/raid1/www/Hosts/bankrupt/TCR_Public/190115.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, January 15, 2019, Vol. 23, No. 14
Headlines
3601 CROSSROADS: May Continue Using Cash Collateral Until Feb. 28
900 RETAIL 101: Hires Adam I. Skolnik as Attorney
900 RETAIL: U.S. Trustee Unable to Appoint Committee
ADVANCE LAWN: FMCC Objects to Disclosure Statement
AMY ELECTRIC: Secured Claims to Get Paid Over 5 Years
ARP CUSTOM: GWB Does Not Consent to Cash Collateral Use
ART & DENTISTRY: To Fund Plan with Dr. Brodsky's Lawsuit Proceeds
ASPEN LAKES: Hires PBS Engineering as Environmental Consultant
BAL HARBOUR: Receiver Needs More Time to Finalize Joint Plan
BRIGHT MOUNTAIN: Sells 3 Million Units to 38 Investors
BRISTOW GROUP: S&P Lowers ICR to 'B-' on Delayed Acquisition
BUILDING 1600: Seeks to Hire Paul Reece as Attorney
BVS CONSTRUCTION: Seeks to Hire Eric A. Liepins as Counsel
CALEF HOUSE: Seeks to Hire Andrew A. Moher as Counsel
CAPE MIAMI 32: Seeks Further Exclusivity Extension to April 23
CD HALL: Unsecured Creditors to Get 100% in 12 Monthly Payments
CGE REAL ESTATE: Seeks to Hire Eric A. Liepins as Counsel
CHILDRESS GATEWAY: Seeks to Hire Eric A. Liepins as Counsel
CROCKETT COGENERATION: S&P Lowers $295MM Sec. Notes Rating to 'B'
DEL MAR ENTERPRISES: Claims Reconciliation Process Delays Plan
DELTA FARM: Seeks Additional 60-Day Exclusivity Periods Extension
DGS REALTY: Cash Collateral Use Through March 31 Okayed
DON FRAME TRUCKING: Seeks to Hire Rose M. Crino as Accountant
DRW SERVICES: Allowed to Use Byline Cash Collateral Until Feb. 28
DURO DYNE: March 6-8 Plan Confirmation Hearing
EYEPOINT PHARMACEUTICALS: Expects to Launch DEXYCUTM in 1Q 2019
FIRST FLO: Senior Debt Holders Agree to $320K Payment in New Plan
FOOT AND ANKLE: Allowed to Use Cash Collateral Through Jan. 31
GROW & LEARN: Proposes to Use Wells Fargo Cash Collateral
HIGHLAND CLIFFS: Hires Maltz Auctions as Real Estate Broker
JETSTREAM AVIATION: Allowed to Use Cash Collateral Until Oct. 31
JONES ENERGY: Promotes Thomas Hester to Chief Financial Officer
KENMETAL LLC: Seeks April 22 Exclusive Plan Filing Period Extension
KOST VENTURES: Plan Filing Deadline Extended Through April 15
LAMAR INVESTMENT: Hires Vogler & Associates as Counsel
LOCKWOOD HOLDINGS: Feb. 5 Disclosure Statement Hearing
LODESTONE OPERATING: Substitution of Counsel Delays Plan
MARINER CHIROPRACTIC: Seeks to Hire David Carl Hill as Counsel
MEEKER NORTH: Feb. 19 Plan Confirmation Hearing
MID-ATLANTIC ENERGY: Feb. 7 Confirmation Hearing on LaraLynn Plan
NASHVILLE PHARMACY: U.S. Trustee Unable to Appoint Committee
NNN 400: Secured Creditor Proposes Chapter 11 Plan
OMEROS CORP: Expects to Report $22 Million Q4 OMIDRIA Revenue
ONE WAY LOANS: Hires SulmeyerKupetz as Bankruptcy Counsel
PANOCHE ENERGY: S&P Lowers Bond Rating to 'B', On Watch Negative
PEANUT CO: Files Ch. 11 Plan Funded by Proceeds of Asset Sale
PEPPERELL MILLS: Discloses No Commitment Letter From Potter
PETROQUEST ENERGY: Unsecureds to Recover 0.1-0.2%
PG&E CORP: To File for Ch.11 by Jan. 29, in Talks for $5.5B Loan
PG&E CORP: Williams Steps Down as CEO
PG&E CORP: Won't Pay $21.6-Mil. Interest Payment Due Tuesday
PINKTOE TARANTULA: Estimates $400K Cash Available for Distribution
REX PRINTING: Seeks to Hire John C. Maddox as Accountant
RK & GROUP: Seeks Approval of TCF Cash Collateral Agreement
ROBERT FX SILLERMAN: U.S. Trustee Forms 2-Member Committee
SARAH ZONE: Authorized to Use Cash Collateral Through April 27
SENIOR CARE GROUP: Plan Filing Deadline Extended Through Jan. 28
SHREE SWAMINARAYAN: Feb. 7 Plan Confirmation Hearing
SINGLETON FOOD: Seeks to Hire Drew Eckl as Special Counsel
SJKWD LLC: Wants to Move Exclusive Plan Filing Deadline to April 9
SPICY VINES: Hires Shulman Hodges as Bankruptcy Counsel
SPICY VINES: Seeks to Hire RRW Consulting as Manager
STORE IT REIT: Wants to Maintain Plan Exclusivity Through March 10
TDE OF ILLINOIS: Cash Collateral Use Extended Through Feb. 1
TOTO BEACH: Seeks to Hire Adam I. Skolnik as Attorney
TOTO BEACH: U.S. Trustee Unable to Appoint Committee
VARIO CORP: Seeks Access to Cash Collateral Through June 30
WALDRON DEVELOPMENT: Cash Collateral Use Through Jan. 31 Okayed
WILLIAMSON INVESTMENTS: NC Bankr. Court Orders Dismissal of Case
[^] Large Companies with Insolvent Balance Sheet
*********
3601 CROSSROADS: May Continue Using Cash Collateral Until Feb. 28
-----------------------------------------------------------------
Having been advised of the Parties' Agreement, the Hon. Timothy A.
Barnes of the U.S. Bankruptcy Court for the Northern District of
Illinois inked his approval to an Agreed Order for 3601 Crossroads,
LLC's continued use of cash collateral for the time period of Jan.
1, 2019 through Feb. 28, 2019, in accordance with the terms of the
budget and the provisions of the Final Cash Collateral Order which
remains in effect.
The approved Budget through Feb. 28, 2018 provides total cash
disbursement in the aggregate sum of $2,100,782.
The Court will hold a status hearing on the Debtor's continued use
of cash collateral on Feb. 26, 2019 at 10:30 a.m.
A full-text copy of the Order is available at
http://bankrupt.com/misc/ilnb18-06600-128.pdf
About 3601 Crossroads
3601 Crossroads, LLC, is a real estate lessor that owns in fee
simple a property located at 3601 Algonquin Rd., Rolling Meadows,
Illinois, having an assessed value of $5.45 million. The Company
posted gross revenue of $2.51 million in 2017 and gross revenue of
$2.11 million in 2016.
3601 Crossroads filed for Chapter 11 protection (Bankr. N.D.
Illinois Case No. 18-06600) on March 7, 2018. In its petition
signed by Thomas L. Kolschowsky, senior vice president/corporate
counsel, the Debtor disclosed total assets of $5.47 million and
liabilities totaling $7.98 million.
The Hon. Timothy A. Barnes is the case judge.
John A. Lipinsky, Esq., of Clingen Callow & Mclean, LLC, serves as
the Debtor's counsel.
900 RETAIL 101: Hires Adam I. Skolnik as Attorney
-------------------------------------------------
900 Retail 101, LLC, seeks authority from the U.S. Bankruptcy Court
for the Southern District of Florida to employ Adam I. Skolnik,
P.A., as attorney to the Debtor.
900 Retail 101 requires Adam I. Skolnik to:
a. give advice to the Debtor with respect to their powers and
duties as Debtor-in-possession and in their relationship
with its creditors, committee, the Office of the U.S.
Trustee and other interested parties;
b. advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements, the requirements of the Bankruptcy
Code, the Federal Rules of Bankruptcy Procedure, applicable
bankruptcy rules, including local rules and the rules of
the court, as it relates to the administration of the
bankruptcy case;
c. assist the Debtor with the investigation and pursuit of
property of the estate, sale of some or all of its assets;
d. assist the Debtor in the formulation and dissemination and
approval of a disclosure statement and plan;
e. prepare and review motions, pleadings, orders,
applications, adversary proceedings, and other legal
documents necessary in the administration of the bankruptcy
case;
f. protect the interest of the Debtor in all matters pending
before the bankruptcy court;
g. represent the Debtor in negotiation with its creditors in
the preparation of a plan; and
h. perform all other necessary functions as attorney for a
debtor-in-possession for the proper administration of the
bankruptcy estate.
Adam I. Skolnik will be paid at these hourly rates:
Attorneys $400
Paralegals $125
Adam I. Skolnik will be paid a retainer in the amount of $5,000.
Adam I. Skolnik will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Adam I. Skolnik, a partner at Adam I. Skolnik, 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 I. Skolnik can be reached at:
Adam I. Skolnik, Esq.
ADAM I. SKOLNIK, P.A.
1761 West Hillsboro Blvd., Suite 201
Deterfield Beach, FL 33442
Telephone: (561) 265-1120
Facsimile: (561) 265-1328
E-mail: asklnik@skolniklawpa.com
About 900 Retail 101
900 Retail 101, LLC, based in Miami, FL, filed a Chapter 11
petition (Bankr. S.D. Fla. Case No. 18-25049) on Nov. 30, 2018. In
the petition signed by Jose Pena, director, the Debtor disclosed
$5,916,011 in assets and $4,318,368 in liabilities. The Hon.
Laurel M. Isicoff oversees the case. Adam I. Skolnik, Esq., at
Adam I. Skolnik, P.A., serves as bankruptcy counsel.
900 RETAIL: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of 900 Retail 101, LLC as of Jan. 11, according
to a court docket.
About 900 Retail 101 LLC
900 Retail 101, LLC is a privately-held real estate lessor that
owns in fee simple a property located at 900 Biscyane Boulevard,
Unit R-101, Miami, Florida, with an appraised value of $5.91
million.
900 Retail 101, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-25049) on November
30, 2018. At the time of the filing, the Debtor disclosed
$5,916,011 in assets and $4,318,368 in liabilities.
The case has been assigned to Judge Laurel M. Isicoff. The Debtor
tapped the Law Office of Adam I. Skolnik, P.A. as its legal
counsel.
ADVANCE LAWN: FMCC Objects to Disclosure Statement
--------------------------------------------------
Ford Motor Credit Company LLC, a holder of four claims, each of
which is secured by different 2016 Ford F-350 trucks, objects to
the disclosure statement explaining Advance Lawn & Landscape,
Inc.'s Chapter 11 plan.
The creditor points out that the debtor's disclosure statement
fails to provide the required information in a format that would
facilitate an informed judgment. The creditor further points out
that the financial information is at variance with actual
performance represented in the debtor's operating reports.
The creditor complains that the debtor's income is insufficient to
make the proposed payments under the plan. According to the
creditor as the principal of the debtor retaining his stock
interest, the plan fails to satisfy the absolute priority rule of
the Code.
Attorney for FMCC:
Lawrence W. Johnson, Jr., Esq.
Johnson Law Firm, P.A.
P.O. Box 883
Columbia, SC 29202
About Advance Lawn & Landscape
Founded in 1999, Advance Lawn & Landscape Inc. --
http://advancelawninc.com-- is a landscaping company located in
Spartanburg, South Carolina.
Advance Lawn & Landscape sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. S.C. Case No. 18-00122) on Jan. 11,
2018. Christopher Baragar, president, signed the petition. At the
time of the filing, the Debtor disclosed $422,080 in assets and
$1.41 million in liabilities.
Judge Helen E. Burris presides over the case.
The Debtor hired Skinner Law Firm, LLC as its bankruptcy counsel
and Kinard-Barath Tax Group, LLC as its accountant.
AMY ELECTRIC: Secured Claims to Get Paid Over 5 Years
-----------------------------------------------------
Amy Electric, Inc., filed a third amended Chapter 11 plan and
accompanying disclosure statement to modify the time priority tax
claims and the secured claims of Adena Clayton, All Star, and the
Internal Revenue Service will be paid.
The Second Amended Plan provided that these claims will be paid
over a period of 53 months. The Third Amended Plan provides that
these claims will be paid pursuant to Section 1129(a)(9)(C), which
provides that: "with respect to a claim of a kind specified in
section 507(a)(8) of this title, the holder of such claim will
receive on account of such claim regular installment payments in
cash -- (i) of a total value, as of the effective date of the plan,
equal to the allowed amount of such claim; (ii) over a period
ending not later than 5 years after the date of the order for
relief under section 301, 302, or 303; and (iii) in a manner not
less favorable than the most favored nonpriority unsecured claim
provided for by the plan (other than cash payments made to a class
of creditors under section 1122(b))."
Class 3 consists of Allowed General Unsecured Claims of creditors
of the Debtor, in the amount of $130,975.80 and shall be paid on a
pro rata basis in the amount of $6,548.79 quarterly for a period of
60 (sixty) months.
Class 2 consists of the Allowed Secured Claims of Adena Clayton and
All Star which are secured by its liens and security interests upon
a 2003 Dodge Dakota and 1998 Ford E-250 respectively. Class 2 also
consists of the Allowed Secured Claim of the Internal Revenue
Service. Debtor shall pay the Allowed Secured Claim of Adena
Clayton at $300.00 per month for (5) five months for a total of
$1,500.00. Debtor shall pay the Allowed Secured Claim of All Star
at $100 per month for (5) five months for a total of $500.00.
Debtor has paid for 8 months, the amount of $1,300.00 per month to
the Internal Revenue Service and will continue to pay the Allowed
Secured Claim of the Internal Revenue Service of $69,035.13 the
quarterly amount of $4,363.08 at an interest rate of 5%.
That all payments or other distributions provided for under the
Plan will be made from existing funds of Debtor as of the Effective
Date, funds generated subsequent to the Effective Date by Debtor
through its business operations, funds realized through the sale by
Debtor of any of its property, funds realized through the
prosecution and enforcement of claims, demands and causes of action
retained by Debtor pursuant to the Plan, less any costs associated
with recovering such funds, and the proceeds of any financing as
described below, as may be deemed appropriate by Debtor.
A full-text copy of the Disclosure Statement dated December 20,
2018, is available at:
http://bankrupt.com/misc/ohsb18-218bk51225-89.pdf
About Amy Electric
Amy Electric, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Ohio Case No. 18-51225) on March 7,
2018. In the petition signed by Michael Yoder, president, the
Debtor estimated assets of less than $100,000 and liabilities of
less than $500,000. Judge C. Kathryn Preston presides over the
case. The Debtor tapped Nobile & Thompson Co., L.P.A., as its
legal counsel.
ARP CUSTOM: GWB Does Not Consent to Cash Collateral Use
-------------------------------------------------------
Great Western Bank gives notice to the U.S. Bankruptcy Court for
the District of Arizona that it does not consent to the use of any
of its cash collateral and demands that Arp Custom Farming, LLC,
account for same from the petition date forward and sequester all
cash collateral of GWB pending agreement of the parties or court
order.
Pursuant to that certain Forbearance and Restructure Agreement
entered into among Great Western Bank, ARP Custom Farming and
others, GWB asserts a validly perfected lien interests in and to:
All inventory, all accounts, contract rights, documents, documents
of title, payment intangibles, investment property, letter of
credit rights, commercial tort claims, chattel paper, instruments
(including promissory notes), deposit accounts, and supporting
obligations, all fixtures and equipment, all general intangibles in
which the Debtor has any right or interest.
Attorneys for Great Western Bank
Tamalyn E. Lewis, Esq.
Patrick A. Clisham, Esq.
ENGELMAN BERGER, P.C.
3636 North Central Avenue, Suite 700
Phoenix, Arizona 85012
Phone: (602) 271-9090
Fax: (602) 222-4999
E-mail: tel@eblawyers.com
pac@eblawyers.com
About Arp Custom Farming
Arp Custom Farming, LLC, is a privately-held company in Chandler,
Arizona, that operates in the farming industry. It is an affiliate
of Arp Family Farms, G.P., which sought bankruptcy protection on
Nov. 19, 2018 (Bankr. D. Ariz. Case No. 18-14173).
Arp Custom Farming sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 18-15464) on Dec. 20,
2018. At the time of the filing, the Debtor estimated assets of
less than $50,000 and liabilities of $10 million to $50 million.
The petition was signed by Nathan Arp, manager. The case is
assigned to Judge Brenda Moody. Davis Miles McGuire Gardner, PLLC,
is the Debtor's counsel.
ART & DENTISTRY: To Fund Plan with Dr. Brodsky's Lawsuit Proceeds
-----------------------------------------------------------------
Art & Dentistry, LLC, filed a Chapter 11 plan and accompanying
disclosure statement proposing that funding for the Plan will come
from the Debtor's future Surplus Profit for six years following
entry of an Order confirming the Debtor's Plan, and $30,000 from
the proceeds of the personal injury lawsuit filed by Ellen Brodsky,
D.D.S., owner of the Debtor.
The Debtor's Landlord filed an unsecured pre-petition claim for
$161,733.98. Payment of that claim, in full, is a pre-requisite to
the Debtor's assumption of its executory lease with the Landlord,
without which the Debtor could not operate and this Plan would
fail. The Debtor will pay that amount subsequent to payment of the
Landlord's priority (administrative) claim.
The Remaining general unsecured claims, whether filed by creditors
or scheduled by the Debtor as non-contingent, liquidated and
undisputed, fall into Class 6. Also in Class 6 is the unsecured
portion of any secured claim filed. These claims will be paid, pro
rata, to the extent of Plan funding, subsequent to the payment of
administrative, priority, and secured debts and the general
unsecured debt to the Debtor's landlord.
Anticipated administrative claims include Debtor's attorney's fees;
fees for accounting services; and unpaid administrative rent.
Through November 30, 2018, Debtor’s unpaid counsel fees and costs
amount to $15,440.75; additional fees and costs of less than
$10,000.00 are anticipated through the date of confirmation of a
Plan. Administrative fees for the Debtor’s accountant are
expected to be approximately $20,000.00.
Patterson Dental Supply has a purchase money claim against the
Debtor for dental equipment that it sold to the Debtor. The Debtor
values that equipment at $20,000.00. It will pay that amount, plus
interest at 4% per annum, subsequent to payment to priority
creditors.
Wells Fargo Practice Management has filed a first priority secured
claim against the Debtor, asserting a claim in the amount of
$185,198.50, secured by a UCC lien against all assets of the
Debtor.
The Debtor scheduled a secured claim for Everbank Commercial
Finance, Inc. in the amount of $437,731.48. That claim is likewise
secured by a UCC lien, believed to be second in priority, against
the Debtor’s assets.
In exchange for obtaining the equity interest in the Debtor, Dr.
Brodsky will contribute $30,000.00 of otherwise exempt proceeds
from the Lawsuit.
A full-text copy of the Disclosure Statement dated December 20,
2018, is available at:
http://bankrupt.com/misc/mdb18-1722579-106.pdf
About Art & Dentistry, LLC
Art & Dentistry, LLC -- http://www.artanddentistry.com-- is a
dental services organization with offices in Bethesda, Potomac,
Rockville, and Washington DC. The Company's services include
family and general dentistry, CEREC one-visit crowns, traditional
orthodontics, cosmetic dentistry, invisalign clear braces,
porcelain veneers, teeth whitening, dental implants, sedation
dentistry and botox cosmetic and juvaderm.
Art & Dentistry, LLC, based in Bethesda, Maryland, filed a Chapter
11 petition (Bankr. D. Md. Case No. 17-22579) on Sept. 20, 2017.
The Hon. Wendelin I. Lipp presides over the case. David E. Lynn,
Esq., at David E. Lynn, P.C., serves as bankruptcy counsel.
In its petition, the Debtor estimated $100,000 to $500,000 in
assets and $1 million to $10 million in liabilities. The petition
was signed by Ellen Brodsky, managing member.
ASPEN LAKES: Hires PBS Engineering as Environmental Consultant
--------------------------------------------------------------
Aspen Lakes Golf Course, L.L.C., and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of Oregon
to employ PBS Engineering and Environmental Inc., as environmental
consultant to the Debtors.
Aspen Lakes requires PBS Engineering to assist the Debtors in Phase
1 Environmental Site Assessment Process.
PBS Engineering will be paid a flat fee of $5,000.
Heidi Yantz, a partner at PBS, 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.
