in total assets, $12.45 billion in total liabilities and a total deficit of $117 million. Doug Lawler, Chesapeake's president and chief executive officer, commented, "Chesapeake continues to make significant progress in achieving our strategic priorities of reducing leverage, increasing margins and reaching cash flow neutrality. Last week's announcement to sell our Utica position will allow us to retire nearly $2 billion of outstanding debt, while the recent significant ramp in our Powder River Basin volumes position us to replace the divested Utica EBITDA within a year. For the third consecutive quarter, we have recorded impressive cash flow driven by better-than-expected oil production. We expect to see continued meaningful improvements in growing our cash flow as our total oil production, adjusted for asset sales, moves higher throughout the rest of 2018 and into 2019. Lower total debt, improving margins and greater capital efficiency are positioning Chesapeake for significant equity value creation moving forward." The company's EBITDA for the 2018 second quarter was $382 million. Adjusting for items that are typically excluded by securities analysts, the 2018 second quarter adjusted net income attributable to Chesapeake was $139 million, or $0.15 per diluted share, while the company's adjusted EBITDA was $536 million. Production expenses during the 2018 second quarter were $2.86 per boe, compared to $2.92 per boe in the 2017 second quarter, primarily as a result of certain 2018 and 2017 divestitures, partially offset by increased saltwater disposal costs. General and administrative expenses (including stock-based compensation) during the 2018 second quarter were $1.89 per boe, compared to $1.45 per boe in the 2017 second quarter. The increase was primarily driven by share-based compensation awards. The company's gathering, processing, and transportation expenses decreased by 5 percent year over year to $7.04 per boe from $7.44 per boe during the 2017 second quarter primarily as a result of certain 2018 and 2017 divestitures, reduced fees due to restructured midstream contracts and lower volume commitments. Chesapeake's total capital expenditures (including accruals) were approximately $595 million during the 2018 second quarter, including capitalized interest of $43 million, compared to approximately $667 million in the 2017 second quarter. As of June 30, 2018, Chesapeake's principal amount of debt outstanding was approximately $9.706 billion, compared to $9.981 billion as of Dec. 31, 2017. The company had $506 million of outstanding borrowings and had used $183 million for various letters of credit under its senior secured revolving credit facility resulting in approximately $3.1 billion of available liquidity under the facility as of June 30, 2018. The company's borrowing capacity on its revolving credit facility was re-affirmed in June 2018 at approximately $3.8 billion. Operations Update Chesapeake's average daily production for the 2018 second quarter was approximately 530,000 boe compared to approximately 528,000 boe in the 2017 second quarter. Chesapeake continues to benefit from the depth and breadth of its portfolio, which offers stacked pay potential across a diverse set of assets. The company remains focused on optimizing these resources through enhanced completions, longer laterals and spacing optimization and continues to drive costs lower to enhance its cash flow. The Powder River Basin (PRB) in Wyoming is quickly establishing itself as the growth engine of the company, as recently demonstrated by a 78 percent increase in net production compared to the average 2017 fourth quarter rate. On July 22, 2018, total net production hit a new record of approximately 32,000 net boe per day (42% oil, 41% natural gas and 17% natural gas liquids), compared to an average 2017 fourth quarter rate of 18,000 boe per day. Chesapeake now projects net production from the area will reach approximately 38,000 boe per day by year-end 2018, and expects total net annual production from the PRB to more than double in 2019 compared to 2018. In late-June and July 2018, Chesapeake placed a total of five Turner wells on production with initial daily rates ranging from approximately 1,500 boe per day to 3,200 boe per day, with oil production representing approximately 65 percent. These wells are still in flow back and cleaning up and the company expects higher rates from several over the next 30 days. The Turner program continues to deliver impressive results across a broad area, with wells now producing across an area over 20 miles wide in the field. In April 2018, six Turner wells were placed on production and spaced at approximately 1,980 to 2,300 feet apart to test well performance with reduced spacing. As the wells continue to clean up, all six wells are currently performing as well as or better than previously unbounded wells, or wells spaced approximately 2,640 feet apart. With days on production ranging from 85 to 100, all six wells have reached daily gross production rates of approximately 1,600 boe per day to 2,600 boe per day, with oil production ranging from 35 percent to 45 percent. In July 2018, Chesapeake moved to five rigs in the PRB, all of which are primarily focused on the Turner formation. The company placed nine wells on production during the 2018 second quarter, and expects to place 14 wells on production during the 2018 third quarter and 14 wells on production during the 2018 fourth quarter. In addition, the company is exploring the potential of adding a sixth rig in 2019 and remains encouraged about the future growth potential offered by additional formations such as the Teapot, Parkman, Niobrara, Sussex and Mowry, among others. To support anticipated rig activity, Chesapeake recently reached an agreement with Williams Partners, L.P. and Crestwood Equity Partners, L.P. for an expansion of their existing gas gathering system and processing facility at the existing competitive fee-rate structure. The company is also in active discussions with several midstream and downstream providers on awarding its crude and water gathering business in the basin. The Eagle Ford Shale in South Texas remains Chesapeake's EBITDA-generating backbone, consistently delivering high-margin oil volumes and stable production. The company continues to drive costs out of its operations and is currently utilizing four rigs in the Eagle Ford. The company placed 48 wells on production during the 2018 second quarter, and expects to place 38 wells on production during the 2018 third quarter and 47 wells on production during the 2018 fourth quarter. Similar to the PRB, Chesapeake continues to appraise liquid-rich opportunities across its expansive acreage position in its Mid-Continent operating area in Oklahoma and is deploying advanced completions and longer laterals to test new concepts. In the meantime, Oswego volumes continue to climb with average 30-day production rates of 1,015 boe per day and over 80 percent oil cuts. Chesapeake is currently utilizing two rigs in the Mid-Continent. The company placed eight wells on production during the 2018 second quarter, and expects to place 12 wells on production during the 2018 third quarter and nine wells on production during the 2018 fourth quarter. The Haynesville Shale in Louisiana continues to deliver consistent production volumes, and with approximately 75 percent of the development locations remaining undeveloped, offers significant potential for future growth. To date, the advances provided by enhanced completions and longer laterals, including the first 15,000-foot lateral ever drilled in the basin, have allowed the company to grow 2018 second quarter production by approximately 15% year over year while utilizing the same number of rigs. Additionally, with ample takeaway capacity, Chesapeake is well positioned to access Henry Hub pricing and other premium markets. Chesapeake moved an additional rig into the Haynesville in July and is currently utilizing four rigs. The company placed 12 wells on production during the 2018 second quarter, and expects to place six wells on production during the 2018 third quarter and nine wells on production during the 2018 fourth quarter. Chesapeake's premium Marcellus Shale position in Pennsylvania continues to be a significant cash flow generator for the company. The company's enhanced completions and longer laterals continue to create additional value across the company's Lower Marcellus and Upper Marcellus formations, and the company plans to test the deeper Utica formation found under its acreage position in 2019. In July 2018, Chesapeake successfully drilled its longest lateral to date in the Lower Marcellus Shale at approximately 13,380 feet, only to be surpassed by an even longer planned lateral of approximately 14,500 feet currently being drilled. Both wells are expected to be placed on production before year-end 2018. Chesapeake is currently utilizing three rigs in the Marcellus. The company placed 10 wells on production during the 2018 second quarter, and expects to place 14 wells on production during the 2018 third quarter and 18 wells on production during the 2018 fourth quarter. Chesapeake recently announced that it has entered into an agreement to sell its interests in the Utica Shale operating area located in Ohio for approximately $2.0 billion, plus the right to receive an additional $100 million in consideration based on future natural gas prices, to Encino Acquisition Partners, a private oil and gas company headquartered in Houston, Texas. The transaction, which is subject to certain customary closing conditions, including the receipt of third-party consents, is expected to close in the 2018 fourth quarter. Chesapeake is currently utilizing no rigs and placed seven wells on production during the 2018 second quarter. The company expects to move two rigs back into the Utica in the near term, in accordance with the recent purchase and sale agreement signed last week regarding the asset, and expects to place 14 wells on production during the 2018 third quarter. A full-text copy of the Form 10-Q is available for free at: https://is.gd/Us1aMz About Chesapeake Energy Based in Oklahoma City, Chesapeake Energy Corporation's (NYSE:CHK) -- http://www.chk.com/-- is an independent exploration and production company engaged in the acquisition, exploration and development of properties for the production of oil, natural gas and NGLs from underground reservoirs. Chesapeake owns a large and geographically diverse portfolio of onshore U.S. unconventional natural gas and liquids assets, including interests in approximately 17,300 oil and natural gas wells. The Company has leading positions in the liquids-rich resource plays of the Eagle Ford Shale in South Texas, the Anadarko Basin in northwestern Oklahoma and the stacked pay in the Powder River Basin in Wyoming. Its natural gas resource plays are the Marcellus Shale in the northern Appalachian Basin in Pennsylvania, the Haynesville/Bossier Shales in northwestern Louisiana and East Texas and the Utica Shale in Ohio. Chesapeake reported net income attributable to the Company of $949 million for the year ended Dec. 31, 2017, following a net loss attributable to the Company of $4.39 billion for the year ended Dec. 31, 2016. As of March 31, 2018, Chesapeake had $12.08 billion in total assets, $12.18 billion in total current and long-term liabilities and a total deficit of $97 million. COMSTOCK RESOURCES: Closes Haynesville Shale Properties Acquisition ------------------------------------------------------------------- Comstock Resources, Inc. has closed the previously announced acquisition of North Louisiana properties from Enduro Resource Partners LLC after the Final Sales Order was approved by the United States Bankruptcy Court for the District of Delaware. The North Louisiana properties consist of approximately 21,000 gross acres (9,900 net) primarily in Caddo and DeSoto Parishes in Louisiana and include 120 (26.2 net) producing natural gas wells, 49 (14.7 net) of which produce from the Haynesville shale. The final adjusted purchase price was $37 million which included costs of four (1.1 net) recently completed Haynesville shale wells incurred after the effective date of the sale of Jan. 1, 2018. The acquired properties are producing approximately 26 million cubic feet per day of natural gas and have estimated proved reserves of 288 Bcfe. Comstock has identified 112 (31.0 net) potential drilling locations on the acquired acreage, 21 (17.9 net) of the future locations would be operated by Comstock. About Comstock Comstock Resources, Inc. (NYSE: CRK) is an independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas and Louisiana. Comstock incurred a net loss of $111.4 million for the year ended Dec. 31, 2017, compared to a net loss of $135.1 million for the year ended Dec. 31, 2016. As of March 31, 2018, Comstock Resources had $910.5 million in total assets, $1.32 billion in total liabilities and a total stockholders' deficit of $409.9 million. CONGREGATION ACHPRETVIA: Plan Confirmation Hearing Set for Sept. 6 ------------------------------------------------------------------ Judge Michael E. Wiles of the U.S. Bankruptcy Court for the Southern District of New York approved Congregation Achpretvia Tal Chaim Shar Hayushor, Inc.'s disclosure statement in support of its second amended plan of liquidation. Objections to the confirmation of the plan must be in writing and must be filed and served no later than 5:00 p.m. on August 30, 2018. The hearing on confirmation of the Debtor's Plan will commence before the Honorable Michael E. Wiles, United States Bankruptcy Judge on Sept. 6, 2018 at10:00 a.m., at the United States Bankruptcy Court for the Southern District of New York, One Bowling Green, New York, New York 10004, Courtroom 617. Under the modified second amended liquidation plan, the holder of the Glick Trust Secured Claim will receive (i) a Cash payment from the Disbursing Agent in the full amount of its Glick Trust Secured Claim on the Effective Date, or as soon practicable after the claim becomes an Allowed Claim, or (ii) another treatment as may otherwise be agreed to in writing by the Debtor and the holder of the Glick Trust Secured Claim. The Glick Trust Secured Claim was filed in the amount of $396,000. In accordance with the Glick Settlement, interest accrues at the 6% contract rate until the claim is paid. As of August 31, 2018, the Glick Trust Secured Claim will be approximately $446,950. A full-text copy of the Modified Second Amended Plan is available at: http://bankrupt.com/misc/nysb16-10092-245-1.pdf About Congregation Achpretvia Congregation Achpretvia Tal Chaim Sharhayu Shor, Inc., in Brooklyn, New York, filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 16-10092) on Jan. 15, 2016. The petition was signed by Harold Friedlander, vice president. Judge Michael E. Wiles presides over the case. Arnold Mitchell Greene, Esq., at Robinson Brog Leinwand Greene Genovese & Gluck P.C., serves as the Debtor's counsel. The Congregation listed total assets of $18 million and total liabilities of $472,502. DANA ELECTRIC: Case Summary & 4 Unsecured Creditors --------------------------------------------------- Debtor: Dana Electric, Inc. 927 Calle Negocio San Clemente, CA 92673 Business Description: Dana Electric, Inc. is a privately held company in San Clemente, California, that offers electrical services. Chapter 11 Petition Date: August 3, 2018 Court: United States Bankruptcy Court Central District of California (Santa Ana) Case No.: 18-12837 Judge: Hon. Scott C. Clarkson Debtor's Counsel: Michael Jones, Esq. M JONES & ASSOCIATES, PC 505 N Tustin Ave Ste 105 Santa Ana, CA 92705 Tel: 714-795-2346 Fax: 888-341-5213 Email: mike@mjthelawyer.com mike@MJonesOC.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Bryant Edward Rugg, president. A full-text copy of the petition containing, among other items, a list of the Debtor's four unsecured creditors is available for free at: http://bankrupt.com/misc/cacb18-12837.pdf DOUBLE Y FARMS: Given Until August 13 to Exclusively File Plan -------------------------------------------------------------- The Hon. Neil P. Olack of the U.S. Bankruptcy Court for the Northern District of Mississippi, having been advised that Double Y Farms, Inc. and Guaranty Bank and Trust Company have reached an agreement, has extended until August 13, 2018, Double Y Farms' exclusivity period to file a Disclosure Statement and confirm a Plan of Reorganization. The Troubled Company Reporter has previously reported that Double Y Farms asked the Court for an additional 60 days of exclusivity within which to file its Plan and Disclosure Statement, and a concomitant extension of time within which to obtain Plan confirmation. Double Y Farms explained that the Debtor and its counsel have diligently attempted to gather the information necessary to complete the documents and file them in a timely manner. However, because of the extent of the information involved, they have not been able to do so. Double Y Farms also said the Debtor and its related entities have only begun planning 2018 crops and while some preliminary work has been done on formulating plans of reorganization and disclosure statements, the Debtor and its related entities have not made the decision as to: (a) which entities will remain in Chapter 11, (b) whether the entities will be consolidated (administratively or substantively), and (c) exactly what terms and conditions the plans will provide. In addition, various creditors have sought, and continue to seek, extensive discovery of and from the Debtor and its accountant, which has consumed considerable blocks of time and, according to some of the creditors seeking the information, it is not yet been produced in its entirety. About Double Y Farms Double Y Farms, Inc., is a privately-owned company in Duncan, Mississippi, that operates in the farming industry. Double Y Farms sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 18-10168) on Jan. 18, 2018. In the petition signed by Richard Young, president, the Debtor estimated assets of less than $500,000 and liabilities of $1 million to $10 million. The Debtor is represented by Craig M. Geno, Esq. -- cmgeno@cmgenolaw.com -- at Law Offices Of Craig M. Geno, PLLC. DPW HOLDINGS: Extends Deadline to Form I.AM Management Agreement ---------------------------------------------------------------- Digital Power Lending, LLC, a wholly-owned subsidiary of DPW Holdings, Inc., has entered into Amendment No. 2 to the securities purchase agreement, dated May 23, 2018, as amended by Amendment No. 1 thereto dated June 28, 2018, among DPL, I.AM INC., David J. Krause and Deborah J. Krause. Pursuant to the Purchase Agreement Amendment, the deadline for the parties to enter into a management agreement between I.AM and a separate management company formed and operated by the I.AM Stockholders was extended to Aug. 31, 2018. About DPW Holdings Headquartered in Fremont, California, DPW Holdings, Inc., formerly known as Digital Power Corp. -- http://www.DPWHoldings.com/-- is a diversified holding company with a growth strategy of acquiring undervalued assets, disruptive technologies, sustainable solutions, and exciting ventures for incubation and development to their full potential for long-term growth and investor returns. DPW, through its wholly-owned subsidiary, Coolisys Technologies, Inc., is dedicated to providing technology-based solutions for critical applications and lifesaving services, in which innovation is the main driver. Coolisys serves the defense, aerospace, naval, homeland security, medical, telecom, datacom, and industrial markets. DPW Holdings incurred a net loss of $10.89 million in 2017 following a net loss of $1.12 million in 2016. As of March 31, 2018, DPW Holdings had $38.49 million in total assets, $16.66 million in total liabilities and $21.83 million in total stockholders' equity. The report from the Company's independent accounting firm Marcum LLP, in New York, on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. DRAGONFLY GRAPHICS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ No official committee of unsecured creditors has been appointed in the Chapter 11 case of Dragonfly Graphics, Inc. as of August 3, according to a court docket. About Dragonfly Graphics Dragonfly Graphics, Inc., filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No. 18-10155) on June 12, 2018. In the petition signed by its president, Joy Revels, the Debtor estimated less than $100,000 in assets and less than $1 million in liabilities. The Debtor tapped Ruff & Cohen, P.A., as counsel. ECS REFINING: Cash Collateral Use Through August 8 Okayed --------------------------------------------------------- The Hon. Robert S. Bardwil of the U.S. Bankruptcy Court for the Eastern District of California has entered an interim order granting the sixth emergency motion of W. Donald Gieseke, the Chapter 11 trustee for ECS Refining, Inc., seeking interim authority to use cash collateral through August 8, 2018. A final hearing on the Sixth Emergency Cash Collateral Motion will be held August 8, 2018 at 10:00 a.m. The Trustee is authorized to use cash collateral for the purpose of preserving and maximizing value of the estate for the Approved Expenses. SummitBridge National Investments V LLC asserts that as of the Petition Date, the Debtor owes it in excess of $25 million plus additional fees and expenses pursuant to applicable loan documents. SummitBridge claims that the Pre-Petition Debt is secured by a valid and perfected first priority lien and security interest in substantially all of the Debtor's property and all proceeds thereof. According to the Interim Cash Collateral Order, to the extent of the amount of cash collateral used, SummitBridge is granted and provided with a security interest in and first priority lien and security interest upon all post-petition inventory, chattel paper, accounts and general intangibles and all proceeds thereof and all proceeds of the Pre-Petition Collateral. SummitBridge is granted an allowed super-priority administrative claim pursuant to Section 507(b) of the Bankruptcy Code, to the extent there is a diminution in the value of SummitBridge's Pre-Petition Collateral after the Petition Date that is not offset by the value of the replacement lien, which will have priority over any and all other indebtedness, liabilities and obligations of the Debtor, now in existence or later incurred by the Debtor. SummitBridge's liens upon and security interests in the Pre-Petition Collateral continue in the proceeds and profits of the Pre-Petition Collateral, as provided in Section 552(b) of the Bankruptcy code without exception, including without limitation all post-petition inventory and accounts receivable. The Chapter 11 Trustee is directed to: (a) account to SummitBridge for all cash, checks, notes, drafts, instruments, acceptance or other property representing cash or other proceeds of Pre-Petition Collateral in Trustee's possession or control. (b) maintain insurance coverage on the Pre-Petition and the Adequate Protection Collateral for the full replacement value therefor and to cause SummitBridge to be named as loss payee for the insurance policies. In addition, Trustee will maintain adequate casualty and general liability insurance and will name SummitBridge as additional insured on all insurance policies. (c) provide SummitBridge with reasonable access to Debtor's books and records and will provide a summary of all Approved Expenses paid by the Trustee. The Trustee will also reasonably provide SummitBridge with periodic updated accounts receivable aging and summary of all inventory. A copy of the Interim Cash Collateral Order is available at PacerMonitor.com at https://tinyurl.com/y722c7a3 at no charge. About ECS Refining Inc. ECS Refining, Inc. -- https://www.ecsrefining.com/ -- offers a full suite of IT asset management and disposition solutions. It provides national brand protection solutions for environmental services, IT asset management, data protection and end-of-life electronic recycling services. ECS was founded in 1980 by Jim and Ken Taggart as a processor of post-manufacturing scrap and residues for OEMs in the Silicon Valley. As the electronics industry enjoyed rapid growth and manufacturing operations were outsourced to other parts of the world, ECS adapted by shifting its focus to processing post-consumer electronics. The company has locations in Rogers, Arizona; Santa Clara, California; Santa Fe Springs, California; Stockton, California; Columbus, Ohio; Medford, Oregon; Portland, Oregon; and Mesquite, Texas. ECS Refining sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 18-22453) on April 24, 2018. In the petition signed by Jack Rockwood, president, the Debtor estimated assets of $1 million to $10 million and liabilities of $10 million to $50 million. Judge Robert S. Bardwil presides over the case. The Debtor tapped Snell & Wilmer LLP as its legal counsel; Ringstad & Sanders LLP as special counsel; and MCA Financial Group, Ltd., as its financial advisor. W. Donald Gieseke was appointed as the Chapter 11 Trustee. The Trustee hired Felderstein Fitzgerald Willoughby & Pascuzzi LLP as his legal counsel. EMPIRICAL LABORATORIES: Case Summary & 20 Top Unsecured Creditors ----------------------------------------------------------------- Debtor: Empirical Laboratories, LLC 621 Mainstream Drive, Suite 270 Nashville, TN 37228 Business Description: Empirical Laboratories, LLC -- http://www.empirlabs.com-- is a full- service environmental laboratory located in Nashville, Tennessee. It offers a wide range of testing services including analysis of conventional and priority pollutants in groundwaters, surface waters, wastewaters, solid wastes, soils and sediments. Additionally, the Company provides sampling services, courier and shipping services. Empirical Laboratories originated in 1967 as the in-house laboratory division of AWARE, Inc., a national consulting firm. Chapter 11 Petition Date: August 1, 2018 Court: United States Bankruptcy Court Middle Didstrict of Tennessee (Nashville) Case No.: 18-05129 Judge: Hon. Randal S. Mashburn Debtor's Counsel: Steven L. Lefkovitz, Esq. LEFKOVITZ & LEFKOVITZ 618 Church St Ste 410 Nashville, TN 37219 Tel: 615 256-8300 Fax: 615 255-4516 Email: slefkovitz@lefkovitz.com Total Assets: $3,463,728 Total Liabilities: $1,958,388 The petition was signed by Rick Davis, vice president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/tnmb18-05129.pdf EVAN JOHNSON: Seeks to Hire Advanced Solutions as IT Firm --------------------------------------------------------- Evan Johnson & Sons Construction, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to hire an accounting and information technology firm. The Debtor proposes to employ Advanced Solutions Inc. to assume the responsibility for the compilation of data and performance of all accounting procedures, on a monthly basis, that are necessary to operate its business. Advanced Solutions will charge $100 per hour for the accounting services to be provided by Monty Kasselman, and $100 per hour for the IT services to be provided by Willy Wijaya. The server and workstation hosting fee is $500 per month. The firm does not hold any interest adverse to the interest of the Debtor and its creditors, according to court filings. Advanced Solutions can be reached through: Monty W. Kasselman Advanced Solutions Inc. P.O. Box 11013 Russellville, AR 72812-1013 About Evan Johnson & Sons Evan Johnson & Sons Construction, Inc., based in Pearl, Missouri, filed a Chapter 11 petition (Bankr. S.D. Miss. Case No. 17-02192) on June 15, 2017. In the petition signed by Melanie Johnson, its president, the Debtor estimated $1 million to $10 million in both assets and liabilities. The Hon. Edward Ellington presides over the case. Craig M. Geno, Esq., at The Law Offices of Craig M. Geno, PLLC, serves as bankruptcy counsel to the Debtor. FANNIE MAE: Reports $4.5 Billion Net Income for Second Quarter -------------------------------------------------------------- Federal National Mortgage Association has filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting net income of $4.45 billion on $28.85 billion of total interest income for the three months ended June 30, 2018, compared to net income of $3.20 billion on $27.39 billion of total interest income for the three months ended June 30, 2017. For the six months ended June 30, 2018, the Company reported net income of $8.71 billion on $57.37 billion of total interest income compared to net income of $5.97 billion on $54.77 billion of total interest income for the same period last year. As of June 30, 2018, Fannie Mae had $3.36 trillion in total assets, $3.35 trillion in total liabilities and $7.45 billion in total stockholders' equity. Fannie Mae expects to pay a $4.5 billion dividend to Treasury by Sept. 30, 2018. Through the second quarter of 2018, the company has paid $167.3 billion in dividends to Treasury. Fannie Mae's pre-tax income was $5.6 billion for the second quarter of 2018 and $5.4 billion for the first quarter of 2018, reflecting the strength of the company's underlying business fundamentals. Timothy J. Mayopoulos, president and chief executive officer of Fannie Mae stated, "Our strong quarterly results reflect solid fundamentals in our Single-Family and Multifamily businesses. "Both segments are managing and distributing risk in sustainable, efficient, and innovative ways, and our guaranty book remains robust and stable. "Our results reflect our customer-focused strategy and a decade of hard work with our industry partners to strengthen Fannie Mae and the housing finance system we serve. "We will continue to build on our progress of the past ten years, anchored in the needs of customers and the responsibilities of our charter." Business Highlights * Fannie Mae provided $111 billion in liquidity to the single- family mortgage market in the second quarter of 2018 while serving as the largest issuer of single-family mortgage- related securities in the secondary market. The company's estimated market share of new single-family mortgage-related securities issuances was 36% for the second quarter of 2018. * Fannie Mae has transferred a portion of the mortgage credit risk on single-family mortgages with an unpaid principal balance of nearly $1.4 trillion at the time of the transactions since 2013. As of June 30, 2018, $1.0 trillion in single-family mortgages, or approximately 35% of the loans in the company's single-family conventional guaranty book of business, measured by unpaid principal balance, were covered by a credit risk transfer transaction. * Fannie Mae provided $14.5 billion in multifamily financing in the second quarter of 2018, which enabled the financing of 188,000 units of multifamily housing. More than 90% of the multifamily units the company financed were affordable to families earning at or below 120% of the area median income, providing support for both affordable and workforce housing. * Fannie Mae continued to transfer a portion of the credit risk on multifamily mortgages. In the second quarter of 2018, nearly 100% of the company's new multifamily business volume had lender risk-sharing. Financial Performance Outlook Fannie Mae expects to remain profitable on an annual basis for the foreseeable future; however, certain factors could result in significant volatility in the company's financial results from quarter to quarter or year to year. Fannie Mae expects volatility from quarter to quarter in its financial results due to a number of factors, particularly changes in market conditions that result in fluctuations in the estimated fair value of the financial instruments that it marks to market through its earnings. Other factors that may result in volatility in the company's quarterly financial results include developments that affect its loss reserves, such as changes in interest rates, home prices or accounting standards, or events such as natural disasters. The potential for significant volatility in the company's financial results could result in a net loss in a future quarter. The company is permitted to retain up to $3.0 billion in capital reserves as a buffer in the event of a net loss in a future quarter. However, any net loss the company experiences in the future could be greater than the amount of its capital reserves, resulting in a net worth deficit for that quarter. About Fannie Mae's Conservatorship and Agreements with Treasury Fannie Mae has operated under the conservatorship of FHFA since Sept. 6, 2008. Treasury has made a commitment under a senior preferred stock purchase agreement to provide funding to Fannie Mae under certain circumstances if the company has a net worth deficit. Pursuant to this agreement and the senior preferred stock the company issued to Treasury in 2008, the conservator has declared and directed Fannie Mae to pay dividends to Treasury on a quarterly basis for every dividend period for which dividends were payable since the company entered into conservatorship in 2008. A full-text copy of the Form 10-Q is available for free at: https://is.gd/UXHKMy About Fannie Mae and Freddie Mac Federal National Mortgage Association (OTCQB: FNMA), commonly known as Fannie Mae -- http://www.FannieMae.com/-- is a government-sponsored enterprise (GSE) that was chartered by U.S. Congress in 1938 to support liquidity, stability and affordability in the secondary mortgage market, where existing mortgage-related assets are purchased and sold. Through its single-family and multifamily business segments, the Company provided approximately $570 billion in liquidity to the mortgage market in 2017, which enabled the financing of approximately 3 million home purchases, refinancings or rental units. A brother organization of Fannie Mae is the Federal Home Loan Mortgage Corporation (FHLMC), better known as Freddie Mac. Freddie Mac (OTCBB: FMCC) -- http://www.FreddieMac.com/-- was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. FC GLOBAL: First Capital Files Amended Schedule 13D with SEC ------------------------------------------------------------ First Capital Real Estate Trust Incorporated, First Capital Real Estate Operating Partnership L.P. and Suneet Singal disclosed in a Schedule 13D/A filed with the Securities and Exchange Commission that as of Dec. 22, 2017, they beneficially own 15.8% of the common shares outstanding of FC Global Realty Incorporated. First Capital Real Estate Trust Incorporated is a Maryland corporation and First Capital Real Estate Operating Partnership L.P. is a Delaware limited partnership. The business address of each of the Contributor Parent and the Contributor is 410 Park Avenue, 14th Floor, New York, NY 10022. The principal business of the Contributor Parent is a real estate investment trust (REIT) and the Contributor is the principal operating company subsidiary of the Contributor Parent. Mr. Singal is the chief executive of the Contributor Parent, which is the general partner of the Contributor. The Contribution Agreement On March 31, 2017, FC Global Realty Incorporated and FC Global Realty Operating Partnership, LLC ("Acquiror"), entered into a contribution agreement with First Capital Real Estate Operating Partnership L.P. ("Contributor") and First Capital Real Estate Trust Incorporated ("Contributor Parent") under which the Contributor may contribute certain real estate interests to the Acquiror in a series of installments no later than Dec. 31, 2017. In exchange, the Contributor will receive shares of the Issuer's Common Stock, newly designated Preferred Stock and a Warrant. First Contribution In the first contribution installment, which is expected to occur on or about May 17, 2017, the Contributor is obligated to transfer $10 million of interests to the Acquiror, comprising four vacant land sites set for development into gas stations located in northern California, and a single family residential development located in Los Lunas, New Mexico. The Contributor currently has a 6% interest in the entity which owns the residential development, and expects to acquire an additional 11.9% interest prior to the Initial Closing Date. The residential development in New Mexico consists of 251, non-contiguous, single family residential lots and a 10,000 square foot club house. 