/raid1/www/Hosts/bankrupt/TCR_Public/181204.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, December 4, 2018, Vol. 22, No. 337
Headlines
4504 30TH STREET: U.S. Trustee Unable to Appoint Committee
46 CARLETON: Secured Creditor to Get 100% in 5 Years, at 11%
600 TRIANGLE: U.S. Trustee Unable to Appoint Committee
ACIS CAPITAL: Trustee Taps Babbe LLP as Consultant & Expert Witness
ADSAD LLC: DOJ Watchdog Seeks Ch. 11 Trustee Appointment
ADVANCED SPORTS: Commitee Taps Waldrep LLP as Co-Counsel
ADVANCED SPORTS: U.S. Trustee Forms 9-Member Committee
AEGEAN MARINE: Committee Opposes Sale to Mercuria
AMERICAN TIRE: Seeks Work Fee for Wells Fargo for Funding Efforts
APOLLO INFRA: S&P Assigns BB- Issuer Credit Rating, Outlook Stable
APPVION INC: USW Supports ESOP Participants' Lawsuit
ARALEZ PHARMA: Nuvo Pharmaceuticals Declared Winning Bidder
ARGOS THERAPEUTICS: Hires Landis Rath & Cobb as Bankruptcy Counsel
ARGOS THERAPEUTICS: Hires Matthew Foster of Sonoran Capital as CRO
ARGOS THERAPEUTICS: Taps Wilmer Cutler as Special Corporate Counsel
ARP FAMILY: Seeks to Hire Davis Miles as Attorney
ASPEN MANOR: Seeks to Hire Bederson as Accountant
AT HOME GROUP: S&P Lowers $341MM 1st Lien Term Loan Rating to 'B+'
BAGELS N' CREAM: Hires McManimon Scotland as Special Counsel
BEAUTIFUL BROWS: U.S. Trustee Unable to Appoint Committee
BERLIN PACKAGING: S&P Cuts ICR to 'B-' on Oak Hill Fund Transaction
BJRP LLC: U.S. Trustee Unable to Appoint Committee
BROOKC LLC: Jan. 8 Hearing on Disclosure Statement
CBAK ENERGY: Changes Trading Symbol to CBAT
CC CARE LLC: Brian Fitzsimmons Steps Down as Committee Member
COALINGA REGIONAL: U.S. Trustee Forms 2-Member Committee
COLLECTIVE INC: Dec. 4 Meeting Set to Form Creditors' Panel
COLONIAL OAKS: Seeks to Hire Dougall Conradie as Accountant
COMMUNITY CHOICE: Extends Restructuring Agreement Until Dec. 7
COURTSIDE CONDOMINIUMS: Seeks to Hire Stoker & Swinton as Counsel
COX LAND & TIMBER: Seeks to Hire Stone & Baxter as Counsel
CT TECHNOLOGIES: S&P Cuts ICR to CCC on Increased Liquidity Stress
CURAE HEALTH: Taps Coulter to Provide Tax Accounting Services
DALMATIAN FIRE: U.S. Trustee Unable to Appoint Committee
DANIEL GUEZ: Dec. 5 Hearings on LA Property Sale, DS, Etc.
DAVID'S BRIDAL: Combined Plan Hearing Set for Jan. 4
DIXIE ELECTRIC: Hires BDO USA as Auditor and Tax Consultant
EGALET CORPORATION: Seeks to Hire Ernst & Young as Auditor
FAIRGROUNDS PROPERTIES: $130K Sale of Lot 35 to Watkins Approved
FAIRGROUNDS PROPERTIES: $95K Sale of Lot 37 to Gutierrez Approved
FAIRWAY ENERGY: Dec. 5 Meeting Set to Form Creditors' Panel
FAIRWAY ENERGY: Seeks to Hire Prime Clerk as Claims Agent
FAITH MISSIONARY: Case Summary & 7 Unsecured Creditors
FAYETTE MEMORIAL: U.S. Trustee Unable to Appoint Committee
FQ/LB LP: $192K Sale of Willis Residential Property Okayed
GEMINI HDPE: S&P Affirms BB Rating on Senior Secured Debt
GENERAC POWER: S&P Alters Outlook to Positive & Affirms 'BB-' ICR
GILA RIVER: Seeks to Hire Shackelford Hawkins as Counsel
GOLDEN STATE: Trustee's $780K Sale of Houston Property Okayed
HOUSE OF RS: Seeks to Hire Puglisi Moore as Accountant
HOUTEX BUILDERS: Seeks to Hire Schmuck Smith as Accountant
HOVNANIAN ENTERPRISES: Approves Amendments to Restated By-laws
I GOTCHA INC: Seeks to Hire Calvetti Ferguson as Accountant
ICONIX BRAND: Will Appeal Nasdaq's Decision to Delist Common Stock
IHEARTMEDIA INC: Seeks to Hire Deloitte as Consultant
INVESTMENT GROUP: Seeks March 19 Plan Confirmation Hearing
ITALO-AMERICAN CITIZENS: Seeks to Hire Thompson Law as Counsel
JAMES THOMAS: $290K Sale of Hailey Property Approved
JOHN HOCK: $180K Sale of Delray Beach Property to RCEM Approved
JOHN T. LESLIE: Seeks to Hire James J. Towey as Accountant
KADMON HOLDINGS: Updated Findings from Clinical Trial of KD025
KESTREL ACQUISITION: S&P Raises Senior Secured Debt Rating to 'BB'
KINGS MOUNTAIN: Seeks to Hire Bononi & Company as Counsel
LBI MEDIA: Dec. 4 Meeting Set to Form Creditors' Panel
LBI MEDIA: Seeks to Hire Epiq as Claims and Noticing Agent
LIZANDRA LLC: Hires Joseph J. D'Agostino, Jr. as Attorney
LUCKY DRAGON: Snow Covered Capital Reacts to Case Conversion Bid
MATTRESS FIRM: Prepackaged Plan Declared Effective
MH DIRECT: Seeks to Hire Michael Ratliff as Attorney
MISSION COAL: Committee Hires Lowenstein Sandler as Counsel
MISSION COAL: Committee Taps Baker Donelson as Local Counsel
MISSION COAL: Committee Taps Berkeley as Financial Advisor
MORGAN ADMINISTRATION: Committee Hires Freeborn as Counsel
MORGAN ADMINISTRATION: U.S. Trustee Forms 5-Member Committee
MOTIV8 INVESTMENTS: Seeks to Hire Lionel E. Giron as Counsel
NOVA TERRA: Jan. 19 Plan Confirmation Hearing
OKLAHOMA PROCURE: Seeks to Hire Ordinary Course Professionals
OZARK TIMBERLANDS: U.S. Trustee Unable to Appoint Committee
PELICAN REAL: Marysville Property Sale & Broker Retention Approved
PETROQUEST ENERGY: U.S. Trustee Forms 3-Member Committee
PHILLIP TARVER: Seeks to Hire Farmer & Wright as Attorney
PJZ TRANSPORT: Seeks to Hire Mark I. Adamchick as Accountant
PRECIPIO INC: Will Issue $1.3M Additional Notes Under Amended SPA
PRESCRIPTION ADVISORY: Hires C. Sam Vassallo Jr. as Accountant
PRIME PROPERTY: Jan. 9 Disclosure Statement Hearing
PRINCETON ALTERNATIVE: Trustee Hires Wollmuth Maher as Attorney
PROMISE HEALTHCARE: Hires McDermott Will as Special Counsel
PROMISE HEALTHCARE: Seeks to Hire DLA Piper as Counsel
PROMISE HEALTHCARE: Seeks to Hire MTS Health as Investment Banker
PUERTO RICAN PARADE: $1M Sale of Chicago Property to Hispanic OK'd
QUESOS DEL PAIS: Seeks to Hire Garcia-Arregui as Attorney
QUEST GROUP: Seeks to Hire Marrero Chamizo as Legal Counsel
RAMKABIR INVESTMENTS: Consideration of $2.6M All Assets Sale Abated
REGDALIN PROPERTIES: Trustee Taps Berkeley Research as Accountant
RELATIVITY MEDIA: U.S. Trustee Objects to Disclosure Statement
REPUBLIC METALS: Seeks to Hire Ordinary Course Professionals
RHM FRANCHISE: Has $65MM Stalking Horse Bid for Applebee's Stake
RIO BANCO: Seeks to Hire Luis Eduardo Garduno as Accountant
ROCKIES REGION: Unsecured Claims Reduced to $300K Under Joint Plan
ROCKLIN ACADEMY: S&P Affirms BB+ on 2011 Charter School Bonds
SATYAGRAHA INC.: Hires Bethany A. Ralph Law as Attorney
SCG MADILL: Sale of Substantially All Assets to LQC Partners Okayed
SEABROOK DENTAL: Taps Bountiful Law as Legal Counsel
SEARS HOLDINGS: Court Approves "Off-The-Shelf" Bid Procedures
SEARS HOLDINGS: Hires McAndrews Held as IP Counsel
SEARS HOLDINGS: Sale of $900MM Medium Term Notes Authorized
SEARS HOLDINGS: Seeks Approval of $350MM Junior DIP Financing
SERVICOM LLC: Seeks to Hire Zeisler & Zeisler as Counsel
SNEEDCREST APARTMENTS: Hires Richard S. Ogibovic II as Counsel
SORENSON MEDIA: U.S. Trustee Forms 4-Member Committee
SUPERVALU INC: S&P Withdraws 'B+' ICR on Senior Notes Redemption
TACONY ACADEMY: S&P Affirms BB+ Rating on 2014 & 2013A Bonds
TAPZ LLC: Has Until April 2 to File Disclosure Statement and Plan
TRANS WORLD SERVICES: Unsecureds to Receive 40% of Allowed Claims
TSC/NESTER'S LANDING: Sale of Real Property to Fund Secured Claims
VANS LAUNDROMATS: Seeks to Hire Philly Real Estate
VERSA MARKETING: Fresno First Bank's Sale Denied Without Prejudice
VOYAGER GROUP: Case Summary & 4 Unsecured Creditors
VOYAGER LEARNING: Committee Taps Fox Rothschild as Legal Counsel
W RESOURCES: $400K Sale of Zachary Property to Mayeses Approved
WALL STREET THEATER: Expand CohnReznick's Work as Auditor
WELDED CONSTRUCTION: Committee Opposes Final OK on DIP Financing
WILLIAM ABRAHAM: Trustee's $300K Sale of 3100-3108 Gateway Approved
WILLIAM ABRAHAM: Trustee's $430K Sale of El Paso Property Approved
WILLIAM ABRAHAM: Trustee's $900K Sale of El Paso Property Withdrawn
WILLIAMSON INVESTMENTS: Administrator Wants Ch. 11 Case Dismissed
WING PALACE: Seeks to Hire Adam Law Group as Counsel
WOODLAWN COMMUNITY: U.S. Trustee Forms 2-Member Committee
WW CONTRACTORS: Hires Whiteford, Taylor & Preston as Counsel
ZAHMEL RESTAURANT: Seeks to Hire Sales Tax Defense as Accountant
[*] Gibson Dunn Promotes 17 Lawyers to Partnership
[*] Holman, Leary to Co-Chair Duanne Morris' Reorganization Group
[*] Timothy Evanston Joins Smiley Wang-Ekvall's Insolvency Team
*********
4504 30TH STREET: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 cases of 4504 30th Street West, LLC and Murphy &
Rajan Investments, LLC as of Nov. 1, according to a court docket.
About 4504 30th Street West
4504 30th Street West, LLC, is engaged in activities related to
real estate. It owns a commercial building used for warehousing
and distribution located at 4504 30th Street West, Bradenton,
Florida, with an appraised value of $3.75 million.
4504 30th Street West's affiliate Murphy & Rajan Investments, LLC,
a single asset real estate (as defined in 11 U.S.C. Section
101(51B)) owns a commercial building used for warehousing and
distribution located at 4050 West King Street, Cocoa, Florida; and
a commercial building used for warehousing located at 5711 17th St.
E, Bradenton, Florida. The properties have an appraised value of
$590,000.
4504 30th Street West and Murphy & Rajan Investments sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.
Fla. Case Nos. 18-08376 and 18-08377) on September 29, 2018.
In the petitions signed by Sean M. Murphy, managing member, 4504
30th Street West disclosed $3,750,000 in assets and $4,024,470 in
liabilities. Murphy & Rajan Investments disclosed $590,000 in
assets and $375,513 in liabilities.
The Debtors hired Buddy D. Ford, P.A. as their legal counsel.
46 CARLETON: Secured Creditor to Get 100% in 5 Years, at 11%
------------------------------------------------------------
46 Carleton Avenue Corp. filed with the U.S. Bankruptcy Court for
the Eastern District of New York an amended Chapter 11 plan
specifying the following claims:
*Class 1 shall consist of the Allowed Secured Claim of the Suffolk
County Treasurer which is secured by a lien against 46 Carleton
Avenue, Islip Terrace, NY 11752.
*Class 2 shall consist of all Allowed General Unsecured Claims.
*Class 3 shall consist of all Allowed Stock Interests.
The Debtor shall pay the full amount of the Allowed Class 1 Claim,
over a period of five years, with 11% interest.
Moreover, the Debtor shall pay the full amount of the Allowed Class
2 Claim, over a period of five years, with interest at the One Year
Treasury Constant Maturity Rate of 2.70%.
Payments under Class 1 and Class 2 shall be made in 60 equal
monthly installments, commencing on the Effective Date of the Plan
and continuing until the obligation is paid in full.
Lastly, on the Effective Date, the Reorganized Debtor's issued and
outstanding Stock shall continue to be held and owned 100% by
Charles Lucchetti. New stock certificates may be issued, in the
form and manner desired, at the discretion of the Board of
Directors of the Reorganized Debtor. However, there shall be no
dividends on any Class of corporate stock declared or distributed
pending the full and final payment of all sums.
A full-text copy of the Amended Ch. 11 Plan is available at:
http://bankrupt.com/misc/nyeb17-77840-52.pdf
The Debtor is represented by Raymond W. Verdi, Jr., Esq., in
Patchogue, New York.
46 Carleton Avenue Corp. filed a voluntary Chapter 11 petition
(Bankr. E.D.N.Y. Case No. 17-77840) on December 22, 2017, and is
represented by Raymond W Verdi, Jr., Esq., at Law Offices of
Raymond W. Verdi, Jr., PC.
600 TRIANGLE: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of 600 Triangle LLC as of Nov. 30, according to
a court docket.
About 600 Triangle LLC
600 Triangle LLC is a privately held company in Garden City, New
York, engaged in activities related to real estate.
600 Triangle LLC filed a voluntary petition for relief under
Chapter 11 of title 11 of the US Bankruptcy Code (Bankr. E.D.N.Y.
Case No. 18-77139) on October 22, 2018. In the petition signed by
Stephan Garber, managing member, the Debtor estimates $50,000 to
$100,000 in assets and $1 million to $10 million in liabilities.
Richard J. McCord, Esq. at Certilman Balin Adler & Hyman, LLP,
represents the Debtor as counsel.
ACIS CAPITAL: Trustee Taps Babbe LLP as Consultant & Expert Witness
-------------------------------------------------------------------
Robin Phelan, Chapter 11 trustee for Acis Capital Management LP and
Acis Capital Management GP LLC, seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to retain Todd
William McGuffin and Babbe LLP to serve as a consultants and expert
witnesses for the Trustee.
The services to be provided by Babbe LLP are:
(i) consult with the Trustee and his professionals on matters
of Guernsey law;
(ii) prepare reports as requested or required,
(iii) provide expert testimony as necessary or required,
including testimony in the Bankruptcy Case, Adversary Proceeding,
or any other adversary proceedings in the Bankruptcy Case; and
(iv) perform other matters or services as may be necessary or
appropriate in connection with the foregoing.
The Trustee will pay a GBP25,000 retainer to Babbe LLP. In
addition, Babbe LLP will bill the Trustee for its professional
services at its standard hourly rate and will be entitled to
reimbursement of out-of-pocket expenses.
Babbe's hourly fees (GBP) are:
Mr. McGuffin 550
Partners 475-550
Consultants 490
Senior Associates 410-465
Associates 310-405
Support Staff 160
Todd Wiliam McGuffin, a partner at Babbe LLP, attests that Babbe
LLP does not represent or hold any interest adverse to the Debtors
or to the Debtors' estates in the matters for which Babbe LLP is
proposed to be employed and Babbe LLP is a "disinterested person"
as defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Todd Wiliam McGuffin
Babbe LLP
P.O. Box 69, La Vieille Cour, La Plaiderie
St Peter Port, Guernsey, GY1 4BL
Tel: +44 1481 713371
Fax: +44 1481 711607
E-mail: t.mcguffin@babbelegal.com
About Acis Capital Management
Joshua N. Terry, as petitioning creditor, on Jan. 30, 2018, filed
an involuntary petition against Acis Capital Management, L.P.,
thereby initiating the Acis LP bankruptcy case. Mr. Terry also
filed an involuntary petition against Acis Capital Management GP,
thereby initiating the Acis GP bankruptcy case.
On April 13, 2018, after six days of testimony and argument, the
Bankruptcy Court entered its findings of fact and conclusions of
law in support of orders for relief on the involuntary bankruptcy
petitions. Also on April 13, Diane Reed was appointed as interim
Chapter 7 trustee for the Debtors' bankruptcy estates. On April 18,
the Court entered its order directing that the cases be jointly
administered under Case No. 18-30264 (Bankr. N.D. Tex.).
The Hon. Stacey G Jernigan presides over the cases.
On May 4, 2018, the Chapter 7 trustee filed a motion to convert the
cases to Chapter 11. On May 11, the court entered an order
granting the motion.
On May 14, 2018, the U.S. Trustee appointed Robin Phelan as Chapter
11 trustee for the Debtors. The trustee hired Forshey & Prostok,
LLP as counsel; Winstead PC, as special counsel; and Miller
Buckfire & Co., LLC and Stifel, Nicolaus & Co., Inc., each a
wholly-owned subsidiary of Stifel Financial Corp., as financial
advisor and investment banker.
The court has conditionally approved the disclosure statement with
respect to the First Amended Joint Plan filed by the Debtors.
ADSAD LLC: DOJ Watchdog Seeks Ch. 11 Trustee Appointment
--------------------------------------------------------
William K. Harrington, the United States Trustee for Region 2,
requests the U.S. Bankruptcy Court for the Southern District of New
York to direct the appointment of a Chapter 11 trustee for Adsad
LLC, or in the alternative, convert the case to one under chapter 7
of the Bankruptcy Code or dismiss the case.
Based on the record before the Court, it is clearly in the best
interests of the Debtor’s estate and its creditors to take
managerial control out of the hands of current management and to
appoint an independent trustee who will comply with the fiduciary
duties mandated by the Bankruptcy Code. Further, the appointment of
a trustee will provide creditors with the transparency needed in
the case concerning all of the Debtor’s assets, liabilities, and
other financial information.
Accordingly, the U.S. Trustee requests that, in the event the Court
does not appoint a chapter 11 trustee, the Court should convert or
dismiss the case.
About Adsad LLC
Adsad LLC sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 18-12378) on Aug. 4, 2018. At the time
of the filing, the Debtor estimated assets of less than $50,000 and
liabilities of less than $1 million. Judge Sean H. Lane presides
over the case. The Debtor tapped The Law Office of Rachel S.
Blumenfeld PLLC as its legal counsel.
ADVANCED SPORTS: Commitee Taps Waldrep LLP as Co-Counsel
--------------------------------------------------------
The Official Committee of Unsecured Creditors of Advanced Sports
Enterprises, Inc., and its debtor-affiliates seeks authority from
the U.S. Bankruptcy Court for the Middle District of North Carolina
to retain the law firm of Waldrep LLP as its co-counsel, nunc pro
tunc to Nov. 29, 2018.
The Committee requires Waldrep LLP to:
(a) act as co-counsel for the Committee, along with Cooley
LLP, in the Middle District of North Carolina;
(b) provide the Committee with legal advice concerning its
duties, powers, and rights in relation to the Debtors and the
administration of the Debtors' bankruptcy case;
(c) assist the Committee in the investigation of the acts,
conduct, assets, and liabilities of the Debtor, and any other
matters relevant to the case or to the formulation of a plan of
reorganization;
(d) assist the Committee and the Debtors in the formulation of
a plan of reorganization, or if appropriate, to formulate the
Committee's own plan of reorganization;
(e) taking such action as is necessary to preserve and protect
the rights of all of the Debtors' unsecured creditors;
(f) investigate potential causes of action against third
parties for the benefit of the bankruptcy estate;
(g) prepare on behalf of the Committee all necessary
applications, pleadings, adversary proceedings, answers, reports,
orders, responses, and other legal documents;
(h) conduct appropriate discovery and investigations into the
Debtors' operations, valuation of assets, lending relationships,
management, Debtors' affiliates, and causes of action; and
(i) perform all other legal services that may be necessary and
in the best interests of the unsecured creditors of the Debtors'
estate.
Customary hourly rates of Waldrep LLP are:
Thomas W. Waldrep (Partner) $600
Jennifer B. Lyday (Partner) $375
Francisco T. Morales (Partner) $320
John P. McNames (Associate) $265
Tyson C. Leonhardt (Associate) $250
John Van Swearingen (Associate) $240
Brenda D. Carter (Paralegal) $210
Yazmeen Gadalla (Paralegal) $160
Thomas W. Waldrep, Jr., managing partner of Waldrep LLP, attests
that his firm is disinterested as defined in Section 101(14) of the
Bankruptcy Code, as modified by Section 1107(b).
Waldrep LLP can be reached at:
Thomas W. Waldrep, Jr., Esq.
Waldrep LLP
101 S. Stratford Road, Suite 210
Winston-Salem, NC 27104
Phone: 336 717 1440
Fax: 336 717 1340
About Advanced Sports Enterprises
Advanced Sports Enterprises, Inc., designs, manufactures and sells
bicycles and related goods and accessories.
Advanced Sports is a wholesale seller of bicycles and accessories.
ASI owns the following bicycle brands and is responsible for their
design manufacture and worldwide distributions: Fuji, Kestrel, SE
Bikes, Breezer, and Tuesday.
Performance Direct, Inc., designs, manufactures and sells bicycles
and related goods and accessories and operates a national
distribution of these goods under the Performance Bicycle brand
through an internet website business via the URL
http://www.performancebike.com/
Bitech, Inc., operates 104 retail stores across 20 states under the
Performance Bicycle brand related to the sale of bicycles and
related good and accessories. The businesses of Performance and
Bitech operate in conjunction with each other and they share a
number of services and a distribution warehouse.
Nashbar Direct, Inc. designs, manufactures and sells bicycles and
related goods and accessories under the Bike Nashbar brand through
an internet website business via the URL www.bikenashbar.com. The
businesses of Nashbar also operate in conjunction with Performance
and share services and a distribution warehouse.
Advanced Sports Enterprises and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Lead Case
No. 18-80856) on Nov. 16, 2018. In the petitions signed by signed
by Patrick J. Cunnane, president, the Debtors disclosed their
assets and liabilities as follows:
* Advanced Sports Enterprises'
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
* Advanced Sports, Inc.'s
Estimated Assets: $100 million to $500 million
Estimated Liabilities: $50 million to $100 million
* Bitech, Inc.'s
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $50 million to $100 million
* Nashbar Direct's
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
* Performance Direct's
Estimated Assets: $50 million to $100 million
Estimated Liabilities: $100 million to $500 million
The cases have been assigned to Judge Benjamin A. Kahn.
The Debtors tapped Northen Blue, LLP and Flaster/Greenberg P.C. as
their bankruptcy counsel; D.A. Davison & Co. as investment banker;
Clear Thinking Group LLC as financial advisor; and Kurtzman Carson
Consultants LLC as claims, noticing and balloting agent.
ADVANCED SPORTS: U.S. Trustee Forms 9-Member Committee
------------------------------------------------------
William Miller, the bankruptcy administrator for the Middle
District of North Carolina, on Nov. 27 appointed nine creditors to
serve on the official committee of unsecured creditors in the
Chapter 11 cases of Advanced Sports Enterprises, Inc. and its
affiliates.
The committee members are:
(1) Quality Bicycle Products, Inc.
Agent: Mike Barnidge
6400 West 105th Street
Bloomington, MN 55438
(2) Garmin USA
Agent: Lisa Brauch
1200 E. 151 Street
Olathe, KS 66062
(3) J&B Importers, Inc.
Agent: Ben Joannou, Jr.
11925 SW 128th Street
Miami, FL 33186
(4) Active Cycles
Agent: Brian Mitteldorf
14226 Ventura Boulevard Sherman
Oaks, CA 91423
(5) ElliptiGO, Inc.
Agent: Bryan Pate
722 Genevieve St., Suite 0
Solana Beach, CA 92075
(6) Highway Two
Agent: Simon McNair
One Columbia, Suite 200
Aliso Viejo, CA 92656
(7) Aaron Corporation DBA JP Sportswear
Agent: Francisco Paco Ballester
1820 E. 41st Street
Los Angeles, CA 90058
(8) Louis Garmeau USA, Inc.
Agent: Victoria Lantagne
3916 US Route 5 Box 1460
Derby, VT 05829
(9) PT Insera Sena
Agent: Matt VanEnkevort
Jawa st 393
Wadungasih, Buduran
Sidoarjo 61252
Indonesia
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About Advanced Sports Enterprises
Advanced Sports Enterprises, Inc. designs, manufactures and sells
bicycles and related goods and accessories.
Advanced Sports, Inc. is a wholesale seller of bicycles and
accessories. ASI owns the following bicycle brands and is
responsible for their design manufacture and worldwide
distributions: Fuji, Kestrel, SE Bikes, Breezer, and Tuesday.
Performance Direct, Inc. designs, manufactures and sells bicycles
and related goods and accessories and operates a national
distribution of these goods under the Performance Bicycle brand
through an internet website business via the URL
www.performancebike.com.
Bitech, Inc. operates 104 retail stores across 20 states under the
Performance Bicycle brand related to the sale of bicycles and
related good and accessories. The businesses of Performance and
Bitech operate in conjunction with each other and they share a
number of services and a distribution warehouse.
Nashbar Direct, Inc. designs, manufactures and sells bicycles and
related goods and accessories under the Bike Nashbar brand through
an internet website business via the URL www.bikenashbar.com. The
businesses of Nashbar also operate in conjunction with Performance
and share services and a distribution warehouse.
Advanced Sports Enterprises and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Lead Case
No. 18-80856) on Nov. 16, 2018.
Advanced Sports Enterprises estimated assets of $1 million to $10
million and liabilities of $10 million to $50 million while
Advanced Sports, Inc., estimated assets of $100 million to $500
million and liabilities of $50 million to $100 million.
The cases have been assigned to Judge Benjamin A. Kahn.
The Debtors tapped Northen Blue, LLP and Flaster/Greenberg P.C. as
their bankruptcy counsel; D.A. Davison & Co. as investment banker;
Clear Thinking Group LLC as financial advisor; and Kurtzman Carson
Consultants LLC as claims, noticing and balloting agent.
AEGEAN MARINE: Committee Opposes Sale to Mercuria
-------------------------------------------------
BankruptcyData.com reported that Official Committee of Unsecured
Creditors in the cases of Aegean Marine Petroleum Network Inc., at
al., filed an objection to the approval of the Debtors' sale
motion.
The objection states, "The Debtors seek approval of overly
aggressive, off-market bid procedures and bid protection designed
to ensure the sale of substantially all of their assets to an
insider -- Mercuria Assets Holdings (Hong Kong) Limited (together
with its affiliates, 'Mercuria'). The proposed sale is the final
phase of Mercuria's carefully orchestrated loan-to-own strategy to
seize control of the Debtors. Although a loan-to-own strategy
generally is not objectionable, where, as here, it is coupled with
material over-reaching and the exertion of undue influence,
especially by an insider, it cannot satisfy the heightened scrutiny
that is required when evaluating the propriety of proposed bidding
procedures and bid protections which are offensive even if the
proposed stalking horse purchaser were not an insider and the
Debtors' primary pre-petition lender. The first phase of Mercuria's
loan to own strategy was its acquisition of the Debtors'
prepetition working capital facilities. The second phase of
Mercuria's strategy is the provision of off-market DIP financing.
The third phase of Mercuria's loan to own strategy begins with its
efforts to obtain approval of the off-market bid protections and
imposition of unsupportable bidding procedures designed to
effectuate Mercuria's acquisition of all of the Debtors' assets
outside o a chapter 11 plan through a process designed to deter
alternative bidders. The Bidding procedure and Bidding protection
should be denied because they are designed with one purpose in
mind: to deliver to Mercuria – an insider of the Debtors
substantially all of the Debtors assets at the lowest possible
price, and with the least amount of competition possible."
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. -- http://www.ampni.com-- is
an international marine fuel logistics company that markets and
physically supplies refined marine fuel and lubricants to ships in
port and at sea. The Company procures product from various sources
(such as refineries, oil producers, and traders) and resells it to
a diverse group of customers across all major commercial shipping
sectors and leading cruise lines. Currently, Aegean has a global
presence in more than 30 markets and a team of professionals ready
to serve its customers wherever they are around the globe.
Aegean Marine Petroleum Network Inc., et. al., sought bankruptcy
protection on November 6, 2018 (Bankr. D. Del. Lead Case No. Case
No. 18-13374). The jointly administered cases are pending before
Judge Hon. Michael E. Wiles.
The petition was signed by Spyridon Fokas, general counsel and
secretary.
The Debtor has total estimated assets of $1 billion to $10 billion
and total estimated liabilities of $500 million to $1 billion.
The Debtors tapped Kirkland & Ellis International LLP as general
counsel; Moelis & Company as Financial Advisor; Ernst & Young LLP,
as restructuring advisor; Epiq Bankruptcy Solutions, LLC as claims
agent.
AMERICAN TIRE: Seeks Work Fee for Wells Fargo for Funding Efforts
-----------------------------------------------------------------
BankruptcyData.com reported that American Tire Distributors
requested Court approval of work fee letter in connection with its
anticipated exit financing, and payment of fees and expenses
thereunder.
The exit financing motion explains, "The Debtors' restructuring
support agreement and plan of reorganization contemplate that their
approximately $980 million DIP facility will be refinanced with an
exit facility at emergence. Accordingly, after the Petition Date,
the Debtors and their advisors conducted a marketing process for an
exit facility, leveraging the prepetition DIP marketing process.
In consultation with the ad hoc bondholder group, the Debtors
selected Wells Fargo, as lead arranger, subject to the Court's
approval through entry of the confirmation order. Between now and
emergence, the Debtors have requested that Wells Fargo conduct
legal and business diligence and prepare and negotiate the exiting
financing documentation. In return, Wells Fargo requested that the
Debtors enter into the Work Fee Letter, which includes customary
provisions for reimbursement of Wells Fargo's reasonable and
documented fees and expenses, including reasonable and documented
legal fees and expenses, and provides for a $250,000 deposit
against those fees and expenses. Shortly after the Petition Date,
the Debtors, in consultation with their investment banker, Moelis &
Company ('Moelis'), and other advisors, commenced a marketing
process for the Exit Facility. During the course of this marketing
process, the Debtors and Moelis contacted five potential lead
arrangers of the Exit Facility (the 'Potential Lenders'). The
Potential Lenders included the existing lead arranger of the DIP
Facility, Bank of America Merrill Lynch ('BAML'), as well as Wells
Fargo Bank ('Wells Fargo') and Royal Bank of Canada ('RBC')."
About ATD Corp/American Tire
Headquartered in Huntersville, North Carolina, ATD Corporation and
its subsidiaries -- https://www.atd-us.com -- are distributors of
replacement tires with more than 140 distribution centers and 1,400
delivery vehicles servicing a geographic region covering more than
90 percent of the replacement tire market for passenger vehicles
and light trucks in the United States. ATD offers the broadest
variety of products and value-added services that range from
premium-quality tires and popular custom wheels to business support
services and online platforms that cater to tire retailers and
their potential customers. ATD has its own proprietary
private-label and exclusive tire brands, such as Hercules and
Ironman, to supplement its supply of industry-leading brand-name
tires, including Continental, Michelin, Pirelli, Cooper, Nexen,
Toyo-Nitto, Hankook, Kumho, and Falken among others. The Debtors
and their non-Debtor subsidiaries currently employ approximately
5,500 people in the United States and Canada.
ATD Corporation and eight of its affiliates filed for bankruptcy on
Oct. 4, 2018 (Bankr. D. Del. Lead Case No. 18-12221). In the
petition signed by CFO William Williams, the Debtors estimated
assets and liabilities of $1 billion to $10 billion.
The Hon. Kevin J. Carey presides over the cases.
The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as general bankruptcy counsel; Pachulski Stang
Ziehl & Jones LLP as local bankruptcy counsel; Moelis & Company as
financial advisor; AlixPartners LLP as restructuring advisor; and
Kurtzan Carson Consultants, LLC as notice and claims agent.
Andrew Vara, acting U.S. trustee for Region 3, appointed an
official committee of unsecured creditors on Oct. 19, 2018.
APOLLO INFRA: S&P Assigns BB- Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings is assigning our 'BB-' long-term issuer credit
rating to Apollo Infra Equity US Holdco LLC (AIE), a newly formed
Delaware LLC and subsidiary of Apollo Infra Equity U.S.
Intermediate LLC, that was created to own and operate a portfolio
of 18 diverse assets, including wind, solar, combined cycle gas
turbines, and midstream assets.
S&P said, "We are assigning our 'BB' issue-level rating and '2'
recovery rating to the company's $275 million senior secured term
loan due 2025.
"The stable outlook reflects our expectation that the company's
contracted assets will continue to operate under existing contracts
with mostly investment-grade counterparties; wind and solar
resource levels will be at least at the P90 level; and the
portfolio will generate fairly predictable cash flows to support
the company's holding-company debt obligations. The stable outlook
also reflects that construction risk is relatively small with the
three projects currently in construction likely to be operational
by mid-2020. Although AIE is a minority owner without control of
many of the assets, mitigating the risk is its preferred equity
positions, negative control rights and a cash flow sweep mechanism
in the case of lower-than-expected distributions.
"The stable outlook reflects the fact that most of the portfolio is
operating and contracted, the fund's preferred ownership positions
in several of the assets, and structural support in the form of
dedicated liquidity (revolver) and sweep provisions for holding
company debt. At the Apollo Infra Equity US Holdco LLC level, we
expect debt to EBITDA to fall to 3x from around 5x over the next
four years under our base case, and FFO plus interest to debt
service to improve from 2.7x to 5.0x during the same period."
APPVION INC: USW Supports ESOP Participants' Lawsuit
----------------------------------------------------
The United Steelworkers (USW) on Nov. 28 said the union strongly
supports a lawsuit filed on behalf of participants in the Appvion
Employee Stock Ownership Plan (ESOP) to recover the value of their
investments -- lost when the company was liquidated in bankruptcy
court earlier this year.
Through the ESOP, unionized hourly employees as well as salaried
personnel purchased Appvion in 2001 and continued to buy its stock
for nearly 16 years, until the company filed its bankruptcy case in
2017.
The lawsuit, which was filed by the ESOP Administrative Committee,
seeks to hold former Appvion executives and other parties who
performed services associated with the ESOP accountable for
allegedly breaching their fiduciary responsibilities and
misrepresenting the value of the company to its employee-investors
for the purpose of fraud.
USW District 2 Director Michael Bolton said that the USW has been a
staunch advocate for the interests of its members and retirees
throughout Appvion's bankruptcy process.
"The ESOP was rendered worthless by the company's liquidation, and
too many of our families lost a large portion their life savings,"
Mr. Bolton said. "Although the lawsuit may be complex and may not
be resolved quickly, the USW will continue to demand justice for
those who were harmed in the ESOP's collapse."
"We are grateful that the administrative committee has stepped up
to protect the interests of the workers and retirees who are now
dealing with the consequences resulting from the tragic collapse of
what was once and should still be a successful, employee-owned
paper company," Mr. Bolton said.
A group consisting of the company's former lenders purchased
Appvion's business in a sale that closed in June 2018. Through the
years, the USW and its predecessor unions have represented
thousands of workers at Appvion operations in Wisconsin,
Pennsylvania and Ohio.
The USW represents 850,000 men and women employed in metals,
mining, pulp and paper, rubber, chemicals, glass, auto supply and
the energy-producing industries, along with a growing number of
workers in public sector and service occupations.
About Appvion Inc.
Appvion, Inc. -- http://www.appvion.com/-- produces thermal,
carbonless, security, inkjet, digital specialty, and colored
papers. The Company is the largest manufacturer of direct thermal
paper in North America. Headquartered in Appleton, Wisconsin,
Appvion operates coating and converting plants there and in West
Carrollton, Ohio and a pulp and paper mill in Roaring Spring,
Pennsylvania. The Company employs approximately 1,400 people and
is 100% employee-owned.
Appvion, Inc., and five affiliated debtors each filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Lead Case No. 17-12082) on Oct. 1, 2017. The cases are
pending before the Honorable Kevin J. Carey.
Appvion Inc. disclosed total assets of $413,430,904 and total
liabilities of $714,758,194 as of Aug. 31, 2017.
DLA Piper is serving as legal counsel to Appvion, Guggenheim
Securities LLC is serving as the Company's investment banker, and
Alan Holtz of AlixPartners is serving as the Company's Chief
Restructuring Officer. Prime Clerk LLC is the claims and noticing
agent.
On Oct. 11, 2017, Andrew Vara, acting U.S. trustee for Region 3,
appointed an official committee of unsecured creditors. The
Committee retained Lowenstein Sandler LLP, as counsel, Klehr
Harrison Harvey Branzburg LLP, as Delaware co-counsel.
On Dec. 1, 2017, the court appointed Justin R. Alberto as the fee
examiner. He tapped Bayard, P.A., as legal counsel.
On May 14, 2018, the Bankruptcy Court approved the sale of
substantially all of the Debtors' assets to a group of the
Company's lenders led by Franklin Advisers, Inc. The sale was
completed on June 13. The transaction will significantly reduce
Appvion's debt, provide additional liquidity, and better position
Appvion to compete long-term in the evolving specialty paper market
and further invest in the innocation that has made it a market
leader.
On May 23, 2018, the Debtors filed their Combined Plan of
Liquidation and Disclosure Statement.
* * *
Following a court-sanctioned sale of the assets, Appvion Inc.
changed its name to Oldapco, Inc.
ARALEZ PHARMA: Nuvo Pharmaceuticals Declared Winning Bidder
-----------------------------------------------------------
Nuvo Pharmaceuticals Inc. (Nuvo or the Company), a globally
focused, healthcare company with a portfolio of commercial products
and pharmaceutical manufacturing capabilities, on Nov. 29 disclosed
that it has been informed by Aralez Pharmaceuticals Inc. (Aralez)
that Nuvo's previously announced acquisition of Aralez's Canadian
business and the Vimovo(R) royalty stream (the Transaction) was the
most favourable bid received and that Aralez will seek court
approval for the Transaction. The Transaction must be approved by
the Ontario Superior Court of Justice and the U.S. Bankruptcy Court
for the Southern District of New York which oversee the respective
pending proceedings involving Aralez and certain affiliates under
Canada's Companies' Creditors Arrangement Act (the CCAA) and
chapter 11 of the U.S. Bankruptcy Code. Subject to such court
approvals and other customary closing conditions, closing is
anticipated to occur prior to December 31, 2018.
On September 19, 2018, the Company disclosed that it had entered
into definitive, binding purchase agreements with Aralez to acquire
a portfolio of revenue-generating products, as well as the
associated personnel and infrastructure to continue the products'
management and growth, subject to a competitive bidding and auction
process approved by the U.S. and Ontario courts. Upon closing of
the Transaction, Nuvo will pay Aralez US$110 million in cash (less
the US$4.4 million deposit previously paid and subject to certain
working capital adjustments), which Nuvo will satisfy through
funding provided by certain funds managed by Deerfield Management
Company, L.P. (Deerfield), a leading, global,
healthcare-specialized investor (the Financing).
Jesse Ledger, Nuvo's President & CEO commented, "We are excited
about the prospect of gaining the benefit of the positive growth
trend of the Aralez business in Canada. We believe this
transaction has the potential to create significant shareholder
value by adding scale, diversification to our revenue streams and
additional platforms for future growth."
The description of the Transaction and the Financing contained in
this news release are qualified in their entirety by the reference
to the definitive purchase agreements and binding commitment
letter, copies of which are filed under Nuvo's profile at
www.sedar.com. Closing remains subject to court approvals and
other customary closing conditions. Closing of the Financing also
remains subject to customary conditions. There can be no assurance
that that the Transaction as described, or otherwise, will be
successfully concluded.
About Nuvo Pharmaceuticals Inc.