PBS Engineering can be reached at:
Heidi Yantz
PBS ENGINEERING AND ENVIRONMENTAL INC.
390 NE Emerson Avenue, Suite 201
Bend, OR 97701
Telephone: (541) 388-9290
Facsimile: (866) 727-0140
About Aspen Lakes Golf Course
Aspen Lakes Golf Course, L.L.C. -- https://www.aspenlakes.com/ --
is a privately owned, public golf course in Sisters, Oregon, owned
by the Cyrus family. Wildhorse Meadows acts as Aspen Lakes'
landlord. The Aspen Lakes facilities feature a 28,000 square foot
clubhouse -- featuring a full service pro shop, bar, and a
restaurant. Aspen Lakes is open 7 days a week, shop hours are 7
a.m. to 7 p.m.
Aspen Lakes Golf Course and two affiliates filed voluntary Chapter
11 bankruptcy petitions (Bankr. D. Ore. Lead Case No. 18-32265) on
June 27, 2018. The affiliates are Aspen Investments, L.L.C. (Case
No. 18-32266) and Wildhorse Meadows, LLC (Case No. 18-32267). Each
of the Debtors disclosed $1 million to $10 million in both assets
and liabilities. The petitions were signed by Matt Cyrus, managing
member.
The Hon. Trish M. Brown presides over the cases.
Perkins Coie LLP, led by Douglas R. Pahl, Esq., and Amir Gamliel,
Esq., serves as Aspen Lakes' bankruptcy counsel.
BAL HARBOUR: Receiver Needs More Time to Finalize Joint Plan
------------------------------------------------------------
Drew M. Dillworth, court-appointed receiver for Bal Harbour Quarzo,
LLC, a/k/a Synergy Capital Group, LLC, a/k/a Synergy Investments
Group, LLC, asks the U.S. Bankruptcy Court for the Southern
District of Florida to extend the exclusive periods during which
only the Debtor can to file and solicit acceptances of a plan
through and including March 18, 2019 and May 14, 2019,
respectively.
Since the entry of the First, Second and Third Exclusive Periods
Orders, the Receiver and the Committee, together with their
respective professionals, have been working tirelessly and
diligently to advance the case and have made substantial progress
towards, among other things outlined below, finalizing a joint plan
of liquidation, disclosure statement and litigation trust agreement
for this case.
The Receiver and the Committee believe that the filing of the joint
plan, disclosure statement, the litigation trust agreement, and
other plan support documents will have accomplished the main goal
of the chapter 11 case, to wit, confirming a plan, with
distribution to creditors funded through litigation proceeds. The
Receiver and the Committee intend to file those documents by the
existing Jan. 15. However, out of abundance of caution, the
Receiver is seeking extension of the exclusive periods.
In addition and importantly, the Receiver and the Committee have
spent a considerable amount of time advancing the estate's
litigation claims against third parties. To date, the Receiver has
sought and obtained approval of a compromise of a litigation claim
that will fund the joint plan. Moreover, along with the substantial
discovery conducted, the Receiver has initiated litigation against
the buyer of the Debtor's main asset, Adv. Pro. No. 18-01448-RBR
(Bankr. S. D. Fla.).
About Bal Harbour Quarzo
Bal Harbour Quarzo, LLC, also known as Synergy Capital Group, LLC,
also known as Synergy Investments Group, LLC, is a Florida limited
liability company based in Miami operating in the hotels and motels
industry.
Based in Fort Lauderdale, Florida, Bal Harbour Quarzo, LLC, through
its receiver, filed a Chapter 11 petition (Bankr. S.D. Fla. Case
No. 18-11793) on Feb. 16, 2018. In the petition signed by Drew M.
Dillworth, receiver appointed by Florida State Court, the Debtor is
estimated to have $10 million to $50 million in total assets and
$50 million to $100 million in total liabilities. Judge Raymond B.
Ray presides over the case.
Eric J Silver, Esq., at Stearns Weaver Miller Weissler Alhadeff &
Sitterson, P.A., is the Debtor's counsel. Meland Russin & Vazquez,
P.A., is the co-counsel. Genovese Joblove & Battista, P.A., is the
special counsel.
The U.S. Trustee for Region 21 on April 20, 2018, appointed three
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 case. The Committee retained Linda Leali, P.A.,
as counsel.
BRIGHT MOUNTAIN: Sells 3 Million Units to 38 Investors
------------------------------------------------------
Between Dec. 28, 2018 and Jan. 9, 2019, Bright Mountain Media, Inc.
sold 3,000,000 units of its securities to 38 accredited investors
in a private placement exempt from registration under the
Securities Act in reliance on exemptions provided by Section
4(a)(2) and Rule 506(b) of Regulation D and Regulation S of the
Securities Act. The units were sold at a purchase price of $0.40
per Unit resulting in gross proceeds to the Company of $1,200,000.
Each unit consisted of one share of the Company's common stock and
one five year common stock purchase warrant to purchase one share
of its common stock at an exercise price of $0.65 per share.
Spartan Capital Securities, LLC, a broker-dealer and member of
FINRA, acted as exclusive placement agent for the Company in this
offering. The Company paid Spartan Capital a cash commission of
$120,000, a cash non-accountable expense allowance of $40,000, and
issued it five year placement agent warrants to purchase an
aggregate of 300,000 shares of the Company's common stock at an
exercise price of $0.65 per share as compensation for its services.
The Placement Agent Warrants are exercisable on a cashless basis
and the Company granted Spartan Capital piggy back registration
rights for the shares of its common stock issuable upon the
exercise of the Placement Agent Warrants.
The Company used $200,000 of the proceeds from this offering for
the payment of the fees due Spartan Capital under the terms of an
Uplisting Advisory and Consulting Agreement, and are using the
balance of $840,000 for general working capital.
The Company granted Spartan Capital certain rights of first refusal
if it decides to undertake a future private or public offering of
securities or if the Company decides to engage an investment
banking firm within 36 months from the closing date of the
offering. These rights are in addition to similar rights granted
to Spartan Capital in connection with the private offering that
commenced in December 2017 and closed in November 2018.
The Company granted purchasers of the Units demand and piggy-back
registration rights with respect to the shares of the Company's
common stock included in the Units and the shares of common stock
issuable upon the exercise of the Private Placement Warrants. In
addition, the Company is obligated to file a resale registration
statement within 120 days following the closing of this offering
covering the shares of the Company's common stock issuable upon the
exercise of the Private Placement Warrants. If the Company should
fail to timely file this resale registration statement, then within
five business days of the end of month the Company will pay the
holders an amount in cash, as partial liquidated damages, equal to
2% of the aggregate purchase price paid by the holder for each 30
days, or portion thereof, until the earlier of the date the
deficiency is cured or the expiration of six months from filing
deadline. The Company will keep any such registration statement
effective until the earlier of the date upon which all such
securities may be sold without registration under Rule 144 or the
date which is six months after the expiration of the Private
Placement Warrants. The Company is obligated to pay all costs
associated with this registration statement, other than selling
expenses of the holders.
Additional terms of the Private Placement Warrants include:
* the exercise price is subject to adjustment in the event of
certain stock dividends and distributions, stock splits,
stock combinations, reclassifications or similar events
affecting our common stock and also upon any distributions of
assets, including cash, stock or other property to the
Company's shareholders;
* if the Company fails to timely file the resale registration
statement described above or at any time thereafter during
the exercise period there is not an effective registration
statement registering such shares, or the prospectus
contained therein is not available for the issuance of the
such shares to the holder for a period of at least 60 days
following the delivery of a suspension notice (as described
in the Private Placement Warrants), then the Private
Placement Warrants may also be exercised, in whole or in
part, at such time by means of a "cashless exercise" in which
case the holder would receive upon such exercise the net
number of shares of common stock determined according to the
formula set forth in the Private Placement Warrants;
* providing that there is an effective registration statement
registering the shares of common stock issuable upon exercise
of the Private Placement Warrant, during the exercise period,
upon 30 days prior written notice to the holder following the
date on which the last sale price of the Company's common
stock equals or exceeds $1.50 per share for 10 consecutive
trading days, as may be adjusted for stock splits, stock
dividends and similar corporate events, if the average daily
trading volume of the Company's common stock is not less
than 30,000 shares during such 10 consecutive trading day
period, the Company has the right to call any or all of the
Private Placement Warrants at a call price of $0.01 per
underlying share; and
* a holder will not have the right to exercise any portion of
the Private Placement Warrant if the holder (together with
its affiliates) would beneficially own in excess of 4.99% of
the number of shares of the Company's common stock
outstanding immediately after giving effect to the exercise,
as such percentage ownership is determined in accordance with
the terms of the Private Placement Warrants; provided,
however, that any holder may increase or decrease such
percentage to any other percentage not in excess of 9.99%
upon at least 61 days' prior notice from the holder to the
Company.
On Dec. 11, 2018 the Company entered into an Uplisting Advisory and
Consulting Agreement with Spartan Capital pursuant to which Spartan
Capital will provide (i) advice and input with respect to
strategies to accomplish an uplisting of the Company's common stock
to the Nasdaq Capital Market or NYSE American LLC or another
national securities exchange, and the implementation of such
strategies and making introductions to facilitate the uplisting,
(ii) advice and input with respect to special situation and
restructuring services, including debtor and creditor advisory
services, and (iii) sell-side advisory services with respect to the
sale and disposition of non-core businesses and assets, including
facilitating due diligence and identifying potential buyers and
strategic partners and positioning these businesses and assets to
maximize value. The Company paid Spartan Capital a fee of $200,000
for it services under this agreement which is for a 12 month term
beginning on the closing date of the offering. The agreement also
provides that the Company will reimburse Spartan Capital for
reasonable out-of-pocket expenses, which the Company must approve
in advance. The Uplisting Advisory and Consulting Agreement
contains customary confidentiality and indemnification provisions.
About Bright Mountain
Based in Boca Raton, Fla., Bright Mountain Media, Inc. --
http://www.brightmountainmedia.com/-- is a digital media holding
company whose primary focus is connecting brands with consumers as
a full advertising services platform. Bright Mountain Media's
assets include an ad network, an ad exchange platform and 25
websites (owned and/or managed) that provide content, services and
products. The websites are primarily geared for a young, male
audience with several that focus on active, reserve and retired
military audiences as well as law enforcement and first
responders.
Bright Mountain reported a net loss attributable to common
shareholders of $3.01 million for the year ended Dec. 31, 2017,
compared to a net loss attributable to common shareholders of $2.94
million for the year ended Dec. 31, 2016. As of Sept. 30, 2018,
Bright Mountain had $5.03 million in total assets, $2.71 million in
total liabilities, and $2.31 million in total shareholders'
equity.
The report from the Company's independent accounting firm Liggett &
Webb, P.A., in Boynton Beach, Florida, on the consolidated
financial statements for the year ended Dec. 31, 2017, includes an
explanatory paragraph stating that the Company sustained a net loss
of $2.99 million and used cash in operating activities of $1.73
million for the year ended Dec. 31, 2017. The Company had an
accumulated deficit of $11.82 million at Dec. 31, 2017. These
factors raise substantial doubt about the Company's ability to
continue as a going concern.
BRISTOW GROUP: S&P Lowers ICR to 'B-' on Delayed Acquisition
------------------------------------------------------------
S&P Global Ratings noted that Houston-based global aviation service
provider Bristow Group Inc. has delayed its previously announced
acquisition of heavy-lift aircraft operator Columbia Helicopters.
The oil and gas market environment has deteriorated considerably
since S&P placed its ratings on Bristow on CreditWatch with
negative implications on Nov. 12, 2018. Event risk is exacerbated
by Bristow's tightening liquidity runway.
S&P is lowering the issuer credit rating on Bristow to 'B-' from
'B'.
S&P also lowered the rating on the unsecured debt to 'CCC+' from
'B-' with a '5' recovery rating, reflecting its expectation of
modest recovery (10%-30%; rounded estimate: 10%).
The 'B+' issue-level rating on the company's secured notes due 2023
is unchanged. S&P said, "The recovery rating was revised from a
'2' to a '1', reflecting our expectation of very high (90%-100%;
rounded estimate: 95%) recovery in the event of a payment default.
We are keeping our ratings on Bristow on CreditWatch with negative
implications."
The downgrade reflects a combination of Bristow's recent operating
performance, shortening liquidity runway, and a delay in concluding
the acquisition of Columbia Helicopters, which was originally
expected to close by year-end 2018 before being postponed because
of unfavorable market conditions. S&P said, "In a similar vein, we
believe recent weakness in oil and gas prices could prolong the
slump in offshore activity and continue to weigh on operating
results in the coming quarters. On the liquidity front, we expect
Bristow's approximately $266 million of mostly cash liquidity as of
early November 2018 to decline primarily as a result of substantial
net outflows in fiscal 2020 stemming partially from scheduled loan
amortization and a heavier schedule of capital expenditures."
Furthermore, while a successful closing of the Columbia transaction
would certainly improve leverage, margins, and end-market
diversity, it does not fully address S&P's concerns over Bristow's
liquidity position. While the company has previously been
successful in refinancing and negotiating certain benefits such as
capex deferrals/reductions and asset sales as part of its liquidity
preservation effort, it is unclear whether Bristow will retain such
flexibility going forward.
The CreditWatch is based on Bristow's limited liquidity runway,
transaction risk, soft operating results, and depressed trading
levels on its securities. S&P said, "We intend to resolve the
CreditWatch around the end of the first quarter of 2019. We could
lower the rating if liquidity continues to deteriorate or if the
company fails to close the Columbia acquisition in a timely manner.
Notwithstanding the outcome of the proposed transaction, we could
also lower the rating if the issuer's financial commitments appear
unsustainable over the long term, or if there is an increased
likelihood of a debt exchange."
BUILDING 1600: Seeks to Hire Paul Reece as Attorney
---------------------------------------------------
Building 1600, L.L.C., seeks authority from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Paul Reece
Marr, P.C., as attorney to the Debtor.
Building 1600 requires Paul Reece to:
(a) provide the Debtor with legal advice regarding its powers
and duties as debtor in possession in the continued
operation and management of its affairs;
(b) prepare on behalf of the Debtor the necessary
applications, statements, schedules, lists, answers,
orders and other legal papers pursuant to the Bankruptcy
Code; and
(c) perform all other legal services in the Chapter 11
bankruptcy proceeding for the Debtor which may be
reasonably necessary.
Paul Reece will be paid at these hourly rates:
Attorneys $350
Paralegals $50 to $125
Paul Reece will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Paul Reece Marr, the firm's founding partner, 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.
Paul Reece can be reached at:
Paul Reece Marr, Esq.
PAUL REECE MARR, P.C.
300 Galleria Parkway, N.W., Suite 960
Atlanta, GA 30339
Tel: (770) 984-2255
About Building 1600
Building 1600, L.L.C., filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Ga. Case No. 18-71813) on Dec. 31, 2018, disclosing
under $1 million in both assets and liabilities.
Paul Reece Marr, P.C., led by founding partner Paul Reece Marr,
Esq., is the Debtor's counsel.
BVS CONSTRUCTION: Seeks to Hire Eric A. Liepins as Counsel
----------------------------------------------------------
BVS Construction, Inc., seeks authority from the U.S. Bankruptcy
Court for the Western District of Texas to employ Eric A. Liepins,
P.C., as counsel to the Debtor.
In order to propose a Plan of Reorganization and effectively move
forward in its bankruptcy
proceeding, the Debtor desires to hire Eric A. Liepins and his firm
as counsel on behalf
of the Debtor in this matter.
BVS Construction requires Eric A. Liepins to provide legal services
and represent the Debtor in relation to the Chapter 11 bankruptcy
proceedings.
Eric A. Liepins will be paid at these hourly rates:
Attorneys $275
Paralegals $30 to $50
The Debtor paid Eric A. Liepins a retainer of $25,000.
Eric A. Liepins will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Eric A. Liepins, a partner at Eric A. Liepins, 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.
Eric A. Liepins can be reached at:
Eric A. Liepins, Esq.
ERIC A. LIEPINS, P.C.
12770 Coit Road, Suite 1100
Dallas, TX 75251
Telephone: (972) 991-5591
Facsimile: (972) 991-5788
E-mail: eric@ealpc.com
About BVS Construction
B.V.S. Construction Inc., based in Bryan, TX, filed a Chapter 11
petition (Bankr. W.D. Tex. Case No. 19-60004) on Jan. 2, 2018. In
the petition signed by Elaine Palasota, president, the Debtor
estimated $1 million to $10 million in assets and $10 million to
$50 million in liabilities. The Hon. Ronald B. King oversees the
case. Eric A. Liepins, Esq., at Eric A. Liepins, P.A., serves as
bankruptcy counsel to the Debtor.
CALEF HOUSE: Seeks to Hire Andrew A. Moher as Counsel
-----------------------------------------------------
Calef House LLC, seeks authority from the U.S. Bankruptcy Court for
the Northern District of California to employ Law Offices of Andrew
A. Moher as counsel to the Debtor.
Calef House requires Andrew A. Moher to:
a) advise the Debtor regarding matters of bankruptcy law;
b) advise and consult with the Debtor concerning questions
arising in the conduct of the administration of the estate
and concerning the Debtor's rights, remedies, and
responsibilities with regard to the estate's assets and
claims of creditors and other parties in interest;
c) appear for, prosecute, defend, and represent the Debtor's
interest in suits arising in or related to this case;
d) assist in the preparation of such pleadings, motions,
notices, and orders as required for the orderly
administration of the estate, and to consult with and
advise the Debtor in connection with the operation of or
termination of the business of the Debtor;
e) advise the Debtor concerning the requirements of the
Bankruptcy Code and rules relating to administration of
the bankruptcy case; and
f) assist the Debtor in the negotiation, formulation,
confirmation, and implementation of a Plan of
Reorganization.
Andrew A. Moher will be paid at these hourly rates:
Attorneys $380
Paralegals $150
The Debtor paid Andrew A. Moher a prepetition retainer of $8,000 on
Dec. 18, 2018, of which $1,462 was billed prepetition, leaving a
balance of $6,538 held in the firm's trust account. In addition,
the Debtor paid the $1,717 court filing fee.
Andrew A. Moher will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Andrew A. Moher, the firm's founding partner, 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.
Andrew A. Moher can be reached at:
Andrew A. Moher, Esq.
LAW OFFICES OF ANDREW A. MOHER
5560 La Jolla Blvd, Suite D
La Jolla, CA 92037
Telephone: 619-269-6204
Facsimile: 888-466-1121
About Calef House
Calef House LLC, based in San Francisco, CA, filed a Chapter 11
petition (Bankr. N.D. Cal. Case No. 18-31387) on Dec. 21, 2018. In
the petition signed by Ronda Calef, managing member, the Debtor
disclosed $2,401,000 in assets and $1,918,598 in liabilities. The
Hon. Dennis Montali oversees the case. Andrew A. Moher, Esq., at
the Law Offices of Andrew A. Moher, serves as bankruptcy counsel.
CAPE MIAMI 32: Seeks Further Exclusivity Extension to April 23
--------------------------------------------------------------
Cape Miami 32 LLC (DE) asks the U.S. Bankruptcy Court for the
Southern District of Florida for a 90 days extension of exclusivity
to April 23, 2019 within which to negotiate with creditors and file
plan and disclosure statement, and to solicit acceptances for 60
days thereafter to June 23, 2019.
Exclusivity expires Jan. 23, 2019, if not extended by motion filed
prior to said date.
The Debtor relates that the Court has granted mediation, which was
conducted Dec. 14. However, no settlement was reached, but the
parties continue to negotiate a consensual plan. Wherefore, the
Debtor seeks extension of exclusivity to allow it flexibility to
negotiate with its creditors.
About Cape Miami 32 LLC (DE)
Headquartered in Miami Beach, Florida, Cape Miami 32 LLC (DE) filed
for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No.
18-17592) on June 25, 2018. In the Petition signed by Yonel Devico,
MGM, the Debtor estimated its assets at between $50,000 and
$100,000 and its liabilities at between $100,000 and $500,000.
Joel M. Aresty, Esq., at Joel M. Aresty P.A., serves as the
Debtor's bankruptcy counsel. No official committee of unsecured
creditors has been appointed in the case.
CD HALL: Unsecured Creditors to Get 100% in 12 Monthly Payments
---------------------------------------------------------------
C.D. Hall LLC, a Nevada limited-liability company, filed a Chapter
11 plan and accompanying disclosure statement.
The Debtor is a family-owned and operated Nevada limited-liability
company providing day care and private elementary school services
under the trade name "Candil Hall Academy."