37 lots have been finished, and the remaining 214 are platted and engineered lots. In exchange for that transfer, the Issuer will issue to the Contributor a number of duly authorized, fully paid and non-assessable shares of the Issuer's Common Stock and Preferred Stock, determined by dividing the $10 million value of that contribution by a specified per share value, which represents a 7.5% premium above the volume-weighted average price of all on-exchange transactions in the Issuer's shares executed on NASDAQ during the 43 NASDAQ trading days prior to the NASDAQ trading day immediately prior to the public announcement of the transaction by the Issuer and Contributor Parent, as reported by Bloomberg L.P. The Per Share Value has been calculated to be $2.51983 per share of the Issuer's Common Stock. At the Initial Closing, the Contributor is to receive a number of shares equal to up to 19.9% of the issued and outstanding Common Stock of the Issuer immediately prior to the Initial Closing. The balance of the consideration will be paid in shares of the Issuer's Preferred Stock. Also at the Initial Closing, the Acquiror will assume the liabilities associated with these initial contributed interests. On or before the Initial Closing, certain officers and/or directors of the Issuer -- Dr. Dolev Rafaeli, Dennis McGrath, and Dr. Yoav Ben-Dror -- will resign from their positions as officers and/or directors of the Issuer. In addition, certain members of the Board will resign, or the number of directors on the Board will be increased, so that the Board will ultimately consist of seven persons. Second Contribution The Contributor Parent is also required to contribute two additional property interests valued at $20 million if certain conditions as set forth in the Contribution Agreement are satisfied by Dec. 31, 2017. This second installment is mandatory. The Contributor is obligated to contribute to the Acquiror its 100% ownership interest in a hotel property located in Texas that is currently undergoing renovations to be converted to a Wyndham Garden Hotel. Before contributing the property to the Acquiror, Contributor must resolve a lawsuit concerning ownership of the property. Only when Contributor has confirmed that it is the full and undisputed owner of the property may it contribute that interest to the Acquiror. In addition, Contributor is obligated to contribute to the Acquiror its interest in Dutchman's Bay and Serenity Bay, two planned full service resort hotel developments located in Antigua and Barbuda in which Contributor expects to own a 75% interest in coordination with the Antigua government. Serenity Bay is a planned resort comprised of five contiguous parcels (28.33 acres) zoned for hotel and residential use that are planned for 246 units and 80 one, two and three bedroom condo units. Dutchman's Bay, is a planned condo hotel with 180 guestrooms, 102 two bedroom condos, and 14 three bedroom villas. To acquire the property in Antigua, Contributor must obtain an amendment to its agreement with the government to extend the time for development of these properties and confirm that all development conditions in the original agreement with the government have been either satisfied or waived. The second and final contribution were cancelled by the parties on Dec. 31, 2017. Phases II and III were never completed and terminated out via the contract. Severance Agreement On Dec. 22, 2017, Mr. Suneet Singal resigned from his position as chief executive officer of the Company, effective as of Jan. 2, 2018. In connection with that resignation, on Dec. 22, 2017, the Company and Mr. Singal entered into a separation agreement, pursuant to which Mr. Singal agreed to resign and the Company agreed to issue to Mr. Singal 1,000,000 shares of the Company's Common Stock, 333,333 shares of which will vest immediately, 333,333 shares of which will vest upon the first anniversary of the Singal Separation Agreement, and 333,334 shares of which will vest upon the second anniversary of the Singal Separation Agreement. The parties agreed that the issuance of those shares is in lieu of any other payment that Mr. Singal may already be entitled to receive under Company policies and his employment agreement. The purpose of the transaction is for the Reporting Persons to acquire a substantial voting and equity interest in the Issuer. Following the Initial Closing, the Contributor will hold approximately 16.6% of the Common Stock of the Issuer, and approximately 47.7% of the combined Common Stock and nonvoting Preferred Stock of the Issuer. If, pursuant to the rules of NASDAQ, the stockholders of the Issuer approve the issuance of 20% or more of the Common Stock of the Issuer to the Contributor, the Preferred Stock will be converted into Common Stock of the Issuer, and the Contributor will hold approximately 47.7% of the shares of Common Stock of the Issuer. In addition, if all of the shares issuable by the Issuer pursuant to the Contribution Agreement are issued, and the Warrant described below is exercised in full, the shares issued will represent approximately 92.4% of the issued and outstanding shares of the Issuer. The Contribution Agreement contemplates that promptly following the effectiveness of a registration statement with respect thereto, the Contributor Parties will cause the distribution of the Issuer's shares it acquired pursuant to the Contribution Agreement to their respective partners and stockholders. A full-text copy of the regulatory filing is available at: https://is.gd/8I0mqL About FC Global Realty Formerly known as PhotoMedex, Inc., FC Global Realty Incorporated (and its subsidiaries) founded in 1980, is transitioning from its former business as a skin health company to a company focused on real estate development and asset management, concentrating primarily on investments in high quality income producing assets, hotel and resort developments, residential developments and other opportunistic commercial properties. The company is headquartered in New York. As of March 31, 2018, FC Global had $6.79 million in total assets, $8.86 million in total liabilities, $5.03 million in redeemable convertible preferred stock Series B and a total stockholders' deficit of $7.10 million. The report from the Company's independent accounting firm Fahn Kanne & Co. Grant Thornton Israel, in Tel Aviv, Israel, on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that the Company has incurred net losses for each of the years ended Dec. 31, 2017 and 2016 and has not yet generated any revenues from real estate activities. As of Dec. 31, 2017, there is an accumulated deficit of $134.45 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. FLORIDA FOLDER: Court Denies Cash Collateral Use as Moot -------------------------------------------------------- The Hon. Jerry A. Funk of the U.S. Bankruptcy Court for the Middle District of Florida has entered an order denying Florida Folder Service, Inc.'s emergency motion for authority to use cash collateral. The Motion is denied as moot, Judge Funk said. About Florida Folder Service Florida Folder Service, Inc., a/k/a Brochure Displays, a/k/a Digital Press -- http://brochuredisplays.com/-- provides professional brochure distribution at hundreds of motels, hotels and other tourism related businesses in prime markets throughout the southeast, including Florida, Georgia, Tennessee and the Carolinas. Its Florida markets include the major resort destinations of Daytona Beach, St. Augustine, Jacksonville and New Smyrna Beach. Florida Folder Service filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 17-03869) on Nov. 6, 2017. In the petition signed by Terry McDonough, president, the Debtor disclosed $843,347 in assets and $1,040,000 in liabilities. The case is assigned to Judge Jerry A. Funk. The Debtor is represented by Jason A Burgess, Esq., at the Law Offices of Jason A. Burgess, LLC. FORUM ENERGY: Moody's Affirms B1 CFR & B2 Sr. Unsecured Rating -------------------------------------------------------------- Moody's Investors Service lowered Forum Energy Technologies, Inc.'s Speculative Grade Liquidity Rating to SGL-2 from SGL-1. At the same time, Moody's affirmed Forum's other ratings, including its B1 Corporate family Rating and B2 senior unsecured rating. The outlook is stable. The SGL-2 liquidity rating reflects Moody's expectation of good liquidity through 2019. Over the course of the protracted two-year 2015-2016 slump in Forum's financial performance, during which revenues fell by two-thirds, the company maintained significant cash balances which grew to $234 million at year-end 2016. With limited capital spending requirements, Forum also generally reported positive free cash flow notwithstanding its limited profitability. The large cash balance and free cash flow combined to figure prominently in its SGL-1 liquidity rating. Cash dropped by more than half in 2017 to $115.2 million at year-end, principally to fund a portion of a $290.3 million buyout of Forum's joint venture partner in coiled tubing. The company also ended the year with $108 million outstanding under its previously mostly unused secured revolving credit facility, a function of debt-financing two smaller acquisitions and 2017's $40 million cash flow deficit. While the second quarter cash balance of $39 million is comparatively low by historical standards, Forum has used its cash to fund recent acquisitions and to repay revolver borrowings. In October 2017, Forum's secured revolver was increased to $300 million from $140 million and amended to provide for availability subject to a borrowing base calculated on the basis of eligible accounts receivable and inventory. Prior to the amendment, availability under the revolver had been restricted by maintenance covenants, during which time Forum's excessive cash balance was a key supplement to its overall liquidity position. As of June 30, $68 million was outstanding under Forum's revolver, mostly to funding growth-induced working capital required to support a growing order book (second quarter revenue was up 36% from year-ago levels). The revolver has a scheduled maturity date of July 2021; however, if Forum's $400 million senior notes due October 2021 are refinanced or replaced with indebtedness maturing beyond February 2023, the revolver's maturity date will automatically be extended to October 2022. The facility is secured by first priority liens on substantially all the company's assets and its wholly-owned subsidiaries. The revolving credit facility is subject to a minimum fixed charge coverage ratio, which is tested only to the extent availability falls below certain specified levels. Moody's expects Forum to remain well in compliance with its covenants, and would not expect it to require additional external liquidity to finance its underlying business, although acquisitions could require additional financing. Any acquisition of size would be partially equity financed as was the case with the coiled tubing buyout with 60% equity financing. Downgrades: Issuer: Forum Energy Technologies, Inc. Speculative Grade Liquidity Rating, Downgraded to SGL-2 from SGL-1 Outlook Actions: Issuer: Forum Energy Technologies, Inc. Outlook, Remains Stable Affirmations: Issuer: Forum Energy Technologies, Inc. Probability of Default Rating, Affirmed B1-PD Corporate Family Rating, Affirmed B1 Senior Unsecured Notes, Affirmed B2, to (LGD5) from (LGD4) RATINGS RATIONALE Forum's B1 Corporate Family Rating reflects its smaller scale and exposure to the negative effect of weak energy prices on E&P capital spending, as evidenced by the dramatic decline in the industry's fortunes over the 2015-2016 downturn, and Forum's sluggish recovery through 2017. Twelve-month EBITDA as of June 30 grew to $73 million, although by comparison equated to only 21.5% of 2014's peak-year EBITDA. However, first half 2018 revenue climbed 41% versus year-ago levels and order rates are growing, positive indications that Forum's return to growth and improved profitability is gaining momentum. Throughout the two-year downturn, Forum garnered support from its strong cash liquidity position, its limited use of debt and the strength of its modestly leveraged balance sheet, which helped it manage downside risk over this extended period of stressed business conditions. Forum's limited capital spending requirements and conversion of working capital into cash during cyclical downturns have enabled the company to largely generate positive free cash flow since its 2012 IPO. While Forum achieved a high rate of historical growth through acquisitions leading up to 2015's commodity price decline, it has employed sound financial policies guided by a seasoned management team, operating under a board of directors comprised of senior executives with deep industry backgrounds. Forum's stable outlook reflects its diversified oilfield equipment and consumables asset base, complemented by its maintenance of strong cash liquidity during very weak industry conditions. Ratings could be upgraded if annual EBITDA exceeds $300 million, if its consolidated return on assets (EBIT/assets) exceeds 6% and if leverage returns to the company's stated goal of 2x net debt/EBITDA. Ratings could be downgraded if the company departs from its strategy of conservative balance sheet management, if debt/EBITDA exceeds 4.5x or if Forum undertakes a leveraging acquisition The principal methodology used in these ratings was Global Oilfield Services Industry Rating Methodology published in May 2017. Forum Energy Technologies, Inc., headquartered in Houston, Texas, is a global oilfield services company that manufactures and supplies products across three broad business segments, covering all stages of the well cycle: Drilling and Subsea, Completions, and Production & Infrastructure. FRONTDOOR INC: Moody's Gives Ba3 CFR & Ba2 New Sr. Sec. Rating -------------------------------------------------------------- Moody's Investors Service assigned first time ratings to frontdoor, inc. The Corporate Family rating was assigned at Ba3, the Probability of Default rating at Ba3-PD, the proposed senior secured revolver and term loan at Ba2 and the Speculative Grade Liquidity rating at SGL-1. The rating outlook is stable. Frontdoor will be spun off to the shareholders of its current parent, ServiceMaster Global Holdings, Inc.; Frontdoor will be a publicly-traded company. The planned spin-off, which was first announced in July 2017, is expected to be completed on October 1, 2018. The net proceeds from the proposed financing and from an expected $350 million senior unsecured note offering will be used to repay debt at ServiceMaster. RATING RATIONALE The Ba3 CFR reflects Frontdoor's moderately high debt to EBITDA which is expected to remain around 4 times and solid free cash flow to debt anticipated to be at least 10%. Frontdoor is the originator of and a leader in the home appliance warranty market under the American Home Shield brand; Moody's considers the market small and concentrated, and Frontdoor's service lines limited in scope and geographic scale. Revenue growth rates of well over 10% per year have been achieved through new customer sign-ups and acquisitions. Stable and solid profitability with EBITA margins approaching 20%, good interest coverage with EBITA to interest of approaching 4 times and small capital expenditure requirements provide additional ratings support. Recurring subscriptions and customer retention rates of around 80% make revenues predictable. The risk that customers acquired through recently-expanded direct selling programs could exhibit higher costs to service than longer-tenured customers weighs on the rating. In addition, the company's stated plans to invest in expanding its addressable market by developing "on demand" home services enabled by mobile technology, which has untested profitability characteristics, could lead to diminished cash flow and profits over the next 12 to 18 months. That said, success in building a home services on demand service line with attractive revenue growth, profitability and cash flow characteristics would be a positive credit development. Moody's expects Frontdoor will use free cash flow and debt proceeds to complete acquisitions of competing home warranty service providers, similar to the 2016 acquisitions of OneGuard and Landmark for about $100 million in aggregate. Certain of Frontdoor's operating subsidiaries are regulated by departments of insurance in several of the largest markets in which it operates, including Texas, California and Florida, representing about 33% of Frontdoor's revenue. There is the risk that operating subsidiaries could be limited in their ability to make cash distributions if reserves are deemed inadequate. Barring such an action, Moody's expects the operating subsidiaries should be able to distribute its net income to Frontdoor to service the rated debt. The ability of operating subsidiaries to distribute cash to Frontdoor is an important support for the Ba3 CFR. All financial metrics cited reflect Moody's standard analytical adjustments. In addition, capitalized software costs are expensed. The SGL-1 Speculative Grade Liquidity rating reflects Moody's assessment of Frontdoor's liquidity profile as very good. Moody's anticipates at least $50 million of available cash, full availability under the company's $250 million revolving credit facility due 2023 and over $100 million of free cash flow. The Ba2 rating on the senior secured revolver and term loan reflects the Ba3-PD Probability of Default rating ("PDR") and a loss given default assessment of LGD3, reflecting their priority in Moody's waterfall of claims at default ahead of all other obligations of the company, including $350 million of anticipated senior unsecured notes. The credit facility is secured by a first lien pledge of substantially all of the domestic assets of the guarantor subsidiaries through secured upstream guarantees. Certain key subsidiaries are regulated as insurance companies and do not provide secured guarantees. The stable ratings outlook reflects Moody's anticipation of free cash flow and incremental debt proceeds to be used to fund acquisitions. The ratings could be lowered if Moody's expects: 1) revenue growth rates decline; 2) Frontdoor's costs to deliver service rise, leading to lower EBITA margins; 3) debt to EBITDA will be maintained above 4.0 times; 4) free cash flow to debt will remain below 10%; or 5) more aggressive shareholder return or acquisition policies. The ratings could be raised if Moody's expects: 1) Frontdoor products and services will be more diverse and address a larger market; 2) debt to EBITDA will remain below 3.0 times; and 3) balanced financial policies. Issuer: frontdoor, inc. Assignments: Corporate Family Rating, at Ba3 Probability of Default Rating, at Ba3-PD Speculative Grade Liquidity Rating, at SGL-1 Senior Secured, at Ba2 (LGD3) Outlook: Outlook, is Stable The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Frontdoor, based in Memphis, TN, is a national provider of home service contracts. Brands include American Home Shield, HSA, OneGuard and Landmark. Moody's expects 2019 revenues of over $1.2 billion. FRONTDOOR INC: S&P Assigns B+ Issuer Credit Rating, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings said it assigned its 'B+' long-term issuer credit rating to home-service plan provider Frontdoor Inc. The outlook is stable. S&P said, "At the same time, we assigned Frontdoor's proposed $900 million first-lien credit facility ($250 million revolver due 2023 and $650 million term loan due 2025) our 'B+' debt rating with a recovery rating of '3', reflecting our expectation for meaningful recovery (60%). We also assigned the proposed $350 million unsecured note due in 2026 our 'B-' debt rating with a recovery rating of '6', reflecting our expectation for negligible recovery (0%)." The rating reflects Frontdoor's fair business risk profile (BRP) and aggressive financial risk profile (FRP). Frontdoor is the largest U.S. home-service plan provider focused on eliminating unexpected repair expenses for household appliances and systems for a monthly fee by working with a network of contractors and suppliers to provide repair/replacement at the lowest cost. The company was founded in 1971 and has built significant scale in the market with a 46% share, over 4x larger than its closest competitor. Frontdoor has been owned by ServiceMaster since 1989. Growth for the business has been strong both organically through market education and inorganically by acquisitions of HSA (2014), OneGuard (2016), and Landmark (2016). These acquisitions help defend the company's market presence and improve its geographic split of the business, enhancing its exposure in western states. On July 27, 2017, ServiceMaster announced its plans to spin off FrontDoor in third-quarter 2018 (will retain 20% ownership but must monetize on or before June 14, 2019) to allow for greater focus by each of the companies with greater flexibility on strategy and access to the capital markets. S&P said, "The stable outlook reflects our expectation that Frontdoor will continue to grow its revenue base with strong growth in its direct consumer distribution channel as it further educates homeowners of the benefit of its services. This will be supported by stable business from the real estate channel given expected increase in purchase in originations, and modest increases for renewal business through price increases. For 2018, we expect the company to achieve revenue growth of 8%-10%, and we expect margins to dip modestly to 19%-21% due to increased operational costs associated with being a stand-alone company. This will resulting in a debt-to-EBITDA ratio of about 4.0x-4.3x and EBITDA coverage of 4.0x-4.5x. We also expect Frontdoor to maintain its dominant presence in the home-services plan market driven by its significant contractor base to support the national presence with minimal operational challenges as it transitions to a stand-alone entity. "We could lower our ratings on Frontdoor in the next 12 months if earnings or credit metrics were to deteriorate, resulting in a debt-to-EBITDA ratio above 5x and/or coverage below 3x. This could occur if earnings fall due to lost market share or compressed margins from increased operational costs and undisciplined growth efforts, or if the company adopts a more-aggressive financial policy. "We could raise our ratings in the next 12 months if AHS is successful at growing its geographic footprint and increasing market penetration through its direct-to-consumer channel. An upgrade would also depend on Frontdoor undergoing a seamless transition to a stand-alone entity, reducing potential uncertainty in operating performance. We expect the company to maintain a debt to EBITDA consistently below 4x and coverage above 5x through a less-aggressive financial policy on a sustained basis." FULCRUM EXPLORATION: May Use Veritex Bank Cash Until Aug. 30 ------------------------------------------------------------ The Hon. Stacey G. Jernigan of the U.S. Bankruptcy Court for the Northern District of Texas has entered second interim order authorizing Fulcrum Exploration, LLC to use cash collateral during the period beginning with the Petition Date and ending upon the earlier to occur of (i) August 30, 2018; or (ii) the occurrence of any of the so-called Termination Events. The final hearing on the Cash Collateral Motion is scheduled for August 27, 2018 at 9:30 a.m. The Debtor is authorized to use cash collateral in accordance with the Second Interim Order and the Budget for: (a) disbursements and capital expenditures listed in the Budget in an aggregate amount not exceeding the Total Disbursements budgeted during the Budget Period then in effect by more than 10%, and (b) actual expenditures of the Debtor for each line item in the Budget (other than Total Disbursements) in an amount not to exceed the budgeted amount for each such line item during the Budget Period by 15% or more. Prior to the Petition Date, the Debtor entered into a restated loan agreement with Sovereign Bank dated September 20, 2016. Sovereign Bank subsequently merged with Veritex Bank. Pursuant to the Prepetition Restated Loan Agreement, the Debtor granted liens on substantially all of its assets. Additionally, and in conjunction with the Prepetition Restated Loan Agreement, the Debtor also executed that certain Mortgage and Security Agreement related to certain of the Debtor's oil and gas properties in Jackson and Tillman County, Oklahoma, to secure the prepetition obligations set forth in the Prepetition Loan Documents. As of the Petition Date, the Debtor's obligations arising from the Prepetition Loan Documents are legal, valid, binding, fully perfected, and non-avoidable obligations in the estimated aggregate liquidated amount of not less than $8,264,981. As adequate protection, the Veritex Bank is granted: (a) Veritex Bank will be granted a continuing, valid, binding, enforceable, fully perfected, replacement liens and first priority security interests in the Debtor's presently owned or hereafter acquired property and assets, whether such property and assets were acquired before or after the Petition Date, of any kind or nature, whether real or personal, tangible or intangible, wherever located (including, without limitation, first priority liens on any cash held in the Debtor's bank accounts), and the proceeds and products thereof junior only to the Carve-Out, but excluding any causes of action that could be brought under sections 544-548 of the Bankruptcy Code or any applicable state fraudulent-transfer statute or similar statute; (b) Only to the extent of diminution of the Prepetition Collateral as a result of such use of Cash Collateral, Veritex Bank will have a postpetition superpriority administrative expense claim against the Debtor, with recourse to all prepetition and post-petition property of the Debtor and all proceeds thereof, under Bankruptcy Code sections 503 and 507(b) against the Debtor's estate, which Superpriority Claim will have priority in payment over any other indebtedness and/or obligations now in existence or incurred hereafter by the Debtor or its estate and over all other administrative expenses of any kind, subject and junior only to the Carve-Out; (c) The Debtor is authorized and directed to pay to Veritex Bank an adequate protection payment on July 25, 2018 in an amount equal to $40,000, and a second adequate protection payment on August 24, 2018; (d) The Debtor will provide Veritex Bank with (i) a report showing actual cash collections and cash expenditures and detailing any variances from the Budget; (ii) a current accounts payable aging; (iii) a weekly production report covering the 7-day period ending the preceding Friday, in a form similar to that which was provided to Veritex Bank prior to the Petition Date; (e) The Debtor will provide Veritex Bank with monthly financial reports for June 2018, and each month thereafter by the 25th day of the month following the month reported (unless the Veritex Bank agrees to accept the monthly operating reports in lieu); (f) The Debtor will provide Veritex Bank with (i) all of the materials necessary for a final report by JB Garret & Associates covering all wells that are part of the Mortgaged Property, which report will include a PHDW in database (Garret Report); (g) The Debtor will deliver to Veritex Bank a true, correct and complete copy of the final engineering report by William M. Cobb & Associates of the wells subject to the Prepetition Mortgage; (h) By the 25th calendar day of each calendar month, the Debtor will provide to Veritex Bank a true, correct and complete copy of the purchase statement that the Debtor receives from its gatherers, including but not limited to Enterprise Products and Phillips 66; and (i) The Debtor will allow Veritex Bank or its representative access to conduct site visits to the properties on July 25, 2018, August 8, 2018, and August 22, 2018, or such other date may be mutually agreed to between the Debtor and the Veritex Bank, or the Debtor and Veritex Bank's representative. A copy of the Interim Cash Collateral Order is available at PacerMonitor.com at https://tinyurl.com/ybgzu2ux at no charge. About Fulcrum Exploration Fulcrum Exploration, LLC -- http://www.fulcrumexploration.com/-- is a Texas-based independent oil and gas company experienced in exploration and production. The company is actively developing its producing properties and is engaged in efforts to acquire additional undeveloped leaseholds. Fulcrum's operational experience also includes successfully reworking mature fields to recover additional reserves and prolong production. Fulcrum operates producing leases in both Tillman County and Jackson County Oklahoma. Fulcrum Exploration filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 18-32070), on June 24, 2018. The Petition was signed by Derek Jensen, president. At the time of filing, the Debtor estimated assets and liabilities at $10 million to $50 million. The Hon. Stacey G. Jernigan is the case judge. The Debtor is represented by Pronske Goolsby & Kathman, P.C. GREAT FALLS DIOCESE: Panel Taps Bettinelli to Review Abuse Claims ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of the Roman Catholic Bishop of Great Falls, Montana, seeks authority from the U.S. Bankruptcy Court in Montana to retain William L. Bettinelli to review sexual abuse claims in connection with the proposed plan of reorganization filed by the Debtor. The Chapter 11 Plan of Reorganization provides that survivors of sexual abuse for whom the Debtor is liable will receive a cash distribution from a settlement trust. Under the Plan, Sexual Abuse Claimants who filed Sexual Abuse Proof of Claim Forms are included in the definition of "Tort Claimant" and such claims are included in the definition of "Tort Claims." The Allocation Protocol provides a mechanism for allocating funds among Tort Claimants. The Plan provides that evaluating the Tort Claims under the Allocation Protocol will be conducted by an "Abuse Claims Reviewer". The Abuse Claims Reviewer will evaluate and allocate point to each Tort Claim based on the criteria in the Allocation Plan. The Abuse Claims Reviewer will make no determination regarding the terms of the Plan or the Funds available to collectively pay Tort Claimants. He will be an independent evaluator who will review the each claim on the facts presented and in accordance with the Allocation Protocol. Such independent review is necessary and appropriate to assure that funds available to Tort Claimants are fairly allocated. Counsel for the Tort Claimants have informed the Committee that many Tort Claimants are ill and elderly, and that Tort Claimants have died during the pendency of their state court litigation and this Case. In light of the pressing needs of Tort Claimants, the Committee believes that Abuse Claims Reviewer should begin his review of Tort Claims as soon as possible. Based on Bettinelli's experience and the estimates of counsel for the Debtor and the Committee, the Committee believes that the claims review process may take between 60 and 90 days. The Committee also asks the Court to approve procedures for holders of sexual abuse claims to authorize the Abuse Claims Reviewer's review of Tort Claims prior to confirmation of the plan. Mr. Bettinelli will review and assess Tort Claims under the Allocation Protocol. Any information submitted by Tort Claimants to Mr. Bettinelli will be subject to a mediation privilege, and production of any information by a Tort Claimant to Mr. Bettinelli shall not constitute a waiver of any attorney-client privilege or attorney-work product doctrine, or any similar privilege or doctrine. Mr. Bettinelli will review only those Tort Claims filed on Sexual Abuse Proof of Claim Forms. Mr. Bettinelli assures the Court that he has no interest adverse to the Debtor, its estate, its creditors, in the matters upon he is to be engaged, and he is a "disinterested person," within the meaning of 11 U.S.C. Section 101(14). Mr. Bettinelli's compensation package consists of: a. Review of Tort Claims: $500 per claim; b. Review of Tort Claims seeking reconsideration after initial award: $500 per claim; and c. Interviews upon Tort Claimants' request: $400 per hour plus a 12% administrative fee. Mr. Bettinelli can be reached through: William L. Bettinelli JAMS Mediation, Arbitration and ADR Services Two Embarcadero Center, Suite 1500 San Francisco , CA 94111 Tel: 415-982-5267 Fax: 415-982-5287 About Roman Catholic Bishop of Great Falls, Montana The Roman Catholic Bishop of Falls, Montana, a Montana Religious Corporate Sole, also known as the Diocese of Great Falls-Billings -- http://www.dioceseofgfb.org/-- filed a Chapter 11 bankruptcy petition (Bankr. D. Mont. Case No. 17-60271) on March 31, 2017. Bishop Michael W. Warfel, signed the petition. The Debtor disclosed $20.75 million in total assets and $14.78 million in total liabilities as of the bankruptcy filing. The Hon. Jim D. Pappas presides over the case, which was originally assigned to Judge Benjamin P. Hursh. Bruce Alan Anderson, Esq., at Elsaesser Jarzabek Anderson Elliott & MacDonald, CHTD.; and Gregory J. Hatley, Esq., at Davis Hatley Haffeman & Tighe PC, serves as counsel to the Debtor. NAI Business Properties and Matt Robertson have been employed as realtor. Pachulski Stang Ziehl & Jones LLP is counsel to the official committee of unsecured creditors formed in the Debtor's case. GREEN VERACITY: Moody's Assigns B3 CFR, Outlook Stable ------------------------------------------------------ Moody's Investors Service assigned new ratings for Green Veracity Acquisition, Inc., including a B3 Corporate Family Rating and B3-PD Probability of Default Rating. Moody's also assigned B2 ratings to the company's proposed senior secured first-lien credit facilities, consisting of a $40 million revolving credit facility expiring 2023, a $300 million term loan due 2025, and a $50 million delayed draw term loan due 2025. In addition, Moody's assigned a Caa2 to the company's proposed $105 million senior secured second-lien term loan due 2026. Proceeds from the new term loans, along with common equity from private equity firm Leonard Green & Partners, LP, will be used to finance the acquisition of Veritext by Leonard Green & Partners in a leveraged buyout transaction. The ratings outlook is stable. At the close of the transaction, Green Veracity Acquisition, Inc. will be merged with and into VT Topco, Inc., with VT Topco, Inc. being the surviving entity. The following ratings were assigned for Green Veracity Acquisition, Inc. (subsequently VT Topco, Inc.): Corporate Family Rating, B3 Probability of default rating, B3-PD Proposed $40 million senior secured first-lien revolving credit facility due 2023, B2 (LGD3) Proposed $300 million senior secured first-lien term loan due 2025, B2 (LGD3) Proposed $50 million delayed draw senior secured first-lien term loan due 2025, B2 (LGD3) Proposed $105 million senior secured second-lien term loan due 2026, Caa2 (LGD6) Rating outlook: Stable RATINGS RATIONALE Veritext's B3 Corporate Family Rating broadly reflects its high financial risk profile -- with Moody's-lease adjusted debt-to-EBITDA of 6.5x (6.9x non-lease adjusted) on a pro forma basis, and its expectation that leverage will remain high as it continues to use debt to fund acquisitions. The rating is also constrained by the company's modest scale as well as event and financial policy risks related to an aggressive acquisition strategy and its private equity ownership. However, the rating is supported by the company's leading position in a highly fragmented albeit stable market, customer and geographic diversity within the United States, as well as its high client and revenue retention rates. The rating also considers the company's a proven ability to integrate acquisitions. The stable outlook reflects its expectation that leverage will remain high over the next 12 to 18 months due to Veritext's acquisition strategy, but that the company's relatively stable business profile will result in sustained positive free cash flow. The ratings could be downgraded if operational performance deteriorates, liquidity weakens or its acquisition strategy results in operational disruptions. Moody's adjusted debt-to-EBITDA sustained above 7.5x or EBITA-to-interest approaching 1.0x could also result in a downgrade. The ratings could be upgraded if the company delivers sustained revenue and earnings growth while continuing to deliver on its historically successful track record of integrating acquisitions. Moody's adjusted debt-to-EBITDA sustained below 6.0x and free cash flow as a percentage of debt maintained above 5% could also support a prospective upgrade. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Veritext, headquartered in Livingston, NJ, is a deposition and litigation support solutions provider to the legal industry. Following the leveraged buyout transaction, the company will be owned by Leonard Green & Company. Pro forma LTM revenue (as of May 31, 2018) is approximately $310 million. GULF COAST MEDICAL: Taps Webb Lorah as Accountant ------------------------------------------------- Gulf Coast Medical Park, LLC, seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Webb, Lorah & McMillan, PLLC, CPAs, as its accountant. The firm will assist the Debtor in the preparation of annual tax returns and monthly operating reports; advise the Debtor on financial-related matters; handle tax compliance filings; prepare forecasts and budgets of its operations and cash flows; and provide other accounting services within the scope of its Chapter 11 case. The firm will charge these hourly rates: Geoffrey Lorah $175 Elizabeth McMillan $160 Staff Accountants $70 to $90 Geoffrey Lorah, a certified public accountant employed with Webb, disclosed in a court filing that he and his firm do not have any connection with the Debtor, creditors or any party with an actual or potential interest in the case. The firm can be reached through: Geoffrey L. Lorah Webb, Lorah & McMillan, PLLC 1107 West Marion Ave., Suite 115 Punta Gorda, FL 33950 Tel: 941.637.8884 Fax: 941.639.8962 About Gulf Coast Medical Park Gulf Coast Medical Park LLC, based in Punta Gorda, FL, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 18-02446) on March 28, 2018. In the petition signed by Magnus Karlstedt, managing member, the Debtor estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Hon. Caryl E. Delano presides over the case. Michael R. Dal Lago, Esq., at Dal Lago Law, serves as bankruptcy counsel to the Debtor. Holmes Fraser, P.A., is the special litigation counsel. GUMP'S HOLDINGS: Case Summary & 5 Unsecured Creditors ----------------------------------------------------- Affiliated companies that have filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Gump's Holdings, LLC 18-14683 dba Gump's dba Gump's San Francisco 135 Post Street San Francisco, CA 94108 Gump's Corp. 18-14684 135 Post Street San Francisco, CA 94108 Gump's By Mail, Inc. 18-14685 135 Post Road San Francisco, CA 94108 Business Description: Gump's Holdings, LLC -- http://www.gumps.com -- operates as a holding company. The Company, through its subsidiaries, sells furniture, lighting, rugs, linens, apparel and jewelry. Chapter 11 Petition Date: August 3, 2018 Court: United States Bankruptcy Court District of Nevada (Las Vegas) Debtors' Counsel: William M. Noall, Esq. GARMAN TURNER GORDON LLP 650 White Dr, Ste 100 Las Vegas, NV 89119 Tel: 725-777-3000 Fax: 725-777-3112 Email: bknotices@gtg.legal wnoall@gtg.legal Debtors' Financial Advisor: LINCOLN PARTNERS ADVISORS LLC Estimated Estimated Assets Liabilities ------------ ------------ Gump's Holdings, LLC $47,031 $16,456,335 Gump's Corp. $9,812,318 $23,713,258 Gump's By Mail, Inc. $4,198,319 $23,755,942 The petitiond were signed by Tony Lopez, CFO/COO. Full-text copies of the petitions are available for free at: http://bankrupt.com/misc/nvb18-14683.pdf http://bankrupt.com/misc/nvb18-14684.pdf http://bankrupt.com/misc/nvb18-14685.pdf A. List of Gump's Holdings's Five Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Metro Investment Company Leases of Property $27,420 in Olive Branch, MS Frances Lane, LLC Sublease of Storage $2,500 Unit Brian Tsung Employment Agreement $0 City of Olive Branch Utilities $0 Michael Mosca Employment Agreement $0 B. List of Gump's Corp.'s 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Deacon & Co. Note Payable $832,857 Attn: Managing Agent dated 5/16/2018 5/F. Tower 2, South Seas Centre, 75 Mody Kowloon, Hong Kong SAR 0, 999077 HKG LSC Communications, Inc. Note Payable $729,732 Attn: Managing Agent dated 6/11/2018 191 North Wacker Drive Suite 1400 Chicago, IL 60606 Central National Gottesman Inc. Note Payable $447,719 Attn: Managing Agent dated 5/7/2018 3 Manhattanville Road Purchase, NY 10577 Jane Harness Tel: (914) 696-9000 Buccellati Inc. Vendor $217,204 Email: aurora.nieves@buccellati.com Seko Worldwide, LLC Note Payable $156,379 dated 5/17/2018 Astound Commerce Corporation Vendor $98,803 Email: AR@astoundcommerce.com Cushman & Wakefield, Inc. Operating Expenses $81,824 Georg Jensen Inc. Vendor $75,753 Barbara Heinrich Studio Vendor $61,820 Email: janine@barbarahenrichstudio.com Moss Adams LLP Vendor $61,475 Email: Kimberly.Meyers@mossadams.com FedEx Corporate Vendor $60,000 Services, Inc. Aaron Henry Vendor $55,271 Email: ahenrydesigns@sbcglobal.net Russell Trusso Fine Jewelry Vendor $50,550 Email: russ@russelltrusso.com Mieko Mintz LLC Vendor $47,769 Email: rumiko@miekomintz.com Petra Class Vendor $46,575 Email: petra.class@gmail.com Comcast Spotlight Vendor $45,037 Email: ask_busops@comcast.com Durland Co Vendor $44,840 Email: estate@durlandco.com San Francisco Tax Collector Vendor $44,571 Lalique North America, Inc Vendor $43,276 Gerard Alan Silva Vendor $40,600 C. List of Gump's By Mail's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ FedEx Corporate Vendor $1,191,661 Services, Inc. Attn: Managing Agent 942 S. Shady Grove Rd. Memphis, TN 38120 Sandbox Studio Vendor $232,463 Support Services Group (Texas) Vendor $207,008 Seko Worldwide, LLC Vendor $152,036 Schawk USA, Inc. Vendor $151,270 Cit Group / Commercial Services Vendor $129,755 Maria Yee Vendor $127,644 LSC Communications US, LLC Vendor $125,888 Allstate Floral & Craft, Inc. Vendor $98,746 Furniture Classics Vendor $93,281 Astound Commerce Corporation Vendor $88,200 Email: AR@astoundcommerce.com Vilagallo Sa Vendor $83,637 I-Centrix dba Ryan Partnership Vendor $82,577 APF FBO Professional Vendor $82,502 Staffing Co., Inc. Epsilon Data Management, LLC Vendor $79,132 Natural Fashion Inc. Vendor $70,311 Winward International Vendor $65,269 Nam Hai Co. Ltd Vendor $62,026 Regency International Business Vendor $61,967 Grace Chuang, Inc Vendor $58,826 HARLEM MARKET: Given Until Sept. 14 to Exclusively File Plan ------------------------------------------------------------ The Hon. Michael E. Wiles of the U.S. Bankruptcy Court for the Southern District of New York, at behest of Harlem Market Inc., has extended for a period of 90 days the Debtor's exclusive time to file a Plan of Reorganization, through September 14, 2018, and the exclusive period for the Debtor to solicit acceptances to its Plan, through December 13, 2018. The Troubled Company Reporter has previously reported that Harlem Market asked the Court to extend the exclusivity periods since the Debtor is continuing its efforts to resolve issues with its landlord consensually, and is prepared to go forward with appropriate motion practice, if necessary. The purpose of the Chapter 11 filing was to afford the Debtor the protection of the automatic stay while it attempts to deal with a cancellation provision in its commercial lease with AK Properties Group LLC, which has impeded the Debtor's efforts to sell its supermarket and the Lease. The Lease includes a controversial cancellation clause, which potentially permits the Landlord to cancel the Lease on one year's notice subject to certain recapture rights in favor of the Debtor. The scope and enforceability of this clause must be clarified or adjudicated if the Debtor is to have any opportunity to salvage fair market value for the supermarket. The Debtor's efforts to negotiate a resolution of this issue have so far been unsuccessful. While the Debtor is continuing its discussions with the Landlord, it is also prepared to file papers to present the issue to the Court for determination. In the meantime, however, the Debtor will not be ready to propose a plan until the issue is finally resolved. About Harlem Market Inc. Harlem Market Inc. operates a supermarket at 2005 Third Avenue, New York, New York, under the "Met Food" banner pursuant to a commercial lease dated April 13, 2015, with AK Properties Group LLC as landlord. Harlem Market sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 18-10754) on March 19, 2018. In the petition signed by Peter Bivona, its president, the Debtor disclosed $1.36 million in assets and $3.42 million in liabilities. Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP serves as the Debtor's bankruptcy counsel. Judge Michael E. Wiles presides over the case. HARMON TIRE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Harmon Tire, Inc. 220 High Street Ellsworth, ME 04605 Business Description: Harmon Tire, Inc. provides auto and tire repair services in Ellsworth, Maine. Chapter 11 Petition Date: August 1, 2018 Court: United States Bankruptcy Court Maine (Bangor) Case No.: 18-10445 Judge: Hon. Michael A. Fagone Debtor's Counsel: James F. Molleur, Esq. MOLLEUR LAW OFFICE 419 Alfred Street Biddeford, ME 04005 Tel: (207) 283-3777 Fax: (207) 283-4558 Email: jim@molleurlaw.com tanya@molleurlaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Milton Albert Harmon, Jr., president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/meb18-10445.pdf HARTFORD COURT: Bankruptcy Exit Plan Gets Court Approval -------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois approved the plan proposed by Hartford Court Development, Inc. to exit Chapter 11 protection. The court on July 24 gave the thumbs-up to the plan of reorganization after finding that it satisfied the requirements for confirmation under section 1129 of the Bankruptcy Code. In the same filing, the court also gave approval to the disclosure statement, which explains the plan. A copy of the order is available for free at: http://bankrupt.com/misc/ilnb17-01356-297.pdf About Hartford Court Development Hartford Court Development, Inc., is an Illinois corporation that owns and manages 14 residential condominiums and their related parking spaces, all located in the 5300 block of North Cumberland Avenue, Chicago, IL. Hartford Court Development filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-01356) on Jan. 17, 2017. Paula Walega, the company's president, signed the petition. The Debtor estimated assets and liabilities at $500,000 to $1 million. The case is assigned to Judge Jack B. Schmetterer. The Debtor is represented by David P. Lloyd, Esq. at David P. Lloyd, Ltd. HELIOS AND MATHESON: MoviePass Leverages its Power at Box Office ---------------------------------------------------------------- MoviePass, a movie theater subscription service and a majority-owned subsidiary of Helios and Matheson Analytics Inc., announced a series of performance metrics for 2018 Spring & Early Summer Independent Distributor & Major Studio releases. MoviePass continues to prove that it is a strong partner to movie studios and distributors in their strategy to reach and influence audiences to select their films over others. Not only do its subscribers go to the movies more often than non-subscribers and during periods (Opening Weekend) critical to studios' and distributors' success (National Research Group, March 2018 Study indicates that MoviePass subscribers on average saw 6 more movies in the past 6 months than non-subscribers; and twice as likely to attend movies on Opening Weekend than non-subscribers), but they are also more readily influenced by recommendations and more willing to make them, making them an invaluable audience to studios and distributors. The National Research Group study indicates: * 49% of MoviePass subscribers are seeing movies they wouldn’t normally see in theaters * 47% of MoviePass subscribers are recommending more movies to friends * 70% of MoviePass subscribers state that they somewhat or strongly agree that they are still more likely to see a film despite a low Rotten Tomatoes score. MoviePass' combination of experiential, field, e-mail, and social media marketing, and/or its in-app marketing and placements impact the specific films subscribers are more likely to see, which drives meaningful incremental revenue to both distribution and exhibition. Titles, Distributors, and Studios Impacted by Experiential, Field, Direct-to-Subscriber, Social Media, and/or In-App Marketing: -- For Lionsgate's Blindspotting, MoviePass contributed 22.7% of its Opening Weekend Domestic Box Office, and 24.7% through the first Tuesday following its release (37.6% Domestic Box Office Contribution on Monday, 30.8% Domestic Box Office Contribution on Tuesday) that included advance member screenings. -- MoviePass ticket purchases accounted for approximately 12% of the entire theatrical run for Magnolia Pictures' runaway documentary hit RBG. MoviePass-supported screens saw Opening Weekend Per Screen Averages (PSAs) of $14,516. Meanwhile, theaters not available to MoviePass subscribers saw an average PSA of $10,503 -- representing a 38.2% lift. -- For Roadside Attractions'/30West's Beast, MoviePass- supported and eticketing screens grossed 54.7% higher than theaters which MoviePass does not support. -- MoviePass ticket purchases represented 16.8% of Thursday night previews for Paramount's Book Club. -- During the July 4th holiday week, MoviePass accounted for over 5% of Universal Pictures' First Purge, a 3,000+ screen wide release. MoviePass purchased in excess of 150,000 tickets. -- For Gunpowder & Sky's Sundance favorite, Hearts Beat Loud, MoviePass represented 40% of the film's box office take in its first full week of its theatrical release in New York and Los Angeles. It has accounted for over 26% of the picture's total Domestic Box Office to date. -- For Warner Bros.' Tag, which MoviePass promoted in-app, its purchases represented 13% of the film’s Opening Weekend Domestic Box Office. MoviePass' VP of Business Development, Khalid Itum, stated "We are also beginning to see the benefits of our acquisition and integration of Moviefone.com into the MoviePass family, with new revenues being generated from studios and brands." Itum also noted that in addition to the active impact MoviePass is having on independent titles, and on titles from major studios when retained by the distributors to market those titles, that it is also having a significant passive impact on moviegoing. MoviePass had previously released multiple figures supporting that passive impact on independent distribution, but today released its percentage of users who attended multiple major Box Office films against the percentage of the U.S. movie-going population who attended those same films. "Through our one short year of incredible growth, we've learned a few key points about the film Industry," said Mitch Lowe CEO of MoviePass. "We are able to create immense value with our film partners by driving traffic to their films and effectively increasing the valuation of their films on the back-end deals they create. Not only do we want to provide an amazing deal for our subscribers but we also want to be a positive force in Hollywood." "It is incredible to see the power MoviePass has achieved with its subscriber base in eleven months," said Ted Farnsworth Chairman and CEO of Helios and Matheson Analytics. "MoviePass is one of the top contributors to the film industry without owning a single theater." About Helios and Matheson Helios and Matheson Analytics Inc. -- http://www.hmny.com/-- is a provider of information technology services and solutions, offering a range of technology platforms focusing on big data, business intelligence, and consumer-centric technology. More recently, to provide greater value to stockholders, the Company has sought to expand its business primarily through acquisitions that leverage its capabilities and expertise. The Company is headquartered in New York City, has an office in Miami Florida and has an office in Bangalore India. The Company's common stock is listed on The Nasdaq Capital Market under the symbol "HMNY". Helios and Matheson reported a net loss of $150.8 million for the year ended Dec. 31, 2017, compared to a net loss of $7.38 million for the year ended Dec. 31, 2016. As of March 31, 2018, the Company had $177.1 million in total assets, $179.9 million in total liabilities and a total stockholders' deficit of $2.76 million. The report from the Company's independent accounting firm Rosenberg Rich Baker Berman, P.A., in Somerset, New Jersey, on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that the Company has suffered recurring losses from operations and negative cash flows from operating activities. This raises substantial doubt about the Company's ability to continue as a going concern. HELIOS AND MATHESON: Pays in Full $6.2M Outstanding Demand Note --------------------------------------------------------------- As reported in a Form 8-K filed with the Securities and Exchange Commission on July 27, 2018, Helios and Matheson Analytics Inc. issued a demand note to Hudson Bay Master Fund Ltd. in the principal amount of $6.2 million. Pursuant to the terms of the Demand Note, the Holder could demand payment of $3.1 million on or after Aug. 1, 2018 and any remaining amounts outstanding on or after Aug. 5, 2018. On July 31, 2018, the Company paid in full the $6.2 million outstanding under the Demand Note. As of July 31, 2018, there were 6,687,647 shares of the Company's common stock outstanding. About Helios and Matheson Helios and Matheson Analytics Inc. -- http://www.hmny.com/-- is a provider of information technology services and solutions, offering a range of technology platforms focusing on big data, business intelligence, and consumer-centric technology. More recently, to provide greater value to stockholders, the Company has sought to expand its business primarily through acquisitions that leverage its capabilities and expertise. The Company is headquartered in New York City, has an office in Miami Florida and has an office in Bangalore India. The Company's common stock is listed on The Nasdaq Capital Market under the symbol "HMNY". Helios and Matheson reported a net loss of $150.8 million for the year ended Dec. 31, 2017, compared to a net loss of $7.38 million for the year ended Dec. 31, 2016. As of March 31, 2018, the Company had $177.1 million in total assets, $179.9 million in total liabilities and a total stockholders' deficit of $2.76 million. The report from the Company's independent accounting firm Rosenberg Rich Baker Berman, P.A., in Somerset, New Jersey, on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that the Company has suffered recurring losses from operations and negative cash flows from operating activities. This raises substantial doubt about the Company's ability to continue as a going concern. HIDDEN VALLEY 80: Oct. 3 Hearing to Approve Plan Outline -------------------------------------------------------- Bankruptcy Judge Brenda Moody Whinery is set to hold a hearing October 3, 2018 at 10:30 a.m. to consider approval of Hidden Valley 80, LLC's disclosure statement in connection with its chapter 11 plan of reorganization. The Disclosure Statement Hearing will be held in Courtroom 446 at the United States Bankruptcy Court, 38 S Scott, Tucson, AZ 85701. Parties may also appear by video conference from Room 301 at the U.S. Bankruptcy Court, 230 N. First Ave, Phoenix, AZ 85003. Written objections to the disclosure statement must be filed by Sept. 19, 2018. The Troubled Company reporter previously reported that the Plan separately classifies the secured creditor with a statutory lien, Pima County Treasurer, in Class 3, and separately classifies the secured creditor with a consensual lien, Northern Trust Bank, in Class 4. The Plan provides that Class 3 will be paid in full on the Effective Date, and then the Debtor will execute a quit claim to transfer all three of the subject parcels of real property to affiliated debtor Skyline Ridge LLC. Hidden Valley has no unsecured creditors. Hidden Valley's case is not jointly administered with Skyline Ridge's case. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/azb4-18-01910-69.pdf Hidden Valley 80, LLC filed for chapter 11 bankruptcy protection (Bankr. D. Ariz. Case No. 18-01910) on March 1, 2018, and is represented by Michael W. Baldwin, Esq. of Michael W. Baldwin P.C. The Debtor listed $100,001 to $500,000 in assets, and $500,001 to $1 million in liabilities in its petition. HORIZON SHIPBUILDING: Taps Eversheds Sutherland as Special Counsel ------------------------------------------------------------------ Horizon Shipbuilding, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to hire Eversheds Sutherland (US) LLP as special counsel. The firm will handle the Debtor's claim relating to a government contract in the United States Court of Federal Claims. Eversheds will charge an hourly fee of $795 for its services. The firm does not represent any party having an interest adverse to the Debtor's estate, according to court filings. Eversheds can be reached through: Lewis S. Wiener, Esq. Eversheds Sutherland (US) LLP 700 6th St. NW Washington, DC 20001 Phone: +1.202.383.0140 E-mail: lewiswiener@eversheds-sutherland.com About Horizon Shipbuilding Horizon Shipbuilding, Inc., designs, builds and repairs ships, boats, and barges up to 300' in length and 1500 tons launch weight. Its customer base includes tug and barge operators, the offshore oil industry, cruise and diving industry, and specialized craft for the United States and foreign governments. Horizon Shipbuilding is located on the Southwestern coast of Alabama, about 30 miles from the port of Mobile. Horizon Shipbuilding sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 17-04041) on Oct. 24, 2017. Travis R. Short, president, signed the petition. At the time of the filing, the Debtor estimated assets and liabilities of $1 million to $10 million. The Debtor hire Irvin Grodsky, P.C., as its legal counsel. INDIANA HOTEL: Unsecured Creditors to Get 100% Under Plan --------------------------------------------------------- Indiana Hotel Equities, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, a combined disclosure statement and Chapter 11 plan. The Disclosure Statement contains the following terms on the treatment of classes of claims or interests under the Plan: * Class 1: Non-Insider General Unsecured Claims. This class, which appears to be made up of (a) Indiana Airport Authority; (b) On Demand Staffing, Inc.; (c) Sherwin Williams; (d) Strike Force Traffic Control, Inc.; and (e) THS Company, LLC, will be paid at 100% on the Effective Date. As with all claims, the Debtor reserves the ability to object to these claims totaling $101,263.06. This class is unimpaired. * Class 2: A-1 Hospital Supply, Inc. The claimants in this class, with respect to the purchase money security interest in certain HVAC units and carpeting in the amount of $40,000, which is a secured claim, will be paid over 40 monthly installments of $1,000 per month with no interest. The value of this collateral is approximately $40,000. Claimants in this class will retain their lien until the claims in this class are paid in full. Payments will start on the Effective Date. * Class 3: Hyperion Commercial Services. The claimants in this class, with respect to the purchase money security interest in certain HVAC units/equipment in the amount of $29,297.75, which is a secured claim, will be paid over 30 monthly installments of $1,000 per month [other than the last payment of $297.75] with no interest. The value of this collateral is approximately $29,297.75. Claimants in this class will retain their lien until the claims in this class are paid in full. Payments will start on the Effective Date. This class is impaired. * Class 4: Class of Equity Security Holders. The claims and interests of the equity holders will be treated in one of two alternative methods, to the extent applicable: A. If all impaired classes of Creditors vote to accept the Plan, then the rights of the Interest Holders shall remain the same. This Class shall not be Impaired. B. If any class of Creditors vote to reject the Plan or if the Bankruptcy Court requires, for any reason, that New Value be provided to the Debtor, the Interests of the Debtor shall be canceled and new Interests shall be reissued to the Interest Holders upon the investment by the Interest Holders of New Value, or those purchasing the Debtor's equity in the auction contemplated by the Plan. This Class shall be Impaired. * Class 5 Class of Insider General Unsecured Claims. This class is made up of the general unsecured claim of Hotel Mortgage Funding, LLC, which is owed $1,280,000 and shall be paid at $5,000 per month with 3% interest until it is paid in full, to the extent of available funds. This class is impaired. The Debtor reasonably believes that its future operations will generate sufficient funds to satisfy its obligations under the Plan. To the extent that additional funds are necessary, third parties may provide such funds to the Reorganized Debtor. The Debtor may also sell all of its assets or a portion of its assets to fund its obligations under the Plan. To the extent additional monies are needed, it is contemplated that funds will come from Debtor’s principal, or an affiliate, Hotel Mortgage Funding, which shall be treated as a new value contribution to the extent new value is required, and as a loan at 3% interest amortized over 10 years to the extent new value is not required. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/mieb-18-45185__0065.0.pdf About Indiana Hotel Equities Indiana Hotel Equities, LLC, is a real estate company whose principal assets are located at 2500 S. Highschool Road, Indianapolis, Indiana. Indiana Hotel Equities sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 18-45185) on April 10, 2018. In the petition signed by Remo Polselli, principal, the Debtor estimated assets of $1 million to $10 million and liabilities of less than $500,000. Judge Thomas J. Tucker presides over the case. The Debtor tapped Robert Bassel, Esq., as its legal counsel. INDUSTRIAL STEEL: Has Final Consent Order to Use CNB Bank's Cash ---------------------------------------------------------------- The Hon. Thomas P. Agresti of the U.S. Bankruptcy Court for the Western District of Pennsylvania has entered a final consent order authorizing Industrial Steel & Pipe Supply Company to use the cash collateral of CNB Bank. The Debtor is authorized to use cash collateral in the operation of its business in accordance with a revised quarterly budget, which may be amended from time to time, pending further Order of the Court. The Pre-Petition Liens of CNB Bank will be continued post-petition as to both pre-petition and post-petition assets, but the value of CNB Bank's liens will not be greater post-petition than the value thereof at the time of the filing of the Chapter 11 Petition initiating this case, plus accruals and advance thereafter, and minus payments to CNB Bank thereafter. For the time being, the Debtor will make adequate protection payments as provided for in the Budget, as follows: (a) Note 1, monthly payment of $500; and (2) Note 2, monthly payment of $2,002. Moreover, the Debtor will maintain the value of the business and collateral as a going concern, pending reorganization or sale, in accordance with the Budget. Moreover, the Debtor will provide CNB Bank and other secured creditors access to the Debtor's records and financial information as they may reasonably request, including but not limited to the monthly financial reports required by the U.S. Trustee. A copy of the Final Consent Order is available at PacerMonitor.com at https://tinyurl.com/ycoyalat at no charge. About Industrial Steel Industrial Steel & Pipe Supply Company is a wholesaler of industrial equipment and supplies in Saint Marys, Pennsylvania. Industrial Steel & Pipe Supply Co. filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 18-10578) on June 8, 2018. In the petition signed by Howard S. Lepovetsky, president, the Debtor estimated $1 million to $10 million in both assets and liabilities. The case is assigned to Judge Thomas P. Agresti. Knox McLaughlin Gornall & Sennett, P.C., led by Guy C. Fustine, is the Debtor's counsel. The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Industrial Steel & Pipe Supply Company. INPIXON: Subsidiary Reincorporates from California to Nevada ------------------------------------------------------------ For the purpose of reincorporating Inpixon's wholly owned subsidiary Inpixon USA, a California corporation, in the State of Nevada, pursuant to an Agreement and Plan of Merger, dated as of July 25, 2018, by and between Inpixon USA and Sysorex, Inc., a newly formed, wholly-owned subsidiary of the Company, Inpixon USA merged with and into Sysorex, with Sysorex continuing as the surviving corporation in the Reincorporation Merger and successor issuer to Inpixon USA effective as of 12:01 a.m. on July 26, 2018. At the Effective Time, all of the 3,950,000 issued and outstanding shares of common stock, no par value per share, of Inpixon USA were converted into and exchanged for an aggregate of 39,999,000 fully-paid and non-assessable shares of common stock, par value $0.00001 per share, of Sysorex. Immediately prior to the Reincorporation Merger, (a) the size of Inpixon USA's board of directors was increased to two and Zaman Khan was appointed to serve as a director to fill the vacancy resulting from the increase in the size of the board; (b) Nadir Ali resigned as the president of Inpixon USA and was appointed to serve as the Chairman of the board of directors of Inpixon USA; and (c) Zaman Khan, was appointed to serve as president of Inpixon USA. Mr. Ali continued to serve as chief executive officer of Inpixon USA. From and after the Effective Time of the Reincorporation Merger, pursuant to the terms of the Reincorporation Merger Agreement, Nadir Ali and Zaman Khan comprise the board of directors of Sysorex with Nadir Ali serving as the Chairman and will hold office in accordance with the Nevada Revised Statutes and Sysorex's organizational documents. In addition, pursuant to the Reincorporation Merger Agreement, the officers of Inpixon USA immediately prior to the Effective Time became the officers of Sysorex following the Effective Time and will hold office at the pleasure of the board of directors of Sysorex and in accordance with its bylaws. About Inpixon Headquartered in Palo Alto, California, Inpixon is a technology company that helps to secure, digitize and optimize any premises with Indoor Positioning Analytics (IPA) for businesses and governments in the connected world. Inpixon Indoor Positioning Analytics is based on radically new sensor technology that finds all accessible cellular, Wi-Fi, Bluetooth and RFID signals anonymously. Paired with a high-performance, data analytics platform, this technology delivers visibility, security and business intelligence on any commercial or government premises world-wide. Inpixon's products, infrastructure solutions and professional services group help customers take advantage of mobile, big data, analytics and the Internet of Things (IoT). Inpixon reported a net loss of $35.03 million on $45.13 million of total revenues for the year ended Dec. 31, 2017, compared to a net loss of $27.50 million on $53.16 million of total revenues for the year ended Dec. 31, 2016. As of March 31, 2018, Inpixon had $25.15 million in total assets, $26.26 million in total liabilities and a total stockholders' deficit of $1.11 million. Marcum LLP, in New York, the Company's auditor since 2012, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2017, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. INTERCONTINENTAL GOLD: Delays Filing of Financial Statements ------------------------------------------------------------ Intercontinental Gold and Metals Ltd. (ICAU) on Aug. 2 disclosed that it is late in filing its annual financial statements and management discussion and analysis ("MD&A") for the year ended March 31, 2018, on the prescribed deadline of July 30, 2018. The Company has made an application with the applicable securities regulators under National Policy 12-203 -- Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") requesting that a management cease trade order be imposed in respect of this late filing rather than an issuer cease trade order. The issuance of a management cease trade order generally does not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities. The Company has been unable to complete the required filings due to lack of response from certain suppliers, banks and individuals in Bolivia in supplying the requisite confirmation letters to the auditors of the Company. As a result of these delays, the Company requires additional time to procure the necessary documentation to complete the Financial Statements, MD&A and audit. The Company anticipates that it will resolve the issue and file the Financial Statements and MD&A on or prior to September 2, 2018. The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the filing requirements to file its financial statements and MD&A within the prescribed period of time. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed. About Intercontinental Gold and Metals Ltd. Intercontinental Gold and Metals Ltd. is a Next Generation Metals and Mining Company providing leverage to commodity prices, exploration and development success and significant growth potential for its stakeholders. Its physical commodities marketing and trading operations provides insights in global primary supply and demand trends that in turn create a strategic and competitive advantage investment and expansion opportunities on a global basis. The Company generates revenues from the purchases and sales of gold and silver (accounted for as revenue). Cost of sales is measured at the fair value of the precious metals purchased and inventory sold, which is purchased at a competitive discount from licensed artisanal and small gold miners (ASGM) in Latin America (LATAM). ASGM supply supports a sustainable revenue generation model. It is the only publicly listed company servicing the LATAM ASGM market. JBECKS PROPERTIES: Taps Gleichenhaus Marchese as General Counsel ---------------------------------------------------------------- JBecks Properties, Inc., seeks authority from the U.S. Bankruptcy Court for the Western District of New York (Buffalo) to hire Gleichenhaus, Marchese & Weishaar, P.C. as general counsel for the Debtor. Legal services GMW will provide are: (a) give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and in the management of its assets; (b) take necessary action to avoid liens against the Debtor's property, remove restraints against the Debtor's property and such other actions to remove any encumbrances of liens which are avoidable, which were placed against the property of the Debtor prior to the filing of the Petition instituting this proceeding and at a time when the Debtor was insolvent; (c) take necessary action to enjoin and stay until final decree herein any attempts by secured creditors to enforce liens upon property of the Debtor in which property the Debtor has substantial equity; (d) represent the Debtor as Debtor-in-Possession in any proceedings which may be instituted in this Court by creditors or other parties during the course of this proceeding; (e) prepare on behalf of the Debtor as Debtor-in-Possession, necessary petitions, answers, orders, reports, and other legal papers; and (f) perform all other legal services for the Debtor as Debtor-in-Possession, or to employ attorneys for such services. Michael A. Weishaar, Esq., a partner at the law firm of Gleichenhaus, Marchese & Weishaar, P.C., attests that GMW has no connection with the Debtor, with any creditor or with any other party-in-interest and are disinterested persons, within the meaning of the Bankruptcy Code Section 101(14). As of the Filing, GMW held a net retainer in the amount of $7,500. The firm can be reached through: Robert B. Gleichenhaus, Esq. Gleichenhaus, Marchese & Weishaar, P.C. 930 Convention Tower, 43 Court Street Buffalo, NY 14202 Phone: (716) 845-6446 Fax : 716-845-6475 Email: RBG_GMF@hotmail.com About JBecks Properties, Inc. JBecks Properties, Inc. is a Sub-chapter "C" corporation that owns and operates Mr. Bills Restaurant & Bar located at 1500 Cleveland Drive, Cheektowaga, New York. The Debtor is in the business of operating a bar/restaurant and activities incidental thereto. JBecks Properties, Inc. filed its voluntary petition for relief under Chapter 11 (Bankr. W.D.N.Y. Case No. 18-11425)on July 24, 2018, listing under $1 million in both assets and liabilities. The Debtor is represented by Robert B. Gleichenhaus at Gleichenhaus, Marchese & Weishaar, P.C. JEFFERSON REALTY: Taps Backenroth Frankel as Legal Counsel ---------------------------------------------------------- Jefferson Realty Partners LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Backenroth Frankel & Krinsky, LLP as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code; assist in formulating and negotiating a plan of reorganization with its creditors; and provide other legal services related to its Chapter 11 case. The firm will charge these hourly rates: Paralegal $125 Scott Krinsky $505 Mark Frankel $575 Abraham Backenroth $605 Backenroth was paid a $17,490.50 retainer by the Debtor before the petition date. Mark Frankel, Esq., at Backenroth, disclosed in a court filing that the members and associates of his firm are "disinterested" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark A. Frankel, Esq. Backenroth Frankel & Krinsky, LLP 800 Third Avenue, 11th Floor New York, NY 10022 Tel: (212) 593-1100 Fax: (212) 644-0544 Email: mfrankel@bfklaw.com About Jefferson Realty Partners Jefferson Realty Partners LLC is a privately-held company engaged in activities related to real estate. It is the fee simple owner of a real property located at 1308 Jefferson Ave., Brooklyn New York, valued by the company at $2.5 million. Jefferson Realty Partners sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. N.Y. Case No. 18-44060) on July 15, 2018. In the petition signed by Orazio Petito, member, the Debtor disclosed $2.5 million in assets and $732,000 in liabilities. Judge Elizabeth S. Stong presides over the case. JENKUEN LLC: Case Summary & 8 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Jenkuen LLC 1177 Beecher Street San Leandro, CA 94577 Business Description: Jenkuen LLC filed as a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: August 3, 2018 Court: United States Bankruptcy Court Northern District of California (Oakland) Case No.: 18-41794 Judge: Hon. Charles Novack Debtor's Counsel: Darya Sara Druch, Esq. LAW OFFICES OF DARYA SARA DRUCH One Kaiser Plaza #1010 Oakland, CA 94612 Tel: (510)465-1788 Email: ecf@daryalaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Steven Ho, managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's eight unsecured creditors is available for free at: http://bankrupt.com/misc/canb18-41794.pdf KAFKA CONSTRUCTION: Delays Plan to Review Reorganization Options ---------------------------------------------------------------- Kafka Construction Inc. requests the U.S. Bankruptcy Court for the Eastern District of New York for an extension of the exclusive period to file a plan of reorganization for approximately 120 days through January 4, 2019, and to solicit votes thereon for additional 60 days through March 5, 2019. Unless extended, the Debtor's exclusive period to file a plan currently expires September 4, 2018. A hearing will be held August 21, 2018 at 10:30 a.m. during which time the Court will consider extending the Debtor's exclusivity periods. Opposition or responses to the Debtor's request must be filed and served no later than August 16. The Debtor seeks an extension of the current exclusive periods to avoid the premature formulation of a Chapter 11 Plan at this time. The Debtor is the general contractor on numerous construction projects with the New York City School Construction Authority ("SCA"), including but not limited to Cobble Hill High School, Curtis High School; and Julia Richman High School. The Debtor contends that its ability to fund a Chapter 11 Plan is dependent upon the success of its recovery form the SCA for monies owed on various projects. Currently, the Debtor is completing the Curtis HS and Julia Richman HS projects. The Debtor contends that there are two related pre-petition lawsuits pending against SCA and other claims against the SCA relating to sums due for other projects, which the Debtor is hopeful can all be resolved in the near future so that the Debtor can propose a plan to pay its vendors, subcontractors and employees their respective pre-petition claims. Moreover, the Claims Bar Date is set for August 6, 2018 and the Debtor believes there are significant claims yet to be filed that the Debtor needs to review. The Debtor avers that the universe of claims needs to be liquidated in order to properly formulate a Plan of Reorganization. Currently, the Debtor is in the process of reviewing claims filed to date and its various litigation/recovery options, and negotiating with creditors and parties-in-interest in contemplation of consensual terms of a Plan. About Kafka Construction Inc. Kafka Construction Inc., a general contractor in Long Island, New York, filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 18-42637) on May 7, 2018. The Petition was signed by Costas Katsifas, president. The case is assigned to Judge Elizabeth S. Stong. The Debtor is represented by Robert J. Spence, Esq. at Spence Law Office, P.C. At the time of filing, the Debtor had at least $50,000 in estimated assets and $1 million to $10 million in estimated liabilities. LA CROSS GLASS: Taps Miller Group of Saginaw as Real Estate Broker ------------------------------------------------------------------ La Cross Glass, Inc.. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire The Miller Group of Saginaw, Inc. as real estate broker. The Miller Group of Saginaw, Inc. will sell the real estate is located at 407 N. Hamilton, City of Saginaw, State of Michigan. The firm, its brokers and its agents will be compensated by receiving 8% commission on the sale of the Property. John Allison, Broker at The Miller Group of Saginaw Inc., attests that his firm, its brokers, and its agents have no adverse interest in the Estate, and he is a "disinterested person" as that term is defined in the Bankruptcy Code at 11 U.S.C. 101(14). The firm can be reached through: John Allison The Miller Group of Saginaw Inc. 2825 Bay Road Saginaw, MI 48603 Phone: (989) 506-1402 About La Cross Glass Inc. La Cross Glass, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 18-20674) on April 6, 2018. At the time of the filing, the Debtor estimated assets and liabilities of less than $1 million. Judge Daniel S. Oppermanbaycity presides over the case. Rozanne M. Giunta, Esq. at Warner Norcross & Judd LLP is the Debtor's counsel. John Allison at The Miller Group of Saginaw Inc. stands as the Debtor's real estate broker. LE CENTRE ON FOURTH: Plan Outline Hearing Scheduled for Sept. 5 --------------------------------------------------------------- Bankruptcy Judge Raymond B. Ray is scheduled to hold a hearing Sept. 5, 2018 at 10:00 a.m. to consider approval of Le Centre on Fourth LLC's disclosure statement dated July 25, 2018, which explains its Chapter 11-exit plan. The hearing will be held in United States Bankruptcy Court, 299 E. Broward Blvd., #308, Fort Lauderdale, FL 33301. The last day for filing and serving objections to the disclosure statement is August 29, 2018. About Le Centre on Fourth Le Centre on Fourth LLC is a privately held company in Plantation, Florida, that operates under the traveler accommodation industry. Its principal assets are located at 501 South Fourth Street Louisville, KY 40202. Bachelor Land Holdings, LLC, is the holder of the majority of the issued and outstanding units of membership interest of the company. Le Centre on Fourth filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 17-23632) on Nov. 10, 2017, estimating its assets and liabilities at between $50 million and $100 million each. CRO Ian Ratner signed the petition. Judge Raymond B. Ray presides over the case. The Debtor tapped the Law Firm of Berger Singerman LLP as its legal counsel; the Law Office of Mark D. Foster, as special tax counsel; and GlassRatner Advisory & Capital Group, LLC, as its restructuring advisor. LEGACY RESERVES: Reports Second Quarter 2018 Results ---------------------------------------------------- Legacy Reserves LP announced second quarter results for 2018 including the following highlights: * Generated record quarterly oil production of 17,901 Bbls/d, a 4% increase relative to Q1'18; * Commenced Wolfcamp drilling in Martin County and began preparing surface locations ahead of a rig move into Midland County; * Brought 9 Permian horizontal wells online during the quarter, bringing the total to 29 Permian horizontal wells brought online year-to-date; * Completed multiple strategic Permian acreage trades requiring no net cash outlay which enhanced projected economics for 33 gross drilling locations: - Increased average lateral lengths for 3 of Legacy's core Midland Basin tracts by 58%, resulting in an increase in net lateral footage by 45,000 feet; * Generated a net loss of $50.7 million; * Generated Adjusted EBITDA of $72.1 million; and * Subsequent to quarter-end, Legacy achieved meaningful progress related to our previously announced Corporate Reorganization including: - Entered into a Stipulation and Agreement of Settlement to settle the previously announced class action lawsuit filed by holders of Preferred Units; and - Now anticipate filing definitive proxy statement and commencing unitholder solicitation in the coming days incorporating a special meeting of unitholders to approve the Corporate Reorganization on Sept. 19, 2018 for unitholders of record as of the close of business on July 26, 2018. Paul T. Horne, chairman of the Board and chief executive officer of Legacy's general partner, commented, "I am really proud of the strong results reported by all of our business units this quarter. Our business development and land teams created significant potential value by completing several complicated trades involving a puzzle of 11 tracts across the Permian Basin and many counterparties. Our team fit those pieces together in an optimized fashion that substantially improves the projected economics of some of our core inventory. Our operations team continues to find ways to improve leasehold economics by leveraging our longstanding Permian position. We remain committed to our lease-wide development approach, focused on maximizing return on investment, production, reserves and cash flow and we look forward to continuing this program as we transition to a C-Corp." Dan Westcott, president and chief financial officer of Legacy's general partner, commented, "Our team continues to execute and we are glad to report oil production growth that drives growth in EBITDA. While we have limited control over the widening of our oil differentials that occurred this quarter due to the widening of Mid-Cush basis, we are happy that we have hedged most of that exposure in 2018 and a bit of it in 2019. We gained good momentum in the field this quarter, and when combined with our expanded Permian Basin footprint, we believe we are well-positioned for success and are excited to realize Legacy's transition to becoming a growth-oriented development company." Financial and Operating Results - Three-Month Period Ended June 30, 2018 Compared to Three-Month Period Ended June 30, 2017 * Production increased 12% to 47,527 Boe/d from 42,275 Boe/d primarily due to additional oil production from the Company's Permian Basin horizontal drilling operations and production attributable to the additional working interests that reverted to the Company in connection with making an acceleration payment on Aug. 1, 2017 under its amended and restated joint development agreement with TSSP. This was partially offset by natural production declines and individually immaterial divestitures completed in 2018 and 2017. * Average realized price, excluding net cash settlements from commodity derivatives, increased 33% to $32.20 per Boe in 2018 from $24.13 per Boe in 2017 driven by the significant increase in oil prices and an increase in oil production as a percentage of total production, partially offset by widening regional differentials. Average realized oil price increased 39% to $61.26 in 2018 from $44.15 in 2017 driven by an increase in the average WTI crude oil price of $19.97 per Bbl, partially offset by the widening Mid-Cush differential. Average realized natural gas price decreased 13% to $2.32 per Mcf in 2018 from $2.68 per Mcf in 2017. This decrease is primarily the result of a decrease in NYMEX pricing, widening realized regional differentials and the Company's adoption of ASC 606. Finally, the Company's average realized NGL price decreased 12% to $0.51 per gallon in 2018 from $0.58 per gallon in 2017 due to increased volumes with a higher percentage of lower-priced ethane. * Production expenses, excluding ad valorem taxes, increased to $46.9 million in 2018 from $42.3 million in 2017, primarily due to additional costs associated with increased production related to the Company's Permian horizontal drilling program as well as increased working interests following the Acceleration Payment. On an average cost per Boe basis, production expenses excluding ad valorem taxes decreased 1% to $10.84 per Boe in 2018 from $10.99 per Boe in 2017. * Non-cash impairment expense totaled $35.4 million driven by the decline in natural gas futures prices. * General and administrative expenses, excluding unit-based Long-Term Incentive Plan compensation expense, increased to $9.6 million in 2018 from $7.1 million in 2017 due to a $1.5 million increase in transaction costs and general cost increases. LTIP compensation expense increased $11.4 million due to the recent rise in the Company's unit price. * Cash settlements paid on its commodity derivatives during 2018 were $2.4 million compared to cash receipts of $6.6 million in 2017. The change in cash settlements is a result of higher commodity prices, reduced nominal volumes hedged in Q2 2018 compared to Q2 2017 and lower contracted hedge prices. This was partially offset by an increase in cash receipts of the Company's Mid-Cush derivatives. * Total development capital expenditures increased to $80.7 million in 2018 from $24.6 million in 2017. The 2018 activity was comprised mainly of the Company's Permian horizontal drilling program. Financial and Operating Results - Six-Month Period Ended June 30, 2018 Compared to Six-Month Period Ended June 30, 2017 * Production increased 11% to 46,807 Boe/d from 42,348 Boe/d primarily due to additional oil production from the Company's Permian Basin horizontal drilling operations and production attributable to the additional working interests that reverted to the Company in connection with the Aug. 1, 2017 Acceleration Payment. This was partially offset by natural production declines and individually immaterial divestitures completed in 2018 and 2017. * Average realized price, excluding net cash settlements from commodity derivatives, increased 30% to $32.67 per Boe in 2018 from $25.10 per Boe in 2017 driven by the significant increase in oil prices and an increase in oil production as a percentage of total production, partially offset by widening regional differentials. Average realized oil price increased 33% to $60.83 in 2018 from $45.77 in 2017 driven by an increase in the average WTI crude oil price of $15.70 per Bbl, partially offset by the widening Mid-Cush differential. Average realized natural gas price decreased 13% to $2.44 per Mcf in 2018 from $2.79 per Mcf in 2017. This decrease is a result of the decrease in the average Henry Hub natural gas index price of approximately $0.09 per Mcf and widening realized regional differentials. Finally, the Company's average realized NGL price increased 3% to $0.64 per gallon in 2018 from $0.62 per gallon in 2017 due to higher commodity prices partially offset by increased volumes with a higher percentage of lower-priced ethane. * The Company's production expenses, excluding ad valorem taxes, increased to $92.5 million in 2018 from $91.5 million in 2017. This increase was due to increased production related to the Company's Permian horizontal drilling program as well as increased working interests following the Acceleration Payment, partially offset by cost containment efforts. On an average cost per Boe basis, production expenses decreased 9% to $10.91 per Boe in 2018 from $11.94 per Boe in 2017. * Non-cash impairment expense totaled $35.4 million driven by the decline in natural gas futures prices. * General and administrative expenses, excluding unit-based LTIP compensation expense totaled $20.9 million in 2018 compared to $15.8 million in 2017, reflecting a $3.3 million increase in transaction costs and general cost increases. LTIP compensation expense increased $21.8 million due to the recent rise in our unit price. * Cash settlements paid on the Company's commodity derivatives during 2018 were $5.2 million compared to cash receipts of $10.8 million in 2017. The change in cash settlements is a result of higher commodity prices, reduced nominal volumes hedged in 2018 compared to 2017 and lower contracted hedge prices. This was partially offset by an increase in cash receipts of the Company's Mid-Cush derivatives. * Total development capital expenditures increased to $140.4 million in 2018 from $48.3 million in 2017. The 2018 activity was comprised mainly of the Company's Permian horizontal drilling program. Credit Agreement Waiver On July 31, 2018, the lenders for the Company's credit agreement agreed to waive the Company's compliance with the ratio of consolidated current assets to consolidated current liabilities covenant contained in the credit agreement for the fiscal quarter ended June 30, 2018. A full-text copy of the press release is available at: https://is.gd/PCrgk3 About Legacy Reserves LP Legacy Reserves LP -- http://www.LegacyLP.com/-- is a master limited partnership headquartered in Midland, Texas, focused on the development of oil and natural gas properties primarily located in the Permian Basin, East Texas, Rocky Mountain and Mid-Continent regions of the United States. Legacy Reserves reported a net loss attributable to unitholders of $72.89 million in 2017, a net loss attributable to unitholders of $74.82 million in 2016, and a net loss attributable to unitholders of $720.5 million in 2015. As of March 31, 2018, Legacy Reserves had $1.49 billion in total assets, $1.69 billion in total liabilities and a total partners' deficit of $201.11 million. * * * Moody's Investors Service affirmed Legacy Reserves LP's Corporate Family Rating (CFR) at 'Caa2' and its senior unsecured notes rating at 'Caa3'. Legacy's 'Caa2' CFR reflects the company's high leverage, weak liquidity and significant debt refinancing risk, as reported by the TCR on Jan. 26, 2018. LEMEN INC: Case Summary & 4 Unsecured Creditors ----------------------------------------------- Debtor: Lemen, Inc. 1102 S. US Highway 1 Fort Pierce, FL 34950 Business Description: Lemen, Inc. filed as a Domestic for Profit Corporation in the State of Florida on April 4, 2012, as recorded in documents filed with Florida Department of State. Chapter 11 Petition Date: August 4, 2018 Court: United States Bankruptcy Court Southern District of Florida (West Palm Beach) Case No.: 18-19540 Judge: Hon. Erik P. Kimball Debtor's Counsel: Brian K. McMahon, Esq. BRIAN K. MCMAHON 1401 Forum Way, 6th Floor West Palm Beach, FL 33401 Tel: 561-478-2500 Fax: 561-478-3111 Email: briankmcmahon@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Elizabeth Mendez, president. A full-text copy of the petition containing, among other items, a list of the Debtor's four unsecured creditors is available for free at: http://bankrupt.com/misc/flsb18-19540.pdf LONG BLOCKCHAIN: Forms New Subsidiary Stran Loyalty Group --------------------------------------------------------- Long Blockchain Corp. has formed a new subsidiary, Stran Loyalty Group, focused on providing loyalty, incentive, reward and gift card programs to a wide variety of corporate and consumer brands. SLG has simultaneously formed a partnership with Stran Promotional Solutions -- a top 50 distributor with over 25 years of proven success in the loyalty, incentive and promotional industry. SPS will provide the industry expertise, leadership and business model, as well as enable SLG to leverage the benefits of SPS's existing infrastructure. In connection with formation of SLG and the partnership with SPS, the Company has appointed Andy Shape as chairman and chief executive officer of the Company. Mr. Shape will spearhead its loyalty business going forward. Mr. Shape will replace Shamyl Malik who will step down to focus on his other business affairs. Mr. Shape has over 25 years of merchandising, marketing, branding, licensing and management experience. He is the co-founder and president of Stran Promotional Solutions, and has also provided consulting services to early stage brands on how to launch the brand, create a marketing plan, establish distribution models, earn market share and formulate an exit strategy. Prior to forming Stran Promotional Solutions, Mr. Shape worked at Copithorne & Bellows Public Relations (a Porter Novelli company) as an Account Executive covering the technology industry. The Employment Agreement provides for Mr. Shape to receive a base salary at an annual rate of $200,000. Mr. Shape's compensation will be paid in equal, quarterly installments through the issuance of restricted shares of the Company's common stock, at a per share price equal to 85% of the average closing price for 10 trading days prior to end of the quarter, but in any event not less than $0.30 per share. The shares will be issued pursuant to the Company's 2017 Long-Term Incentive Equity Plan. "The U.S. loyalty industry has steadily grown over the past decade and is expected to continue its growth well into the future," stated Andy Shape, new chief executive officer of Long Blockchain. "Consumer brands and corporations realize that loyal customers not only purchase more goods but that they also purchase more often. Creating stronger loyalty with customers who are engaged in loyalty programs through advancements in technology is the key to future growth and massive scalability." The Company's goal is to use the initial loyalty business as a catalyst to implement disruptive technology solutions, including distributed ledger technology, into the loyalty industry while realizing immediate revenue and credibility from traditional loyalty contracts. At this time, however, the Company has not taken any steps toward developing any such technology and does not employ personnel with the relevant technology expertise. There can be no assurance that the Company will be successful in developing such technology, or in profitably commercializing it, if developed. SLG will seek to grow its loyalty business in partnership with Stran Promotional Solutions, including attempting to develop new revenue derived from additional loyalty program clients. SLG expects to manage the existing loyalty business while also marketing and directly selling loyalty offerings to clients looking to create efficiencies or take advantage of advancements in technology. SLG will seek to grow revenue by developing and offering stand-alone, loyalty-based programs where consumers have the ability to convert their activities into points that will in turn, reward them for changing their behavior or participating in those activities. These programs can be used for individual brand's loyalty initiatives as well as scale across multiple verticals through partnerships and affiliations. About Long Blockchain Corp. Headquartered in Hicksville, New York, Long Blockchain Corp. -- http://www.longblockchain.com-- is focused on developing and investing in globally scalable blockchain-based financial technology solutions. It is dedicated to becoming a significant participant in the evolution of blockchain technology that creates long-term value for its shareholders and the global community by investing in and developing businesses that are "on-chain". Blockchain technology is fundamentally changing the way people and businesses transact, and the Company will strive to be at the forefront of this ynamic industry, actively pursuing opportunities. Long Blockchain incurred a net loss of $15.21 million in 2017 and a net loss of $10.44 million in 2016. As of Dec. 31, 2017, Long Bockchain had $3.23 million in total assets, $3.52 million in total liabilities and a total stockholders' deficit of $292,982. Marcum LLP, the Company's auditor since 2014, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2017, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. LONG BLOCKCHAIN: Receives Subpoena from SEC ------------------------------------------- Long Blockchain Corp. has received a subpoena from the staff of the Securities and Exchange Commission, dated July 10, 2018, seeking the production of certain documents. "The Company is fully cooperating with the SEC's investigation. The Company cannot predict or determine whether any proceeding may be instituted by the SEC in connection with the subpoena or the outcome of any proceeding that may be instituted," Long Blockchain stated in a Form 8-K filed with the SEC. About Long Blockchain Corp. Headquartered in Hicksville, New York, Long Blockchain Corp. -- http://www.longblockchain.com-- is focused on developing and investing in globally scalable blockchain-based financial technology solutions. It is dedicated to becoming a significant participant in the evolution of blockchain technology that creates long-term value for its shareholders and the global community by investing in and developing businesses that are "on-chain". Blockchain technology is fundamentally changing the way people and businesses transact, and the Company will strive to be at the forefront of this ynamic industry, actively pursuing opportunities. Long Blockchain incurred a net loss of $15.21 million in 2017 and a net loss of $10.44 million in 2016. As of Dec. 31, 2017, Long Bockchain had $3.23 million in total assets, $3.52 million in total liabilities and a total stockholders' deficit of $292,982. Marcum LLP, the Company's auditor since 2014, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2017, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. MEDONE HEALTHCARE: Plan Outline Okayed, Plan Hearing on Sept. 5 --------------------------------------------------------------- Medone Healthcare LLC is now a step closer to emerging from Chapter 11 protection after a bankruptcy judge approved the outline of its plan of reorganization. Judge Paul Sala of the U.S. Bankruptcy Court for the District of Arizona on July 25 gave the thumbs-up to the disclosure statement after finding that it contains "adequate information." The order set an August 29 deadline for creditors to file their objections and submit ballots of acceptance or rejection of the plan. An initial hearing to consider confirmation of the plan is scheduled for Sept. 5, at 10:00 a.m. The hearing will take place at Courtroom 601. About Medone Healthcare Based in Tempe, Arizona, MedOne Healthcare, LLC -- https://www.medoneaz.com/ -- is a provider of home health care services including: wound, infusion, ventilators, powered mobility, enteral, urology, respiratory, sleep and durable medical equipment. The company is accredited by the nationally recognized HQAA (Healthcare Quality Association on Accreditation). MedOne Healthcare filed a voluntary Chapter 11 Petition (Bank. D. Ariz. Case No. 17-14457) on Dec. 6, 2017. Stephan Kindt, president, signed the petition. The Debtor is represented by Joseph E. Cotterman, Esq., at Jennings, Strouss & Salmon, P.L.C. At the time of filing, the Debtor estimated both assets and liabilities at $1 million to $10 million. The Hon. Paul Sala is the case judge. Jennings, Strouss & Salmon, PLC is the Debtor's bankruptcy counsel. MENSONIDES DAIRY: Taps Minnick-Hayner as Litigation Counsel ----------------------------------------------------------- Mensonides Dairy LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Washington to hire Minnick-Hayner as litigation counsel to represent the Debtor in a pending breach of warranty case. The damages claimed in the case total $6.1 million. The attorney will be paid a contingent fee consisting of: a. 30% of all monies received in settlement or judgement up tp and including the fisrt $1 million; plus b. 25% of all monies received in settlement or judgement between $1 million up o $3 million; plus c. 20% of all monies received in settlement of judgement from $3 million up, and d. if after trial either the Debtor or defendant Agri-King files an appeal resulting in appellate procedures, each of the three percentages listed above for the identified amounts of settlement or judgement shall be increased by 5%: to 35%, to 30% and 25%. Minnick-Hayner attests that it does not hold or represent an interest adverse to the estate, and is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: David Grossman, Esq. Tom Scribner, Esq. Minnick-Hayner P.O. Box 1757 249 W. Alder Walla Walla, WA 99362 Phone: 509-527-3500 About Mensonides Dairy Mensonides Dairy LLC operates a farm that produces milk and other dairy products. It was founded in 1993 and is based in Mabton, Washington. Mensonides Dairy sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wash. Case No. 18-01681) on June 14, 2018. In the petition signed by Art Mensonides, its owner and member, the Debtor estimated assets of $10 million to $50 million and liabilities of $10 million to $50 million. Judge Frank L. Kurtz presides over the case. The Debtor tapped Steven Sackmann, Esq., of Sackmann Law, PLLC, and Toni Meacham, Esq., as co-counsel. MESOBLAST LIMITED: Ends Second Quarter with US$37.7M in Cash ------------------------------------------------------------ Mesoblast Limited has filed with the Securities and Exchange Commission its Quarterly report (for entities subject to Listing Rule 4.7B) for the quarter ended June 30, 2018. Cash and cash equivalents at the beginning of the quarter were US$59.53 million. Net cash used in operating activities was US$20.18 million. Net cash used in investing activities was US$436,000 million. Net cash used in financing activities was US$1.01 million. As a result, the Company had cash and cash equivalents of US$37.76 million at June 30, 2018. Loan facility with Hercules Capital On March 6, 2018, Mesoblast entered into a Loan and Security Agreement with Hercules Capital, Inc. for a US$75.0 million secured four-year credit facility. Mesoblast drew the first tranche of US$35.0 million on closing. An additional US$15.0 million may be drawn prior to or during Q4 CY2018, and a further US$25.0 million may be drawn prior to or during Q3 CY2019, in each case as certain milestones are met. At closing date, the interest rate was 9.45%. On June 14, 2018, in line with the increase in the U.S. prime rate, the interest rate on the loan increased to 9.95%. Loan facility with NovaQuest Capital Management, L.L.C. On June 29, 2018, Mesoblast entered into a Loan and Security Agreement with NovaQuest Capital Management, L.L.C. for a non-dilutive US$40.0 million secured eight-year term loan. Mesoblast drew the first tranche of US$30.0 million on closing. An additional US$10.0 million from the loan will be drawn on marketing approval of remestemcel-L (MSC-100-IV) by the United States Food and Drug Administration (FDA). Prior to maturity in July 2026, the loan is only repayable from net sales of remestemcel-L (MSC-100-IV) in the treatment of pediatric patients who have failed to respond to steroid treatment for acute Graft versus Host Disease (aGVHD), in the United States and other geographies excluding Asia. Interest on the loan will accrue at a rate of 15% per annum with the interest only period lasting four years. Interest payments will be deferred until after the first commercial sale. The financing is subordinated to the senior creditor, Hercules Capital. In regards to cash and cash equivalents, Mesoblast will receive US$40.0 million from Tasly Pharmaceutical Group on closing of the strategic alliance that the two companies announced in July 2018 for cardiovascular cell therapies in China. This payment is subject to governmental approvals from the People's Republic of China. In addition to the strategic alliance with Tasly, Mesoblast is in advanced negotiations with selected pharmaceutical companies with respect to potential partnering of certain Tier 1 product candidates. Mesoblast does not make any representation or give any assurance that such a partnering transaction will be concluded. In line with the existing 4 year loan facility with Hercules Capital an additional US$15.0 million may be drawn prior to or during Q4 CY2018, and a further US$25.0 million may be drawn prior to or during Q3 CY2019, in each case as certain milestones are met. Mesoblast established an equity facility in 2016 with Kentgrove Capital for up to A$120.0 million/US$90.0 million over the next 12 months to be used at its discretion to provide additional funds as required. A full-text copy of the Quarterly Report is available at: https://is.gd/9unGt3 About Mesoblast Headquartered in Melbourne, Australia, Mesoblast Limited (ASX:MSB; Nasdaq:MESO) -- http://www.mesoblast.com/-- is a global developer of innovative cell-based medicines. The Company has leveraged its proprietary technology platform, which is based on specialized cells known as mesenchymal lineage adult stem cells, to establish a broad portfolio of late-stage product candidates. Mesoblast's allogeneic, 'off-the-shelf' cell product candidates target advanced stages of diseases with high, unmet medical needs including cardiovascular conditions, orthopedic disorders, immunologic and inflammatory disorders and oncologic/hematologic conditions. Mesoblast has facilities in Melbourne, New York, Singapore and Texas and is listed on the Australian Securities Exchange (MSB) and on the Nasdaq (MESO). Mesoblast Limited reported a net loss before income tax of US$90.21 million for the year ended June 30, 2017, a net loss before income tax of US$90.82 million for the year ended June 30, 2016, and a net loss before income tax of US$96.24 million for the year ended June 30, 2015. As of March 31, 2018, Mesoblast had US$677.85 million in total assets, US$121.72 million in total liabilities and US$556.13 million in total equity. PricewaterhouseCoopers, in Melbourne, Australia, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended June 30, 2017, noting that Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. MGTF RADIO: Plan Exclusivity Period Extended Through Aug. 20 ------------------------------------------------------------ The Hon. Charles E. Rendlen, III of the U.S. Bankruptcy Court for the Eastern District of Missouri, at the behest of MGTF Radio Company, LLC, and its debtor-affiliates, has extended the Plan Filing Exclusive Period through and including August 20, 2018 and the Plan Acceptance Exclusive Period through and including October 17, 2018. About MGTF Radio Company MGTF Radio Company, LLC, which conducts business under the name Steel City Media, is a multimedia company offering print, radio, and digital advertising solutions. Its stations include Country KBEQ (Q104), Country KFKF, Top 40 KMXV (MIX 93.3), and AC KCKC (KC 102.1). The company was founded in 1984 and is based in Pittsburgh, Pennsylvania, with a location in Kansas City, Missouri. MGTF Radio Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Case Nos. 18-41671 and 18-41672) on March 20, 2018. In the petitions signed by Michael J. Frischling, vice-president, MGTF Radio and WPNT estimated assets and liabilities of $50 million to $100 million. The Debtors hire Carmody MacDonald P.C. as their legal counsel; and Smithwick & Belendiuk, P.C., as special counsel. No official committee of unsecured creditors has been appointed in the Chapter 11 cases of MGTF Radio Company, LLC and WPNT, Inc. as of April 2, according to a court docket. MIAMI INTERNATIONAL: Plan Exclusivity Period Extended to Sept. 6 ---------------------------------------------------------------- The Hon. Laurel M. Isicoff of the U.S. Bankruptcy Court for the Southern District of Florida, at the behest of Miami International Medical Center, LLC, doing business as The Miami Medical Center, has extended the exclusive period within which the Debtor may file a plan through and including Sept. 6, 2018, and the corresponding solicitation period through and including Nov. 12, 2018. The Troubled Company Reporter has previously reported that the Debtor sought a 60-day extension of the Exclusivity Period and Acceptance Period, contending that the deadline for filing proofs of claim will not occur until after the current exclusivity termination date of July 9, 2018. Pursuant to the Bar Date Notice, the general claims bar date is July 17, 2018, which falls 10 days after the current deadline of July 9 for the Debtor to file a proposed plan. In addition, the Bar Date Notice set a deadline of September 5, 2018 for governmental units to file proofs of claim. The Governmental Bar Date falls almost two months after the July 9 deadline for the Debtor to file a proposed plan. Presently, 105 proofs of claim have been filed. Thus, in order for the Debtor to provide adequate information regarding expected distributions to creditors in the disclosure statement to be filed by the Debtor, the Debtor said that it is necessary to extend the Exclusivity Period and Acceptance Period until after the passage of the Bar Dates to provide the Debtor sufficient time to review and analyze the claims that are filed to determine the proper amounts of such claims for inclusion in the disclosure statement. In addition, the Debtor has made good faith progress towards the resolution of this proceeding. The Debtor has been in meaningful discussions and negotiations with the Creditors Committee regarding the sale and the Debtor needs additional time to continue and finalize these negotiations as part of the plan process. About Miami International Medical Center Miami International Medical Center, LLC, which does business under the name The Miami Medical Center -- http://www.miamimedicalcenter.com/-- is a 67-bed hospital located at 5959 N.W. Seventh St. Miami, Florida. The hospital temporarily suspended all health care services effective Oct. 30, 2017. Miami International Medical Center sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-12741) on March 9, 2018. In the petition signed by Jeffrey Mason, chief administrative officer, the Debtor disclosed $21.39 million in assets and $67.27 million in liabilities. Judge Laurel M. Isicoff presides over the case. Meland Russin & Budwick, P.A., is the Debtor's bankruptcy counsel. MIDATECH PHARMA: Allots 100K Ordinary Shares Under Incentive Plan ----------------------------------------------------------------- Midatech Pharma said that, conditional on admission to trading on AIM, it has issued and allotted 100,000 new ordinary shares of 0.005 pence each in the Company, which are to be purchased at nominal value by the Midatech Pharma Share Incentive Plan, an employee share incentive trust. Application has been made for the 100,000 new Ordinary Shares to be admitted to trading on AIM and it is expected that Admission will take place at 8.00 a.m. on Aug. 6, 2018. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares. Following Admission, the Company will have 61,184,135 Ordinary Shares in issue, none of which are held in treasury. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the issued share capital of the Company. For more information, please contact: Midatech Pharma PLC Dr Craig Cook, CEO +44 (0)1235 888300 www.midatechpharma.com Panmure Gordon (UK) Limited (Nominated Adviser and Broker) Freddy Crossley / Emma Earl / Ryan McCarthy +44 (0)20 7886 2500 Consilium Strategic Communications (Financial PR) Mary Jane Elliott / Nicholas Brown / Angela Gray +44 (0)20 3709 5700 midatech@consilium-comms.com Westwicke Partners (US Investor Relations) Chris Brinzey +1 339 970 2843 chris.brinzey@westwicke.com About Midatech Pharma Midatech Pharma PLC -- http://www.midatechpharma.com/-- is an international specialty pharmaceutical company focused on the research and development of a pipeline of medicines for oncology and immunotherapy. Midatech's strategy is to internally develop oncology products, and to drive growth both organically and through strategic acquisitions. The Company's R&D activities are focused on three innovative platform technologies to deliver drugs at the "right time, right place": gold nanoparticles ("GNPs") to enable targeted delivery; Q-Sphera polymer microspheres to enable sustained release ("SR") delivery; and Nano Inclusion ("NI") to provide local delivery of therapeutics, initially to the brain. Midatech Pharma US is the Group's US commercial operation, with four cancer supportive care products. The Group, listed on AIM: MTPH and Nasdaq: MTP, employs approximately 100 staff in four countries. The report from the Company's independent accounting firm BDO LLP Reading, United Kingdom, the Company's auditor since 2014, includes an explanatory paragraph stating that the Company has suffered recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. Midatech reported a loss before tax of GBP17.32 million in 2017 following a loss before tax of GBP29.32 million in 2016. As of Dec. 31, 2017, Midatech had GBP$49.22 million in total assets, GBP14.54 million in total liabilities and GBP34.67 million in total equity. MOHDSAMEER ALJANEDI: Must File Revised Plan by Sept. 21 ------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California will hold the next hearing for approval of Mohdsameer Aljanedi Dental Corp.'s disclosure statement on Oct. 24. The court, in its order issued on July 26, denied Mohdsameer's disclosure statement and sustained the objection of the Office of the U.S. Trustee. The court instructed the company to file a revised Chapter 11 plan of reorganization and disclosure statement by Sept. 21, and set an Oct. 5 deadline for creditors to file their objections. About Mohdsameer Aljanedi Dental Beachside Dental Group is a multi-specialty dental company offering a wide range of dental services, including general and cosmetic dentistry, dental sedation, periodontics' gum specialist, orthodontics, endodontics, oral surgery, pedodontics, prosthodontics, and laser dentistry. The Company's gross revenue amounted to $1.65 million in 2016 and $1.50 million during the year prior that. Mohdsameer Aljanedi Dental Corporation, d/b/a Beachside Dental Group, previously sought bankruptcy protection (Bankr. C.D. Cal. Case No. 13-30138) on Aug. 9, 2013. Mohdsameer Aljanedi Dental again filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 17-14089) on Oct. 15, 2017. The petition was signed by Mohdsameer Aljanedi, president. At the time of filing, the Debtor disclosed $1.50 million in total assets and $3.78 million in liabilities. The case is assigned to Judge Mark S. Wallace. The Debtor is represented by Michael R. Totaro, Esq., at Totaro & Shanahan. On October 20, 2017, the Court approved the appointment of Constance R Doyle as Patient Care Ombudsman for Mohdsameeer Aljandi Dental Corporation, d/b/a Beachside Dental Group. MOUNTAIN CRANE SERVICE: Plan Filing Deadline Moved to Oct. 9 ------------------------------------------------------------ The Hon. Joel T. Marker of the U.S. Bankruptcy Court for the District of Utah, at the behest of Mountain Crane Service, LLC, has extended through and including October 9, 2018, the periods within which the Debtor has the exclusive right to (a) file a plan or plans of reorganization in its case; and (b) solicit and obtain acceptances of a plan filed by the Debtor during the Plan Period. The Troubled Company Reporter has previously reported that the Debtor sought a 90-day extension of the Exclusivity Periods, relating that on February 14, 2018, it filed an initial proposed Plan of Reorganization. The Debtor did not file or seek approval of a disclosure statement when it filed the Initial Plan. After filing the Initial Plan (and even before then), the Debtor engaged in substantial negotiations with various creditor constituencies, including the Official Committee of Unsecured Creditors, regarding the treatment of their claims under a plan of reorganization. Since filing the Initial Plan, the Debtor has filed stipulations and agreements with at least 18 secured creditors regarding adequate protection of those creditors' claims and potential treatment of those creditors' claims under the Debtor's Plan. On July 5, 2018, the Debtor again filed a Plan of Reorganization and a proposed Disclosure Statement with Respect to the Plan, as well as a Motion for Approval of the Disclosure Statement and Solicitation Procedures. The Debtor drafted the June 5 Plan and Proposed Disclosure Statement with review and input from the Committee. The Debtor incorporated the terms of each of the Creditor Stipulations into the Plan and Proposed Disclosure Statement. About Mountain Crane Service Mountain Crane Service, LLC -- https://www.mountaincrane.com/ -- specializes in refinery turnarounds and has a fleet comprised of more than 100 cranes, and hundreds of other pieces of equipment dedicated to refineries in Utah, Montana, and Wyoming. It is located in Salt Lake City, Utah, with satellite offices and wind maintenance service locations in Montana, Nevada, Washington, Idaho, Wyoming, Iowa, Texas and Michigan. Mountain Crane Service sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 18-20225) on Jan. 12, 2018. In the petition signed by Paul Belcher, managing member, the Debtor estimated assets and liabilities of $50 million to $100 million. Judge Joel T. Marker presides over the case. The Debtor hired Cohne Kinghorn, P.C., as its bankruptcy counsel; and Rocky Mountain Advisory, LLC, as its accountant and financial advisor. It also hired Richards Brandt Miller Nelson PC, Brian C. Webber PLLC, and GC Associates Law as special counsel. The Debtor also hired Paul P. Burghardt and the law firm of GC Associates Law as special bankruptcy counsel; Dan Anderson and Sterling Appraisals & Machinery, Ltd as appraisers and valuation consultants; and Calaway Capital Resources, Inc. as the Debtor's consultant regarding (i) interest rates and terms for loans on cranes and other heavy equipment; (ii) collateral lifespans for such loans; and (iii) interest rates and repayment terms for "line of credit" loans in the construction industry. The U.S. Trustee for Region 19 appointed an official committee of unsecured creditors on Jan. 25, 2017. The Committee retained Archer & Greiner, P.C., as its legal counsel. MS DIAGNOSTIC: DOJ Watchdog Appoints E. Miller as Ch. 11 Trustee ----------------------------------------------------------------- The United States Trustee asks the Bankruptcy Court to approve the appointment of Elissa D. Miller as Chapter 11 Trustee in the Chapter 11 case of MS Diagnostic Laboratory LLC. Ms. Miller can be reached through: Elissa D. Miller 333 South Hope Street, Thirty-Fifth Floor Los Angeles, CA 90071-1406 Telephone: 231.626.2311 Facsimile: 213.629.4520 Email: emiller@sulmeyerlaw.com The U.S. Trustee's Counsel has consulted with the following parties-in-interest regarding the appointment of the Chapter 11 Trustee: a. Jonathan Lo as Counsel for Debtor; b. Jolene Tanner, Assistant United States Attorney as counsel for theUnited States of America on behalf of its agency the Internal Revenue Service. About MS Diagnostic Laboratory MS Diagnostic Laboratory LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-15114) on May 2, 2018. In the petition signed by Montano Geronimo, Jr., the Debtor estimated assets of less than $50,000 and liabilities of less than $1 million. MS DIAGNOSTIC: IRS Agrees to Cash Collateral Use ------------------------------------------------ The Hon. Barry Russell of the U.S. Bankruptcy Court for the Central District of California has entered an order approving a second stipulation between MS Diagnostic Laboratory and the United States of America, on behalf of its agency, the Internal Revenue Service, authorizing the use of the IRS's cash collateral through and including August 6, 2018. On May 9, 2018, the IRS filed its proof of claim in the total amount of $913,613, comprised of a secured claim of $704,968, a priority unsecured claim of $177,563, and a general unsecured claim of $31,082. The Debtor will make adequate protection payments to the IRS of $2,806 per month, to be received by the 15th of each month. The payments will continue on a monthly basis until the effective date of a confirmed plan. As further adequate protection, the United States will receive a replacement lien