Nuvo -- http://www.nuvopharmaceuticals.com-- is a globally
focused, healthcare company with a portfolio of commercial products
and pharmaceutical manufacturing capabilities. Nuvo has four
commercial products that are available in a number of countries:
Pennsaid(R) 2%, Pennsaid, Resultz(R) and the heated
lidocaine/tetracaine patch. Nuvo manufactures Pennsaid 2% for the
U.S market, Pennsaid for the global market and the bulk drug
product for the HLT Patch at its U.S. Food and Drug Administration
(FDA), Health Canada and E.U. approved manufacturing facility in
Varennes, Quebec. The Company's focus is to maximize the value of
Pennsaid 2% and Resultz through out-licensing to commercial
partners in international markets and identifying new opportunities
to acquire additional, revenue generating or late-stage products or
businesses to further diversify the Company's existing product
portfolio.
About Deerfield Management Company, L.P.
Deerfield -- http://www.deerfield.com-- is an investment
management firm, committed to advancing healthcare through
investment, information and philanthropy.
About Aralez Pharmaceuticals
Aralez Pharmaceuticals Inc. (TSX: NRI; OTCQX:NRIFF) --
http://www.aralez.com/-- is a specialty pharmaceutical company
focused on delivering products to improve patients' lives by
acquiring, developing and commercializing products in various
specialty areas.
The Company together with its affiliates filed for Chapter 11
protection on Aug. 10, 2018 (Bankr. S.D.N.Y. Lead Case No.
18-12425). The Debtor estimated assets and liabilities between
$100 million and $500 million.
The Hon. Martin Glenn presides over the Debtors' Chapter 11 cases.
The Debtors tapped Willkie Farr & Gallagher LLP, as their counsel;
Alvarez & Marsal Healthcare Industry Group, LLC as restructuring
and financial advisor; Moelis & Company as investment banker; RSM
US LLP as tax advisor; and Prime Clerk LLC as claims, noticing and
solicitation agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on August 27, 2018. The committee tapped
Brown Rudnick LLP as legal counsel; Berkeley Research Group, LLC
and Dundon Advisers LLC as financial advisors; and Baily Homan
Smyth McVeigh, Solicitors and McMillan LLP as special counsel.
ARGOS THERAPEUTICS: Hires Landis Rath & Cobb as Bankruptcy Counsel
------------------------------------------------------------------
Argos Therapeutics, Inc., seeks authority from the U.S. Bankruptcy
Court for the District of Delaware (Delaware) to hire Landis Rath &
Cobb LLP as its bankruptcy counsel in this Chapter 11 Case.
Services to be provided by Landis Rath are:
a. advise and assist the Debtors with respect to their rights,
powers and duties as debtors-in-possession, and taking all
necessary action to protect and preserve the Debtors' estates,
including prosecuting actions on the Debtors' behalf, defending any
actions commenced against the Debtors, negotiating all disputes
involving the Debtors, and preparing objections to claims filed
against the Debtors' estates;
b. prepare and file necessary pleadings, motions,
applications, draft orders, notices, schedules and other documents,
and reviewing all financial and other reports to be filed in these
Chapter 11 Cases, and advising the Debtors concerning, and
preparing responses to, applications, motions, other pleadings,
notices and other papers that may be filed and served in this
case;
c. handle inquiries and calls from creditors and counsel to
interested parties regarding pending matters and the general status
of these Chapter 11 Cases, and, to the extent required, preparing
and serving any necessary responses;
d. appear in Court and any appellate courts to represent and
protect the interests of the Debtors and their estates;
e. attend meetings including any meeting of creditors and
negotiating with representatives of creditors and other
parties-in-interest;
f. advise and assist the Debtors in maximizing value in these
Chapter 11 Cases, including, without limitation, in connection with
the formulation, negotiation and promulgation of
debtors-in-possession financing, use of cash collateral, a sale of
assets, other transaction and/or a disclosure statement and Chapter
11 plan and all documents related thereto, and taking all further
actions as may be required in connection with any sale, disclosure
statement or plan during these Chapter 11 Cases; and
g. perform all other necessary legal services for the Debtors
in connection with the prosecution of these Chapter 11 Cases,
including, but not limited to: (i) analyze the Debtors' leases and
contracts and the assumptions, rejections, or assignments thereof,
(ii) analyze the validity of liens against the Debtors, (iii)
advising the Debtors on litigation matters, and (iv) develop a
organization strategy.
The current rates of LRC are:
partners $575 to $860 per hour
associates $295 to $495 per hour
paralegals $230 to $240 per hour
legal assistants $155 per hour
Matthew B. McGuire, Esq. attests that LRC neither holds nor
represents any interest adverse to the Debtors' estates and is a
"disinterested person" within the meaning of Sections 327(a) and
101(14) of the Bankruptcy Code.
The counsel can be reached through:
Matthew B. McGuire, Esq.
LANDIS RATH & COBB LLP
919 Market Street, Suite 1800
Wilmington, DE 19801
Telephone: (302) 467-4400
Facsimile: (302) 467-4450
E-mail: mcguire@lrclaw.com
About Argos Therapeutics
Argos Therapeutics, Inc., was incorporated in the State of Delaware
on May 8, 1997. The Company is an immuno-oncology company focused
on the development and commercialization of individualized
immunotherapies for the treatment of cancer and infectious diseases
based on its proprietary precision immunotherapy technology
platform called Arcelis.
Argos Therapeutics filed a voluntary petition for relief under
chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case no.
18-12714) on Nov. 30, 2018. The Debtor estimated $1 million to $10
million in assets and $10,000,001 to $50 million in liabilities.
Judge Kevin J. Carey presides over the case. Matthew B. McGuire,
at Landis Rath & Cobb LLP, represents the Debtor.
ARGOS THERAPEUTICS: Hires Matthew Foster of Sonoran Capital as CRO
------------------------------------------------------------------
Argos Therapeutics, Inc., seeks authority from the U.S. Bankruptcy
Court for the District of Delaware (Delaware) to hire Sonoran
Capital Advisors, LLC, to provide the Debtor with a Chief
Restructuring Officer and certain additional personnel, and
designate Matthew Foster as the Debtor's CRO, nunc pro tunc to Nov.
30, 2018.
As CRO, the Debtor require Mr. Foster to:
a) assist with reporting to and communicating with key
constituencies;
b) assist with the development of a business plan;
c) assist with liquidity management and cash flow
forecasting;
d) assist with management of the Debtor's vendors and
suppliers;
e) coordinate with the Debtor's investment bankers, and
assisting in the evaluation of any proposed transactions;
f) perform such other services as requested or directed by the
Debtor's management or its Board of Directors.
The Debtor will pay Sonoran a fixed monthly fee of $10,000 for work
performed by the CRO and that Sonoran will charge its normal hourly
rate which ranges between $195 and $425 per hour, with its hourly
fees for the first 30 days capped at $20,000 and $10,000 per month
thereafter for work performed by the Additional Personnel.
Sonoran holds a $20,000 retainer received from the Debtor prior to
November 30, 2018.
Matthew Foster, managing director of Sonoran Capital Advisors,
attests that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code and holds no
interest materially adverse to the Debtor, its creditors and
shareholders for the matters for which Sonoran is to be employed.
The firm can be reached at:
Matthew Foster
Sonoran Capital Advisors, LLC
1733 N Greenfield Rd., Suite 101
Mesa, AZ 85234
Phone: (602) 405-5380
About Argos Therapeutics
Argos Therapeutics, Inc., was incorporated in the State of Delaware
on May 8, 1997. The Company is an immuno-oncology company focused
on the development and commercialization of individualized
immunotherapies for the treatment of cancer and infectious diseases
based on its proprietary precision immunotherapy technology
platform called Arcelis.
Argos Therapeutics, Inc. filed a voluntary petition for relief
under chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No.
18-12714) on Nov. 30, 2018. The Debtor estimated $1 million to $10
million in assets and $10,000,001 to $50 million in liabilities.
Judge Kevin J. Carey presides over the case. Matthew B. McGuire at
Landis Rath & Cobb LLP represents the Debtor as counsel.
ARGOS THERAPEUTICS: Taps Wilmer Cutler as Special Corporate Counsel
-------------------------------------------------------------------
Argos Therapeutics, Inc., seeks authority from the U.S. Bankruptcy
Court for the District of Delaware (Delaware) to hire Wilmer Cutler
Pickering Hale and Don LLP as special corporate counsel to the
Debtor.
WilmerHale continue to provide assistance to the Debtor in
connection with certain corporate transactional matters, which
include advising the company with respect to negotiating and
consummating the asset sale transactions contemplated in connection
with the Debtor's Chapter 11 Case.
Wilmer Cutler will charge these hourly fees:
Position Range of Hourly Rates (2018/2019)
-------- ---------------------------------
Partners $900 - $1,775 / $965 - $1,865
Counsel $785 - $1,105 / $825 - $1,165
Associates $475 - $1,030 / $500 - $1,025
Paraprofessionals $230 - $540 / $220 - $570
The attorneys and paraprofessionals designated to represent the
Debtors are:
Hourly Rates (2018/2019)
George W. Shuster $1,195 $1,300
Stuart Falber $1,100 $1,170
The Firm has maintained a retainer of $200,000 in connection with
its representation of the Debtor.
George W. Shuster, Jr., partner in the firm of Wilmer Cutler
Pickering Hale and Don LLP, disclosed in a court filing that his
firm does not have any interest adverse to the interest of the
Debtors' estates, creditors and equity security holders.
The firm can be reached through:
George W. Shuster, Jr.
Wilmer Cutler Pickering Hale and Dorr LLP
7 World Trade Center
250 Greenwich Street
New York, New York 10007
Tel: (212) 230-8800
Fax: (212) 230-8888
About Argos Therapeutics
Argos Therapeutics, Inc., was incorporated in the State of Delaware
on May 8, 1997. The Company is an immuno-oncology company focused
on the development and commercialization of individualized
immunotherapies for the treatment of cancer and infectious diseases
based on its proprietary precision immunotherapy technology
platform called Arcelis.
Argos Therapeutics, Inc., filed a voluntary petition for relief
under chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No.
18-12714) on Nov. 30, 2018. The Debtor estimated $1 million to $10
million in assets and $10 million to $50 million in liabilities.
Judge Kevin J. Carey presides over the case. Matthew B. McGuire at
Landis Rath & Cobb LLP represents the Debtor.
ARP FAMILY: Seeks to Hire Davis Miles as Attorney
-------------------------------------------------
ARP Family Farms, G.P., seeks authority from the U.S. Bankruptcy
Court for the District of Arizona to employ Davis Miles McGuire
Gardner, PLLC, as attorney to the Debtor.
ARP Family requires Davis Miles to:
a. advise the Debtor as to its rights, duties, and powers as
debtor in possession;
b. prepare and file statements, schedules, plans, and other
documents and pleadings necessary to be filed by the Debtor
in the bankruptcy case;
c. represent the Debtor at all hearings, meetings of
creditors, conferences, trials, and other proceedings in
the bankruptcy case; and
d. perform such other legal services as may be necessary in
connection with the bankruptcy case.
Davis Miles will be paid at these hourly rates:
Attorneys $295 to $425
Paralegals $155
Davis Miles will be paid a retainer in the amount of $15,000.
Davis Miles will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Pernell W. McGuire, a partner at Davis Miles McGuire Gardner,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their/its
estates.
Davis Miles can be reached at:
Pernell W. McGuire, Esq.
DAVIS MILES MCGUIRE GARDNER, PLLC
40 E. Rio Salado Pkwy., Suite 425
Tempe, AZ 85281
Tel: (480) 733-6800
Fax: (480) 733-3748
E-mail: azbankruptcy@davismiles.com
About ARP Family Farms
ARP Family Farms G.P. is a privately held company in Chandler,
Arizona that operates in the agricultural industry.
ARP Family Farms, based in Chandler, AZ, filed a Chapter 11
petition (Bankr. D. Ariz. Case No. 18-14173 on Nov. 19, 2018. In
the petition signed by Nathan Arp, manager, Ephesians 3:20 Farms,
LLC, the Debtor estimated $10 million to $50 million in assets and
liabilities. The Hon. Daniel P. Collins presides over the case.
Pernell W. McGuire, Esq., at Davis Miles McGuire Gardner, PLLC,
serves as bankruptcy counsel.
ASPEN MANOR: Seeks to Hire Bederson as Accountant
-------------------------------------------------
Aspen Manor Condominium Association, Inc., seeks approval from the
U.S. Bankruptcy Court for the District of New Jersey to hire
Bederson LLP as its accountant.
The firm will assist the Debtor in the preparation of its monthly
operating reports and will provide other accounting services
related to its Chapter 11 case.
Bederson charges these hourly fees:
Partners $390 to $515
Managers $305 to $325
Senior Accountants $265
Semi Senior Accountants $240
Staff Accountants $170
Paraprofessionals $170
Timothy King, a certified public accountant employed with Bederson,
disclosed in a court filing that he and his firm are
"disinterested" as defined in section 101(14) of the Bankruptcy
Code.
Bederson can be reached through:
Timothy J. King
Bederson LLP
347 Mount Pleasant Avenue, Suite 200
West Orange, NJ 07052
Tel: 973-530-9140 / 973-530-9190
Email: tking@bederson.com
About Aspen Manor Condominium Association
Aspen Manor Condominium Association, Inc., filed a Chapter 11
bankruptcy petition (Bankr. D.N.J. Case No. 18-30224) on Oct. 10,
2018, estimating less than $1 million in assets and liabilities.
The Debtor hired Greenbaum Rowe Smith & Davis LLP, as its attorney,
and Feldman Sablosky Massoni as its accountant.
AT HOME GROUP: S&P Lowers $341MM 1st Lien Term Loan Rating to 'B+'
------------------------------------------------------------------
S&P Global Ratings revised its recovery rating on At Home Group
Inc.'s $341 million first-lien term loan to '3' from '2' and
lowered its issue-level rating to 'B+' from 'BB-'. The '3' recovery
rating indicates S&P's expectation for meaningful recovery
(50%-70%; rounded estimate: 60%) in a payment default.
S&P said, "We based the rating action on the company upsizing its
term loan by $50 million instead of issuing a new $425 million term
loan, as was originally contemplated. Specifically, we believe that
higher first-lien debt lowers the recovery prospects for lenders in
a default scenario. All other ratings, including the 'B+' issuer
credit rating and negative outlook, are unchanged. For more
information, see our research update published on Nov. 7, 2018."
ISSUE RATINGS--RECOVERY ANALYSIS
Key analytical factors:
-- S&P's simulated default scenario contemplates a default in
2022, resulting from revenue and EBITDA declines because of
ineffective management of inventory and merchandise, loss of the
ability to source low-priced merchandise, potential tariff
pressures, and an economic slowdown that reduces consumers'
discretionary income. These factors all lead to market share loss
and require aggressive promotions and discounting to move
inventory.
-- S&P's recovery analysis assumes that, in a hypothetical
bankruptcy scenario, senior secured first-lien term loan lenders
would benefit from the second lien on the collateral securing the
asset-based lending (ABL) facility (accounts receivable and
inventory) and a first lien on substantially all other assets and
stock of subsidiaries.
-- S&P said, "We assume the company emerges from bankruptcy and
value the company on a going-concern basis using a 5x multiple, in
line with that for other general retailers, applied to our
projected emergence-level EBITDA. We estimate a gross emergence
value of $522 million."
-- S&P believes an approximately 42% EBITDA decline (from fiscal
2018) or $104 million emergence-level EBITDA assumes that 20% of
stores close and the company could generate a 12% EBITDA margin.
Simulated default assumptions:
-- Simulated year of default: 2022
-- EBITDA at emergence: $104 million
-- Implied EV multiple: 5x
-- Estimated gross EV at emergence: $522 million
Simplified waterfall:
-- Net EV after 5% administrative costs: $496 million
-- Valuation split % (obligors/nonobligors/unpledged): 100/0/0
-- ABL-related and other priority claims: $285 million
-- Senior secured term loan claims: $344 million
--Recovery expectations: 50%-70% (rounded estimate: 60%)
All debt amounts include six months of prepetition interest.
RATINGS LIST
At Home Group Inc.
Issuer Credit Rating B+/Negative/--
Rating Lowered; Recovery Rating Revised
At Home Holding III Inc.
To From
Senior Secured B+ BB-
Recovery Rating 3 (60%) 2 (75%)
BAGELS N' CREAM: Hires McManimon Scotland as Special Counsel
------------------------------------------------------------
Bagels N' Cream LLC, seeks authority from the U.S. Bankruptcy Court
for the District of New Jersey to employ McManimon Scotland &
Baumann, LLC, as counsel to the Debtor.
Bagels N' Cream requires McManimon Scotland to represent and
provide legal services in the New Jersey sales tax claim.
McManimon Scotland will be paid at these hourly rates:
Partners $375 to $625
Associates $225 to $370
Paraprofessionals $145 to $215
McManimon Scotland will be paid a retainer in the amount of
$10,000.
McManimon Scotland will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Anthony Sodono, III, partner of McManimon Scotland & Baumann, LLC,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
McManimon Scotland can be reached at:
Anthony Sodono, III, Esq.
Sari B. Placona, Esq.
McMANIMON SCOTLAND & BAUMANN, LLC
75 Livingston Avenue
Roseland, NJ 07068
Tel: (973) 622-1800
E-mail: asodono@msbnj.com
splacona@msbnj.com
About Bagels N' Cream
Bagels N' Cream, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. D.N.J. Case No. 18-23911) on July 11, 2018, estimating
under $1 million in assets and liabilities. The Law Offices of
Scott E. Kaplan, LLC is the Debtor's bankruptcy counsel. McManimon
Scotland & Baumann, LLC, is providing the Debtor legal services in
the New Jersey sales tax claim.
BEAUTIFUL BROWS: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of Beautiful Brows LLC as of Nov. 8, according
to a court docket.
About Beautiful Brows
Beautiful Brows LLC, based in Tucker, Georgia, primarily operates
in the skin care business within the personal services industry.
Beautiful Brows, filed a Chapter 11 petition (Bankr. N.D. Ga. Case
No. 18-66766) on Oct. 3, 2018. In the petition signed by Saleema
Delawalla (f/k/a Fnu Saleema), member, the Debtor estimated
$100,000 to $500,000 in assets and $1 million to $10 million in
liabilities. Jason L. Pettie, Esq., at Jason L. Pettie, P.C.,
serves as bankruptcy counsel.
BERLIN PACKAGING: S&P Cuts ICR to 'B-' on Oak Hill Fund Transaction
-------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Berlin
Packaging to 'B-' from 'B'. S&P said, "At the same time, we
lowered our issue level ratings on the company's pro forma
first-lien credit facilities to 'B-' from 'B'. The recovery rating
remains '3', indicating our expectation for meaningful recovery
(50%-70%; rounded estimate: 50%) in the event of default. The
stable outlook reflects our expectation that Berlin Packaging will
continue to generate strong free cash flows while maintaining
leverage above 7x the next 12 months."
The downgrade reflects Berlin Packaging's elevated credit metrics
pro forma for its acquisition by Oak Hill Fund IV and S&P's
expectations that future acquisitions will cause leverage to remain
well above 7x over the next 12 months.
S&P said, "The stable outlook on Berlin Packaging reflects our
expectation that continued organic sales growth and stabilizing
operating margins will continue to support the company's strong
free cash flow generation. We expect the company to continue
aggressively pursuing acquisition opportunities, though not to the
extent that liquidity would become constrained. We expect Berlin
Packaging will maintain an adjusted debt-to-EBITDA ratio above 7x
over the next 12 months, which, combined with its consistent free
cash flow generation, is appropriate for the current rating.
"Although unlikely, we could lower our ratings further if
deteriorating operating performance results in a constrained
liquidity position. Sharp increases in raw material costs or weaker
demand trends could strain Berlin Packaging's profitability and
liquidity. We could also downgrade the company if facility
borrowings trigger its springing first-lien financial covenant,
with no near-term payback expected.
"We could raise our ratings on Berlin Packaging if its adjusted
debt to EBITDA improves to below 7x on a sustained basis. This
could occur if the company's operating margins improve by 100 basis
points above our base case scenario. However, we would also require
the company and its financial sponsor to commit to financial
policies that maintain these improved metrics, inclusive of
potential acquisitions and shareholder rewards."
BJRP LLC: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------
The Office of the U.S. Trustee on Nov. 6 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of BJRP LLC.
About BJRP LLC
BJRP LLC, based in Beachwood, OH, filed a Chapter 11 petition
(Bankr. Ohio Case No. 18-15839) on Sept. 28, 2018. The Hon. Arthur
I. Harris presides over the case. Richard A. Baumgart, Esq., at
Dettelbach Sicherman & Baumgart LLC, serves as bankruptcy counsel.
In the petition signed by CEO Brad Friedlander, the Debtor
disclosed $442,000 in assets and $3,502,443 in liabilities. The
Debtor employed Dettelbach Sicherman & Baumgart LLC, as attorney to
the Debtor.
BROOKC LLC: Jan. 8 Hearing on Disclosure Statement
--------------------------------------------------
The hearing to consider approval of the disclosure statement
explaining BROOKC, LLC's plan is set for January 8, 2019, at 9:00
A.M.
December 26, 2018 is fixed as the last day for filing and serving
in accordance with Rule 3017(a) of the Federal Rules of Bankruptcy
Procedure written Objections to the Disclosure Statement.
The Debtor's Plan proposes to pay general unsecured claims,
classified in Class 4, a monthly payment of $998.67 beginning on
the first day of the month following the effective date of the Plan
and ending five years from the Effective Date. Total payout amount
is $59,311. Class 4 Claims are impaired.
The Debtor is a Tennessee business whose main business involves
restoration repair to damaged real estate and buildings.
Secured claim of Planters Bank, classified in Class 3A, is
impaired. Class 3A Claim will be paid a monthly payment of
$816.87, beginning on the first day of the month following the
effective date of the Plan and ending five years from the
Effective
Date at 6.25% for a total payout of $49,012. Planters Bank will
retain its lien until completion of the payments.
The Plan will be funded by the following: Income from the
continued
operation of the restoration and repair business.
A full-text copy of the Disclosure Statement dated November 20,
2018, is available at:
http://bankrupt.com/misc/tnmb18-31800586-34.pdf
About BROOKC, LLC
Clarksville, Tennessee-based BROOKC LLC filed for Chapter 11
bankruptcy protection (Bankr. M.D. Tenn. Case No. 18-00586) on Jan.
31, 2018, estimating its assets and liabilities at between $100,001
and $500,000 each. Steven L. Lefkovitz, Esq., at Lefkovitz &
Lefkovitz serves as the Debtor's bankruptcy counsel.
The Office of the U.S. Trustee on March 13 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of BROOKC LLC.
CBAK ENERGY: Changes Trading Symbol to CBAT
-------------------------------------------
The trading symbol for common stock of CBAK Energy Technology,
Inc., which trades on the Nasdaq Global Market, was changed from
CBAK to CBAT, effective on Nov. 30, 2018.
About CBAK Energy
Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn/-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.
CBAK Energy reported a net loss of US$21.46 million for the year
ended Dec. 31, 2017 compared to a net loss of US$12.65 million for
the year ended Sept. 30, 2016. As of Sept. 30, 2018, the Company
had $132.15 million in total assets, $128.18 million in total
liabilities, and $3.97 million in total equity.
Centurion ZD CPA Limited, in Hong Kong, China, the Company's
auditor since 2016, issued a "going concern" opinion in its report
on the consolidated financial statements for the year ended Dec.
31, 2017 stating that the Company has a working capital deficiency,
accumulated deficit from recurring net losses and significant
short-term debt obligations maturing in less than one year as of
Dec. 31, 2017. All these factors raise substantial doubt about its
ability to continue as a going concern.
CC CARE LLC: Brian Fitzsimmons Steps Down as Committee Member
-------------------------------------------------------------
The Office of the U.S. Trustee on Nov. 8 announced that Brian
Fitzsimmons of Fitzsimmons Surgical Supply, Inc. resigned as a
member of the official committee of unsecured creditors in the
Chapter 11 cases of CC Care, LLC and its affiliates.
The remaining committee members are:
(1) Brad Boe
Performance Food Group, Inc.
8001 TPC Road
Rock Island, IL 61204
(2) Pat Comstock
Illinois Council on Long Term Care
203 N. LaSalle St., Suite 2100
Chicago, IL 60601
(3) Nancy Jennings
RehabCare Group East, Inc.
7733 Forsyth Blvd., Suite 1700
St. Louis, MO 63105
(4) Janis Jones
ONR National, Speech Pathology, Inc.
1101 S. Capital of Texas Hwy., Bldg. G200
Austin, TX 78746
(5) Dick Krause
Pharmore Drugs, LLC
3412 W. Touhy Avenue
Skokie, IL 60076
(6) Donald Torres
Medline Industries, Inc.
Three Lakes Drive
Northfield, IL 60093
About CC Care, LLC
CC Care, LLC, and its affiliates are Delaware limited liability
companies owned by JLM Financial Healthcare, LP, that operate
long-term care facilities that provide nursing, healthcare,
therapeutic and social services to the chronically ill with a
diagnosis of mental illness.
The operating entities own these nursing care facilities:
Entity Facility Name/Location
------ ----------------------
CC Care Community Care Center, Chicago, Illinois
BT Care Bourbonnais Terrace Nursing Home, Bourbonnais, Ill.
CT Care Crestwood Terrace Nursing Center, Crestwood, Ill.
FT Care Frankfort Terrace Nursing Center, Frankfort, Ill.
JT Care Joliet Terrace Nursing Center, Joliet, Illinois
KT Care Kankakee Terrance Nursing Center, Bourbonnais, Ill.
SV Care Southview Manor, Chicago, Illinois
TN Care Terrace Nursing Home, Waukegan, Illinois
WCT Care West Chicago Terrace Nursing Home, West Chicago, Ill.
On Oct. 30, 2017, Chapter 11 bankruptcy petitions were filed by CC
Care, LLC, doing business as Community Care Center (Bankr. N.D.
Ill. Lead Case No. 17-32406), and BT Bourbonnais Care, LLC, doing
business as Bourbonnais Terrace Nursing Home (Case No. 17-32411),
CT Care, LLC (17-32417), FT Care, LLC (17-32423), JT Care, LLC
(17-32425), KT Care, LLC (17-32427), SV Care, LLC (17-32430), TN
Care, LLC (17-32429), WCT Care, LLC (17-32433), JLM Financial
Healthcare, LP (17-32421). Patrick Laffey, their manager and
designated representative, signed the petitions.
The cases are jointly administered under Case No. 17-32406 and
assigned to Judge Janet S. Baer.
At the time of filing, CC Care estimated $1 million to $10 million
in assets and liabilities.
The Debtors tapped Burke Warren MacKay & Serritella, P.C. and
Crane, Simon, Clar & Dan as their bankruptcy counsel; Meyer
Magence, Attorney at Law as special counsel; and Development
Specialists, Inc. as financial advisor.
On Nov. 27, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. The committee hired
Freeborn & Peters LLP as its bankruptcy counsel, and Protiviti Inc.
as its financial advisor.
COALINGA REGIONAL: U.S. Trustee Forms 2-Member Committee
--------------------------------------------------------
The U.S. Trustee for Region 17 on Nov. 27 appointed two creditors
to serve on the official committee of unsecured creditors in the
Chapter 9 case of Coalinga Regional Medical Center.
The committee members are:
(1) Elitecare Medical Staffing, Inc.
Representative: Steve Poggi
761 E. Locust Ave., Suite 103
Fresno, CA 93720
Tel: 559-438-7700
Fax: 559-438-2170
(2) Beckman Coulter, Inc.
Representative: Joshua Lee
250 South Kraemer Blvd. DI.NM.03
Brea, CA 92821
Tel: 714-961-3150
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About Coalinga Regional Medical Center
Established in 1938, Coalinga Regional Medical Center --
http://coalingamedicalcenter.com-- provides these health care
services to the community: acute care, emergency department,
licensed laboratory, physical therapy, radiology department,
respiratory therapy, skilled nursing facility, D.O.T. exams and
industrial medicine.
Coalinga Regional Medical Center sought protection under Chapter 9
of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 18-13677) on
September 7, 2018. At the time of the filing, the Debtor had
estimated assets of $10 million to $50 million and liabilities of
$10 million to $50 million. The Debtor tapped Riley C. Walter,
Esq., at Walter Wilhelm Law Group as its legal counsel.
COLLECTIVE INC: Dec. 4 Meeting Set to Form Creditors' Panel
-----------------------------------------------------------
The United States Trustee for Region 2 will hold an organizational
meeting on December 4, 2018, at 11:30 a.m. in the bankruptcy cases
of Collective, Inc. and CME CO-OP, LLC
The meeting will be held at:
US Bankruptcy Court
Southern District of New York
One Bowling Green, Room 511
New York, NY 10004-1408
The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.
The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code. A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.
To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization. The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.
About Collective Inc.
Collective, Inc., through its proprietary software platform (Visto
Enterprise Ad Hub), offers individual brands, advertising agencies,
and advertisers the ability to purchase and place advertising,
monitor advertising placement, and track return on advertising
investment. It has direct and indirect relationships with over 50
advertising vendors, including companies like Amazon, Facebook, and
Google.
Formed in 2007 under the name Collective Media, Inc., the company
employs 25 persons, including 22 employees out of its home office
in New York City. It is the sole member of CME Co-Op, LLC, which
is an entity formed to hold a portion of the equity in Collective
Europe Holding Cooperatief U.A., a Dutch holding company.
Collective and CME Co-Op, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. N.Y. Case Nos. 18-13584 and
18-13585) on November 19, 2018. In the petitions signed by Kerri
Bianchi, president and chief executive officer, Collective
disclosed $39.9 million in assets and $23 million in liabilities as
of September 30, 2018.
The cases have been assigned to Judge Sean H. Lane.
The Debtors tapped Wilmer Cutler Pickering Hale and Dorr LLP as
legal counsel; Oaklins DeSilva & Phillips LLC as investment banker;
and Epiq Corporate Restructuring, LLC as claims, noticing and
administrative agent.
COLONIAL OAKS: Seeks to Hire Dougall Conradie as Accountant
-----------------------------------------------------------
Colonial Oaks Mobile Home Park, LLC, seeks authority from the U.S.
Bankruptcy Court for the District of Oregon to employ Dougall
Conradie, LLC, as accountant to the Debtor.
Colonial Oaks requires Dougall Conradie to:
-- prepare the Debtor's 2017 federal, state, and local income
tax returns;
-- assist the Debtor in preparing other submissions required
by the federal or state taxing authorities; and
-- provide other necessary accounting advice in connection
with Debtor's bankruptcy.
Dougall Conradie will be paid at these hourly rates:
Geoff Dougall $260
Chris Moses $145
Kim Cring $110
Associates and Admin Staff $75
Dougall Conradie will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Chris Moses, a partner at Dougall Conradie, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Dougall Conradie can be reached at:
Chris Moses
DOUGALL CONRADIE, LLC
9955 SE Washington St., Suite 200
Portland, OR 97216
Tel: (503) 255-6121
About Colonial Oaks Mobile Home Park
Colonial Oaks Mobile Home Park, LLC, a single asset real estate as
defined in 11 U.S.C. Section 101(51B), has principal assets located
at 934 Main St. Independence, Oregon.
Colonial Oaks Mobile Home Park filed a voluntary petition under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No.
18-33183) on Sept. 12, 2018. In the petition signed by Susan
Daniell, member, the Debtor estimated $1 million to $10 million in
assets and liabilities as of the bankruptcy filing. The case is
assigned to the Hon. Trish M. Brown. Nicholas J. Henderson, Esq.,
at Motschenbacher & Blattner, LLP, is the Debtor's counsel.
COMMUNITY CHOICE: Extends Restructuring Agreement Until Dec. 7
--------------------------------------------------------------
Community Choice Financial Inc. had entered into an agreement,
which extended the date, after which, the Consenting Noteholders
may terminate the Restructuring Support Agreement if the Company
has not completed the previously-disclosed Deleveraging Transaction
(as defined in the Company's existing revolving credit facility)
from Dec. 3, 2018 to Dec. 7, 2018. The extension was required to
allow more time to resolve technical aspects of the distribution of
the new debt and equity instruments to be issued pursuant to the
Deleveraging Transaction and to finalize documentation of the
Deleveraging Transaction. The Company entered into the
Restructuring Support Agreement Extension with the beneficial
holders, or investment advisors or managers for (or parties having
the contractual right to vote or consent in respect of) certain
beneficial holders representing the requisite majority of the
Company's 10.75% senior secured notes due May 1, 2019, the
Company's 12.75% senior secured notes due May 1, 2020 and the 9.00%
senior secured notes of Community Choice Financial Issuer, LLC due
Sept. 6, 2020.
The Company and the Noteholder Majority have made substantial
progress toward completion of the Deleveraging Transaction, which
is expected to close after finalization of documentation and
resolution of technical aspects of the distribution.
As previously reported, on Oct. 31, 2018, the Board of Directors of
the Company decided that it was not in the Company's best interest
to make a $13.72 million interest payment due Nov. 1, 2018 on the
2019 Notes and May 2020 Notes, and the Company did not make that
payment. The 30-day grace period for the payment expired Dec. 1,
2018. The Company's failure to pay this amount prior to Dec. 1,
2018 resulted in an event of default under the Indentures, and also
resulted in an event of default under the Company's $42.0 million
Revolving Credit Facility.
While the event of default is continuing under the Indentures, the
Trustee or holders of at least 25% in principal amount of the then
total outstanding Notes of any series may declare the principal,
premium, if any, interest and any other monetary obligations on all
the then outstanding Notes of such series to be due and payable
immediately. While the event of default is continuing under the
Revolving Credit Facility, the administrative agent, acting on
behalf of the lenders and at the direction of the bondholder
designee (acting at the direction of a majority of the holders of
the September 2020 Notes), may terminate the commitments of the
lenders and declare the loans thereunder, together with accrued
interest and all other amounts outstanding thereunder, to be
immediately due and payable.
About Community Choice Financial
Dublin, Ohio-based Community Choice Financial Inc. --
http://www.ccfi.com/-- is a retailer of financial services to
unbanked and underbanked consumers through a network of 476 retail
storefronts across 12 states and is licensed to deliver similar
financial services over the internet in 30 states. CCFI focuses on
providing consumers with a wide range of convenient financial
products and services to help them manage their day-to-day
financial needs including consumer loans, check cashing, prepaid
debit cards, money transfers, bill payments, and money orders.
Community Choice incurred a net loss of $180.9 million in 2017,
compared to a net loss of $1.54 million in 2016. As of Sept. 30,
2018, the Company had $179.22 million in total assets, $420.37
million in total liabilities, and a total stockholders' deficit of
$241.14 million.
* * *
As reported by the TCR on Nov. 8, 2018, S&P Global Ratings said it
lowered its issuer credit rating on Community Choice Financial Inc.
(CCFI) to 'D' (default) from 'CC'. The rating action follows
CCFI's decision to defer a $13.72 million Nov. 1 interest payment
on its senior secured notes and enter into a 30-day grace period.
As reported by the TCR on Sept. 10, 2018, Moody's Investors Service
affirmed Community Choice Financial Inc.'s 'Caa3' corporate family.
Moody's said Community Choice's 'Caa3' corporate family reflects
its unsustainable capital structure with large amounts of debt and
substantial equity deficit, weak financial performance, constrained
liquidity, and also high regulatory risk.
COURTSIDE CONDOMINIUMS: Seeks to Hire Stoker & Swinton as Counsel
-----------------------------------------------------------------
Courtside Condominiums, L.C., seeks authority from the U.S.
Bankruptcy Court for the District of Utah to employ Stoker &
Swinton, as counsel to the Debtor.
Courtside Condominiums requires Stoker & Swinton to:
-- give advice to the Debtor from day to day, and from time to
time, as the Debtor seeks to discharge its responsibilities
as debtor-in-possession in this Chapter 11 case;
-- assist the Debtor in resolving disputes with individuals
and entities who have filed claims in this Chapter 11 case,
including claims to which the Debtor objects;
-- prepare pleadings and other court papers in connection with
different aspects of case administration, likely to include
a Motion to Dismiss the Chapter 11 Case;
-- attend hearings with creditors and before the Court as
necessary for and on behalf of the Debtor in the case;
-- assist in the formulation and negotiation of a plan of
reorganization, and in the shepherding of such plan through
the confirmation process; and
-- represent the Debtor in any adversary proceedings filed in
this Chapter 11 case.
Stoker & Swinton will be paid at the hourly rate of $280.
Stoker & Swinton will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Stephen G. Stoker, partner of Stoker & Swinton, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Stoker & Swinton can be reached at:
Stephen G. Stoker, Esq.
STOKER & SWINTON
311 South State Street, Suite 400
Salt Lake City, UT 84111
Telephone: (801) 359-4000
Facsimile: (801) 359-4004
E-mail: sgstoker@stokerswinton.com
About Courtside Condominiums
Courtside Condominiums, L.C., owns an apartment complex in West
Orem, Utah.
Courtside Condominiums filed a voluntary petition under Chapter 11
of the Bankruptcy Code (Bank. D. Utah Case No. 18-24074) on June 1,
2018. In the petition signed by Robert Conte, managing member, the
Debtor estimated $10 million to $50 million in assets and
liabilities. The Hon. Kevin R. Anderson is the case judge. Holland
& Hart LLP, led by Ellen E. Ostrow, and Stoker & Swinton, serve as
counsel to the Debtor.
COX LAND & TIMBER: Seeks to Hire Stone & Baxter as Counsel
----------------------------------------------------------
Cox Land & Timber, Inc., and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Northern District of Georgia
to employ Stone & Baxter, LLP, as counsel to the Debtors.
Cox Land & Timber requires Stone & Baxter to:
a. give the Debtors legal advice with respect to the powers
and duties of a Debtor-in-Possession in the continued
operation of the business and management of the Debtors'
properties;
b. prepare on behalf of the Debtors, as debtors-in-possession,
necessary applications, motions, answers, reports, and
other legal papers;
c. continue existing litigation, if any, to which Debtors-in-
Possession may be a party and to conduct examinations
incidental to the administration of their estates;
d. take any and all necessary actions for the proper
preservation and administration of Debtors' estates;
e. assist the Debtors-in-Possession with the preparation and
file of their Statement of Financial Affairs and Schedules
and Lists as are appropriate;
f. take whatever actions are necessary with reference to the
use by the Debtors of their property pledged as collateral,
including cash collateral, if any, and to preserve the same
for the benefit of Debtors and secured creditors in
accordance with the requirements of the Bankruptcy Code;
g. assert, as directed by Debtors, all claims that the Debtors
have against others;
h. assist the Debtors in connection with claims for taxes made
by governmental units; and
i. perform all other legal services for Debtors as Debtors-in-
Possession may deem necessary.
Stone & Baxter will be paid at these hourly rates:
Attorneys $202 to $505
Paralegals $135
Stone & Baxter received an initial deposit of $31,750 for the
Chapter 11 case for Mr. John B. Cox and $51,750.00 for the Chapter
11 case for Cox Land & Timber, Inc.
Stone & Baxter will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David L. Bury, Jr., a partner at Stone & Baxter, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.
Stone & Baxter can be reached at:
David L. Bury, Jr., Esq.
STONE & BAXTER, LLP
577 Mulberry Street, Suite 800
Macon, GA 31201
Tel: (478) 750-9898
Fax: (478) 750-9899
E-mail: dbury@stoneandbaxter.com
About Cox Land & Timber
Cox Land & Timber, Inc., is a timber company based in Pike County,
Georgia. The Company appraises timber to determine its value,
harvests timber, buys timber, and offers cutting and thinning
services.
Cox Land & Timber filed a Chapter 11 petition (Bankr. N.D. Ga. Case
No. 18-12425) on Nov. 21, 2018. In the petition signed by John B.
Cox, president and CEO, the Debtor estimated $1 million to $10
million in assets and $0 to $50,000 in liabilities. The Hon. Homer
W. Drake is the case judge. David L. Bury, Jr., Esq., at Stone &
Baxter, LLP, serves as bankruptcy counsel.
CT TECHNOLOGIES: S&P Cuts ICR to CCC on Increased Liquidity Stress
------------------------------------------------------------------
CT Technologies Intermediate Holdings Inc.'s (CIOX) cash flow
generation deficits for the year-to-date period ended Sept. 30,
2018, were worse-than-expected because of higher-than–anticipated
working capital needs, platform investments, and lower
profitability of the Release On Information (ROI) segment.
S&P forecasts that the company will deplete its liquidity within
the next three to six months absent a capital infusion or covenant
relief.
As a result, S&P Global Ratings is lowering the issuer credit
rating on CIOX to 'CCC' from 'B-' and are placing it on CreditWatch
with negative implications.
S&P said, "We are also lowering our issue-level rating on the
company's first-lien credit facility to 'CCC' and second-lien term
loan to 'CC'. Our recovery ratings remain unchanged."
The downgrade and CreditWatch placement reflect the increased
likelihood of CIOX defaulting in the coming months. As of Sept. 30,
2018, the company had reported year-to-date free operating cash
flow (FOCF) deficits of $14.7 million and negligible cash balances.