The Debtor has approximately fourteen employees, and is managed by
its managing member, Diller. The Debtor has established a positive
reputation in the community and, prior to its recent financial
difficulties, was a profitable business operation. Indeed, the
Debtor was able to borrow funds to purchase land and construct a
school facility on real property located at 5348 North Rainbow
Blvd., Las Vegas, Nevada 89130, APN: 125-35-201-020 ("Real
Property").
Under the Plan, Class 3: Canada Secured Claim are impaired with
estimated claim of $269,222.27. Class 3 will receive payment in
cash as soon as reasonably practicable, such payment limited to the
available proceeds from any Sale or Refinance of the Real Property,
and with the balance owed to Canada then comprising the Canada
Unsecured Claim.
Class 5: General Unsecured Claims are impaired with estimated claim
of $1,950.
Each Holder of an Allowed Class 5 Claim will receive, in full and
final satisfaction of such allowed Class 5 Claim, payments totaling
100% of its Allowed Class 5 Claim, with the payments to be made in
12 equal monthly installments commencing on the Initial
Distribution Date and continuing thereafter on the Periodic
Distribution Date.
The Debtor plans to use the available proceeds generated by the
sale of its Real Property as the primary funding source for its
Plan.
A full-text copy of the Disclosure Statement dated December 20,
2018, is available at:
http://bankrupt.com/misc/nvb18-1813058abl-83.pdf
About CD Hall LLC
C.D. Hall LLC owns a child day care center in Las Vegas, Nevada.
The company previously sought protection from creditors on Nov. 29,
2013 (Bankr. D. Nev. Case No. 13-20032).
C.D. Hall LLC again sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 18-13058) on May 25, 2018.
In the petition signed by Jhonna Diller, managing member, the
Debtor estimated assets and liabilities ranging from $1 million to
$10 million. The Hon. Laurel E. Babero presides over the case. The
Debtor is represented by Ryan A. Anderson, Esq. of Andersen Law
Firm, Ltd.
CGE REAL ESTATE: Seeks to Hire Eric A. Liepins as Counsel
---------------------------------------------------------
CGE Real Estate Holdings, LLC, seeks authority from the U.S.
Bankruptcy Court for the Northern District of Texas to employ Eric
A. Liepins, P.C., as counsel to the Debtor.
CGE Real Estate requires Eric A. Liepins to provide legal services
and represent the Debtor in relation to the Chapter 11 bankruptcy
proceedings.
Eric A. Liepins will be paid at these hourly rates:
Attorneys $275
Paralegals $30 to $50
Eric A. Liepins received from the Debtor a retainer in the amount
of $5,000, plus filing fee.
Eric A. Liepins will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Eric A. Liepins, the firm's founding partner, 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.
Eric A. Liepins can be reached at:
Eric A. Liepins, Esq.
ERIC A. LIEPINS, P.C.
12770 Coit Road, Suite 1100
Dallas, TX 75251
Telephone: (972) 991-5591
Facsimile: (972) 991-5788
E-mail: eric@ealpc.com
About CGE Real Estate
CGE Real Estate Holdings, LLC, based in Fort Worth, TX, filed a
Chapter 11 petition (Bankr. N.D. Tex. Case No. 19-40007) on Jan. 1,
2019. In the petition signed by Russell Alan Laird, managing
member, the Debtor estimated $2,210,000 in assets and $1,569,000 in
liabilities. Eric A. Liepins, Esq., at Eric A. Liepins, P.A.,
serves as bankruptcy counsel to the Debtor.
CHILDRESS GATEWAY: Seeks to Hire Eric A. Liepins as Counsel
-----------------------------------------------------------
Childress Gateway Enterprise, Inc., seeks authority from the U.S.
Bankruptcy Court for the Eastern District of Texas to employ Eric
A. Liepins, P.C., as counsel to the Debtor.
Childress Gateway requires Eric A. Liepins to provide legal
services and represent the Debtor in relation to the Chapter 11
bankruptcy proceedings.
Eric A. Liepins will be paid at these hourly rates:
Attorneys $275
Paralegals $30-$50
Eric A. Liepins received from the Debtor a retainer in the amount
of $5,000, plus filing fee.
Eric A. Liepins will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Eric A. Liepins, a partner at Eric A. Liepins, 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.
Eric A. Liepins can be reached at:
Eric A. Liepins, Esq.
ERIC A. LIEPINS, P.C.
12770 Coit Road, Suite 1100
Dallas, TX 75251
Telephone: (972) 991-5591
Facsimile: (972) 991-5788
E-mail: eric@ealpc.com
About Childress Gateway
Childress Gateway Enterprise, Inc., is an economy hotel located in
Childress, Texas and opened in 1995. The company previously sought
bankruptcy protection on June 30, 2017 (Bankr. E.D. Tex. Case No.
17-41406).
Childress Gateway Enterprise again filed a Chapter 11 petition
(Bankr. E.D. Tex. Case No. 19-40006) on Jan. 1, 2019. In the
petition signed by Manherial Patel, president, the Debtor disclosed
$1,118,550 in assets and $2,333,275 in liabilities. Eric A.
Liepins, Esq., at Eric A. Liepins, P.A., serves as bankruptcy
counsel to the Debtor.
CROCKETT COGENERATION: S&P Lowers $295MM Sec. Notes Rating to 'B'
-----------------------------------------------------------------
S&P Global Ratings noted that Crockett Cogeneration (Crockett)
sells all of its output to utility Pacific Gas & Electric Co.
(PG&E) under a long-term power purchase agreement (PPA). S&P
lowered the ratings on PG&E on Jan. 7, 2019, following the
announcement from the board of directors that it is reviewing
PG&E's management, finances, governance and structural options. The
ratings remain on CreditWatch negative because of the souring
political and regulatory environment and our view of the limited
options that the company has to effectively manage its operating,
financial, and regulatory risks.
Given the complete reliance on PG&E for all its revenues under its
PPA, S&P is lowering its rating on Crocketts's $295 million senior
secured notes due March 30, 2025 to 'B' from 'BB-'. The rating
remains on CreditWatch with negative implications.
The CreditWatch Negative listing reflects the possibility that
further downgrades on utility PG&E will trigger a change in the
rating on the notes of Crockett.
The recovery score remains 3 (rounded estimate: 55%), but now
reflects that the most likely path to default would result from a
bankruptcy of PG&E.
California-based Crockett is a 240-megawatt natural-gas-fired
electric cogeneration plant project in Crockett, California, which
is about 25 miles east of San Francisco. Crockett is a qualifying
facility selling power to PG&E under a PPA that expires on May 26,
2026, and steam to C&H Sugar Co. Inc. under an agreement that also
expires in 2026.
The CreditWatch with negative implications listing on Crockett
mirrors the listing on PG&E. Given that the project's rating is now
capped by the senior secured rating of PG&E, further rating
declines of PG&E would likely result in lockstep reductions in the
credit rating of Crockett.
DEL MAR ENTERPRISES: Claims Reconciliation Process Delays Plan
--------------------------------------------------------------
Del Mar Enterprises Inc. asks the U.S. Bankruptcy Court for the
District of Puerto Rico for an extension of the exclusivity period
to submit its Disclosure Statement and Plan of Reorganization until
Feb. 28, 2019, as well as the deadline to procure the votes under
the plan for a term of 60 days after the order granting the
approval of the Disclosure Statement is entered.
The Debtor claims cause exists to extend the exclusivity period
because it is still in the process of reconciling the Proof of
Claim filed by CRIM and Condado 3, in order to propose an accurate
Plan of Reorganization.
The Debtor believes it will be able to submit, within the extended
period, a Disclosure Statement and Plan of Reorganization that
considers all of its financial information.
About Del Mar Enterprises
Del Mar Enterprises Inc. is a real estate company that owns in fee
simple a commercial real estate located at Aguadilla, Puerto Rico,
consisting of a two-storey commercial building with an appraised
value of $1 million. The company also owns a lot of land located
at Barrio Borinquen Aguadilla, Puerto Rico having an appraised
value of $100,000. Del Mar Enterprises previously filed for
bankruptcy protection on April 9, 2013 (Bankr. D.P.R. Case No.
13-02735).
Del Mar Enterprises sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 18-05767) on Oct. 1,
2018.
In the petition signed by Edgardo L. Delgado Colon, president, the
Debtor disclosed $1,102,823 in assets and $2,166,875 in
liabilities. Judge Mildred Caban Flores oversees the case. The
Debtor tapped C. Conde & Assoc. as its legal counsel.
DELTA FARM: Seeks Additional 60-Day Exclusivity Periods Extension
-----------------------------------------------------------------
Delta Farm Services, LLC requests the U.S. Bankruptcy Court for the
Northern District of Mississippi for an additional 60 days
extension of the period within which to file its Disclosure
Statement and Plan, and a similar extension to obtain Plan
confirmation, and for the same extensions of its periods of
exclusivity.
The Debtor is required to file its Disclosure Statement and Plan of
Reorganization on or before Jan. 7, 2019. The Debtor contends that,
together with its counsel, they have diligently attempted to gather
the information necessary to complete these documents and file them
in a timely manner. However, because of the extent of the
information involved, they have not been able to do so.
In addition, the Debtor claims that the recovery to be had by
creditors is largely dependent upon the outcome of a litigation
that is yet to be filed against a third party. The Debtor asserts
that the damages claimed in that litigation, and calculation
thereof, are complex and complicated and have not yet been
finalized.
As a result of these ongoing reviews, the Debtor has preliminarily
formulated a Disclosure Statement and Plan of Reorganization, but
they are not in the final form as of Jan. 7. 2019. Accordingly, the
Debtor requests an additional 60 days from the date of an Order
granting its Motion, within which to file its Disclosure Statement
and Plan of Reorganization.
About Delta Farm Services
Delta Farm Services, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. D. Miss. Case No. 18-12668) on July 11, 2018, listing
$100,001 to $500,000 in assets and $1 million to $10 million in
liabilities. Judge Jason D. Woodard presides over the case. The
Debtor hired the Law Offices of Craig M. Geno, PLLC.
DGS REALTY: Cash Collateral Use Through March 31 Okayed
-------------------------------------------------------
The Hon. Bruce A. Harwood of the U.S. Bankruptcy Court for the
District of New Hampshire has entered an order on the fifth motion
authorizing DGS Realty, LLC's use of the cash collateral of Ocwen
Loan Servicing, LLC.
The Debtor is permitted to use and expend the proceeds of cash
collateral to pay the costs and expenses incurred in the ordinary
course of its business during the period from Jan. 1, 2019 through
March 31, 2019, or the date on which the Court enters an order
revoking Debtor's right to use cash collateral in accordance with
the budget.
The Cash Flow Projection provides total cash payout of $10,406 per
month during the period of Jan. 1 through March 31, 2019
Ocwen is granted a postpetition replacement lien and security
interest in all postpetition property of the estate of the same
type against which Ocwen held validly perfected and not avoidable
liens and security interests as of the Petition Date, and the cash
proceeds thereof, to the extent that such a lien or security
interest is not otherwise extended under Section 552(b)(2). The
replacement lien will maintain the same priority, validity and
enforceability as such liens on the cash collateral, but will be
recognized only to the extent of any diminution in the value of the
collateral resulting from the use of cash collateral pursuant to
the Order.
In addition, the Debtor is expected to:
(a) timely file monthly operating reports during this case
through the Court's electronic filing system and provide Ocwen with
a copy.
(b) pay Ocwen its monthly mortgage payment of $6,745.55, each
month. These payments will be the normal mortgage payments and
loan payments going forward, which will continue pending further
order of the Court.
(c) provide Ocwen or its authorized agents with access to the
Properties for the purposes of physically inspecting or appraising
the same upon Ocwen's reasonable notice and request therefore and a
copy of the appraisal will be provided to DGS Realty.
A hearing on the Debtor's Further Use of Cash Collateral will be
held on March 27, 2019 at 1:30 p.m. The Debtor is directed to file
and serve a motion requesting such use by March 13. Deadline for
objections to said Motion is March 20.
A full-text copy of the Order is available at
http://bankrupt.com/misc/nhb18-10024-80.pdf
About DGS Realty
Based in Concord, New Hampshire, DGS Realty, LLC, is a real estate
limited liability company. Formed around May 10, 2017, the company
is owned by David H. Booth, Manager, Stephen W. Booth, and Gregory
A. Booth, each having a 1/3 interest. The company is an affiliate
of Walter H. Booth Clause 4 Trust, which sought bankruptcy
protection (Bankr. D.N.H. Case No. 16-11598) on Nov. 16, 2016.
DGS Realty filed a Chapter 11 petition (Bankr. D.N.H. Case No.
18-10024) on Jan. 11, 2018. In the petition signed by David H.
Booth, the manager, the Debtor estimated assets and debts between
$1 million and $10 million. Representing the Debtor is Eleanor Wm
Dahar, Esq., at Victor W. Dahar Professional Association.
DON FRAME TRUCKING: Seeks to Hire Rose M. Crino as Accountant
-------------------------------------------------------------
Don Frame Trucking, Inc., seeks authority from the U.S. Bankruptcy
Court for the Western District of New York to employ Rose M. Crino
CPA, PC, as accountant to the Debtor.
Don Frame Trucking requires Rose M. Crino to:
a. prepare the federal and New York State corporate tax
returns with supporting schedules;
b. prepare any bookkeeping and entries that the Firm finds
necessary in connection with preparation of the income tax
returns; and
c. prepare and post any adjusting journal entries.
Rose M. Crino will be paid at the hourly rate of $95.
Rose M. Crino will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Rose M. Crino, a partner at Rose M. Crino, CPA, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Rose M. Crino can be reached at:
Rose M. Crino
ROSE M. CRINO, CPA, PC
355 Central Ave., Suite 6
Fredonia, NY 14063
Tel: (716) 672-5400
Fax: (716) 672-5403
About Don Frame Trucking
Don Frame Trucking, Inc., is a trucking company in Fredonia, New
York specializing in the transport of dry bulk commodities,
construction and hazardous materials.
Don Frame Trucking filed a Chapter 11 petition (Bankr. W.D.N.Y.
Case No. 18-11147) on June 13, 2018. In the petition signed by
John D. Frame, vice president/treasurer, the Debtor estimated $1
million to $10 million in assets and liabilities. The Hon. Carl L.
Bucki oversees the case. Gross Shuman P.C., led by Robert J.
Feldman, serves as bankruptcy counsel to the Debtor. Woods Oviatt
Gilman LLP, is special counsel.
DRW SERVICES: Allowed to Use Byline Cash Collateral Until Feb. 28
-----------------------------------------------------------------
The Hon. Timothy A. Barnes of the U.S. Bankruptcy Court for the
Northern District of Illinois has signed a fourth interim order
authorizing DRW Services, Inc., to use cash collateral during the
period of Jan. 1 through and including Feb. 28, 2019.
The Debtor is authorized to use cash collateral to pay postpetition
expenses to third parties to the extent set forth in the budget
plus 10% for any given expense and will only be used to pay
expenses when due.
Pursuant to that certain Loan Agreement, the Debtor and RLG & Son's
LLC borrowed the principal amount of $1,100,000 from Byline Bank's
predecessor Ridgestone Bank. As security for the Loan, the Debtor
and RLG granted Byline Bank a first mortgage on the real property
known as 600 East Joe Orr Road, Chicago Heights, IL. As further
security, Debtor and RLG granted Byline Bank a lien on and security
interest in their personal property assets, including but not
limited to their equipment, inventory, rents, revenue, income,
profits and proceeds generated from the Joe Orr Property and
personal property.
In January 2017, the Joe Orr Property suffered a fire which
resulted in substantial damage to the Joe Orr Property and personal
property therein. Consequently, the Debtor received insurance
proceeds for a portion of the damage. The Debtor and RLG have since
utilized $340,081 of the Insurance Proceeds to purchase a new
facility located at 2840 W. 167th Street, Markham, IL.
Pursuant to the Order of the Court and in connection with the
purchase of the Markham Property, the Debtor and RLG executed a
Mortgage, Assignment of Rents, Security Agreement and Fixture
Filing in favor of Byline Bank.
Byline Bank is granted replacement liens, attaching to the
pre-petition collateral, but only to the extent of its prepetition
liens. In addition, the Debtor will make monthly payments to Byline
Bank in the amount of $19,613, on or before the 5th day of each
month to commence as of Jan. 5, 2019 with 9,922, which payment will
be paid from the payment reserve at Byline Bank as previously
established pursuant to the Third Interim Cash Collateral Order.
The Debtor will permit Byline Bank to inspect its books and
records, and will likewise allow site inspections, real estate
appraisals or environmental inspections of the Personal Property,
the Chicago Heights Property and the Markham Property.
The Debtor will maintain and pay premiums for insurance for the
Personal Property and the Markham Property, including insurance
from fire, theft and water damage, and will continue to list Byline
Bank as loss payee and notice party for the insurance.
The Debtor will properly maintain the Personal Property, the
Chicago Heights Property and the Markham Property in good condition
and properly manage the collateral.
The Debtor will deliver to Byline Bank such reasonable financial
and other information concerning the business and affairs of the
Debtor as Byline Bank will reasonably request from time to time. In
addition to the financial reporting, the Debtor will provide Byline
Bank with a reconciliation report of actual income and
disbursements from the prior month as compare to the Budget. The
Monthly Variance Report will be provided to Byline Bank no later
than January 21st day and February 21st, respectively.
A full-text copy of the Fourth Interim Order is available at
http://bankrupt.com/misc/ilnb18-18995-97.pdf
About DRW Services
DRW Services, Inc., filed a Chapter 11 bankruptcy petition (Bankr.
N.D. Ill. Case No. 18-18995) on July 5, 2018. The DRW Services
case is jointly administered with the case of RLG & Son's, LLC
(Case No. 18-bk-18998).
DRW estimated under $50,000 in assets and $1 million to $10 million
in liabilities.
The Debtors hired Crane Simon Clar & Dan as bankruptcy counsel;
Schoenberg Finkel Newman & Rosenberg, LLC as special counsel; and
Scott R. Wheaton & Associates as special real estate counsel.
DURO DYNE: March 6-8 Plan Confirmation Hearing
----------------------------------------------
The Bankruptcy Court issued an amended order approving the second
amended disclosure statement explaining Duro Dyne National Corp.,
et. al.'s Chapter 11 Plan
The confirmation hearing of will be held on March 6, 7, and 8, 2019
at 10:00 a.m. (ET).
Any objections to confirmation of the Plan be filed on or before
February 8, 2019 at 4:00 p.m. (ET).
About Duro Dyne National Corp.
Founded in 1952 by Milton Hinden, Duro Dyne National Corp. and its
affiliates are manufacturers of sheet metal accessories and
equipment for the heating, ventilating, and air conditioning (HVAC)
industry. In addition, they also engage in the research and
development of HVAC products. Duro Dyne National Corp. is a
holding company whose primary asset is all of the issued and
outstanding capital stock of the other Debtors. Duro Dyne is owned
by members of the Hinden family and various trusts for the benefit
of Hinden family members.
Duro Dyne National and its affiliates sought Chapter 11 protection
(Bankr. D.N.J. Lead Case No. 18-27963) on Sept. 7, 2018. In the
petition signed by CEO Randall Hinden, Duro Dyne National estimated
assets of $10 million to $50 million and total estimated debt of
$10 million to $50 million.
The Hon. Michael B. Kaplan is the case judge.
Lowenstein Sandler LLP, led by Kenneth A. Rosen, and Jeffrey D.
Prol, serves as counsel to the Debtors. Getzler Henrich &
Associates LLC, is the financial advisor.
On Oct. 17, 2018, Lawrence Fitzpatrick was appointed as
representative for future asbestos claimants. Mr. Fitzpatrick
tapped Young Conaway Stargatt & Taylor, LLP as his legal counsel.
EYEPOINT PHARMACEUTICALS: Expects to Launch DEXYCUTM in 1Q 2019
---------------------------------------------------------------
EyePoint Pharmaceuticals provided a 2019 commercial update.
"EyePoint has made significant progress in building its commercial
infrastructure in preparation for two ophthalmic product launches
in the near-term," said Nancy Lurker, president and chief executive
officer of EyePoint Pharmaceuticals. "As a result of the diligence
with which our team has worked to execute on commercial
manufacturing scale-up, communicate with payors, build our
distribution network and our hub for patient and physician support,
I am pleased to be able to announce that along with the launch of
YUTIQTM in the first quarter of calendar 2019, we also now
anticipate launching DEXYCUTM in the first quarter of calendar
2019, earlier than initially expected. We are excited to be able
to commercialize both of these innovative ocular products and we
look forward to making a meaningful difference in the established
treatment paradigms for cataract surgery and posterior uveitis,
which are both areas of high unmet medical need."