against the Debtor's assets with such replacement liens to have the same extent, validity, scope, and priority as the prepetition liens held by the secured parties. In addition, the Debtor must remain post-petition current on all tax filing requirements and pay all post-petition taxes as they come due, including timely making federal payroll tax deposits. A copy of the Second Stipulation is available at PacerMonitor.com at https://tinyurl.com/yaswuxjk at no charge. About MS Diagnostic Laboratory MS Diagnostic Laboratory LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-15114) on May 2, 2018. In the petition signed by Montano Geronimo, Jr., the Debtor estimated assets of less than $50,000 and liabilities of less than $1 million. Lo & Lo LLP is the Debtor's legal counsel. NANDINI INC: Plan Outline, Sept. 25 Confirmation Hearing Okayed --------------------------------------------------------------- Bankruptcy Judge Henry W. Van Eck entered an order granting conditional approval of Nandini, Inc.'s disclosure statement contained in the combined plan and disclosures the Debtor filed July 30, 2018. Sept. 10, 2018 is fixed as the last day for filing written acceptances or rejections of the plan, and the last day for filing and serving written objection to confirmation of the plan. Sept. 25, 2018 at 9:30 a.m. is set as the hearing to consider confirmation of the plan. About Nandini, Inc. Nandini, Inc., d/b/a Exxon Food mart d/b/a Hershey Shell Food Mart, filed a Chapter 11 bankruptcy petition (Bankr. M.D.PA. Case No. 17-03409) on August 17, 2017. The Debtor's assets and liabilities are both below $1 million. Lisa A. Rynard, Esq., at Purcell, Krug & Haller serves as bankruptcy counsel. NEOVASC INC: Will Report its Second Quarter Results on Aug. 8 ------------------------------------------------------------- Neovasc, Inc. will report financial results for the quarter and six months ended June 30, 2018 and host a conference call and webcast at 4:30 p.m. Eastern Time on Wednesday, Aug. 8, 2018. Conference Call & Webcast Wednesday, August 8th @ 4:30pm Eastern Time Domestic: 888-254-3590 International: 323-994-2093 Passcode: 9226007 Webcast: http://public.viavid.com/index.php?id=130206 Replays available through August 22nd: Domestic: 844-512-2921 International: 412-317-6671 Conference ID: 9226007 About Neovasc Inc. Based in Richmond, British Columbia, Neovasc Inc. -- http://www.neovasc.com/-- is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products include the Neovasc Reducer, for the treatment of refractory angina, which is not currently available in the United States and has been available in Europe since 2015, and the Tiara, for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the United States, Canada and Europe. Neovasc reported a net loss of US$22.91 million on US$5.38 million of revenue for the year ended Dec. 31, 2017, compared to a net loss of US$86.49 million on US$9.51 million of revenue for the year ended Dec. 31, 2016. As of Dec. 31, 2017, the Company had US$22.20 million in total assets, US$58.66 million in total liabilities and a total deficit of US$36.47 million. Grant Thornton issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2017, stating that the Company incurred a consolidated net loss of US$24.86 million during the year ended Dec. 31, 2017, and, as of that date, the Company's consolidated current liabilities exceeded its current assets by US$6.06 million. The auditors said these conditions, along with other matters, indicate the existence of a material uncertainty that casts substantial doubt about the Company's ability to continue as a going concern. NEWARK SPECIAL: Case Summary & 6 Unsecured Creditors ---------------------------------------------------- Debtor: Newark Special Technologies, Inc. Dba Magorien Honing and Hydraulics 1212 South Vail Avenue Montebello, CA 90640 Business Description: Established in 1958, Magorien Honing & Hydraulics is in the business of high precision I.D. contract honing. The Company has also incorporated an in-house division for deep hole gun drilling, trepanning and boring. The Company has recently merged with Modern Hydraulic Technology to offer efficient and economical solutions for building new hydraulic presses, modifying and repairing presses, and complete overhauling of presses and cylinders. Visit http://www.magorien.comfor more information. Chapter 11 Petition Date: August 2, 2018 Court: United States Bankruptcy Court Central District of California (Los Angeles) Case No.: 18-18929 Judge: Hon. Neil W. Bason Debtor's Counsel: Joseph L. Pittera, Esq. LAW OFFICES OF JOSEPH L. PITTERA 1308 Sartori Avenue, Suite 109 Torrance, CA 90501 Tel: 310-328-3588 Fax: 310-328-3063 Email: jpitteralaw@gmail.com Total Assets: $125,800 Total Liabilities: $1,023,154 The petition was signed by Batuk Viradia, president. A full-text copy of the petition containing, among other items, a list of the Debtor's six unsecured creditors is available for free at: http://bankrupt.com/misc/cacb18-18929.pdf OLIVABEL LLC: Gets Final OK to Use PCF Cash Collateral ------------------------------------------------------ The Hon. Henry A. Callaway of the U.S. Bankruptcy Court for the Northern District of Florida has signed an agreed order authorizing Olivabel, LLC to use the cash collateral of Payability Commercial Factors, LLC on a final basis. The Court has been advised of PCF's agreement to the Debtor's use of its cash collateral. As a condition to permit the use of cash collateral, Olivabel will operate strictly in accordance with the court-approved budget and, in any event, spend cash collateral in amounts not to exceed 10% more than the amount shown in the Budget. As adequate protection for the Debtor's use of the cash collateral, the Debtor will make monthly adequate protection payments to PCF on the 14th day of the month retroactive to May 14, 2018 in the amount of $1,500. In addition, for any diminution in value of the PCF's pre-petition collateral and post-petition interest, costs, and fees, and as security of the Post-Petition Indebtedness, PCF is granted a valid, perfected lien upon, and security interest in, to the extent and in the order of priority of any valid lien pre-petition, all cash generated. The Debtor will immediately cease using Cash Collateral upon the occurrence of one of the following events: (1) If a trustee is appointed in this Chapter 11 Case; (2) If the Debtor breaches any term or condition of this Order or any of PCF's loan documents, other than defaults existing as of the Petition Date; (3) If the Case is converted to a case under Chapter 7 of the Bankruptcy Code; or (4) If the case is dismissed. A copy of the Cash Collateral Order is available at PacerMonitor.com at https://tinyurl.com/ya59p83f at no charge. About Olivabel LLC Founded in 2010, Olivabel LLC is an e-commerce company based in Destin, Florida. Olivabel sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 18-30459) on May 14, 2018. In the petition signed by Christopher Unangst, its owner, the Debtor estimated assets of less than $50,000 and liabilities of $1 million to $10 million. Judge Jerry C. Oldshue Jr. presides over the case. Olivabel tapped Bruner Wright, P.A., as its legal counsel. No official committee of unsecured creditors has been appointed in the Chapter 11 case as of June 19, according to a court docket. PACIFIC DRILLING: Files Chapter 11 Reorganization Plan ------------------------------------------------------ Pacific Drilling S.A. on Aug. 1 disclosed that it has filed a plan of reorganization in its Chapter 11 proceedings based on the proposal presented to the Company's Board of Directors by an ad hoc group of its secured creditors. Pursuant to the Plan, the Company expects to raise $1.5 billion of new capital comprised of $1.0 billion in a combination of first and second lien secured notes and $500 million of equity. The Plan proposes to provide holders of the Company's existing 2017 senior secured notes, 2020 senior secured notes and senior secured term loan B with (a) their share of 30.9% of the Company's pro forma equity, such share being governed by a settlement reached among supporters of the Plan and (b) rights to purchase their share of 51.2% of the Company's pro forma equity, such share also being governed by a settlement reached among supporters of the Plan, pursuant to a $400 million rights offering which will be backstopped by the Ad Hoc Group. As consideration for its backstop of the equity rights offering, the Ad Hoc Group will receive 5.1% of the Company's pro forma equity. The Ad Hoc Group will also commit to purchase 12.8% of the pro forma equity in the Company through a $100 million equity private placement. In addition, the Company's senior secured credit facility and revolving credit facility would be paid in full. Under the Plan, existing holders of Pacific Drilling common stock would receive no recovery. The Plan was developed over the course of comprehensive mediation discussions between the Company's Board of Directors and its stakeholders. The Plan will strengthen the Company's balance sheet by reducing its leverage and delivering a substantial amount of new capital. Upon consummation of the Plan, Pacific Drilling's cash position will be significantly enhanced, and the Company will be in a much stronger financial position to take advantage of its dedicated, high-specification deepwater drillship fleet in anticipation of an improving market for offshore drilling services. The Plan comprises a balance sheet restructuring that is intended not to affect the Company's operations. Additionally, upon consummation of the Plan, the Company expects to pay all unsecured trade claims in full. Consummation of the Plan is subject to bankruptcy court approval, completion of the anticipated financing transactions and other customary conditions. The Company's majority shareholder, Quantum Pacific (Gibraltar) Limited, certain lenders under the Company's senior secured credit facility and a third-party investor (collectively, the "QP Group") may elect to file a proposed order on the QP Group's oral motion, made during the Company's July 26, 2018, bankruptcy court hearing, to terminate the Company's exclusive right to file a plan of reorganization, attaching its own Chapter 11 plan. The bankruptcy court will timely rule on the QP Group's oral motion such that, in the event such motion is granted, the QP Group plan will have sufficient time to be solicited on the same timeline as the Plan. About Pacific Drilling Pacific Drilling S.A. (OTC: PACDQ) a Luxembourg public limited liability company (societe anonyme), operates an international offshore drilling business that specializes in ultra-deepwater and complex well construction services. Pacific Drilling -- http://www.pacificdrilling.com/-- owns seven high-specification floating rigs: the Pacific Bora, the Pacific Mistral, the Pacific Scirocco, the Pacific Santa Ana, the Pacific Khamsin, the Pacific Sharav and the Pacific Meltem. All drillships are of the latest generations, delivered between 2010 and 2014, with a combined historical acquisition cost exceeding $5.0 billion. The average useful life of a drillship exceeds 25 years. On Nov. 12, 2017, Pacific Drilling S.A. and 21 affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 17-13193). The cases are pending before the Honorable Michael E. Wiles and are jointly administered. Pacific Drilling disclosed $5.46 billion in assets and $3.18 billion in liabilities as of Sept. 30, 2017. The Debtors tapped Sullivan & Cromwell LLP as bankruptcy counsel but was later replaced by Togut, Segal & Segal LLP; Evercore Partners International LLP as investment banker; AlixPartners, LLP, as restructuring advisor; Alvarez & Marsal Taxand, LLC as executive compensation and benefits consultant; Ince & Co LLP and Jones Walker LLP as special counsel; and Prime Clerk LLC as claims and noticing agent. The RCF Agent tapped Shearman & Sterling LLP, as counsel, and PJT Partners LP, as financial advisor. The ad hoc group of RCF Lenders engaged White & Case LLP, as counsel. The SSCF Agent tapped Milbank Tweed, Hadley & McCloy LLP, as counsel, and Moelis & Company LLC, as financial advisor. The Ad Hoc Group of Various Holders of the Ship Group C Debt, 2020 Notes and Term Loan B tapped Paul, Weiss, Rifkind, Wharton & Garrison, in New York as counsel. PETROQUEST ENERGY: S&P Withdraws 'CCC-' Issuer Credit Rating ------------------------------------------------------------ S&P Global Ratings lowered its issuer credit on PetroQuest Energy Inc. to 'CCC-' from 'CCC+' after the company announced it has retained advisors to help explore alternatives for its capital structure, including the interest payment due Aug. 15, 2018. The outlook is negative. S&P subsequently withdrew the rating at the company's request. PLASTIC INDUSTRIES: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Plastic Industries, Inc. 1234 Industrial Park Road Preston, ID 83263 Business Description: Plastic Industries, Inc. -- http://pipipe.com-- is a manufacturer of high density polyethylene pipe that is used by a variety of markets including: telecommunications, utilities, oil, mining and irrigation/stockwatering industries. Plastic Industries' plant is located in the state of Idaho in the city of Preston at 1234 Industrial Park Road. The Company was founded by Rex Pitcher in 1980. Chapter 11 Petition Date: August 1, 2018 Court: United States Bankruptcy Court District of Idaho (Pocatello) Case No.: 18-40672 Judge: Hon. Joseph M Meier Debtor's Counsel: William Reed Cotten, Esq. ROBINSON & ASSOCIATES P.O. Box 396 615 H Street Rupert, ID 83350 Tel: (208) 436-4717 Email: wrc@idlawfirm.com Total Assets as of July 9, 2018: $2,399,893 Total Liabilities as of July 9, 2018: $5,974,850 The petition was signed by Rex Pitcher, director. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/idb18-40672.pdf PREFERRED CARE: Affiliates Taps JND as Claims and Noticing Agent ---------------------------------------------------------------- Artesia Health Facilities GP, LLC and other affiliates of Preferred Care Inc. seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire JND Corporate Restructuring as claims, noticing and balloting agent. The firm will oversee the distribution of notices and the maintenance, processing and docketing of proofs of claim filed in the Debtors' Chapter 11 cases. The firm will charge these hourly rates: Clerical $30 Case Assistant $75 IT Manager $90 Case Consultant $135 Case Manager $165 Travis Vandell, chief executive officer of JND, 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: Travis Vandell JND Corporate Restructuring 8269 E. 23rd Avenue, Suite 275 Denver, CO 80238 Phone: 855-812-6112 Email: travis.vandell@jndla.com Email: restructuring@jndla.com About Preferred Care Inc. Preferred Care Inc. and 33 nursing homes affiliated with the Preferred Care Group filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 17-44642) on Nov. 13, 2017. The bankruptcy cases are jointly administered and pending before the Honorable Mark X. Mullin. Preferred Care Group is owned by Thomas Scott. He also owns another company, Preferred Care Inc, which is the master lessee of some of the facilities. At the time of the filing, Preferred Care estimated assets and liabilities of $1,000,001 to $10 million. The Debtors sought bankruptcy protection amid multi-million dollar personal injury lawsuits in Kentucky and New Mexico. Preferred Care Partners Management Group LP and Kentucky Partners Management LLC, unaffiliated companies that manage non-clinical operations at Preferred Care facilities, also filed separate bankruptcy cases on the same date. The Debtors engaged Stephen A. McCartin, Esq., and Mark C. Moore, Esq., at Gardere Wynne Sewell LLP, as Chapter 11 counsel. Focus Management Group, USA, Inc., is the financial advisor. JND Corporate Restructuring is the official noticing, claims and balloting agent. On Nov. 28, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The Committee retained Gray Reed & McGraw LLP as counsel, and CohnReznick LLP as financial advisor. PRIVILEGE WEALTH: Chapter 15 Case Summary ----------------------------------------- Chapter 15 Debtor: Privilege Wealth Plc 4 Stirling Court Stirling Way Borehamwood Hertfordshire WD6 2BT United Kingdom Business Description: Privilege Wealth Plc is an international investment company based in Hertfordshire, United Kingdom. Chapter 15 Petition Date: August 2, 2018 Court: United States Bankruptcy Court District of New Jersey (Newark) Chapter 15 Case No.: 18-25493 Judge: Hon. John K. Sherwood Chapter 15 Petitioner: Stephen Katz 26-28 Bedford Row Stephen Katz, David Rubin & Partners London WC 1R 4HE England - and - John Kelmanson c/o KCBS LLP 4 Stirling Court, Stirling Way Borehamwood, WD6 2BT England Foreign Proceeding in Which Appointment of the Foreign Representatives Occurred: High Court of Justice of England and Wales Chapter 15 Petitioner's Counsel: Ilana Volkov, Esq. COLE SCHOTZ P.C. Court Plaza North, 25 Main Street Hackensack, NJ 07601 Tel: (201) 489-3000 (201) 525-6269 Fax: 201-489-1536 Email: ivolkov@coleschotz.com Estimated Assets: Unknown Estimated Debts: Unknown A full-text copy of the petition is available for free at: http://bankrupt.com/misc/njb18-25493.pdf PRO-SEC CORP: May Use Cash Collateral Through Aug. 18 ----------------------------------------------------- The Hon. Jerrold N. Poslusny, Jr. of the U.S. Bankruptcy Court for the District of New Jersey entered an eleventh interim order authorizing Pro-Spec Corporation to use cash collateral for the time period from July 7, 2018, through August 18, 2018, solely for the purposes and in the amounts not to exceed those specified in each line item as indicated in the Budget. Any creditor or other interested party having any objection to the Interim Order may file with the Clerk of the Court and serve upon counsel for the Debtor a written objection on or before August 10, 2018, and must appear to advocate said objection at a Further Interim Hearing to be held on August 16 at 10:00 a.m. As adequate protection for the use of its cash collateral, the Court said Capital Bank is granted: (a) A replacement perfected security interest under Section 361(2) of the Bankruptcy Code to the extent the Cash Collateral is used by the Debtor, to the extent and validity and with the same priority in the Debtor's post-petition collateral, including any advances made under the Interim DIP Financing Order, the Second Interim DIP Financing Order, the Third Interim DIP Financing Order and the Fourth Interim DIP Financing Order, and proceeds thereof, that Capital Bank held in the Debtor's pre-petition collateral subject to 28 U.S.C. Section 1930(a)(6). To the extent any other creditor holds or asserts a lien position in cash collateral, such creditor will receive a replacement lien to the same extent, priority and validity as it existed prior to the Petition Date. (b) To the extent the adequate protection provided for hereby proves insufficient to protect Capital Bank's interest in and to the Cash Collateral, it will have a super-priority administrative expense claim, pursuant to Section 507(b) of the Bankruptcy Code, senior to any and all claims against the Debtor under Section 507(a) of the Bankruptcy Code, whether in this proceeding or in any superseding proceeding, subject to payments due under 28 U.S.C. Section 1930(a)(6). (c) The Debtor will permit such party and any of its agents reasonable and free access to the Debtor's records and place of business during normal business hours to verify the existence, condition and location of Collateral in which said creditor holds a security interest and to audit Debtor’s cash receipts and disbursements. At any reasonable time, the Debtor will permit Capital Bank and any of its agents access to inspect the Collateral. (d) The Debtor will remit all required sales, payroll withholding and/or tax deposits or other applicable taxes on a timely basis and provide proof of such tax deposits within three business days of the payment of payroll/wage tax. (e) For each budgeted week covered by the Order, the Debtor will provide a weekly report to Capital Bank and to the U.S. Trustee, which provides the following: (1) a list of all income and other payments received by the Debtor, including the amount and source of such income; (2) a list of all payments made by the Debtor, including the recipient and the method of payment; (3) a copy of the Debtor's bank account activity for the prior week; (4) a list of all jobs bid and the anticipated income from each job; and (5) a list of all bids accepted. A copy of the Order is available at PacerMonitor.com at https://tinyurl.com/y9u9w22n at no charge. About Pro-Spec Founded in 1980, Pro-Spec Industrial Painting Services is an SSPC QP1 and QP2 Certified Contractor, and offers industrial coatings, abrasive blast preparation, and containment of concrete and steel structures. Based in Vineland, New Jersey, Pro-Spec filed a Chapter 11 petition (Bankr. D.N.J. Case No. 17-25463) on July 31, 2017. In the petition signed by Ronald W. Yarbrough, its president, the Debtor estimated 100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The case is assigned to Judge Jerrold N. Poslusny Jr. Albert A. Ciardi, III, Esq., at Ciardi Ciardi & Astin, serves as counsel to the Debtor. QUALITY CONSTRUCTION: 2nd Interim Cash Collateral Order Entered --------------------------------------------------------------- The Hon. Robert Summerhays of the U.S. Bankruptcy Court for the Western District of Louisiana has entered a second order granting Quality Construction & Production LLC and its debtor-affiliates interim authority to use cash collateral in which MidSouth Bank holds security interests. The Court will hold a hearing to consider use of cash collateral on August 14. MidSouth Bank has an interest in the Cash Collateral because of prepetition commercial security agreements granted by the Debtors -- Traco Production Servics, Inc., Quality Production Management, L.L.C. and Quality Construction & Production, L.L.C. -- and other affiliates covering accounts and inventory and the proceeds thereof. The first lien security interests arising therefrom securing the repayment of certain loan indebtedness owed and/or guaranteed to MidSouth Bank by one or more of the Debtors and of their affiliates and consisting of balances for a total of not less than $15,004,390 plus credit card obligations (to be determined), as of the Petition Date. MidSouth Bank is granted by the Debtors (a) security interests in and on all post-petition accounts receivable and inventory, and the proceeds thereof, of the Debtors and (b) a post-petition mortgage on the real estate owned by the Debtor Quality Construction & Production, LLC and previously mortgaged (pre-petition) to MidSouth Bank, of the same nature, to the same extent, as MidSouth Bank's prepetition liens in the Cash Collateral and inventory in the amount of the Cash Collateral and inventory actually used. The liens will be continuing, binding and enforceable and not made subject to any carveout or any other right, claim or lien, except as otherwise provided in the budget. The Current Asset Replacement Liens and the Mortgage Replacement Lien will be prior to any other security interest in, lien on, or claim against any of the Post-Petition Current Asset Collateral or the PostPetition Mortgage Collateral. Moreover, the Debtors will provide to MidSouth Bank written information on: A. The balance of the Cash Collateral at the beginning of the Reporting Period; B. The total amount of Cash Collateral received, whether actually or constructively, by the Debtors during the Reporting Period; C. The sources of the Cash Collateral received by the Debtors during the Reporting Period, including without limitation a list of all invoices, by Debtor, account debtor, invoice number and amount, on which proceeds or payments were received; D. Reports on the Post-Petition Collateral created or generated during the Reporting Period, including without limitation a list of new (post-petition) receivables in the form of the A/R Sales Register provided by the Debtors prepetition; E. Aging reports on all receivables, whether prepetition or postpetition, in which MidSouth holds security interests in the form of prepetition aging reports provided to MidSouth; and F. Reports listing all credits or refunds given during the Reporting Period by any of the Debtors or their affiliates to any account debtors. A full-text copy of the Interim Cash Collateral Order is available at http://bankrupt.com/misc/lawb18-50303-254.pdf About Quality Construction & Production LLC Quality Construction & Production, LLC, and its subsidiaries operate a group of oilfield service companies in the areas of onshore and offshore fabrication, installation, and production operations in Youngsville, Louisiana, and together employ approximately 850 people. The Company's onshore fabrication services include spool piping, production modules, manifolds, deck extensions, and riser guards and clamps. QCP's offshore services include hook-ups, facilities maintenance/upgrades, compressor installations and field welding. Quality Construction was founded by Nathan Granger and Troy Collins in 2001. Quality Construction & Production, LLC, and three affiliates sought Chapter 11 protection (Bankr. W.D. La. Lead Case No. 18-50303) on March 16, 2018. In the petition signed by Nathan Granger, president, Quality Construction estimated $10 million to $50 million in assets and debt. The Hon. Robert Summerhays is the case judge. The Debtors tapped Weinstein & St. Germain, LLC, as their bankruptcy counsel; Elmore Consulting, LLC as financial consultant; and Donlin, Recano & Company as claims and noticing agent. The Office of the U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on April 23, 2018. The Committee has hired H. Kent Aguillard as counsel. RADICAND INC: Court Confirms Chapter 11 Plan -------------------------------------------- Judge Dennis Montali of the U.S. Bankruptcy Court for the Northern District of California issued an order approving Radicand, Inc.'s combined Chapter 11 plan and disclosure statement dated June 11, 2018. As previously reported by The Troubled Company Reporter, Class 2 (b) under the plan consists of the allowed claims of general unsecured creditors not treated as small claims. This class will receive a pro-rata share of a fund totaling $34,882.42, likely to result in a 10% recovery of allowed claims Pro-rata means the entire amount of the fund divided by the entire amount owed to creditors with allowed claims in this class. Creditors in this class may not take any collection action against Debtor so long as Debtor is not in material default under the Plan. This class is impaired. If the Plan is confirmed, the payments promised in the Plan constitute new contractual obligations that replace the Debtor's pre-confirmation debts. Creditors may not seize their collateral or enforce their pre-confirmation debts so long as Debtor performs all obligations under the Plan. If Debtor defaults in performing Plan obligations, any creditor can file a motion to have the case dismissed or converted to a Chapter 7 liquidation, or enforce their non-bankruptcy rights. The Debtor will be discharged from all pre-confirmation debts if Debtor makes all Plan payments. A full-text copy of the Combined Plan and Disclosure Statement is available at: http://bankrupt.com/misc/canb17-30708-40.pdf A full-text copy of the Confirmation Order is available at: http://bankrupt.com/misc/canbke-17-30708__0081.0.pdf About Radicand Inc. Radicand, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 17-30708) on July 21, 2017. In the petition signed by CEO Gregory Kress, the Debtor estimated assets of less than $50,000 and liabilities of less than $500,000. REAGOR-DYKES MOTORS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------------ Affiliated companies that have filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Reagor-Dykes Motors, LP 18-50214 dba Spike Dykes Ford Lincoln dba Reagor Dykes Auto Mall of Midland dba Prime Capital Auto Lease - Lamesa dba Prime Capital Auto Lease - Midland 1215 Ave. J Lubbock, TX 79401 Reagor-Dykes Imports, LP 18-50215 Reagor-Dykes Amarillo, LP 18-50216 Reagor-Dykes Auto Company, LP 18-50217 Reagor-Dykes Plainview, LP 18-50218 Reagor-Dykes Floydada, LP 18-50219 Business Description: Dykes Auto Group is a dealer of automobiles headquartered in Lubbock, Texas. The Company offers new and used vehicles, automobile parts, and other related accessories, as well as car financing, leasing, repair, and maintenance services. Some of its new vehicles include brands like Ford, Toyota, GMC, Cadillac, Chevrolet and Buick. Visit https://www.reagordykesautogroup.com for more information. Chapter 11 Petition Date: August 1, 2018 Court: United States Bankruptcy Court Northern District of Texas (Lubbock) Judge: Hon. Robert L. Jones Debtors' Counsel: David R. Langston, Esq. MULLIN, HOARD & BROWN, L.L.P. P.O. Box 2585 Lubbock, TX 79408-2585 Tel: 806-765-7491 Email: drl@mhba.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petitions were signed by Bart Reagor, managing member of Reagor Auto Mall I, LLC, general manager and Rick Dykes, managing member of Reagor Auto Mall I, LLC, general partner. The Debtors failed to incorporate in the petitions lists of their 20 largest unsecured creditors. Full-text copies of two of the Debtors' petitions are available for free at: http://bankrupt.com/misc/txnb18-50214.pdf http://bankrupt.com/misc/txnb18-50215.pdf RODEO ROOFING: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The Office of the U.S. Trustee on August 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Rodeo Roofing LLC. About Rodeo Roofing LLC Rodeo Roofing LLC, based in Yakima, Washington, filed a Chapter 11 petition (Bankr. E.D. Wash. Case No. 18-02005) on July 16, 2018. The Hon. Frank L. Kurtz presides over the case. Metiner G. Kimel, Esq., at Kimel Law Offices, serves as bankruptcy counsel. In its petition, the Debtor estimated less than $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Brian Fleming, president and managing member. ROYAL T ENERGY: Sept. 11 Plan Confirmation Hearing -------------------------------------------------- Judge Brenda T. Rhoades of the U.S. Bankruptcy Court for the Eastern District of Texas has approved the amended disclosure statement with respect to Royal T Energy, LLC's Chapter 11 plan. The hearing to consider confirmation of the Plan will be held on Sept. 11, 2018, at 9:30 A.M. The last day to object to confirmation of the Debtor's Plan is set on September 5, 2018. All ballots voting in favor of or against the Plan must also be received on or before Aug. 31. The Debtor owns a large amount of equipment most of which is in operation in west Texas. The Debtor believes if the assets were liquidated they would not cover the secured creditors and the Internal Revenue Service and the other tax debt. The Debtor believes there is very little likelihood of any dividend to the unsecured creditors in the event of a liquidation of the assets of the Debtors. Under the latest plan, Class 5 consists of the Allowed Secured Claim of Catalyst Finance L.P. The Class 5 Claimant will have an Allowed Secured Claim in the amount of $1,453,085.95. The Allowed Secured Claim will be paid in full with interest at the rate of 5% per annum in 84 equal monthly payments commencing on the Effective Date. CFE will retain its liens on the CFE Collateral until paid in full in accordance with the terms of this Plan. The Debtor may pre-pay the CFE Claim at any time. Based upon the Debtor's projections, the Debtor believes the Plan to be feasible. A full-text copy of the Amended Disclosure Statement is available at: http://bankrupt.com/misc/txeb17-42386-182.pdf About Royal T Energy LLC Headquartered in Sherman, Texas, Royal T Energy, LLC, is a privately-owned company that provides petroleum haulage services. It operates an oilfield services company, consisting largely of hauling and disposal of materials related to the hydraulic fracturing industry. The Company's operations are conducted primarily in the Permian Basin, near Pecos, Texas. Royal T Energy filed for Chapter 11 bankruptcy protection (Bankr. E.D. Tex. Case No. 17-42386) on Nov. 1, 2017. In the petition signed by James Alexander, member-manager, the Debtor estimated its assets at up to $50,000 and its liabilities at between $10 million and $50 million. Judge Brenda T. Rhoades presides over the case. Nathan M. Johnson, Esq., at Spector & Johnson, PLLC, serves as the Debtor's bankruptcy counsel. S&F MEAT: Plan Exclusivity Period Extended Until Dec. 27 -------------------------------------------------------- The Hon. Ashely M. Chan of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania, at the behest of S&F Meat Corp., has extended the periods during which (a) the Debtor has the exclusive right to file a plan of reorganization to December 27, 2018, and (b) the period during which the Debtor has the exclusive right to solicit acceptances of that plan to February 25, 2019. The Troubled Company Reporter has previously reported that the Debtor filed its Second Exclusivity Motion for the same reasons outlined in the First Exclusivity Motion. The Debtor believes that the requested exclusivity extension will afford it the ability to fully litigate certain lawsuits which in turn will allow the Debtor to move forward with a plan that provides for the proper treatment and maximum return to its creditors. In support of its First Exclusivity Motion, the Debtor said crucial facts and legal determinations that were necessary for the Debtor to formulate, prosecute and confirm a plan of reorganization would not be determined by the Court until late Spring/early Summer of 2018. That determinations include, but are not limited to General Trading Co., Inc.'s disputed assertion that "GTC became lessee/tenant under the S&F Lease when it elected to exercise its rights under the Leasehold Mortgage, and the Debtor was dispossessed of any leasehold rights it may have had at that time" and whether GTC's UCC sale of 476 Meat's assets was performed in a "commercially reasonable manner." These and other litigation issues were key to the Debtor's ability to propose a chapter 11 plan and determine the treatment of not only GTC, but all other creditors asserting a security interest against the Debtor's assets. In March 2015, unbeknownst to the Debtor, 476 Meat Corp., a former affiliate of the Debtor in 2010, borrowed additional sums from GTC pursuant to a Time Promissory Note. Following 475 Meat's alleged default on the Promissory Note, GTC commenced collection actions both against 475 Meat and the Debtor, including the filing of a complaint in confession of judgment in ejectment for possession of the Debtor's premises located at 1240 East Erie Avenue, Philadelphia, PA 19124 in the Court of Common Pleas of Philadelphia County, in the action styled General Trading Co., Inc., individually and by its agent Grocery Leasing Corp. v. S&F Meat Corp., Case No. October Term 2016, No. 002792. On July 25, 2017, GTC filed a Motion to Vacate the Automatic Stay with respect to the State Court Action. On or about August 15, 2017, the Debtor removed the State Court Action to the Bankruptcy Court and was assigned as Adversary Proceeding No. 17-00223. The Court entered an Order denying the GTC Abstention/Remand Motion and directing the Debtor and GTC to file a joint pre-trial order with respect to the Removed Action on September 27, 2017. Consequently, the Debtor and GTC submitted their proposed joint pre-trial order which the Court approved on October 3, 2017. Despite the hard work and diligence of both the Debtor and GTC to adhere to the dates established in the First Joint Pre-Trial Order, the parties were required to seek, and the Court has approved, two extensions to the deadlines set forth therein by the entry of an Amended Joint Pre-Trial Order dated January 24, 2018 and the entry of a Second Amended Joint Pre-Trial Order Dated May 29, 2018. Among the relevant terms of the Second Amended Joint Pre-Trial Order: (a) all fact discovery was to be completed by March 23, 2018, (b) expert witnesses were to be identified and reports exchanged by April 23, 2018, (c) all motions to amend pleadings or for summary judgment were be filed by May 4, 2018, (d) the parties were to file their joint pre-trial statement by June 22, 2018 and (e) the Court was to conduct its mandatory pre-trial/settlement conference on July 9, 2018. Notwithstanding, the Parties had difficulty getting certain depositions completed and, as a result, have extended beyond the existing pre-trial schedule to complete fact discovery. Per recent e-mail correspondence with the Court, GTC's counsel indicated that the parties "have 2 more depositions to complete and will then be in a position to start drafting a joint Pretrial Statement." GTC's counsel suggested that the Court "schedule a status conference for mid to late July to fix a schedule for the Pretrial Statement." In response, the Court suggested to move the pretrial conference from July 9 to July 25. However, since that date was not available for GTC's counsel who provided alternative dates for the end of July. The Court agreed to consider the alternative dates and indicated that it would contact the parties after reviewing the Court's calendar. On July 30, the Court said the Pre-Trial Conference in the GTC lawsuit will be held Sept. 9 at 11:00 a.m. About S&F Meat Corp. S&F Meat Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 17-14687) on July 10, 2017. In the petition signed by Yleana Rodriguez, the Company's president, the Debtor estimated assets and liabilities of $1 million to $10 million. Judge Ashely M. Chan presides over the case. The Debtor tapped Smith Kane as its bankruptcy counsel, and Bochetto & Lentz, P.C. as special counsel. Wm. F. Comly & Sons, Inc. as appraiser. SCIENTIFIC GAMES: Incurs $5.8 Million Net Loss in Second Quarter ---------------------------------------------------------------- Scientific Games Corporation has filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $5.8 million on $844.7 million of total revenue for the three months ended June 30, 2018, compared to a net loss of $39.1 million on $766.3 million of total revenue for the three months ended June 30, 2017. For the six months ended June 30, 2018, the Company reported a net loss of $207.6 million on $1.65 billion of total revenue compared to a net loss of $139.9 million on $1.49 billion of total revenue for the six months ended June 30, 2017. As of June 30, 2018, Scientific Games had $7.61 billion in total assets, $9.88 billion in total liabilities and a total stockholders' deficit of $2.26 billion. "We believe that our cash flow from operations, available cash and cash equivalents and available borrowing capacity under our existing or anticipated financing arrangements will be sufficient to meet our liquidity needs for the foreseeable future; however, we cannot assure that this will be the case. We believe that substantially all cash held outside the U.S. is free from legal encumbrances or similar restrictions that would prevent it from being available to meet our global liquidity needs," the Company stated in the Quarterly Report. Total cash held by the Company's foreign subsidiaries was $80.1 million as of June 30, 2018. A full-text copy of the Form 10-Q is available for free at: https://is.gd/H5AH7s About Scientific Games Based in Las Vegas, Nevada, Scientific Games Corporation (NASDAQ:SGMS) -- http://www.scientificgames.com/-- is a gaming entertainment company offering a portfolio of game content, advanced systems, cutting-edge platforms and professional services. The company offers technology-based gaming systems, digital real-money gaming and sports betting platforms, casino table games and utility products and lottery instant games, and a leading provider of games, systems and services for casino, lottery and social gaming. Committed to responsible gaming, Scientific Games delivers what customers and players value most: trusted security, engaging entertainment content, operating efficiencies and innovative technology. Scientific Games reported a net loss of $242.3 million for the year ended Dec. 31, 2017, compared to a net loss of $353.7 million for the year ended Dec. 31, 2016. As of March 31, 2018, Scientific Games had $7.73 billion in total assets, $9.93 billion in total liabilities and a total stockholders' deficit of $2.19 billion. SCIENTIFIC GAMES: Kneeland Youngblood Elected as Director --------------------------------------------------------- The Board of Directors of Scientific Games Corporation has elected Kneeland C. Youngblood as a director of the Company effective Aug. 1, 2018. Youngblood will serve on the compensation committee and compliance committee of the Board. On Aug. 1, 2018, the Board of Directors of Scientific Games increased the size of the Board by one director from fourteen to fifteen directors and elected Mr. Youngblood to fill the resulting vacancy. Kneeland C. Youngblood is the founding partner and chairman of Pharos Capital Group, LLC, a private equity firm that invests in the healthcare and business services sectors. Youngblood also serves as director of Mallinckrodt plc, a specialty pharmaceutical company, and as a director of TPG Pace Holdings Corp. He is also a member of the Council on Foreign Relations and serves as a trustee of the Dallas Police and Fire Pension System. "We are pleased that the Board elected Kneeland as a new director," said Barry Cottle, chief executive officer of Scientific Games. "He brings valuable experience in business, operations and strategy to our team. We look forward to Kneeland's contributions as we continue to drive growth in our core business and take advantage of new opportunities to engage players and bring value to our customers." Youngblood graduated from Princeton University in 1978 with a Bachelor of Arts and earned a doctor of medicine from the University of Texas, Southwestern Medical School in 1982. About Scientific Games Based in Las Vegas, Nevada, Scientific Games Corporation (NASDAQ:SGMS) -- http://www.scientificgames.com/-- is a gaming entertainment company offering a portfolio of game content, advanced systems, cutting-edge platforms and professional services. The company offers technology-based gaming systems, digital real-money gaming and sports betting platforms, casino table games and utility products and lottery instant games, and a leading provider of games, systems and services for casino, lottery and social gaming. Committed to responsible gaming, Scientific Games delivers what customers and players value most: trusted security, engaging entertainment content, operating efficiencies and innovative technology. Scientific Games reported a net loss of $242.3 million for the year ended Dec. 31, 2017, compared to a net loss of $353.7 million for the year ended Dec. 31, 2016. As of June 30, 2018, Scientific Games had $7.61 billion in total assets, $9.88 billion in total liabilities and a total stockholders' deficit of $2.26 billion. SEACREST PALACE: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of SeaCrest Palace Diner Inc. as of August 3, according to a court docket. About SeaCrest Palace Diner Inc. SeaCrest Palace Diner Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 18-73788) on June 4, 2018. The petition was filed pro se. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of $1,000,001 to $10 million. Judge Alan S. Trust presides over the case. SERVICEMASTER COMPANY: Moody's Confirms Ba3 CFR, Outlook Stable --------------------------------------------------------------- Moody's Investors Service, Inc. confirmed The ServiceMaster Company, LLC's Corporate Family rating at Ba3, Probability of Default rating at Ba3-PD and senior unsecured at B1. The senior secured credit facility was upgraded to Baa3 from Ba2. The senior unsecured ratings at The ServiceMaster Company (Old) and The ServiceMaster Company Limited Partnership were confirmed at B2. The Speculative Grade Liquidity rating was affirmed at SGL-1. With its rating actions, Moody's has concluded the rating review for downgrade initiated on July 26, 2017. The ratings outlook is stable. ServiceMaster announced the sources of financing the company will use to repay debt following its previously-announced tax-free spin-off of its frontdoor, inc. (formerly known as AHS Holding Company, Inc. and doing business as American Home Shield, "Frontdoor") business to shareholders during the third quarter of 2018. ServiceMaster debt will be reduced by approximately $982 million through cash received via a dividend from Frontdoor funded from the net proceeds of $1 billion of debt incurred by Frontdoor before the spin-off is closed. ServiceMaster will retain approximately 20% of the outstanding Frontdoor shares after the spin-off is completed. ServiceMaster intends to monetize those shares in a marketed, follow-on public equity offering by June 19, 2019 and use the net proceeds to repay debt. RATING RATIONALE "Moody's confirmed ServiceMaster's Ba3 CFR because the significant debt repayment following the Frontdoor spin-off and expected retained share monetization should reduce debt to EBITDA to a mid 3 times range from over 4 times prior to the transactions, mitigating the reduced business diversity and free cash flow without Frontdoor's operations," said Edmond DeForest, Moody's Vice President and Senior Credit Officer. The Ba3 CFR reflects ServiceMaster's limited organic revenue growth potential, moderately high debt to EBITDA that is expected to remain below 4 times and solid free cash flow to debt anticipated to be at least 10%. ServiceMaster has leading market positions and scale in termite and pest control. Recurring subscriptions and customer retention rates of around 80% make revenues predictable. Moody's considers the pest and termite management services industry mature and competitive. Revenues are somewhat seasonal and concentrated in warmer U.S. states including California, Texas, Florida and Tennessee. The company's franchise business unit represents only about 12% of total revenue but over 20% of EBITDA while providing some market and customer diversity. Moody's anticipates some organic revenue and earnings growth from disciplined cost management, new products and a history of annual price increases. Stable and solid profitability with EBITA margins approaching 20%, good interest coverage with EBITA to interest approaching 4 times and modest capital expenditure requirements provide additional ratings support. Moody's expects ServiceMaster will use free cash flow and debt proceeds to complete acquisitions of regional pest control service providers, similar to the March 2018 acquisition of Copesan for $150 million. All financial metrics cited reflect Moody's standard analytical adjustments. In addition, capitalized software costs are expensed. The SGL-1 Speculative Grade Liquidity rating reflects Moody's assessment of ServiceMaster's liquidity profile as very good. Moody's anticipates at least $100 million of available cash, at least $250 million available under the company's $300 million revolving credit facility due 2021 and around $200 million of free cash flow. These cash sources provide ample coverage of the limited required debt repayment needs anticipated over the next 12 months. Flexibility within the revolver's springing first lien leverage ratio is expected to remain wide. The upgrade of the senior secured bank debt by two notches to Baa3 reflects the significant paydown from the Frontdoor dividend and the anticipated repayment of secured term loans from the monetization of the retained Frontdoor stake in 2019, all of which will be applied to the secured term loan. The Baa3 rating on the senior secured revolver and term loan reflects the Ba3-PD PDR and a loss given default assessment of LGD2, reflecting their priority in Moody's modelled waterfall of claims at default ahead of all other obligations of the company, including the substantial amount of unsecured debt. The credit facility is secured by a first lien pledge of substantially all of the domestic assets of the guarantor subsidiaries through secured upstream guarantees. The B1 rating on the senior unsecured notes due 2024 reflects the Ba3-PD PDR and a loss given default assessment of LGD4, reflecting their priority in Moody's modeled waterfall of claims at default behind the senior secured obligations and ahead of the approximately $247 million of structurally subordinated senior unsecured notes. The senior unsecured notes benefit from unsecured guarantees of certain operating subsidiaries. There is market-based uncertainty regarding the level of Frontdoor share monetization proceeds. However, a significant reduction in the proportion of secured debt to total debt, such as through the application of Frontdoor share monetization proceeds to repaying secured term loans, would enhance recovery prospects on the remaining senior unsecured debt and could lead to an upgrade of the senior unsecured notes due 2024 to Ba3. The B2 rating on the senior unsecured notes due 2027 and 2038 reflects the Ba3-PD PDR and a loss given default assessment of LGD6, reflecting their structural subordination to all other rated debt because of the absence of guarantees from operating subsidiaries. The stable ratings outlook reflects Moody's anticipation of 1% to 3% organic revenue growth, debt to EBITDA in a mid 3 times range within 12 months of the Frontdoor spin-off and at least 10% free cash flow to debt. The stable outlook also reflects Moody's anticipation for free cash flow and incremental debt proceeds to be used to fund acquisitions. Some increase in the amount of shareholder returns once any adverse consequences to the tax-free nature of the Frontdoor spin-off is no longer possible is also reflected in the stable outlook. The ratings could be lowered if Moody's expects: 1) little or no revenue growth; 2) debt to EBITDA will be maintained above 4.5 times; 3) a deterioration in liquidity; or 4) more aggressive shareholder return or acquisition policies. The ratings could be raised if Moody's expects: 1) debt to EBITDA will remain below 3.5 times; 2) free cash flow to debt maintained at 15% or higher; and 3) balanced financial policies. Moody's took the following rating actions: Issuer: ServiceMaster Company, LLC (The) Corporate Family Rating, Confirmed at Ba3 Probability of Default Rating, Confirmed at Ba3-PD Senior Secured, Upgraded to Baa3 (LGD2) from Ba2 (LGD3) Senior Unsecured; Confirmed at B1 (LGD4) Speculative Grade Liquidity Rating, Affirmed SGL-1 Outlook, Changed To Stable From Rating Under Review Issuer: ServiceMaster Company (The) (Old) Senior Unsecured, Confirmed at B2 (LGD6) Issuer: ServiceMaster Company LimitedPartnership(The) Senior Unsecured, Confirmed at B2 (LGD6) The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. ServiceMaster, a wholly-owned subsidiary of publicly-traded Servicemaster Global Holdings, Inc. based in Memphis, TN, is a national provider of termite and pest control, cleaning and disaster restoration, house cleaning, furniture repair and home inspection through company-owned operations and franchise licenses. Brands include: Terminix, ServiceMaster Clean, Merry Maids, Furniture Medic and AmeriSpec. Moody's expects revenues of about $1.9 billion in 2019. SERVICEMASTER GLOBAL: S&P Affirms 'BB-' ICR, Outlook Negative ------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issuer credit rating on Memphis, Tenn.-based ServiceMaster Global Holdings Inc. The outlook is negative. S&P removed all ratings from CreditWatch, where it had placed them with negative implications on July 27, 2017. S&P said, "Concurrently, we affirmed our 'BB+' issue-level rating on the company's first-lien credit facility. The recovery rating remains '1', indicating our expectation of very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default. We also affirmed our 'BB-' issue-level rating on the company's unsecured notes due 2024 and revised the recovery rating to '3' from '4'. The '3' recovery rating reflects our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. We also affirmed our 'B' issue-level rating on the company's legacy unsecured notes due in 2027 and 2038. The recovery rating remains '6', indicating our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. "Our rating affirmation reflects ServiceMaster's moderate leverage in the low- to mid-3x range after debt reduction from proceeds raised from the AHS spin-off, despite the business becoming smaller and less diversified. We view the remaining businesses at ServiceMaster as market leading in the fragmented and competitive U.S. pest control and termite remediation and prevention industry, with good operating margins after AHS separation. We project ServiceMaster would pay down approximately $964 million of its first-lien term loan after the debt issuance at AHS in 2018, and further reduce its term loan balance to approximately $223 million after the AHS equity monetization. Pro forma for this transaction, we estimate the company will have approximately $1.4 billion of debt outstanding by the end of the second quarter of 2019. The company is required to deploy capital raised from the AHS spin-off to pay down existing debt in order for the transaction to be considered tax free. "The negative outlook reflects the risk that we could lower the rating if the company fails to reduce debt to $1.4 billion in 2019 because of lower-than-expected proceeds from the monetization of its 19.9% ownership in AHS, resulting in leverage at or above 4x. We could revise our outlook to stable if leverage improves, as expected, to the mid-3x area in the next 12 months. A stable outlook would be predicated on a successful AHS separation, and ServiceMaster netting approximately $425 million of proceeds from the monetization of its 19.9% equity stake in AHS, and reducing debt to around $1.4 billion. We also expect the separation of AHS would be smooth and the company's operating performance would be stable with the Terminix business continuing to grow before we would revise the outlook. "We could lower our ratings on the company if its leverage stays above 4x. This could occur if the projected AHS equity monetization is significantly lower than our expectation. We estimate that debt levels around $1.6 billion in 2019 would result in leverage stayed above 4x. This could also occur if financial policy becomes more aggressive and the company depletes cash reserves or uses debt to make large acquisitions or shareholder returns. It could also occur if the company's operating performance deteriorates because of increasing competitive pressure in its Terminix segment that causes significant profitability erosion. We estimate EBITDA would need to decrease by about 15% for this occur." SEVEN TOWER: Confirmation Hearing for 2nd Amended Plan Aug. 15 -------------------------------------------------------------- Bankruptcy Judge Jean K. FitzSimon approved Seven Tower Bridge Associates' disclosure statement in support of its second amended plan of reorganization. The Court set August 10, 2018, as the last date by which ballots must be received in order to be considered as acceptances or rejections of the Second Amended Plan of Reorganization. August 8 is fixed as the date to file and serve written objections to confirmation of the Second Amended Plan. The hearing to consider confirmation of the Debtor's Second Amended Plan of Reorganization will be held in U.S. Bankruptcy Court, 900 Market Street, Courtroom #5, Philadelphia, Pennsylvania on August 15, 2018 at 1:30 p.m. About Seven Tower Bridge Associates Seven Tower Bridge Associates listed its business as a single asset real estate (as defined in 11 U.S.C. Section 101(51B)) whose principal assets are located at 110 Washington Street Conshohocken, Pennsylvania. Seven Tower Bridge Associates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 18-11903) on March 22, 2018. In the petition signed by Donald W. Pulver, president of Seven Oliver Tower Corp., the Debtor estimated assets and liabilities of $10 million to $50 million. Judge Jean K. FitzSimon presides over the case. The Debtor hired Ciardi Ciardi & Astin, PC, as its bankruptcy counsel. SKYLINE RIDGE: Disclosure Statement Hearing Set for October 3 ------------------------------------------------------------- Bankruptcy Judge Brenda Moody Whinery will convene a hearing on Oct. 3, 2018 at 10:30 AM to consider the approval of Skyline Ridge, LLC's disclosure statement in support of its proposed plan of reorganization. The Disclosure Statement Hearing will be held in Courtroom 446 at the United States Bankruptcy Court, 38 S Scott, Tucson AZ 85701. Parties may also appear by video conference at Room 301 at the U.S. Bankruptcy Court, 230 N. First Ave, Phoenix, AZ 85003. Written objections to the disclosure statement must be filed by Sept. 19, 2018. About Skyline Ridge, LLC Based in Tucson, Arizona, Skyline Ridge, LLC is an Arizona limited liability company categorized under residential contractor. Skyline Ridge filed for chapter 11 bankruptcy protection (Bankr. D. Ariz. Case No. 18-01908) on March 1, 2018, listing its estimated assets at $1 million to $10 million and estimated liabilities at $1 million to $10 million. The petition was signed by Ahmad Zarifi, managing member and sole owner. SPA 810: Taps Jonathan Miller as Accountant ------------------------------------------- Spa 810, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Jonathan Miller, CPA, PC as its accountant. The firm will assist the Debtor in the preparation of its income tax returns and will provide consulting, bookkeeping and reconciliation services. The firm will charge these hourly rates: Jonathan Miller, CPA $250 Paraprofessional Staff $65 to $125 Administrative Services $45 Jonathan Miller, a certified public accountant, disclosed in a court filing that he and his firm are "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Jonathan Miller Jonathan Miller, CPA, PC 5010 E Shea Blvd., Suite 140 Scottsdale AZ 85254 Main Office: 602-535-1197 About SPA 810 and Phoenix Global Consulting Services SPA 810, LLC -- https://www.spa810.com -- owns and operates spas. It is headquartered in Scottsdale, Arizona, with locations in Texas, Arkansas, Florida, Iowa, Minnesota, Georgia, Oklahoma, Colorado, and Kentucky. SPA 810 and affiliate Phoenix Global Consulting Services sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case Nos. 18-06718 and 18-06719) on June 11, 2018. At the time of the filing, SPA 810 estimated assets of less than $500,000 and liabilities of less than $1 million to $10 million; and Phoenix Global estimated less than $50,000 in assets and less than $1 million in liabilities. The Debtors tapped Dickinson Wright PLLC as their legal counsel. On June 22, 2018, the Office of the U.S. Trustee appointed an official committee of unsecured creditors in the Debtors' cases. The committee hired Tiffany & Bosco, P.A. as its legal counsel. SPINLABEL TECHNOLOGIES: Solicitation Period Extended Until Sept. 4 ------------------------------------------------------------------ The Hon. Erik P. Kimball of the U.S. Bankruptcy Court for the Southern District of Florida, at the behest of SpinLabel Technologies, Inc., has extended the exclusive period to solicit acceptances for a plan of reorganization to through and including September 4, 2018. The Debtor filed a Disclosure Statement and Chapter 11 Plan of Reorganization on May 7, 2018. The Court conditionally approved the Disclosure Statement. The Court will hold a hearing August 8 to consider confirmation of the Plan. Brian Kaplan has filed an Objection to the approval of the Disclosure Statement and confirmation of the Plan. The JaMar Irrevocable Trust filed a Joinder to Dr. Kaplan's Objection to the Disclosure Statement. In seeking an extension of the solicitation period, SpinLabel explained the Debtor, Dr. Kaplan and the JaMar Irrevocable Trust are preparing a settlement agreement that encompasses terms orally agreed to by the parties that would resolve the Disclosure Objection, Confirmation Objection and the Joinder. The Debtor intends to seek approval of such agreement, and will prepare and file an amended reorganization plan and disclosure statement that is consistent with the relevant terms of the settlement agreement. In order to minimize costs, preserve judicial resources and provide the parties with additional time to finalize and execute such settlement agreement, the Debtor seeks to extend the Exclusive Solicitation Period for a period of 60 days through and including September 4. The Debtor anticipates the extension will provide it with sufficient time to seek approval of such settlement, obtain an order approving such settlement that becomes final and non-appealable, prepare and file an amended plan and disclosure statement, obtain conditional approval of such disclosure statement and seek votes in favor of such amended plan. About SpinLabel Technologies SpinLabel Technologies, Inc. -- http://www.spinlabels.com/-- is a Florida-based company dedicated to building and licensing its unique labeling technology that builds brand value by engaging current and prospective customers in the shopping corridor and at home. SpinLabel's proprietary, patented label Technology enables a spinning label (an outer Label over an inner label) to almost double the valuable messaging space on a container. SpinLabel is aligned with top label manufacturers globally to facilitate easy integration into most types of existing consumer product packaging. Based in Miami, Florida, SpinLabel -- which does business as Spinformation, Inc., as Accudial Pharmaceutical, Inc., and as Accudial, Inc. -- filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 17-20123) on Aug. 9, 2017. In the petition signed by Alan Shugarman, its director, the Debtor estimated $1 million to $10 million in both assets and liabilities. Bradley S. Shraiberg, Esq., at Shraiberg Landaue & Page PA, serves as the Debtors' bankruptcy counsel. Genovese Joblove & Battista, P.A., as special counsel; and Marcum LLP tax accountant. No official committee of unsecured creditors has been appointed in the Debtor's case. STATESBORO LIFE: Sept. 11 Plan Confirmation Hearing --------------------------------------------------- Judge Edward J. Coleman III of the U.S. Bankruptcy Court for the Southern District of Georgia approved the disclosure statement with respect to Statesboro Life Restaurant Group, Inc.'s Chapter 11 plan. A hearing to consider confirmation of the Plan will be held on Sept. 11, 2018, at 2:30 p.m. The last date for filing written objections to the confirmation of the Plan is on Sept. 4. About Statesboro Life Restaurant Group Based in Greensboro, Georgia, Statesboro Life Restaurant Group, Inc. is a single asset real estate (as defined in 11 U.S.C. Section 101(51B)) debtor. Its principal place of business is located at 6319 Bank Dairy Road, in Statesboro, Georgia. The company was founded in 2010. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ga. Case No. 17-60521) on Dec. 1, 2017. The petition was signed by Christian Bennett, owner and stockholder. At the time of the filing, the Debtor disclosed $634,725 in assets and $1.34 million in liabilities. Judge Edward J Coleman III presides over the case. The Debtor tapped Merrill & Stone, LLC as its legal counsel. STEADYMED LTD: Shareholders OK Merger with United Therapeutics -------------------------------------------------------------- SteadyMed Ltd. held an extraordinary general meeting of its shareholders on July 30, 2018, during which the Company's shareholders approved the Agreement and Plan of Merger, dated as of April 29, 2018, by and among the Company, United Therapeutics Corporation, and Daniel 24043 Acquisition Corp. Ltd. The Company's shareholders also approved, on a non-binding, advisory basis, certain compensation that will be paid or may become payable to the Company's named executive officers in connection with the transactions contemplated by the Merger Agreement and ancillary agreements. As previously announced on April 30, 2018, United Therapeutics and SteadyMed entered into a definitive merger agreement under which United Therapeutics will acquire SteadyMed for $4.46 per share in cash at closing and one contractual contingent value right per share (subject to the Contingent Value Rights Agreement), which will represent the right to receive $2.63 in cash upon the achievement of a milestone related to the commercialization of Trevyent. About SteadyMed Rehovot, Israel-based SteadyMed Ltd. -- http://www.steadymed.com/ -- is a specialty pharmaceutical company focused on the development and commercialization of therapeutic product candidates that address the limitations of market-leading products for certain orphan indications and in other well-defined, high-margin specialty markets. The company's primary focus is to obtain approval for the sale of Trevyent, its lead product candidate for the treatment of pulmonary arterial hypertension, or PAH, in the United States. The company also has two other product candidates, for the treatment of post-surgical and acute pain in the home setting, referred to as its At Home Patient Analgesia, or AHPA, products, that are at an earlier stage of development. SteadyMed incurred a net loss of US$23.20 million in 2017 following a net loss of US$25.86 million in 2016. As of March 31, 2018, SteadyMed had US$33.16 million in total assets, US$19.33 million in total current and non-current liabilities and total shareholders' equity of US$13.83 million. The report from the Company's independent accounting firm Kost Forer Gabbay & Kasierer, a member of Ernst & Young Global, the company's auditor since 2012, on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that the Company has recurring losses from operations that raises substantial doubt about its ability to continue as a going concern. STEAM DISTRIBUTION: Exclusive Plan Filing Period Moved to Oct. 22 ----------------------------------------------------------------- The Hon. August B. Landis of the U.S. Bankruptcy Court for the District of Nevada, at the behest of Steam Distribution LLC and its affiliates, has extended the Debtors' exclusive periods to file a plan of reorganization and obtain acceptances thereof, to and including October 22, 2018 and December 21, 2018 respectively. The Troubled Company Reporter has previously reported that the Debtors sought a 90-day exclusivity extension. The Debtors' first intention for reorganization is to attempt settlement with AOP Ventures, Inc. to address AOP's large disputed claim at $4.7 million -- which could decrease or increase to nearly $15 million -- and avoid the continuing high cost of litigation with AOP. The Debtors attempted to mediate and settle the litigation with AOP multiple time, but AOP's payment demands far outstretched what the Debtors could afford to pay. The attorneys for AOP and the Debtors have been working together in an attempt to obtain a hearing date for the Mediation in July, so that they can try to reach a global resolution of their disputes -- which would give more certainty as to the proposed form and terms of the Debtors' Plan. Thus, the Debtors believed that it would be premature to file a Plan at this time. The Debtors told the Court that good cause exists to extend their plan exclusivity periods because, among other reasons: (1) The claims bar date of August 1, 2018 has not yet passed and the Debtors require additional time to allow such bar date to pass and to carefully analyze the amount, validity and extent of the claims asserted against them which will need to be addressed in the Plan; (2) The Debtors have begun discussions with certain key creditors, including AOP Ventures, Inc., about their chapter 11 goals and exit plan, and are not yet ready to propose a Plan; (3) This is the Debtors' initial request for extension of the exclusivity periods; (4) The Debtors are current on all material reporting requirements under the Bankruptcy Code, Bankruptcy Rules and Guidelines of the Office of the U.S. Trustee. (5) The form and terms of the Debtors' eventual Plan will likely be influenced by the amount, if any, of AOP's disputed and partially unliquidated claim. About Steam Distribution Steam Distribution -- http://www.onehitwondereliquid.com/-- is a wholesaler and distributor in the vape/e-cig industries. Handcrafted in Los Angeles, California, One Hit Wonder eLiquid contains ingredients including TruNic 100% USA grown and extracted liquid nicotine. Steam Distribution, LLC, Havz, LLC, d/b/a Steam Wholesale and One Hit Wonder, Inc., each filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case Nos. 18-11598 to 18-11600), commencing their bankruptcy cases on March 26, 2018. The Debtors have filed motions requesting joint administration of their three cases. In the petitions signed by Robert Hackett, managing member, Steam Distribution and One Hit Wonder estimated assets and liabilities at $1 million to $10 million each, while Havz estimated $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. The Hon. August B. Landis and the Hon. Mike K. Nakagawa are assigned to these cases. The Debtors hired Candace C. Carlyon, Esq. of Clark Hill PLLC as local counsel; and John Patrick M. Fritz, Esq. of Levene, Neale, Bender, Yoo & Brill LLP as its legal counsel. The U.S. Trustee for Region 17 on May 18, 2018, appointed five creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases. The committee members are: (1) AOP Ventures, Inc.; (2) Chubby Gorilla, Inc.; (3) Team 32 Packaging; (4) WJ Labs LLC/Custom Research Labs, Inc.; and (5) Starbuzz Tobacco, Inc. STONEMOR PARTNERS: ACII Holds 6.2% of Common Units -------------------------------------------------- In a Schedule 13D/A filed with the Securities and Exchange Commission, these entities reported beneficial ownership of common units representing limited partner interests of StoneMor Partners L.P. as of July 31, 2018: Shares Percentage Beneficially of Reporting Persons Owned Units ----------------- ------------ ---------- American Cemeteries Infrastructure Investors, LLC 2,364,162 6.2% AIM Universal Holdings, LLC 2,364,162 6.2% StoneMor GP Holdings LLC 2,332,878 6.1% Matthew P. Carbone 2,364,162 6.2% Robert B. Hellman, Jr. 4,732,751 12.5% The percentages are calculated based upon 37,958,645 Common Units outstanding on June 20, 2018, as disclosed by the Issuer on its annual report on Form 10-K, filed July 17, 2018. The Schedule 13D, as amended, was filed on behalf of American Cemeteries Infrastructure Investors, LLC, AIM Universal Holdings, LLC, the sole manager of ACII, StoneMor GP Holdings LLC, Matthew P. Carbone, a managing member of AUH, and Robert B. Hellman, Jr., a director of StoneMor GP LLC, the general partner of the Issuer, and a managing member of AUH. These common units representing limited partner interests are held by ACII. AUH is the sole manager of ACII. The Managing Members are managing members of AUH and may be deemed to share voting and dispositive power over the Common Units held by ACII. On July 31, 2018, StoneMor GP Holdings LLC, a Delaware limited liability company, and Robert B. Hellman, Jr., in his capacity as trustee under the Voting and Investment Trust Agreement for the benefit of American Cemeteries Infrastructure Investors, LLC, entered into a non-binding Memorandum of Understanding with Axar Capital Management, LP, a Delaware limited partnership, and pursuant to which each of Axar and ACII indicated on a non-binding basis, among other things, to support a corporate reorganization to transition the Issuer from a Delaware limited partnership into a newly formed Delaware corporation, to be named StoneMor Inc. whose common stock is expected to be listed for trading on the New York Stock Exchange. Pursuant to the MOU, Axar and ACII have indicated on a non-binding basis, provided that (i) the corporate reorganization is to be effected on the terms outlined in the MOU and is approved by the Conflicts Committee of the board of directors of the General Partner and (ii) the terms of the settlement of the incentive distribution rights and the economic interest of the General Partner agreed to between the Conflicts Committee and each of ACII and GP Holdings are reasonably acceptable to Axar, to enter into voting agreements to vote their common units of the Issuer in favor of the corporate reorganization. In addition, the MOU contemplates certain post-conversion governance provisions relating to StoneMor Inc., including that the merger agreement for the corporate reorganization will provide for a nine member board of directors, with ACII having the right to designate two directors and Axar having the right to designate one director, so long as each holds specified amounts of common stock, as well as a standstill agreement to be entered into by each of Axar and ACII limiting their respective actions with respect to StoneMor Inc. so long as each has board representation. The MOU also contemplates that, if definitive agreements relating to the corporate reorganization are entered into, each of ACII and Axar will have the right to participate, pro rata, based on its respective ownership percentage of the outstanding equity, in future equity raises, if any, by the Issuer or StoneMor Inc. A full-text copy of the regulatory filing is available at: https://is.gd/8nB6Jy About StoneMor Partners StoneMor Partners L.P., headquartered in Trevose, Pennsylvania -- http://www.stonemor.com/-- is an owner and operator of cemeteries and funeral homes in the United States, with 322 cemeteries and 93 funeral homes in 27 states and Puerto Rico. StoneMor is the only publicly traded death care company structured as a partnership. StoneMor's cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise. Stonemor reported a net loss of $75.15 million on $338.22 million of total revenues for the year ended Dec. 31, 2017, compared to a net loss of $30.48 million on $326.23 million of total revenues for the year ended Dec. 31, 2016. As of Dec. 31, 2017, Stonemor had $1.75 billion in total assets, $1.66 billion in total liabilities and $91.69 million in total partners' capital. * * * In April 2018, S&P Global Ratings affirmed its 'CCC+' corporate credit rating on StoneMor Partners L.P. S&P said, "The rating affirmation reflects our expectation that the company can generate operating cash flow of approximately $25 million in 2018 to support operating needs for at least another year." STONEMOR PARTNERS: Axar Capital Owns 17.5% of Common Units ---------------------------------------------------------- In a Schedule 13D/A filed with the Securities and Exchange Commission, Axar Capital Management, LP, Axar GP, LLC and Andrew Axelrod disclosed that as of July 31, 2018, they beneficially own 6,650,613 common units representing limited partnership interests, constituting 17.5% of the Units outstanding. On July 31, 2018, the Investment Manager entered into a non-binding Memorandum of Understanding with the General Partner and Robert Hellman, in his capacity as trustee under the Voting and Investment Trust Agreement for the benefit of American Cemeteries Infrastructure Investors, LLC pursuant to which each of the Investment Manager and ACII indicated on a non-binding basis, among other things, their intention to support a corporate reorganization to transition the Issuer from a Delaware limited partnership into a newly formed Delaware corporation, to be named StoneMor Inc., whose common stock is expected to be listed for trading on the New York Stock Exchange. Pursuant to the MOU, the Investment Manager and ACII have indicated on a non-binding basis, provided that (i) the corporate reorganization is to be effected on the terms outlined in the MOU and is approved by the Conflicts Committee of the board of directors of the General Partner and (ii) the terms of the settlement of the incentive distribution rights and the economic interest of the General Partner agreed upon by the Conflicts Committee, on one hand, and ACII and StoneMor GP Holdings LLC, on the other hand, are reasonably acceptable to the Investment Manager, their intention to enter into voting agreements to vote their Common Units of the Issuer in favor of the corporate reorganization. In addition, the MOU contemplates certain post-conversion governance provisions relating to StoneMor Inc., including that the merger agreement for the corporate reorganization will provide for a nine member board of directors, with ACII having the right to designate two directors and the Investment Manager having the right to designate one director so long as each holds specified amounts of Common Units, as well as a standstill agreement to be entered into by each of the Investment Manager and ACII limiting their respective actions with respect to StoneMor Inc. so long as each has board representation. The MOU also contemplates that, if definitive agreements relating to the corporate reorganization are entered into, each of ACII and the Investment Manager will have the right to participate, prorata based on its respective ownership percentage of the outstanding equity in future equity raises, if any, by the Issuer or StoneMor Inc. The MOU may result in the Reporting Persons being deemed a "group" with ACII and certain of their affiliates within the meaning of Section 13(d) of the Securities Exchange Act of 1934, as amended. Although the Reporting Persons and the ACII Reporting Persons may be deemed to be a "group" with each other within the meaning of Section 13(d) of the Exchange Act, the Reporting Persons do not believe that they are part of a group with the ACII Reporting Persons and expressly disclaim membership in any "group" with the ACII Reporting Persons. A full-text copy of the regulatory filing is available at: https://is.gd/vlXrEf About StoneMor Partners StoneMor Partners L.P., headquartered in Trevose, Pennsylvania -- http://www.stonemor.com/-- is an owner and operator of cemeteries and funeral homes in the United States, with 322 cemeteries and 93 funeral homes in 27 states and Puerto Rico. StoneMor is the only publicly traded death care company structured as a partnership. StoneMor's cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise. Stonemor reported a net loss of $75.15 million on $338.22 million of total revenues for the year ended Dec. 31, 2017, compared to a net loss of $30.48 million on $326.23 million of total revenues for the year ended Dec. 31, 2016. As of Dec. 31, 2017, Stonemor had $1.75 billion in total assets, $1.66 billion in total liabilities and $91.69 million in total partners' capital. * * * In April 2018, S&P Global Ratings affirmed its 'CCC+' corporate credit rating on StoneMor Partners L.P. S&P said, "The rating affirmation reflects our expectation that the company can generate operating cash flow of approximately $25 million in 2018 to support operating needs for at least another year." STORE IT REIT: Committee Taps Dunn Carney as Special Counsel ------------------------------------------------------------ The Official Committee of Equity Security Holders of Store It REIT, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain Dunn Carney Allen Higgins and Tongue LLP as counsel to the Committee. The Committee seeks to employ Dunn Carney as special counsel for the special purpose of pursuing the Malfeasance Claims against Debtor's CEO and the Corporate Governance Work. Dunn Carney will be called upon to provide such specialized services in connection with the Malfeasance Claims and Corporate Governance Work that the Committee determines are necessary. Dunn Carney's hourly rates are: Partner $400 to $525 Associates/Senior Counsel $300 to $400 Paraprofessionals $100 to $250 Coni S. Rathbone (Of Counsel) $495 David C. Boyer (Associate) $325 The counsel can be reached through: Coni S. Rathbone, Esq. DUNN CARNEY PC 851 SW Sixth Avenue, Suite 1500 Portland, OR 97204 Phone: (503) 224-6440, ext.366 Fax: (503) 2247324 Email: crathbone@Dunn_Carey.com About Store It REIT Store It REIT, Inc., formerly known as Evergreen Realty REIT, Inc., and American Spectrum REIT I, Inc., is a privately held company in Ketchum, Idaho engaged in activities related to real estate. The Company has 98.64% equity interest in Evergreen REIT, LP. Evergreen REIT, LP, is a real estate investment trust owning interest in entities that own tenant in common, limited partnership, and/or general partnership interest in three self-storage facilities. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 18-32179) on April 27, 2018, listing $13.18 million in total assets and $127,143 in total liabilities. The petition was signed by William J. Carden, president and director. Judge Marvin Isgur presides over the case. The Debtor tapped Deirdre Carey Brown, Esq., at Hoover Slovacek LLP, as its bankruptcy counsel. SUMMIT HILL: Hires Ciardi Ciardi & Astin as Legal Counsel --------------------------------------------------------- Summit Hill Development, LLC, seeks authority from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania in Philadelphia to hire Ciardi Ciardi & Astin as legal counsel. Services to be rendered by Ciardi Ciardi & Astin are: a. give the Debtor legal advice with respect to its powers and duties as a Debtor-in-possession; b. prepare on behalf of the Debtor any necessary applications, motions, answers, orders, reports and other legal papers; and c. perform all other legal services for the Debtor which may be necessary. Ciardi Ciardi & Astin's hourly rates are: Albert A. Ciardi, III $515 Jennifer C. McEntee $350 Daniel S. Siedman $300 Addrienne N. Andersen $300 Stephanie Frizlen $120 Albert A. Ciardi, III, Esq., managing partner at Ciardi Ciardi & Astin, attests that his firm is a disinterested person as that term is defined in 11 U.S.C. Sec. 101(1). The counsel can be reached through: Albert A. Ciardi, III Ciardi Ciardi & Astin, P.C. One Commerce Square 2005 Market Street, Suite 3500 Philadelphia, PA 19103 Phone: (215) 557-3550 Fax : 215-557-3551 E-mail: aciardi@ciardilaw.com About Summit Hill Development Summit Hill Development, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 18-14770) on July 19, 2018, listing under $1 million in both assets and liabilities. Ciardi Ciardi & Astin, P.C., led by Albert A. Ciardi, III, Esq., serves as the Debtor's counsel. SUNCREST STONE: Taps McMurry Smith as Accountant ------------------------------------------------ Suncrest Stone Products, LLC and 341 Stone Properties, LLC, seek approval from the U.S. Bankruptcy Court for the Middle District of Georgia to hire McMurry Smith & Company as their accountant. The firm will assist the Debtors in reorganizing their financial reporting system and documents; prepare monthly operating reports and documents required for the filing of their 2018 tax returns; and provide other accounting services needed by the Debtors. Don Smith, a partner at McMurry, will be the lead accountant and will charge an hourly fee of $175. The hourly rates for other accountants and employees who are expected to provide services range from $75 to $175. McMurry neither holds nor represents any interest adverse to the Debtors, according to court filings. The firm can be reached through: Don W. Smith McMurry Smith & Company 2425 University Blvd. West Jacksonville, FL 32217 Phone: (904) 398-2103 About Suncrest Stone Products Suncrest Stone Products, LLC -- https://www.suncreststone.com -- is a stone supplier in Ashburn, Georgia. Its products include Ashlar, Country Ledge, Ledge, River Rock, Olde-Castle, Splitface, Stock, and Rubble. Suncrest Stone Products and 341 Stone Properties, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Lead Case No. 18-10850) on July 13, 2018. In the petition signed by Max Suter, authorized officer, Suncrest estimated assets of less than $1 million and liabilities of $1 million to $10 million. 341 Stone estimated $1 million to $10 million in assets and $1 million to $10 million in liabilities. Judge Austin E. Carter presides over the cases. Stone & Baxter, LLP is the Debtors' counsel. SUPERIOR HOME SAN ANTONIO: Can Use Healthcare Receivable's Cash --------------------------------------------------------------- The Hon. Ronald B. King the U.S. Bankruptcy Court for the Western District of Texas signs a final order authorizing Superior Home Health of San Antonio, LLC to use the cash collateral of Healthcare Receivable Lenders, Inc. and/or the Internal Revenue Service to pay ordinary and necessary operating expenses pertaining to the Property and Collateral from the Petition Date until this case is confirmed, converted to chapter 7, or dismissed. The Debtor is party to that certain credit and security agreement by and between Superior Home Health of Eagle Pass, LLC, Superior Home Health of San Antonio, LLC and Superior Home Health Services, LLC as Borrower and Healthcare Receivable Lenders, Inc., as Lender. Under the Credit Agreement, Healthcare Receivable was granted a security interest and lien on the Debtors' Cash Collateral. Prior to the Petition Date, the Internal Revenue Service filed notices of federal tax liens related to certain outstanding tax liabilities of the Debtor and, pursuant to applicable nonbankruptcy law, those federal tax liens may attach to Cash Collateral. The Debtor is authorized to use cash collateral strictly in accordance with the terms of the Final Order and will be limited to paying expenses listed on the Budget attached to the Debtor's motion with a 10% variance, including salaries to Officers as provided for in the Budget. Additionally, the Debtor is authorized to pay its prorate share of any joint Ombudsman Fees ordered by the Court and its prorate share of fees owed to Ability Network, Inc. pursuant to the Court's Order. The Debtor is authorized to use cash collateral to pay other expenses related to the Property, which are not listed on the Budget, only upon first obtaining written consent from Healthcare Receivable and/or the IRS. The Debtor will maintain a debtor-in-possession account, which will receive and contain any and all other sources of cash constituting Healthcare Receivable Lenders, Inc.'s and the IRS' Cash Collateral, which is generated by and is attributable to the Property and Collateral. All cash generated from the Property and Collateral during the pendency of the Debtor's bankruptcy case, including any cash held in any of the Debtor's pre-petition accounts, will be placed and held in the DIP Account. The Debtor will account to Healthcare Receivable and/or the IRS for all of the Cash Collateral that Debtor possesses, has deposited in the DIP Account, or that it has permitted to be transferred, if any, into the possession of others or to accounts other than the DIP Account that are being held by those in privity with the Debtor, or which the Debtor might hereafter obtain. The Debtor will continue paying Healthcare Receivable interest and fees due under the Credit Agreement -- which will be calculated and charged on the principal amount outstanding at the interest rate set forth in the Credit Agreement -- each month on the 16th of each and every month with the next payment being made on June 16, 2018. The current payment amount is agreed to be $2,600. Upon 21-day notice from HealthCare Receivable, the payment will be adjusted to account for changes in the prime interest rate. Healthcare Receivable is granted a valid, binding, enforceable, and automatically perfected liens that will be co-extensive with Healthcare Receivable's pre-petition liens, of which Healthcare Receivable's lien is a secured, valid, binding and enforceable lien on the Property and Collateral and limited to the diminution of the value of Healthcare Receivable's Collateral, to the same extent, validity, and priority as existed on the Petition Date, in all currently owned or hereafter acquired property and assets of Debtor, on all accounts (including deposit accounts and accounts receivable). The IRS is also granted a replacement lien and security interest on all of Debtor’s assets and proceeds thereof to the extent acquired after the Petition Date and to the same extent, priority and validity as the IRS' existing lien(s) on the Petition Date. However, the ad valorem tax liens currently held by the various ad valorem tax entities will neither be primed by nor subordinated to any liens granted in the Final Order. The Debtor will pay all post-petition tax obligations when due, including but not limited to, deposit of employee withholdings for income, Social Security taxes and hospital insurance (Medicare) and employer's contribution for Social Security taxes and deposit excise tax, if applicable. The Debtor will file all present and future tax returns as they become due. The Debtor will prepare and file these returns with the Internal Revenue Service in the normal course of business and will provide a copy of the returns and proof of payment via email to the following addresses: (1) Keri.A.Templeton@irs.gov and (2) gary.wright@usdoj.gov A full-text copy of the Final Order is available at http://bankrupt.com/misc/txwb18-50599-32.pdf About Superior Home Health Services and Affiliates Superior Home Health -- http://superiorforyou.com/-- is a provider of home health and hospice care services with locations in Texas and Nevada. The Debtors are affiliates of Big Guns Petroleum, Inc., which sought bankruptcy protection on March 13, 2018 (Bankr. W.D. Tex. Case No. 18-50569). Superior Home Health Services, LLC and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 18-50597) on March 16, 2018. The petitions were signed by Belinda Juarez, president. The Debtors estimated assets of less than $500,000 and liabilities of less than $1 million. Smeberg Law Firm, PLLC, serves as the Debtors' legal counsel. The Hon. Ronald B. King is assigned to the case. Affiliates that filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Superior Home Health Services, LLC 18-50597 Superior Home Health of Eagle Pass, LLC 18-50598 Superior Home Health of San Antonio, LLC 18-50599 Superior Hospice of McAllen, LLC 18-50600 Superior Hospice of Del Rio, LLC 18-50601 Superior Hospice, LLC 18-50602 An order was entered in March 2018 directing the joint administrative of the chapter 11 cases of Superior Hospice of McAllen, LLC, Superior Hospice, LLC,Superior Home Health Services, LLC, Superior Home Health of San Antonio, LLC, Superior Home Health of Eagle Pass, LLC, and Superior Hospice of Del Rio, LLC. The Superior Hospice of McAllen's case is the lead case. SUPERIOR HOSPICE DEL RIO: Has Final OK to Use Channel's Cash ------------------------------------------------------------ The Hon. Ronald B. King the U.S. Bankruptcy Court for the Western District of Texas entered a final order authorizing Superior Hospice of Del Rio, LLC to use cash collateral from the Petition Date until this case is confirmed, converted to chapter 7, or dismissed. The Debtor is authorized to use cash collateral strictly in accordance with the terms of the Final Order and will be limited to paying expenses listed on the Budget attached to the Debtor's motion with a 10% variance, including salaries to Officers as provided for in the Budget. Additionally, the Debtor is authorized to pay its prorate share of any joint Ombudsman Fees ordered by the Court and its prorate share of fees owed to Ability Network, Inc. pursuant to the Court's Order. The Debtor will maintain a debtor-in-possession account, which will receive and contain any and all other sources of cash constituting Channel Partners' Cash Collateral, which is generated by and is attributable to the Property and Collateral. All cash generated from the Property and Collateral during the pendency of the Debtor's bankruptcy case, including any cash held in any of the Debtor's pre-petition accounts, will be placed and held in the DIP Account. The Debtor is authorized to use cash collateral to pay other expenses related to the Property, which are not listed on the Budget, only upon first obtaining written consent from Channel Partners and EBF Partners. The Debtor will account to Channel Partners for all of the Cash Collateral that Debtor possesses, has deposited in the DIP Account, or that it has permitted to be transferred, if any, into the possession of others or to accounts other than the DIP Account that are being held by those in privity with the Debtor, or which the Debtor might later obtain. Lender is granted a valid, binding, enforceable, and automatically perfected liens that will be co-extensive with Lender's pre-petition liens, of which Channel Partners' lien is a secured, valid, binding and enforceable lien on the Property and Collateral and limited to the diminution of the value of Partners' Collateral, to the same extent, validity, and priority as existed on the Petition Date, in all currently owned or hereafter acquired property and assets of Debtor, on all accounts (including deposit accounts and accounts receivable). The Debtor will continue paying Channel Partners adequate assurance payments in the amount of $560 on the 16th of each and every month. The Internal Revenue Service is also granted a replacement lien and security interest on all of Debtor's assets and proceeds thereof to the extent acquired after the Petition Date and to the same extent, priority and validity as the IRS' existing liens on the Petition Date. However, the ad valorem tax liens currently held by the various ad valorem tax entities will neither be primed by nor subordinated to any liens granted in the Final Order. The Debtor will pay all post-petition tax obligations when due, including but not limited to, deposit of employee withholdings for income, Social Security taxes and hospital insurance (Medicare) and employer's contribution for Social Security taxes and deposit excise tax, if applicable. The Debtor will file all present and future tax returns as they become due. The Debtor will prepare and file these returns with the IRS in the normal course of business and will provide a copy of the returns and proof of payment via email to the following addresses: (1) Keri.A.Templeton@irs.gov and (2) gary.wright@usdoj.gov A full-text copy of the Final Order is available at http://bankrupt.com/misc/txwb18-50601-30.pdf About Superior Home Health Services and Affiliates Superior Home Health -- http://superiorforyou.com/-- is a provider of home health and hospice care services with locations in Texas and Nevada. The Debtors are affiliates of Big Guns Petroleum, Inc., which sought bankruptcy protection on March 13, 2018 (Bankr. W.D. Tex. Case No. 18-50569). Superior Home Health Services, LLC and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 18-50597) on March 16, 2018. The petitions were signed by Belinda Juarez, president. The Debtors estimated assets of less than $500,000 and liabilities of less than $1 million. Smeberg Law Firm, PLLC, serves as the Debtors' legal counsel. The Hon. Ronald B. King is assigned to the case. Affiliates that filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Superior Home Health Services, LLC 18-50597 Superior Home Health of Eagle Pass, LLC 18-50598 Superior Home Health of San Antonio, LLC 18-50599 Superior Hospice of McAllen, LLC 18-50600 Superior Hospice of Del Rio, LLC 18-50601 Superior Hospice, LLC 18-50602 An order was entered in March 2018 directing the joint administrative of the chapter 11 cases of Superior Hospice of McAllen, LLC, Superior Hospice, LLC,Superior Home Health Services, LLC, Superior Home Health of San Antonio, LLC, Superior Home Health of Eagle Pass, LLC, and Superior Hospice of Del Rio, LLC. The Superior Hospice of McAllen's case is the lead case. SUPERIOR HOSPICE MCALLEN: Has Final OK to Use Channel & EBF Cash ---------------------------------------------------------------- The Hon. Ronald B. King the U.S. Bankruptcy Court for the Western District of Texas signs a final order authorizing Superior Hospice of McAllen, LLC to use cash collateral from the Petition Date until this case is confirmed, converted to chapter 7, or dismissed. The Debtor is authorized to use cash collateral strictly in accordance with the terms of the Final Order and will be limited to paying expenses listed on the Budget attached to the Debtor's motion with a 10% variance, including salaries to Officers as provided for in the Budget. Additionally, the Debtor is authorized to pay its prorate share of any joint Ombudsman Fees ordered by the Court and its prorate share of fees owed to Ability Network, Inc. pursuant to the Court's Order. The Debtor will maintain a debtor-in-possession account, which will receive and contain any and all other sources of cash constituting Channel Partners' and EBF Partners' Cash Collateral, which is generated by and is attributable to the Property and Collateral. All cash generated from the Property and Collateral during the pendency of the Debtor's bankruptcy case, including any cash held in any of the Debtor's pre-petition accounts, will be placed and held in the DIP Account. The Debtor is authorized to use cash collateral to pay other expenses related to the Property, which are not listed on the Budget, only upon first obtaining written consent from Channel Partners and EBF Partners. The Debtor will account to Channel Partners and EBF Partners for all of the Cash Collateral that the Debtor possesses, has deposited in the DIP Account, or that it has permitted to be transferred, if any, into the possession of others or to accounts other than the DIP Account that are being held by those in privity with the Debtor, or which the Debtor might later obtain. The Debtor will continue paying Channel Partners and EBF Partners adequate assurance payments in the amount of $583 to Channel Partners and $142.00 to EBF Partners on the 16th of each and every month. Channel Partners and EBF Partners are each granted a valid, binding, enforceable, and automatically perfected liens that will be co-extensive with their respective pre-petition liens, of which Channel Partners' and EBF Partners' lien is a secured, valid, binding and enforceable lien on the Property and Collateral and limited to the diminution of the value of Channel Partners' and EBF Partners' Collateral, to the same extent, validity, and priority as existed on the Petition Date, in all currently owned or hereafter acquired property and assets of Debtor, on all accounts (including deposit accounts and accounts receivable). The Internal Revenue Service is also granted a replacement lien and security interest on all of Debtor's assets -- but excluding the Debtor's claims and causes of action, including but not limited to, any claims and causes of action that the Debtor may have under Chapter 5 of the Bankruptcy Code and recovery relating thereto -- and proceeds thereof to the extent acquired after the Petition Date and to the same extent, priority and validity as the IRS' existing lien(s) on the Petition Date. However, the ad valorem tax liens currently held by the various ad valorem tax entities will neither be primed by nor subordinated to any liens granted in the Final Order. The Debtor is directed to pay all post-petition tax obligations when due, including but not limited to, deposit of employee withholdings for income, Social Security taxes and hospital insurance (Medicare) and employer's contribution for Social Security taxes and deposit excise tax, if applicable. The Debtor is directed to file all present and future tax returns as they become due. The Debtor will prepare and file these returns with the Internal Revenue Service in the normal course of business and will provide a copy of the returns and proof of payment via email to the following addresses: (1) Keri.A.Templeton@irs.gov and (2) gary.wright@usdoj.gov A full-text copy of the Final Order is available at http://bankrupt.com/misc/txwb18-50600-76.pdf About Superior Home Health Services and Affiliates Superior Home Health -- http://superiorforyou.com/-- is a provider of home health and hospice care services with locations in Texas and Nevada. The Debtors are affiliates of Big Guns Petroleum, Inc., which sought bankruptcy protection on March 13, 2018 (Bankr. W.D. Tex. Case No. 18-50569). Superior Home Health Services, LLC and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 18-50597) on March 16, 2018. The petitions were signed by Belinda Juarez, president. The Debtors estimated assets of less than $500,000 and liabilities of less than $1 million. Smeberg Law Firm, PLLC, serves as the Debtors' legal counsel. The Hon. Ronald B. King is assigned to the case. Affiliates that filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Superior Home Health Services, LLC 18-50597 Superior Home Health of Eagle Pass, LLC 18-50598 Superior Home Health of San Antonio, LLC 18-50599 Superior Hospice of McAllen, LLC 18-50600 Superior Hospice of Del Rio, LLC 18-50601 Superior Hospice, LLC 18-50602 An order was entered in March 2018 directing the joint administrative of the chapter 11 cases of Superior Hospice of McAllen, LLC, Superior Hospice, LLC,Superior Home Health Services, LLC, Superior Home Health of San Antonio, LLC, Superior Home Health of Eagle Pass, LLC, and Superior Hospice of Del Rio, LLC. The Superior Hospice of McAllen's case is the lead case. SUPERMOOSE BORROWER: Moody's Assigns B3 CFR, Outlook Stable ----------------------------------------------------------- Moody's Investors Service assigned to SuperMoose Borrower, LLC a B3 Corporate Family rating, a B3-PD Probability of Default rating, a B2 to the proposed senior secured first lien term loan and revolving credit facilities and a Caa2 to the proposed senior secured second lien term loan. The rating outlook is stable. The proceeds of the proposed debt along with rolled-over and new cash equity from affiliates of Bain Capital Private Equity and Vista Equity Partners will be used to i) purchase Palermo TT Holdings, Inc., Ramundsen Holdings, LLC, and Aptean, Inc.'s local government enterprise resource planning software business, ii) fund $25 million of cash to the balance sheet and iii) pay transaction-related fees and expenses. TriTech (unrated) is owned by Bain; Superion (B3 stable) and Aptean (B3 stable) are owned by Vista. Upon closing, all of the existing Superion debt will be repaid and its ratings will be withdrawn. RATINGS RATIONALE "Moody's anticipation of low single digit revenue growth and over 500 basis points of profitability rate improvement from planned cost reduction initiatives drive the B3 Corporate Family rating despite the very high financial leverage and business integration-related risks from the three-way merger," said Edmond DeForest, Moody's Senior Credit Officer. SuperMoose's B3 CFR is constrained by debt to EBITDA above 10 times as of March 31, 2018 on a combined basis but not adjusted for planned cost savings, which is expected to decline to around 7.5 times by 2019 once planned cost reduction initiatives have been completed. The rating also reflects the lack of operating history as a combined entity and competition from significantly less leveraged ERP software providers including Motorola Solutions, Inc. (Baa3 negative), Oracle Corporation (A1 stable), SAP SE (A2 stable) and Tyler Technologies (unrated). Moody's considers the local government ERP software market mature and competitive. However, Moody's anticipates financial leverage and other credit metrics, including modest historical free cash flow at the predecessor entities, will improve rapidly, visibly and steadily as profit margin improvements enabled by merger integration-related expense management efforts are implemented. SuperMoose has good market presence with small and medium-sized enterprise customers in the local government market, where it provides ERP software solutions that serve as the core operating system of record for critical functions such as finance, human resources, community development, computer-aided dispatch and records management across many public administration and public safety departments. Moody's anticipates around two-thirds of SuperMoose's revenues will come from recurring sources, including maintenance and subscriptions. Historical revenue retention rates of around 100% evidence sticky product solutions that are deeply embedded in its customers' workflows and operations. The company believes its customers face up to two years to switch to a competitor's product solutions. Additionally, the company has a customer base that appears to be loyal (average tenure over 10 years) and diverse (top ten customers represent less than 10% of revenue). Liquidity is considered good. Moody's expects a cash balance of at least $25 million and full availability under the proposed $125 million undrawn revolver over the next 12 to 18 months. Free cash flow is expected to be at least $30 million in 2019 (or about 2% of debt) but should double to over $60 million by 2020, driven by modest revenue growth and cost management initiatives. Moody's anticipates good cushion under the springing financial covenant applicable to the revolver if it were to be measured. The first lien term loan has about $9 million of required annual amortization. The B2 rating on the senior secured first lien revolver and term loan reflects the B3-PD PDR and a loss given default assessment of LGD3, reflecting their priority in Moody's waterfall of claims at default ahead of all other obligations of the company. The credit facility is secured by a first lien pledge of substantially all of the domestic assets of the guarantor subsidiaries through secured upstream guarantees. The Caa2 rating on the senior secured second lien term loan reflects the B3-PD PDR and a loss given default assessment of LGD5, reflecting their subordination to the first lien debt. The loan is secured by a second lien pledge of substantially all of the domestic assets of the guarantor subsidiaries through secured upstream guarantees. The stable outlook reflects Moody's expectation of mid single-digit revenue growth, 40% EBITDA margins and debt to EBITDA below 7.5 times by the end of 2019. The ratings could be upgraded if Moody's anticipates: 1) debt to EBITDA will remain under 6.5x; 2) free cash flow to debt of at least 5%; 3) good liquidity; and 4) a demonstrated commitment to balanced financial policies. Ratings could be downgraded if: 1) customer retention declines; 2) revenues or EBITDA margins do not grow as expected; 3) debt to EBITDA remains above 7.5 times; 4) liquidity deteriorates; or 5) there is a diminished commitment to debt reduction and balanced financial policies. Issuer: SuperMoose Borrower, LLC Corporate Family Rating, Assigned at B3 Probability of Default Rating, Assigned at B3-PD Senior Secured First Lien, Assigned at B2 (LGD3) Senior Secured Second Lien, Assigned at Caa2 (LGD5) Outlook, is Stable The principal methodology used in these ratings was Software Industry published in December 2015. SuperMoose is a vertically-focused ERP software provider serving the specialized needs of the small and medium-sized enterprise segment of U.S. local governments, public safety agencies, universities, research foundations and non-profits. The public safety segment provides computer aided dispatch, records management, jail management and justice systems to streamline communication between multiple agencies; the public administration segment provides finance, human resources, community development, work management and utility billing systems to enable citizen engagement and local government operations. The company will be controlled in equal parts by Bain and Vista. Moody's expects 2019 revenue of over $400 million. SWIFT STAFFING: Hires Jewel Bunch as Consultant ----------------------------------------------- Swift Staffing Holdings, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to hire Jewel Bunch as consultant. The services Ms. Bunch will render are: a. update and maintain all Quickbooks electronic files; b. attempt collections on unpaid invoices from Swift customers; c. file quarterly UI reports; d. file quarterly 941's and Schedule B; e. file yearly 940; f. file monthly operating report; g. make monthly payments to the US Trustee's Office; h. pay bills approved by the Debtor that are postpetition and due; i. ensure that the vehicles owned by Swift are returned by Diverse; j. ensure other assets of Swift that were taken by Diverse are returned; k. coordinate with an account to file yearend taxes for 2017 and 2018; Ms. Bunch will charge $75 per hour for her services. Ms. Bunch can be reached through: Jewel Bunch 431 West Main Street Tupelo, MS 38804 Phone: (662) 269-3857 About Swift Staffing Holdings Swift Staffing Holdings, LLC, is a full-service provider of staffing services with offices across the United States. Swift Staffing sought Chapter 11 protection (Bankr. N.D. Miss. Case No. 18-10616) on Feb. 21, 2018. In the petition signed by Rodney Clay Dial, manager, the Debtor estimated assets and liabilities in the range of $1 million to $10 million. The case is assigned to Judge Jason D. Woodard. The Debtor tapped Craig M. Geno, Esq., at Law Offices of Craig M. Geno, PLLC, as counsel. On Feb. 27, 2018, the bankruptcy cases of Swift Staffing Arkansas, LLC (Case No. 18-10626), Swift Staffing Alabama, LLC (Case No. 18-10627), Swift Staffing Georgia, LLC (Case No. 18-10628), Swift Staffing North Carolina, LLC (Case No. 18-10629), Swift Staffing Florida, LLC (Case No. 18-10630), Swift Staffing Mississippi, LLC (Case No. 18-10631), Swift Staffing Tennessee, LLC (Case No. 18-10632), Swift Staffing Pennsylvania, LLC (Case No. 18-10633), and Rockhill Staffing Texas, LLC (Case No. 18-10634) were administratively consolidated into the bankruptcy cases of Swift Staffing Holdings, LLC (Case No. 18-10616). T. FIORE DEMOLITION: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: T. Fiore Demolition Inc. 457 Wilson Avenue Newark, NJ 07105 Business Description: T. Fiore Demolition Inc. is a demolition contractor in Newark, New Jersey. Chapter 11 Petition Date: August 1, 2018 Court: United States Bankruptcy Court District of New Jersey (Newark) Case No.: 18-25432 Judge: Hon. Stacey L. Meisel Debtor's Counsel: Jonathan I. Rabinowitz, Esq. RABINOWITZ, LUBETKIN & TULLY, L.L.C. 293 Eisenhower Parkway, Suite 100 Livingston, NJ 07039 Tel: (973) 597-9100 Fax: (973) 597-9119 Email: jrabinowitz@rltlawfirm.com - and - Barry J. Roy, Esq. RABINOWITZ, LUBETKIN & TULLY, LLC 293 Eisenhower Parkway, Suite 100 Livingston, NJ 07039 Tel: 973-597-9100 Fax: 973-597-9119 Email: broy@rltlawfirm.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Theodore F. Fiore, Sr., president and sole member. The Debtor failed to incorporate in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/njb18-25432.pdf TECK RESOURCES: S&P Alters Outlook to Pos. & Affirms 'BB+' ICR -------------------------------------------------------------- S&P Global Ratings said it revised its outlook on Vancouver-based Teck Resources Ltd. to positive from stable and affirmed its 'BB+' long-term issuer credit rating on the company. At the same time, S&P Global Ratings affirmed its 'BB+' issue-level ratings on Teck's guaranteed and nonguaranteed senior unsecured notes. The '3' recovery rating on the company's guaranteed notes is unchanged (50%-70%; capped as per S&P's criteria). The '3' recovery rating on Teck's nonguaranteed notes is also unchanged, indicating its expectation of meaningful (50%-70%; rounded estimate 60%) recovery in default. S&P said, "The positive outlook follows Teck's recently announced plan to repurchase up to US$1 billion of debt and obtain a partner for its Quebrada Blanca Phase 2 (QB2) development project. In addition, our estimated credit measures for the company have modestly improved relative to our previous assumptions, which incorporate Teck's revised production and unit cost guidance. We expect the contemplated debt repayment to reduce long-term refinancing risk, and the company has no meaningful maturities over the next several years. Moreover, we believe the expected development of QB2 with a partner should reduce the financial risk associated with this significant multiyear investment. "We continue to expect Teck will proceed with QB2, but did not previously assume the debt repayment and prospective partnership. We consider these initiatives as positive from a financial policy perspective. We also consider the company's willingness to reduce its ownership of QB2--likely to 60%-70%--a prudent means of risk mitigation. While the repayment has a limited impact on our credit measures for Teck (we net the majority of the company's cash from our adjusted debt calculations), we believe lower gross debt should also contribute to relatively lower credit measure volatility. "The positive outlook reflects the increased potential for an upgrade within the next one-to-two years, based on our improving view of Teck's financial policies and continued estimated strength in the company's credit measures. In our view, Teck's expected US$1 billion debt repurchase should reduce credit measure volatility and maturity risk following the estimated completion of QB2. In addition, adding a partner for the QB2 development project improves our view of the company's financial risk associated with this significant multiyear investment. "We could upgrade Teck if, over the next one-to-two years, we believe the company can generate and sustain an adjusted debt-to-EBITDA ratio of about 2x, with a low risk of material increases in leverage. In this scenario, we would expect Teck to demonstrate a continued commitment to maintaining conservative credit measures, particularly during periods of significant growth investments mainly related to its QB2 project. We would also require sufficient cushion in credit ratios to manage an unexpected decline in commodity prices for an upgrade. "We could revise the outlook to stable within the next one-to-two years if we expect adjusted debt-to-EBITDA to increase well above 2x over the next two years. We believe this could result from sustained weakness in metallurgical coal and base metals prices relative to our assumptions. In this scenario, we would believe there to be low prospects of a corresponding improvement in prices during a period of high growth-related capital expenditures." THIRTY WOODHOLLOW: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of Thirty Woodhollow Ct., Inc. as of August 3, according to a court docket. About Thirty Woodhollow Ct. Thirty Woodhollow Ct., Inc., based in Syosset, New York, filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 18-74171) on June 19, 2018. In the petition signed by Anupam Kumar Sharma, president, the Debtor disclosed $1.53 million in assets and $83,266 in liabilities. The Hon. Alan S. Trust presides over the case. Richard F. Artura, Esq., at Phillips Artura & Cox, serves as bankruptcy counsel. THX PROPERTIES: Hires Sawko & Burroughs as Special Counsel ---------------------------------------------------------- THX Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Sawko & Burroughs, P.C. as special counsel for the Chapter 11 estate. The Debtors seek to engage S&B to advise the Debtors as special counsel on real estate issues in connection with a pending sale and to utilize S&B’s expertise as well as intuitional knowledge regarding a real estate lien dispute with Wickwood which, absent global settlement, may arise in connection with the sale and/or plan or claim objection and to assist Debtor's primary bankruptcy counsel in this case and take such other actions necessary to represent the Debtor's interests in this proceeding. S&B would not be representing Debtor as counsel on general bankruptcy matters. Mark Burroughs, attorney with Sawko & Burroughs, PC, attests that S&B has no interest adverse to that of the Debtor, and said counsel are "disinterested persons" as that term is used in Sec. 327 of the Bankruptcy Code. S&B's hourly rates are: Gregory Swako $300 Mark Burroughs $300 Paralegal Assistants $95 The counsel can be reached through: Mark Burroughs, Esq. Sawko & Burroughs, PC 1172 Bent Oaks Drive Denton, TX 76210 Phone: (940) 382-4357 Fax: (940) 591-0991 Email: attyburroughs@dentonlawyer.com About THX Properties LLC THX Properties, LLC is a real estate company that owns in fee simple 86 Townhome lots, common areas as well as architectural plans relating to a real estate project located at Solana Circle, Denton, Texas. The properties are valued at $3.2 million based on recent offer to purchase. THX Properties sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 18-41409) on June 29, 2018. In the petition signed by Jason Helal, its manager, the Debtor disclosed $3.28 million in assets and $3.71 million in liabilities. Judge Brenda T. Rhoades presides over the case. THX PROPERTIES: Taps John E. Baines, CPA as Accountant ------------------------------------------------------ THX Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire John E. Baines, CPA, as accountant. Baines will advise the Debtor as its accountant to prepare and file tax returns and forms, prepare and organize data needed for such purposes and advise the Debtor regarding tax related issues. Mr. Baines will charge $200 per hour for his services. Baines is a "disinterested person" as that term is used in 11 U.S.C. Sec. 327 and is not an "insider" as that term is defined in 11 U.S.C. 101(31). The accountant can be reached through: John E. Baines, CPA 604 S. Elm Street Denton, TX 76201 Phone: 940-565-9015 Email: jBaines@johnBainescpa.com About THX Properties LLC THX Properties, LLC is a real estate company that owns in fee simple 86 Townhome lots, common areas as well as architectural plans relating to a real estate project located at Solana Circle, Denton, Texas. The properties are valued at $3.2 million based on recent offer to purchase. THX Properties sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 18-41409) on June 29, 2018. In the petition signed by Jason Helal, its manager, the Debtor disclosed $3.28 million in assets and $3.71 million in liabilities. Judge Brenda T. Rhoades presides over the case. TMR LLC: Court Approves Second Amended Disclosure Statement ----------------------------------------------------------- Judge Charles E. Rendlen, III of the U.S. Bankruptcy Court for the Eastern District of Missouri approved the second amended disclosure statement filed by interested parties DAC Incorporated, Timothy M. Roewe, and Lona S. Roewe describing the second amended plan for debtor TMR LLC. The Court held that the Debtors may solicit acceptances of the Second Amended Plan pursuant to further Court order. Any objections to approval of the Disclosure Statement that were not withdrawn or resolved at or prior to, the hearing to consider approval of the Disclosure Statement are overruled. About TMR LLC TMR, LLC, owns a commercial building in Washington, Missouri, which houses two manufacturing companies. The building also was owned by the Roewes before being transferred to TMR in 2014. TMR filed for Chapter 11 bankruptcy protection (Bankr. E.D. Mo. Case No. 17-45907) on Aug. 29, 2017, estimating its assets and liabilities at between $1 million and $10 million. The Debtor listed its business as a single asset real estate (as defined in 11 U.S.C. Section 101(51B)); and as a small business debtor as defined in 11 U.S.C. Section 101(51D). The petition was signed by Timothy M. Roewe, its managing member. Judge Charles E. Rendlen III presides over the case. A. Thomas DeWoskin, Esq., at Danna Mckitrick, PC, serves as the Debtor's bankruptcy counsel. TMTR HOLDINGS: Hires Fisher Herbst & Kemble as Accountant --------------------------------------------------------- TMTR Holdings, LLC, seeks authority from the U.S. Bankruptcy Court for the Western District of Texas to hire Fisher, Herbst & Kemble, P.C. as certified public accountants for the estate of TMTR Holdings, LLC. The professional services to be rendered by the accounting firm include preparing Income Tax Returns and assisting the Debtor with tax reporting and compliance, including assisting the Debtor with accounting requirements in this bankruptcy case. Robert Herbst, Partner of Fisher, Herbst & Kemble, P.C., attests that his firm neither holds nor represents an interest adverse to the estate and is a disinterested person within the meaning of 11 U.S.C. Section 327(a). Fisher's current customary hourly rates are: Robert Herbst, accountant $340.00 Barbara Herbst $340.00 Abraham Zamorano $180.00 Clare Brown $120.00 The accountant can be reached through: Robert Herbst, CPA Fisher, Herbst & Kemble, P.C. 9501 Console Dr., Suite 200 San Antonio, TX 78229 Phone: (210) 614-2284 About TMTR Holdings TMTR Holdings, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 17-52797) on Dec. 5, 2017. Judge Craig A. Gargotta presides over the case. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $100,000. The Debtor tapped William R. Davis, Jr., Esq. at Langley & Banack, Inc., as its legal counsel. TMTR HOLDINGS: Taps Keller Williams Heritage as Real Estate Broker ------------------------------------------------------------------ TMTR Holdings, LLC, seeks authority from the U.S. Bankruptcy Court for the Western District of Texas to hire Keller Williams Heritage as real estate broker. The professional services to be rendered by the brokerage firm includes the sale of real property and improvements known as 1434 County Road 422, Pleasanton, T X 78064. The real property is to be listed for the amount of $3,000,000,00 and the agreement runs from July 2, 2018 to December 31, 2018. Dave Wilcox, real estate broker at Keller Williams Heritage, attests that his firm neither holds nor represents an interest adverse to the estate and is a disinterested person within the meaning of 11 U.S.C. Section 327(a). Keller Williams Heritage will be compensated by the estate according to its customary rate of a 6% commission. The firm can be reached through: Dave Wilcox Keller Williams Heritage 2338 N, Loop 1604 W, Suite 120 San Antonio, TX 78248 Phone: (210) 493-3030 About TMTR Holdings TMTR Holdings, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 17-52797) on Dec. 5, 2017. Judge Craig A. Gargotta presides over the case. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $100,000. The Debtor tapped William R. Davis, Jr., Esq. at Langley & Banack, Inc. as its legal counsel. VILLA PROPERTIES: Sept. 11 Plan and Disclosure Statement Hearing ---------------------------------------------------------------- Bankruptcy Judge Marci B. McIvor issued an order granting preliminary approval of Villa Properties, LLC and Timothy David Bakeman's first amended disclosure statement explaining their Chapter 11 bankruptcy-exit plan filed on July 27, 2018. The deadline to return ballots on the plan, as well as to file objections to final approval of the disclosure statement and objections to confirmation of the plan is Sept. 4, 2018. The hearing on objections to final approval of the disclosure statement and confirmation of the plan will be held Sept. 11, 2018 at 10:30 a.m., in Room 1875, 211 West Fort Street, Detroit, Michigan. About Villa Properties Villa Properties, LLC is a privately held company whose principal place of business is located at 30320 Pondsview, Franklin, Michigan. The company is in the business of ownership, management and rental of residential real properties, which consist of single family dwellings all located in the City of Detroit, with the exception of one property located in Dearborn Heights, Michigan. Villa Properties sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 18-40003) on Jan. 2, 2018. Timothy David Bakeman, its manager, signed the petition. At the time of the filing, the Debtor estimated assets and liabilities of $1 million to $10 million. Judge Marci B. McIvor presides over the case. Steinberg Shapiro & Clark serves as counsel to the Debtor. Bakeman also sought Chapter 11 protection (Bankr. E.D. Mich. Case No. 18-40004). The two cases are jointly administered. VON DIRECTIONAL: Taps Hoover Slovacek as Bankruptcy Counsel ----------------------------------------------------------- Von Directional Services, LLC seeks authority from the United States Bankruptcy Court for the Southern District of Texas (Houston) to hire Hoover Slovacek, LLP, as its attorneys. Services to be rendered by HSLLP are: a. assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; b. assist, advise and represent the Debtor in analyzing Debtor's asset and liabilities, investigating the extent and validity of liens and participating in and reviewing any proposed asset sales or dispositions; c. attend meetings and negotiate with the representatives of the secured creditors; d. assist the Debtor in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; e. take all necessary action to protect and preserve the interests of the Debtor; f. appear before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of Debtor before the Courts and the United States Trustee; and, g. perform all other necessary legal services. Hoover Slovacek's current hourly rates are: Edward L. Rothberg $500 Deirdre Carey Brown $360 Melissa Haselden $350 Curtis McCreight $325 Brendetta Scott $325 Vianey Garza $275 Financial Consultant $195 Law Clerk $100-$200 Legal Assistants/Paraegal $110-$125 Melissa A. Hasselden, attorney at Hoover Slovacek, LLP, attests that neither she nor the firm represent any interest adverse to the Debtor, its estate, creditors, equity holders, or affiliates in the matters upon which the firm is to be engaged, and Hoover Slovacek is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: Melissa A. Hasselden, Esq. Hoover Slovacek, LLP Galleria Tower II 5051 Westheimer, Suite 1200 Houston, TX 77056 Tel: (713) 977-8686 Fax: (713) 977-5395 About Von Directional Services Von Directional Services, LLC is a privately owned company in the commercial and industrial machinery and equipment rental and leasing industry. The Company provides both equipment and personnel to oil and gas exploration companies. Von Directional Services, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 18-33794) on July 9, 2018. At the time of the filing, the Debtor disclosed that it had estimated assets of $10,000,001 to $50 million and liabilities of $10,000,001 to $50 million. Judge David R. Jones presides over the case. The Debtor is represented by Melissa Anne Haselden, Esq., at Hoover Slovacek LLP, in Houston, Texas. W&T OFFSHORE: Posts Second Quarter Net Income of $36.1 Million -------------------------------------------------------------- W&T Offshore, Inc. has filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting net income of $36.08 million on $149.61 million of total revenues for the three months ended June 30, 2018, compared to net income of $33.31 million on $123.32 million of total revenues for the three months ended June 30, 2017. For the six months ended June 30, 2018, the Company reported net income of $63.72 million on $283.82 million of total revenues compared to net income of $57.61 million on $247.71 million of total revenues for the same period last year. As of June 30, 2018, W&T Offshore had $958.15 million in total assets, $342.28 million in total current assets, $760.97 million in long term debt, $289.29 million in asset retirement obligations, $73 million in other liabilities and a total shareholders' deficit of $507.41 million. Some of the key highlights for the second quarter included: * Mid-Year 2018 SEC proved reserves were 78.0 million Boe, up 5% from year-end 2017 SEC proved reserves, primarily due to upward revisions of previous estimates of 12.7 million Boe. The increase in proved reserves was more than sufficient to replace production and a conveyance of proved undeveloped reserves. * The present value of the Company's reported SEC proved reserves, discounted at 10% ("PV-10"), was $1.3 billion, a 30% increase from year-end 2017, primarily due to upward revisions of previous estimates and higher average prices. * Production for the second quarter of 2018 averaged 37,571 barrels of oil equivalent ("Boe") per day (or 3.4 million Boe for the quarter), 60.1% of which was oil and natural gas liquids. Production was impacted by well maintenance, weather, pipeline outages and platform maintenance that collectively resulted in deferred production of approximately 4,600 Boe per day. The Company's second quarter production was 2.7% higher than first quarter of 2018. * Revenues for the second quarter of 2018 were $149.6 million, up $26.3 million, or 21.3% compared to the second quarter of 2017. Oil and NGLs sales made up 83.8% of revenues, compared to 75.1% in the second quarter of 2017. The Company realized crude oil price was $67.09 per barrel, up 50.6% from second quarter 2017. * Operating income for the second quarter of 2018 was $48.5 million, an increase of 47.4% or $15.6 million, over the second quarter of 2017. * Cash flow from operating activities for the first six months of 2018 was $115.2 million, increasing over 75% from the first six months of 2017. Adjusted EBITDA for the second quarter of 2018 was $93.3 million, up $20.7 million, or 28.5% compared to the second quarter of 2017. The Company's Adjusted EBITDA margin was 62% for the second quarter of 2018, up from 59% in second quarter of 2017. For the first six months of 2018 the Company's Adjusted EBITDA was $170.5 million, up $32.1 million or 23.2% over the same period in 2017. * Closed on the previously announced joint venture drilling program with private investors in June 2018 through Monza Energy LLC. In total, the JV Drilling Program raised $361.4 million of equity from outside investors and W&T for the development of 14 pre-identified projects in the GOM, four of which are underway, or on production. * Acquired a 9.375% non-operated working interest in the Heidelberg Field, as previously announced. Tracy W. Krohn, W&T Offshore's chairman and chief executive officer, stated, "We had an excellent second quarter, with a high level of cash flow generation and continued drilling success. During the quarter our production volumes, which came in at the mid-range of our guidance, benefited from a 39.5% increase in our realized sales price, while our lease operating costs were significantly lower than anticipated, driving a 47.4% increase in operating income compared to the same period last year. "Our Mahogany and Virgo Fields continue to add substantial value with additional successful wells in both fields this year. Earlier in the year we completed and began producing the A-17 well at Mahogany and just recently completed and brought on line the A-5 sidetrack well that tested at about 2,700 Boe per day gross. At our Virgo Field we completed and brought on line the A-10 ST well and are currently drilling the A-12 well. At our Ewing Bank 910 field, we are currently drilling the ST320 A-2 well and expect to reach total depth this quarter and if successful, commence completion operations shortly thereafter. Each of these fields has existing infrastructure that allow for quick cash flow generation, which substantially shortens our payback and accordingly increases our rates of return. "Funding for the JV Drilling Program was closed in June which raised $361.4 million from outside investors and W&T, which is expected to cover the cost to drill and complete 14 identified projects. The program is off to an excellent start with three successful wells drilled so far and two wells currently underway. The JV Drilling Program is helping us maximize our liquidity, while increasing our cash flow. Our capital expenditures for the first six months of 2018 were $31.8 million and our Adjusted EBITDA was $170.5 million. The JV Drilling Program was a key aspect of our strategy to increase our free cash flow, strengthen our balance sheet and put ourselves in an excellent position to manage our debt obligations as well as end the year with a much improved financial position," concluded Mr. Krohn. Production, Prices and Revenues: Production for the second quarter of 2018 was 3.4 million Boe, compared to the second quarter 2017 of 3.9 million Boe. Second quarter 2018 production was comprised of 1.7 million barrels of oil, 0.3 million barrels of NGLs and 8.2 billion cubic feet ("Bcf") of natural gas. Oil and NGLs production comprised 60.1% of total production in the second quarter of 2018 compared to 58.0% of total production in the second quarter of 2017. Production for the second quarter of 2018 was below the 2017 level partially due to natural production decline, as well as, well maintenance, weather, pipeline outages, and platform maintenance that collectively resulted in deferred production of approximately 4,600 Boe per day, compared to 3,400 Boe per day in the second quarter of 2017. For the second quarter of 2018, production increases came from the Company's newly acquired 9.375% non-operated working interest in the Heidelberg field, its Ship Shoal 300 field (with the completion of the SS300 B-5ST in November 2017), our Mahogany field and its Virgo field. These gains were offset by production decreases primarily due to natural production declines and production deferrals discussed above. For the second quarter of 2018, the Company realized crude oil sales price was $67.09 per barrel (a 50.6% increase over the second quarter of 2017), its realized NGL sales price was $27.61 per barrel and its realized natural gas sales price was $2.81 per Mcf. The Company's combined average realized sales price was $43.38 per Boe, which represents a 39.5% increase over the $31.10 per Boe sales price that the Company realized in the second quarter of 2017. Revenues for the second quarter of 2018 increased 21.3% to $149.6 million compared to $123.3 million in the second quarter of 2017. The increase was due to a 39.5% increase in the Company's realized commodity sales price per Boe, partially offset by a 12.8% decrease in production volumes. The Company sold 37,571 Boe per day at an average realized sales price of $43.38 per Boe compared to 43,084 Boe per day at an average realized sales price of $31.10 per Boe in the second quarter of 2017. Lease Operating Expenses: Lease operating expense, which includes base lease operating expenses, insurance premiums, workovers and facilities maintenance, was $35.6 million in the second quarter of 2018 compared to $31.5 million in the second quarter of 2017. On a component basis, base lease operating expenses were $29.9 million, insurance premiums were $2.8 million, workovers were $1.6 million and facilities maintenance was $1.3 million. Base LOE was up $3.1 million from the second quarter of 2017, primarily due to the addition of the Heidelberg field, lower production handling fees at one of the Company's properties and an increase in cost at some of its non-operated properties. Facilities maintenance increased $0.7 million primarily for pipeline and compressor repairs. Insurance premiums were up $0.5 million due to better coverage on its energy package while workover expenses decreased $0.2 million. Depreciation, depletion, amortization and accretion: DD&A, including accretion for asset retirement obligations, was $11.63 per Boe for the second quarter of 2018 compared to $10.29 per Boe for the second quarter of 2017. On a nominal basis, DD&A was $39.8 million for the second quarter of 2018, which was down from $40.4 million in the second quarter of 2017 due to lower production volumes. General and Administrative Expenses: G&A was $14.2 million for the second quarter of 2018, decreasing 13.7% compared to $16.5 million in the second quarter of 2017. The decrease was primarily due to declines in share-based compensation and legal costs. Derivative (gain) loss: In the second quarter of 2018 the Company recorded a loss of $6.2 million on its outstanding crude oil commodity derivative contracts, $5.1 million of which was unrealized. This compared to a gain of $3.7 million in the second quarter of 2017 on the then outstanding crude oil derivative contracts that expired at the end of 2017. Approximately $2.2 million of that gain was unrealized at the end of the second quarter of 2017. A list of the Company's currently outstanding derivative positions may be found on its website at www.wtoffshore.com in the investor relations section under "other reports" tab. Interest expense: Interest expense was $12.1 million in the second quarter of 2018, compared to $11.4 million in the second quarter of 2017. The increase represents an interest accrual on a potential settlement of a royalty claim. Income Tax: The Company recorded income tax expense of $0.1 million in the second quarter of 2018 on pre-tax income of $36.2 million, compared to an income tax benefit of $9.0 million on pre-tax income of $24.3 million in the second quarter of 2017. The Company's current full-year forecast for 2018 has a net operating loss for tax purposes; therefore, no current tax expense was recorded and any deferred tax expense was offset dollar for dollar with the valuation allowance. Minor adjustments were recorded to tax expense for an uncertain tax position. The balance sheet at June 30, 2018, reflects current income tax receivables of $65.2 million, which relates to the Company's net operating loss claims for plug and abandonment work that qualifies as a specified liability loss for tax purposes, allowing for net operating losses to be carried back to prior years. Cash Flow and Adjusted EBITDA: Net cash provided by operating activities for the six months ended June 30, 2018, was $115.2 million compared to $65.6 million for the six months ended June 30, 2017. The increase is primarily due to higher realized prices for crude oil and NGLs and lower spending on plug and abandonment activities. Cash flows from operating activities before changes in working capital were $150.4 million in the first half of 2018, compared to $129.2 million for the same period in 2017 due to substantially better operating results. Adjusted EBITDA for the second quarter of 2018 was $93.3 million and the Company's Adjusted EBITDA margin was 62% compared to Adjusted EBITDA of $72.6 million and an Adjusted EBITDA margin of 59% for the second quarter of 2017. Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures and are defined in the "Non-GAAP Information" section at the end of this news release. Liquidity: At June 30, 2018, the Company's total liquidity was $269.7 million, consisting of an unrestricted cash balance of $129.4 million and $140.3 million of availability under its $150 million revolving bank credit facility. By July 30, 2018, the Company's cash balance had grown to $190.8 million and its total liquidity was $331.1 million. Capital Expenditures: The Company's capital expenditures for oil and gas properties on an accrual basis for the first six months of 2018 were $31.8 million, compared to $43.8 million for the 2017 period. The 2018 period reflects a net reimbursement from Monza Energy LLC of $21.1 million for wells drilled or being drilled and that were contributed by W&T to Monza. During the six months ended June 30, 2018, the Company completed the A-17 well at Mahogany, which began producing during March 2018, and the Company completed the Viosca Knoll 823 ("Virgo") A-10 ST well, which began production during April 2018. The Virgo A-10 ST well is in the JV Drilling Program. At June 30, 2018 there were three wells being drilled including the A-5 ST at Mahogany, the A-12 well at Virgo and the ST 320 A-2 well at our Ewing Bank 910 field. Each of the wells in progress at the end of the quarter is part of the JV Drilling Program. During the six months ended June 30, 2017, the Company completed three wells. The Company did not have any dry holes in either period. Mid-Year 2018 Proved Reserves: SEC proved reserves as of June 30, 2018 totaled 78.0 million Boe, an increase of 5% from year-end 2017 proved reserves. The mid-year 2018 reserves, which were 80% proved developed and proved developed non-producing, were 58% liquids. The present value of the Company's SEC proved reserves, discounted at 10% ("PV-10"), was $1.3 billion, a 30% increase from year-end 2017, primarily due to upward revisions of previous estimates and higher average prices. The SEC PV-10 is based on an average crude oil price of $57.67 per barrel and average natural gas price of $2.92 per Mcf, both before adjustment for quality, transportation fees, energy content, and regional price differentials. OPERATIONS UPDATE The Company is currently operating or participating in three active drilling programs in the Gulf of Mexico. Ship Shoal 349 "Mahogany" (operated, shelf, in the JV Drilling Program): The SS349 A-5ST was completed in July and began producing. The well targeted the 'Q' and 'P' sands and is currently producing around 2,000 Boe per day gross. This is the only well in the Mahogany field that is part of the JV Drilling Program. Ship Shoal 349 "Mahogany" (operated, shelf, 100% working interest): Once the rig at Mahogany completed the A-5 ST well the rig skid over to begin drilling the A-19 well. The well is targeting a number of field pay sands in our Mahogany field. Viosca Knoll 823 "Virgo" (operated, shelf, in JV Drilling Program): The A-10 ST well was completed and brought on line in April 2018. The platform rig was skid and commenced drilling the A-12 well (that is in block VK779). This well is structurally higher and up dip to another well that has logged pay in a principal target sand. Following the A-12 well, the rig is expected to commence drilling the A-13 well. Ewing Bank 910 Field Area (deepwater, in JV Drilling Program, non-operated well): In mid-May, a rig spud and is currently drilling the ST 320 A-2 well from the South Timbalier 311 Platform that is all part of the Ewing Bank 910 field. Following the A-2 well operations, the rig is then expected to drill the ST320 A-3 well. The Company believes both of these wells are low-risk exploration opportunities with multiple stacked pay sands. Assuming success, these wells are expected to be brought on line quickly via existing infrastructure and pipelines. Well Recompletions and Workovers: During the second quarter of 2018 we performed one recompletion that added approximately 261 Boe per day of initial production and six workovers that added approximately 2,743 Boe per day of initial production. A full-text copy of the Form 10-Q is available for free at: https://is.gd/I8IVtB About W&T Offshore Based in Houston, Texas, W&T Offshore, Inc. -- http://www.wtoffshore.com/-- is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and has grown through acquisitions, exploration and development. The Company currently has working interests in 48 producing fields in federal and state waters and has under lease approximately 650,000 gross acres, including approximately 440,000 gross acres on the Gulf of Mexico Shelf and approximately 210,000 gross acres in the deepwater. A majority of the Company's daily production is derived from wells it operates. W&T Offshore reported net income of $79.68 million in 2017 compared to a net loss of $249.02 million in 2016. As of March 31, 2018, W&T Offshore had $942.17 million in total assets, $1.48 billion in total liabilities and a total shareholders' deficit of $544.64 million. * * * In April 2017, S&P Global Ratings affirmed its 'CCC' corporate credit rating on U.S.-based oil and gas exploration and production (E&P) company W&T Offshore Inc. S&P said the 'CCC' corporate credit rating reflects S&P's expectation that the company will likely face a liquidity shortfall or consider a distressed exchange during the next 12 months, absent an unforeseen positive development. WESTMORELAND COAL: Will Hold its Annual Meeting on Dec. 17 ---------------------------------------------------------- Westmoreland Coal Company's Board of Directors determined that the Company's annual meeting of stockholders for 2018 will be held on Monday, Dec. 17, 2018, at 8:30 a.m., Mountain Daylight Time in a virtual shareholder meeting format. The Board has established the close of business on Oct. 19, 2018 as the record date for the determination of stockholders who are entitled to notice of, and to vote at, the Annual Meeting and any adjournments or postponements thereof. Stockholder Proposals and Director Nominations Because the Annual Meeting will be held more than 30 days from the anniversary date of the Company's last annual meeting of stockholders, the deadlines for stockholder proposals and director nominations for consideration at the Annual Meeting set forth in the Company's definitive proxy statement filed with the Securities and Exchange Commission on March 31, 2017 no longer apply. If a stockholder of the Company intends to nominate a person for election to the Board of Directors of the Company pursuant to the Company's proxy access bylaw or to propose other business for consideration at the Annual Meeting, including any proposal made pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended, the deadline for submitting the notice of such nomination or stockholder proposal, is the close of business on Sept. 18, 2018. Any notice should be delivered to 9540 South Maroon Circle, Suite 300, Englewood, Colorado 80112, Attention: Corporate Secretary. Any stockholder proposal or director nomination received after Sept. 18, 2018 will be considered untimely and will not be included in the Company's proxy materials for the Annual Meeting nor will it be considered at the Annual Meeting. Any stockholder proposal or director nomination must also comply with the requirements of Delaware law, the rules and regulations promulgated by the Securities and Exchange Commission and the Company's By-Laws, as applicable. About Westmoreland Coal Based in Englewood, Colorado, Westmoreland Coal Company -- http://www.westmoreland.com/-- is an independent coal company based in the United States. The Company produces and sells thermal coal primarily to investment grade utility customers under long-term, cost-protected contracts. Its focus is primarily on mine locations which allow it to employ dragline surface mining methods and take advantage of close customer proximity through mine-mouth power plants and strategically located rail transportation. At Dec. 31, 2017, the Company's U.S. coal operations were located in Montana, Wyoming, North Dakota, Texas, New Mexico and Ohio, and its Canadian coal operations were located in Alberta and Saskatchewan. The Company sold 49.7 million tons of coal in 2017. Westmoreland Coal reported a net loss applicable to common shareholders of $71.34 million for the year ended Dec. 31, 2017, a net loss applicable to common shareholders of $27.10 million for the year ended Dec. 31, 2016, and a net loss applicable to common stockholders of $213.6 million for the year ended Dec. 31, 2015. As of March 31, 2018, Westmoreland Coal had $1.63 billion in total assets, $2.12 billion in total liabilities and a total deficit of $489.7 million. Ernst & Young LLP's audit opinion included in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2017 contains a going concern explanatory paragraph stating that the Company has a substantial amount of long-term debt outstanding, is subject to declining industry conditions that are negatively impacting the Company's financial position, results of operations, and cash flows, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. * * * In April 2018, Moody's Investors Service downgraded the ratings of Westmoreland Coal Company, including its corporate family rating (CFR) to 'Caa3' from 'Caa1'. According to Moody's, the downgrade reflects the company's weak liquidity position, due to the near-term maturity of its term loan. In June 2018, S&P Global Ratings lowered its issuer credit rating on Westmoreland Coal to 'D' from 'SD'. The downgrade incorporates WCC's forbearance agreement. Under S&P's criteria, forbearance agreements related to missing payments without appropriate compensation constitute a default. WINDLEY KEY: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of Windley Key One, LLC, as of July 31, according to a court docket. About Windley Key One Windley Key One, L.L.C., based in Miami, FL, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 18-17608) on June 26, 2018. In the petition signed by Joel Tabas, trustee, the Debtor disclosed $4.10 million in assets and $2 million in liabilities. The Hon. Jay A. Cristol presides over the case. Drew M. Dillworth, Esq., at the Law Firm of Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., serves as bankruptcy counsel. [*] Discounted Tickets for 2018 Distressed Investing Conference! ---------------------------------------------------------------- Discounted tickets for Beard Group, Inc.'s Annual Distressed Investing 2018 Conference are available if you register by August 31. Your cost will be $695, a $200 savings. Visit https://www.distressedinvestingconference.com/ for registration details and information about this year's conference agenda as well as highlights from past conferences. Now on its 25th year, Beard Group's annual Distressed Investing conference is the oldest and most established New York restructuring conference. The day-long program will be held Monday, November 26, 2018, at The Harmonie Club, 4 E. 60th St. in Midtown Manhattan. For a quarter century, the focus of the conference has been on "Maximizing Profits in the Distressed Debt Market." The event also serves as a forum for leaders in corporate restructuring, lending and debt and equity investments to gather and discuss the latest topics and trends in the distressed investing industry, as well as exchange ideas about high-profile chapter 11 bankruptcy proceedings and out-of-court restructurings. They are distinguished professionals who place their resources and reputations at risk to produce stellar results by preserving jobs, rebuilding broken businesses, and efficiently redeploying underutilized assets in the marketplace. This year's conference will also feature: * A luncheon presentation of the Harvey K Miller Award to Edward I. Altman, Professor of Finance, Emeritus, New York University's Stern School of Business. (The award will be presented by last year's winner billionaire Marc Lasry, Altman's former student.) * Evening awards dinner recognizing the 12 Outstanding Restructuring Lawyers To learn how you can be a sponsor and participate in shaping the day-long program, contact: Bernard Tolliver at bernard@beardgroup.com or Tel: (240) 629-3300 x-149 To learn about media sponsorship opportunities to bring your outlet into the view of leaders in corporate restructuring, lending and debt and equity investments, and to expand your network of news sources, contact: Jeff Baxt at jeff@beardgroup.com or (240) 629-3300, ext 150 Beard Group, Inc., publishes Turnarounds & Workouts, Troubled Company Reporter, and Troubled Company Prospector. Visit http://bankrupt.com/freetrial/for a free trial subscription to one or more of Beard Group's corporate restructuring publications. [*] Hahn & Hessen's Figueiredo Bags TMA's 2018 Chapter Impact Award ------------------------------------------------------------------- The Turnaround Management Association (TMA) has announced the winners of its 2018 Individual Awards. Janine M. Figueiredo, Partner in the Bankruptcy Practice Group at New York firm, Hahn & Hessen LLP, has been selected to receive the Chapter Impact Award. The TMA awards program recognizes TMA members who raise the public profile of the corporate restructuring industry through their volunteer service and dedication to TMA. Figueiredo will be honored during an award ceremony at the 2018 TMA Annual in Colorado Springs, Colo., on September 26-28. Ms. Figueiredo has served in various leadership roles at the TMA New York City Chapter since 2010, including serving as its General Counsel, President and, most recently, as its Chairwoman. Her early work focused on improving the Chapter's programming and membership initiatives. In 2014, Ms. Figueiredo was appointed as the Chapter's General Counsel and began leading the governance committee to redefine the Chapter's governance structure and policies. Her efforts were recognized as bringing the Chapter into the 21st century and helping the Chapter develop a higher level of professionalism. Ms. Figueiredo's practice focuses primarily on the representation of creditors' committees, liquidating trustees, and secured and unsecured creditors in all facets of complex corporate reorganizations, restructurings, and liquidations. About Hahn & Hessen LLP Founded in 1931, Hahn & Hessen LLP -- http://www.hahnhessen.com-- is a full service commercial firm serving primarily financial institutions and creditors holding distressed debt. The Firm has received substantial recognition for its unique capabilities in situations where the creditworthiness of a client's existing or potential borrowers, counterparties or customers are of concern. [^] BOND PRICING: For the Week from July 30 to August 3, 2018 ------------------------------------------------------------- Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- Aegerion Pharmaceuticals Inc AEGR 2.000 72.250 8/15/2019 Alpha Appalachia Holdings LLC ANR 3.250 2.048 8/1/2015 American Tire Distributors Inc ATD 10.250 41.249 3/1/2022 American Tire Distributors Inc ATD 10.250 40.187 3/1/2022 Appvion Inc APPPAP 9.000 1.000 6/1/2020 Appvion Inc APPPAP 9.000 1.097 6/1/2020 Avaya Inc AVYA 7.000 78.693 4/1/2019 Avaya Inc AVYA 10.500 4.295 3/1/2021 Avaya Inc AVYA 9.000 78.153 4/1/2019 BPZ Resources Inc BPZR 6.500 3.017 3/1/2049 BPZ Resources Inc BPZR 6.500 3.017 3/1/2015 Bon-Ton Department Stores Inc/The BONT 8.000 17.250 6/15/2021 Brookstone Holdings Corp BKST 10.000 10.154 7/7/2021 CNG Holdings Inc CNGHLD 9.375 100.082 5/15/2020 CNG Holdings Inc CNGHLD 9.375 100.057 5/15/2020 Cenveo Corp CVO 6.000 36.875 8/1/2019 Cenveo Corp CVO 8.500 1.500 9/15/2022 Cenveo Corp CVO 6.000 1.289 5/15/2024 Cenveo Corp CVO 8.500 1.125 9/15/2022 Cenveo Corp CVO 6.000 37.250 8/1/2019 Chukchansi Economic Development Authority CHUKCH 9.750 67.250 5/30/2020 Chukchansi Economic Development Authority CHUKCH 10.250 67.000 5/30/2020 Claire's Stores Inc CLE 9.000 64.000 3/15/2019 Claire's Stores Inc CLE 6.125 63.331 3/15/2020 Claire's Stores Inc CLE 7.750 8.176 6/1/2020 Claire's Stores Inc CLE 9.000 62.000 3/15/2019 Claire's Stores Inc CLE 7.750 8.176 6/1/2020 Claire's Stores Inc CLE 9.000 63.790 3/15/2019 Claire's Stores Inc CLE 6.125 63.331 3/15/2020 Community Choice Financial Inc CCFI 10.750 81.170 5/1/2019 DBP Holding Corp DBPHLD 7.750 45.500 10/15/2020 DBP Holding Corp DBPHLD 7.750 46.268 10/15/2020 EXCO Resources Inc XCOO 8.500 17.000 4/15/2022 Egalet Corp EGLT 5.500 35.681 4/1/2020 Emergent Capital Inc EMGC 8.500 75.265 2/15/2019 Energy Conversion Devices Inc ENER 3.000 7.875 6/15/2013 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 9.750 37.375 10/15/2019 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 11.250 37.394 12/1/2018 Federal Home Loan Banks FHLB 2.000 94.000 11/10/2026 Federal Home Loan Banks FHLB 1.250 99.405 8/10/2018 Fleetwood Enterprises Inc FLTW 14.000 3.557 12/15/2011 GenOn Energy Inc GENONE 9.500 61.250 10/15/2018 GenOn Energy Inc GENONE 9.500 62.239 10/15/2018 GenOn Energy Inc GENONE 9.500 62.239 10/15/2018 Homer City Generation LP HOMCTY 8.137 38.750 10/1/2019 Las Vegas Monorail Co LASVMC 5.500 4.037 7/15/2019 Lehman Brothers Holdings Inc LEH 1.600 3.326 11/5/2011 Lehman Brothers Holdings Inc LEH 5.000 3.326 2/7/2009 Lehman Brothers Holdings Inc LEH 4.000 3.326 4/30/2009 Lehman Brothers Holdings Inc LEH 1.500 3.326 3/29/2013 Lehman Brothers Holdings Inc LEH 2.000 3.326 3/3/2009 Lehman Brothers Inc LEH 7.500 1.226 8/1/2026 MModal Inc MODL 10.750 6.125 8/15/2020 Mashantucket Western Pequot Tribe MASHTU 7.350 18.250 7/1/2026 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 0.890 10/1/2020 Nine West Holdings Inc JNY 8.250 27.250 3/15/2019 Nine West Holdings Inc JNY 6.875 25.750 3/15/2019 Nine West Holdings Inc JNY 8.250 17.750 3/15/2019 OMX Timber Finance Investments II LLC OMX 5.540 5.003 1/29/2020 Orexigen Therapeutics Inc OREXQ 2.750 5.125 12/1/2020 Orexigen Therapeutics Inc OREXQ 2.750 5.125 12/1/2020 PaperWorks Industries Inc PAPWRK 9.500 54.635 8/15/2019 PaperWorks Industries Inc PAPWRK 9.500 54.635 8/15/2019 Pernix Therapeutics Holdings Inc PTX 4.250 43.261 4/1/2021 Pernix Therapeutics Holdings Inc PTX 4.250 43.261 4/1/2021 PetroQuest Energy Inc PQUE 10.000 46.500 2/15/2021 PetroQuest Energy Inc PQUE 10.000 45.875 2/15/2021 Powerwave Technologies Inc PWAV 2.750 0.133 7/15/2041 Powerwave Technologies Inc PWAV 1.875 0.133 11/15/2024 Powerwave Technologies Inc PWAV 1.875 0.133 11/15/2024 Prospect Holding Co LLC / Prospect Holding Finance Co PRSPCT 10.250 48.250 10/1/2018 Renco Metals Inc RENCO 11.500 27.000 7/1/2003 Rex Energy Corp REXX 8.000 11.750 10/1/2020 Rex Energy Corp REXX 8.875 2.064 12/1/2020 Rex Energy Corp REXX 6.250 1.548 8/1/2022 Rex Energy Corp REXX 8.000 11.678 10/1/2020 Rolta LLC RLTAIN 10.750 19.018 5/16/2018 Sears Holdings Corp SHLD 8.000 44.353 12/15/2019 Sempra Texas Holdings Corp TXU 5.550 11.447 11/15/2014 SiTV LLC / SiTV Finance Inc NUVOTV 10.375 57.891 7/1/2019 SiTV LLC / SiTV Finance Inc NUVOTV 10.375 64.750 7/1/2019 TerraVia Holdings Inc TVIA 5.000 4.644 10/1/2019 TerraVia Holdings Inc TVIA 6.000 4.644 2/1/2018 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 11.500 0.648 10/1/2020 Toys R Us - Delaware Inc TOY 8.750 5.379 9/1/2021 Transworld Systems Inc TSIACQ 9.500 26.000 8/15/2021 Transworld Systems Inc TSIACQ 9.500 26.000 8/15/2021 Walter Energy Inc WLTG 9.875 0.834 12/15/2020 Walter Energy Inc WLTG 8.500 0.834 4/15/2021 Walter Energy Inc WLTG 9.875 0.834 12/15/2020 Walter Energy Inc WLTG 9.875 0.834 12/15/2020 Westmoreland Coal Co WLBA 8.750 27.848 1/1/2022 Westmoreland Coal Co WLBA 8.750 27.313 1/1/2022 iHeartCommunications Inc IHRT 14.000 13.750 2/1/2021 iHeartCommunications Inc IHRT 14.000 13.404 2/1/2021 iHeartCommunications Inc IHRT 14.000 13.404 2/1/2021 Westmoreland Coal Co WLBA 8.750 27.313 1/1/2022 ********* 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 2018. 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. *** End of Transmission ***