S&P said, "Though there is about $20 million of capacity under its
revolving credit facility, we believe the company's ability to
access the full amount is limited based on covenant pressure.
Furthermore, we expect heightened risk of a payment default over
the near term given our forecast for continued pressure on profit
margins and ongoing cash flow deficits."
S&P said, "The CreditWatch placement indicates the possibility that
we could lower the rating by one or more notches over the next 30
to 90 days if the company fails to address its liquidity needs or
if we are convinced the company will consider a distressed exchange
or file for bankruptcy.
"We could considering removing the ratings from CreditWatch or
raising the ratings if we believe the company's liquidity position
will support CIOX's longer-term business sustainability."
CURAE HEALTH: Taps Coulter to Provide Tax Accounting Services
-------------------------------------------------------------
Curae Health Inc. received approval from the U.S. Bankruptcy Court
for the Middle District of Tennessee to hire Coulter & Justus,
P.C.
The firm will provide tax accounting services, which include the
preparation and e-filing of the Debtors' Form 990 tax returns for
exempt organizations for the year ending Dec. 31, 2017.
Coulter & Justus will receive a fixed fee of $13,000.
Mike Parton, managing principal of Coulter & Justus, disclosed in a
court filing that his firm is "disinterested" as defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Mike Parton
Coulter & Justus, P.C.
9717 Cogdill Rd, Suite 201
Knoxville, TN 37932
Phone: 865.637.4161
Fax: (865) 524-2952
Email: webcontact@cj-pc.com
About Curae Health
Curae Health is a 501(c)(3) not-for-profit health system formed to
address the needs of rural healthcare. Focusing on rural community
hospitals in the Southeastern US, Curae collaborates with medical
staff and communities to add new services and upgrade the
facilities, alleviating the need for patients to travel long
distances for their healthcare needs.
On Aug. 24, 2018, Curae Health, Inc., and its affiliates sought
Chapter 11 protection (Bankr. M.D. Tenn. Lead Case No. 18-05665).
Curae Health estimated $10 million to $50 million in total assets
and $50 million to $100 million in total liabilities.
The cases are assigned to Judge Charles M. Walker.
The Debtors tapped Polsinelli PC as counsel; Glassratner Advisory &
Capital Group LLC, as financial advisors; Egerton McAfee Armistead
& Davis, P.C., as special counsel; Morgan Stanley as investment
banker; and BMC Group, Inc., as claims and noticing agent.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on Sept. 6, 2018. The committee tapped Sills
Cummis & Gross P.C. as its legal counsel.
DALMATIAN FIRE: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of Dalmatian Fire Equipment, Inc. as of Nov.
30, according to a court docket.
About Dalmatian Fire Equipment
Established in 1995, Dalmatian Fire Equipment, Inc. --
http://dalmatianfire.com/-- is a supplier of refurbished
self-contained breathing apparatus in North America. It provides
equipment for firefighting, oil field safety, HazMat, mining and a
broad range of industrial applications in the United States and
Canada. Its portfolio of brands includes Scott, MSA, Drager, and
Survivair.
Dalmatian Fire Equipment sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 18-18332) on Sept. 24,
2018. In the petition signed by CEO Kevin L. Simmons, the Debtor
estimated assets of $1 million to $10 million and liabilities of
$500 million to $1 billion.
Judge Michael E. Romero presides over the case.
The Debtor tapped Wadsworth Warner Conrardy, P.C. as its legal
counsel, and Phelps Dunbar, LLP as its special counsel.
DANIEL GUEZ: Dec. 5 Hearings on LA Property Sale, DS, Etc.
----------------------------------------------------------
Judge Barry Russell of the U.S. Bankruptcy Court for the Central
District of California continued the hearings on (i) Daniel Said
Guez's compromise of controversy with Berditchev Holdings, Inc.,
Arie Abekasis, and 13043 Sunset Boulevard, LLC; (ii) the Debtor's
bidding procedures in connection with the sale of the real property
located at 13043 West Sunset Boulevard, Los Angeles, California to
Berditchev Holdings, Inc. or its designee; (iii) the Debtor's
Disclosure Statement; and (iv) the objections to the Debtor's
exemptions, to Dec. 5, 2018 at 10:00 a.m.
The hearings on the Motions were held on Nov. 27, 2018 at 10:00
a.m.
Berditchev Holdings, Inc. or its designee, must appear "in person"
at the Continued Hearing on the Sale Motion and the Continued
Hearing on the 9019 Motion.
No later than 5:00 p.m. (PT) on Dec. 3, 2018, the Purchaser must
provide to the counsel for the Debtor evidence of its/her/his
ability to fund (1) the purchase of the Raw Land as contemplated by
the 9019 Motion and the Sale Motion, and (2) the other payments
contemplated by the 9019 Motion. Such evidence must be in form and
detail sufficient to satisfy both the Debtor and any creditors with
liens encumbering the Raw Land.
The Debtor will be responsible for filing a status report with the
Court on the Sale Motion and 9019 Motion no later than Dec. 4,
2018. In preparing the status report, the Debtor will solicit
input from Boston Private Bank & Trust Co., Continental Business
Credit, and Citizens Business Bank, successor by merger to
Community Bank.
Counsel for the Debtor:
Daniel J. Weintraub, Esq.
James R. Selth, Esq.
Nina Z. Javan, Esq.
WEINTRAUB & SELTH, APC
11766 Wilshire Boulevard, Suite 1170
Los Angeles, CA 90025
Telephone: (310) 207-1494
Facsimile: (310) 442-0660
E-mail: nina@wsrlaw.net
Daniel Said Guez sought Chapter 11 protection (Bankr. C.D. Cal.
Case No. 18-13994) on April 9, 2018. The Debtor tapped Nina Z.
Javan, Esq., at Weintraub & Selth, APC, as counsel.
DAVID'S BRIDAL: Combined Plan Hearing Set for Jan. 4
----------------------------------------------------
The Court presiding over the David's Bridal Inc.'s case issued an
order scheduling a combined hearing to consider approval of
Disclosure Statement, and confirmation of Prepackaged Plan on
January 4, 2019, with objections due by December 21, 2018.
The restructuring plan, which has the support of the majority of
lenders and equity holders, will reduce the Debtors' debt by some
$400 million.
A copy of the Disclosure Statement explaining the terms of the
Prepackaged Plan is available at:
http://bankrupt.com/misc/deb18-12635_Davids_B_13_DS.pdf
About David's Bridal
David's Bridal -- http://www.davidsbridal.com/-- is an
international bridal retailer and the largest U.S. destination for
bridal gowns, wedding-related apparel, social occasion apparel,
accessories and services. For over 60 years, the Company has
remained the most iconic bridal destination, with approximately
one-third of brides in the United States wearing a David's Bridal
gown. The Company operated 311 stores, including 296 stores in 49
states in the United States, eleven stores in Canada, and four
stores in the United Kingdom. Additionally, there are two
franchised stores in Mexico.
On Nov. 19, 2018, David's Bridal, Inc., and its three affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
18-12635).
The Honorable Laurie Selber Silverstein is the case judge.
Debevoise & Plimpton LLP is serving as the Company's legal advisor,
Evercore LLC is serving as its financial advisor and AlixPartners
LLP is serving as its restructuring advisor. Young Conaway
Stargatt & Taylor, LLP, is the local counsel. Donlin Recano is the
claims agent.
DIXIE ELECTRIC: Hires BDO USA as Auditor and Tax Consultant
-----------------------------------------------------------
Dixie Electric, LLC, and its debtor-affiliates seek authority from
the U.S. Bankruptcy Court for the District of Delaware to employ
BDO USA, LLP, as auditor and tax consultant to the Debtors.
Dixie Electric requires BDO USA to:
a. The Tax Services:
i. Tax Advisory Services:
-- provide tax consulting services related to an analysis of
the federal income tax consequences of the transactions
contemplated in these chapter 11 cases;
-- advise on the federal and state & local income tax
consequences of proposed plans of reorganization,
including, if necessary, assisting in the preparation of
Internal Revenue Service ruling requests regarding the
tax consequences of alternative reorganization structures
and tax opinions;
-- prepare calculations and apply the appropriate federal
and state & local tax law to determine the amount of tax
attribute reduction related to debt cancellation income
and modeling of tax consequences of such reduction;
-- update the draft tax basis balance sheets and draft
computations of stock basis as of certain relevant dates
for purposes of analyzing the tax consequences of
alternative reorganization structures; and
-- other consulting services requested by the Debtors.
ii. Tax Compliance Services:
-- prepare federal and state tax returns for the year ending
December 31, 2018.
b. Audit Services:
-- audit the Debtors' consolidated financial statements,
which are comprised of the consolidated balance sheet as
of December 31, 2018, and the related statements of
operations and comprehensive (loss) income, changes in
equity, and cash flows for the year then ending.
BDO USA will be paid $47,500 for the preparation of the Debtors'
consolidated corporation income tax return; $2,500 for preparation
of each unitary state income/franchise tax return; and $900 for
each non-unitary state income/franchise tax return.
The firm will be paid on these hourly rates:
Partners $600 to $750
Senior Managers and Managing Directors $400 to $600
Managers $350 to $475
Seniors $225 to $280
Staffs $140 to $210
During the 90-day period preceding the Petition Date, the Debtors
paid BDO USA $335,133.
The Debtors paid BDO USA an advance retainer of $20,000. After
deducting expenses and fees, leaving a retainer balance of $5,125
held in the firm's trust account.
BDO USA will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Waylon Wood, partner of BDO USA, LLP, assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.
BDO USA can be reached at:
Waylon Wood
BDO USA, LLP
2929 Allen Parkway, 20th Floor
Houston, TX 77019
Tel: (713) 960-1706
Fax: (713) 960-9549
About Dixie Electric
Dixie Electric, LLC, a/k/a Expanse Energy Solutions, is a premier
provider of electrical infrastructure, automation and maintenance
services and materials to the oil and gas and commercial and
industrial industries. Expanse operates as a network of companies
across the United States with a wide scope of offerings that
answers the electrical demands of cutting-edge technologies in
automation, artificial lift and enhanced oil recovery.
Each of the Debtors filed a petition for reorganization under
chapter 11 of the Bankruptcy Code with the Court (Bank. D. Del.
Case No. 18-12477) on Nov. 2, 2018. The case is assigned to Judge
Kevin Gross.
The Debtors hired Simpson Thacher & Bartlett LLP, as counsel; Young
Conaway Stargatt & Taylor, LLP, as co-counsel; Prime Clerk LLC, as
administrative advisor and claims and noticing agent; and PJT
Partners LP, as investment banker.
EGALET CORPORATION: Seeks to Hire Ernst & Young as Auditor
----------------------------------------------------------
Egalet Corporation, and its debtor-affiliates seek authority from
the U.S. Bankruptcy Court for the District of Delaware to employ
Ernst & Young LLP, as auditor to the Debtors.
Egalet Corporation requires Ernst & Young to audit and report on
the consolidated financial statements of the Debtors for the year
ended Dec. 31, 2018, and review the Debtors' unaudited interim
financial information before the Company files its Form 10-Q.
Ernst & Young will be paid at these hourly rates:
Partner/Principal/Executive Director $595 to $695
Senior Manager $495 to $595
Manager $395 to $495
Senior $280 to $380
Staff $215 to $280
Admin/Intern $70 to $100
During the 90 days before the Petition Date, Ernst & Young received
from the Debtors the amount of $185,000, $40,000 of which
constituted as advance payments.
Ernst & Young will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Stephen M. Simpson, partner of Ernst & Young LLP, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.
Ernst & Young can be reached at:
Stephen M. Simpson
ERNST & YOUNG LLP
2005 Market St.
Philadelphia, PA 19103
Tel: (215) 448-5000
About Egalet Corporation
Headquartered in Wayne, Pennsylvania, Egalet Corporation is a fully
integrated specialty pharmaceutical company focused on developing,
manufacturing and commercializing innovative treatments for pain
and other conditions.
Egalet Corporation and Egalet US Inc. sought bankruptcy protection
on Oct. 30, 2018 (Bankr. D. Del. Lead Case No. Case No. 18-12439).
In the petition signed by Robert Radie, president and chief
executive officer, the Debtors declared total assets of $99,980,000
and total debt of $143,338,000.
The Debtors tapped Dechery LLP as general counsel; Young Conaway
Stargatt & Taylor, LLP, as local Delaware counsel; Berkeley
Research Group LLC as financial restructuring advisor; Piper
Jaffray & Co. as investment banker; and Kurtzman Carson Consultants
LLC as claims agent.
FAIRGROUNDS PROPERTIES: $130K Sale of Lot 35 to Watkins Approved
----------------------------------------------------------------
Judge William T. Thurman of the U.S. Bankruptcy Court for the
District of Utah authorized Fairgrounds Properties, Inc.'s private
sale of the real property described as Lot 35, Fairgrounds
Industrial Park, according to the Official Pat thereof, on file in
the Office of the Recorder of Washington County, State of Utah, to
Doug Watkins and/or assigns for $130,000.
A hearing on the Motion was held on Nov. 28, 2018, at 3:30 p.m.
The sale is free and clear of all interests.
In accordance with the Sale Motion, the sale proceeds of Lot 37
will be distributed as follows: (i) the recording fees and standard
transaction closing costs; (ii) a 6% commission to the Debtor's
real estate agent; (iii) the unpaid property taxes secured by Lot
35 pursuant to Utah Law; (iv) all remaining funds to be paid to
People's Intermountain Bank, the successor in interest by merger to
Town and Country Bank; (v) Fairgrounds Industrial Park, LLC has
agreed to voluntarily release its deed against Lot 35; and (vi)
nothing to be paid to Dakota Aggregate, LLC.
The 14-day appeal period is waived.
The Debtor is authorized to pay from the gross sale proceeds the
costs of sale, including the real estate commission of 6%,
outstanding real property taxes, and payment to People's
Intermountain Bank as set forth in the Sale Motion.
About Fairgrounds Properties
In 2007, Fairgrounds Properties, Inc., purchased 86 acres of real
property located in Hurricane, Utah. It developed the property
into industrial lots and then sold them further construction and
development by purchasers. Through various sales over the years,
as of Oct. 25, 2017, Fairgrounds is left with 31 acres, which have
been divided up into 19 lots. The Company has completed the entire
infrastructure of remaining land including; completion of gutters,
paved entries and water/sewer.
The company previously sought bankruptcy protection (Bankr. D. Utah
Case No. 11-26803) in 2011. Fairgrounds Properties' prior Plan of
Reorganization dated Dec. 8, 2011, was confirmed by Judge William
T. Thurman at the confirmation hearing held on April 5, 2012.
Fairgrounds Properties filed a Chapter 11 petition (Bankr. D. Utah
Case No. 17-29271) on Oct. 25, 2017. In the petition signed by
Robert C. Stevens, its president, the Debtor estimated $1 million
to $10 million in both assets and liabilities. Darren B. Neilson,
Esq., at Neilson Law, LLC, serves as bankruptcy counsel to the
Debtor. Cushman & Wakefield is the Debtor's realtor.
FAIRGROUNDS PROPERTIES: $95K Sale of Lot 37 to Gutierrez Approved
-----------------------------------------------------------------
Judge William T. Thurman of the U.S. Bankruptcy Court for the
District of Utah authorized Fairgrounds Properties, Inc.'s private
sale of the real property described as Lot 37, Fairgrounds
Industrial Park, according to the Official Pat thereof, on file in
the Office of the Recorder of Washington County, State of Utah, to
Aurelio Gutierrez and/or assigns for $95,000.
A hearing on the Motion was held on Nov. 28, 2018, at 3:30 p.m.
The sale is free and clear of all interests.
In accordance with the Sale Motion, the sale proceeds of Lot 37
will be distributed as follows: (i) the recording fees and standard
transaction closing costs; (ii) a 6% commission to the Debtor's
real estate agent; (iii) the unpaid property taxes secured by Lot
37 pursuant to Utah Law; (iv) all remaining funds to be paid to
People's Intermountain Bank, the successor in interest by merger to
Town and Country Bank; (v) Fairgrounds Industrial Park, LLC has
agreed to voluntarily release its deed against Lot 37; and (vi)
nothing to be paid to Dakota Aggregate, LLC.
The 14-day appeal period is waived.
The Debtor is authorized to pay from the gross sale proceeds the
costs of sale, including the real estate commission of 6%,
outstanding real property taxes, and payment to People's
Intermountain Bank as set forth in the Sale Motion.
About Fairgrounds Properties
In 2007, Fairgrounds Properties, Inc., purchased 86 acres of real
property located in Hurricane, Utah. It developed the property
into industrial lots and then sold them further construction and
development by purchasers. Through various sales over the years,
as of Oct. 25, 2017, Fairgrounds is left with 31 acres, which have
been divided up into 19 lots. The Company has completed the entire
infrastructure of remaining land including; completion of gutters,
paved entries and water/sewer.
The company previously sought bankruptcy protection (Bankr. D. Utah
Case No. 11-26803) in 2011. Fairgrounds Properties' prior Plan of
Reorganization dated Dec. 8, 2011, was confirmed by Judge William
T. Thurman at the confirmation hearing held on April 5, 2012.
Fairgrounds Properties filed a Chapter 11 petition (Bankr. D. Utah
Case No. 17-29271) on Oct. 25, 2017. In the petition signed by
Robert C. Stevens, its president, the Debtor estimated $1 million
to $10 million in both assets and liabilities. Darren B. Neilson,
Esq., at Neilson Law, LLC, serves as bankruptcy counsel to the
Debtor. Cushman & Wakefield is the Debtor's realtor.
FAIRWAY ENERGY: Dec. 5 Meeting Set to Form Creditors' Panel
-----------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on December 5, 2018, at 10:00 a.m. in the
bankruptcy case of Fairway Energy, LP.
The meeting will be held at:
The Doubletree Hotel
700 N. King Street
Wilmington, DE 19801
The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.
The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code. A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.
To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization. The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.
About Fairway Energy
Fairway -- http://fairwaymidstream.com-- provides storage,
throughput and ancillary
services for third-party companies engaged in the production,
distribution and marketing of crude oil.
Fairway Energy, LP sought bankruptcy protection on Nov. 26, 2018
(Bankr. D. Del. Lead Case No. Case No. 18-12684). Judge Hon.
Laurie Selber Silverstein presides over the case.
The Debtors tapped Haynes and Boone, LLP as local counsel; Young
Conoway Stargatt & Taylor, LLP as general bankruptcy counsel;
Alvarez & Marshal North America, LLC as financial & restructuring
advisor; and Prime Clerk LLC as claims, noticing, and balloting
agent.
The Debtor has total book assets of $382,700,000 and total book
liabilities of $94,000,000.
FAIRWAY ENERGY: Seeks to Hire Prime Clerk as Claims Agent
---------------------------------------------------------
Fairway Energy, LP, seeks approval from the U.S. Bankruptcy Court
for the District of Delaware to hire Prime Clerk LLC as its claims
and noticing agent.
The firm will oversee the distribution of notices and the
maintenance, processing and docketing of proofs of claim filed in
the Chapter 11 cases of Fairway Energy and its affiliates.
Prime Clerk will charge these hourly rates:
Claim and Noticing Rates:
Analyst $30 - $50
Technology Consultant $35 - $95
Consultant/Senior Consultant $65 - $165
Director $175 - $195
COO/Executive VP No charge
Solicitation, Balloting and Tabulation Rates:
Solicitation Consultant $190
Director of Solicitation $210
Prior to the Petition Date, the Debtors provided Prime Clerk an
advance fee in the amount of $25,000.
Benjamin Steele, vice-president of Prime Clerk, disclosed in a
court filing that his firm is a "disinterested person" as defined
in section 101(14) of the Bankruptcy Code.
Prime Clerk can be reached through:
Benjamin J. Steele
Prime Clerk LLC
830 Third Avenue, 9th Floor
New York, NY 10022
Direct: (212) 257-5490
Mobile: 646-240-7821
Email: bsteele@primeclerk.com
About Fairway Energy LP
Fairway Energy -- http://www.fairwaymidstream.com/-- provides
storage, throughput and ancillary services for third-party
companies engaged in the production, distribution and marketing of
crude oil. Its services are provided at the Pierce Junction Crude
Oil Storage Facility.
Fairway Energy, LP and its affiliates Fairway Energy Partners, LLC
and Fairway Energy GP, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. Del. Case Nos. 18-12684 to 18-12686)
on Nov. 26, 2018. The Debtors reported total assets of $382.7
million and total liabilities of $94 million as of Sept. 30, 2018.
The cases have been assigned to Judge Laurie Selber Silverstein.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP as their
legal counsel, and Alvarez & Marsal North America, LLC, as
financial and restructuring advisor.
FAITH MISSIONARY: Case Summary & 7 Unsecured Creditors
------------------------------------------------------
Debtor: Faith Missionary Baptist Church
fka Missionary Faith Baptist Church
P.O. Box 1027
Fuquay Varina, NC 27526-1027
Business Description: Faith Missionary Baptist Church is baptist
church in Fuauay Varina, North Carolina.
The purpose of the church will be the
advancement of "the Kingdom of the Lord and
Savior, Jesus Christ". It seeks to attain
this end through the following: public
worship, preaching of the gospel,
daily demonstrate fellowship, consistent
Christian living by its members, and
personal evangelism and missionary
endeavors.
https://www.faithmissionarync.com/
Chapter 11 Petition Date: November 30, 2018
Court: United States Bankruptcy Court
Eastern District of North Carolina
(Raleigh Division)
Case No.: 18-05775
Debtor's Counsel: Jason L. Hendren, Esq.
HENDREN REDWINE & MALONE, PLLC
4600 Marriott Drive, Suite 150
Raleigh, NC 27612
Tel: 919 573-1422
Fax: 919 420-0475
Email: jhendren@hendrenmalone.com
- and -
Rebecca F. Redwine, Esq.
HENDREN REDWINE & MALONE, PLLC
4600 Marriott Drive, Suite 150
Raleigh, NC 27612
TeL: 919 420-0941
Fax: 919 420-0475
Email: rredwine@hendrenmalone.com
Total Assets: $1,707,416
Total Liabilities: $518,811
The petition was signed by Anthony Farrar, chairman of the Board.
A full-text copy of the petition containing, among other items, a
list of the Debtor's seven unsecured creditors is available for
free at:
http://bankrupt.com/misc/nceb18-05775.pdf
FAYETTE MEMORIAL: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
The Office of the U.S. Trustee on Nov. 6 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Fayette Memorial Hospital
Association, Inc.
About Fayette Memorial Hospital Association
Founded in 1913, Fayette Memorial Hospital Association, Inc. --
visit https://www.fayetteregional.org. -- is a multi-faceted health
care organization in Connersville, Indiana. It offers ambulatory
care, cancer care, care pavilion, dermatology, diagnostic imaging,
emergency care, express care, facial and cosmetic procedures,
hospice care, laboratory services, pediatrics, physical therapy and
rehabilitation, among other services.
Fayette Memorial Hospital Association sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No.
18-07762) on October 10, 2018.
In the petition signed by Randall White, chief executive officer,
the Debtor disclosed that it had estimated assets of $10 million to
$50 million and liabilities of $10 million to $50 million.
The case has been assigned to Judge Jeffrey J. Graham. The Debtor
tapped Fultz Maddox Dickens PLC as its legal counsel.
FQ/LB LP: $192K Sale of Willis Residential Property Okayed
----------------------------------------------------------
Judge Eduardo V. Rodriguez of the U.S. Bankruptcy Court for the
Southern District of Texas authorized FQ/LB L.P. to sell the
unimproved lot of residential real property in the French Quarter
subdivision in Montgomery County, Texas, with address 12539 St.
Louis Court, Willis, Texas, also known as Lot 18, Block 6, French
Quarter on Lake Conroe, Section 03, Mark Anthony Salazar and
Veronica Montez Salazar for a cash price of $192,000.
The sale is free and clear of all liens, claims, interests, and
encumbrances, save and except permitted encumbrances that run with
the Property and current and future year ad valorem taxes.
The Debtor is authorized to pay from sale proceeds the Seller's
Closing Costs identified in the Motion, including, without
limitation: (i) the real estate commissions of 5%; (ii) the closing
costs, if any, and prorated real property taxes due from the
Seller; and (iii) the cost of an owners' title policy the Debtor is
required to provide.
The Debtor's estate will receive the balance of the proceeds after
payment of such closing costs, expenses and fees, to be deposited
and retained in a separate, segregated DIP bank account, there to
remain pending further order of the Court, with all liens, claims,
interests and encumbrances that exist, save and except permitted
encumbrances that run with the Property and current and future year
ad valorem taxes, attaching to the net proceeds, after payment of
all reasonable and necessary Closing Costs.
The 14-day stay under Bankruptcy Rule 6004(h) is waived and the
Order will be effective and enforceable immediately upon entry
without necessity of any waiting period under Bankruptcy Rule
6004(h).
GEMINI HDPE: S&P Affirms BB Rating on Senior Secured Debt
---------------------------------------------------------
Gemini HDPE LLC, a high-density polyethylene (HDPE) production
facility, has been operational for a year. The facility had been
producing primarily bimodal pipe resin and some bimodal film resin
and receiving tolling fees from the off-takers who are also the
sponsors. Although it had experienced some teething issues, which
are not uncommon for a petrochemical plant during its first year of
operations, Gemini has put those issues behind it, and S&P Global
Ratings expects utilization to rise and remain consistent over
time.
The rating and outlook on Gemini are based on the lowest credit
quality of INEOS and Sasol Financing (Pty) Ltd, a subsidiary of
Sasol Ltd., both of which guarantee Gemini's debt and all other
obligations on a several, but not joint, basis during operations.
S&P said, "As a result, we have affirmed our 'BB' project finance
rating on Gemini's senior secured debt. The '2' recovery rating is
unchanged, indicating our expectation of substantial (70%-90%;
rounded estimate: 70%) recovery in the event of default."
The outlook is stable, mirroring that of INEOS.
S&P said, "The affirmation reflects our expectation that the
creditworthiness of INEOS, which has the lower issuer credit rating
of the two sponsors/guarantors, will likely remain unchanged over
the next 12 months and that the HDPE plant will run in full
production as it enters the second year of commercial operations."
The stable rating outlook on Gemini reflects that of INEOS Group
Holdings.
S&P said, "We could revise the outlook or lower our rating on
Gemini if the credit quality of INEOS deteriorated or if either
guarantor failed to honor its respective guarantees when required.
While far less likely, a multiple notch decline in Sasol's credit
quality could lead to a downgrade of Gemini as well.
"We could consider raising our rating on Gemini if the issuer
credit rating on INEOS Groups Holdings continued to improve; if the
plant's operational performance were in line with our expectation;
and if our assessment of the project, assuming it is operating on a
merchant basis without any benefits from any parent contracts,
warranted a higher rating during the operating phase."
GENERAC POWER: S&P Alters Outlook to Positive & Affirms 'BB-' ICR
-----------------------------------------------------------------
U.S.-based power generator and engine-powered products manufacturer
Generac Power Systems Inc. has grown earnings following
acquisitions and new highs in demand for residential standby
generators, S&P Global Ratings related.
S&P anticipate that EBITDA for 2018 will be up about 25%; however
it does not expect the record third-quarter 2018 results for
residential products to persist, if more normalized levels of power
outages are experienced in 2019.
As a result, S&P Global Ratings affirmed its 'BB-' issuer credit
rating on Generac and revised the outlook to positive from stable.
S&P also affirmed its 'BB-' issue-level rating on the company's
senior secured debt; the recovery rating on this debt remains '3'.
S&P said, "The positive outlook reflects our view that Generac's
issuer credit rating could be raised in 2019 if leverage is
sustained at the low end of the 2x-3x range in 2019.
"The revision to a positive outlook reflects Generac's strengthened
credit measures including leverage below 3x (2.1x as of Sept. 30,
2018), which we expect to endure even in years of reduced demand
for standby generators due to more typical (i.e. lower) outage
activity. Our rating continues to incorporate potential earnings
volatility based on the discretionary nature of the company's
domestic residential products and their dependence on the intensity
and frequency of power outages.
"The positive outlook reflects our expectation that Generac's
adjusted debt leverage will remain in the lower end of the 2x–3x
range through 2019. We anticipate less demand for residential
products as power outage activity normalizes, and incorporate
headwinds from potential tariff-related cost increases. However,
even in the case of a slight increase in leverage next year, we
expect the credit measures could support a higher rating.
"We could raise our rating on Generac if the company sustains
leverage below 3x, even in a more normalized outage environment.
This could also entail maintaining or improving profitability at
relatively lower margin international operations, and mitigating
input cost increases such as tariffs associated with imported
steel, copper, and aluminum components.
"We consider a revision to back to stable to be less likely over
the next year. However, it could occur if leverage increased above
3x. This would likely only happen as a result of a combination of
factors including flagging sales possibly as a result of a
recessionary environment, tightening margins due to rising input
costs, and persistently low levels of profitability
internationally."
GILA RIVER: Seeks to Hire Shackelford Hawkins as Counsel
--------------------------------------------------------
Gila River Capital, LLC, seeks authority from the U.S. Bankruptcy
Court for the Northern District of Texas to employ Shackelford
Hawkins & Searcy, P.C., as counsel to the Debtor.
Gila River requires Shackelford Hawkins to:
(a) advise the Debtor with respect to its rights, powers
and duties of a debtor in possession continuing to operate
and manage its business properties;
(b) advise the Debtor concerning and preparing responses,
motions, applications, pleadings, notices and other papers
that may be filed and served in the bankruptcy case;
(c) counsel the Debtor in connection with the formulation,
negotiation and promulgation of one or more plans of
reorganization and related documents; and
(d) perform all other general legal services for and on behalf
of the Debtor that may be necessary or appropriate in this
administration of this Chapter 11 case and in connection
with this bankruptcy filing.
Shackelford Hawkins will be paid at these hourly rates:
Attorneys $300
Paralegals $100
Shackelford Hawkins received $3,500 prepetition paid by a separate
entity, Physicians and Partners LLC, from which the filing fee of
$1,717 was paid, and the remaining balance of which was exhausted
prior to the filing of the petition in the bankruptcy case.
Shackelford Hawkins will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Chip N. Searcy, a partner at Shackelford Hawkins & Searcy, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Shackelford Hawkins can be reached at:
Chip N. Searcy, Esq.
SHACKELFORD HAWKINS & SEARCY, P.C.
3001 Halloran Street, Suite A
Fort Worth, TX 76107
Tel: (817) 386-2881
Fax: (817) 386-3077
E-mail: chip@shsfirm.com
About Gila River Capital
Gila River Capital, LLC, previously sought protection under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 17-44922) on
Dec. 4, 2017.
Gila River Capital again filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Tex. Case No. 18-43812) on Sept. 28, 2018, disclosing
under $1 million in assets and liabilities. The Debtor is
represented by Chip N. Searcy, Esq., at Shackelford Hawkins &
Searcy, P.C.
GOLDEN STATE: Trustee's $780K Sale of Houston Property Okayed
-------------------------------------------------------------
Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern
District of Texas authorized John Akard Jr., the Chapter 11 trustee
for Golden State Holdings, Inc., to sell the real property located
at 14919 Stuebner Airline Road, Houston, Texas to Glade Springs
Management, LLC, for $780,000.
The sale is free and clear of liens.
At closing, the title company will (i) pay all usual and customary
closing costs and real estate commissions and brokerage fees
including the unpaid 2013 property taxes and prorated portion of
the 2018 property taxes as is required; and (ii) disburse to the
Trustee the sum of $57,512 for the U.S. Trustee fees, Chapter 11
Trustee fees and attorney's fees incurred in connection with
preserving and disposing of the Property.
The Trustee is authorized to pay the U.S. Trustee fee when the next
quarterly fee payment is due. He will retain the remainder of the
Professional Fees until further order of the Court. After paying
or providing for all of the Closing Costs and Professional Fees,
the title company will disburse the Net Sales Proceeds to the
Middlesteadt Shopping Center, L.P. as full payment of its secured
claim against the Property. Any deficiency remaining after the
payment of this amount will be an allowed unsecured claim against
the Bankruptcy Estate.
The Order is effective on entry and is not stayed.
About Golden State Holdings
Golden State Holdings, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. S.D. Tex. Case No. 14-36650) on Dec. 1, 2014,
and was represented by Alex Olmedo Acosta, Esq. of Acosta Law, P.C.
Judge Marvin Isgur presides over the case. John Akard Jr., was
appointed as the Chapter 11 Trustee on Jan. 13, 2015.
HOUSE OF RS: Seeks to Hire Puglisi Moore as Accountant
------------------------------------------------------
House of RS, Inc., seeks authority from the U.S. Bankruptcy Court
for the Southern District of New York to employ Puglisi Moore &
Co., LTD, as accountant to the Debtor.
House of RS requires Puglisi Moore to:
-- prepare operating reports; and
-- prepare Federal and State tax filings and such other
accounting information as is necessary for the successful
prosecution of the Debtor's Chapter 11 case.
Puglisi Moore will be paid at these hourly rates:
Partners $250
Directors/Managers $150
Staff Accountants $100 to $185
Paraprofessionals $70 to $95
Puglisi Moore held a prepetition claim against the Debtor for
accounting services in the amount of $4,484. The firm waives any
prepetition claims that it may have against the Debtor.
Puglisi Moore will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Nicholas M. Puglisi, a partner at Puglisi Moore & Co., LTD, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Puglisi Moore can be reached at:
Nicholas M. Puglisi
PUGLISI MOORE & CO., LTD
135 Bedford Road, 1st Floor
Armonk, NY 10504
Tel: (914) 273-8300
E-mail: npuglisi@pmgcpa.com
About House of RS
House of RS, Inc., is a privately owned company in New York
operating in the fashion industry with showrooms located in New
York and Paris. The RubinSinger brand is available online at
https://www.rubinsinger.com/ and at retail stores throughout North
America, Europe and Asia.
House of RS, Inc., based in New York, NY, filed a Chapter 11
petition (Bankr. S.D.N.Y. Case No. 18-12794) on Sept. 14, 2018. In
the petition signed by Rubin Singer, president, the Debtor
disclosed $225,335 in assets and $1,828,838 in liabilities. The
Hon. Michael E. Wiles is the case judge. Dawn Kirby, Esq., at
DELBELLO DONNELLAN WEINGARTEN WISE & WIEDERKEHR, LLP, serves as
bankruptcy counsel.
HOUTEX BUILDERS: Seeks to Hire Schmuck Smith as Accountant
----------------------------------------------------------
HouTex Builders, LLC, seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to hire Schmuck, Smith, Tees &
Company, P.C., as its accountant.
The services to be provided by the firm include forensic accounting
and analysis; the preparation of monthly operating reports and
budgets; tax-related advice; and bookkeeping services.
The hourly rates range from $200 to $250 for partners, $125 to $175
for certified public accountants, and $75 to $100 for
administrative staff and bookkeepers.
The firm is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.
Schmuck can be reached through:
Linda A. Schmuck
Schmuck, Smith, Tees & Company, P.C.
3500 Washington Ave. #200
Houston, TX 77007
About HouTex Builders
Located at 17 Courtlandt Place, Houston, Texas 77006, HouTex
Builders, LLC, and affiliates 415 Shadywood, LLC and 2203 Looscan
Lane, LLC are privately held companies engaged in activities
related to real estate. 2203 Looscan, LLC and 415 Shadywood, LLC,
are special purpose entities established for the purpose of
constructing new houses. 2203 Looscan, LLC and 415 Shadywood, LLC
are each owned 100% by Charles C. Foster and Lily Foster.
HouTex Builders, LLC, 415 Shadywood, LLC, and 2203 Looscan Lane,
LLC, sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
18-34658) on Aug. 23, 2018. In the petitions signed by Charles C.
Foster, manager, the Debtors each estimated assets and liabilities
in the range of $1 million to $10 million and in the range of $1
million to $10 million.
Judge Jeffrey P. Norman presides over the cases.
The Debtors tapped Charles M. Rubio, Esq., at Diamond McCarthy,
LLP, as counsel.
HOVNANIAN ENTERPRISES: Approves Amendments to Restated By-laws
--------------------------------------------------------------
The Board of Directors of Hovnanian Enterprises, Inc. approved on
Nov. 29, 2018, an amendment and restatement of the Company's
Amended and Restated By-laws, which changes were effective
immediately upon approval. The Bylaws were amended and restated to
make certain technical and conforming amendments, including with
respect to setting the number of directors of the Company by
resolution and the issuance of lost, stolen or destroyed stock
certificates. The Bylaws were also updated to include language
that mirrors the General Corporation Law of the State of Delaware
regarding the ability of the Board of Directors to act by written
consent and to add language to the indemnification provision
regarding actions commenced by an officer or director of the
Company. A full-text copy of the Amended and Restated By-laws of
Hovnanian Enterprises is available for free at:
https://is.gd/OwwB2h
About Hovnanian Enterprises
Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian
and headquartered in Matawan, New Jersey, designs, constructs,
markets, and sells single-family detached homes, attached townhomes
and condominiums, urban infill, and active lifestyle homes in
planned residential developments. The Company is a homebuilder
with operations in Arizona, California, Delaware, Florida, Georgia,
Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina,
Texas, Virginia, Washington, D.C. and West Virginia. The Company's
homes are marketed and sold under the trade names K. Hovnanian
Homes, Brighton Homes.
Hovnanian Enterprises reported a net loss of $332.2 million for the
year ended Oct. 31, 2017, a net loss of $2.81 million for the year
ended Oct. 31, 2016, and a net loss of $16.10 million for the year
ended Oct. 31, 2015. As of July 31, 2018, Hovnanian had $1.66
billion in total assets, $2.16 billion in total liabilities and a
total stockholders' deficit of $500.63 million.
* * *
In August 2018, Moody's Investors Service affirmed Hovnanian
Enterprises, Inc.'s ratings, including its Caa1 Corporate Family
Rating. Moody's said the rating action reflects Moody's view that
the controversy surrounding the company's financing with interest
payment restrictions and related derivatives market considerations
appears to have been resolved and risks of potential near-term
default events have somewhat subsided.
As reported by the TCR on July 11, 2018, S&P Global Ratings raised
its corporate credit rating on Red Bank, N.J.-based Hovnanian
Enterprises Inc. to 'CCC+' from 'CC'. The rating outlook is
negative. S&P said "The upgrade of Hovnanian reflects the
conclusion of the proposed exchange offering for any and all of its
$440 million 10% senior secured notes and $400 million 10.5% senior
secured notes."
In June 2018, Fitch Ratings upgraded Hovnanian Enterprises' Issuer
Default Rating (IDR) to 'CCC' from 'C'. The rating action follows
the company's announcement that it has cured the default associated
with the non-payment of interest that was due on May 1, 2018 on $26
million of 8% notes due 2019 held by K. Hovnanian at Sunrise Trail
III, LLC and the withdrawal of the exchange offer of the 10% and
10.5% notes for new 3% unsecured notes.
I GOTCHA INC: Seeks to Hire Calvetti Ferguson as Accountant
-----------------------------------------------------------
I Gotcha, Inc., seeks approval from the U.S. Bankruptcy Court for
the Northern District of Texas to hire Calvetti Ferguson as its
accountant.
The firm, through its accountant Woody Mathews Jr., will assist the
Debtor in the preparation of tax returns.
The fee for updating the accounting books for the Debtor and
preparing the 2017 Form 1120 tax return is approximately $2,000.
Mr. Mathews, a partner at Calvetti Ferguson, disclosed in a court
filing that he is "disinterested" as defined in section 101(14) of
the Bankruptcy Code.
Calvetti Ferguson can be reached through:
Woody L. Mathews Jr.
Calvetti Ferguson
6300 Ridglea Place, Suite 810
Fort Worth, TX 76116
About I Gotcha Inc.
I Gotcha, Inc., is a privately-held company in Weatherford, Texas,
that owns and operates adult entertainment clubs.
I Gotcha sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Tex. Case No. 18-44576) on Nov. 20, 2018. At the time
of the filing, the Debtor estimated assets of $1 million to $10
million and liabilities of $1 million to $10 million.
The case has been assigned to Judge Mark X. Mullin. The Debtor
tapped Sheils Winnubst, P.C. as its legal counsel.
ICONIX BRAND: Will Appeal Nasdaq's Decision to Delist Common Stock
------------------------------------------------------------------
Iconix Brand Group, Inc., intends to appeal The Nasdaq Stock
Market, LLC's determination to delist its common stock from the
Exchange.
On May 29, 2018, Iconix Brand received a letter from the Listing
Qualifications Department of Nasdaq notifying the Company that the
minimum bid price per share for its common stock fell below $1.00
for a period of 30 consecutive business days (from April 16, 2018
to May 25, 2018) and that therefore the Company did not meet the
minimum bid price requirement set forth in Nasdaq Listing Rule
5450(a)(1). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the
Company was provided 180 calendar days, or until Nov. 26, 2018, to
regain compliance with the Minimum Bid Price Rule.