Key Commercial Updates
* EyePoint expects to launch DEXYCU (dexamethasone intraocular
suspension) 9% in the first quarter of calendar 2019.
DEXYCU, approved by the U.S. Food and Drug Administration
(FDA) on February 9, 2018, is the first and only FDA-approved
single dose, sustained release, intracameral steroid for the
treatment of postoperative inflammation. In November 2018,
the Company announced that Centers for Medicare and Medicaid
Services (CMS) had assigned a specific and permanent
reimbursement J-code through the Healthcare Common Procedure
Coding System (HCPCS) for DEXYCU. The code, J1095, became
effective on January 1, 2019, and will replace the
previously issued C-code for DEXYCU (C9034) that became
effective on October 1, 2018.
* The Company expects to launch YUTIQ (fluocinolone acetonide
intravitreal implant) 0.18 mg in the first quarter of
calendar 2019. YUTIQ was approved by the FDA on October 12,
2018, and is the first long-lasting, FDA approved micro-
insert for up to three years of continuous control in
chronic, non-infectious posterior segment uveitis, the third
leading cause of blindness in the U.S. The Company recently
presented positive YUTIQ 24-month efficacy and safety data
at the American Academy of Ophthalmology (AAO) 2018 Annual
Meeting in October, showing a significantly increased
likelihood of achieving and maintaining inflammation control
for YUTIQ compared to sham, highlighting YUTIQ's ability to
decrease the rate of uveitic recurrences.
About EyePoint Pharmaceuticals
EyePoint Pharmaceuticals, formerly pSivida Corp. --
http://www.eyepointpharma.com/-- headquartered in Watertown, MA,
is a specialty biopharmaceutical company committed to developing
and commercializing innovative ophthalmic products in indications
with high unmet medical need to help improve the lives of patients
with serious eye disorders. With the approval by the FDA on Oct.
12, 2018 of YUTIQ three-year treatment of chronic non-infectious
uveitis affecting the posterior segment of the eye, the Company has
developed five of the six FDA-approved sustained-release treatments
for eye diseases.
EyePoint Pharmaceuticals incurred a net loss of $53.17 million for
the year ended June 30, 2018, compared to a net loss of $18.48
million for the year ended June 30, 2017. As of Sept. 30, 2018,
the Company had $88.85 million in total assets, $41.15 million in
total liabilities, and $47.70 million in total stockholders'
equity.
Deloitte & Touche LLP, in Boston, Massachusetts, the Company's
auditor since 2008, issued a "going concern" qualification in its
report on the consolidated financial statements for the year ended
June 30, 2018, stating that the Company's anticipated recurring use
of cash to fund operations in combination with no probable source
of additional capital raises substantial doubt about its ability to
continue as a going concern.
FIRST FLO: Senior Debt Holders Agree to $320K Payment in New Plan
-----------------------------------------------------------------
First Flo Corporation filed a Chapter 11 plan and accompanying
disclosure statement.
As of Dec. 20, 2018, the amount owing on the Senior Debt exceeds
$5,000,000. Similarly, as of the date of Dec. 20, the amount owing
on the TruPS Securities exceeds $5,000,000. As of September 30,
2018, the reported capital of the Debtor's only subsidiary is Rocky
Mountain Bank & Trust was $5,940,000.00. The most recent valuation
obtained for the Bank was $3,905,000.
The financial position of the Bank, and thus Debtor's primary asset
the stock ownership in the Bank, is not materially different as of
Dec. 20. Without the reductions in debt which will be effectuated
by the Plan, the Debtor is unable to raise the capital needed to
grow. Confirmation of the Plan will put the Reorganized Debtor into
a position to grow the Bank in the future.
The holders of the Allowed Class 2 Claims, after extended
negotiations, have agreed to
accept $320,000 in full satisfaction of the amounts owing to such
holders under the TruPS
Documents. Moreover, the TruPS Trustees have agreed to accept
$65,000 under the Plan in
full satisfaction of amounts owing to the TruPS Trustees under the
TruPS Documents. Debtor
estimates that the Allowed Administrative Expense Claims will be
appropriately $40,000.
Thus, Debtor will seek to raise approximately $425,000 through the
Offering.
Class 1 - Senior Debt Holder Claims are impaired. The Class 1 The
Senior Debt arises out of a Loan Agreement, dated as of September
26, 2008. The Senior Debt is now unsecured but is senior in
priority to the TruPS Claims. The Claim will be Allowed in a
reduced amount of up to $3,000,000.00. Further, the amended terms
of the Senior Debt provide that it will bear non-compounded
interest at a rate of 6% per annum and the Senior Debt. The holders
of the Senior Debt will be entitled to receive from the Debtor
quarterly interest only payments on each of March 31, June 30,
September 30 and December 31.
Class 2 - TruPS Claims are impaired. The Debtor issued the TruPS
Capital Securities pursuant to the TruPS Documents. The Class 2
Claims will be an Allowed Claim in the aggregate amount owing under
the TruPS Documents, which amount exceeds $5,000,000. In full
satisfaction of the Allowed Claim of Class 2, holders of the TruPS
Capital Securities will receive its Pro Rata share of $320,000.00
in cash upon the deemed surrender of the TruPS Capital Securities
of the Plan.
Class 3 - Equity Interests are impaired. Upon the Effective Date,
in exchange for the New Capital Contribution, each Participating
Investor will retain their respective Equity Interests. The Holders
of Equity Interests shall receive no distribution under the Plan
except as provided in the connection with the Offering.
In order to fund the payments required under the Plan, existing
Equity Interest Holders will be offered the opportunity to advance
additional cash and thereby retain their prepetition Equity
Interests in Debtor.
A full-text copy of the Disclosure Statement dated December 20,
2018, is available at:
http://bankrupt.com/misc/cob18-1820937EEB-5.pdf
About First Flo
First Flo Corporation is a bank holding company that owns Rocky
Mountain Bank & Trust. First Flo sought Chapter 11 protection
(Bankr. D. Colo. Case No. 18-20937) on Dec. 20, 2018. The Debtor
disclosed total assets of $4,000,000 and liabilities of $10,065,000
as of the bankruptcy filing. The Hon. Elizabeth E. Brown is the
case judge. The Debtor tapped Shapiro Bieging Barber Otteson LLP
as its counsel.
FOOT AND ANKLE: Allowed to Use Cash Collateral Through Jan. 31
--------------------------------------------------------------
The Hon. Jacqueline Cox of the U.S. Bankruptcy Court for the
Northern District has entered a first interim order authorizing
Foot and Ankle Healthcare Center Ltd. to use the cash collateral of
Business Backer, Funding Circle, Lakeside Bank, and LG Funding to
and including Jan. 31, 2019.
Business Backer, Funding Circle, Lakeside Bank, and LG Funding are
granted replacement liens in the Debtor's Business Assets including
but not limited to all inventory and accounts receivables and
additions, accessions and replacements of those assets upon and the
proceeds received by the Debtor in those assets.
The lien and security granted to Business Backer, Funding Circle,
Lakeside Bank, and LG Funding will have the same validity,
perfection and enforceability as the pre-petition liens held by
Business Backer, Funding Circle, Lakeside Bank, and LG Funding
without any further action by the Debtor or Business Backer,
Funding Circle, Lakeside Bank, and LG Funding and without executing
or recording any financing statements, security agreements, or
other documents.
The Debtor will maintain adequate property insurance on its
Business Assets including but not limited to inventory and accounts
receivables and additions, accessions and replacements of those
assets.
The Debtor will make adequate protection payments as follows:
Business Backer $960
Funding Circle $877
Lakeside Bank $2,390
LG Funding $506
The request to use the cash collateral of Chase Bank is continued
to Jan. 3, 2019.
A full-text copy of the First Interim Order is available at
http://bankrupt.com/misc/ilnb18-34613-12.pdf
About Foot and Ankle Healthcare
Foot and Ankle Healthcare Center, Ltd., which specializes in the
medical and surgical management of foot and ankle disorders, filed
a Chapter 11 petition (Bankr. N.D. Ill. Case No. 18-34613) on Dec.
14, 2018. In the petition signed by Vadim Goshko, president, the
Debtor estimated assets and liabilities at $1 million to $10
million. The case is assigned to Judge Jacqueline P. Cox. The
Debtor is represented by Ben Schneider, Esq., of Schneider & Stone.
GROW & LEARN: Proposes to Use Wells Fargo Cash Collateral
---------------------------------------------------------
Grow & Learn with Me, LLC, d/b/a Gymboree Play & Music
Hillsborough, seeks authority from the U.S. Bankruptcy Court for
the District of New Jersey to use cash collateral in the ordinary
course of its business.
The proposed Interim Order provides, among other things that:
(a) Wells Fargo has asserted a secured claim against the
Debtor in the approximate amount of $70,000 as of the Petition
Date. The Debtor has acknowledged and agreed that Wells Fargo has
a valid and subsisting first lien and security interest in the
personal property and accounts receivable securing the Debtor's
indebtedness.
(b) The Debtor requires the immediate authority to use cash
collateral in order to continue its business operations without
interruption toward the objective of formulating an effective plan
of reorganization. The amount of cash collateral that the Debtor
sought to be used pending final order should not exceed $65,525 as
reflected in the proposed Budget for the time period from Oct. 26,
2018 through Feb. 2019.
(c) The Debtor proposes to use cash collateral to meet its
ordinary cash needs for the payment of actual expenses of the
Debtor necessary to (i) maintain and preserve its assets, (ii)
continue operation of its business, including payroll, payroll
taxes, employee expenses and insurance costs; (iii) complete
work-in-process; and (iv) purchase replacement inventory as
reflected in the cash collateral budget.
(d) To the extent Wells Fargo's cash collateral is used by
the Debtor, Wells Fargo is granted a replacement perfected security
interest in the Debtor's postpetition collateral, including the
proceeds thereof, to the extent and with the same priority that
Wells Fargo held in the Debtor's prepetition collateral.
(e) To the extent the adequate protection provided proves
insufficient to protect Wells Fargo's interest in and to the cash
collateral, Wells Fargo will have a super priority administrative
expense claim, pursuant to Section 507(b) of the Bankruptcy Code,
senior to any and all claims against the Debtor, whether in this
proceeding or in any superseding proceeding.
(f) The Debtor will provide monthly periodic accounting to
Wells Fargo setting forth cash receipts and disbursements made by
the Debtor. In addition, the Debtor will provide Wells Fargo all
other reports required by the prepetition loan documents and any
other reports reasonable required by Wells Fargo, as well as copies
of the Debtor's monthly U.S. Trustee operating reports.
(g) Upon reasonable notice by Wells Fargo, the Debtor will
permit such creditor and any of its agents reasonable and free
access to the Debtor's records and place of business to verify the
existence, condition and location of collateral in which said
creditor holds a security interest and to audit Debtor's cash
receipts and disbursements.
A full-text copy of the Proposed Interim Order is available at
http://bankrupt.com/misc/njb18-31315-40.pdf
About Grow & Learn with Me
Grow & Learn With Me, LLC, d/b/a Gymboree Play & Music
Hillsborough, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.N.J. Case No. 18-31315) on Oct. 26, 2018. At the
time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $500,000. Judge Michael B.
Kaplan presides over the case. The Debtor tapped Giordano Halleran
& Ciesla, P.C., as its general legal counsel and Hill Wallack LLP
as special counsel.
HIGHLAND CLIFFS: Hires Maltz Auctions as Real Estate Broker
-----------------------------------------------------------
Highland Cliffs, LLC, seeks authority from the U.S. Bankruptcy
Court for the Southern District of New York to employ Maltz
Auctions, Inc., as real estate broker to the Debtor.
Highland Cliffs requires Maltz Auctions to market and sell the
Debtor's real property consisting of 3 parcels of undeveloped real
property located at Saugerties, New York.
Maltz Auctions will be paid a commission of 6% of the sales price.
Richard B. Maltz, CEO of Maltz Auctions, 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.
Maltz Auctions can be reached at:
Richard B. Maltz
MALTZ AUCTIONS, INC.
39 Windsor Place
Central Islip, NY 11722
Tel: (516) 349-7022
About Highland Cliffs
Highland Cliffs, LLC, is a privately-held company based in Yonkers,
New York, engaged in activities related to real estate. Its
principal assets are located at Lamb & Skyline Drive Saugerties,
New York.
Highland Cliffs sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. N.Y. Case No. 18-22651) on May 1,
2018. In the petition signed by Thomas Conneally, managing member,
the Debtor estimated assets of less than $1 million and liabilities
of $1 million to $10 million. Judge Robert D. Drain oversees the
case. The Law Office of Michael G. McAuliffe, Esq., is the
Debtor's legal counsel.
JETSTREAM AVIATION: Allowed to Use Cash Collateral Until Oct. 31
----------------------------------------------------------------
The Hon. Joseph M. Meier of the U.S. Bankruptcy Court for the
District of Idaho authorized Jetstream Aviation, Inc., to use cash
collateral solely for the purposes and in the amounts set forth in
the budget.
The Debtor will not, without prior written consent or except as
provided in the Order, expend Cash Collateral: (a) for any purpose
other than those specified in the Budget; or (b) in amounts in
excess of the total amount of any line item in the Budget for the
period from Oct. 18, 2018 through Oct. 31, 2019. However, the
Debtor may exceed the monthly amount for a line item expense by not
more than 10% so long as the total expenditures for all budgeted
line items do not exceed the total budgeted expense set forth in
the Budget.
Subject to Cardinal Equity LLC's reservation of rights in accounts
purchased from the Debtor, secured creditors Wells Fargo, Internal
Revenue Service, Fundkite, and BFS, are each granted adequate
protection liens in all accounts inventory and proceeds which may
be acquired by the Debtor post-petition. The grant of a lien is
only to the extent of Cash Collateral used. The extent, validity,
and priority of Secured Creditors' Adequate Protection Liens will
be the same as the extent, validity and priority of its
pre-petition security interests in Debtor's property.
Cardinal Equity will be paid $5,000 per month to be applied to the
Purchase Amount under the Agreement for Purchase and Sale of Future
Receipts entered into between the Debtor and Cardinal Equity. The
Cardinal Payment, for October 2018, was made from the weekly
payment in the sum of $11,485, which was received in Cardinal
Equity's account postpetition, pursuant to an automatic debit that
was made under the Contract prior to the Debtor filing its
bankruptcy petition. The remaining $6,485 will be used to pay the
Cardinal Payment for the November 2018, and the remaining $1,485
will be applied to a portion of the Cardinal Payment for December
2018. The Debtor will pay Cardinal Equity the additional $3,515 due
in December and then commence making monthly payments of $5,000 in
accordance with the terms of the Cash Collateral Order.
A full-text copy of the Order is available at
http://bankrupt.com/misc/idb18-01346-45.pdf
About Jetstream Aviation
Jetstream Aviation, Inc.'s principle business operation is
maintenance and staffing of private jets on two locations, one in
Boise and one in Seattle. Jetstream filed a Chapter 11 petition
(Bankr. D. Idaho Case No. 18-01346) on Oct. 12, 2018. The petition
was signed by Timothy W. Griffin, president. Foley Freeman, PLLC,
led by Patrick J. Geile, serves as counsel to the Debtor.
JONES ENERGY: Promotes Thomas Hester to Chief Financial Officer
---------------------------------------------------------------
The Board of Directors of Jones Energy, Inc., has promoted Thomas
Hester, 34, an executive officer of the Company and the Company's
principal financial officer and principal accounting officer, to
the role of senior vice president and chief financial officer. Mr.
Hester has served in various finance roles for the Company since
April 2010, including most recently as the vice president of
finance. Prior to his time at the Company, Mr. Hester was an
investment banking associate in the Energy Group at Jefferies and
was an Investment Banking Analyst in the Natural Resources Group at
Bear Stearns & Co. Mr. Hester received his Bachelor of Business
Administration in Finance and Accounting from Texas Christian
University.
Also on Jan. 10, 2019, Jeff Tanner was transitioned from his role
as an executive vice president and chief operating officer, to the
non-executive role of executive vice president of Geosciences,
effective immediately.
Following Mr. Tanner's transition, the Board promoted Kirk
Goehring, 34, the Company's vice president of Strategy and an
executive officer of the Company, to the role of Senior vice
president and chief operating officer, effective immediately. Mr.
Goehring has served in various operating, corporate development,
and finance roles at the Company since September 2012. Prior to
joining the Company, Mr. Goehring was an associate at Metalmark
Capital and an Investment Banking Analyst at Greenhill & Co. and
Bear Stearns & Co. Mr. Goehring received his Bachelor of Business
Administration from the McCombs School of Business at the
University of Texas at Austin.
In connection with Mr. Tanner's transition, Mr. Tanner will receive
payment of the remainder of his annual bonus for 2018 under the
Company's 2013 Short-Term Incentive Plan, as amended and restated
May 4, 2016, $112,500, at the time provided for in the STIP, but in
no event later than March 15, 2019. In addition, as of March 10,
2019, Mr. Tanner's unvested 2018 cash award of $281,250 pursuant to
a cash award agreement under the Company's 2013 Omnibus Incentive
Plan, as amended and restated May 4, 2016, will fully vest and the
Company will pay Mr. Tanner the cash amount as provided for in the
Cash Award Agreement, but in no event later than April 15, 2019.
Following these changes, the Company's executive officers are Carl
F. Giesler, Jr., chief executive officer, Thomas Hester, senior
vice president and chief financial officer, and Kirk Goehring,
senior vice president and chief operating officer.
Executive Severance Agreements
On Jan. 14, 2019, the Company entered into Severance Agreements
with each of Mr. Hester and Mr. Goehring, to be effective Jan. 1,
2019. Unless terminated earlier in accordance with their terms,
the Severance Agreements will continue for 18 months. The
Severance Agreements provide that if an Applicable Executive is
terminated during the initial term without Cause (as defined in the
Severance Agreements) or resigns for Good Reason (as defined in the
Severance Agreements), and so long as such Applicable Executive
executes (and does not revoke) a release of claims in a form
acceptable to the Company, the Company will pay such Applicable
Executive (a) a lump sum cash payment equal to the sum of (i) his
base salary and his target bonus award under the STIP for the
fiscal year during which the termination date occurs and (ii) a pro
rata portion of his target bonus award under the STIP for the
fiscal year during which the termination occurs, based on the total
number of days in the performance period that he was employed by
the Company, and (b) if such Applicable Executive elects to receive
continued coverage under a group health plan of the Company, his
monthly premium cost for such medical, dental and vision benefits
shall be equal to the monthly premium amount paid by similarly
situated active employees of the Company for such benefits, for a
period of up to 6 months following such termination.
However, if in connection with a Change in Control (as defined in
the Severance Agreements) of the Company during the initial term of
the Severance Agreements, an Applicable Executive is offered and
accepts employment with the third-party buyer (or an affiliate of
the buyer) that provides him with a base salary, annual bonus
opportunities and duties and responsibilities that are no less than
his base salary, annual bonus opportunities and duties and
responsibilities with the Company and its affiliates immediately
prior to the Change in Control (as defined in the Severance
Agreements), such Applicable Executive will not be eligible to
receive the Severance Payment or the Health Continued Benefits.
Second Amended and Restated Employment Agreement
On Jan. 14, 2019, Jones Energy, LLC, a Texas limited liability
company and a wholly owned subsidiary of the Company, entered into
a Second Amended and Restated Employment Agreement with Mr.
Giesler, in his capacity as the Company's chief executive officer,
which amended and restated the first amended and restated
employment agreement entered into with Mr. Giesler on Sept. 24,
2018 and effective July 12, 2018 in order to align Mr. Giesler's
severance arrangements with those arrangements provided to other
executive officers in the Severance Agreements.
Pursuant to the Second Restated Employment Agreement, in the event
Mr. Giesler's employment is terminated (a) by the Company without
Cause (as defined in the Second Restated Employment Agreement), (b)
by Mr. Giesler for Good Reason (as defined in the Second Restated
Employment Agreement) or (c) as a result of the Company's
non-extension of the term of his employment, in addition to the
severance benefits to which Mr. Giesler was already entitled as set
forth in the First Restated Employment Agreement, Mr. Giesler would
also be entitled to an amount equal to one times his target bonus
for the calendar year during which his termination occurs, with
such amount paid in a single lump sum payment on the sixtieth
(60th) day following the date of termination, subject to certain
conditions. Other than the addition of the New Severance Payment,
the Second Restated Employment Agreement is substantially identical
to the First Restated Employment Agreement.