As the Company has not regained compliance with the Minimum Bid
Price Rule within such time period, on Nov. 27, 2018, the Company
received a written notice from Nasdaq that the Company's common
stock would be delisted from the Nasdaq Global Market and suspended
at the opening of business on Dec. 6, 2018, unless the Company
timely requests a hearing before the Nasdaq Hearings Panel. In
accordance with Nasdaq's procedures, the Company intends to appeal
Nasdaq's determination by requesting a hearing before the Panel to
seek continued listing. This hearing request will automatically
stay Nasdaq's suspension of the Company's common stock and the
filing of a Form 25-NSE (which Form would remove the Company's
common stock from listing and registration on the Nasdaq Global
Market) pending the Panel's decision. The Company expects that
Nasdaq will hold the Hearing with the Panel within 45 days of the
Company's request for the Hearing, pursuant to the Nasdaq Listing
Rules. At or prior to the Hearing, the Company intends to present
its plans to Nasdaq to regain compliance with the Minimum Bid Price
Rule and request an extension of time so that the Board and
management of the Company can effect the reverse stock split at a
time that is in the best interests of the Company and its
stockholders.
Also, on Nov. 27, 2018, the Company received written notice from
the Listing Qualifications Department of Nasdaq notifying the
Company that the Staff of Nasdaq has determined that the minimum
market value of its publicly held common stock fell below
$15,000,000 for a period of 30 consecutive business days and that,
therefore, the Company did not meet the minimum market value of
publicly held shares requirement set forth in Nasdaq Listing Rule
5450(b)(3)(c). The letter also states that pursuant to Nasdaq
Listing Rule 5810(c)(3)(D), the Company will be provided 180
calendar days to regain compliance with the Minimum Market Value
Rule. In accordance with Rule 5810(c)(3)(D), the Company can
regain compliance with the Minimum Market Value Rule, if, at any
time during such 180-day period, the Market Value of Publicly Held
Shares of the Company's common stock is at least $15,000,000 for a
minimum period of 10 consecutive business days. If the Company
cannot demonstrate compliance with the Minimum Market Value Rule,
the letter further provided that the Company will receive written
notice from Nasdaq that its securities are subject to delisting
from the Nasdaq Global Market.
On Sept. 27, 2018, the Company's shareholders approved an amendment
to the Company's Certificate of Incorporation to authorize the
board of directors of the Company to effect a reverse stock split
of the issued shares of the Company's common stock, at a reverse
stock split ratio of not less than 1-for-5 and not more than
1-for-10. On Nov. 30, 2018, the Board approved a reverse stock
split ratio of 1-for-10. As previously disclosed in the Company's
proxy statement, dated Aug. 27, 2018, in respect of its
solicitation of stockholders regarding such reverse stock split,
the Board may authorize the Company to effect the reverse stock
split at any time on or prior to Sept. 27, 2019. The Board has not
set a date for effecting the reverse stock split, but intends to
determine if and when to effect this reverse stock split (and/or
whether to pursue an additional authorization for an additional
reverse stock split or a reverse stock split at a greater than
1-for-10 ratio), pending its discussions with the Panel and any
market developments that effect the closing bid price of the
Company's common stock. The Company intends to continue to monitor
its closing bid price for its common stock and the Market Value of
Publicly Held Shares of the Company's common stock and will
continue considering all available options to resolve the Company's
noncompliance with the Minimum Bid Price Rule and the Minimum
Market Value Rule as may be necessary.
A delisting of the Company's common stock would create a repurchase
right for holders of the Company's 5.75% Convertible Senior
Subordinated Secured Second Lien Notes due 2023 at 100% of the
principal amount thereof plus accrued and unpaid interest to, but
excluding, such repurchase date, the exercise of which is
restricted under the terms set forth in the intercreditor agreement
dated as of Feb. 22, 2018, by and among the Company and certain of
its affiliates, The Bank of New York Mellon Trust Company, N.A., as
trustee and collateral agent for the Notes pursuant to the
Indenture, dated Feb. 22, 2018, by and among the Company, the
Guarantors named therein and The Bank of New York Mellon Trust
Company, N.A., and Cortland Capital Market Services LLC, as
administrative agent and collateral agent under the Credit
Agreement dated Aug. 2, 2017, by and among IBG Borrower LLC, the
guarantors under that agreement, each lender from time to time
party thereto and Cortland.
About Iconix Brand
Broadway, New York-based Iconix Brand Group, Inc. --
http://www.iconixbrand.com/-- is a brand management company and
owner of a diversified portfolio of over 30 global consumer brands
across the women's, men's, entertainment, home and international
segments. The Company's business strategy is to maximize the value
of its brands primarily through strategic licenses and joint
venture partnerships around the world, as well as to grow the
portfolio of brands through strategic acquisitions. Iconix Brand
owns, licenses and markets a portfolio of consumer brands
including: Candie's, Bongo, Joe Boxer, Rampage, Mudd, London Fog,
Mossimo, Ocean Pacific/OP, Danskin/Danskin Now, Rocawear/Roc
Nation, Cannon, Royal Velvet, Fieldcrest, Charisma, Starter,
Waverly, Ecko Unltd/Mark Ecko Cut & Sew, Zoo York, Umbro, Lee
Cooper, and Artful Dodger; and interests in Material Girl, Ed
Hardy, Truth or Dare, Modern Amusement, Buffalo, Hydraulic, and
PONY brands. The Company licenses its brands to a network of
retailers and manufacturers.
Iconix Brand incurred a net loss attributable to the Company of
$489.3 million in 2017, a net loss attributable to the Company of
$252.1 million in 2016, and a net loss attributable to the Company
of $186.5 million in 2015. As of Sept. 30, 2018, the Company had
$711.3 million in total assets, $751.6 million in total
liabilities, $34.64 million in redeemable non-controlling interest,
and a total stockholders' deficit of $74.90 million.
The Company stated in its 2017 Annual Report that due to certain
developments, including the decision by Target Corporation not to
renew the existing Mossimo license agreement following its
expiration in October 2018 and by Walmart, Inc. not to renew the
existing Danskin Now license agreement following its expiration in
January 2019, and the Company's revised forecasted future earnings,
the Company forecasted that it would unlikely be in compliance with
certain of its financial debt covenants in 2018 and that it may
otherwise face possible liquidity challenges in 2018. The Company
said these factors raised substantial doubt about its ability to
continue as a going concern. The Company's ability to continue as
a going concern is dependent on its ability to raise additional
capital and implement its business plan.
IHEARTMEDIA INC: Seeks to Hire Deloitte as Consultant
-----------------------------------------------------
iHeartMedia, Inc., seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to hire Deloitte Consulting LLP
as its consultant.
The services to be provided by the firm in connection with the
Chapter 11 cases filed by the company and its affiliates include:
(1) Consulting Technology Services. Deloitte will provide
consulting technology services for Clear Channel Performance
Management Applications, assisting in the maintenance and
operations of the Cognos applications and reports. The firm will
be paid a fixed monthly fee of $49,875 for such services and will
charge these hourly fees for additional Cognos-related services:
Personnel Hourly Rates
--------- ------------
Manager $168
Senior Consultant $132
Consultant $122
For the provision of testing resources to support the Debtors in
testing the existing applications on the Cloud, the hourly rates
are:
Personnel Hourly Rates
--------- ------------
Tester 1 $40
Tester 2 $34
Tester 3 $34
(2) Incentive Compensation Management Enhancements. Deloitte
will assist the Debtors in gathering and documenting technical
requirements and designing, building and testing a solution related
to the Debtors' ICM performance updates and ICM v10 upgrade. The
hourly rates are:
Personnel Hourly Rates
--------- ------------
Partner/Principal/Managing Director $398
Senior Manager $372
Manager $346
Consultant $182 - $304
(3) Revenue and Sales Systems Acceleration. Deloitte will
facilitate business and technical sessions for program-level
planning and prioritization, and assist with design options and
system flows to implement technical and functional requirements for
the Debtors' revenue and sales system. The hourly rates are:
Personnel Hourly Rates
--------- ------------
Partner/Principal/Managing Director $413
Senior Engagement Manager/
Senior Technical Lead $377
Technical/Functional Lead $312
Senior Analyst/Senior Developer $280
Analyst/Developer $269
Junior Analyst/Junior Developer $242
(4) Workday Human Capital Management. Deloitte will provide
certain technology services related to the Debtors' Workday Human
Capital Management software for a fixed monthly fee of $9,000, and
will charge these hourly rates for services related to augmenting
the firm's technology services team for break fix or small
enhancements work:
Personnel Hourly Rates
--------- ------------
Partner/Principal/Managing Director $203
Senior Consultant $161
Consultant $132
Junior Consultant $107
(5) Total Traffic & Weather Network Billing Project with
NetSuite. Deloitte will assist the Debtors in project management
and will provide consulting services in support of their Total
Traffic & Weather Network line of business. The hourly rates are:
Personnel Hourly Rates
--------- ------------
Director $413
Senior Manager/TTWN Data
and Cutover Lead $377
Manager $312
Senior Associate $280
Consultant/Functional Support $269
Analyst/Testing and Support $242
Boomi Developer $160
Prior to the Petition Date, Deloitte was paid $2,067,699 for its
pre-bankruptcy services.
Scott Lippstreu, principal of Deloitte, disclosed in a court filing
that the firm and its personnel are "disinterested" as defined in
section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Scott Lippstreu
Deloitte Consulting LLP
30 Rockefeller Plaza
New York, NY 10112
Phone: +1 212 618 4053
Email: slippstreu@deloitte.com
About iHeartMedia Inc.
iHeartMedia, Inc. (PINK:IHRT), the parent company of
iHeartCommunications, Inc., is a global media and entertainment
company. Based in San Antonio, Texas, iHeartCommunications
specializes in radio, digital, outdoor, mobile, social, live
events, on-demand entertainment and information services for local
communities, and uses its unparalleled national reach to target
both nationally and locally on behalf of its advertising partners.
The Company operates 849 radio stations. The Company's outdoor
business reaches over 34 countries across five continents.
To implement a balance sheet restructuring, iHeartMedia and 38 of
its subsidiaries, including iHeartCommunications, Inc., filed
voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 18-31274) on March
14, 2018. The cases are pending before the Honorable Marvin Isgur,
and the Debtors requested joint administration of the cases.
Clear Channel Outdoor Holdings, Inc. and its subsidiaries did not
commence Chapter 11 proceedings.
As of Sept. 30, 2017, iHeartCommunications had $12.25 billion in
total assets, $23.93 billion in total liabilities, and a total
stockholders' deficit of $11.67 billion.
The Debtors hired Kirkland & Ellis LLP as legal counsel; Jackson
Walker L.L.P. as local bankruptcy counsel; Munger, Tolles & Olson
LLP as conflicts counsel; Moelis & Company and Perella Weinberg
Partners L.P as financial advisors; Alvarez & Marsal as
restructuring advisor; and Prime Clerk LLC as notice & claims
agent.
The 2021 Noteholder Group is represented by Gibson Dunn & Crutcher
LLP and Quinn Emanuel Urquhart & Sullivan, LLP as co-counsel; and
GLC Advisors & Co. as financial advisor. The ad hoc group of Term
Loan Lenders is represented by Arnold & Porter Kaye Scholer LLP as
counsel; and Ducera Partners as financial advisor. The Legacy
Noteholder Group is represented by White & Case LLP as counsel.
The Debtors' equity sponsors are represented by Weil, Gotshal &
Manges LLP as counsel.
The Office of the U.S. Trustee for Region 7 appointed an official
committee of unsecured creditors on March 21, 2018. The creditors'
committee tapped Akin Gump Strauss Hauer & Feld LLP as its legal
counsel, FTI Consulting, Inc., as its financial advisor, and
Jefferies LLC as its investment banker.
INVESTMENT GROUP: Seeks March 19 Plan Confirmation Hearing
-----------------------------------------------------------
Investment Group, LLC, filed with the U.S. Bankruptcy Court for the
Central District of California a notice of hearing and motion to
approve disclosure statement and plan of reorganization.
The Plan and Disclosure Statement were filed on November 21, 2018.
The Plan proposed by the Debtor will provide for, among other
things, the payment in full of all priority tax debt, the payment
in full of all secured debt, an approximate 16% dividend to
non-priority, non-insider general unsecured creditors.
Under the Plan Confirmation Schedule, the Debtor proposed that the
Confirmation Hearing Notice and Solicitation Package must be served
on January 14, 2019. Further, the Debtor proposed to set the
Confirmation Hearing on March 19, 2019.
The Debtor is represented by:
Todd Turoci, Esq.
Julie Philippi, Esq.
3845 Tenth Street
Riverside, CA 92501
Tel: (888) 332-8362
Fax: (866) 762-0618
Email: mail@theturocifirm.com
About Investment Group
Investment Group, LLC, is a lessor of real estate based in San
Bernardino, California.
Investment Group sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-17175) on Aug. 24,
2018. In the petition signed by Sam Samarah, manager, the Debtor
disclosed $262,053 in assets and $5,502,998 in liabilities. Judge
Scott C. Clarkson presides over the case. The Turoci Firm serves
as its legal counsel.
ITALO-AMERICAN CITIZENS: Seeks to Hire Thompson Law as Counsel
--------------------------------------------------------------
Italo-American Citizens Club, seeks authority from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to employ
Thompson Law Group, P.C., as counsel to the Debtor.
Italo-American Citizens requires Thompson Law to:
a) give legal advice with respect to the Debtor's powers and
duties as debtor-in-possession;
b) take all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on
behalf of the Debtor, the defense of any actions commenced
against the Debtor, negotiations concerning all litigation
in which the Debtor is involved and object to claims filed
against the Debtor's estate;
c) prepare all necessary motions, answers, reports, orders and
other legal papers in connection with the administration of
the Debtor's estate;
d) perform any and all other legal services for the Debtor in
connection with their Chapter 11 case;
e) perform such legal services as the Debtor may request with
respect to any matter appropriate in assisting the Debtor's
effort to reorganize.
Thompson Law will be paid at these hourly rates:
Attorneys $250
Paralegals $90
Thompson Law will be paid a retainer in the amount of $5,717.
Thompson Law will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Brian C. Thompson, partner of Thompson Law Group, P.C., assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Thompson Law can be reached at:
Brian C. Thompson, Esq.
THOMPSON LAW GROUP, P.C.
125 Warrendale-Bayne Road, Suite 200
Warrendale, PA 15086
Tel: (724) 799-8404
Fax: (724) 799-8409
E-mail: bthompson@thompsonattorney.com
About Italo-American Citizens Club
Italo-American Citizens Club filed a Chapter 11 bankruptcy petition
(Bankr. W.D. Pa. Case No. 18-24283) on Nov. 1, 2018, estimating
under $1 million in assets and liabilities. Thompson Law Group,
P.C., led by principal Brian C. Thompson, serves as counsel to the
Debtor.
JAMES THOMAS: $290K Sale of Hailey Property Approved
----------------------------------------------------
Judge Joseph M. Meier of the U.S. Bankruptcy Court for the District
of Idaho authorized James Lowell Thomas and Sharon Kaye Thomas to
sell the real property located at 3121 Shenandoah Drive, City of
Hailey, Blaine County, Idaho, together all improvements thereon and
appurtenant water rights to said property, to Rafael Juarez San
Juan and Christine Juarez for $290,000.
The closing agent is authorized to pay the realtors' commission of
6% of the sales price, which may be paid out of the proceeds from
the sale of said property.
James Lowell Thomas and Sharon Kaye Thomas sought Chapter 11
protection (Bankr. D. Idaho Case No. 18-40605) on July 11, 2018.
The Debtors tapped William Reed Cotten, Esq., at Robinson &
Associates, as counsel.
JOHN HOCK: $180K Sale of Delray Beach Property to RCEM Approved
---------------------------------------------------------------
Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern
District of Florida authorized John R. Hock and Doreen T.
Zic-Hock's sale of the real property located at 1634 NE 3rd Avenue,
Delray Beach, Florida to RCEM Investments, LLC, for $180,000.
A hearing on the Motion was held on Nov. 27, 2018 at 1:30 p.m.
The proceeds from the sale will be used to satisfy in full, the
lien held by Wilmington Savings Fund Society, FSB, doing business
as Christiana Trust Not Individually but as Trustee for Ventures
Trust 2013-I-H-R, a Delaware Trust, with regards to its Class II
claim pursuant to the Debtors' Plan of Reorganization as modified
by the Order Confirming Plan of Reorganization.
Wilmington will be paid in full subject to an official payoff
quote. Upon its receipt of the proceeds of the sale a specified,
Wilmington will be required to release its lien on the Property.
Notwithstanding these terms, the Subject Property will be sold free
and clear of all liens.
The Debtors' net proceeds from the sale will be retained by them to
be used to fund unsecured obligations due under the confirmed
chapter 11 Plan.
John R. Hock and Doreen T. Zic-Hock sought Chapter 11 protection
(Bankr. S.D. Fla. Case No. 14-32157-PGH) on Oct. 2, 2014. On Nov.
1, 2017, the Court confirmed the Debtors' Chapter 11 Plan of
Reorganization.
Counsel for the Debtors:
Malinda L. Hayes, Esq.
MARKARIAN & HAYES
2925 PGA Blvd., Suite 204
Palm Beach Gardens, FL 33410
Telephone: (561) 626-4700
Facsimile: (561) 627-9479
JOHN T. LESLIE: Seeks to Hire James J. Towey as Accountant
----------------------------------------------------------
John T. Leslie, II, Inc., seeks authority from the U.S. Bankruptcy
Court for the Southern District of Texas to employ James J. Towey,
P.C., as accountant to the Debtor.
John T. Leslie requires James J. Towey to:
-- prepare the Corporate Tax Returns;
-- prepare the State of Texas Franchise Tax return, Quarterly
and Year End Payroll Tax; and
-- prepare and assist in the workout process with creditors
and any other business services directly related to the
bankruptcy proceedings.
James J. Towey will be paid at the hourly rate of $185-$225.
James J. Towey will also be reimbursed for reasonable out-of-pocket
expenses incurred.
James J. Towey, partner of James J. Towey, P.C., assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
James J. Towey can be reached at:
James J. Towey
JAMES J. TOWEY, P.C.
9926 Sagedale Drive
Houston, TX 77089-5013
Tel: (281) 484-5561
Fax: (281) 481-0987
E-mail: pcjjt76@gmail.com
About John T. Leslie, II
John T. Leslie II, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 18-34162) on July 31,
2018. At the time of the filing, the Debtor estimated assets of
less than $100,000 and liabilities of less than $1 million.
Margaret M. McClure, Esq., at the Law Office of Margaret M.
McClure, serves as the Debtor's bankruptcy counsel. Judge Marvin
Isgur presides over the case.
KADMON HOLDINGS: Updated Findings from Clinical Trial of KD025
--------------------------------------------------------------
Kadmon Holdings, Inc., announced updated data from its ongoing
Phase 2 clinical trial of KD025, its selective oral inhibitor of
Rho-associated coiled-coil kinase 2 (ROCK2), in patients with
previously treated chronic graft-versus-host disease (cGVHD). The
updated results reaffirm data previously presented for KD025 in
cGVHD, demonstrating favorable tolerability and robust and durable
clinical activity, including in patients with multi-organ
involvement. The data were presented on Dec. 3, 2018 in an oral
presentation at the 60th American Society of Hematology (ASH)
Annual Meeting in San Diego, CA.
The updated data from the KD025-208 clinical trial showed Overall
Response Rates (ORRs) of 65%, 63% and 52% in Cohort 1 (200 mg QD;
n=17), Cohort 2 (200 mg BID; n=16) and Cohort 3 (400 mg QD; n=21),
respectively, as of the data cutoff date of Sept. 13, 2018.
Responses were achieved with KD025 across key patient subgroups,
with an ORR of 58% in patients with two or more prior lines of
systemic therapy and 62% in patients with four or more organs
involved. Responses were durable, with a median duration of
response of 28 weeks. In addition, 72% of responders experienced a
clinically meaningful improvement in symptoms, as measured by at
least a 7-point decrease in Lee cGVHD Symptom Scale score. KD025
was also shown to be steroid sparing: 69% of all patients were able
to reduce steroid dose and seven patients have completely
discontinued steroids. KD025 was well tolerated across all
cohorts, with no drug-related SAEs and no apparent increased risk
of infection. New pharmacodynamics data showed a decrease in
pro-inflammatory Th17 cells and an increase in regulatory T (Treg)
cells during KD025 treatment, consistent with KD025 mechanism of
action.
The U.S. Food and Drug Administration (FDA) has granted
Breakthrough Therapy Designation and Orphan Drug Designation to
KD025 for the treatment of cGVHD. Kadmon recently dosed the first
patient in ROCKstar (KD025-213), a pivotal, open-label clinical
trial of KD025 in adults with cGVHD who have received two or more
prior lines of systemic therapy. The trial is studying two doses
of KD025 (200 mg QD and 200 mg BID); either dose may be considered
by the FDA for the registrational dose. The study objective is to
demonstrate clinically meaningful responses, in a patient
population with significant unmet medical need, with an ORR of at
least 30%.
"KD025 continues to demonstrate encouraging and consistent results
in this Phase 2 study, which included patients who meet eligibility
criteria for our ongoing pivotal trial," said Harlan W. Waksal,
M.D., president and CEO at Kadmon. "The response rates achieved
with KD025 surpass the FDA's ORR guidance for the pivotal study,
supporting the rationale to develop KD025 as an important addition
to the cGVHD treatment landscape."
"KD025 continues to be well tolerated and show durable, clinically
meaningful responses in cGVHD patients, including those with
multiple organs involved and fibrotic manifestations of the
disease," said Madan Jagasia, MD, MS, MMHC, Professor of Medicine,
Vanderbilt University Medical Center; Co-Leader, Translational
Research and Interventional Oncology; Chief Medical Officer,
Vanderbilt-Ingram Cancer Center and study investigator. "In
addition, new pharmacodynamics data further support the unique
mechanism of action of KD025 and its ability to restore immune
homeostasis in cGVHD patients."
About Kadmon Holdings
Based in New York, Kadmon Holdings, Inc. -- http://www.kadmon.com/
-- is a fully integrated biopharmaceutical company developing
innovative product candidates for significant unmet medical needs.
The Company's product pipeline is focused on inflammatory and
fibrotic diseases.
Kadmon Holdings reported a net loss attributable to common
stockholders of $81.69 million in 2017, a net loss attributable to
common stockholders of $230.5 million in 2016, and a net loss
attributable to common stockholders of $147.1 million in 2015. As
of Sept. 30, 2018, the Company had $177.7 million in total assets,
$49.83 million in total liabilities and $127.88 million in total
stockholders' equity.
BDO USA, LLP, in New York, issued a "going concern" qualification
in its report on the consolidated financial statements for the year
ended Dec. 31, 2017, noting that the Company has suffered recurring
losses from operations and expects losses to continue in the future
that raise substantial doubt about its ability to continue as a
going concern.
KESTREL ACQUISITION: S&P Raises Senior Secured Debt Rating to 'BB'
------------------------------------------------------------------
Kestrel Acquisition LLC, the owner of the Hunterstown power plant
in Pennsylvania, has upsized its term loan B by $50 million,which
is significantly less than the $150 million upsizing S&P had
expected. On Nov. 30, 2018, S&P Global Ratings raised its rating on
the project's senior secured debt to 'BB' from 'BB-' given the
reduction in forward-looking leverage, which supports higher debt
service coverage ratios (DSCRs).
S&P said, "The recovery rating of '1' on the $450 million senior
secured term loan B and $40 million revolving credit facility
remains unchanged, indicating our expectation for very high
recovery for lenders (90%-100%; rounded estimate: 95%) in a
default.
"The outlook is stable and reflects our view that the project's
capacity factor will remain at around 75%-80%, with spark spreads
in the $12-$16 per megawatt hour (MWh) range. DSCRs over the life
of the project remain above 2x. We expect the project to sweep a
significant amount of debt over the next few years.
"The recent $50 million upsize of the term loan B, which will fund
a dividend of the same size, was lower than our previous
expectation of $150 million. As a result, we now expect DSCR
throughout the life of the project to remain above 2x, which leads
to the one-notch upgrade to 'BB'.
"The stable outlook is based on our expectation of sound
operational performance that leads to capacity factors around
75%-80% annually and spark spreads that don't significantly decline
below current levels. The rating is based on our forecasted S&P
Global Ratings-calculated DSCRs that remain above 2x. We expect the
project to pay down significant debt via the cash sweep over the
next few years, which will support DSCRs over time and mitigate the
refinancing risk associated with the term loan maturing in June
2025.
"We could lower the rating if the project cannot maintain a minimum
DSCR of 2.0x. This could stem from the deterioration of energy
margins resulting from compressed spark spreads, an increase in
LIBOR, unexpected operational issues that lead to forced outages,
or the failure of the gas optimization plan to significantly
support cash flows. The DSCRs could also be affected if the project
fails to pay down debt via the cash sweep over the next several
years. Finally, we could consider a negative rating action if we
believe that Kestrel's overall credit quality is weaker in
comparison to similarly rated peers.
"We could raise the rating if we expect the project to maintain a
minimum base-case DSCR greater than 2.5x in all years, including
during the post-refinancing period, while maintaining the same
level of operational performance and market exposure. This could
stem from a secular improvement in power and capacity prices in PJM
or outperformance of the gas optimization plan. We could also
consider a higher rating if the company were to materially reduce
market exposure while maintaining similar DSCRs."
KINGS MOUNTAIN: Seeks to Hire Bononi & Company as Counsel
---------------------------------------------------------
Kings Mountain Resort, Inc., seeks authority from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to employ
Bononi & Company, P.C., as counsel to the Debtor.
Kings Mountain requires Bononi & Company to:
a. prepare the bankruptcy petition and its amendments and
attendance at the first meeting of creditors;
b. represent the Debtor in relation to acceptance or rejection
of executive contracts;
c. advise the Debtor with regard to its rights and obligations
during the Chapter 11 reorganization;
d. advise the Debtor regarding possible preference actions;
e. represent the Debtor in relation to any motions to convert
or dismiss the Chapter 11;
f. represent the Debtor in relation any motions for relief
from stay filed by creditors;
g. prepare the Plan of Reorganization and Disclosure
Statement;
h. prepare any objections to claims in the Chapter 11; and
i. represent the Debtor in general.
Bononi & Company will be paid at the hourly rate of $250. The firm
will be paid a retainer in the amount of $8,283. It will also be
reimbursed for reasonable out-of-pocket expenses incurred.
Corey J. Sacca, a partner at Bononi & Company, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Bononi & Company can be reached at:
Corey J. Sacca, Esq.
BONONI & COMPANY, P.C.
20 N. Pennsylvania Ave, Ste. 201
Greensburg, PA 15601
Tel: (724) 832-2499
Fax: (724) 836-0370
E-mail: csacca@bononilaw.com
About Kings Mountain Resort
Kings Mountain Resort, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. W.D. Pa. Case No. 18-70696) on Sept. 21, 2018. The Debtor
hired Bononi & Company, P.C., as counsel.
LBI MEDIA: Dec. 4 Meeting Set to Form Creditors' Panel
------------------------------------------------------
Andy Vara, Acting United States Trustee, for Region 3, will hold an
organizational meeting on December 4, 2018, at 10:00 a.m. in the
bankruptcy case of LBI Media, Inc, et al.
The meeting will be held at:
Hotel DuPont
42 W. 11th Street
Wilmington, DE 19801
The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.
The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code. A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.
To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization. The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.
About LBI Media
Headquartered in Burbank, California, LBI Media --
http://www.lbimedia.com-- is a national television and radio
broadcasting company that was co-founded in 1987 by Lenard
Liberman, LBI's chief executive officer, and his father Jose
Liberman, who immigrated to the United States from Mexico in 1946.
LBI is a national media company that owns or licenses 27
Spanish-language television stations and radio stations in the
United States, as well as EstrellaTV, a Spanish-language television
broadcast network.
LBI Media Inc and more than 15 of its affiliates filed for
bankruptcy protection (Bankr. D. Del. Case No. 18-12655) on
November 21, 2018. The petition was signed by Brian Kei, chief
financial officer.
At June 30, 2018, the Debtors had total assets of $238.7 million
and total liabilities of $532.9 million.
Richards Layton & Finger, P.A. and Weil, Gotshal & Manges LLP serve
as counsel to the Debtors. Guggenheim Securities LLC has been
tapped as investment banker, Alvarez & Marsal North America LLC as
financial advisor, and Epiq Corporate Restructuring LLC as claims
and noticing agent.
LBI MEDIA: Seeks to Hire Epiq as Claims and Noticing Agent
----------------------------------------------------------
LBI Media, Inc., and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the District of Delaware to employ Epiq
Corporate Restructuring, LLC, claims and noticing agent to the
Debtors.
LBI Media requires Epiq to:
a. prepare and serve required notices and documents in the
cases in accordance with the Bankruptcy Code and the
Bankruptcy Rules in the form and manner directed by the
Debtors or the Court, including (i) notice of the
commencement of the cases and the initial meeting of
creditors under Bankruptcy Code Sec. 341(a), (ii) notice of
any claims bar date, (iii) notices of transfers of claims
and objections to claims, (iv) notices of objections to
claims and objections to transfers of claims, (v) notices
of any hearings on a disclosure statement and confirmation
of the Debtors' plan or plans of reorganization, including
under Bankruptcy Rule 3017(d), (vi) notice of the effective
date of any plan, (vii) any motion to convert, dismiss,
appoint a trustee, or appoint and examiner filed by the
U.S. Trustee's Office, and (viii) all other notices,
orders, pleadings, publications and other documents as the
Debtors or Court may deem necessary or appropriate for an
orderly administration of the cases;
b. maintain an official copy of the Debtors' schedules of
assets and liabilities and statements of financial affairs
(collectively, "Schedules"), listing the Debtors' known
creditors and the amounts owed thereto;
c. maintain (i) a list of all potential creditors, equity
holders and other parties-in-interest; and (ii) a "Master
Service List" in accordance with Local Rule 2002-1(H);
update said lists and make said lists available upon
request by a party-in-interest or the Clerk;
d. furnish a notice to all potential creditors of the last
date for the filing of proofs of claim and a form for the
filing of a proof of claim, after such notice and form are
approved by this Court, and notify said potential creditors
of the existence, amount and classification of their
respective claims as set forth in the Schedules, which may
be effected by inclusion of such information (or the lack
thereof, in cases where the Schedules indicate no debt due
to the subject party) on a customized proof of claim form
provided to potential creditors;
e. maintain a post office box or address for the purpose of
receiving claims and returned mail, and process all mail
received;
f. for all notices, motions, orders or other pleadings or
documents served, prepare and file or caused to be filed
with the Clerk an affidavit or certificate of service
within seven (7) business days of service which includes
(i) either a copy of the notice served or the docket
numbers and titles of the pleadings served, (ii) a list of
persons to whom it was mailed (in alphabetical order) with
their addresses, (iii) the manner of service, and (iv) the
date served;
g. process all proofs of claim or proofs of interest received,
including those received by the Clerk's Office, and check
said processing for accuracy, and maintain the original
proofs of claim or proofs of interest in a secure area;
h. provide an electronic interface for filing proofs of claim;
i. maintain the official claims register for each Debtor (the
"Claims Registers") on behalf of the Clerk; upon the
Clerk's request, provide the Clerk with certified,
duplicate unofficial Claims Registers; and specify in
the Claims Registers the following information for each
claim docketed: (i) the claim number assigned, (ii) the
date received, (iii) the name and address of the claimant
and agent, if applicable, who filed the claim, (iv) the
amount asserted, (v) the asserted classification(s) of the
claim (e.g., secured, unsecured, priority, etc.), (vi) the
applicable Debtor, and (vii) any disposition of the claim;
i. file an updated claims register with the Court, in
alphabetical or numerical order, upon request and direction
of the Clerk of the Court;
j. provide public access to claims and the claims register at
no charge;
k. implement necessary security measures to ensure the
completeness and integrity of the Claims Registers and the
safekeeping of the original claims;
l. record all transfers of claims and provide any notices of
such transfers as required by Bankruptcy Rule 3001(e);
m. relocate, by messenger or overnight delivery, all of the
court-filed proofs of claim to the offices of the Claims
and Noticing Agent, not less than weekly;
n. upon completion of the docketing process for all claims
received to date for each case, turn over to the Clerk
copies of the claims register for the Clerk's review, upon
the Clerk's request;
o. monitor the Court's docket for all notices of appearance,
address changes, and claims-related pleadings and orders
filed and make necessary notations on or changes to the
claims register;
p. assist in the dissemination of information to the public
and respond to requests for administrative information
regarding the case as directed by the Debtors or the Court,
including through the use of a case website or call center;
q. if a case is converted to chapter 7, contact the Clerk's
Office within three (3) days of the notice to Claims and
Noticing Agent of entry of the order converting the case;
r. thirty (30) days prior to the close of these Chapter 11
Cases, to the extent practicable, request that the Debtors
submit to the Court a proposed Order dismissing the Claims
and Noticing Agent and terminating the services of such
agent upon completion of its duties and responsibilities
and upon the closing of these cases;
s. within seven days of notice to Epiq of entry of an order
closing these chapter 11 cases, provide to the Court the
final version of the Claims Register as of the date
immediately before the close of the chapter 11 cases; and
t. at the close of these chapter 11 cases, box and transport
all original documents, in proper format, as provided by
the Clerk's office, to (i) the Philadelphia Federal
Records Center, 14700 Townsend Road, Philadelphia, PA
19154-1096 or (ii) any other location requested by the
Clerk's office.
Epiq Corporate will be paid at these hourly rates:
Executives No Charge
Executive Vice President, Solicitation $215
Solicitation Consultant $190
Consultants/ Directors/Vice Presidents $160 to $190
Case Managers $70 to $165
IT / Programming $65 to $85
Clerical/Administrative Support $25 to $45
Epiq will be paid a retainer in the amount of $25,000.
Epiq will also be reimbursed for reasonable out-of-pocket expenses
incurred.
Kate Mailloux, a partner at Epiq Corporate Restructuring, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
Epiq can be reached at:
Kate Mailloux
EPIQ CORPORATE RESTRUCTURING, LLC
777 Third Avenue, 12th Floor
New York, NY 10017
Tel: (646) 282-2500
Fax: (646) 282-2501
About LBI Media, Inc.
Headquartered in Burbank, California, LBI Media --
http://www.lbimedia.com/-- is a national television and radio
broadcasting company that was co-founded in 1987 by Lenard
Liberman, LBI's chief executive officer, and his father Jose
Liberman, who immigrated to the United States from Mexico in 1946.
LBI is a national media company that owns or licenses 27
Spanish-language television stations and radio stations in the
United States, as well as EstrellaTV, a Spanish-language television
broadcast network.
LBI Media Inc and more than 15 of its affiliates filed for Chapter
11 bankruptcy protection (Bankr. D. Del. Case No. 18-12655) on Nov.
21, 2018. CFO Brian Kei signed the petition.
The Debtors reported total assets of $238.7 million and total
liabilities of $532.9 million at June 30, 2018.
Richards Layton & Finger, P.A., and Weil, Gotshal & Manges LLP
serve as counsel to the Debtors. Guggenheim Securities LLC has
been tapped as investment banker, Alvarez & Marsal North America
LLC as financial advisor, and Epiq Corporate Restructuring LLC as
claims and noticing agent.
LIZANDRA LLC: Hires Joseph J. D'Agostino, Jr. as Attorney
---------------------------------------------------------
Lizandra LLC seeks authority from the U.S. Bankruptcy Court for the
District of Connecticut to employ Joseph J. D'Agostino, Jr., LLC,
as attorney to the Debtor.
Lizandra LLC requires Joseph J. D'Agostino, Jr., to:
a. advise the Debtor regarding its rights, duties and powers
as the Debtor and a debtor-in-possession operating and
managing its affairs;
b. advise and assist the Debtor with respect to financial
agreements, debt restructuring, cash collateral orders and
other financial transactions;
c. review and advise the Debtor regarding the validity of
liens asserted against property of the Debtor;
d. advise the Debtor as to actions to collect and recover
property for the benefit of the debtor's estate;
e. prepare on behalf of the Debtor the necessary applications,
motions, complaints, answers, pleadings, orders, reports,
notices, schedules, and other documents, as well as
review all financial reports and other reports filed in
the bankruptcy case Chapter 11 case;
f. counsel the Debtor in connection with all aspects of a plan
of reorganization and related documents; and
g. perform all other legal services for the debtor which may
be necessary in this Chapter 11 case.
Joseph J. D'Agostino, Jr., will be paid at these hourly rates:
Attorneys $350
Support Staffs $150
Joseph J. D'Agostino, Jr., will be paid a retainer in the amount of
$10,000.
Joseph J. D'Agostino, Jr., will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Joseph J. D'Agostino, Jr., a partner at Joseph J. D'Agostino, Jr.,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Joseph J. D'Agostino, Jr. can be reached at:
Joseph J. D'Agostino, Jr., Esq.
JOSEPH J. D'AGOSTINO, JR., LLC
1062 Barnes Road, Suite 108
Wallingford, CT 06492
Tel: (203) 265-5222
Fax: (203) 265-5236
E-mail: joseph@lawjjd.com
About Lizandra LLC
Lizandra LLC, based in Wallingford, CT, filed a Chapter 11 petition
(Bankr. D. Conn. Case No. 18-31870) on Nov. 13, 2018. In the
petition signed by Frank Cotrona, member, the Debtor disclosed
$3,100,000 in assets and $3,588,000 in liabilities. The Hon. Ann
M. Nevins presides over the case. Joseph J. D'Agostino, Jr., Esq.,
at Joseph J. D'Agostino, Jr., LLC, serves as bankruptcy counsel.
LUCKY DRAGON: Snow Covered Capital Reacts to Case Conversion Bid
----------------------------------------------------------------
BankruptcyData.com reported that Snow Covered Capital filed an
objection to the motion of the Official Committee of Unsecured
Creditors to convert the Chapter 11 cases of The Lucky Dragon Hotel
& Casino, LLC, et al., to a cases under Chapter 7.
Snow Covered Capital asserted, "In the Motion to Convert, the UCC
proposes to place enormous responsibilities on two Chapter 7
trustees (one for each estate) to investigate and prosecute
numerous claims, causes of action, objections and defenses. But
post-conversion, the Chapter 7 trustees will each inherit
administratively insolvent estates that have no funds to even
retain counsel, let alone conduct thorough investigations and
prosecute litigation, litigation which is, at least as to SCC,
quixotic at best. SCC contends that it would be fundamentally
unfair to impose the burden of the administration of the LP
bankruptcy case on a Chapter 7 trustee under these circumstances."
About Lucky Dragon LP
and Luck Dragon Hotel & Casino
Lucky Dragon, LP, owns the real estate and improvements of the
Lucky Dragon Hotel & Casino located at 300 West Sahara Avenue, Las
Vegas, Nevada, and employs 68 full-time and 30 part-time people.
Lucky Dragon Hotel & Casino, LLC operates the Resort Hotel and
Casino.
The Lucky Dragon Hotel & Casino, LLC, commenced its Chapter 11 case
by filing a voluntary petition (Bankr. D. Nev. Case No. 18-10792)
on Feb. 16, 2018. The Lucky Dragon, LP, filed a voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev.
Case No. 18-10850) on Feb. 21, 2018. The cases are jointly
administered under Lucky Dragon Hotel & Casino's Case No.
18-10792.
In the petition signed by Andrew S. Fonfa, managing member of
Eastern Investments, LLC, Lucky Dragon estimated assets of $100
million to $500 million and liabilities of $10 million to $50
million.
Judge Laurel E. Davis presides over the cases.
The Debtors tapped Schwartz Flansburg PLLC, which later merged into
Brownstein Hyatt Farber Schreck, LLP. The Debtors also hired
Mushkin Cica Coppedge as conflicts counsel; Innovation Capital, LLC
as financial advisor; and Prime Clerk, LLC, as their claims and
noticing agent. The Official Committee of Unsecured Creditors
retained Levene, Neale, Bender, Yoo & Brill LLP as general
bankruptcy counsel; Armstrong Teasdale LLP as co-counsel; and
Kolesar & Leatham, as Nevada co-counsel.
MATTRESS FIRM: Prepackaged Plan Declared Effective
--------------------------------------------------
Mattress Firm, Inc., the nation's leading specialty mattress
retailer, has announced that it has successfully completed its
financial restructuring and emerged from Chapter 11. The Company
moves forward with an optimized store footprint of approximately
2,600 stores across the country and $525 million of committed exit
financing to support operations and future growth initiatives,
including a $125 million revolving credit facility that will be
undrawn at closing.
Mattress Firm's Modified Joint Prepackaged Chapter 11 Plan was
declared effective on November 21, 2018. The Plan had previously
been confirmed by the Bankruptcy Court on November 16, 2018.