About Jones Energy
Austin, Texas-based Jones Energy, Inc. --
http://www.jonesenergy.com/-- is an independent oil and natural
gas company engaged in the development and acquisition of oil and
natural gas properties in the Anadarko basin of Oklahoma and Texas.
The Company's Chairman, Jonny Jones, founded its predecessor
company in 1988 in continuation of his family's long history in the
oil and gas business, which dates back to the 1920s.
Jones Energy reported a net loss attributable to common
shareholders of $109.4 million in 2017, a net loss attributable to
common shareholders of $45.22 million in 2016, and a net loss
attributable to common shareholders of $2.38 million in 2015. As
of Sept. 30, 2018, Jones Energy had $1.78 billion in total assets,
$1.24 billion in total liabilities, $93.45 million in series A
preferred stock, and $449.3 million in total stockholders' equity.
KENMETAL LLC: Seeks April 22 Exclusive Plan Filing Period Extension
-------------------------------------------------------------------
Kenmetal, LLC, requests the U.S. Bankruptcy Court for the Northern
District of Georgia to extend the exclusive period in which Debtor
can file a Chapter 11 plan through and including April 22, 2019,
and, likewise the time to solicit acceptance thereto through and
including June 21, 2019.
Unless extended, the Debtor's current exclusive period to file a
plan is slated to expire on Jan. 22, 2019.
The Debtor asserts cause exists for granting the requested
extension of the exclusive periods for filing a Chapter 11 plan and
soliciting acceptances thereto. The Debtor relates that since the
commencement of the case, it has worked diligently to maintain
continuity in the everyday operation of its businesses, while
simultaneously working to preserve and build the value of its
assets.
In addition, the Debtor represents that it has been working on
reviewing claims and reducing costs in an effort to formulate a
feasible plan to repay all creditors in full. Thus, cause exists to
extend the deadlines for filing a Chapter 11 plan and soliciting
acceptances thereto for an additional 90 days.
About Kenmetal LLC
Kenmetal, LLC, operates a 50-bed skilled nursing facility known as
the Kenwood Manor located at 502 West Pine Avenue, Enid, Oklahoma.
Kenmetal sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ga. Case No. 18-65903) on Sept. 21, 2018. In the
petition signed by Christopher F. Brogdon, managing member, the
Debtor estimated assets and liabilities of less than $10 million.
The Debtor tapped Theodore N. Stapleton, Esq., of Theodore N.
Stapleton, P.C., as counsel.
KOST VENTURES: Plan Filing Deadline Extended Through April 15
-------------------------------------------------------------
The Hon. Craig A. Gargotta of the U.S. Bankruptcy Court for the
Western District of Texas, at the behest of Kost Ventures I, Ltd.,
has extended the Debtor's exclusive period file a plan of
reorganization and disclosure statement to no later than April 15,
2019.
The Troubled Company Reporter has previously reported that
requested a 90 day extension of the deadline to file the plan and
disclosure statement because payments under the Agreed Judgment
will form the basis of Debtor's plan and disclosure statement.
Pursuant to the Settlement Agreement, the Debtor will make three
planned payments. The first payment of $2,000,000 occurred on Dec.
14, 2018. The second payment of $1,335,000 will be paid no later
than Feb. 12, 2019. After the second payment, an Agreed Judgment
will be entered which orders that Debtor is jointly and severally
liable to Plaintiff Young for actual damages of $733,333.33 (the
"Kost Judgment Amount"). The Debtor will begin payments of the Kost
Judgment Amount no later than March 14, 2019, payable in 60 equal
monthly installments bearing 5% simple interest from the Effective
Date with the option to make a lump sum payment equal to 90% of the
remaining principal balance plus accrued but unpaid interest. The
Debtor said that a plan and disclosure statement cannot be filed
until after the effective dates under the Settlement Agreement have
passed.
About Kost Ventures I
Kost Ventures I, Ltd., is a privately held company based in San
Antonio, Texas, engaged in activities related to real estate. The
company has mineral interests in various counties in Texas. Kost
Ventures I, Ltd. filed a voluntary petition under Chapter 11 of
title 11 of the United States Code (Bankr. W.D. Tex. Case No.
18-51711) on July 19, 2018. The petition was signed by Lou Kost,
Jr., president of Kost Ventures, Inc., general partner. At the
time of filing, the Debtor disclosed $400,308 in total assets and
$2,010,284 in total liabilities. The case is assigned to Judge
Ronald B. King. Pulman, Cappuccio & Pullen, LLP, led by Thomas
Rice, is the Debtor's counsel.
LAMAR INVESTMENT: Hires Vogler & Associates as Counsel
------------------------------------------------------
Lamar Investment Capital LLC seeks authority from the U.S.
Bankruptcy Court for the Eastern District of Missouri to employ
Vogler & Associates, LLC, as counsel to the Debtor.
Lamar Investment requires Vogler & Associates to:
a. provide the Debtor with legal advice with respect to its
powers and duties as the Debtor in the bankruptcy
proceedings;
b. prepare on behalf of the Debtor necessary applications,
motions, notices, orders, adversary proceedings and other
legal papers;
c. assist the Debtor in effectuating a Plan of Reorganization
and Disclosure Statement;
d. assist the Debtor in overseeing the Debtor's continued
operation of its business and management of its property;
e. assist the Debtor with potential sale of its interest in
its real estate;
f. advise the Debtor with respect to the possible
subordination of claims; and
g. provide other necessary legal services.
Vogler & Associates will be paid at the hourly rate of $300.
Vogler & Associates received from the Debtor advance deposit of
$2,000, from which $1,717 has been expended as filing fee, leaving
a balance of $283 held in the Firm's trust account.
Vogler & Associates will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Michael A. Kasperek, a partner at Vogler & Associates, 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.
Vogler & Associates can be reached at:
Michael A. Kasperek, Esq.
VOGLER & ASSOCIATES LLC
11756 Borman Drive, Suite 200
St. Louis, MO 63146
Tel: (314) 567-7970
Fax: (315) 567-5053
E-mail: voglaw@earthlink.net
About LaMar Investment Capital
LaMar Investment Capital LLC is a privately-held investment company
whose principal assets are located at 2642 Nike Base Road,
Catawissa and Hogan Road, Pacific Missouri.
LaMar Investment Capital sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mo. Case No. 18-47837) on Dec. 13,
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 is assigned to Judge Kathy A. Surratt-States.
The Debtor tapped Michael A. Kasperek, Esq., at Vogler &
Associates, LLC, as its legal counsel.
LOCKWOOD HOLDINGS: Feb. 5 Disclosure Statement Hearing
------------------------------------------------------
A combined hearing on final approval of the Disclosure Statement
and confirmation of the Compromise Joint Chapter 11 Plan of
Lockwood Holdings, Inc., et al., is set for Feb. 5, 2019, at 2:30
p.m. before the Honorable David R. Jones, U.S. Bankruptcy Judge in
the U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, 515 Rusk Avenue, 4th Floor, Houston, Texas
77002.
Objections, if any, to confirmation of the Plan so as to be
actually received no later than 5:00 p.m., prevailing Central Time
on Jan. 28. Jan. 25 is set as the deadline by which all ballots
accepting or rejecting the Plan be must be actually received by the
Debtors’ voting and tabulation agent, Omni Management Group,
Inc.
Any replies to timely filed objections to confirmation of the Plan
must be filed by Feb. 1.
The Plan constitutes a compromise and settlement among the Debtors,
the Committee, and the Prepetition Lenders: the Estate's claims
asserted in the Second Galveston Action and the Committee
Litigation will be settled and dismissed with prejudice, the
Prepetition Lenders will contribute $2.8 million to pay
administrative expense claims; a Creditor Trust will be formed for
the benefit of holders of Allowed General Unsecured Claims and the
Prepetition Lenders' Deficiency Claims; and the proceeds of the
various asset sales approved by the Bankruptcy Court will be turned
over to the Prepetition Lenders.
Except to the extent that a holder of an Allowed General Unsecured
Claim against a Debtor agrees to a different treatment, each holder
of an Allowed General Unsecured Claim shall receive a Class B
Interest in the Creditor Trust and thereafter receive Cash
distributions from the Creditor Trust. Distributions to holders of
Allowed General Unsecured Claims who receive a Class B Interest
shall be on a Pro Rata basis with all other Class B Interest
holders. Proceeds of the Creditor Trust shall be split 50/50
between the holders of Class A Interests and the holders of Class B
Interests. Holders of General Unsecured Claims are impaired under
the Plan and entitled to vote thereon. The general unsecured claims
are approximately at $40-50 million.
A full-text copy of the Disclosure Statement, dated December 13,
2018, is available at:
http://bankrupt.com/misc/txsb18-30197-792.pdf
The Debtor is represented by:
Jason S. Brookner, Esq.
GRAY REED & McGRAW LLP
1300 Post Oak Blvd., Suite 2000
Houston, TX 77056
Tel.: (713) 986-7000
Fax: (713) 986-7100
Email: jbrookner@grayreed.com
-- and --
Micheal W. Bishop, Esq.
Amber M. Carson, Esq.
1601 Elm Street, Suite 4600
Dallas, TX 75201
Tel.: (214) 954-4135
Fax: (214) 953-1332
Emails: mbishop@grayreed.com
acarson@grayreed.com
About Lockwood Holdings
Lockwood Holdings, Inc. -- https://www.lockwoodint.com/ -- is a
privately-owned company headquartered in Houston, Texas, that
offers carbon steel pipe, carbon steel fittings & flanges,
stainless steel pipe, stainless steel fittings & flanges, valves,
valve automation, and engineered products. The company also
provides services from MRO (maintenance, repair and operations) to
large-scale projects, including design, engineering, automation,
production, QA/QC, documentation, inspection, expedition and field
service. Other in-house capabilities include light manufacturing
and machining, modification, repair and NDE testing.
Lockwood Holdings, Inc., sought Chapter 11 protection (Bankr. S.D.
Tex. Case No. 18-30197) on Jan. 18, 2018. Its affiliates LH
Aviation, LLC (Case No. 18-30198) and Piping Components, Inc. (Case
No. 18-30199) filed voluntary petitions for relief under Chapter 11
of the Bankruptcy Code on Jan. 24, 2018.
The cases are jointly administered and are pending before Judge
David R Jones.
In the petitions signed by CEO Michael F. Lockwood, Lockwood
Holdings estimated assets in the range of $10 million to $50
million and $50 million to $100 million in debt. LH Aviation and
Piping Components estimated their assets in the range of $0 to
$50,000 and $50 million to $100 million in debt.
The Debtors tapped Jason S. Brookner, Esq., at Gray Reed & McGraw
LLP as counsel, and Spagnoletti & Co. as their special litigation
counsel. Imperial Capital, LLC, is the Debtors' investment banker;
and jetAVIVA, LLC, is the aircraft broker. The Court appointed
Keen-Summit Capital Partners, LLC as the Debtors' real estate
broker, and Imperial Capital, LLC as their investment banker.
The U.S. Trustee appointed an official committee of unsecured
creditors. The Committee tapped McKool Smith, P.C., as its legal
counsel, and Stout Risius Ross, LLC, as financial advisor.
LODESTONE OPERATING: Substitution of Counsel Delays Plan
--------------------------------------------------------
Lodestone Operating, Inc. requests the U.S. Bankruptcy Court for
the Southern District of Texas to extend exclusivity deadline to
formulate and file a plan of reorganization through and including
March 13, 2019.
The Debtor's current exclusivity deadline is slated to expire on
Jan. 12, 2019, if not extended by motion filed prior to said date.
The Debtor's counsel has given notice to Debtor's representative
that she will be filing a motion to withdraw from the case.
Accordingly, the Debtor's representative will be asking an attorney
to substitute into the case.
As a courtesy to substitute counsel and the court, the Debtor
submits exclusivity deadline needs to be extended. The Debtor
believes March 13, 2019, is a reasonable deadline for substitute
counsel to get familiar with the case and be able to formulate and
file a plan of reorganization. The Debtor claims this is the first
request for extension.
About Lodestone Operating Inc.
Lodestone Operating, Inc., is a privately-held company in Houston,
Texas engaged in oil and gas production.
Lodestone Operating sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 18-33932) on July 16,
2018. In the petition signed by David M. Reavis, president, the
Debtor estimated assets of $1 million to $10 million and
liabilities of $1 million to $10 million.
Judge Eduardo V. Rodriguez presides over the case.
MARINER CHIROPRACTIC: Seeks to Hire David Carl Hill as Counsel
--------------------------------------------------------------
Mariner Chiropractic seeks authority from the U.S. Bankruptcy Court
for the Western District of Washington to employ the Law Office of
David Carl Hill as counsel to the Debtor.
Mariner Chiropractic requires David Carl Hill to:
a) represent the Debtor in the Chapter 11 case and to advise
the Debtor as to its rights, duties and powers as debtor in
possession;
b) prepare and file all necessary statements, schedules, and
other documents and to negotiate and prepare one or more
plans of reorganization for the Debtor;
c) represent the Debtor at all hearings, meeting of creditors,
conferences, trials, and other proceedings in this case;
and
d) perform such other legal services as may be necessary in
connection with this case.
David Carl Hill will be paid at these hourly rates:
Attorneys $275 to $330
Legal Assistants $90
David Carl Hill will be paid a retainer in the amount of $5,000
including the $1,717 filing fee.
David Carl Hill will also be reimbursed for reasonable
out-of-pocket expenses incurred.
David Carl Hill, Esq., the firm's founding partner, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
David Carl Hill can be reached at:
David Carl Hill, Esq.
LAW OFFICE OF DAVID CARL HILL
2472 Bethel Road SE, Suite A
Port Orchard, WA 98366
Tel: (360) 876-5015
About Mariner Chiropractic
Mariner Chiropractic sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Wash. Case No. 18-14392) on Nov. 15,
2018. At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of the same range. The case is
assigned to Judge Christopher M. Alston. The Law Office of David
Carl Hill is the Debtor's counsel.
MEEKER NORTH: Feb. 19 Plan Confirmation Hearing
-----------------------------------------------
The Disclosure Statement explaining Meeker North Dawson Nursing,
LLC's Chapter 11 Plan is approved.
Feb. 19, 2019 at 2:00 p.m., Eastern Time, is fixed as the time for
the hearing on confirmation of the Plan. The hearing will be held
in Courtroom 1402, United States Courthouse, 75 Ted Turner Drive,
S.W., Atlanta, Georgia 30303.
Feb. 12 is fixed as the last day for filing and serving written
objections to confirmation of the Plan.
About Meeker North Dawson Nursing
Meeker North Dawson Nursing, LLC, sought protection under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 18-56883) on
April 24, 2018. In the petition signed by Christopher F. Brogdon,
managing member, the Debtor estimated assets of less than $50,000
and liabilities of less than $1 million.
Theodore N. Stapleton P.C. serves as its legal counsel; and Synergy
Healthcare Resources, LLC, as its financial advisor.
Daniel M. McDermott, the U.S. Trustee for Region 21, appoints
William J. Whited as the patient care ombudsman in the Chapter 11
case of Meeker North Dawson Nursing, LLC.
MID-ATLANTIC ENERGY: Feb. 7 Confirmation Hearing on LaraLynn Plan
-----------------------------------------------------------------
The Disclosure Statement explaining the Chapter 11 plan of LaraLynn
L.P., an affiliate of Debtor Mid-Atlantic Energy Concepts, Inc., is
approved.
The hearing on confirmation of the LaraLynn Debtor's Plan will be
held in the United States Bankruptcy Court, The Madison Building,
400 Washington Street, Reading, PA 19601, Courtroom No. 1, on Feb.
7, 2019, at 11:00 a.m. Jan. 31 is set as the last date by which
ballots must be received in order to be considered as acceptances
or rejections of the Plans. Jan. 31 is fixed as the date on or
before which any written objection to confirmation of the Plan are
required to have been filed with the Court.
LaraLynn is a Pennsylvania limited partnership formed in 2005,
which owns the 6,350 square foot commercial office/warehouse
building located on approximately 1.78 acre site at 129 Excelsior
Drive ( the "Property"). The Property is the Debtor's only asset.
Brendon Field is the General Partner and owns a 2% interest in the
Debtor. There are two limited partners of the Debtor, Claudia L.
Field who owns a 49% interest and Samantha L. Field.
Each Holder of such Allowed General Unsecured Claim under the plan
will receive a Pro-Rata share of $25,000 as follows:
(i) within sixty (60) days after the later of (A) the Effective
Date, (B) the date on which such General Unsecured Claim against
the Debtor becomes an Allowed General Unsecured Claim, or (C) such
other date as may be ordered by the Bankruptcy Court a pro rata
share of $5,000;
(ii) within one year after the later date of the (i) Effective
Date
or (ii) the date on which the Claim becomes an Allowed Claim, a
Pro-Rata share of $5,000;
(iii) within two years after the later date of the (i) Effective
Date or (ii) the date on which the Claim becomes an Allowed Claim,
a Pro-Rata share of $5,000;
(iv) within three years after the later date of the (i) Effective
Date or (ii) the date on which the Claim becomes an Allowed Claim,
a Pro-Rata share of $5,000; and
(v) within four years after the later date of the (i) Effective
Date or (ii) the date on which the Claim becomes an Allowed Claim,
a Pro-Rata share of $5,000.
The Plan contemplates that the Reorganized Debtor will generate net
operating income following the Effective Date, which will be
sufficient to enable the Debtor to (a) pay the monthly installments
due the Holder of Class 1 real estate tax claims, (b) pay the
monthly installments due Santander, (c) pay the projected
installments to unsecured creditors, (d) pay operating expenses and
(e) pay any remaining principal balance due Santander plus accrued
interest on or before the Santander Maturity Date.
A copy of the Disclosure Statement is available for free at:
http://bankrupt.com/misc/paeb18-14790-133.pdf
About Mid-Atlantic Energy Concepts
Founded in 1994, Mid-Atlantic Energy Concepts, Inc.
--https://www.atlanticenergyconcepts.com/ -- is a privately held
company specializing in turn-key lighting retrofits, taking full
responsibility for all aspects of the project from site survey
through project closeout. The company has performed lighting
retrofits on over a thousand projects in both the public and
private sectors, including federal, state and local government,
hospitals, universities, school districts, office buildings, retail
and commercial/industrial spaces.
Mid-Atlantic Energy Concepts sought Chapter 11 protection (Bankr.
E.D. Pa. Case No. 18-14790) on July 20, 2018. Judge Richard E.
Fehling is assigned to the case. In the petition signed by Kenneth
Field, president, the Debtor estimated assets and liabilities in
the range of $1 million to $10 million. The Debtor tapped Aris J.
Karalis, Esq., and Robert W. Seitzer, Esq., at Karalis PC, as
counsel.
An Official Unsecured Creditors Committee has not been appointed by
the United States Trustee.
NASHVILLE PHARMACY: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of Nashville Pharmacy Services, LLC as of Jan.
11, according to a court docket.
About Nashville Pharmacy Services
Nashville Pharmacy Services, LLC operates NPS Pharmacy, a pharmacy
specializing in HIV and AIDS-related medicine.
Nashville Pharmacy Services sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 18-08144) on Dec.
8, 2018. At the time of the filing, the Debtor estimated assets of
$10 million to $50 million and liabilities of the same range. The
case has been assigned to Judge Marian F. Harrison. The Debtor
tapped Bass, Berry & Sims PLC as its bankruptcy counsel, and Waller
Lansden Dortch & Davis, LLP as its special counsel.
NNN 400: Secured Creditor Proposes Chapter 11 Plan
--------------------------------------------------
Little Rock - 400 West Capitol Trust, a Delaware statutory trust
and assignee of the claims of Wells Fargo Bank, N.A., filed a first
plan of reorganization and accompanying disclosure statement for
NNN 400 Capitol Center 16 LLC, et al.
The Debtors have filed an adversary proceeding against Little Rock
and other defendants, as well as an objection to the Secured
Creditor's Claim seeking to have the Bankruptcy Court determine
exactly what amount the Debtors owe to Little Rock.
On the Effective Date, the undisputed portion of the Secured
Creditor's Claim, consisting
of: (x) unpaid principal in the amount of $30,060,292.79; (y)
unpaid non-default rate interest in the amount of $4,456,238.00,
from the Petition Date to December 7, 2018 and (z) additional
non-default rate interest accruing at the per diem rate of
$5,193.75 from December 8, 2018 until the Effective Date; will be
paid in full. The disputed portion of the Secured Creditor's
Secured Claim, consisting of: (u) default rate interest in the
amount of $2,767,206.90 from the Petition Date to December 7, 2018;
(v) additional default rate interest at the per diem rate of
$3,340.03 from December 8, 2018 until the disputed portion of the
Secured Creditor's Secured Claim is paid in full; (w) expenses in
the amount of $740,742.64 as of December 7, 2018; (x) late charges
in the amount of $1,208,848.86; (y) accrued attorneys' fees (as of
November 30, 2018) in the amount of
$961,104.50; and (z) additional attorneys' fees and expenses
incurred from December 1, 2018, and December 8, 2018, respectively,
until resolution or conclusion of the Lender Adversary Proceeding.
The balance of the Secured Creditor's Claim will be placed in the
Secured Claim Disputed Reserve pending the outcome of the Objection
to Little Rock - 400 West Capitol Trust's Claim.
Once the Objection to Little Rock's Claim: (i) has been adjudicated
and a Final Order has been entered in connection thereto or (ii)
has been settled or otherwise resolved by the parties, the balance
of the funds contained therein will revert: (i) to Little Rock if
the Objection to Little Rock-400 West Capitol Trust's Claim is
denied; (ii) to the Debtors if the Objection to Little Rock-400
West Capitol Trust's Claim is sustained; or (iii) to the party or
parties in accordance with any settlement or agreement which
resolves the Objection to Little Rock's Claim.
General Unsecured Claims, classified in Class 3, total
approximately $800,000. Class 3 is unimpaired under the Plan and
is conclusively presumed to have accepted the Plan and, therefore,
Holders of Allowed Claims in Class 3 are not entitled to vote to
accept or reject the Plan. On the occurrence of the Effective
Date, the Plan Administrator will pay to Holders of Allowed Class 3
Claims the principal amount of such Allowed Class 3 Claims,
together with interest from the Petition Date at the Federal
Judgment Rate. Such payments shall be in full and complete
satisfaction of all Claims of each respective Holder of a Class 3
Claim.
To effectuate the payment of creditors under the Plan, the Secured
Creditor and/or the Plan Administrator will cause the Property to
be sold. The Secured Creditor and/or the Plan Administrator will
start marketing the Property upon entry of a Final Order confirming
the Plan.
A full-text copy of the Disclosure Statement dated December 20,
2018, is available at:
http://bankrupt.com/misc/deb18-1612728KG-345.pdf
Counsel to the Secured Creditor:
Lawrence J. Kotler, Esq.
Sommer L. Ross, Esq.
DUANE MORRIS LLP
222 Delaware Avenue, Suite 1600
Wilmington, DE 19801-1659
Telephone: (302) 657-4900
Facsimile: (302) 657-4901
Email: ljkotler@duanemorris.com
slross@duanemorris.com
-- and --
Meagen Leary, Esq.
DUANE MORRIS LLP
Spear Tower One Market Plaza, Suite 2200
San Francisco, CA 94105-1127
Phone: (415) 957-3230
Fax: (415) 520-0291
Email: meleary@duanemorris.com
-- and --
Paul E. Chronis, Esq.
DUANE MORRIS LLP
190 South LaSalle Street, Suite 3700
Chicago, IL 60603-3433
Phone: (312) 499-6765
Fax: (312) 577-0728
Email: pechronis@duanemorris.com
About NNN 400 Capitol Center 16
NNN 400 Capitol Center 16, LLC and 23 of its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Lead Case No. 16-12728) on December 9, 2016. The petitions were
signed by Charles D. Laird & Peggy Laird on behalf of Charles D.
Laird and Peggy Laird Revocable Trust dated April 21, 1999,
member.
On June 5, 2017, NNN 400 Capitol Center, LLC and seven other
affiliates of NNN 400 Capitol Center 16 filed Chapter 11 petitions.
The cases are jointly administered under Case No. 16-12728.
The cases are assigned to Judge Kevin Gross.
Whiteford, Taylor & Preston, LLC, is the Debtors' bankruptcy
counsel while Rubin and Rubin, P.A. serves as their special
counsel.
At the time of filing, NNN 400 Capitol Center 16, NNN 400 Capitol
Center 10 and NNN 400 Capitol Center 11 estimated both assets and
liabilities at $10 million to $50 million each.
OMEROS CORP: Expects to Report $22 Million Q4 OMIDRIA Revenue
-------------------------------------------------------------
Omeros Corporation reported unaudited preliminary revenue results
for the fourth quarter ended Dec. 31, 2018.
* Omeros' preliminary (unaudited) total and OMIDRIA
(phenylephrine and ketorolac intraocular solution) 1% / 0.3%
revenues for the fourth quarter of 2018 are expected to be a
record high at approximately $22.0 million compared to $4.6
million in 3Q 2018 and $13.8 million in the prior year fourth
quarter. The increase from the prior periods reflects strong
demand for OMIDRIA from ambulatory surgery centers (ASCs) and
hospitals following reinstatement of pass-through
reimbursement for OMIDRIA on Oct. 1, 2018.
* As of Dec. 31, 2018, days of wholesaler inventory on hand
were consistent with historical norms.
* Increased utilization within commercial insurance and
Veterans Health Administration systems contributed to the
increased revenues.
* Units sold by wholesalers to ASCs and to hospitals (sell-
through) as well as the number of purchasing hospital
accounts for the fourth quarter 2018 each also represent a
record high.
* Annualized run rate of weekly net sales in December was
approximately $100 million.
Consistent with Omeros' strategy, growing revenues from OMIDRIA are
increasingly funding the progress across the company's pipeline,
including the advancement of its OMS721 Phase 3 program in
hematopoietic stem cell transplant-associated thrombotic
microangiopathy (HSCT-TMA). As reflected in an update recently
submitted to clinicaltrials.gov, Omeros plans to keep the ongoing
HSCT-TMA registration trial open through the submission, filing and
review of the Biologics License Application (BLA) and the Marketing
Authorization Application (MAA) in the U.S. and Europe,
respectively, to collect additional data. These data are expected
to help provide healthcare professionals and payers with additional
supporting information on the clinical use and value of OMS721 once
approved. The update submitted by Omeros to clinicaltrials.gov has
no effect on the overall timing, content or requirements of the
OMS721 HSCT-TMA program, including the BLA and MAA, and the program
remains on track.
"We are very pleased that demand for OMIDRIA, in its first quarter
of restored separate payment, has not only returned quickly to the
levels experienced prior to the expiration of pass-through
reimbursement but that quarterly revenue and sell-through results
are already setting new high-water marks," said Gregory A.
Demopulos, M.D., Omeros' chairman and chief executive officer. "We
are also encouraged by the expanding coverage seen by commercial
and Medicare Advantage payers and, with the addition of
OMIDRIA to its national formulary, by the VA. All of these data
underscore the importance both of improved outcomes with OMIDRIA
and of separate payment to ensuring patient access to the drug's
benefits. As expected, revenues from sales of OMIDRIA ramped up
throughout the fourth quarter, and we look forward to continued
revenue growth in 2019 as we prepare to commercialize OMS721 for
the treatment of stem cell transplant-associated TMA."
Omeros has released OMIDRIA fourth-quarter preliminary revenues for
the purpose of providing transparency in the unique setting of
reinstatement of pass-through status and does not currently intend
in the future to make public preliminary sales revenues on a
routine basis. The company expects to release complete
fourth-quarter and full-year 2018 financial results and to host a
conference call by March 1, 2019.
About Omeros Corporation
Omeros Corporation -- http://www.omeros.com/-- is a
commercial-stage biopharmaceutical company committed to
discovering, developing and commercializing small-molecule and
protein therapeutics for large-market as well as orphan indications
targeting inflammation, complement-mediated diseases and disorders
of the central nervous system. The Company's drug product OMIDRIA
(phenylephrine and ketorolac intraocular solution) 1% / 0.3% is
marketed for use during cataract surgery or intraocular lens (IOL)
replacement to maintain pupil size by preventing intraoperative
miosis (pupil constriction) and to reduce postoperative ocular
pain. In the European Union, the European Commission has approved
OMIDRIA for use in cataract surgery and other IOL replacement
procedures to maintain mydriasis (pupil dilation), prevent miosis
(pupil constriction), and to reduce postoperative eye pain. Omeros
has multiple Phase 3 and Phase 2 clinical-stage development
programs focused on: complement-associated thrombotic
microangiopathies; complement-mediated glomerulonephropathies;
Huntington's disease and cognitive impairment; and addictive and
compulsive disorders. In addition, Omeros has a diverse group of
preclinical programs and a proprietary G protein-coupled receptor
(GPCR) platform through which it controls 54 new GPCR drug targets
and corresponding compounds, a number of which are in pre-clinical
development. The company also exclusively possesses a novel
antibody-generating platform. The Company is headquartered in
Seattle, Washington.
OMEROS incurred a net loss of $53.48 million for the year ended
Dec. 31, 2017, compared to a net loss of $66.74 million for the
year ended Dec. 31, 2016. As of Sept. 30, 2018, the Company had
$75.61 million in total assets, $24.58 million in total current
liabilities, $131.69 million in notes payable and lease financing
obligations, $8.32 million in deferred rent, and a total
shareholders' deficit of $88.99 million.
Ernst & Young LLP, in Seattle, Washington, 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 suffered
recurring losses from operations and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.
ONE WAY LOANS: Hires SulmeyerKupetz as Bankruptcy Counsel
---------------------------------------------------------
One Way Loans, LLC, d/b/a Powerlend, seeks authority from the U.S.
Bankruptcy Court for the Central District of California to employ
SulmeyerKupetz, A Professional Corporation, as bankruptcy counsel
to the Debtor.
One Way Loans requires SulmeyerKupetz to:
(a) prepare the bankruptcy schedules and statement of affairs;
(b) comply with the U.S. Trustee requirements, including the
preparation of the 7-day package and representation at
341(a) meetings of creditors;
(c) examine claims of creditors in order to determine their
Validity;
(d) give advice and counsel to the Debtor in connection with
legal issues, including, but not necessarily limited to,
the use, sale or lease of property of the estate, use of
cash collateral, postpetition financing, relief from
the automatic stay, special treatment of creditors,
payment of prepetition obligations, the rejection or
assumption of leases, and related matters;
(e) negotiate with creditors holding secured and unsecured
Claims;
(f) prepare and present a plan of reorganization and
disclosure statement;
(g) object to claims as may be appropriate;
(h) review, analyze, research, and prepare documents,
correspondence, and other communications with regard to
the matters related in the bankruptcy proceedings; and
(i) act as counsel on behalf of the Debtor in any and all
bankruptcy law and related matters which may arise in the
course of the bankruptcy case.
SulmeyerKupetz will be paid at these hourly rates:
Attorneys $425 to $675
Paraprofessionals $210 to $225
Prior to the Petition Date, the Debtor paid SulmeyerKupetz a
retainer in the amount of $51,000 as an advance for fees and costs
incurred as of the commencement of the Debtor's chapter 11 case,
with the unused balance remaining to constitute an advance against
fees and costs incurred after the commencement of the case.
SulmeyerKupetz applied $42,182 of the Retainer to fees and costs
incurred in the Firm's representation of the Debtor prepetition. As
a result, as of the commencement of the case, the Firm's unused
prepetition Retainer balance remaining was $8,818, held in a trust
account maintained by SulmeyerKupetz.
SulmeyerKupetz will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David S. Kupetz, a partner at SulmeyerKupetz, 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.
SulmeyerKupetz can be reached at:
David S. Kupetz, Esq.
Asa S. Hami , Esq.
Claire K. Wu, Esq.
SULMEYERKUPETZ
A PROFESSIONAL CORPORATION
333 South Grand Ave., Suite 3400
Los Angeles, CA 90071-1406
Tel: (213) 626-2311
Fax: (213) 629.4520
E-mail: dkupetz@sulmeyerlaw.com
ahami@sulmeyerlaw.com
ckwu@sulmeyerlaw.com
About One Way Loans
Based in Culver City, CA, One Way Loans, LLC, doing business as
PowerLend, operates an online subprime small-loan consumer finance
business in the State of California. It funded over 1,000 consumer
loans in excess of $2,800,000 during its first few months
operations in 2018. It also currently services approximately
$1,900,000 of delinquent loans.
One Way Loans filed a Chapter 11 petition (Bankr. C.D. Cal. Case
No. 18-24572) on Dec. 17, 2018. In the petition signed by CEO
David Redlener, the Debtor estimated $1 million to $10 million in
assets and liabilities. The Hon. Sandra R. Klein oversees the
case. David S. Kupetz, Esq., at SulmeyerKupetz, serves as
bankruptcy counsel to the Debtor.
PANOCHE ENERGY: S&P Lowers Bond Rating to 'B', On Watch Negative
----------------------------------------------------------------
S&P Global Ratings noted that California-based power project
Panoche Energy Center LLC (PEC) sells all of its output to utility
Pacific Gas & Electric Co. (PG&E) under a long-term power purchase
agreement (PPA). S&P lowered the ratings on PG&E on Jan. 7, 2019,
following the
announcement from the board of directors that it is reviewing
PG&E's management, finances, governance and structural options. The
PG&E ratings remain on CreditWatch with negative implications
because of the souring political and regulatory environment and
S&P's view of the limited options that the company has to
effectively manage its operating, financial, and
regulatory risks.
Given the complete reliance on PG&E for all its revenues under its
power contract, S&P is lowering its rating on PEC's $321 million
senior secured bonds due July 31, 2029 to 'B' from 'BB'. The rating
remains on CreditWatch negative.
The CreditWatch Negative listing reflects the possibility that
further downgrades on utility PG&E will trigger a change in the
rating on the notes of PEC.
The recovery score has decreased to '3' (rounded estimate: 60%), as
S&P now assumes the most likely path to default would result from a
bankruptcy of PG&E.
PEC is a 400-megawatt gas-fired simple-cycle power plant in
Panoche, Calif., about 50 miles west of Fresno. The project started
commercial operations in 2009. PEC is owned by funds managed by
Ares EIF Management LLC (not rated). PEC earns its revenue through
a long-term PPA with PG&E (B/Watch Neg). Day-to-day operations and
maintenance are contracted out to NAES Corp. (not rated). A
contractual services agreement with GE Energy, an affiliate of
General Electric Co. (BBB+/Stable/A-2), covers major maintenance.
The CreditWatch with negative implications listing on PEC mirrors
the listing on PG&E. Given that the project's rating is now capped
by the senior secured rating of PG&E, further rating declines of
PG&E would likely result in lockstep reductions in the credit
rating of Panoche.
PEANUT CO: Files Ch. 11 Plan Funded by Proceeds of Asset Sale
-------------------------------------------------------------
The Peanut Co., LLC, filed a Chapter 11 plan and accompanying
disclosure statement proposing the following classification and
treatment of claims:
* Class Two - allowed Secured Claims of ReadyCap Lending, LLC,
and "Sutherland," which total, by agreement, $2,300,000, are
impaired. ReadyCap's claim represents 64% of that total, or
$1,472,000, and the remaining 36%, or $828.000 is held by
Sutherland. Both creditors' Claims are secured, pari passu, by the
real property located at 7489 W 161st St, in Overland Park, Kansas,
and the real property of the Debtor's principal and his wife, Eric
and Kara Kallevig, located at 10921 247th, in Bucyrus, Kansas,
pursuant to a secured guaranty. The Debtor anticipates that the
Class Two claims will be paid $2,300,000, out of the proceeds of
the sale of the Debtor's assets.
* Class Five - comprised of general unsecured nonpriority
claims, are impaired. This class includes:
* the unsecured claims of Readycap and Sutherland, which
combined are approximately $700,000.
* the claim of Kids R Kids, International for unpaid franchise
royalties up to the
Filing Date, which the Debtor estimates is approximately $150,000;
and
* the claims listed on Schedule F which, excluding the above
claims, which equal
approximately $70,000.
After Classes One through Four are paid and Class Six is paid,
Class Five Claimants, to the extent that they have sufficiently
proven the amount and extent of their claim, will be paid from the
remaining proceeds from the sale of the Debtor's assets. Should
there be insufficient funds to pay Class Five Claimants in full,
the Class Five Claimants will be paid pro rata from the remaining
proceeds.
* Class Six - includes all interests of Eric Kallevig, the sole
member/owner of the Debtor, are impaired. As a necessary incentive
to maintain the value of the Debtor for its sale as a going
concern, Class Six will receive a small portion of the proceeds
from the sale of the Debtor's assets after the payment of the
claims in Class One, Two, and Three.
The Debtor will continue in possession of all of its property and
assets, continue to operate and serve the community as valued
day-care center and employer, and will retain full power to manage
its property and to dispose of its business to pay all Allowed
Claims.
A full-text copy of the Disclosure Statement dated December 20,
2018, is available at:
http://bankrupt.com/misc/ksb18-1820850-186.pdf
Counsel for the Debtor:
Robert S. Baran, Esq.
Mann Conroy, LLC
1316 Saint Louis Ave., 2nd FL
Kansas City, Missouri 64101
About The Peanut Co
The Peanut Co, LLC, is a privately held company whose principal
assets are located at 7489 W. 161st Overland Park, Kansas. Peanut
Co. and its affiliates sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Kan. Case Nos. 18-20850 to 18-20852) on
April 25, 2018. The debtor-affiliates are Marcy, LLC, and Eric Rue
Kallevig and Kara Lynn Kallevig. In the petition signed by Eric
Rue Kallevig, sole member and owner, Peanut Co estimated assets of
less than $50,000 and liabilities of $1 million to $10 million.
The Debtors hired Patton Knipp Dean LLC and Mann Conroy, LLC, as
legal counsel, and Carpani and Gordon, P.A., as special tax
counsel.
PEPPERELL MILLS: Discloses No Commitment Letter From Potter
-----------------------------------------------------------
Pepperell Mills Limited Partnership and Merrow Sewing Machine
Company, or its nominee, filed a second amended plan of
reorganization and accompanying disclosure statement disclosing
that a short time prior to filing the amended Plan and Disclosure
Statement, the Debtor received a purchase and sale agreement from
Potter Printing Realty, Inc., with no deposit and contingencies,
offering to purchase the Property for $2,100,000.
Since that time, despite requests from the Debtor and MDFA, Potter
has not disclosed the contingencies to its offer and has not
provided a commitment letter demonstrating that it has the ability
to purchase the Real Property. Prior to and after the Petition
Date, the Debtor received various of expressions of interest for
the purchase of the Real Property. Those expressions of interest,
other than Potter's were in the range of $1,600,000 to $1,900,000.
The Debtor agreed to this Plan in order to provide payment of the
MFDA claim, the City of Fall River taxes and municipal charges, the
administrative expenses, and to provide a dividend to the general
unsecured creditors, who would otherwise not receive a dividend in
a sale under Section 363 of the Bankruptcy Code.
This Plan contemplates the following (all amounts are estimated):
A. Payment to MDFA - $1,613,000
B. Total Payments to City of Fall River - $246,000
C. Payments for administrative claims - $50,000
D. Payment of general unsecured dividend - $50,000
Total Amount Paid by Merrow - $1,959,000
Under the Plan, if MDFA does not receive payment of the amounts set
forth in the Plan by February 15, 2019, it has the option of either
pursuing its state law remedies or proceeding with a sale of the
Real Property to Potter for $2,100,000, subject to Potter providing
a noncontingent offer and proof of the ability to purchase the Real
Property.
The Debtor and Merrow believe that MDFA will agree to the
treatment proposed in the Plan. The amounts due to Fall River and
administrative claims may increase in the event the Plan is not
confirmed.
In the event Merrow fails to purchase the premise and close the
transaction on or before
February 15, 2019, then the Debtor would request that Potter have
the option to purchase the property at the price of $2,100,000,
plus all outstanding fees of the chapter 11 (fees of chapter 11
counsel of approximately ($100,000) and fees owed to the United
States Trustee assessed on the closing price disbursement.
Provided further, that Potter shall have, on or before January 15,
2019, submitted a commitment letter, satisfactory to the Debtor and
MDFA proving the ability to close the transaction, the source of
funds and waiving all contingencies. Potter shall (a) provide a
payment to the general unsecured creditors in an amount not less
than $50,000, and (b) payment to the City of Fall River for all
outstanding real estate taxes, water and sewer charges, betterments
and municipal charges, upon terms and conditions agreed to by the
City and Potter, but in no event less favorable than the Debtor and
Merrow proposal contemplated in the Plan.
Class 3 Allowed General Unsecured Claim shall receive, commencing
upon the later to occur of the Effective Date or the date such
Claim becomes an Allowed Claim, one of the following: (i) a Pro
Rata share of the Plan Fund; or (ii) treatment as agreed between
the Debtor or the Reorganized Debtor and the holder of the Allowed
General Unsecured Claim.