Steve Stagner, Executive Chairman, President and CEO of Mattress
Firm, said, "This is an exciting day for Mattress Firm as we emerge
a stronger and more competitive company. With an optimized store
footprint, stronger balance sheet and significant liquidity, we
will be able to more efficiently focus on our strength --
delivering the best beds at the best value to millions of customers
across the country. We knew that our unprecedented growth had led
to duplicative store locations in many of our markets. Now, having
completed our operational and financial restructuring, we have the
right store locations to not only better serve our customers, but
also to fuel future growth. Going forward, we will be
intensely-focused on enhancing our product offering, driving
disciplined and results-oriented operations and building an
integrated and educational shopping experience."
Mr. Stagner continued, "Our successful emergence from Chapter 11 is
a testament to the hard work of our associates. It was their
tremendous loyalty, effort and dedication that allowed us to
efficiently complete this restructuring process in just 48 days. I
am honored to lead this incredible team forward as we continue to
provide customers with unmatched value and service."
About Mattress Firm
Founded in 1986, Mattress Firm -- https://www.mattressfirm.com/ --
is a specialty mattress retailer headquartered in Houston, Texas,
operating more than 3,230 stores across 49 states (including
franchise locations). Mattress Firm offers a broad selection of
mattress products and bedding accessories from leading
manufacturers and brand names, including Serta, Simmons, tulo,
Sleepy's, Chattam & Wells and Purple.
Mattress Firm and its affiliate-debtors filed a voluntary petition
for relief under chapter 11 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the District of Delaware (Bankr. D. Del. Lead
Case No. 18-12241) on Oct. 5, 2018.
At the time of filing, the Debtors estimated $1 billion to $10
billion in both assets and liabilities.
Sidley Austin LLP, led by Bojan Guzina, Matthew E. Linder, and
Blair M. Warner, serves as the Debtors' legal counsel. Young
Conaway Stargatt & Taylor, LLP, led by Robert S. Brady, Edmon L.
Morton, and Ashley E. Jacobs, serves as the Debtors' Delaware
counsel. AlixPartners, LLP, is the Debtors' financial advisor;
Guggenheim Securities, LLC is the Debtors' investment banker; and
Epiq Bankruptcy Solutions is the Debtors' claims and noticing
agent.
MH DIRECT: Seeks to Hire Michael Ratliff as Attorney
----------------------------------------------------
MH Direct, Inc., seeks authority from the U.S. Bankruptcy Court for
the Northern District of Texas to employ the Law Firm of Michael
Ratliff, as attorney to the Debtor.
MH Direct requires Michael Ratliff to represent the Debtor in the
Chapter 11 bankruptcy proceedings.
Michael Ratliff will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Michael Ratliff, partner of Law Firm of Michael Ratliff, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Michael Ratliff can be reached at:
Michael Ratliff, Esq.
LAW OFFICE OF MICHAEL RATLIFF
5145 Upper Montague Rd
Bowie, TX 76230
Tel: (940) 531-0709
Fax: (940) 627-7755
E-mail: consumer.law@hotmail.com
About MH Direct
MH Direct, Inc., filed a Chapter 11 bankruptcy petition (Bankr.
N.D. Tex. Case No. 18-70276) on Sept. 10, 2018, disclosing under $1
million in assets and liabilities. The Debtor is represented by
Michael Ratliff, Esq., at the Law Firm of Michael Ratliff.
MISSION COAL: Committee Hires Lowenstein Sandler as Counsel
-----------------------------------------------------------
The Official Committee of Unsecured Creditors of Mission Coal
Company, LLC, and its debtor-affiliates, seeks authorization from
the U.S. Bankruptcy Court for the Northern District of Alabama to
retain Lowenstein Sandler LLP as counsel to the Committee.
The Committee requires Lowenstein Sandler to:
(a) advise the Committee with respect to its rights, duties,
and powers in the Chapter 11 Case;
(b) assist and advise the Committee in its consultations with
the Debtors relative to the administration of the Chapter
11 Case;
(c) assist the Committee in analyzing the claims of the
Debtor's creditors and the Debtors' capital structure and
in negotiating with holders of claims and equity
interests;
(d) assist the Committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of
the Debtors and of the operation of the Debtors' business;
(e) assist the Committee in its investigation of the liens and
claims of the holders of the Debtor's pre-petition debt
and the prosecution of any claims or causes of action
revealed by such investigation;
(f) assist the Committee in its analysis of, and negotiations
with, the Debtors or any third party concerning matters
related to, among other things, the assumption or
rejection of certain leases of nonresidential real
property and executory contracts, asset dispositions, sale
of assets, financing of other transactions and the terms
of one or more plans of reorganization for the Debtor and
accompanying disclosure statements and related plan
documents;
(g) assist and advise the Committee as to its communications
to unsecured creditors regarding significant matters in
the Chapter 11 Case;
(h) represent the Committee at hearings and other proceedings;
(i) review and analyze applications, orders, statements of
operations, and schedules filed with the Court and advise
the Committee as to their propriety;
(j) assist the Committee in preparing pleadings and
applications as may be necessary in furtherance of the
Committee's interests and objectives;
(k) prepare, on behalf of the Committee, any pleadings,
including without limitation, motions, memoranda,
complaints, adversary complaints, objections, or comments
in connection with any of the foregoing; and
(l) perform such other legal services as may be required or
are otherwise deemed to be in the interests of the
Committee in accordance with the Committee's powers and
duties as set forth in the Bankruptcy Code, Bankruptcy
Rules, or other applicable law.
Lowenstein Sandler will be paid at these hourly rates:
Partners $600 to $1,285
Senior Counsels/Counsels $450 to $760
Associates $350 to $580
Paralegals $135 to $340
Lowenstein Sandler will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Jeffrey Cohen, a partner at Lowenstein Sandler, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and (a) is not creditors,
equity security holders or insiders of the Debtors; (b) has not
been, within two years before the date of the filing of the
Debtors' chapter 11 petition, directors, officers or employees of
the Debtors; and (c) does not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtors, or
for any other reason.
Lowenstein Sandler can be reached at:
Jeffrey Cohen, Esq.
Jennifer Kimble, Esq.
LOWENSTEIN SANDLER LLP
1251 Avenue of the Americas
New York, NY 10020
Telephone: (212) 262-6700
E-mail: jcohen@lowenstein.com
jkimble@lowenstein.com
About Mission Coal Company
Mission Coal Company LLC and its subsidiaries are engaged in the
mining and production of metallurgical coal, also known as "met"
coal, which is a critical component of the steelmaking process.
The Company is headquartered in Kingsport, Tennessee and operate
subterranean, surface, and longwall mining complexes in West
Virginia and Alabama. The Company employ 1,075 individuals on a
full-time or part-time basis.
Mission Coal and 10 of its subsidiaries filed for bankruptcy
protection in the U.S. Bankruptcy Court for the Northern District
of Alabama (Birmingham) on Oct. 14, 2018, with Lead Case No.
18-04177. In the petition signed by CRO Kevin Nystrom, Mission
Coal estimated assets and liabilities of $100 million to $500
million each.
Daniel D. Sparks, Esq. and Bill D. Bensinger, Esq. of Christian &
Small LLP, as well as James H.M. Sprayregen, P.C., Brad Weiland,
Esq., and Melissa N. Koss, Esq., of Kirkland & Ellis LLP and
Kirkland & Ellis International LLP, serve as counsel to the
Debtors. The Debtors also tapped Jefferies LLC as investment
banker, Zolfo Cooper LLC as financial advisor, and Omni Management
Group as notice and claims agent.
On Oct. 25, 2018, the Bankruptcy Admimistrator for the Northern
District of Alabama appointed the Official Committee of Unsecured
Creditors. The Committee retained Lowenstein Sandler LLP, as
counsel; Baker Donelson Bearman Caldwell & Berkowitz, PC, as local
counsel; and Berkeley Research Group, LLC, as financial advisor.
MISSION COAL: Committee Taps Baker Donelson as Local Counsel
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Mission Coal
Company, LLC, and its debtor-affiliates seeks authorization from
the U.S. Bankruptcy Court for the Northern District of Alabama to
retain Baker Donelson Bearman Caldwell & Berkowitz, PC, as local
counsel to the Committee.
The Committee requires Baker Donelson to:
a. assist, advise and represent the Committee in its
consultations with the Debtors regarding the administration
of the Chapter 11 cases;
b. assist, advise and represent the Committee in analyzing the
Debtors' assets and liabilities, investigate the extent and
validity of liens and participate in and review any
proposed asset sales, any asset dispositions, financing
arrangements and cash collateral stipulations or
proceedings;
c. assist, advise and represent the Committee in investing the
acts, conduct, assets, liabilities and financial condition
of the Debtors, the Debtors' operations and the
desirability of the continuance of any portion of those
operations, and any other matters relevant to the Chapter
11 cases or the formulation of a plan;
d. assist, advise and represent the Committee in its
participation of the negotiation, formulation and drafting
of a plan of liquidation or reorganization;
e. assist the Committee on the issues concerning the
appointment of a trustee or examiner under the Bankruptcy
Code;
f. assist, advise and represent the Committee in understanding
its powers and duties under the Bankruptcy Code, the
Bankruptcy Rules and the Local Rules and in performing
other services as are in the interests of those represented
by the Committee;
g. assist, advise and represent the Committee in the
evaluation of claims on any litigation matters, including
fraudulent transfer and avoidance actions; and
h. provide such other services to the Committee that may be
necessary in the Chapter 11 cases.
Baker Donelson will be paid at these hourly rates:
Partners $415
Associates $270
Paralegals $157 to $180
Baker Donelson will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Rita L. Hullett, a partner at Baker Donelson Bearman Caldwell &
Berkowitz, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and (a) is not creditors, equity security holders or insiders
of the Debtors; (b) has not been, within two years before the date
of the filing of the Debtors' chapter 11 petition, directors,
officers or employees of the Debtors; and (c) does not have an
interest materially adverse to the interest of the estate or of any
class of creditors or equity security holders, by reason of any
direct or indirect relationship to, connection with, or interest
in, the Debtors, or for any other reason.
Baker Donelson can be reached at:
Rita Hullett, Esq.
BAKER DONELSON BEARMAN CALDWELL
& BERKOWITZ, P.C.
1400 Wells Fargo Tower
Birmingham, AL 35203
Tel: (205) 276-9807
E-mail: rhullett@bakerdonelson.com
About Mission Coal Company
Mission Coal Company LLC and its subsidiaries are engaged in the
mining and production of metallurgical coal, also known as "met"
coal, which is a critical component of the steelmaking process.
The Company is headquartered in Kingsport, Tennessee and operate
subterranean, surface, and longwall mining complexes in West
Virginia and Alabama. The Company employ 1,075 individuals on a
full-time or part-time basis.
Mission Coal and 10 of its subsidiaries filed for bankruptcy
protection in the U.S. Bankruptcy Court for the Northern District
of Alabama (Birmingham) on Oct. 14, 2018, with Lead Case No.
18-04177. In the petition signed by CRO Kevin Nystrom, Mission
Coal estimated assets and liabilities of $100 million to $500
million.
Daniel D. Sparks, Esq. and Bill D. Bensinger, Esq. of Christian &
Small LLP, as well as James H.M. Sprayregen, P.C., Brad Weiland,
Esq., and Melissa N. Koss, Esq. of Kirkland & Ellis LLP and
Kirkland & Ellis International LLP, serve as counsel to the
Debtors. The Debtors also tapped Jefferies LLC as investment
banker, Zolfo Cooper LLC as financial advisor, and Omni Management
Group as notice and claims agent.
On Oct. 25, 2018, the Bankruptcy Administrator for the Northern
District of Alabama appointed the Official Committee of Unsecured
Creditors. The Committee retained Lowenstein Sandler LLP, as
counsel; Baker Donelson Bearman Caldwell & Berkowitz, PC, as local
counsel; and Berkeley Research Group, LLC, as financial advisor.
MISSION COAL: Committee Taps Berkeley as Financial Advisor
----------------------------------------------------------
The Official Committee of Unsecured Creditors of Mission Coal
Company, LLC, and its debtor-affiliates seeks authorization from
the U.S. Bankruptcy Court for the Northern District of Alabama to
retain Berkeley Research Group, LLC, as financial advisor to the
Committee.
The Committee requires Berkeley to:
a. advise and assist the Committee in its analysis and
monitoring of the historical, current and projected
financial affairs of the Debtors, including, schedules of
assets and liabilities and statement of financial affairs;
b. advise and assist the Committee with respect to any debtor-
in-possession financing arrangements and/or use of cash;
c. scrutinize cash disbursements on an on-going basis for the
period subsequent to the commencement of these cases;
d. prepare and issue periodic monitoring reports to enable the
Committee to evaluate effectively the Debtors' performance,
ability to realize or settle claims for avoidance actions,
363 sale process, and subsequent wind-down activities on an
ongoing basis;
e. advise and assist the Committee and counsel in reviewing
and evaluating any court motions, including any assumption
or rejection motions or objections thereto, applications,
or other forms of relief filed or to be filed by the
Debtors, or any other parties-in-interest;
f. analyze the Debtors' and non-Debtor affiliates' assets,
and possible recoveries to creditor constituencies under
various scenarios and developing strategies to maximize
recoveries;
g. develop strategies to maximize recoveries from the Debtors'
assets and advise and assist the Committee with such
strategies;
h. analyze and monitor any prior sale processes and
transactions and assess the reasonableness of the process
and the consideration received;
i. evaluate and monitor, as applicable, the Debtors' proposed
wind down plans that would apply after the consummation of
asset sales;
j. evaluate intangible asset portfolio and develop strategies
to maximize returns;
k. monitor Debtors' claims management process, analyze claims,
analyze guarantees, and summarize claims by entity;
l. advise and assist the Committee in identifying and
reviewing any preference payments, fraudulent conveyances,
and other potential causes of action that the Debtors'
estates may hold against insiders and third parties;
m. analyze the Debtors' and non-Debtor affiliates' assets and
analyze possible recovery to creditor constituencies under
various scenarios;
n. review and provide analysis of any bankruptcy plan and
disclosure statement relating to the Debtors including, if
applicable, the development and analysis of any bankruptcy
plans proposed by the Committee;
o. advise and assist the Committee in its assessment of the
Debtors' employee needs and related costs, including the
potential Key Employee Incentive Program and Key Employee
Retention Plan to insure they are appropriate plans in the
context of the case;
p. analyze both historical and ongoing intercompany and
related party transactions of the Debtors and non-Debtor
affiliates;
q. advise and assist the Committee in the evaluation of the
Debtors' operations and/or investments;
r. attend Committee meetings, court hearings, and auctions as
may be required;
s. work with the Debtors' tax advisors to ensure that any
restructuring or sale transaction is structured to minimize
tax liabilities to the estate;
t. render such other general business consulting or assistance
as the Committee or its counsel may deem necessary,
consistent with the role of a financial advisor; and
u. provide other services as may be requested from time to
time by the Committee and its counsel.
Berkeley will be paid at these hourly rates:
Managing Director $675 to $995
Director $505 to $740
Professional Staff $260 to $510
Support Staff $135 to $195
Berkeley will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Edwin N. Ordway, Jr., a partner at Berkeley Research Group, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and (a) is not
creditors, equity security holders or insiders of the Debtors; (b)
has not been, within two years before the date of the filing of the
Debtors' chapter 11 petition, directors, officers or employees of
the Debtors; and (c) does not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtors, or
for any other reason.
Berkeley can be reached at:
Edwin N. Ordway, Jr.
BERKELEY RESEARCH GROUP, LLC
810 Seventh Avenue, Suite 4100
New York, NY 10019
Tel: (212) 782-1400
E-mail: eordway@thinkbrg.com
About Mission Coal Company
Mission Coal Company LLC and its subsidiaries are engaged in the
mining and production of metallurgical coal, also known as "met"
coal, which is a critical component of the steelmaking process.
The Company is headquartered in Kingsport, Tennessee and operate
subterranean, surface, and longwall mining complexes in West
Virginia and Alabama. The Company employ 1,075 individuals on a
full-time or part-time basis.
Mission Coal and 10 of its subsidiaries filed for bankruptcy
protection in the U.S. Bankruptcy Court for the Northern District
of Alabama (Birmingham) on Oct. 14, 2018, with Lead Case No.
18-04177. In the petition signed by CRO Kevin Nystrom, Mission
Coal estimated assets and liabilities of $100 million to $500
million.
Daniel D. Sparks, Esq. and Bill D. Bensinger, Esq. of Christian &
Small LLP, as well as James H.M. Sprayregen, P.C., Brad Weiland,
Esq., and Melissa N. Koss, Esq.m of Kirkland & Ellis LLP and
Kirkland & Ellis International LLP, serve as counsel to the
Debtors. The Debtors also tapped Jefferies LLC as investment
banker, Zolfo Cooper LLC as financial advisor, and Omni Management
Group as notice and claims agent.
On Oct. 25, 2018, the Bankruptcy Administrator for the Northern
District of Alabama appointed the Official Committee of Unsecured
Creditors. The Committee retained Lowenstein Sandler LLP, as
counsel; Baker Donelson Bearman Caldwell & Berkowitz, PC, as local
counsel; and Berkeley Research Group, LLC, as financial advisor.
MORGAN ADMINISTRATION: Committee Hires Freeborn as Counsel
----------------------------------------------------------
The Official Committee of Unsecured Creditors of Morgan
Administration, Inc., d/b/a Home Owners Bargain Outlet, seeks
authorization from the U.S. Bankruptcy Court for the Northern
District of Illinois to retain Freeborn & Peters LLP, as counsel to
the Committee.
The Committee requires Freeborn to:
a. advise the Committee on all legal issues as they arise;
b. advise the Committee on all motions and pleadings filed by
the Debtors and other parties-in-interest and responding to
the same;
c. represent and advise the Committee regarding the terms of
any sale of assets or plan of reorganization or liquidation
and assist the Committee in negotiations with the Debtors
and other parties;
d. investigate the Debtors' assets and pre-bankruptcy conduct;
e. analyze the perfection and priority of the liens of the
Debtors' secured creditors;
f. prepare, on behalf of the Committee, all necessary motions,
applications, pleadings, reports, responses, objections and
other papers;
g. represent and advise the Committee in all proceedings in
these cases;
h. assist and advise the Committee in its administration; and
i. provide such other services as are customarily provided by
counsel to a creditors' committee in cases of this kind.
Freeborn will be paid at these hourly rates:
Partners $910
Associates $275
Paraprofessionals $105 to $360
Freeborn will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Shelly A. DeRousse, a partner at Freeborn & Peters, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and (a) is not
creditors, equity security holders or insiders of the Debtors; (b)
has not been, within two years before the date of the filing of the
Debtors' chapter 11 petition, directors, officers or employees of
the Debtors; and (c) does not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtors, or
for any other reason.
Freeborn can be reached at:
Shelly A. DeRousse, Esq.
Devon J. Eggert, Esq.
Elizabeth L. Janczak, Esq.
FREEBORN & PETERS LLP
311 South Wacker Drive, Suite 3000
Chicago, IL 60606
Tel: (312) 360-6000
Fax: (312) 360-6520
E-mail: sderousse@freeborn.com
deggert@freeborn.com
ejanczak@freeborn.com
About Morgan Administration
Morgan Administration, Inc., and its subsidiaries are privately
held companies in Waukegan, Illinois that operate household
appliance stores. They collectively do business under the trade
name Home Owners Bargain Outlet or HOBO.
Morgan Administration and 10 affiliates sought Chapter 11
protection (Bankr. N.D. Ill. Lead Case No. 18-30039) on Oct. 25,
2018. In the petition signed by Leo Schmidt, president, Morgan
Administration estimated $100,000 to $500,000 in assets and
$100,000 to $500,000 in liabilities. The case is assigned to Judge
Jacqueline P. Cox.
The Debtors tapped Jonathan P. Friedland, Esq., at Sugar Felsenthal
Grais & Helsinger LLP, as bankruptcy counsel; and Michael Goldman
of KCP Advisory Group LLC as their chief restructuring officer.
On Nov. 5, 2018, the Office of the United States Trustee appointed
the Official Committee of Unsecured Creditors of Morgan
Administration. The Committee retained Freeborn & Peters LLP as
counsel.
MORGAN ADMINISTRATION: U.S. Trustee Forms 5-Member Committee
------------------------------------------------------------
The Office of the U.S. Trustee on November 6 appointed five
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 case of Morgan Administration, Inc.
The committee members are:
(1) Rohnex
Representative: Orkun S. Uygun
3324 Peachtree Rd NE Unit 2002
Atlanta, GA 30326
(2) Supreme Construction
Representative: Marc Taylor
11205 122nd Street Pleasant
Prairie, WI 53158
(3) L.W. Mountain, Inc.
Representative: Tom Miessler
1605 Dundee Ave., Suite B
Elgin, IL 60120
(4) All Tile, Inc.
Representative: John Welch
855 N Wood Dale Rd, Suite A
Wood Dale, IL 60191
(5) Kountry Wood Products, LLC
Representative: Greg Shank
352 Shawnee Street
Nappanee, IN 46550
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About Morgan Administration
and its subsidiaries
Morgan Administration, Inc., and its subsidiaries are
privately-held companies in Waukegan, Illinois that operate
household appliance stores. They collectively do business under
the trade name Home Owners Bargain Outlet or HOBO.
Morgan Administration and 10 affiliates sought Chapter 11
protection (Bankr. N.D. Ill. Lead Case No. 18-30039) on Oct. 25,
2018. In the petition signed by Leo Schmidt, president, Morgan
Administration estimated $100,000 to $500,000 in assets and
$100,000 to $500,000 in liabilities. The case is assigned to Judge
Jacqueline P. Cox.
The Debtors tapped Jonathan P. Friedland, Esq., at Sugar Felsenthal
Grais & Helsinger LLP, as bankruptcy counsel; and Michael Goldman
of KCP Advisory Group LLC as their chief restructuring officer.
MOTIV8 INVESTMENTS: Seeks to Hire Lionel E. Giron as Counsel
------------------------------------------------------------
Motiv8 Investments, LLC, seeks authority from the U.S. Bankruptcy
Court for the Central District of California to employ the Law
Offices of Lionel E. Giron, as counsel to the Debtor.
Motiv8 Investments requires Lionel E. Giron to:
(a) advise the Debtor regarding matters of bankruptcy law and
concerning the requirements of the Bankruptcy Code, and
Bankruptcy Rules relating to the administration of this
case, and the operation of the Debtor's estate as a debtor
in possession;
(b) represent the Debtor in proceedings and hearings in the
court involving matters of bankruptcy law;
(c) assist in compliance with the requirements of the Office
of the United States trustee;
(d) provide the Debtor legal advice and assistance with
respect to the Debtor's powers and duties in the
continued operation of the Debtor's business and
management of property of the estate;
(e) assist the Debtor in the administration of the estate's
assets and liabilities;
(f) prepare necessary applications, answers, motions, orders,
reports and other legal documents on behalf of the Debtor;
(g) assist in the collection of all accounts receivable and
other claims that the Debtor may have and resolve claims
against the Debtor's estate;
(h) provide advice, as counsel, concerning the claims of
secured and unsecured creditors, prosecution and
defense of all actions; and
(i) prepare, negotiate, prosecute and attain confirmation of a
plan of reorganization;
Lionel E. Giron will be paid at these hourly rates:
Attorneys $250 to $350
Paralegals $125 to $200
Lionel E. Giron will be paid a retainer in the amount of $5,000.
Lionel E. Giron will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Lionel E. Giron, a partner at Law Offices of Lionel E. Giron,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Lionel E. Giron can be reached at:
Lionel E. Giron, Esq.
LAW OFFICES OF LIONEL E. GIRON
337 N. Vineyard Ave., Suite 100
Ontario, CA 91764
Tel: (909) 397-7260
Fax: (909) 397-7277
E-mail: ecf@lglawoffices.com
About Motiv8 Investments
Motiv8 Investments, LLC, is a privately-held company in Los
Angeles, California, which operates a business involved in buying
real properties and renovating and re-selling them. Motiv8
Investments sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Cal. Case No. 18-16732) on June 11, 2018. In the
petition signed by Sergio Moreno Morales, managing member, the
Debtor estimated assets of less than $1 million to $10 million and
liabilities of $1 million to $10 million. Judge Neil W. Bason
presides over the case. The Debtor tapped Tang & Associates as its
legal counsel.
NOVA TERRA: Jan. 19 Plan Confirmation Hearing
---------------------------------------------
Judge Edward A. Godoy of the U.S. Bankruptcy Court for the District
of Puerto Rico conditionally approved the disclosure statement
explaining Nova Terra Inc.'s plan of reorganization.
Judge Godoy noted that acceptances or rejections of the Plan may be
filed in writing by the holders of all claims on/or before fourteen
(14) days prior to the date of the hearing on confirmation of the
Plan.
A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan and of such
objections as may be made to either will be held on January 11,
2019, at 9:30 AM.
Under the plan, general unsecured creditors are classified in
Class
3, and will receive a distribution of 5% of their allowed claims,
to be paid within 60 months. Payments will commence on the
effective date, which will be 45 days after entry of order of the
confirmation of the plan.
Meanwhile, secured creditors are classified under Class 2. Banco
Popular De Puerto Rico's (BPPR) secured claim for property &
equipment is in the allowed secured amount of $431,995.67 for a
total claim amount of $431,995.67. BPPR will receive a fixed
monthly payment $4,000.00 plus 50% of the net inflows and outflows
after all plan payments, as per agreement with BPPR on October
2018. The payments will begin 45 days after the confirmation of
the
plan. The payments end on Month 60 of the plan.
Another secured creditor is the Internal Revenue Service (IRS)
whose claims are secured by the Debtor's property & equipment, in
the allowed secured amount of $163,414.55 for a total claim amount
of $$163,414.55. IRS will receive a monthly payment $4,788.00,
which includes a 3.50% of cost of living allowance. The payments
will begin 45 days after the confirmation of the plan. The
payments
end on Month 36 of the plan.
A full-text copy of the Amended Disclosure Statement is available
at:
http://bankrupt.com/misc/prb17-01968-126.pdf
About Nova Terra Inc.
Based in Arecibo, Puerto Rico, Nova Terra, Inc., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No.
17-01968) on March 23, 2017. Nova Terra operates an electronic
equipment recycling business. The case is assigned to Judge Edward
A. Godoy. Ruben Gonzalez Marrero, Esq., at Ruben Gonzalez Marrero
& Associates, serves as the Debtor's legal counsel.
OKLAHOMA PROCURE: Seeks to Hire Ordinary Course Professionals
-------------------------------------------------------------
Oklahoma ProCure Management, LLC, seeks authority from the U.S.
Bankruptcy Court for the District of Delaware to employ ordinary
course professionals to the Debtor.
Oklahoma ProCure hires the following ordinary course
professionals:
Name of Professional Services
-------------------- --------
Arent Fox LLP Legal services regarding
healthcare regulatory
compliance.
BKD LLP Accounting and tax services
Jackson Lewis P.C. Legal services regarding
employment issues
Nixon Peabody LLP Legal services regarding
general corporate issues
To the best of the Debtor's knowledge the firms are a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their/its estates.
About Oklahoma ProCure Management
Oklahoma ProCure Management, LLC --
https://www.procure.com/Oklahoma-Explore -- operates the ProCure
Proton Therapy Center in Oklahoma City that utilizes proton therapy
for treatment of cancer.
Oklahoma ProCure sought bankruptcy protection (Bankr. D. Del. Case
No. 18-12622) on Nov. 15, 2018. In the petition signed by James J.
Loughlin, Jr., VP/assistant treasurer, the Debtor estimated assets
of $10 million to $50 million and liabilities of $100 million to
$500 million. Judge Mary F. Walrath presides over the case. The
Debtor tapped Gregory W. Werkheiser, Esq. of Morris, Nichols, Arsht
& Tunnell LLP as general counsel.
OZARK TIMBERLANDS: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of Ozark Timberlands, LLC as of Nov. 30,
according to a court docket.
About Ozark Timberlands
Ozark Timberlands, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Ark. Case No. 18-15493) on Oct. 10, 2018, estimating
less than $1 million in assets and liabilities. The Debtor is
represented by Oswald C. "Rusty" Sparks, Esq., of Caddell Reynolds
Law Firm.
PELICAN REAL: Marysville Property Sale & Broker Retention Approved
------------------------------------------------------------------
Judge Cynthia C. Jackson of the U.S. Bankruptcy Court for the
Middle District of Florida authorized (i) Maria M. Yip, Liquidating
Trustee of the Smart Money Liquidating Trust and its
debtor-affiliates, to sell the real property located at 6702 69th
Place NE, Marysville, Washington; (ii) the turnover of the Property
by Bradley Robertson and Jessica Robertson; and (iii) the retention
of Deborah Bissell and Coldwell Banker Bain to sell the Property.
The Robertsons, any occupant of the Property, and anyone else who
may assert a lien, claim, encumbrance, or interest (including an
ownership interest) in the Property must file a written objection
to the sale or turnover of the Property and/or a response asserting
a lien, claim, encumbrance, or interest (including an ownership
interest) in the Property no later than 5:00 p.m. (ET) on the 30th
day from the entry of the Order.
If the Robertsons or anyone else, other than the holder of the
first lien on the Property and the taxing authority, fail to file
such objection or response by the Deadline, then they (other than
the holder of the first lien on the Property and the taxing
authority) will be forever barred from (a) objecting to the sale or
turnover of the Property or (b) asserting a lien, claim,
encumbrance, or other interest (including an ownership interest) in
the Property or its proceeds.
If the Robertson Roberts, or any occupants of the Property, fail to
object to the sale or turnover of the Property or file a response
asserting a lien, claim, encumbrance, or interest (including an
ownership interest) in the Property by the Deadline, then they are
directed, without further notice or hearing, to turn over
possession of the Property to the Liquidating Trustee within 30
days after the Deadline. If they fail to object to the sale or
turnover of the Property or file a response asserting a lien,
claim, encumbrance, or interest (including an ownership interest)
in the Property by the Deadline, then the Court, without further
notice and hearing, approves the Broker, and permits the
Liquidating Trustee to enter into a listing agreement for the sale
of the Property.
The Liquidating Trustee will file a notice with the Court upon
entering into a contract for the sale of the Property.
The hearing to approve the sale of the Property free and clear of
all liens, claims, encumbrances, and interests will be held on Jan.
24, 2019, at 2:00 p.m. (ET). The Court will continue the hearing
upon request by the Liquidating Trustee.
If an objection is filed to these sale and turnover procedures
within 14 days from the entry of the Order, then the Court will set
the objection for hearing on an expedited basis.
About Pelican Real Estate
Pelican Real Estate, LLC, and its eight affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.
Fla. Lead Case No. 16-03817) on June 8, 2016. In the petition
signed by Jared Crapson, president of SMFG, Inc., manager of
Pelican Management Company, LLC, Pelican Real Estate estimated
under $50,000 in both assets and debt.
The Debtors tapped Elizabeth A. Green, Esq., at Baker & Hostetler
LLP, as bankruptcy counsel. The Debtors hired Bill Maloney
Consulting as their financial advisor; Hammer Herzog and Associates
P.A. as their accountant; and Pino Nicholson PLLC as their special
counsel.
Turnkey Investment Fund LLC, an affiliate of Pelican Real Estate
LLC, hired Dance Bigelow Sharp & Co. as accountant.
Guy Gebhardt, acting U.S. trustee for Region 21, on July 27, 2016,
formed an official committee of unsecured creditors for Pelican
Real Estate LLC's affiliates, Smart Money Secured Income Fund LLC
and Accelerated Asset Group LLC.
Maria Yip was appointed examiner in the case. She hired
GrayRobinson, P.A., as her lead counsel; Fikso Kretschmer Smith
Dixon Ormseth PS as special counsel; and Schweet Linde & Coulson,
PLLC, as special foreclosure counsel.
* * *
On Feb. 15, 2017, the Court entered an order confirming the
Debtors' Second Amended Plan of Liquidation. The Plan became
effective on March 2, 2017, at which time the Smart Money
Liquidating Trust came into existence and Ms. Yip was named the
liquidating trustee.
PETROQUEST ENERGY: U.S. Trustee Forms 3-Member Committee
--------------------------------------------------------
Henry Hobbs, Jr., acting U.S. trustee for Region 7, on Nov. 20
appointed three creditors to serve on the official committee of
unsecured creditors in the Chapter 11 cases of PetroQuest Energy,
Inc. and its affiliates.
The committee members are:
(1) Wilmington Trust, National Association
Attention: Rita Marie Ritrovato/Steven Cimalore
1100 North Market Street
Wilmington, DE 19890
Tel: 302-636-5137
Fax: 302-636-4145
Email: rritrovato@wilmingtontrust.com
Email: scimalore@wilmingtontrust.com
Counsel: Reed Smith LLP
Kurt F. Gwynne, Esq.
Jason D. Angelo, Esq.
1201 North Market Street, Suite 1500
Wilmington, DE 19801
Tel: 302-778-7575
Email: kgwynne@reedsmith.com
Email: jangelo@reedsmith.com
(2) Tri-Drill LLC
Attention: Cole Griffin
2727 SE Evangeline Thruway
Lafayette, LA 70508
Tel: 337-233-0464
Email: cgriffin@knightoiltools.com
Counsel: Heller Draper Patrick Horn & Manthey LLC
William H. Patrick, III, Esq.
650 Poydras Street, Suite 2500
New Orleans, LA 70130
Tel: 504-299-3345
Email: wpatrick@hellerdraper.com
(3) Kevin W. Hoog
333 S. Westminster Road
Arcadia, OK 73007
Tel: 405-396-9300
Email: pentex@swbell.net.com
Counsel: Lanier Law Firm, P.C.
Reagan Bradford, Esq.
100 E. California Avenue, Suite 200
Oklahoma City, OK 73104
Tel: 405-820-4401
Email: reagan.bradford@lanierlawfirm.com
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About Petroquest Energy
PetroQuest Energy, Inc. -- http://www.petroquest.com/-- is an
independent oil and gas companies engaged in the exploration,
development, acquisition and operation of oil and gas properties in
Texas and Louisiana, primarily in the Cotton Valley, Gulf Coast
Basin, and Austin Chalk plays. The Company maintains offices in
Lafayette, Louisiana and The Woodlands, Texas. They currently
employ 64 people and utilize the services of an additional eight
specialized and trained field workers and engineers through
third-party service providers.
Petroquest along with its seven affiliates filed for chapter 11
bankruptcy protection (Bankr. S.D. Tex. Lead Case No. 18-36322) on
Nov. 6, 2018. In the petition signed by Charles T. Goodson, chief
executive officer and president, Petroquest estimated assets at $1
million to $10 million and estimated liabilities at $100 million to
$500 million.
Judge David R. Jones presides over the cases.
Porter Hedges LLP, led by John F. Higgins, Esq., Joshua W.
Wolfshohl, Esq., and M. Shane Johnson, Esq., serves as counsel to
the Debtors. The Debtors also tapped Seaport Global Securities as
investment banker, FTI Consulting Inc. as financial advisor, and
Epiq Corporate Restructuring LLC as claims, noticing and
solicitation agent.
PHILLIP TARVER: Seeks to Hire Farmer & Wright as Attorney
---------------------------------------------------------
Phillip Tarver Cattle Co., LLC, seeks authority from the U.S.
Bankruptcy Court for the Western District of Kentucky to employ
Farmer & Wright, PLLC, as its attorney.
Farmer & Wright is expected to:
-- render legal advice to the Debtor with respect to its
powers and duties as Debtor-in-Possession in the continued
operation of the Debtor's operations; and
-- perform all legal services of the Debtor-in-Possession
which may be necessary in this case.
Farmer & Wright will be paid at these hourly rates:
Attorneys $275
Paralegals $85
The Firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Farmer & Wright will be paid a retainer in the amount of $15,000.
Todd A. Farmer, Esq., partner of Farmer & Wright, PLLC, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Farmer & Wright can be reached at:
Todd A. Farmer, Esq.
FARMER & WRIGHT, PLLC
4975 Alben Barkley Drive, Suite 1
Paducah, KY 42002-7766
Tel: (270) 443-4431
Fax: (270) 443-4631
Email: todd@farmerwright.com
About Phillip Tarver Cattle Co., LLC
Phillip Tarver Cattle Company, LLC, based in Clinton, KY, filed a
Chapter 11 petition (Bankr. Ky. Case No. 18-50728) on November 12,
2018. The Hon. Alan C. Stout presides over the case. Todd A.
Farmer, Esq., at Farmer & Wright, PLLC, serves as bankruptcy
counsel.
In its petition, the Debtor estimated $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. The petition
was signed by Philip Tarver, managing member.
PJZ TRANSPORT: Seeks to Hire Mark I. Adamchick as Accountant
------------------------------------------------------------
PJZ Transport Corp., seeks authority from the U.S. Bankruptcy Court
for the Western District of New York to employ Mark I. Adamchick &
Associates, as accountant.
PJZ Transport requires Mark I. Adamchick to:
-- review and maintain accounting books and ledgers;
-- assist the Debtor's employees in the use and maintenance of
accounting software for bookkeeping and financial
recordation;
-- advice and counsel relative to expense and other controls;
-- assist in the preparation of monthly operating reports;
-- advice and counsel in formulating a Chapter 11 Plan;
-- prepare federal and state tax returns; and
-- various and other sundry financial and business consulting
services.
Mark I. Adamchick will be paid $500 per month. The Firm will also
be reimbursed for reasonable out-of-pocket expenses incurred.
Mr. Adamchick assured the Court that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.
Mark I. Adamchick can be reached at:
Mark I. Adamchick
MARK I. ADAMCHICK & ASSOCIATES
12 North Buffalo Street
Springville, NY 14141
Tel: (716) 202-1967
About PJZ Transport Corp.
PJZ Transport Corp. filed a Chapter 11 bankruptcy petition (Bankr.
W.D.N.Y. Case No. 18-11355) on July 12, 2018. In the petition
signed by Peter J. Zebrowski, president, the Debtor estimated under
$50,000 in assets and between $100,001 to $500,000 in liabilities.
The Debtor hired Baumeister Denz LLP as counsel.
PRECIPIO INC: Will Issue $1.3M Additional Notes Under Amended SPA
-----------------------------------------------------------------
Precipio, Inc., has entered into an amendment and restatement
agreement amending and restating the terms of a securities purchase
agreement dated as of April 20, 2018.
Precipio previously entered into the Securities Purchase Agreement
with certain investors, pursuant to which the Company may issue up
to approximately $3,296,703 in Senior Secured Convertible
Promissory Notes with 100% common stock warrant coverage. The
Transaction consists of unregistered Senior Secured Convertible
Notes, bearing interest at a rate of 8.00% annually and an original
issue discount of 9%. As part of the Transaction, the Investors
also received warrants to purchase Common Stock of the Company that
provided the Investors with the right to purchase 100% coverage
shares of the Company's common stock exercisable at a 150% premium
to the conversion price on the initial closing date.
The Amendment Agreement provides for the issuance of up to
$1,318,681 of additional Notes together with applicable warrants,
in one more tranches, on substantially the same terms and
conditions as the notes and warrants granted in connection with the
Transaction, subject to certain adjustment to their terms. The
Additional Notes and Warrants shall be purchased no later than Dec.
31, 2018, and were subscribed for by the Investors that previously
participated in Transaction as well as new investors, including two
members of Board of Directors of the Company.
The closing of the Extended Transaction provides the Company with
$1,200,000 of gross proceeds for the issuance of Notes with an
aggregate principal of $1,318,681.
On the same date, and in connection with the Transaction, the
Company has entered into a letter agreement with two of its
directors pursuant to which the parties agreed to reprice the total
number of 652,723.34 warrants that were issued to the two
directors, so that the exercise price of the warrants will be
repriced to $0.50 per share of common stock of the Company.
About Precipio
Omaha, Nebraska-based Precipio, formerly known as Transgenomic,
Inc. -- http://www.precipiodx.com/-- is a cancer diagnostics
company providing diagnostic products and services to the oncology
market. The Company has developed a platform designed to eradicate
misdiagnoses by harnessing the intellect, expertise and technology
developed within academic institutions and delivering quality
diagnostic information to physicians and their patients worldwide.
Precipio operates a cancer diagnostic laboratory located in New
Haven, Connecticut and has partnered with the Yale School of
Medicine.
The 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. Marcum LLP, the Company's auditor since
2016, stated 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.
Precipio reported a net loss available to common stockholders of
$33.21 million in 2017 and a net loss available to common
stockholders of $4.08 million in 2016. As of Sept. 30, 2018,
Precipio had $24.65 million in total assets, $15.47 million in
total liabilities, and total stockholders' equity of $9.18 million.
PRESCRIPTION ADVISORY: Hires C. Sam Vassallo Jr. as Accountant
--------------------------------------------------------------
Prescription Advisory Systems & Technology, Inc., seeks authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ C. Sam Vassallo Jr., PC, as accountant to the Debtor.
C. Sam Vassallo Jr. will render the following services:
a. Tax Preparation
1. Summarization of transactions
2. Analysis and reconciliation of Balance Sheet items
3. Confirmation and preparation of Cap table
4. Year-End journal entries
5. Update support schedules
6. Preparation of Federal State(s) business returns
b. Bankruptcy Reports
1. Summarization of transactions
2. Analysis and reconciliation of Balance Sheet items
3. Confirmation and preparation of Cap table
4. Update support schedules
5. Preparation of the monthly operation reports for
Bankruptcy
c. Consulting
1. Available for attorney assistance, and client assistance
C. Sam Vassallo Jr. will be paid at the hourly rate of $200-$300.
C. Sam Vassallo Jr. will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Sammy Vassallo, a partner at C. Sam Vassallo Jr., PC, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
C. Sam Vassallo Jr. can be reached at:
Sammy Vassallo
C. SAM VASSALLO JR., PC
67 Walnut Ave.
Clark, NJ 07066
Tel: (908) 686-1600
Prescription Advisory Systems
Prescription Advisory Systems & Technology, Inc. --
https://pastrx.com -- is a privately held company that developed a
prescription software to deal with prescription overdose epidemic.
Prescription Advisory Systems sought bankruptcy protection on
November 13, 2018 (Bankr. D. Del. Case No. 18-12601). In the
petition signed by Richard G. Bunker, Jr., CEO, the Debtor
estimated assets of up to $50,000 and liabilities of $1 million to
$10 million. The Debtor tapped Bielli & Klauder, LLC, as general
counsel.
PRIME PROPERTY: Jan. 9 Disclosure Statement Hearing
---------------------------------------------------
Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern
District of Texas conditionally approved the disclosure statement
explaining Prime Property Investments, LLC's plan of
reorganization.
January 2, 2019 is fixed as the last day for filing written
acceptances or rejections of the plan.
January 9, 2018, at 9:00 a.m., is fixed for the hearing on final
approval of the disclosure statement if a written objection has
been timely filed and for the hearing on confirmation of the plan.
According to the first amended disclosure statement, the Debtor
has
narrowed the company focus to the renovation and sale (or rental)
of its two properties and supporting that effort by performing
short-term renovation projects on other properties since April
2018. Both properties are currently suitable for rental but in
need
of some more renovation to get the sale value at the higher end
for
each neighborhood.
Debtor has improved the Flamingo property with a new roof,
cabinets
and flooring. It has been leased for $1,150 per month. These
payments are being made to Hunter Kelsey II as adequate protection
payments. Debtor plans to install upgrades exterior lights,
replace
the siding with HardiePlank, paint the exterior and add a carport.
Debtor expects the market value of the home could be $130k after
these improvements.
Debtor needs to do more renovation on Howcher. A renter as agreed
to lease the property for $800/mo starting in November 2018 with
the understanding that Debtor will be doing interior renovations
during daylight hours. Debtor plans to increase the master bedroom
size by expanding the bedroom into the office area. The master
bath
will be increased in size also and will be renovated with upgraded
flooring and tub/shower. Debtor plans to convert the garage into a
living space and add a carport. The entire home will be repainted
and damaged doors replaced. Debtor expects the market value of the
home could be $147k after these improvements and the rental value
should increase to $1,200/mo or more.
A copy of the First Amended Disclosure Statement is available for
free at:
http://bankrupt.com/misc/txsb18-32268-44.pdf
About Prime Property Investments, LLC
Prime Property Investments, LLC is a Texas Limited Liability
Company that holds record title to two single family dwellings (the
"Dwellings") in the Houston area, namely 5139 Howcher and 5739
Flamingo. Its primary business is the renovation and sale of single
family dwellings but from time-to-time its business also involves
renting real property.
Prime Property Investments, LLC sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 18-32268) on
April 30, 2018. In the petition signed by Thomas Miller, managing
member, the Debtor estimated assets and liabilities of less than
$500,000. The Debtor is represented by Robert Francis Gilbert,
Esq., at Gilbert Mandke PLLC.
PRINCETON ALTERNATIVE: Trustee Hires Wollmuth Maher as Attorney
---------------------------------------------------------------
Matthew Cantor, the Chapter 11 Trustee of Princeton Alternative
Income Fund, L.P., and its debtor-affiliates, seeks authority from
the U.S. Bankruptcy Court for the District of New Jersey to employ
Wollmuth Maher & Deutsch LLP, as attorney to the Trustee.
The Trustee requires Wollmuth Maher to:
a. advise the Trustee regarding his power and duties in the
continued management of the Debtors' financial affairs and
property, including the Trustee's rights and remedies with
respect to the Debtors' assets and the claims of creditors;
b. counsel the Trustee with respect to preparing and obtaining
approval of a disclosure statement, if appropriate;
c. prepare on behalf of the Trustee necessary applications,
motions, complaints, orders, reports, and other pleadings
and documents;
d. appear before the Bankruptcy Court and other officials and
tribunals, if necessary, and protecting the Trustee's
interests in federal, state and foreign jurisdictions and
administrative proceedings;
e. prepare and negotiate documents relating to the disposition
of assets as requested by the Trustee;
f. advise the Trustee concerning Debtors' day-to-day business
operations and the administration of Debtors' estates;
g. prepare and file of a plan of reorganization; and
h. perform any and all legal services for the Trustee as may
be necessary herein.
Wollmuth Maher will be paid at these hourly rates:
Partners $695 to $795
Counsels $675
Associates $295 to $650
Paralegals $195
Wollmuth Maher will also be reimbursed for reasonable out-of-pocket
expenses incurred.
James N. Lawlor, partner of Wollmuth Maher & Deutsch LLP, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Wollmuth Maher can be reached at:
Paul R. DeFilippo, Esq.
James N. Lawlor, Esq.
WOLLMUTH MAHER & DEUTSCH LLP
51 JFK Parkway, First Floor West
Short Hills, NJ
Tel: (212) 382-3300
Fax: (212) 382-0050
E-mail: pdefilippo@wmd-law.com
jlawlor@wmd-law.com
Prescription Advisory Systems
Prescription Advisory Systems & Technology, Inc. --
https://pastrx.com -- is a privately held company that developed a
prescription software to deal with prescription overdose epidemic.
Prescription Advisory Systems sought Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 18-12601) on Nov. 13, 2018. In
the petition signed by Richard G. Bunker, Jr., CEO, the Debtor
estimated assets up to $50,000 and liabilities of $1 million to $10
million. The Debtor tapped Bielli & Klauder, LLC as general
counsel.
PROMISE HEALTHCARE: Hires McDermott Will as Special Counsel
-----------------------------------------------------------
Promise Healthcare Group, LLC, and its debtor-affiliates, seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ McDermott Will & Emery LLP, as their special
counsel.
McDermott Will is expected to:
a. advise the Debtors in all aspects of the sale of the Silver
Lake Medical Center;
b. seek entry of Court orders approving proposed bidding
procedures and the Sale Transaction, including preparing
all necessary and appropriate applications, motions,
proposed orders, other pleadings, notices, schedules, and
other documents in connection therewith;
c. represent the Debtors in connection with closing the Sale
Transaction; and
d. perform all other necessary or appropriate legal services
in connection with the Sale Transaction as requested by the
Silver Lake Debtors and agreed to by McDermott Will.
McDermott Will will be paid at these hourly rates:
Partners and Counsel $1,020-$1,255
Associates $660-$770
Paraprofessionals $300-$350
The Firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The Debtors made an initial $150,000 payment to McDermott Will, and
made one subsequent payment of $75,000 in December 2017. Both
payments were applied against outstanding invoices. During the
one-year period preceding the Petition Date, the total aggregate
amount of fees earned and expenses incurred by McDermott Will on
behalf of the Debtors was $3,625,000. During the same period, the
Debtors paid McDermott Will an aggregate amount of $225,000 on
account of such fees earned and expenses incurred. The Debtors have
not made any payments to McDermott Will since December of 2017.
McDermott Will is owed in excess of $3,400,000 for legal services
rendered or expenses incurred prior to the Petition Date.
William P. Smith, Esq., a partner of McDermott Will & Emery LLP,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.
McDermott Will can be reached at:
William P. Smith, Esq.
MCDERMOTT WILL & EMERY LLP
2049 Century Park East, Suite 3800
Los Angeles, CA 90067-3218
Tel: (310) 277-4110
Fax: (310) 277-4730
Email: wsmith@mwe.com
About Promise Healthcare Group, LLC
Established in 2003, Promise Healthcare is a specialty post-acute
care health company headquartered in Boca Raton, Florida.
Promise Healthcare Group, LLC and its affiliates sought bankruptcy
protection on November 4, 2018 (Bankr. D. Del. Lead Case No. Case
No. 18-12491). The petition was signed by Andrew Hinkelman, chief
restructuring officer.
The Debtors have total estimated assets of $0 to $50,000 and total
estimated liabilities of $50 million to $100 million.
The Debtors tapped DLA Piper LLP and Waller Lansden Dortch & Davis,
LLP as general counsel; McDermott Will & Emery LLP as special
counsel; FTI Consulting, as financial and restructuring advisor;
Houlihan Lokey and MTS Health Partners, L.P., as investment
bankers; and Prime Clerk LLC as claims agent.
On Nov. 14, 2018, the U.S. Trustee appointed a seven-member panel
to serve as the official committee of unsecured creditors in the
Debtor's case. The Committee tapped Pachulski Stang Ziehl & Jones
LLP and Sills Cummis & Gross P.C. as counsel.
PROMISE HEALTHCARE: Seeks to Hire DLA Piper as Counsel
------------------------------------------------------
Promise Healthcare Group, LLC, and its debtor-affiliates, seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ DLA Piper LLP, as their counsel.
DLA Piper is expected to:
(a) advise the Debtors of their rights, powers and duties as
debtors and debtors in possession while operating and
managing their respective businesses and properties under
chapter 11 of the Bankruptcy Code;
(b) prepare on behalf of the Debtors all necessary and
appropriate applications, motions, proposed orders, other
pleadings, notices, schedules and other documents, and
reviewing all financial and other reports to be filed in
these chapter 11 cases;
(c) advise the Debtors concerning and preparing responses to,
applications, motions, other pleadings, notices and other
papers that may be filed by other parties in these chapter
11 cases;
(d) advise the Debtors with respect to, and assisting in the
negotiation and documentation of, vendor contracts, asset
purchase agreements, financing agreements and related
transactions, labor relations and tax matters;
(e) advise the Debtors regarding their ability to initiate
actions to collect and recover property for the benefit of
their estates;
(f) advise and assist the Debtors in connection with any
potential property dispositions;
(g) advise the Debtors concerning executory contract and
unexpired lease assumptions, assignments and rejections;
(h) advise the Debtors in connection with the formulation,
negotiation and promulgation of a plan or plans of
reorganization, and related transactional documents;
(i) assist the Debtors in reviewing, estimating and resolving
claims asserted against the Debtors' estates;
(j) assist the Debtors with compliance with applicable laws
and governmental regulations;
(k) commence and conduct litigation necessary and appropriate
to assert rights held by the Debtors, protect assets of
the Debtors' chapter 11 estates or otherwise further the
goal of completing the Debtors' successful reorganization;
and
(l) provide non-bankruptcy services for the Debtors to the
extent requested by the Debtors.
DLA Piper will be paid based upon its normal and usual hourly
billing rates. The Firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
On August 6, 2018, DLA Piper received an initial retainer in the
amount of $300,000. In the 90 days prior to the Petition Date, DLA
Piper received aggregate payments, including retainer amounts, in
the amount of $300,000 for its prepetition services and expenses
incurred for or on behalf of the Debtors in connection with the
preparation and commencement of this chapter 11 case and other
matters.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: Not applicable.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: Yes. Further, in connection with the budget
required under the postpetition debtor-in-
possession financing facility, the Debtors have
provided an estimated budget and staffing plan,
recognizing that in the course of large chapter 11
cases, unforeseeable issues resulting in
unanticipated fees and expenses may arise that will
need to be addressed by the Debtors and DLA Piper.
Stuart M. Brown, Esq., a partner of DLA Piper LLP, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
DLA Piper can be reached at:
Stuart M. Brown, Esq.
Kaitlin MacKenzie Edelman, Esq.
DLA PIPER LLP (US)
1201 N. Market Street, Suite 2100
Wilmington, DE 19801
Telephone: (302) 468-5700
Facsimile: (302) 394-2341
E-mail: Stuart.Brown@dlapiper.com
Kaitlin.Edelman@dlapiper.com
About Promise Healthcare Group, LLC
Established in 2003, Promise Healthcare is a specialty post-acute
care health company headquartered in Boca Raton, Florida.
Promise Healthcare Group, LLC and its affiliates sought bankruptcy
protection on November 4, 2018 (Bankr. D. Del. Lead Case No. Case
No. 18-12491). The petition was signed by Andrew Hinkelman, chief
restructuring officer.
The Debtors have total estimated assets of $0 to $50,000 and total
estimated liabilities of $50 million to $100 million.
The Debtors tapped DLA Piper LLP and Waller Lansden Dortch & Davis,
LLP as general counsel; McDermott Will & Emery LLP as special
counsel; FTI Consulting, as financial and restructuring advisor;
Houlihan Lokey and MTS Health Partners, L.P., as investment
bankers; and Prime Clerk LLC as claims agent.
On Nov. 14, 2018, the U.S. Trustee appointed a seven-member panel
to serve as the official committee of unsecured creditors in the
Debtor's case. The Committee tapped Pachulski Stang Ziehl & Jones
LLP and Sills Cummis & Gross P.C. as counsel.
PROMISE HEALTHCARE: Seeks to Hire MTS Health as Investment Banker
-----------------------------------------------------------------
Promise Healthcare Group, LLC, and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ MTS Health Partners, L.P., as investment
banker.
MTS Health is expected to:
(a) assist the Debtors in the development and distribution of
selected information, documents, and other materials,
including, if appropriate, advise the Debtors in the
preparation of an offering memorandum relating to the
Debtors' two-campus Silver Lake Medical Center ("SLMC"),
in California (the "California Non-Core Operations");
(b) assist the Debtors in soliciting and evaluating
indications of interest and proposals regarding any
transactions from current and/or potential lenders, equity
investors, acquirers, and/or strategic partners in
connection with the California Non-Core Operations;
(c) assist the Debtors with the negotiation of any
transactions involving the California Non-Core Operations,
including participating in negotiations with creditors and
other parties involved in any transactions;
(d) assist in valuing the Debtors and/or, as appropriate,
valuing the California Non-Core Operations, provided that
any real estate or fixed asset appraisals will be
undertaken by outside appraisers, separately retained and
compensated by the Debtors;
(e) provide expert advice and testimony regarding financial
matters related to any transactions involving the
California Non-Core Operations, if necessary;
(f) attend meetings of the Debtors' board of directors,
creditor groups, official constituencies, and other
interested parties, as the Debtors and MTS mutually agree;
(g) assist the Debtors by providing restructuring services in
relation to the sale of SLMC; and
(h) provide such other financial advisory and investment
banking services as may be reasonably required by
additional issues and developments involving the
California Non-Core Operations not anticipated at the time
of MTS's engagement.
MTS Health will be paid as follows:
(a) If a Monetization Transaction (as defined in the
Engagement Letter) with respect to any or all of the
California Non-Core Operations, including SLMC, is
consummated, a fee of $1,800,000 (the "Success Fee") shall
be payable to MTS Health, regardless of the total
consideration received in connection with such
Monetization Transaction.
(b) In addition to the Success Fee, pursuant to the terms of
the Engagement Letter, Debtors agree to reimburse MTS
Health for its reasonable out-of-pocket expenses incurred
in connection with MTS's activities under the Engagement
Letter (the "Transaction Expenses").
(c) As part of the compensation payable to MTS under the
Engagement Letter, Debtors agree to the indemnification
and contribution provisions (the "Indemnification Letter")
attached to the Engagement Letter as Attachment A and
incorporated in the Engagement Letter in their entirety.
(d) In the event that a Monetization Transaction is
consummated, all fees and expenses payable to MTS Health
under the Engagement Letter (other than pursuant to the
Indemnification Letter), including, without limitation,
the Success Fee and Transaction Expenses, shall be paid
out of the proceeds from such Monetization Transaction,
and specifically from the sale proceeds of a closing of a
sale of SLMC, unless any fees and expenses have previously
been paid to MTS in accordance with the terms of the
Engagement Letter.
Jay Shiland, partner of MTS Health Partners, L.P., assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
MTS Health can be reached at:
Jay Shiland
MTS HEALTH PARTNERS, L.P.
613 Fifth Avenue, 14th Floor
New York, NY 10022
Tel: (212) 887-2100
Email: shiland@mtspartners.com
About Promise Healthcare Group, LLC
Established in 2003, Promise Healthcare is a specialty post-acute
care health company headquartered in Boca Raton, Florida.
Promise Healthcare Group, LLC and its affiliates sought bankruptcy
protection on November 4, 2018 (Bankr. D. Del. Lead Case No. Case
No. 18-12491). The petition was signed by Andrew Hinkelman, chief
restructuring officer.
The Debtors have total estimated assets of $0 to $50,000 and total
estimated liabilities of $50 million to $100 million.
The Debtors tapped DLA Piper LLP and Waller Lansden Dortch & Davis,
LLP as general counsel; McDermott Will & Emery LLP as special
counsel; FTI Consulting, as financial and restructuring advisor;
Houlihan Lokey and MTS Health Partners, L.P., as investment
bankers; and Prime Clerk LLC as claims agent.
On Nov. 14, 2018, the U.S. Trustee appointed a seven-member panel
to serve as the official committee of unsecured creditors in the
Debtor's case. The Committee tapped Pachulski Stang Ziehl & Jones
LLP and Sills Cummis & Gross P.C. as counsel.
PUERTO RICAN PARADE: $1M Sale of Chicago Property to Hispanic OK'd
------------------------------------------------------------------
Judge Carol A. Doyle of the U.S. Bankruptcy Court for the Northern
District of Illinois authorized Puerto Rican Parade Committee of
Chicago, Inc.'s sale of the real property commonly known as 1237 N.
California Avenue, Chicago, Illinois, PINs 16-01-224-007-0000,
16-01-224-008-0000 and 16-01-224-046-0000, as well as certain
personal property referenced in the Contract and the Motion, to
Hispanic Housing Development Corp. for $1,000,100.
The sale is on an "as is, where is" basis, free and clear of any
liens, claims, interests, assessments and encumbrances, with any
valid liens, claims, interests, assessments and encumbrances (which
valid liens and interests will include the secured claim of Wheeler
Financial, Inc. Claim No. 3-1 in the above-captioned bankruptcy
case, in the amount of $144,748, as of Dec. 31, 2018, and which
will accrue interest at the rate of $28.89 per diem after that
date), attaching to the proceeds of sale.
All proceeds after the payment of closing costs and the realtor
commission of 2% and the Wheeler Claim will be paid into escrow to
be held in the Debtor's Attorney's Trust Account, also known as
Bach Law Offices Clients Funds Account. No disbursements will be
made until ordered by the Court. All liens asserted by parties
will attach to proceeds.
The closing of the Sale must occur within 30 days after entry of
the Order. If the Closing has not occurred by such date pursuant
to the terms of the Order, the authorization provided by the Order
is terminated and the Debtor will request an Amended Order from the
Court listing as Buyer and requesting authorization for the
original buyers.
At the Closing, the Buyer will pay the following as consideration
for the Sale: The Buyer will pay the amount of $1,000,100 at
closing, less any deposit.
Upon payment of the Sale Consideration and satisfaction of the
terms and conditions of the Contract, the Debtor will convey all of
its interest in the California Property to the Buyer pursuant to a
deed and bill of sale. The conveyance of the California Property
to the Debtor will be a legal, valid, and effective transfer of the
California Property, authorized and directed pursuant to the
Bankruptcy Code and will vest the Buyer with all right, title, and
interest of the Debtor in and to the California Property, free and
clear of all liens, claims and encumbrances, except as otherwise
set forth in the Contract. The Wheeler Claim will be paid in full
at closing.
About Puerto Rican Parade Committee
Puerto Rican Parade Committee of Chicago, Inc., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
17-03480) on Feb. 6, 2017. In the petition signed by Angel Medina,
president, the Debtor estimated assets of less than $1 million.
The case is assigned to Judge Carol A. Doyle. Paul M. Bach, Esq.,
and Penelope N. Bach, Esq., at the Bach Law Offices, serve as the
Debtor's bankruptcy counsel.
QUESOS DEL PAIS: Seeks to Hire Garcia-Arregui as Attorney
---------------------------------------------------------
Quesos Del Pais La Esperanza Inc. seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ
Garcia-Arregui & Fullana, as attorney to the Debtor.
Quesos Del Pais requires Garcia-Arregui to:
a. advise the Debtor with respect to its duties, powers and
responsibilities in the bankruptcy case;
b. advise the Debtor with the determination of whether a
reorganization is feasible and, help the Debtor in the
orderly liquidation of its assets, if necessary;
c. assist the Debtor with respect to negotiations with
creditors for the purpose of arranging the orderly
liquidation of assets and for proposing a viable plan of
reorganization;
d. prepare on behalf of the Debtor the necessary complaints,
answers, orders, reports memoranda of law or any other
legal documents;
e. appear before the bankruptcy court, or any other court in
which the Debtor asserts a claim interest or defense
directly or indirectly related to the bankruptcy case; and
f. perform such other legal services for the Debtor as may be
required in the bankruptcy proceedings.
Garcia- Arregui will be paid at these hourly rates:
Attorneys $125 to $250
Paralegals $90
Garcia-Arregui will be paid a retainer in the amount of $10,000.
Garcia-Arregui will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Isabel M Fullana, a partner at Garcia-Arregui & Fullana, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Garcia-Arregui can be reached at:
Isabel M Fullana, Esq.
GARCIA-ARREGUI & FULLANA
252 Ponce de Leon Ave., Suite 1101
San Juan, PR 00918
Tel: (787) 766-2530
Fax: (787) 756-7800
E-mail: ifullana@gaflegal.com
About Quesos Del Pais La Esperanza
Quesos Del Pais La Esperanza Inc. filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 18-06529) on Nov. 6, 2018,
disclosing under $1 million in assets and liabilities. The Debtor
hired Garcia-Arregui & Fullana, as attorney.
QUEST GROUP: Seeks to Hire Marrero Chamizo as Legal Counsel
-----------------------------------------------------------
Quest Group Holding, LLC, filed anew an application to employ
Marrero, Chamizo, Marcer, Law, LP as its legal counsel nunc pro
tunc to Nov. 26, 2018.
In its application filed with the U.S. Bankruptcy Court for the
Southern District of Florida, the Debtor proposed to employ the
firm to give legal advice regarding its duties under the
Bankruptcy Code; negotiate with creditors in the preparation of a
bankruptcy plan; and provide other legal services related to its
Chapter 11 case.
The Debtor also asked the court to approve a post-petition retainer
in the sum of $5,000.
The firm and its attorney Julio Marrero, Esq., who will be handling
the case, do not represent any interest adverse to the Debtor.
Marrero can be reached through:
Julio C. Marrero, Esq.
Marrero, Chamizo, Marcer, Law, LP
3850 Bird Road, PH1
Coral Gables, FL 33146
Tel: (305) 446-0163
Fax: (305) 444-5538
E-mail: bankruptcy@marrerorealestatelaw.com
About Quest Group Holding
Quest Group Holding, LLC, a privately-held company in Miami,
Florida, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Fla. Case No. 18-21776) on Sept. 25, 2018. In the
petition signed by Eddrian Burciaga, owner, the Debtor estimated
assets of less than $1 million and liabilities of $1 million to $10
million. Judge Jay A. Cristol presides over the case. The Debtor
tapped Marrero, Chamizo, Marcer, Law, LP as its legal counsel.
RAMKABIR INVESTMENTS: Consideration of $2.6M All Assets Sale Abated
-------------------------------------------------------------------
Judge Paul M. Glenn of the U.S. Bankruptcy Court for the Middle
District of Florida authorized Ramkabir Investments, Inc. abated
the consideration of Ramkabir Investments, Inc.'s sale of
substantially all assets to Sanjiv Bhagat and Jyoti Madhura or
their permitted assigns for $2.6 million.
After review, the Court determined that a signed and dated proof of
service was not filed. Consideration of the Motion is abated until
the deficiency is corrected.
The Debtor proposed to sell the Assets free and clear of liens,
claims and interests.
About Ramkabir Investments
Ramkabir Investments, Inc., which conducts business under the name
Boston's Restaurant & Bar, is a sports-bar chain located at 13070
City Station Dr., Jacksonville, Florida.
Ramkabir Investments sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-00342) on Feb. 5,
2018. In the petition signed by CEO Nimesh H. Patel, the Debtor
estimated assets and liabilities of $1 million to $10 million.
Judge Paul M. Glenn presides over the case. Thames Markey &
Heekin, P.A., is the Debtor's legal counsel. No official committee
of unsecured creditors has been appointed in the Chapter 11 case.
REGDALIN PROPERTIES: Trustee Taps Berkeley Research as Accountant
-----------------------------------------------------------------
R. Todd Neilson, Chapter 11 trustee for Regdalin Properties, LLC,
seeks authority from the U.S. Bankruptcy Court for the Central
District of California to hire Berkeley Research Group, LLC as his
tax accountants.
Professional services that BRG will render are:
a. consult with Chapter 11 Trustee regarding tax issues that
may arise during administration of the Estate;
b. complete tax work and other financial analyses that is
required by Trustee to properly administer the Estate and conclude
the case;
c. assist the Trustee in preparing necessary income tax
returns for the Estate;
d. communicate with taxing authorities on behalf of the
Estate; and
e. provide other accounting services as required by the
Trustee.
Berkeley Research's schedule of 2018 billing rates are:
Managing Director $485 to $800 per hour
Managing Consultant $350 to $460 per hour
Consultant $210 to $300 per hour
Junior Staff $185 to $200 per hour
Case Assistant $90 to $165 per hour
Marvin A. Tenenbaum, senior vice president of Berkeley Research
Group, attests that neither Berkeley Research nor any of its
professionals or paraprofessionals represent any interest adverse
to the Debtor's, its estate, its creditors, and the Committee in
the matters upon which BRG is to be engaged.
Berkeley Research maintains office at:
Marvin A. Tenenbaum
Berkeley Research Group, LLC
2200 Powell Street
Emeryville, CA 94608
Phone: 510-285-3300
Fax: 510-654-7857
About Regdalin Properties
Regdalin Properties, LLC, filed a Chapter 11 petition (Bankr. C.D.
Cal. Case No. 18-20868) on Sept. 17, 2018, and is represented by
Henrik Mosesi, Esq., in Glendale, California. In the petition
signed by Edgar Sargysyan, managing member, the Debtor estimated
$10 million to $50 million in assets and $10 million to $50 million
in liabilities. R. Todd Neilson was appointed as the Debtor's
Chapter 11 trustee.
RELATIVITY MEDIA: U.S. Trustee Objects to Disclosure Statement
--------------------------------------------------------------
BankruptcyData.com reported that the U.S. Trustee filed an
objection to Relativity Media, LLC, et al.'s Disclosure Statement,
citing multiple concerns about its adequacy.
The objection stated, "The Disclosure Statement should not be
approved in its current form because it fails to provide sufficient
information to enable creditors to make an informed judgment about
the Plan. The Debtors have represented that there will be
sufficient funds for a liquidating plan that pays administrative
and priority claims and provides for a distribution to unsecured
creditors. Despite these representations, the Disclosure Statement
fails to provide adequate information regarding how the Plan meets
the feasibility and best interest tests of Section 1129 of the
Bankruptcy Code. There is no budget, no liquidation analysis, and
no explanation for the projected recovery to unsecured creditors.
Moreover, the Disclosure Statement fails to explain the legal and
factual bases for overly broad discharge, injunction, release, and
exculpation provisions, especially in light of the fact that the
Plan provides for the liquidation of the Debtors and their estates.
Finally, the Proponents fail to explain how they intend to resolve
the prior pending chapter 11 cases in which the Debtors and their
affiliates remain in default of the confirmed plan, which
constitutes cause for conversion or dismissal of those cases."
Debtors Amend Plan Outline
The Debtors filed a first amended disclosure statement proposing
0.02-5% recovery for holders of general unsecured claims,
classified in Class 4. Class 4 claims are estimated to total
$50,000,000-$307,000,000. The Estimated Recovery Rates for Class 4
derive from the Committee and Debtors' current assessment of the
amount of potentially available assets and the pool of claims that
are likely to be allowed. The Liquidating Trustee would need to
bring in significant value through the prosecution of Retained
Causes of Action to achieve anywhere near the higher end of the
estimate.
The Debtors also disclosed that Relativity Secured Lender, LLC and
the Plan Proponents are currently attempting to negotiate of
whatever claims Relativity Secured Lender, LLC, and its principals,
on the one hand, and the Debtors and their estates, on the other
hand, may have against each other. If an agreement is reached, the
Plan Proponents anticipate filing a motion seeking approval of that
comprise prior to the Voting Deadline.
Furthermore, Netflix has released each of the Debtors and UltraV
from all causes of action arising from the Netflix Agreements. On
October 16, 2018, Netflix paid $3,250,000 to the Debtors by wire
transfer of immediately-available funds in satisfaction of its
obligations under paragraph 2 of the Netflix Settlement.
The Debtors explained in the First Amended Plan that during the
pendency of the Chapter 11 Cases, the Debtors sold substantially of
their assets to UltraV. Pursuant to the Sale Order and the
Settlement Agreement following the closing of the Sale on and
certain receipts and disbursements related to the Sale and Netflix
Settlement, on October 21, 2018 the Debtors retained $4.760 million
in cash to fund accrued but unpaid Administrative Expenses,
Priority Claims and projected Administrative Expenses through the
Effective Date (the "Wind Down Amount").
The Wind Down Amount includes over $600,000 in contingencies for
potential Administrative Expenses and Priority Claims in the event
that the actual amount of such claims exceed the amounts projected
by the Debtors. In addition to the cash amount for contingencies
included in the Wind Down Amount, UltraV also provided a line of
credit of up to $5000,000 (the "Contingency Wind Down Line") to
cover Administrative Expenses and Priority Claims to the extent the
Wind Down Amount proves insufficient.
If the Plan is confirmed on the timetable proposed by the Plan
Proponents without any events that lead to a material increase in
Administrative Expenses beyond those projected by the Debtors, the
Debtors projections show that all Administrative Expenses and
Priority Claims will be satisfied without recourse to the
Contingency Wind Down Line or to the other funds that will
otherwise be available to fund the Liquidating Trust.
Any portion of the Wind Down Amount that is not used to pay
Administrative Expenses or Priority Claims will be returned to
UltraV. Thus, in addition to using the Wind Down Amount to pay
Administrative Expenses and Priority Claims in full, the primary
purpose of the Plan is to create a mechanism for the efficient
administration of the Debtors’ remaining assets for the benefit
of holders of Class 4 General Unsecured Claims. Those assets
consist primarily of the Retained Causes of Action and the
following amounts: (w) $400,000 that was deposited into a
segregated account and will be transferred to the Liquidating Trust
upon Confirmation, (x) the first $1,000,000 of Net Licensing
Revenues and (y) 5%, up to another $1,000,000, of all Net Licensing
Revenues in excess of $2,000,000. If Net Licensing Revenues are
received consistent with projections, at Confirmation the Debtors
project to have at least $1.4 million to transfer to the
Liquidating Trust upon Confirmation.
The Plan contemplates that the Liquidating Trustee will then use
these funds to investigate and prosecute (or otherwise resolve) the
Retained Causes of Action, object to Claims, administer
Distributions in accordance with the Plan and the Liquidating Trust
Agreement and otherwise administer the Debtors' Chapter 11 Cases
(without the constraints of a budget limiting the Liquidating
Trustee's ability to perform such tasks).
A full-text copy of the First Amended Disclosure Statement is
available for free at:
http://bankrupt.com/misc/nysb18-11358-617.pdf
About Relativity Media
Relativity -- http://www.relativitymedia.com/-- is a global media
company engaged in multiple aspects of content production and
distribution, including movies, television, sports, digital and
music.
Relativity Studios, the company's largest division, has produced,
distributed or structured financing for more than 200 motion
pictures, generating more than $17 billion in worldwide box-office
revenue and earning 60 Oscar nominations. Relativity's films
include Oculus, Safe Haven, Act of Valor, Immortals, Limitless, and
The Fighter.
Relativity Media LLC and its affiliates, including Relativity
Fashion, LLC, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 15-11989) on July 30, 2015. The
case is assigned to Judge Michael E. Wiles.
An investor group composed of Anchorage Capital Group, L.L.C.,
Falcon Investment Advisors, LLC and Luxor Capital Group, LP on Oct.
21, 2015, completed its purchase of the assets of Relativity
Television.
After selling their TV business, the Debtors and CEO Ryan C.
Kavanaugh filed a plan of reorganization that contemplated
reorganizing the Debtors' non-TV business units with a
substantially de-levered balance sheet utilizing new equity
investments and new financing. The Court on Feb. 8, 2016,
confirmed the Debtors' Fourth Amended Plan.
Relativity Media and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 18-11358)
on May 3, 2018. This is the company's second trip to Chapter 11.
In the 2018 petition signed by CRO Colin M. Adams, Relativity Media
estimated assets of $100 million to $500 million and liabilities of
$500 million to $1 billion.
Judge Michael E. Wiles presides over the cases.
In the 2015 cases, the Debtors tapped Sheppard Mullin Richter &
Hampton LLP, and Jones Day as counsel; FTI Consulting, Inc., as
crisis and turnaround management services provider; Blackstone
Advisory Partners L.P. as investment; and Donlin, Recano & Company,
Inc., as claims and noticing agent.
In the 2018 cases, the Debtors tapped Winston & Strawn LLP as their
legal counsel; M-III Partners, LP as restructuring advisor; and
Prime Clerk LLC as noticing and claims consultant.
On May 18, 2018, the Office of the United States Trustee appointed
an official committee of unsecured creditors. The Committee
selected Robins Kaplan LLP to serve as counsel.
* * *
In the 2018 cases, Netflix, Inc., has a pending request before the
Court for the appointment of a trustee to manage the operations of
the Debtors.
REPUBLIC METALS: Seeks to Hire Ordinary Course Professionals
------------------------------------------------------------
Republic Metals Refining Corporation, and its debtor-affiliates
seek authority from the U.S. Bankruptcy Court for the Southern
District of New York to employ ordinary course professionals to the
Debtors.
Republic Metals seeks to hire the following ordinary course
professionals:
Name Service
---- -------
Martinelli & Company, LLC Annual 401K auditing
& filing of 5500's
Maria I. Machado, P.A. Federal & State
payroll tax returns,
registers, reports
Jorge Luis Malpartida Contacts new clients
maintains relations with
Peruvian customers
Jeff Baxter Receives material in
Canada, exchanges/swaps
material for scrap metal
(Fine products), performs
preliminary x-ray analysis,
maintains relations with
customers (phone
calls/visits)
Joseph Liberman Sourasky Manages office staff in
Mexico City, deals directly
with customers (scrap &
spent carbon customers)
Susan Luskin (Diversified
Administration)
Susan Luskin) Filing of ACA
(Diversified Administration & 5500's
Christine Blehi COBRA administration for
separated employees
Grupo Day CPA – Mexico
Langan Engineering And Environmental
Environmental Services, Inc
Podhurst Orseck, P.A. Corporate
Benesh, Friedlander, Coplan Corporate
& Aronoff LLP
Coldwell, Pacetti LLP Corporate
Baker & Mckenzie LLP Corporate
Devore Law Group, P.A. Corporate
Rick Escobar Network Administration
(I3 Consulting, LLC.) Consultant
Basham, Ringe, y Correa, S.C. Corporate
To the best of the Debtors' knowledge the firms are a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their/its estates.
About Republic Metals Refining Corp
Founded in 1980, Republic Metals Refining Corporation and its
affiliates are refiners of precious metals with a primary focus on
gold and silver. The Company has the capacity to produce
approximately 80 million ounces of silver and 350 tons of gold,
along with over 55 million pieces of minted products, per annum.
Clients include global mining corporations, financial institutions
and jewelry manufacturers.
Republic Metals Refining, Republic Metals Corporation and Republic
Carbon Company, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case Nos. 18-13359 to 18-13361) on
Nov. 2, 2018.
In the petition signed by CRO Scott Avila, Republic Metals Refining
estimated assets of $1 million to $10 million and liabilities of
$100 million to $500 million.
The Debtors tapped Akerman LLP as their legal counsel; Paladin
Management Group, LLC as financial advisor; and Donlin, Recano &
Company, Inc., as claims and noticing agent.
RHM FRANCHISE: Has $65MM Stalking Horse Bid for Applebee's Stake
----------------------------------------------------------------
BankruptcyData.com reported that RMH Franchise Holdings requested
Court authority to (i) enter into a stalking horse asset purchase
agreement (the "Stalking Horse APA") with ACON Equity Partners III,
LP ("ACON" or the "Stalking Horse Bidder") in relation to the
Debtors' sale of its interests in approximately 135 Applebee's
restaurant locations (the "Purchased Assets") for $65 million and
(ii) establish bid and sale procedures in respect of the Purchased
Assets.
The Debtors' motion states, "When it became apparent that
confirmation of the Plan was most likely not going to be
achievable, the Debtors commenced good-faith, arm's length
negotiations with the Stalking Horse Bidder regarding an asset
purchase agreement that would provide for the sale of the Purchased
Assets. Ultimately, these negotiations resulted in the Debtors'
execution of the Stalking Horse APA, pursuant to which the Stalking
Horse Bidder agreed to purchase the Purchased Assets and to assume
certain liabilities and obligations (the ‘Assumed Liabilities')
for a cash bid of $65.0 Million as the Purchase Price, subject to
the adjustments set forth in the Stalking Horse APA for (i) all
Cure Costs, (ii) all other Assumed Liabilities required to be paid
in cash on the Closing Date, (iii) the amount of the Applebee's
Letter of Credit, (iv) the amount of the Travelers Letter of
Credit, (v) the Transaction Advisor Fees, and (vi) the Cash
Adjustment.
The Debtors propose to provide the Stalking Horse Bidder with the
Expense Reimbursement for actual, reasonable documented expenses
for all reasonable and actual costs and out of pocket expenses
incurred in connection with these Chapter 11 Cases, the
preparation, negotiation, execution and performance of Stalking
Horse APA, the Sale, the Bid Procedures, the Bid Procedures Order,
the Franchisor Settlement Agreement, the Franchisor Settlement
Agreement Order, and the Sale Order in an amount equal not to
exceed $2.5 million.
In respect of any further qualified bids and auction process, "The
purchase price shall be paid in full in cash at the closing of the
Sale for the Purchased Assets. Further they provide a minimum cash
purchase price for the Purchased Assets (the "Purchase Price") of
not less than $69.5 million which is the sum of (i) $65.0 million
(i.e., the Stalking Horse Bidder purchase price), plus $2,500,000
(the Expense Reimbursement), plus an initial overbid in an amount
of not less than $2,000,000. At the commencement of the Auction,
the Debtors will announce the significant terms of all Qualified
Bids and the highest Qualified Bid it has received to serve as the
opening bid at the Auction (the ‘Baseline Bid'). Bidding shall
commence at the Baseline Bid. The first overbid at the Auction
shall be the amount of the Baseline Bid plus the Minimum Initial
Overbid. Thereafter, a Qualified Bidder may increase its Qualified
Bid in any amount as long as each subsequent exceeds the previous
highest bid by at least $500,000 of additional cash consideration.
About RMH Franchise Holdings
RMH Franchise, headquartered in Atlanta, Georgia --
https://www.rmhfranchise.com/ -- is an Applebee's restaurant
franchisee with over 163 standardized restaurants located across 15
states. RMH Holdings is the direct or indirect parent of each of
the other Debtors. ACON Franchise Holdings, LLC, a non-debtor,
owns 100% of the shares of RMH Holdings.
RMH Franchise Holdings, Inc., and certain of its affiliates filed
Chapter 11 petitions (Bankr. D. Del. Lead Case No. 18-11092) on May
8, 2018. In the petitions were signed Michael Muldoon, president,
RMH Franchise Holdings estimated assets and liabilities of $100
million to $500 million.
Affiliates that concurrently filed voluntary petitions for relief
under Chapter 11 of the Bankruptcy Code are NuLnk, Inc. (Bankr. D.
Del. Case No. 18-11093), RMH Illinois, LLC (Case No. 18-11094), RMH
Franchise Corporation (Case No. 18-11095), and Contex Restaurants,
Inc. (Case No. 18-11096).
The case is assigned to Judge Brendan Linehan Shannon.
Young, Conaway, Stargatt & Taylor, LLP, serves as bankruptcy
counsel to the Debtors; Mastodon Ventures, Inc., is the
restructuring advisor; Hilco Real Estate LLC serves as real estate
broker; and Prime Clerk LLC acts as claims and noticing agent.