The Plan will be funded from the Debtor's cash on hand at the
Effective Date, from financing provided by Merrow via a loan
facility with Bristol County Savings Bank in conjunction with the
transfer of the Real Property, and from other funds provided by
Merrow from its operations. Merrow's gross revenue/year for the
last two years has been approximately $4,000,000.
A full-text copy of the Second Amended Disclosure Statement dated
December 20, 2018, is available at:
http://bankrupt.com/misc/mab18-1811804-156.pdf
About Pepperell Mills
Pepperell Mills Limited Partnership, based in Fall River,
Massachusetts, filed for Chapter 11 bankruptcy (Bankr. D. Mass.
Case No. 18-11804) on May 15, 2018. The Debtor estimated $1
million to $10 million in assets and liabilities. The petition was
signed by Christine Laudon, president of Pepperell Mills
Associates, general partner. Judge Joan N. Feeney oversees the
case. John M. McAuliffe, Esq., at John McAuliffe & Associates,
P.C., serves as counsel to the Debtor.
PETROQUEST ENERGY: Unsecureds to Recover 0.1-0.2%
-------------------------------------------------
The Bankruptcy Court has approved the second amended disclosure
statement explaining Petroquest Energy, Inc., et al.'s first
amended Chapter 11 plan of reorganization on a final basis.
If the Debtors have served an objection at least ten (10) days
before January 23, 2019 at 11:59 p.m. (prevailing Central Time) or
filed a request for estimation as to a Claim by January 3, 2019,
that Claim is temporarily disallowed for voting purposes only and
not for purposes of allowance or distribution, except to the extent
and in the manner as may be set forth in such objection, or as
ordered by the Court before the Extended Voting Deadline.
Under the Second Amended Plan, Class 7 - General Unsecured Claims
are impaired with approximate recovery of 0.1-0.2%. Each Allowed
General Unsecured Claim and of and in exchange for each Allowed
General Unsecured Claim, each such Holder will receive its Pro Rata
share of the General Unsecured Claims Distribution on the Effective
Date.
Class 5 - Prepetition Second Lien Notes Secured Claims are impaired
with approximate recovery of 21-49%. Each such Holder shall receive
(i) its Pro Rata share of 100% of the New Equity under the Plan,
subject to (x) dilution by the awards related to New Equity issued
under the Management Incentive Plan and (y) the Put Option Premium,
and (ii) its Pro Rata share of $80 million in New Second Lien PIK
Notes; such Pro Rata share of the New Equity and New Second Lien
PIK Notes calculated by including the $275,045,768 (plus any
accrued and unpaid interest thereon payable through the Petition
Date) of Prepetition Second Lien PIK Notes Claims as Claims that
will share Pro Rata in 100% of New Equity, subject to (x) dilution
by the awards related to New Equity issued under the Management
Incentive Plan and (y) the Put Option Premium and $80 million in
New Second Lien PIK Notes.
Class 6 - Prepetition Second Lien PIK Notes Secured Claims are
impaired with approximate recovery of 21-49%. Each such Holder
shall receive (i) its Pro Rata share of 100% of the New Equity
under the Plan, subject to (x) dilution by the awards related to
New Equity issued under the Management Incentive Plan and (y) the
Put Option Premium, and (ii) its Pro Rata share of $80 million in
New Second Lien PIK Notes; such Pro Rata share of the New Equity
and New Second Lien PIK Notes calculated by including the
$9,427,000 (plus any accrued and unpaid interest thereon payable
through the Petition Date) of Prepetition Second Lien Notes Claims
as Claims that will share Pro Rata in 100% of New Equity, subject
to (x) dilution by the awards related to New Equity issued under
the Management Incentive Plan and (y) the Put Option Premium, and
$80 million in New Second Lien PIK Notes.
The Reorganized Debtors shall fund distributions under the Plan as
follows:
(a) Issuance and Distribution of New Equity. The New Equity,
including options, or other equity awards, if any, reserved under
the Management Incentive Plan, shall be authorized on the Effective
Date without the need for any further corporate action and without
any further action by the Debtors, the Reorganized Debtors, or
Holders of Claims or Interests.
(b) New Second Lien PIK Notes. On the Effective Date, New Parent
will issue the New Second Lien PIK Notes in accordance with the
terms of the New Second Lien PIK Notes Documents. The Confirmation
Order shall constitute approval of the New Second Lien PIK Notes
(including the transactions contemplated thereby, and all actions
to be taken, undertakings to be made, and obligations to be
incurred and fees paid by the Reorganized Debtors in connection
therewith, including the payment of all fees and expenses provided
for therein), and authorization for the Reorganized Debtors to
enter into and perform under the New Second Lien PIK Notes
Documents and such other documents as may be required or
appropriate.
(c) Exit Facility. On the Effective Date, the Combined Consenting
Second Lien Noteholders shall provide the Exit Facility in
accordance with the terms of the Exit Facility Documents, which
terms and conditions shall be acceptable to the Debtors and the
Requisite Creditors. The Reorganized Debtors shall use the proceeds
of the Exit Facility to pay the outstanding amount of the First
Lien Claims and for any other purpose permitted by the Exit
Facility Documents.
Upon the Effective Date, TDC, Pittrans, and Sea Harvester will be
dissolved automatically, effective on the Effective Date, without
the need for any corporate action or approval and without the need
for any corporate filings.
A redlined version of the Second Amended Disclosure Statement dated
December 20, 2018, is available at:
http://bankrupt.com/misc/txsb18-1836322-295.pdf
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. It currently employs
64 people and utilizes the services of an additional 8 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, CEO
and president, Petroquest estimated assets at $1 million to $10
million and estimated liabilities at $100 million to $500 million.
The Hon. David R. Jones is the case judge.
The Debtors engaged Porter Hedges LLP, led by John F. Higgins,
Esq., Joshua W. Wolfshohl, Esq., and M. Shane Johnson, Esq., as
counsel. 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.
The official committee of unsecured creditors formed in the cases
retained Heller Draper Patrick Horn & Manthey, LLC, as counsel.
PG&E CORP: To File for Ch.11 by Jan. 29, in Talks for $5.5B Loan
----------------------------------------------------------------
PG&E Corporation on Monday, January 14, 2019, confirmed it will
file for Chapter 11 bankruptcy protection by the end of the month.
The Company said in a regulatory filing, "PG&E Corporation and its
regulated utility subsidiary, Pacific Gas and Electric Company, are
facing extraordinary challenges relating to a series of
catastrophic wildfires that occurred in Northern California in 2017
and 2018. Following a comprehensive review with the assistance of
outside advisors, the boards of directors of the Corporation and
the Utility have determined that commencing reorganization cases
under Chapter 11 of the U.S. Bankruptcy Code is appropriate,
necessary and in the best interests of all stakeholders, including
wildfire claimants, PG&E's other creditors and shareholders, and is
ultimately the only viable option to restore PG&E's financial
stability to fund ongoing operations and provide safe service to
customers."
PG&E and the Utility currently expect that they will file for
reorganization under Chapter 11 in the U.S. Bankruptcy Court for
the Northern District of California on or about January 29, 2019,
following the expiration of a 15-day advance notice period mandated
under recently enacted California law.
PG&E said it has engaged in discussions with potential lenders with
respect to debtor-in-possession ("DIP") financing. PG&E expects to
have approximately $5.5 billion of committed DIP financing at the
time it files for relief under Chapter 11 on or about January 29,
2019, and has received highly confident letters from a number of
major banks. The DIP financing will provide PG&E with sufficient
liquidity to fund its ongoing operations, including its ability to
provide safe service to customers.
Following a comprehensive review with the assistance of outside
advisors, upon recommendation of PG&E's management, the boards of
directors of the Corporation and the Utility have determined that
commencing reorganization cases under Chapter 11 is appropriate,
necessary and in the best interests of all stakeholders, including
wildfire claimants, PG&E's other creditors and shareholders. In
evaluating the decision to seek relief under Chapter 11, the boards
of directors of the Corporation and the Utility spent considerable
time in consulting with PG&E's senior management, financial
advisors and outside legal counsel.
PG&E expects that the Chapter 11 process will, among other things:
* enable continued safe delivery of natural gas and electric
service to PG&E's millions of customers,
* support the orderly, fair and expeditious resolution of
PG&E's potential liabilities resulting from the 2017 and 2018
Northern California wildfires,
* enable PG&E to continue its extensive restoration and
rebuilding efforts to assist communities affected by the 2017 and
2018 Northern California wildfires,
* allow PG&E to work with regulators and policymakers to
determine the most effective way for customers to receive safe
natural gas and electric service for the long term in an
environment that continues to be challenged by climate change, and
* assure PG&E has access to the financial resources necessary
to support ongoing operations and enable PG&E to continue investing
in its systems, infrastructure and critical safety efforts,
including investing in its Community Wildfire Safety Program, an
additional precautionary measure implemented following the 2017
Northern California wildfires to further reduce wildfire risk.
Before reaching their unanimous decisions to seek Chapter 11, the
boards of directors considered and balanced a variety of factors,
including:
* the continued safe delivery of natural gas and electric
service to PG&E's millions of customers,
* the need for an orderly, fair and expeditious process to
assess and resolve PG&E's potential liabilities resulting from the
2017 and 2018 Northern California wildfires,
* PG&E's financial profile and the amount of capital necessary
to address PG&E's potential wildfire liabilities and to continue to
operate its business safely and to make investments in its systems,
infrastructure and critical safety efforts, including its Community
Wildfire Safety Program, an additional precautionary measure
implemented following the 2017 Northern California wildfires to
further reduce wildfire risk,
* the extensive restoration and rebuilding efforts necessary
to assist communities affected by the 2017 and 2018 Northern
California wildfires,
* how to work with regulators and policymakers on a solution
that benefits a variety of stakeholders,
* the likelihood that regulators and policymakers were willing
and able to timely implement extraordinary measures to stabilize
PG&E's financial condition,
* the impact of the so-called Locate & Mark OII and the Safety
Culture OII on PG&E's overall environment, including resulting
negative perceptions,
* PG&E's reputation with its customers, regulators and
policymakers,
* the significant increase in wildfire risk resulting from
climate change, including the likelihood that future wildfires
result in additional claims against PG&E,
* the Utility's obligations as a regulated utility, including
the responsibility to deliver California's renewable energy
mandates,
* how to best preserve and maximize the value of PG&E's
existing business for the benefit of all of its economic
stakeholders, including wildfire claimants, PG&E's other creditors
and shareholders,
* the unique nature of California's doctrine of inverse
condemnation and whether it is possible for PG&E to continue to own
and operate all of its current assets as an investor-owned utility
subject to that doctrine,
* the opportunity that Chapter 11 provides to maximize the
value of certain PG&E assets and businesses, including through the
possible sale or other disposition of such assets and businesses,
* the impact that the current operating environment has on
PG&E's ability to recruit new directors, officers and key employees
and the stability of PG&E's workforce overall, and
* the impact that the current operating environment has on
PG&E's ability to obtain liability insurance for its various
business activities and at commercially reasonable cost.
The boards of directors of the Corporation and the Utility have
thoroughly considered the issues facing PG&E and the factors
described above and concluded that a court-supervised Chapter 11
reorganization, through which such boards expect PG&E will be able
to obtain DIP financing, is ultimately the only viable option to
restore PG&E's financial stability and make sure PG&E has
sufficient liquidity to fund its ongoing operations and provide
safe service to customers.
PG&E expects that the decision to seek relief under Chapter 11 will
raise concerns among its constituencies, including customers,
vendors, suppliers and employees, and may lead to a contraction in
trade credit and the departure of key employees. PG&E has taken
steps, however, to mitigate the impact of these potential
developments. Notwithstanding the challenging liquidity situation
discussed above, PG&E expects that it will have sufficient cash
available to continue providing service to its customers through
the anticipated date of the Chapter 11 filing and until DIP
financing is expected to become available. PG&E expects to operate
in the ordinary course of business following the Chapter 11 filing,
including providing uninterrupted electric and natural gas service
to its millions of customers, paying employee wages and benefits
and meeting obligations to vendors and suppliers.
Potential Wildfire-Related
Liabilities
(A) Camp Fire
On November 8, 2018, a wildfire began near the city of Paradise,
Butte County, California (the "Camp Fire"), which is located in the
Utility's service territory. The California Department of Forestry
and Fire Protection's ("Cal Fire") Camp Fire Incident Information
Website as of January 4, 2019, 8:41 a.m. Pacific Time (the "Cal
Fire website"), indicated that the Camp Fire consumed 153,336
acres. On the Cal Fire website, Cal Fire reported 86 fatalities and
the destruction of 13,972 residences, 528 commercial structures and
4,293 other buildings resulting from the Camp Fire.
The cause of the Camp Fire remains under investigation, and PG&E is
cooperating with those investigations. The Utility has submitted
two Electric Incident Reports (the "EIRs") to the CPUC, one on
November 8, 2018 and one on November 16, 2018. On December 11,
2018, the Utility publicly released a letter to the CPUC
supplementing the EIRs (the "20-Day Electric Incident Report"),
which stated:
* On Cal Fire's website, Cal Fire has identified coordinates
for the Camp Fire near Tower :27/222 on the Utility's
Caribou-Palermo 115 kV Transmission Line and has identified the
start time of the Camp Fire as 6:33 a.m. on November 8, 2018.
* On November 8, 2018, at approximately 6:15 a.m., the
Utility's Caribou-Palermo 115kV Transmission Line relayed and
deenergized. At approximately 6:30 a.m. that day, a Utility
employee observed fire in the vicinity of Tower :27/222, and this
observation was reported to 911 by Utility employees. In the
afternoon of November 8, the Utility observed damage on the line at
Tower :27/222. Specifically, an aerial patrol identified that a
suspension insulator supporting a transposition jumper had
separated from an arm on Tower :27/222.
* On November 14, 2018, the Utility observed a broken C-hook
attached to the separated suspension insulator that had connected
the suspension insulator to a tower arm, along with wear at the
connection point. In addition, the Utility observed a flash mark on
Tower :27/222 near where the transposition jumper was suspended and
damage to the transposition jumper and suspension insulator.
* In addition to the events on the Caribou-Palermo 115kV
Transmission Line, on November 8, 2018, at approximately 6:45 a.m.,
the Utility's Big Bend 1101 12 kV Circuit experienced an outage. On
November 9, 2018, a Utility employee on patrol arrived at the
location of the pole with Line Recloser ("LR") 1704 on the Big Bend
1101 Circuit and observed that the pole and other equipment were on
the ground with bullets and bullet holes at the break point of the
pole and on the equipment. On November 12, 2018, a Utility employee
was patrolling Concow Road north of LR 1704 when he observed wires
down and damaged and downed poles at the intersection of Concow
Road and Rim Road. At this location, the employee observed several
snapped trees, with some on top of the downed wires.
(B) 2017 Northern California Wildfires
Beginning on October 8, 2017, multiple wildfires spread through
Northern California, including Napa, Sonoma, Butte, Humboldt,
Mendocino, Del Norte, Lake, Nevada and Yuba Counties, as well as in
the area surrounding Yuba City. According to Cal Fire's California
Statewide Fire Summary dated October 30, 2017, at the peak of the
2017 Northern California wildfires, there were 21 major fires that,
in total, resulted in 44 fatalities, burned over 245,000 acres and
destroyed an estimated 8,900 structures.
(C) Third Party Claims, Investigations and Other
Proceedings Related to the 2017 and 2018 Northern
California Wildfires
If the Utility's facilities, such as its electric distribution and
transmission lines, are determined to be the substantial cause of
one or more fires, and the doctrine of inverse condemnation
applies, the Utility could be liable for property damage, business
interruption, interest and attorneys' fees without having been
found negligent. California courts have imposed liability under
the doctrine of inverse condemnation in legal actions brought by
property holders against utilities on the grounds that losses borne
by the person whose property was damaged through a public use
undertaking should be spread across the community that benefited
from such undertaking, and based on the assumption that utilities
have the ability to recover these costs from their customers.
Further, California courts have determined that the doctrine of
inverse condemnation is applicable regardless of whether the CPUC
ultimately allows recovery by the utility for any such costs. The
CPUC may decide not to authorize cost recovery even if a court
decision were to determine that the Utility is liable as a result
of the application of the doctrine of inverse condemnation.
Senate Bill 901, signed into law on September 21, 2018, requires
the CPUC to establish a customer harm threshold, directing the
CPUC, in applications for cost recovery in connection with the 2017
Northern California wildfires, to limit certain disallowances in
the aggregate, so that they do not exceed the maximum amount that
PG&E can pay without harming ratepayers or materially impacting its
ability to provide adequate and safe service (the "Disallowance
Threshold"). Senate Bill 901 also authorizes the CPUC to issue a
financing order that permits recovery, through the issuance of
recovery bonds (also referred to as "securitization"), of
wildfire-related costs found to be just and reasonable by the CPUC
and, only for the 2017 Northern California wildfires, any amounts
in excess of the Disallowance Threshold. Senate Bill 901 does not
authorize securitization with respect to possible Camp Fire costs,
as the bill on its face does not address fires that occurred in
2018. On January 10, 2019, the CPUC adopted an Order Instituting
Rulemaking (the "OIR"), which establishes a process to develop
criteria and a methodology to inform determinations of the
Disallowance Threshold in future applications under Section
451.2(a) of the Public Utilities Code for cost recovery of 2017
wildfire costs.
In the OIR, the CPUC stated that "consistent with Section 451.2(a),
the determination of what costs and expenses are just and
reasonable must be made in the context of an application for the
recovery of specific costs related to the 2017 wildfires." Based
on the CPUC's interpretation of Section 451.2 as outlined in the
OIR, PG&E believes that any securitization of costs relating to the
2017 Northern California wildfires would not occur, if at all,
until (a) PG&E has paid claims relating to the 2017 Northern
California wildfires, (b) PG&E has filed application for recovery
of such costs and (c) the CPUC makes a determination that such
costs are just and reasonable or in excess of the Disallowance
Threshold. PG&E therefore does not expect the CPUC to permit PG&E
to securitize costs relating to the 2017 Northern California
wildfires on an expedited or emergency basis. Based on the OIR, as
well as prior experience and precedent, and unless the CPUC alters
the position expressed in the OIR, PG&E believes it likely would
take years to obtain authorization to securitize any amounts
relating to the 2017 Northern California wildfires.
In addition to claims for property damage, business interruption,
interest and attorneys' fees, the Utility could be liable for fire
suppression costs, evacuation costs, medical expenses, personal
injury damages, punitive damages and other damages under other
theories of liability, including if the Utility were found to have
been negligent.
Further, the Utility could be subject to material fines or
penalties if the CPUC or any law enforcement agency brought an
enforcement action, including a criminal proceeding, and determined
that the Utility failed to comply with applicable laws and
regulations.
As of January 11, 2019, PG&E is aware of approximately 50
complaints on behalf of at least 2,000 plaintiffs related to the
Camp Fire, six of which seek to be certified as class actions. The
litigation currently pending against PG&E related to the Camp Fire
includes claims under multiple theories of liability, including
inverse condemnation, trespass, private nuisance, public nuisance,
negligence, negligence per se, negligent interference with
prospective economic advantage, negligent infliction of emotional
distress, premises liability, violations of the Public Utilities
Code, violations of the Health & Safety Code, malice and false
advertising in violation of the California Business and Professions
Code. The plaintiffs principally assert that PG&E's alleged failure
to maintain and repair its distribution and transmission lines and
failure to properly maintain the vegetation surrounding such lines
were the causes of the Camp Fire. The plaintiffs seek damages and
remedies that include wrongful death, personal injury, property
damage, evacuation costs, medical expenses, establishment of a
class action medical monitoring fund, punitive damages, attorneys'
fees and other damages. Just over two months have elapsed since the
Camp Fire, a relatively short amount of time in which to assert
claims. As such, PG&E expects a significant number of additional
claims to be asserted with respect to the Camp Fire.
As of January 11, 2019, PG&E is aware of approximately 700
complaints on behalf of at least 3,600 plaintiffs related to the
2017 Northern California wildfires, five of which seek to be
certified as class actions. These cases have been coordinated in
the San Francisco County Superior Court. The coordinated litigation
is in the early stages of discovery. A trial with respect to the
Atlas fire has been scheduled to begin on September 23, 2019. The
litigation currently pending against PG&E related to the 2017
Northern California wildfires includes claims under multiple
theories of liability, including inverse condemnation, trespass,
private nuisance and negligence. They principally assert that
PG&E's alleged failure to maintain and repair its distribution and
transmission lines and failure to properly maintain the vegetation
surrounding such lines were the causes of the 2017 Northern
California wildfires. The plaintiffs seek damages that include
wrongful death, personal injury, property damage, evacuation costs,
medical expenses, punitive damages, attorneys' fees and other
damages.