On May 24, 2018, the U.S. Trustee appointed an official committee
of unsecured creditors in the Debtors' cases. Kelley Drye & Warren
LLP serves as lead counsel to the Committee while Zolfo Cooper LLC
acts as bankruptcy consultant and financial advisor.
RIO BANCO: Seeks to Hire Luis Eduardo Garduno as Accountant
-----------------------------------------------------------
Rio Banco, LLC, seeks authority from the U.S. Bankruptcy Court for
the Southern District of Texas to employ Luis Eduardo Garduno, EA,
as accountant to the Debtor.
Rio Banco requires Luis Eduardo Garduno to assist the Debtor in
reporting and payment of IRS Form-1120, Form-941 and IRS Form-940
employment taxes and franchise tax reports.
Luis Eduardo Garduno will be paid a flat fee of $1,275 for the
services to be rendered.
Luis Eduardo Garduno, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estates.
Luis Eduardo Garduno can be reached at:
Luis Eduardo Garduno
275 Jose Marti Blvd.
Brownsville, TX 78526
Tel: (956) 307-4348
Fax: (956) 307-4348
E-mail: info@gardunotax.com
About Rio Banco, LLC
After filing a Chapter 11 bankruptcy petition on Aug. 1, 2017
(Bankr. S.D. Tex. Case No. 17-10290), Brownsville, Texas-based Rio
Banco, LLC, again sought Chapter 11 bankruptcy protection (Bankr.
S.D. Tex. Case No. 18-10096) on April 2, 2018, estimating under $1
million in both assets and liabilities. Enrique J. Solana, Esq.,
at the Law Office of Enrique J. Solana, PLLC, is the Debtor's
counsel.
ROCKIES REGION: Unsecured Claims Reduced to $300K Under Joint Plan
------------------------------------------------------------------
Rockies Region 2006 Limited Partnership and Rockies Region 2007
Limited Partnership filed with the U.S. Bankruptcy Court for the
Northern District of Texas a joint disclosure statement and Chapter
11 plan of reorganization.
The Debtors' records reflect the aggregate amount of the general
unsecured claims at $1,366,662.00. The amount of the general
unsecured claims represents prepetition amounts owing to PDC for
amounts incurred in connection with operating the RR 2006 wells.
PDC will only be paid once, and will not receive a double recovery.
PDC's unsecured claims are for amounts incurred by PDC in
connection with its prepetition operation of the Debtors' oil and
gas properties.
Althhough RR 2006 identified in its schedules an unsecured claim in
the amount of $1,366,662.00 which is owed to PDC, the overall Plan
transaction disclosed that PDC has agreed to reduce its general
unsecured claim against RR 2006 to $300,000.00.
The Plan proposes to pay the Debtors' general unsecured claims in
their entirety.
A full-text copy of the Disclosure Statement is available at:
http://bankrupt.com/misc/txnb18-33513-58.pdf
The Plan was filed by Jason S. Brookner, Esq., Lydia R. Webb, Esq.,
and Amber M. Carson, Esq., at Gray Reed & McGraw LLP, in Dallas,
Texas, on behalf of the Debtor.
About Rockies Region 2006 and Rockies
Region 2007
Rockies Region is a privately-subscribed West Virginia limited
partnership, which owns a working interest in wells located in
Colorado, from which the partnership produces and sells crude oil,
natural gas, and natural gas liquids.
Rockies Region 2006 Limited Partnership and Rockies Region 2007
Limited Partnership sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Case Nos. 18-33513 and 18-33514)
on Oct. 30, 2018.
Rockies Region 2006 disclosed $304,921 in assets and $3,034,219 in
liabilities, and Rockies Region 2007 reported $530,155 in assets
and $1,879,000 in liabilities as of the bankruptcy filing.
Judge Stacey G. Jernigan presides over the cases.
The Debtors tapped Reed & McGraw LLP as legal counsel; BMC Group,
Inc. as noticing, solicitation, and tabulation agent; and Karen
Nicolaou, managing director of Harney Management Partners, as
responsible party.
ROCKLIN ACADEMY: S&P Affirms BB+ on 2011 Charter School Bonds
-------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable and
affirmed its 'BB+' rating on the California Statewide Communities
Development Authority's series 2011A charter school revenue bonds,
issued for Rocklin Academy (TRA). The series 2011B matured in 2017.
"The positive outlook reflects a robust demand profile, long
standing track record, improving liquidity and healthy coverage
even in a period of growth," said S&P Global Ratings credit analyst
Bobbi Gajwani. Though the financial improvement is due in part to
enrollment growth, increased funding and conservative budgeting, it
is also the result of nonrecurring revenues that are expected to go
away beyond fiscal 2019. S&P said, "If coverage remains at current
levels while liquidity is maintained at about 80 days, then we
could raise the rating. In addition, TRA's plans to add another
school are still very preliminary. We will monitor the effect of
expansion plans beyond their existing facilities on the credit
profile as plans become more definitive."
SATYAGRAHA INC.: Hires Bethany A. Ralph Law as Attorney
-------------------------------------------------------
Satyagraha, Inc., seeks authority from the U.S. Bankruptcy Court
for the Southern District of New York (Poughkeepsie) to hire
Bethany A. Ralph, Esq., and the Law Office of Bethany A. Ralph as
attorneys.
Professional services Bethany A. Ralph will render are:
a. give the Debtor legal advice with respect to its powers and
duties in the continued operation of the business and management of
the property of the Debtor;
b. prepare, on behalf of the Debtor, necessary petitions,
schedules, orders, pleadings, and other legal papers; and
c. perform all other legal services for the Debtor which may
be necessary.
Hourly rates charged by the counsel are:
Bethany A. Ralph, Esq. $300
Associate Attorney $250
Paralegals $125
The Debtor has paid the counsel a retainer of $5,000.
Bethany A. Ralph, Esq., assures the Court the she is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.
The attorney can be reached at:
Bethany A. Ralph
LAW OFFICE OF BETHANY A. RALPH
3294 East Main Street
P.O. Box 7
Amenia, NY 12501
Tel: (845) 373-4000
Fax : (845) 373-4900
E-mail: bralph2@aol.com
About Satyagraha, Inc.
Based in Pine Plains, New York, Satyagraha, Inc. sought protection
under Chapter 11 of the US Bankruptcy Code (Bankr. S.D.N.Y. Case
No. 18-36744) on October 16, 2018, listing under $1 million in both
asset and liabilities. Bethany A. Ralph, Esq. is the Debtor's
Counsel.
SCG MADILL: Sale of Substantially All Assets to LQC Partners Okayed
-------------------------------------------------------------------
Judge Catherine Peek McEwen of the U.S. Bankruptcy Court for the
District of Delaware authorized Operating Debtors SCG Madill
Brookside, LLC, SCG Durant Four Seasons, LLC, and SCG Oak Ridge,
LLC, to sell substantially all their assets to LQC Partners XI,
LLC, by credit bid.
The hearings on the Motion were held on Oct. 1, 2018 at 11:00 a.m.
and Oct, 19, 2018 at 9:30 a.m.
The sale is free and clear of all liens, claims, and encumbrances.
The sale to LQC Partners of the real property more specifically
described in Composite Exhibit 1, and the Operating Debtors and Red
River TIC – Pendleton, LLC and Red River TIC – Roberts, LLC
("TIC Debtors")'s interests therein and the "transferred assets" is
approved.
At closing, the Operating Debtors and TIC Debtors will comply with
the requirements for closing the sale to LQC Partners as outlined
in the Auction Procedures Order. Specifically, the Operating
Debtors and TIC Debtors, as applicable, are authorized and directed
to
execute the Operations Transfer Agreement and Bill of Sale
previously approved; deliver a commitment for title insurance
agreeing to insure marketable title to the Property to LQC from
each of the Oklahoma TICs; and transfer marketable title to all of
the Parcels upon closing as required in the Auction Procedures
Order.
A copy of the Exhibit 1 attached to the Order is available for free
at:
http://bankrupt.com/misc/SCG_Madill_272_Order.pdf
About SCG MADILL BROOKSIDE
Based in Tampa, Florida, SCG Madill Brookside, LLC, d/b/a Brookside
Nursing Center and its affiliates, operate skilled nursing
facilities. SCG Madill Brookside, et al., provide residents and
patients with a full spectrum of skilled nursing and long-term
health care services and offer a wide range of direct care services
like therapy, hospice care, Alzheimer's, and dementia care within
their portfolio of facilities.
SCG Madill Brookside (Bankr. M.D. Fla. Case No. 17-10101) and
affiliates SCG Durant Four Seasons, LLC (Bankr. M.D. Fla. Case No.
17-10103), SCG Lake Country, LLC (Bankr. M.D. Fla. Case No.
17-10104), SCG Oak Ridge, LLC (Bankr. M.D. Fla. Case No. 17-10107),
SCG Red River, LLC (Bankr. M.D. Fla. Case No. 17-10108), and SCG
Red River Management, LLC (Bankr. M.D. Fla. Case No. 17-10109)
filed Chapter 11 bankruptcy petitions on Dec. 5, 2017, estimating
its assets and liabilities at between $1 million and $10 million.
The petition was signed by David Vaughan, chairman of the Board.
These affiliated cases previously filed on July 27, 2017 in the
Middle District of Florida, Tampa Division, with Judge Catherine
Peek McEwen as bankruptcy judge:
Entity Case No.
------ --------
Senior Care Group, Inc. 17-06562
SCG Laurellwood, LLC 17-06576
SCG Gracewood, LLC 17-06574
SCG Harbourwood, LLC 17-06572
SCG Baywood, LLC 17-06563
Key West Health and Rehabilitation Center 17-06580
The Bridges Nursing and Rehabilitation, LLC 17-06579
Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler,
P.A., serves as the Debtors' bankruptcy counsel.
On Jan. 18, 2018, the Court entered the Amended Joint
Administration Order, which, among other things, severed the joint
administration of the Oklahoma Debtors' cases from the Original
Debtors' cases.
No trustee or examiner has been appointed in the Debtors' cases.
SEABROOK DENTAL: Taps Bountiful Law as Legal Counsel
----------------------------------------------------
Timothy and Jacqueline Holbrook, debtor-affiliate of Seabrook
Dental Laboratory LLC, seek approval from the U.S. Bankruptcy Court
for the Western District of Washington to hire Bountiful Law, PLLC
as its legal counsel.
Professional services Bountiful Law, PLLC will render are:
a. assist the Debtor in the investigation of the financial
affairs of the estate;
b. provide legal advice and assistance to the Debtor with
respect to matters relating to the case and creditor distribution;
c. prepare all pleadings necessary for proceedings arising
under this case; and
d. perform all necessary legal service for the estate in
relation to this case.
Bountiful Law's standard hourly rates:
Principals $360
Associates $275
Paralegal $125
Lawrence Blue, Esq., a principal of Bountiful Law, disclosed in a
court filing that his firm does not hold any interest adverse to
the Debtor's estate, creditors and equity security holders.
The firm can be reached through:
Lawrence M. Blue, Esq.
Bountiful Law, PLLC
4620 200th St. SW, Suite D
Lynnwood, WA 98036
Phone: (425)775-9700
Fax: (425)633-2465
E-mail: bountifulreception@gmail.com
About Seabrook Dental Laboratory and
Holbrook/Searight LLC
Seabrook Dental Laboratory, LLC --
https://www.seabrookdentallab.com/ -- is an independent, full
service dental laboratory in Edmonds, Washington. Seabrook Dental
offers the newest technology and dental prosthetic solutions to
dentist clients.
Seabrook Dental Laboratory and Holbrook/Searight LLC filed for
Chapter 11 bankruptcy protection (Bankr. W.D. Wash. Lead Case No.
18-13499) on Sept. 6, 2018. In the petition signed by Timothy R.
Holbrook, managing member, Seabrook Dental Laboratory and Holbrook
estimated its assets and liabilities at between $1 million and $10
million. Judge Christopher M. Alston presides over the cases.
Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C., serves as
the Debtors' bankruptcy counsel. No official committee of
unsecured creditors has been appointed.
SEARS HOLDINGS: Court Approves "Off-The-Shelf" Bid Procedures
-------------------------------------------------------------
BankruptcyData.com reported tha the Court hearing the Sears
Holdings case approved Sears Holdings Inc, et al.'s proposed global
bidding and sale procedures and timetable relating to the sale of
the Debtors' "Go Forward Stores."
The proposed procedures are intended to provide the Debtors an
efficient mechanism to monetize assets as and when the Debtors
decide to auction and sell their Assets, with the advice of their
advisors and in consultation with their bankruptcy lenders and the
the official committee of unsecured creditors.
The following timeline was also approved:
* a December 15, 2018 deadline for the Debtors to designate a
stalking horse bidder for the Go Forward Stores
* a December 28, 2018 bid deadline for the Go Forward Stores
and the filing of any objections to a stalking horse bid
* a January 4, 2019 deadline for Debtors to notify prospective
bidders of their status as qualified bidders and announcement
of auction packages
* January 10, 2019 as a proposed date for a hearing on any
stalking horse objections
* a January 14, 2019 auction date
* a January 31, 2019 sale hearing date
About Sears Holdings
Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s. At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes. Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and automotive
repair and maintenance retail sectors.
Sears and Kmart merged to form Sears Holdings in 2005 when they had
3,500 US stores between them. Kmart emerged in 2005 from its own
bankruptcy.
Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018. The Company employs 68,000
individuals, of whom 32,000 are full-time employees.
As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.
Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.
The Hon. Robert D. Drain is the case judge.
Weil, Gotshal & Manges LLP is serving as legal counsel, M-III
Partners is serving as restructuring advisor and Lazard Freres &
Co. LLC is serving as investment banker to Holdings. DLA Piper LLP
is the real estate advisor. Prime Clerk is the claims and noticing
agent.
SEARS HOLDINGS: Hires McAndrews Held as IP Counsel
--------------------------------------------------
Sears Holdings Corporation, and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Southern District
of New York to employ McAndrews Held & Malloy, Ltd., as IP counsel
to the Debtors.
Sears Holdings requires McAndrews Held to:
(a) perform full trademark clearance searches, using
commercial search providers;
(b) prepare and file of new trademark applications and
prosecute trademark applications;
(c) monitor for significant trademarks of the Debtors;
(d) handle the maintenance of the Debtors' existing trademark
and domain name portfolios;
(e) counsel with respect to trademark portfolio organization;
(f) prepare new copyright applications and prosecuting the
same;
(g) domain name monitoring, including new generic top level
domains and related take-down notices;
(h) handle administrative trademark and domain name disputes,
including UDRP, cancellation, and opposition proceedings;
(i) negotiate and prepare settlement agreements resulting from
disputes outlined above;
(j) respond to the Debtors' general IP inquiries; and
(k) counsel on IP strategy and operations, e.g. internal IP
structures and policies, web site design, infringement
procedures.
McAndrews Held will be paid as follows:
(i) on a monthly fixed fee basis in the amount of $43,750 for
services rendered in connection with the Fixed Fee
Services (the "Fixed Fee");
(ii) on a flat fee basis ranging from $750 to $11,000 for
services rendered in connection with the Flat Fee
Services (the "Flat Fee"); and
(iii) on an hourly basis, $376 to $560 for partners, $272 to
$396 for of counsel, $330 for associates, and $184 to
$264 for patent agents and paralegals.
McAndrews Held will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: McAndrews Held has represented the Debtors in each
of the 12 months prepetition. Aside from the
Retainers and Fee Advance, the compensation
structure proposed by McAndrews Held in its
retention application for this bankruptcy
proceeding — including the fixed fee and flat fees
is the same structure used by the parties
prepetition. The current hourly billing rates for
McAndrews Held expected to spend significant time
on the engagement range from $376 to $560 for
partners, $272 to $396 for of counsel, $330 for
associates, and $184 to $264 for patent agents and
paralegals.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: As the purpose of McAndrews Held's retention is
principally to make it possible for the Debtors or
their counsel to call upon McAndrews Held for IP
issues as they arise, it may not be feasible for
McAndrews Held to predict in advance the amount
of time it will be asked to spend on matters
relating to the Debtors. McAndrews Held, however,
will work with the Debtors to attempt to develop a
prospective budget and staffing plan with respect
to matters as they arise in these chapter 11 cases.
McAndrews Held and the Debtors will periodically
review any such budget to determine whether it
remains reasonable.
Ronald H. Spuhler, a partner at McAndrews Held & Malloy, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
McAndrews Held can be reached at:
Ronald H. Spuhler, Esq.
MCANDREWS HELD & MALLOY, LTD.
500 West Madison Street, Suite 3400
Chicago, IL 60661
Tel: (312) 775-8000
E-mail: rspuhler@mcandrews-ip.com
About Sears Holdings Corporation
Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s. At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes. Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and automotive
repair and maintenance retail sectors.
Sears and Kmart merged to form Sears Holdings in 2005 when they had
3,500 US stores between them. Kmart emerged in 2005 from its own
bankruptcy.
Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018. The Company employs 68,000
individuals, of whom 32,000 are full-time employees.
As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.
Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.
The Hon. Robert D. Drain is the case judge.
The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel;
McAndrews Held & Malloy, Ltd., as IP counsel; M-III Partners as
restructuring advisor; Lazard Freres & Co. LLC as investment
banker; DLA Piper as real estate advisor; and Prime Clerk as claims
and noticing agent.
SEARS HOLDINGS: Sale of $900MM Medium Term Notes Authorized
-----------------------------------------------------------
BankruptcyData.com reported that the Court hearing the Sears
Holdings' case approved the Debtors' sale of up to $900 million
Medium Term Notes (MTNs).
As previously reported, the Debtors sought authority to sell
certain SRAC Medium Term Notes Series B (the “MTNs”) issued by
Debtor Sears Roebuck Acceptance Corp. ('SRAC') and currently owned
by various other Debtors.
The order stated, "To the extent that the Debtors sell the MTNs,
Jefferies may deduct the Jefferies Brokerage Fee (as modified on
the record at the Hearing to a 1.75% fee) from the gross proceeds
of such sale."
About Sears Holdings
Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s. At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes. Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and automotive
repair and maintenance retail sectors.
Sears and Kmart merged to form Sears Holdings in 2005 when they had
3,500 US stores between them. Kmart emerged in 2005 from its own
bankruptcy.
Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018. The Company employs 68,000
individuals, of whom 32,000 are full-time employees.
As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.
Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.
The Hon. Robert D. Drain is the case judge.
Weil, Gotshal & Manges LLP is serving as legal counsel, M-III
Partners is serving as restructuring advisor and Lazard Freres &
Co. LLC is serving as investment banker to Holdings. DLA Piper LLP
is the real estate advisor. Prime Clerk is the claims and noticing
agent.
SEARS HOLDINGS: Seeks Approval of $350MM Junior DIP Financing
-------------------------------------------------------------
BankruptcyData.com reported that Sears Holdings requested Court
authority for a $350 million, multiple draw, junior
debtor-in-possession ("DIP") term loan (the "Junior DIP
Financing").
BankruptcyData related that the Debtors' motion states, "The Junior
DIP Financing, together with the DIP ABL Financing, provides a
strong and clear message to the Debtors' vendors, customers, and
employees, as well as their potential acquirers, that these Chapter
11 cases are appropriately funded. The Debtors, with the assistance
of their advisors, reached out to approximately 90 parties, gauging
interest and narrowing the universe of possible incremental
financing structures. Additionally, the Debtors reached out to nine
parties for interest in the senior DIP financing; however, no
parties expressed interest or provided terms better than those
under the existing DIP ABL Financing. With respect to marshalling,
the DIP ABL Lenders have agreed to hold all proceeds of Prepetition
Unencumbered Collateral in a cash collateral account until
substantially all Prepetition ABL Collateral has been sold,
transferred, or otherwise been disposed of. The Debtors decision
was similarly informed by the DIP ABL Lenders willingness to
consent to the Junior DIP Financing and make necessary
modifications to allow this financing to be obtained."
The key terms of the proposed Junior DIP Financing are as follows:
-- The Junior DIP Financing shall be provided by a consortium led
by GACP Finance Co., LLC,
-- The available amount shall be $350 million with an interest
rate of LIBOR + 11.50%,
-- The Junior DIP Financing shall be secured by (a) a junior lien
on the Prepetition ABL Collateral, (b) a pari passu senior lien on
certain unencumbered assets comprising Specified Collateral junior
only to the Carve-Out, (c) a lien junior only to the Carve-Out and
DIP ABL Liens on other previously unencumbered assets, and (d) a
lien junior only to the Carve-Out, Other Prepetition Liens, other
Senior Permitted Liens, and DIP ABL Liens on collateral with other
prepetition liens. Importantly, just like the DIP ABL Facility, the
Junior DIP Financing does not prime any liens without consent, 100%
of the net cash proceeds from dispositions of Prepetition
Unencumbered Collateral shall (a) first fund the Winddown Account
until it is funded with $200 million (the "Winddown Account Funding
Condition"), (b) fund the cash collateral account in an amount
sufficient to repay the DIP ABL Facility in full, and (c) upon the
discharge of the DIP ABL Facility obligations, the amounts shall be
held as collateral for the obligations under the Junior DIP
Financing, and Proceeds of Specified Collateral after the Winddown
Account Funding Condition has been satisfied, shall be distributed
pro rata to the DIP Collateral Account and Cash Collateral Account
based on the $350 million commitment amount under the Junior DIP
Financing and $300 million of DIP ABL Facility, subject however, to
the terms and conditions of the DIP Intercreditor Agreement.
About Sears Holdings
Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s. At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes. Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and automotive
repair and maintenance retail sectors.
Sears and Kmart merged to form Sears Holdings in 2005 when they had
3,500 US stores between them. Kmart emerged in 2005 from its own
bankruptcy.
Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018. The Company employs 68,000
individuals, of whom 32,000 are full-time employees.
As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.
Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018.
The Hon. Robert D. Drain is the case judge.
Weil, Gotshal & Manges LLP is serving as legal counsel, M-III
Partners is serving as restructuring advisor and Lazard Freres &
Co. LLC is serving as investment banker to Holdings. DLA Piper LLP
is the real estate advisor. Prime Clerk is the claims and noticing
agent.
SERVICOM LLC: Seeks to Hire Zeisler & Zeisler as Counsel
--------------------------------------------------------
ServiCom LLC has filed an amended application with the U.S.
Bankruptcy Court for the District of Connecticut seeking approval
to hire Zeisler & Zeisler, P.C., as their counsel.
Legal services that Zeisler & Zeisler will render are:
a. advise the Debtors of their rights, powers, and duties as
debtors and as debtors-in-possession in continuing to
operate and manage their businesses and properties;
b. advise the Debtors concerning and assisting in the
negotiation and documentation of financing agreements, debt
restructuring, cash collateral orders, and related
transactions;
c. review the nature and validity of liens asserted against
the properties of the Debtors and the advising the Debtors
concerning the enforceability of such liens;
d. advise the Debtors concerning the actions that they might
take to collect and to recover property for the benefit of
the Debtors' estates;
e. prepare on behalf of the Debtors certain necessary and
appropriate applications, motions, pleadings, draft orders,
notices, schedules, and other documents, and reviewing all
financial and other reports to be filed in these Bankruptcy
Cases;
f. advise the Debtors concerning, and preparing responses to,
applications, motions, pleadings, notices, and other papers
which will be filed and served in these Bankruptcy Cases;
g. counsel the Debtors in connection with the formulation,
negotiation, and promulgation of a plan of reorganization
and related documents; and
h. perform all other legal services for and on behalf of the
Debtors which will be necessary or appropriate in the
administration of these Bankruptcy Cases.
The firm's hourly rates are:
Stephen M. Kinsdseth, Esq. $450
James Berman, Esq. $500
Eric A. Henzy, Esq. $475
The Debtors have provided Zeisler & Zeisler with a general retainer
in the amount of $140,000.
Stephen M. Kindseth, partner of the law firm of Zeisler & Zeisler,
P.C., attests that Z&Z is "disinterested" as such term is defined
in Sec. 101(14) of the Bankruptcy Code.
The counsel can be reached through:
James Berman, Esq.
Stephen M. Kindseth, Esq.
Patrick R. Linsey, Esq.
ZEISLER & ZEISLER, P.C.
10 Middle Street, 15th Floor
Bridgeport, CT 06605
Tel: 203-368-4234
Fax: 203-367-9678
E-mail: skindseth@zeislaw.com
jberman@zeislaw.com
plinsey@zeislaw.com
About ServiCom LLC, et al.
JNET Communications LLC is a Delaware limited liability company
that provides over all management and administrative functions as
the holding company for ServiCom LLC and Vitel Communications LLC.
JNET, in conjunction with its subsidiaries, constitutes a full
service, outsource provider of customer contact management and
telecommunication infrastructure fulfillment services to Fortune
1000 companies. JNET was founded in July 2003 by David Jefferson,
a former senior executive of Comcast Corporation and AT&T
Corporation.
JNET has grown significantly since its founding. JNET realized on
a consolidated basis $80 million in revenues in 2017 and is on
track to generate revenues of $70 million in 2018 largely from its
two separate but complementary subsidiaries, ServiCom and Vitel.
As of the Petition Date, JNET independently employs approximately
31 people.
ServiCom provides a comprehensive suite of call center outsourcing
services to a broad range of industries. ServiCom maintains its
principal assets and operates a call center location in Milford,
CT. ServiCom also operates a call center location in Machesney
Park, IL. As of the Petition Date, ServiCom employs approximately
200 people.
Vitel provides installation and construction related services and
other customer management
services to cable and telecom companies, including installation of
cable and telephone equipment, high speed data and digital phone
installation, multiple dwelling unit construction and customer save
services. Vitel currently operates in Georgia, Maryland, New
Jersey, Ohio and Texas. As of the Petition Date, Vitel employs
approximately 25 people.
ServiCom Canada is a limited company organized in Nova Scotia,
Canada, that is wholly owned by ServiCom. ServiCom Canada
maintains its principal assets and operates a call
center location in Sydney, Nova Scotia, from which location
ServiCom Canada primarily serves
the clients of its ServiCom parent. As of the ServiCom Canada
Petition Date, ServiCom Canada
employs approximately 600 people.
After suffering significant losses in 2017 and 2018, ServiCom LLC,
JNET Communications LLC, and Vitel Communications LLC concurrently
filed Chapter 11 petitions (Bankr. D. Conn. Case Nos. 18-31722 to
18-31724) on Oct. 19, 2018, each estimating $10 million to $50
million in assets and liabilities.
Another affiliate, ServiCom Canada Limited, filed a Chapter 11
petition (Bankr. D. Conn. Case No. 18-31734) on Oct. 23, 2018,
estimating assets of $500,000 to $1 million and liabilities of $1
million to $10 million.
Zeisler and Zeisler, led by James Berman, serves as counsel to the
Debtors.
SNEEDCREST APARTMENTS: Hires Richard S. Ogibovic II as Counsel
--------------------------------------------------------------
Sneedcrest Apartments LLC seeks authority from the U.S. Bankruptcy
Court for the Central District of Illinois to employ Richard S.
Ogibovic II, Attorney at Law, as counsel to the Debtor.
Sneedcrest Apartments requires Richard S. Ogibovic II to:
a. prepare and file the Chapter 11 Voluntary Petition,
Schedules, Statement of Financial Affairs and any necessary
motions;
b. give the Debtor legal advice as to its rights under Chapter
11, its powers and duties, operation and management, and
disposition of its property as a Debtor-in-Possession;
c. represent the Debtor in the principal case and in any
adversary proceeding commenced in or in connection with the
Chapter 11 case;
d. prepare any and all legal pleadings on behalf of the
Debtor, including applications, motions, responses,
proposed orders, reports, and any other such documents
required in this case;
e. advise and assist the Debtor in the operation of the day to
day business of the Debtor including assistance with the
preparation on required monthly reports;
f. provide legal assistance and advice to the Debtor in
connection with the refinancing, sale of any assets and
preparation and submission of Chapter 11 Plans; and
g. perform any other legal services for the Debtor that may be
required by the Debtor or the Bankruptcy Court.
Richard S. Ogibovic II will be paid at the hourly rate of
$250-$350. The firm will be paid a retainer in the amount of
$3,500. It will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Richard S. Ogibovic II, a partner at Richard S. Ogibovic II,
Attorney at Law, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estates.
Richard S. Ogibovic II can be reached at:
Richard S. Ogibovic II, Esq.
RICHARD S, OGIBOVIC II, ATTORNEY AT LAW
216 S Walnut
Momence, IL. 60954
Tel: (815) 351-1841
E-mail: rsolaw@hotmail.com
About Sneedcrest Apartments
Sneedcrest Apartments LLC is engaged in the business of renting
real estate with all of its property being situated in Kankakee
County, State of Illinois. The LLC was formed in February 2015 and
consists of owner, manager and members, IRA L SNEED and JACQUELYN
SNEED. The Debtor does not currently have any other employees.
Sneedcrest Apartments filed a Chapter 11 bankruptcy petition
(Bankr. C.D. Ill. Case No. 18-91117) on Nov. 5, 2018, estimating
under $1 million in assets and liabilities. The Debtor is
represented by Richard S Ogibovic, II, Esq.
SORENSON MEDIA: U.S. Trustee Forms 4-Member Committee
-----------------------------------------------------
The Office of the U.S. Trustee on Nov. 8 appointed four creditors
to serve on the official committee of unsecured creditors in the
Chapter 11 case of Sorenson Media, Inc.
The committee members are:
(1) T-Stat Five, LLC
Attention: Andrew Bybee
2801 N. Thanksgiving Way, #100
Lehi, UT 84043
Telephone: (801) 768-0500
Facsimile: (801) 768-0503
Email: andrew@stackwithus.com
(2) HTVMA Solutions, Inc.
Attention: Roger Keating
300 West 57th Street
New York, NY 10019
Telephone: (212) 841-7000
Facsimile: (212) 554-7000
Email: rkeating@hearst.com
(3) Samsung Electronics Co., Ltd.
Attention: Andres Torres
85 Challenger Rd.
Ridgefield Park, NJ 07660
Telephone: (201) 229-4597
Facsimile: (201) 229-5704
Email: atorres@sea.samsung.com
(4) Sinclair Television Group, Inc.
Attention: Stephen Kiehl
10706 Beaver Dam Rd.
Hunt Valley, MD 21030
Telephone: (410) 568-1500
Facsimile: (410) 568-1537
Email: swkiehl@sbgtv.com
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About Sorenson Media
Founded in 1995, Sorenson Media, Inc. --
http://www.sorensonmedia.com/-- provides trusted solutions to the
television industry and is an innovator in driving the future of
television advertising, fusing the power and scale of linear TV
with the data and addressability of digital.
Sorenson Media, Inc. filed a voluntary petition for relief under
chapter 11 of the Bankruptcy Code (Bankr D. Utah Case no. 18-27740)
on Oct. 16, 2018. In the petition signed by CEO Pat Nola, the
Debtor estimated $10 million to $50 million in assets and $100
million to $500 million in liabilities. Cohne Kinghorn, P.C., led
by George B. Hofmann, is the Debtor's counsel.
SUPERVALU INC: S&P Withdraws 'B+' ICR on Senior Notes Redemption
----------------------------------------------------------------
S&P Global Ratings withdrew its 'B+' long-term issuer credit rating
on Supervalu Inc., given that United Natural Foods Inc. (UNFI)
acquired the company and all rated Supervalu debt has been repaid
or redeemed.
S&P said, "At the same time, we withdrew our 'BB-' issue-level and
'2' recovery ratings on the company's term loan, and our 'B-'
issue-level and '6' recovery ratings on Supervalu's 2021 and 2022
bonds.
"At the time of the withdrawal, the issuer credit and issue-level
ratings on Supervalu were on CreditWatch, where we placed them with
developing implications on July 26, 2018, to reflect the
anticipated UNFI acquisition."
TACONY ACADEMY: S&P Affirms BB+ Rating on 2014 & 2013A Bonds
------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'BB+' rating on Philadelphia Authority for Industrial
Development, Pa.'s series 2014 and 2013A revenue bonds, issued for
Tacony Academy Charter School on behalf of Frankford Valley
Foundation for Literacy II.
"The outlook revision reflects our view of the school's improved
financial operations and stronger lease-adjusted maximum annual
debt service coverage in fiscal 2018, which is expected to continue
into fiscal 2019," said S&P Global Ratings credit analyst Robert
Tu. "Despite the challenges the school faces from a continued
volatile state funding environment, we believe its practice of
conservative budgeting helps offset some of the risk of potential
future funding cuts," Mr. Tu added.
The 'BB+' rating reflects S&P's opinion of the school's:
-- Positive operating performance in fiscal 2018 (draft audit),
which is expected to continue in fiscal 2019 driven by higher per
pupil funding rates, supporting improved MADS coverage;
-- Good liquidity for the rating category, with 126 days' cash on
hand as of fiscal year-end 2018;
-- History of steady enrollment and an excellent wait list; and
-- History of charter renewals and stable relationship with the
authorizer, which granted the school a five-year renewal in July
2017.
Partly offsetting the aforementioned credit factors, in S&P's view,
are the school's:
-- High MADS burden of 17.1% of fiscal 2018 expenditures;
-- Limited financial flexibility, due in part to the inability of
the school to expand beyond its current charter enrollment cap;
-- Volatile per pupil funding environment; and
-- Inherent uncertainty associated with charter renewals since the
bonds' final maturity exceeds the charter's expiration.
Tacony used the series 2013A bond proceeds to acquire, renovate,
and expand its K-8 school building. Proceeds from the 2014 bonds
were used to contrast, renovate, furnish, and equip a new high
school facility in the Tacony neighborhood.
Tacony is a school in northeast Philadelphia that began operations
in the 2009-2010 school year as a kindergarten to fourth-grade
(K-4) school with an initial enrollment of 386; the school
currently serves 1,108 students from kindergarten to 12th grade
(K-12). SDP, the academy's authorizer, encouraged the opening of
Tacony because of overcrowding in neighborhood public schools, and
the academic success of its sister school, First Philadelphia
Charter School.
All references to fiscal 2018 financials are based on draft
statements provided by management. Management does not expect
audited results to materially vary from these draft financials.
TAPZ LLC: Has Until April 2 to File Disclosure Statement and Plan
-----------------------------------------------------------------
Judge Peter C. McKittrick of the U.S. Bankruptcy Court for the
District of Oregon set the deadline for TAPZ, LLC to file a
Disclosure Statement and Plan of Reorganization on April 2, 2019.
The deadline for the debtor to file amendments to the schedules and
statements, to the extent necessary and appropriate to ensure the
accuracy and completeness of the documents was set on November 28,
2018.
About TAPZ LLC
Bases in Bend, Oregon, TAPZ, LLC, sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 18-33466)
on Oct. 4, 2018. In the petition signed by Dennis Loveless,
manager, the Debtor estimated less than $50,000 in assets and less
than $500,000 in liabilities. The Debtor tapped Michael D. O'Brien
& Associates, P.C., as its counsel.
TRANS WORLD SERVICES: Unsecureds to Receive 40% of Allowed Claims
-----------------------------------------------------------------
Trans World Services, Inc. filed with the U.S. Bankruptcy Court for
the Southern District of Texas a disclosure statement and plan of
reorganization.
As disclosed in the Plan, the Debtor has a total of $201,896.41 of
general unsecured claims classified Class 6. Such claims are not
secured by the property of the estate and are not entitled to
priority under Sec. 507(a) of the Bankruptcy Code. The Debtor
proposes to pay Class 6 claimants' 40% of each allowed claim. These
claims shall be paid in 54 equal monthly installments beginning 180
days after the Effective Date of Debtor’s plan.
Further, the Debtors identified another general unsecured claims
which are grouped under Class 7. The claims are specifically small
claims less than $10,000.00, or any other other general unsecured
creditor that chooses reduction of its claim to less than
$10,000.00. The Debtor proposes to pay Class 7 claimants 40% of
each allowed claim.
A full-text copy of the Disclosure Statement is available at:
http://bankrupt.com/misc/txsb18-32660-53.pdf
About Trans World Services
Trans World Services, Inc., is a privately owned auto parts
distributor in Houston, Texas. It offers automobile parts and
services to automotive manufacturers serving customers worldwide.
Trans World Services sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 18-32660) on May 22,
2018. In the petition signed by Mohammad H. Semana, president, the
Debtor estimated assets of less than $500,000 and liabilities of $1
million to $10 million. Judge Eduardo V. Rodriguez presides over
the case. Trans World Services hired Office of Nelson M. Jones III
as its legal counsel.
TSC/NESTER'S LANDING: Sale of Real Property to Fund Secured Claims
------------------------------------------------------------------
TSC/Nester's Landing LLC filed with the U.S. Bankruptcy Court for
the District of Maryland a second amended Chapter 11 plan of
reorganization, which propose the following classifications:
*Class 1: Class 1 consists of the Allowed Secured Claims of
Baltimore County, Maryland, to the extent secured by a valid lien
on the Real Property;
*Class 2: Class 2 consists of the Allowed Secured Claims of Merritt
Lending, LLC;
*Class 3: Class 3 consists of the Allowed Priority Claims, other
than Administrative Expense Claims, Professional Fee Claims, and
Priority Tax Claims;
*Class 4: Class 4 consists of Allowed General Unsecured Claims
other than Allowed Insider Claims.
*Class 5: Class 5 consists of Allowed Insider Claims.
*Class 6: Class 6 consists of Allowed Equity Interests.
The Debtor has a Real Property, also known as Nester's Landing, as
described in a site plan filed in the Land Records of Baltimore
County, Maryland and as described in a Deed dated January 30, 2015
and filed in the Land Records of Baltimore County at Liber 35816,
folio 368, et. seq., including all improvements thereon. Such
property is for sale in a commercially reasonable manner and shall
close on a sale of the Real Property on or before January 31, 2019.
The Debtor disclosed that at closing on the sale of the Real
Property, all remaining net proceeds from the sale of the Real
Property shall be paid at closing to the Class 2 Claim holder after
payment in full of the Allowed Class 1 claim at closing, plus
customary costs of sale including a broker commission of 5% and not
waived pursuant to 11 U.S.C. Section 1146.
The Debtor is represented by:
David W. Cohen, Esq.
1 North Charles Street, Suite 350
Baltimore, MD 21201
Tel: (410) 837-6340
Fax: (410) 347-7889
Email: dwcohen79@jhu.edu
A full-text copy of the Second Amended Plan is available at:
http://bankrupt.com/misc/mdb17-25913-107.pdf
About TSC/Nester's Landing LLC
TSC/Nester's Landing is the fee simple owner of a property located
at 1915 Turkey Point Road, Baltimore County (consisting of
subdivided lots) valued at $1.89 million. Its affiliate TSC/Green
Acres Road, LLC owns in fee simple interest subdivided lots located
at 7345 Green Acres Drive, Glen Burnie, Maryland, valued by the
company at $2.08 million.
TSC/Nester's Landing filed a Chapter 11 bankruptcy petition (Bankr.
D. Md. Case No. 17-25913) on Nov. 28, 2017. In the petition signed
by Gerard McDonough, trustee for AN&J Family Trust, the Debtor
disclosed total assets of $1.89 million and total liabilities of
$1.69 million.
Judge Thomas J. Catliota presides over the case. The Debtor is
represented by David W. Cohen Law Office.
VANS LAUNDROMATS: Seeks to Hire Philly Real Estate
--------------------------------------------------
Van's Laundromats Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Pennsylvania to hire a realtor.
The Debtor proposes to employ Philly Real Estate, Inc., in
connection with the sale of its real estate. Proceeds from the
sale will be used to fund its Chapter 11 plan.
Kacey Tan, a realtor employed with Philly Real Estate, does not
represent any interest adverse to the Debtor and its bankruptcy
estate, according to court filings.
The firm can be reached through:
Kacey Tan
Philly Real Estate, Inc.
2220 Cottman Ave., 2FL
Philadelphia PA 19149
Phone: 215-722-0800
Email: minyiliu@myphillyrealestate.com
About Van's Laundromats
Van's Laundromats Inc. is a Pennsylvania Corporation that operates
laundromats in the City of Philadelphia.
Van's Laundromats sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Pa. Case No. 18-15955) on Sept. 9,
2018. In the petition signed by Mao Khai Van, president, the
Debtor estimated assets of less than $500,000 and liabilities of
less than $500,000 as of the bankruptcy filing. Judge Magdeline D.
Coleman presides over the case. The Debtor tapped Demetrius J.
Parrish, Jr., and Henry A. Jefferson, in Philadelphia, as its
attorneys.
VERSA MARKETING: Fresno First Bank's Sale Denied Without Prejudice
------------------------------------------------------------------
Judge Rene Lastreto, II, of the U.S. Bankruptcy Court for the
Eastern District of California denied without prejudice the
proposed sale free and clear of liens by Fresno First Bank, a
creditor of Versa Marketing, Inc.
A hearing on the Motion was held on Nov. 29, 2018 at 9:30 a.m.
About Versa Marketing Inc.
Versa Marketing, Inc. -- http://www.versamarketing.us/-- is a
contract manufacturer of private label custom made frozen food
products for the retail industry and food services. It was founded
by Al Goularte in 1993.
Versa Marketing sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Cal. Case No. 18-13678) on Sept. 7,
2018. In the petition signed by Chief Executive Officer A.J.
Goularte, the Debtor estimated assets of $10 million to $50 million
and liabilities of $1 million to $10 million. Judge Rene Lastreto
II presides over the case.
Versa Marketing tapped Walter Wilhelm Law Group as its legal
counsel.
The official committee of unsecured creditors retained Blakeley LLP
as its legal counsel.
VOYAGER GROUP: Case Summary & 4 Unsecured Creditors
---------------------------------------------------
Debtor: Voyager Group, LP
90 Beta Drive
Pittsburgh, PA 15238
Business Description: Voyager Group, LP is a private equity firm
focusing on investments in technology,
aviation, natural resource, real estate,
construction, financial services,
and healthcare companies. Voyager Group,
L.P is based in Pittsburgh, Pennsylvania.
Chapter 11 Petition Date: November 30, 2018
Court: United States Bankruptcy Court
Western District of Pennsylvania (Pittsburgh)
Case No.: 18-24656
Judge: Hon. Thomas P. Agresti
Debtor's Counsel: Robert O. Lampl, Esq.
ROBERT O LAMPL LAW OFFICE
Benedum Trees Building
223 Fourth Avenue, 4th Floor
Pittsburgh, PA 15222
Tel: 412-392-0330
Fax: 412-392-0335
E-mail: rol@lampllaw.com
rlampl@lampllaw.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by John Franciscus, vice president of
Ascent Resort Partners, LLC, G.P.
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/pawb18-24656.pdf
VOYAGER LEARNING: Committee Taps Fox Rothschild as Legal Counsel
----------------------------------------------------------------
Nils Johnasson, chairman of the official committee of unsecured
creditors of Voyager Learning Company, seeks authority from the
U.S. Bankruptcy Court for the District of New Jersey (Newark) to
hire Fox Rothschild LLP as its legal counsel.
The Committee requires Fox Rothschild to:
a. provide legal advice to the Committee with respect to its
powers and duties in all matters pertaining to the bankruptcy
case;
b. prepare, on behalf of the Committee, all necessary
applications, motions, answers, orders, reports and other legal
papers required or appropriate in connection with the bankruptcy
case;
c. analyze the Debtor's financial condition to determine the
best course of action to follow in order to achieve the best
possible outcome for all creditors;
d. appear in Court and protect the interest of the Committee and
all unsecured creditors;
e. represent the Committee in any adversary proceedings whether
commenced by it or against it in connection with the bankruptcy
case; and
f. perform all other legal services for the Committee that may
be reasonable or necessary in the bankruptcy case in the exercise
of its duties to represent the interests of all general unsecured
creditors.
Fox Rothschild will be paid at these hourly rates:
Partners $265 to $875
Counsel $160 to $895
Associates $210 to $575
Paralegals $130 to $400
Fox Rothschild will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Catherine E. Youngman, a partner at Fox Rothschild, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not have
an interest materially adverse to the interest of the estate or of
any class of creditors or equity security holders, by reason of any
direct or indirect relationship to, connection with, or interest
in, the Debtor, or for any other reason.
Fox Rothschild can be reached at:
Catherine E. Youngman, Esq.
Mark E. Hall, Esq.
Michael R. Herz, Esq.
FOX ROTHSCHILD LLP
49 Market Street
Morristown, NJ 07960-5122
Tel: (973) 992-4800
Fax: (973) 992-9125)
E-mail: cyoungman@foxrothschild.com
mhall@foxrothschild.com
mherz@foxrothschild.com
About Voyager Learning
Voyager Learning Company, based in Montclair, New Jersey, is a
publisher of solutions for the education, automotive and power
equipment markets.
Voyager Learning Company, and its affiliates sought Chapter 11
protection (Bankr. D.N.J. Lead Case No. 18-26301) on Aug. 14, 2018.
In the petition signed by Scott McWhorter, general counsel, the
Debtors estimated assets and liabilities of $1 million to $10
million. The Hon. Stacey L. Meisel is the case judge. Loweinstein
Sandler LLP, led by Kenneth A. Rosen, serves as counsel to the
Debtors.
W RESOURCES: $400K Sale of Zachary Property to Mayeses Approved
---------------------------------------------------------------
Judge Douglas D. Dodd of the U.S. Bankruptcy Court for the Middle
District of Louisiana authorized W Resources, LLC's sale of the
real property located at 22730 Ligon Road, Zachary, Louisia to Brad
and Jennifer Mayes for $400,000.
The sale is free and clear of any liens, claims, interests and
other encumbrances, with all of those liens, claims, interests and
other encumbrances referred and attaching to the sale proceeds.
The Debtor will pay from the sale proceeds at closing the ordinary
and reasonable closing costs, including without limitation, any
unpaid property taxes and a prorated portion of 2018 property
taxes. It then will retain $10,000 representing a carve-out, and
pay the balance of the sale proceeds to Callais Capital Management,
LLC, on its secured claim.
Following the sale of the Purchased Property, the Recorder of
Mortgages, Conveyances and the Clerk of Court of East Baton Rouge
Parish is authorized and directed to cancel and erase from the
records of the parish every mortgage, lien, privilege and other
item listed of record, including the following but only insofar as
they affect the purchased property, including the following:
i. Multiple Indebtedness Mortgage of Surface and Minerals,
Collateral Assignment of Rents and Security Agreement, in favor of
Callais Capital Management, LLC, recorded Dec. 10, 2015 in the East
Baton Rouge Parish Mortgage records at Original 260, Bundle 12700,
securing all present and future indebtedness of the Debtor.
ii. The judgment in favor of Callais Capital Management, LLC
in the amount of $3.84 million plus interest and costs, recorded
April 20, 2018 in the East Baton Rouge Parish Mortgage records at
Original 435, Bundle 12885.
iii. The Tax Lien in the amount of $36,188 in favor of the
Internal Revenue Service recorded June 4, 2018 in the East Baton
Rouge Parish Mortgage records at Original 661, Bundle 12892.
The order will be effective and executory immediately upon its
entry on the docket of the record of the case, and the 14-day stay
provided by Fed. R. Bankr. P. 6004(h) is abrogated and waived to
allow the Debtor and the Purchasers to proceed immediately to
effectuate the sale the Order authorizes.
A copy of the Agreement attached to the Order is available for free
at:
http://bankrupt.com/misc/W_Resources_262_Order.pdf
About W Resources
W Resources, LLC, is a privately-owned company in Baton Rouge,
Louisiana, engaged in activities related to real estate. It is a
holding company with a diverse set of raw and recreational land,
farming and hunting operations, an aircraft hangar, oil and gas
interests, and equity-based interests.
W Resources sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. La. Case No. 18-10798) on July 23, 2018. In the
petition signed by Dwayne M. Murray, Chapter 11 trustee for Michael
Worley, manager, the Debtor estimated assets and liabilities of
$50
million to $100 million each.
The Debtor hired Stewart Robbins & Brown, LLC as its legal counsel.
Horne LLP serves as accountant.
WALL STREET THEATER: Expand CohnReznick's Work as Auditor
---------------------------------------------------------
Wall Street Theater Company, Inc., has filed an amended application
with the U.S. Bankruptcy Court for the District of Connecticut
expanding the scope of work of CohnReznick, as auditor to the
Debtors.
In addition to services related to tax credit auditing, the Debtors
wish to expand the scope of CohnReznik's engagement to permit them
to serve as accountants for the Debtors so that CohnReznik may
prepare and file required tax returns for Debtors, required by the
Internal Revenue Service and State of Connecticut.
CohnReznick will be paid a total fee of $19,000 for the services to
be rendered.
John Lanza, a partner at CohnReznick, disclosed in a court filing
that he and his firm are "disinterested persons" as defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
John D. Lanza
COHNREZNICK
350 Church Street, 12th Floor
Hartford, CT 06103
Tel: (959) 200-7000
E-mail: John.Lanza@CohnReznick.com
About The Wall Street Theater
The Wall Street Theater, listed in the National Register of
Historic Places, has re-emerged as a 501c3 non-profit organization,
whose mission is to provide diverse programming and promote arts
education, thereby enriching the cultural life of the greater
Norwalk community. The Wall Street Theater --
https://www.wallstreettheater.com/ -- adopts its moniker from its
location and its mission from its history, combining live shows,
interactive entertainment, cinema, digital production, art space
and a community arena in which to play.
Wall Street Theater Company, Inc., and affiliates Wall Street
Master Landlord, LLC and Wall Street Managing Member, LLC, filed
Chapter 11 petitions (Bankr. D. Conn. Lead Case No. 18-50132) on
Feb. 4, 2018.
In the petitions signed by Suzanne Cahill, president, the WS
Theater Company and WS Master Landlord had $1 million to $10
million in assets and $10 million to $50 million in liabilities
while WS Managing Member estimated less than $50,000 in assets and
$10 million to $50 million in liabilities.
Judge Julie A. Manning is the case judge.
The Debtors tapped Green & Sklarz, LLC, as their legal counsel;
R.J. Reuter, LLC, as financial advisor; and Wellspeak, Dugas &
Kane, LLC as real estate appraiser and consultant.
WELDED CONSTRUCTION: Committee Opposes Final OK on DIP Financing
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in the cases of
Welded Construction, L.P., et al., opposes a final order
authorizing the Debtors' access to postpetition financing.
The Committee argues that the DIP Financing Facility is an insider
transaction, where the DIP Facility precisely mirrors BGC's and
McCaig US' investments in the Debtors.
The Committee explains that the Debtors are owned directly and
indirectly by Bechtel Gas and Chemicals, Inc. ("BGC") and McCaig US
Holdings, Inc. ("McCaig US"). McCaig Welded GP, LLC ("McCaig GP"),
an affiliate of McCaig US, is one of the general partners of Debtor
Welded Construction, L.P. The Debtors are governed by a board of
managers. BGC has appointed three managers; McCaig US has a single
appointee. BGC owns 75% of the equity of Welded Construction;
McCaig US has the remaining 25%. The DIP Lender, North American
Pipeline Equipment Company, LLC, is likewise owned by affiliates of
each of BGC and McCaig US and in the same percentages (the Bechtel
entity owning 75% of the equity in the DIP Lender and the McCaig
entity owning 25% of the DIP Lender), the Committee points out.
The Committee further asserts that the DIP Facility has been
partially drawn to bridge the Debtors' liquidity in the immediate
postpetition aftermath to project completion with respect to only
the Columbia Gas Project, but beyond that project, the DIP
Facility's further purposes and timeline -- along with the Debtors'
ultimate financing needs -- are ill-defined at present.
The Committee says it has not received sufficient detail on the
Debtors' case strategy and therefore the rights and liens of the
DIP Facility.
Further, the Committee continues, the price of the insider DIP
Facility to the Debtors and their creditors is high compared to
other similar financings, which are designed to push through
completion of a
project or sell a key asset or are offered by insiders to settle
claims against them. Inconsistent with the requirements of
fairness pertinent to insider transactions of this type, the DIP
Lender prices this deal to take profit, not simply to recover its
protective lending on a present value basis, the Committee says.
Accordingly, at present and as conformed, the Committee urges the
Court to deny the Motion.
About Welded Construction
Perrysburg, Ohio-based Welded Construction, L.P, is a mainline
pipeline construction contractor capable of executing pipeline
construction projects in lengths ranging from a few hundred feet to
over 200 miles.
Welded Construction, L.P., and Welded Construction Michigan, LLC,
sought bankruptcy protection on Oct. 22, 2018 (Bankr. D. Del. Lead
Case No. Case No. 18-12378). The jointly administered cases are
pending before Judge Kevin Gross.
The Debtors declared $100 million to $500 million in estimate
assets and liabilities.
Young Conaway Stargatt & Taylor, LLP, is the Debtors' counsel and
Landis Rath & Cobb LLC is the special counsel. Kurtzman Carson
Consultants LLC is the claims agent. Zolfo Cooper Management, LLC
and Frank Pometti act as restructuring advisors.
On October 30, 2018, the U.S. Trustee appointed a seven-member
panel to serve as the official creditors committee in the cases.
The committee has tapped Blank Rome LLP as counsel and Teneo
Capital LLC as investment banker and financial advisors.
WILLIAM ABRAHAM: Trustee's $300K Sale of 3100-3108 Gateway Approved
-------------------------------------------------------------------
Judge H. Christopher Mott of the U.S. Bankruptcy Court for the
Western District of Texas authorized Ronald Ingalls, the Trustee of
the estate of William David Abraham, Jr., to sell the real property
known as 3100-3108 Gateway, more particularly described as the
North 80 feet of lots 29, 30, 31 and 32, Block 46, East El Paso
Addition to the City of El Paso, El Paso County, Texas and Lots 27
and 28, Block 46, East El Paso Addition to the City of El Paso, El
Paso County, Texas according to the City Block Map in the Office of
the County Clerk of El Paso County, Texas, to Grateful Properties,
LLC, for $300,000.
A hearing on the Motion was held on Nov. 6, 2018.
If Grateful Properties fails to perform, the Trustee is authorized
to sell the property to Don Luciano or assigns for $295,000.
The sale is free and clear of all liens, claims, interests and
encumbrances. All other liens, claims, interests and encumbrances
will attach to the proceeds from the sale.
The following liens will be paid at closing: ad valorem tax claims
of the City of El Paso for years 2018 and prior in the amount of
$48,104 if paid in November 2018 or $48,465 if paid in December
2018; provided however that the year 2018 portion of the ad valorem
taxes will be prorated in accordance with the Purchase Contract as
of the date of closing; upon closing the City of El Paso will
non-suit all suits for collection of taxes or otherwise.
The Trustee is authorized to pay the broker's commissions of 6% to
be divided between the Trustee's broker and the Buyer's broker. He
is also authorized to pay all closing costs payable by the Seller
under the Contract.
The Trustee will file a Report of Sale upon closing.
About William Abraham
William David Abraham filed for chapter 11 bankruptcy protection
(Bankr. W.D. Tex. Case No. 18-30184) on Feb. 6, 2018, and is
represented by Omar Maynez, Esq. of Maynez Law. Franklin
Acquisitions, one of Mr. Abraham's companies, also filed for
Chapter 11 bankruptcy reorganization Feb. 6, 2018.
Mr. Abraham is a well-known businessman in El Paso, Texas. He has
a portfolio of at least 15 downtown buildings, including several
prominent, historical ones.
On March 13, 2018, the Court appointed Ronald Ingalls as Chapter 11
trustee.
WILLIAM ABRAHAM: Trustee's $430K Sale of El Paso Property Approved
------------------------------------------------------------------
Judge H. Christopher Mott of the U.S. Bankruptcy Court for the
Western District of Texas authorized Ronald Ingalls, the Trustee of
the estate of William David Abraham, Jr., to sell the real property
known as 408 E. San Antonio, more particularly described as two
portions of Block 38, Mills Map Addition, an addition to the City
of El Paso, El Paso County, Texas, to Ondasun, LLC, for $430,000.
A hearing on the Motion was held on Nov. 6, 2018.
If Ondasun fails to perform, the Trustee is authorized to sell the
property to EPT A & P Investments, LLC or assigns for $425,000.
The sale is free and clear of all liens, claims, interests and
encumbrances. All other liens, claims, interests and encumbrances
will attach to the proceeds from the sale.
The following liens will be paid at closing:
a. ad valorem tax claims of the City of El Paso for years 2018
and prior in the amount of $5,412 if paid in November 2018 or
$5,412 if paid in December 2018; provided however that the year
2018 portion of the ad valorem taxes will be prorated in accordance
with the Purchase Contract as of the date of closing; and
b. the remaining proceeds after payment of ad valorem taxes
and closing costs will be paid to Louis Garcia in partial
satisfaction of his lien.
The Trustee is authorized to pay th broker's commissions of 3% to
the Trustee's broker. He is also authorized to pay all closing
costs payable by the Seller under the Contract.
The Buyer must cure any violations relating to the subject property
under the El Paso City Codes within a time period acceptable to the
City of El Paso. It must satisfy the City of El Paso of its
ability to cure outstanding such code violations, and the City of
El Paso reserves the right to disapprove the Buyer if it determines
the latter does not have the ability to cure such violations. In
the event that the City of El Paso disapproves the Buyer, the Buyer
may ask a ruling from the Court as to its ability to cure such
violations.
The Trustee will file a Report of Sale upon closing.
About William Abraham
William David Abraham filed for chapter 11 bankruptcy protection
(Bankr. W.D. Tex. Case No. 18-30184) on Feb. 6, 2018, and is
represented by Omar Maynez, Esq. of Maynez Law. Franklin
Acquisitions, one of Mr. Abraham's companies, also filed for
Chapter 11 bankruptcy reorganization Feb. 6, 2018.
Mr. Abraham is a well-known businessman in El Paso, Texas. He has
a portfolio of at least 15 downtown buildings, including several
prominent, historical ones.
On March 13, 2018, the Court appointed Ronald Ingalls as Chapter 11
Trustee.
WILLIAM ABRAHAM: Trustee's $900K Sale of El Paso Property Withdrawn
-------------------------------------------------------------------
Judge H. Christopher Mott of the U.S. Bankruptcy Court for the
Western District of Texas withdrew the sale by Ronald Ingalls, the
Trustee of the estate of William David Abraham, Jr., of the real
property located near Joe Battle Blvd., El Paso, Texas, described
as 79 TSP 3 Sec 8 T&P Survey TR 17-C-159 (1.00 AC) & TR 17-C-160
(1.00 AC) & TR 17 - C-161 (1.00 AC) (3.00 AC), to Karen Castro or
assigns for $900,000, free and clear of liens, claims, interests
and encumbrances.
A hearing on the Motion was held on Nov. 6, 2018. The Court
approved the Motion at the hearing. However, the primary Purchaser
terminated its contract and the backup bidder declined to proceed
with the sale. Therefore, the motion should be withdrawn.
About William Abraham
William David Abraham filed for chapter 11 bankruptcy protection
(Bankr. W.D. Tex. Case No. 18-30184) on Feb. 6, 2018, and is
represented by Omar Maynez, Esq. of Maynez Law. Franklin
Acquisitions, one of Mr. Abraham's companies, also filed for
Chapter 11 bankruptcy reorganization Feb. 6, 2018.
Mr. Abraham is a well-known businessman in El Paso, Texas. He has
a portfolio of at least 15 downtown buildings, including several
prominent, historical ones.
On March 13, 2018, the Court appointed Ronald Ingalls as Chapter 11
Trustee.
WILLIAMSON INVESTMENTS: Administrator Wants Ch. 11 Case Dismissed
-----------------------------------------------------------------
WIlliam P. Miller, the U.S. Bankruptcy Administrator filed with the
U.S. Bankruptcy Court for the Middle District of North Carolina a
motion to dismiss the Ch. 11 case of Williamson Investments, LLC or
in the alternative, appoint a Chapter 11 trustee for the Debtor.
The motion was a joinder to the earlier motion filed by creditor
Maribel Properties, LLC on November 16, 2018.
According to the motion, the Debtor has failed to provide the
Bankruptcy Administrator with documentation showing that the Debtor
has current workers' compensation insurance and auto insurance. To
the extent such insurance is not in place, failure to maintain it
constitutes cause for dismissal under 11 U.S.C. Sec.
1112(b)(4)(C).
About Williamson Investments
Williamson Investments, LLC, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D.N.C. Case No. 18-51051) on Oct. 8,
2018. At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of less than $1 million. Judge
Catharine R. Aron presides over the case. The Debtor tapped Bolton
Law Group, PA as its legal counsel.
WING PALACE: Seeks to Hire Adam Law Group as Counsel
----------------------------------------------------
Wing Palace, LLC, seeks authority from the U.S. Bankruptcy Court
for the Middle District of Florida to employ Adam Law Group, P.A.,
as counsel to the Debtor.
Wing Palace requires Adam Law Group to:
a. give advice to the Debtor with respect to its powers and
duties as Debtor-in-Possession;
b. advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the Local Rules of Court;
c. prepare motions, pleadings, orders, applications,
disclosure statements, plans of reorganization, commence
adversary proceedings, and prepare other such legal
documents necessary in the administration of the bankruptcy
case;
d. protect the interest of the Debtor in all matters pending
before the bankruptcy court; and
e. represent the Debtor in negotiations with its creditors and
in preparation of the disclosure statement and plan of
reorganization.
Adam Law Group will be paid based upon its normal and usual hourly
billing rates. Adam Law Group will be paid a retainer in the amount
of $5,000.
Adam Law Group will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Thomas C. Adam, a partner at Adam Law Group, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Adam Law Group can be reached at:
Thomas C. Adam, Esq.
ADAM LAW GROUP, P.A.
301 W. Bay Street, Suite 1430
Jacksonville, FL 32202
Tel: (904) 329-7249
E-mail: tadam@adamlawgroup.com
About Wing Palace
Wing Palace, LLC, filed a Chapter 11 bankruptcy petition (Bankr.
M.D. Fla. Case No. 3:18-bk-04041) on Nov. 16, 2018. The Debtor
hired Adam Law Group, P.A., as counsel.
WOODLAWN COMMUNITY: U.S. Trustee Forms 2-Member Committee
---------------------------------------------------------
The Office of the U.S. Trustee on Nov. 8 appointed two creditors to
serve on the official committee of unsecured creditors in the
Chapter 11 case of Woodlawn Community Development Corp.
The committee members are:
(1) World Security, Inc.
Representative: Ibrahim Kiswani
343 South Dearborn Street, Suite 2013
Chicago, IL 60604
(2) Chicago Regional Counsel of Carpenter Benefits Funds
Representative: John Conklin
12 East Eire Street, Suite 1600
Chicago, IL 60611
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About Woodlawn Community Development
Founded in 1972, Woodlawn Community Development Corp. --
https://www.wcdcchicago.com/ -- manages and develops affordable
housing for families in the Greater Metro Chicago area.
Woodlawn Community Development Corp., based in Chicago, IL, filed a
Chapter 11 petition (Bankr. N.D. Ill. Case No. 18-29862) on Oct.
24, 2018. In the petition signed by Leon Finney, Jr., president
and CEO, the Debtor estimated $50 million to $100 million in both
assets and liabilities. The Hon. Carol A. Doyle presides over the
case. David R. Herzog, Esq., at Herzog & Schwartz, P.C., serves as
bankruptcy counsel.
WW CONTRACTORS: Hires Whiteford, Taylor & Preston as Counsel
------------------------------------------------------------
WW Contractors Inc. is awaiting approval from the U.S. Bankruptcy
Court for the Eastern District of Virginia in Alexandria to employ
Whiteford, Taylor & Preston, LLP, as its counsel, effective as of
Oct. 22, 2018.
The professional services that WT&P will render are:
a. provide legal advice regarding the Debtor's powers and
duties under the Bankruptcy Code;
b. prepare any necessary schedules, applications, motions,
memoranda, plans, disclosure statements, briefs, notices, answers,
orders, reports and other legal papers, and appearing on the
Debtor's behalf in any proceeding;
c. handle contested matters and Adversary Proceedings as they
arise; and
d. perform all other legal services for the Debtor which may
be necessary or desirable in connection with this chapter 11 case.
The standard rates presently in effect are:
Partners $415 to $720
Associates $310 to $405
Paralegals/
Litigation Support $245 to $355
Christopher A. Jones $590
David W. Gaffey $390
Jennifer E. Wuebker $345
Notwithstanding the foregoing, WT&P has agreed to cap its fees at a
blended hourly rate for attorneys of $450.
Christopher A. Jones, WT&P represents no interest adverse to the
Debtor or to the Debtor's estate in the matters upon which WT&P is
to be engaged and is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Christopher A. Jones, Esq.
David W. Gaffey, Esq.
Jennifer E. Wuebker, Esq.
WHITEFORD TAYLOR & PRESTON, LLP
3190 Fairview Park Drive, Suite 800
Falls Church, VA 22042
Tel: (703) 280-3374
E-mail: dgaffey@wtplaw.com
About WW Contractors
WW Contractors, Inc. -- http://www.wwcontractors.com/-- is a
facilities services firm, offering complete facilities maintenance,
engineering, operations, custodial services, grounds/landscaping
services, and project management services to federal government,
local government, and private sector clients. WW Contractors was
founded in 1986 as an electrical construction firm under the
ownership and direction of Vietnam Era veteran Warren J. Wiggins.
The company is headquartered in Baltimore, Maryland.
WW Contractors sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Md. Case No. 18-17927) on June 12, 2018. In the
petition signed by its president, Warren Wiggins, the Debtor
estimated assets of less than $50,000 and debts between $1 million
to $10 million.
Pursuant to an order entered on June 14, 2018, the case was
transferred to the U.S. Bankruptcy Court for the Eastern District
of Virginia (Bankr. E.D. Va. Case No. 18-12095).
Jeffrey M. Sirody, Esq., at Jeffrey M. Sirody and Associates, P.A.,
is the Debtor's counsel. WW Contractors hired Rosen Sapperstein &
Friedlander, LLC, as accountant.
ZAHMEL RESTAURANT: Seeks to Hire Sales Tax Defense as Accountant
----------------------------------------------------------------
Zahmel Restaurant Supplies Corp. seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to hire
Sales Tax Defense, LLC.
The firm will provide accounting services in connection with an
ongoing sales and use tax audit by the New York Department of
Taxation and Finance.
The Debtor paid the firm an initial retainer of $5,000 prior to its
bankruptcy filing. All fees to be incurred by the firm since the
petition date will be paid by HIB Food Corp., an affiliate of the
Debtor.
Mark Stone, a certified public accountant and managing partner at
Sales Tax Defense, disclosed in a court filing that his firm is
"disinterested" as defined in section 101(14) of the Bankruptcy
Code.
Sales Tax Defense can be reached through:
Mark L. Stone
Sales Tax Defense, LLC
673 Deer Park Avenue
Dix Hills, NY 11746
Phone: (631) 491-1500 x 11
Email: mstone@salestaxdefense.com
About Zahmel Restaurant Supplies
Zahmel Restaurant Supplies Corp. is a restaurant supply distributor
that maintains warehouse and related offices at 6235 30th Avenue,
in Woodside, New York. The company has 45 employees and more than
50 creditors.
Zahmel Restaurant Supplies Corp. filed a Chapter 11 petition
(Bankr. E.D.N.Y. Case No. 18-43312) on June 5, 2018. In the
petition signed by Gil Appelbaum, vice president, the Debtor
estimated $500,000 to $1 million in assets and $1 million to $10
million in liabilities. Goldberg Weprin Finkel Goldstein LLP is
the Debtor's counsel.
[*] Gibson Dunn Promotes 17 Lawyers to Partnership
--------------------------------------------------
Gibson, Dunn & Crutcher LLP on Nov. 26 disclosed that the firm has
elected 17 new partners, effective January 1, 2019.
"We would like to congratulate our new partners on this important
professional achievement," said Ken Doran, Chairman and Managing
Partner of Gibson Dunn. "The new partners come from diverse
backgrounds and experiences, but they all exemplify the core values
of the firm -- excellence, professionalism and collegiality and, as
our partners, I know that they will continue to uphold our highest
traditions."
The new partners are:
Jefferson Bell (Litigation, Securities / New York) - Mr. Bell's
experience includes a wide variety of complex civil litigation and
securities/M&A litigation, with an emphasis on high stakes disputes
in the financial services industry. Mr. Bell graduated cum laude
in 2006 from Harvard Law School, where he was an articles editor
for the Harvard Civil Rights-Civil Liberties Law Review.
Ryan T. Bergsieker (Litigation, White Collar, Privacy and
Cybersecurity / Denver) – Mr. Bergsieker is a former federal
cybercrime prosecutor who has tried more than 45 civil and criminal
cases to verdict. His practice is focused on government
investigations, complex civil litigation, and information
security/data privacy counseling. Mr. Bergsieker graduated from
Yale Law School in 2004, where he served as Comments Editor of the
Yale Law Journal. He clerked for Judge David M. Ebel on the U.S.
Court of Appeals for the Tenth Circuit.
Michael H. Dore (Litigation, White Collar / Los Angeles) – A
former federal prosecutor, Dore focuses his practice on complex
commercial litigation matters, particularly law firm defense and
media and entertainment litigation, as well as white collar
criminal defense matters and internal investigations. He has
particular experience representing technology companies in
financial fraud and data security matters. Mr. Dore graduated in
2003 from the University of Virginia School of Law, where he was a
member of the Virginia Law Review.
Krista P. Hanvey (Executive Compensation and Employee Benefits /
Dallas) – Ms. Hanvey has significant experience with all aspects
of executive compensation, retirement plan, and health and welfare
benefit plan compliance, planning, and transactional matters. She
also regularly advises clients with respect to general corporate
governance matters. She graduated first in her class from William
and Mary School of Law in 2009, where she served as Senior Articles
Editor of the William & Mary Law Review.
Abbey Hudson (Litigation, Environmental and Mass Tort / Los
Angeles) – Hudson practices complex trial litigation, with an
emphasis on environmental, transnational and technological
litigation. She also helps clients navigate environmental and
emerging regulations and related governmental investigations.
Hudson graduated from Columbia University in 2009, where she was a
Harlan Fiske Stone Scholar and president of OutLaws, Columbia's
LGBT law student organization.
Jeffrey M. Jakubiak (Energy, Regulation and Litigation / New York
and Washington, D.C.) – Mr. Jakubiak's practice focuses on energy
matters at the crossroads of law and economics before the Federal
Energy Regulatory Commission (FERC) and the federal courts,
particularly those involving electric company mergers, power sales,
electric transmission rates, market development, and allegations of
market manipulation. Mr. Jakubiak graduated from Cornell Law
School in 1997, where he was an Olin Foundation Law and Economics
Scholar.
Allison H. Kidd (Real Estate / San Francisco) – Mr. Kidd's
practice encompasses a wide variety of commercial real estate
transactions and land use/development matters, including
acquisitions and dispositions, construction and permanent
financing, joint ventures, processing of entitlements and
structuring of public-private partnerships. She received a law
degree and master of public policy, with an emphasis on urban
development policy, in 2008 from the University of California, Los
Angeles.
Andrew LeGrand (Litigation / Dallas) – Mr. LeGrand is a complex
commercial litigator who principally focuses on class actions and
other high-stakes commercial disputes. He has successfully
defended corporate clients against claims of fraud, breach of
contract, products liability, consumer protection violations, and
antitrust violations. He graduated in 2009 from Columbia Law
School, where he was an editor of the Columbia Law Review and a
Harlan Fiske Stone scholar. Mr. LeGrand clerked for Judge A. Joe
Fish in the U.S. District Court for the Northern District of Texas
and Judge Ann Claire Williams in the U.S. Court of Appeals for the
Seventh Circuit.
Mary Beth Maloney (Litigation / New York) – Mr. Maloney's
practice focuses on high-stakes complex commercial and business
litigation in state, federal, and bankruptcy courts. She is a
trusted advisor to numerous public companies, asset funds, fund
managers, and portfolio companies. Mr. Maloney graduated from
University of Southern California Gould School of Law in 2007,
where she was the Editor-in-Chief of the Southern California
Interdisciplinary Law Journal, and clerked for Judge Alicemarie
Stotler, then-chief judge of the Central District of California.
Keith R. Martorana (Business Restructuring / New York) – Mr.
Martorana represents debtors, financial institutions, creditor
groups and hedge funds inside and outside of chapter 11 in numerous
industries, including the retail, communications, energy,
homebuilding, automotive, emergency services, commercial real
estate, and manufacturing sectors. Mr. Martorana graduated magna
cum laude from New York Law School in 2007, where he served as
Executive Articles Editor of the New York Law School Law Review.
Jason R. Meltzer (Litigation, Class Actions / Washington, D.C.) –
Mr. Meltzer has experience in a wide range of complex commercial
litigation, with an emphasis on securities and consumer products
class action defense. He also has extensive experience
representing clients in antitrust, mass tort, breach of contract,
commercial fraud, insurance and merger-related litigation. Mr.
Meltzer graduated from the University of Pennsylvania Law School in
2005.
Jeremy Robison (Litigation, Antitrust / Washington, D.C.) – Mr.
Robison's practice focuses on antitrust and white-collar criminal
defense matters, including litigation, internal investigations, and
regulatory enforcement actions. He received his law degree magna
cum laude in 2010 from the Georgetown University Law Center, where
he served as Managing Editor of The Georgetown Law Journal and was
a member of the Order of the Coif.
Lena Sandberg (Antitrust / Brussels) – Ms. Sandberg's practice
covers competition law, especially State aid and other aspects of
competition law, such as abuse of a dominant position, cartels, and
merger filings. In addition, she has extensive sectoral regulatory
experience in the energy/environmental and electronic
communications sectors. She also has strong experience in public
procurement. Sandberg graduated from the University of Copenhagen
in 1995.
Akiva Shapiro (Litigation / New York) – Mr. Shapiro's practice
focuses on a broad range of high-stakes constitutional, commercial,
and appellate litigation matters. He has successfully represented
clients in suits involving civil RICO, securities fraud, breach of
contract, tortious interference, and forgery claims, as well as
constitutional and other exceeding-the-scope-of-authority
challenges to government actions and regulations. Mr. Shapiro
graduated in 2008 from Columbia Law School, where he was a senior
editor of the Columbia Law Review, a Harlan Fiske Stone Scholar,
and a semifinalist in the Harlan Fiske Stone Honors Moot Court
competition.
Jeffrey L. Steiner (Financial Institutions, Derivatives /
Washington, D.C.) – Mr. Steiner advises a range of clients,
including commercial end-users, financial institutions, dealers,
hedge funds, private equity funds, clearinghouses, industry groups
and trade associations on regulatory, legislative and transactional
matters related to over-the-counter and listed derivatives,
commodities and securities. He also advises clients on regulatory
and enforcement matters relating to digital currencies and
distributed ledger technology. Before joining Gibson Dunn, Steiner
was special counsel in the Division of Market Oversight at the
Commodity Futures Trading Commission. He graduated from Tulane Law
School in 2004, where he was a Business Editor of the Tulane
Environmental Law Journal.
Daniela L. Stolman (Corporate, Mergers and Acquisitions, Private
Equity / Los Angeles) – Ms. Stolman advises companies and private
equity firms across a wide range of industries on public and
private merger transactions, stock and asset sales, and public and
private capital-raising transactions. She also advises public
companies on federal securities law and corporate governance
matters. She graduated from University of Southern California Law
School in 2006 where she was elected to the Order of the Coif and
was a Senior Editor of the Southern California Law Review.
Daniel A. Zygielbaum (Tax / Washington, D.C.) – Mr. Zygielbaum's
practice focuses on tax planning for mergers & acquisitions, joint
ventures, fund formations, REITs, real estate investments, and
capital markets transactions. He has worked on a wide range of
matters, including public and private mergers & acquisitions,
cross-border transactions, REIT formations, acquisitions and
dispositions, investment fund formations, and real estate joint
ventures. He has also represented clients in tax controversy
matters before the Internal Revenue Service. Mr. Zygielbaum
received his J.D., cum laude, from Harvard Law School in 2010.
About Gibson Dunn
Gibson, Dunn & Crutcher LLP -- https://www.gibsondunn.com -- is an
international law firm. Consistently ranking among the world's top
law firms in industry surveys and major publications, Gibson Dunn
is distinctively positioned in today's global marketplace with more
than 1,300 lawyers and 20 offices, including Beijing, Brussels,
Century City, Dallas, Denver, Dubai, Frankfurt, Hong Kong, Houston,
London, Los Angeles, Munich, New York, Orange County, Palo Alto,
Paris, San Francisco, Sao Paulo, Singapore, and Washington, D.C.
[*] Holman, Leary to Co-Chair Duanne Morris' Reorganization Group
-----------------------------------------------------------------
Duane Morris LLP has named partners James J. Holman of the firm's
Philadelphia office and Meagen E. Leary of the firm's San Francisco
office as co-chairs of the Business Reorganization and Financial
Restructuring Practice Group. Mr. Holman and Leary succeed partner
Rudolph (Skip) J. Di Massa, Jr., who has led the group since 2001.
Mr. Di Massa will continue practicing as a partner in the Business
Reorganization and Financial Restructuring Practice Group.
"Skip's esteemed leadership for the past 17 years will be a tough
act to follow," said Duane Morris Chairman and CEO Matthew A.
Taylor. "But Meagen and Jim have been integrally involved in our
yearlong business planning efforts, and I am confident that their
dual perspectives will continue to make the contributions of the
group vital to the future success of Duane Morris. I am especially
glad to know that they will continue to build upon the strength of
the relationships already established between our two U.S. coasts,
and I am confident that they will carry this energy to our offices
worldwide in the years ahead."
James J. Holman practices in the areas of commercial finance law,
business reorganization, and business and municipal insolvency. He
represents institutional lenders, trust companies, insurance
companies and businesses in a broad spectrum of transactions,
including corporate finance, business restructuring and bankruptcy.
Mr. Holman is a member of the American Bar Association, the
Delaware State Bar Association and the Commercial Finance
Association Education Foundation. He is listed annually by
Chambers USA: America's Leading Lawyers for Business, by Best
Lawyers in America, and by the London publication Citywealth as a
leading lawyer in the United States.
Mr. Holman is a 1989 graduate of Villanova University School of
Law, where he served as managing editor of the Villanova Law
Review, and a 1986 summa cum laude graduate of DeSales University.
Meagen E. Leary maintains a national creditors' rights, commercial
real estate finance and bankruptcy practice. Her clients include
institutional lenders, CMBS servicers, REITs, debt funds and other
diverse businesses. Ms. Leary and her team handle all aspects of
commercial loan workouts, bankruptcies, real estate finance and
lender liability litigation, and commercial loan and real estate
transactions. In addition, she provides national, coordinating
counsel and general counsel services to several clients. Ms. Leary
is a frequent speaker and writer on legal and practical issues that
impact her clients and an active member of the Commercial Real
Estate Finance Council.
Ms. Leary is a 2004 cum laude graduate of Tulane University Law
School, where she was a member of the Tulane Maritime Law Journal,
and a graduate of the University of California, Los Angeles.
About Duane Morris' Business Reorganization &
Financial Restructuring Practice Group
Business publication The Deal consistently ranks Duane Morris as
one of the most active bankruptcy practices in the United States.
Attorneys in the Business Reorganization and Financial
Restructuring group have earned a reputation for thoroughly
understanding the rights and obligations of the various
constituencies involved with a financially distressed company,
developing a plan of action designed to achieve the client's goals
and executing the plan under what are often very difficult and
rapidly changing circumstances. Regardless of whether the plan of
action involves bankruptcy, the enforcement of creditors' rights,
an out-of-court financial restructuring transaction, or an
insurance company or cross-border insolvency, Duane Morris lawyers
are fully prepared to protect and advance the client's interests.
About Duane Morris
Duane Morris LLP -- http://www.duanemorris.com/-- provides
innovative solutions to today's multifaceted legal and business
challenges through the collegial and collaborative culture of its
more than 800 attorneys in offices across the United States and
internationally. The firm represents a broad array of clients,
spanning all major practices and industries.
[*] Timothy Evanston Joins Smiley Wang-Ekvall's Insolvency Team
---------------------------------------------------------------
Law firm Smiley Wang-Ekvall -- leaders in business bankruptcy,
insolvency and reorganization law; business litigation; and real
estate transactions -- has added Associate Timothy W. Evanston to
its high-demand insolvency and business litigation team.
"As the business community relies upon us more and more for our
unparalleled connections and insights into the region's diverse and
complex bankruptcy needs, it's essential that we add top talent
like Timothy to meet the demands," said Partner Lei Lei Wang
Ekvall. "Tim has been focused on becoming a great bankruptcy
lawyer since early in his law school career; we are thrilled to
have him as part of the team."
Mr. Evanston received his undergraduate degree in political science
from the University of California, Irvine in 2012, where he
graduated cum laude, and received his law degree in 2016 from the
University of California, Los Angeles.
As a law student, Mr. Evanston served as senior managing editor of
the Pacific Basin Law Journal, and worked as a legal intern for the
U.S. Trustee Program of the Department of Justice.
After law school, Mr. Evanston served a judicial clerkship to the
Honorable Theodor C. Albert, United States Bankruptcy Judge for the
Central District of California, from September 2016 to
March 2017. From August 2017 to August 2018, he served a judicial
clerkship to the Honorable Robert N. Kwan, United States Bankruptcy
Judge for the Central District of California.
About Smiley Wang-Ekvall
Smiley Wang-Ekvall, LLP achieves unparalleled results for its
clients in the areas of business litigation, real estate
transactions, and bankruptcy and insolvency matters, combining the
hands-on attention and cost-effectiveness of a small firm with the
depth and breadth of experience of a large firm.
*********
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 ***