Insurance carriers who have made payments to their insureds for
property damage arising out of the 2017 Northern California
wildfires have filed 41 subrogation complaints in the San Francisco
County Superior Court as of January 11, 2019. These complaints
allege, among other things, negligence, inverse condemnation,
trespass and nuisance. The allegations are similar to the ones made
by individual plaintiffs. Insurance carriers have filed three
similar subrogation complaints with respect to the Camp Fire in the
Sacramento County Superior Court.
Various government entities, including Mendocino, Napa and Sonoma
Counties and the City of Santa Rosa, also have asserted claims
against PG&E based on the damages that these government entities
allegedly suffered as a result of the 2017 Northern California
wildfires. Such alleged damages include, among other things, loss
of natural resources, loss of public parks, property damages and
fire suppression costs. The causes of action and allegations are
similar to the ones made by individual plaintiffs and the insurance
carriers. PG&E expects similar claims to be made by various
government entities with respect to the Camp Fire.
PG&E expects to be the subject of numerous additional claims in
connection with the 2017 and 2018 Northern California wildfires.
Cal Fire and the CPUC are investigating the 2017 and 2018 Northern
California wildfires. PG&E also is the subject of investigations
or other actions by the county District Attorneys to whom Cal Fire
has referred its investigations into certain of the 2017 Northern
California wildfires, including the McCourtney, Lobo, Sulphur,
Blue, Norrbom, Adobe, Partrick, Pythian, Pocket and Atlas fires.
Additional investigations and actions may arise out of the other
2017 Northern California wildfires and the Camp Fire.
(D) Potential Losses in Connection with the 2017 and
2018 Northern California Wildfires
On December 12, 2018, the California Department of Insurance issued
a news release announcing an update on property losses in
connection with the 2018 wildfires in Southern California (which
are not in the Utility's service territory) and the Camp Fire,
stating that, as of such date, "the preliminary claims data
reflects $9.05 billion in actual losses for commercial and
residential coverage, personal and commercial vehicles, and
agricultural and other coverages," of which approximately $7
billion relates to statewide claims from the Camp Fire. On
September 6, 2018, the California Department of Insurance issued a
news release announcing that insurers have received nearly 55,000
insurance claims totaling more than $12.28 billion in losses, of
which approximately $10 billion relates to statewide claims from
the 2017 Northern California wildfires. As discussed below, the
dollar amounts announced by the California Department of Insurance
do not reflect PG&E's total potential liability for insured
property losses and do not include any uninsured or underinsured
property losses or any non-property losses, punitive damages,
fines, penalties or damages for claims related to the 2017 and 2018
Northern California wildfires that have not manifested yet ("future
claims").
The dollar amounts announced by the California Department of
Insurance represent an aggregate amount of approximately $17
billion of insurance claims made as of the above dates related to
the 2017 and 2018 Northern California wildfires. PG&E expects that
additional claims have been submitted and will continue to be
submitted to insurers, particularly with respect to the Camp Fire.
These claims reflect insured property losses only. The $17 billion
of insurance claims made as of the above dates does not account for
uninsured or underinsured property losses, interest, attorneys'
fees, fire suppression and clean-up costs, evacuation costs,
personal injury or wrongful death damages, medical expenses or
other costs, such as potential punitive damages, fines or
penalties, or losses related to future claims, each of which could
be significant. The scope of all claims related to the 2017 and
2018 Northern California wildfires is not known at this time
because of the applicable statutes of limitations under California
law.
If PG&E were to be found liable for certain or all of the costs,
expenses and other losses described above with respect to the 2017
and 2018 Northern California wildfires, the amount of such
liability could exceed $30 billion, which amount does not include
potential punitive damages, fines and penalties or damages related
to future claims. This estimate is based on a wide variety of data
and other information available to PG&E and its advisors, including
the factors described in the last paragraph of this section and
various precedents involving similar claims, and accounts for
property losses (including insured, uninsured and underinsured
property losses), interest, attorneys' fees, fire suppression and
clean-up costs, evacuation costs, personal injury or wrongful death
damages, medical expenses and certain other costs. The process for
estimating losses associated with claims requires management to
exercise significant judgment based on a number of assumptions and
subjective factors. This estimate is not intended to provide an
upper end of the range of potential liability arising from the 2017
and 2018 Northern California wildfires, which management is not
able to reasonably determine at this time. In certain
circumstances, PG&E's liability could be substantially greater than
such amount.
If PG&E were to be found liable for any punitive damages or subject
to fines or penalties, the amount of such punitive damages, fines
and penalties could be significant. PG&E has received significant
fines and penalties in connection with past incidents. For example,
in 2015, the CPUC approved a decision that imposed penalties on the
Utility totaling $1.6 billion in connection with the natural gas
explosion that occurred in the City of San Bruno, California on
September 9, 2010 (the "San Bruno explosion"). These penalties
represented nearly three times the underlying liability for the San
Bruno explosion of approximately $558 million incurred for
third-party claims, exclusive of shareholder derivative lawsuits
and legal costs incurred. The amount of punitive damages, fines and
penalties imposed on PG&E could likewise be a significant amount in
relation to the underlying liabilities with respect to the 2017 and
2018 Northern California wildfires.
Potential liabilities related to the 2017 and 2018 Northern
California wildfires depend on various factors, including but not
limited to the cause of each fire, contributing causes of the fires
(including alternative potential origins, weather and climate
related issues), the number, size and type of structures damaged or
destroyed, the contents of such structures and other personal
property damage, the number and types of trees damaged or
destroyed, attorneys' fees for claimants, the nature and extent of
any personal injuries, including the loss of lives, the extent to
which future claims arise, the amount of fire suppression and
clean-up costs, other damages the Utility may be responsible for if
found negligent, and the amount of any penalties or fines that may
be imposed by governmental entities. There are a number of unknown
facts and legal considerations that may impact the amount of any
potential liability, including the total scope and nature of claims
that may be asserted against PG&E.
(E) Potential Insurance Recoveries
PG&E has approximately $840 million of insurance coverage for
liabilities, including wildfire events, for the period from August
1, 2017 through July 31, 2018. During the third quarter of 2018,
PG&E renewed its liability insurance coverage for wildfire events
in an aggregate amount of approximately $1.4 billion for the period
from August 1, 2018 through July 31, 2019. PG&E expects its losses
in connection with the 2017 and 2018 Northern California wildfires
will greatly exceed its available insurance. PG&E also expects to
face increasing difficulty securing liability insurance in future
years due to availability and to face significantly increased
insurance costs.
CPUC Order Instituting Investigation into
PG&E's Locate and Mark Activities and Reporting
On December 14, 2018, the CPUC approved a new Order Instituting
Investigation (the "Locate & Mark OII") to "determine whether PG&E
has violated legal requirements for the utility to timely locate
and mark natural gas pipelines, so as to ensure that third party
construction excavation does not damage pipes and other components
and thus diminish safety." The Locate & Mark OII cites a report by
the CPUC's Safety Enforcement Division (the "SED"), which alleges
that the Utility committed numerous safety violations and certain
employees falsified records related to the Utility's locate and
mark activities between 2012 and 2017. As described in the Locate &
Mark OII, the SED report alleges that the Utility lacked sufficient
staffing to locate and mark natural gas pipelines in compliance
with law, pressured supervisors and locators to complete the work
resulting in certain of the Utility's staff falsifying data so that
requests for pipeline locating and marking would not appear as
late, and had common knowledge among its supervisors that locators
falsified data and received input from external parties that there
were discrepancies in its late locate and mark reporting. The
Locate & Mark OII requires the Utility to show cause why the CPUC
should not find violations in this matter, and why the CPUC should
not impose penalties, or any other forms of relief, if any
violations are found. In a news release issued on December 14,
2018, CPUC President Michael Picker stated that "Utility
falsification of safety related records is a serious violation of
law and diminishes our trust in the utility's reports on their
progress. . . . These findings are another example of why we are
investigating PG&E's safety culture. Our upcoming consideration of
measures that address systemic safety issues at PG&E will determine
the best path forward for Northern Californians to receive safe
electrical and natural gas service in the future."
The CPUC will determine the penalty to be imposed on the Utility
for any proven violation and determine whether shareholders or
ratepayers will bear the costs of the investigation. The CPUC can
impose fines of up to $50,000 for each applicable violation, per
day, for violations occurring prior to January 1, 2019, and fines
of up to $100,000 for each applicable violation, per day, for
violations occurring or continuing on or after January 1, 2019. A
prehearing conference will be held to set the procedural schedule.
CPUC Order Instituting Investigation
into PG&E's Safety Culture
On December 21, 2018, the CPUC issued a Scoping Memo and Ruling
(the "Scoping Memo") setting forth the scope to be addressed in the
next phase of its ongoing investigation into whether the
organizational culture and governance of PG&E prioritizes safety
and adequately directs resources to promote accountability and
achieve safety goals and standards (the "Safety Culture OII"). The
Scoping Memo provides that the CPUC "will examine [PG&E's] current
corporate governance, structure, and operations to determine if the
utility is positioned to provide safe electrical and gas service,
and will review alternatives to the current management and
operational structures of providing electric and gas service in
Northern California." In the Scoping Memo, the CPUC alleges that
PG&E has had "serious safety problems with both its gas and
electric operations for many years" and that despite being subject
to penalties and other remedial consequences in connection with
these problems, PG&E has failed to develop "a comprehensive
enterprise-wide approach to address safety." The Scoping Memo
outlines a number of alternatives to address the CPUC's concerns
regarding PG&E's safety culture, including, but not limited to, (i)
replacement of all or part of PG&E's existing boards of directors
and corporate management, (ii) separating PG&E's gas and electric
distribution and transmission businesses into separate companies,
(iii) reorganizing PG&E into regional subsidiaries based on
regional distinctions, (iv) constituting PG&E as a publicly owned
utility or utilities, (v) separating PG&E's generation services
from its distribution and transmission services and (vi)
conditioning PG&E's return on equity on safety performance.
PG&E's preliminary comments on the Scoping Memo are due January 30,
2019. For additional information about the Safety Culture OII, see
the Corporation's and the Utility's annual report on Form 10-K for
the year ended December 31, 2017, their quarterly reports for the
quarters ended March 31, 2018, June 30, 2018, and September 30,
2018, and their subsequent reports filed with the SEC.
U.S. District Court Matters
and Probation
On January 26, 2017, following the federal criminal trial against
the Utility in connection with the San Bruno explosion, in which
the Utility was found guilty on six felony counts, the Utility was
sentenced to, among other things, a five-year corporate probation
period and oversight by a third-party monitor for a period of five
years, with the ability to apply for early termination after three
years. The probation includes a requirement that the Utility not
commit any local, state or federal crimes during the probation
period.
On November 27, 2018, Judge William Alsup, the United States
District Judge overseeing the Utility's probation, issued an order
requiring that the Utility, the United States Attorney's Office for
the Northern District of California (the "USAO") and the
third-party monitor provide written answers to a series of
questions regarding the Utility's compliance with the terms of its
probation, including what requirements of the Utility's probation
"might be implicated were any wildfire started by reckless
operation or maintenance of PG&E power lines" or "might be
implicated by any inaccurate, slow, or failed reporting of
information about any wildfire by PG&E." Judge Alsup also ordered
the Utility to provide "an accurate and complete statement of the
role, if any, of PG&E in causing and reporting the recent Camp Fire
in Butte County and all other wildfires in California" since
January 2017 ("Question 4 of the November 27 Order"). On December
5, 2018, Judge Alsup issued an order requesting that the Office of
the California Attorney General advise the court of its view on
"the extent to which, if at all, the reckless operation or
maintenance of PG&E power lines would constitute a crime under
California law." The responses of the Attorney General were
submitted on December 28, 2018, and the responses of the Utility,
the USAO and the third-party monitor were submitted on December 31,
2018.
On January 3, 2019, Judge Alsup issued a new order requiring that
the Utility provide further information regarding the Atlas fire.
Judge Alsup noted that "[t]his order postpones the question of the
adequacy of PG&E's response" to Question 4 of the November 27
Order. On January 4, 2019, Judge Alsup issued another order
requiring that the Utility provide "with respect to each of the
eighteen October 2017 Northern California wildfires that [Cal Fire]
has attributed to [the Utility's] facilities," information
regarding the wind conditions in the vicinity of each fire's origin
and information about the equipment allegedly involved in each
fire's ignition. The responses of the Utility were submitted on
January 10, 2019.
On January 9, 2019, Judge Alsup ordered the Utility to appear in
court on January 30, 2019, as a result of the court's finding that
"there is probable cause to believe there has been a violation of
the conditions of supervision" with respect to reporting
requirements related to the 2017 Honey fire. In addition, on
January 9, 2019, Judge Alsup issued an order (the "January 9
Order") proposing to add new conditions of probation that would
require PG&E, among other things, to:
* prior to June 21, 2019, "re-inspect all of its electrical
grid and remove or trim all trees that could fall onto its power
lines, poles or equipment in high-wind conditions, . . . identify
and fix all conductors that might swing together and arc due to
slack and/or other circumstances under high-wind conditions[,]
identify and fix damaged or weakened poles, transformers, fuses and
other connectors [and] identify and fix any other condition
anywhere in its grid similar to any condition that contributed to
any previous wildfires",
* "document the foregoing inspections and the work done and .
. . rate each segment's safety under various wind conditions" and
* at all times from and after June 21, 2019, "supply
electricity only through those parts of its electrical grid it has
determined to be safe under the wind conditions then prevailing."
PG&E is ordered to show cause by January 23, 2019 as to why PG&E's
conditions of probation should not be modified as proposed. Judge
Alsup requested that Cal Fire file a public statement, and invited
the CPUC to comment, by January 25, 2019. A hearing on the January
9 Order will be held on January 30, 2019.
It is uncertain what impact the matters discussed above will have
on the Utility's probation. PG&E's filings with the court can be
found at
http://investor.pgecorp.com/wildfire-updates/default.aspx.
PG&E said it is and has been willing to consider all possible
solutions that improve safety and service, while providing
equitable treatment for wildfire claimants, employees, customers,
other creditors and other constituencies. PG&E believes that the
Chapter 11 reorganization cases will allow it to work with these
many constituencies in one court-supervised forum to
comprehensively address its potential liabilities and to implement
necessary changes. PG&E recognizes the need, as the CPUC
identified in the Safety Culture OII, to consider a broad range of
alternatives for providing safe electric and natural gas service in
Northern California. As will be detailed in its submission to the
CPUC in response to the Safety Culture OII, which PG&E expects to
file by January 30, 2019, PG&E plans to work with the CPUC and
PG&E's other stakeholders over the course of the Chapter 11
reorganization cases to explore various structural alternatives
that have the potential to lead to improved safety and service for
customers and to maximize the value of PG&E's businesses.
PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a
Fortune 200 energy-based holding company, headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric
Company, an energy company that serves 16 million Californians
across a 70,000-square-mile service area in Northern and Central
California.
PG&E CORP: Williams Steps Down as CEO
-------------------------------------
PG&E Corporation said Monday its Board of Directors is conducting a
search for a new Chief Executive Officer following the departure of
Geisha Williams. The Board of Directors has named John Simon
Interim Chief Executive Officer. Mr. Simon has served as Executive
Vice President and General Counsel since 2017 and has been with the
company since 2007.
"On behalf of the Board, I want to thank Geisha for her service and
her tireless commitment to our employees and the 16 million
Californians we serve," said Richard C. Kelly, Chair of the Board
of PG&E Corporation. "While we are making progress as a company in
safety and other areas, the Board recognizes the tremendous
challenges PG&E continues to face. We believe John is the right
interim leader for the company while we work to identify a new CEO.
Our search is focused on extensive operational and safety
expertise, and the Board is committed to further change at PG&E."
"While the Board conducts its CEO search, our priority will be
keeping the company focused on further improving safety while
continuing to provide reliable service to our customers," said
Simon.
Simon joined PG&E in 2007. Before serving as Executive Vice
President and General Counsel, he held several senior roles within
the company including Executive Vice President, Corporate Services
and Human Resources and Senior Vice President, Human Resources. He
holds a bachelor's degree from Colorado College and a law degree
from Georgetown University.
Ms. Williams has resigned from the Boards of both the holding
company and the utility.
PG&E said in a regulatory filing that Ms. Williams' resignation
from such boards does not involve any disagreement on any matter
relating to the Corporation's or the Utility's operations, policies
or practices. Ms. Williams is entitled to receive severance
benefits under the PG&E Corporation Officer Severance Policy, as
described in the most recent joint proxy statement of the
Corporation and the Utility.
From March 2017 to the present, Mr. Simon, 54, has served as
Executive Vice President and General Counsel for the Corporation.
In his role, he has overseen Law; Land and Environmental
Management; and Enterprise Records Information Management. Mr.
Simon joined the Corporation in 2007 and has held several senior
roles within PG&E, including Executive Vice President, Corporate
Services and Human Resources and Senior Vice President, Human
Resources.
PG&E also said Janet C. Loduca, currently Senior Vice President and
Deputy General Counsel of the Utility, will serve as Interim Senior
Vice President and General Counsel of the Corporation.
PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a
Fortune 200 energy-based holding company, headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric
Company, an energy company that serves 16 million Californians
across a 70,000-square-mile service area in Northern and Central
California.
PG&E CORP: Won't Pay $21.6-Mil. Interest Payment Due Tuesday
------------------------------------------------------------
After confirming Monday that it will file for Chapter 11 bankruptcy
protection by the end of the month, PG&E Corporation declared that
it does not intend to make an interest payment of approximately
$21.6 million due on January 15, 2019, with respect to its
outstanding 5.40% Senior Notes due January 15, 2040. Under the
indenture governing the 2040 Notes, PG&E has a 30-day grace period
to make the interest payment before triggering an event of
default.
PG&E believes it currently could access, outside of a restructuring
under Chapter 11, a significant amount of capital, but only in the
form of secured indebtedness, using the assets of its regulated
utility subsidiary, Pacific Gas and Electric Company, to secure
additional funding, or in more esoteric forms of alternative
capital that would be relatively dilutive or expensive. The amount
of any additional secured indebtedness would be limited, however,
by covenants applicable to the Utility's outstanding securities and
credit agreements -- including limitations on permitted secured
indebtedness and a maximum ratio of total consolidated indebtedness
to total consolidated capitalization -- and the amount of that
additional secured indebtedness could be reduced by significant
accounting accruals that the Utility may incur with respect to last
year's California Camp Fire. Nevertheless, PG&E could extend its
liquidity for an extended period of time by using its assets to
secure the issuance of additional capital or by accessing such
forms of alternative capital.
PG&E said it has engaged in discussions with potential lenders with
respect to debtor-in-possession ("DIP") financing. PG&E expects to
have approximately $5.5 billion of committed DIP financing at the
time it files for relief under Chapter 11 on or about January 29,
2019, and has received highly confident letters from a number of
major banks. The DIP financing will provide PG&E with sufficient
liquidity to fund its ongoing operations, including its ability to
provide safe service to customers.
After a thorough review with management and financial and legal
advisors, PG&E's boards of directors have concluded, however, that
issuing substantial amounts of secured indebtedness or accessing
such forms of alternative capital to extend PG&E's liquidity
outside of a restructuring under Chapter 11 is not in the best
interests of PG&E and its stakeholders, and would not address the
fundamental issues and challenges PG&E faces, including:
* resolving potential liabilities resulting from the 2017 and
2018 Northern California wildfires in an orderly, fair and
expeditious process,
* uncertainty regarding whether, when and to what degree the
Utility will be able to recover costs related to wildfires through
ratemaking, particularly in light of the Order Instituting
Rulemaking adopted by the CPUC,
* the potential for future catastrophic wildfires, stemming in
part from climate change, and
* the additional factors as part of the Chapter 11 filing.
As of January 11, 2019, the Corporation and the Utility had
approximately $0.4 billion and $1.1 billion, respectively, of cash
and cash equivalents on hand. On November 13, 2018, the Corporation
and the Utility drew all remaining amounts then available under
their respective $300 million and $3.0 billion revolving credit
facilities. As of January 11, 2019, approximately $35 million of
aggregate borrowings was available under the revolving credit
facilities as a result of the retirement of certain letters of
credit in December 2018, subject to satisfaction of the applicable
conditions precedent to borrowing.
During 2018 and 2019, the Corporation's and the Utility's credit
ratings were subject to multiple downgrades by Fitch Ratings
("Fitch"), S&P Global Ratings ("S&P") and Moody's Investors
Service, Inc. ("Moody's"). On January 7, 2019, S&P downgraded the
Corporation's and the Utility's credit ratings to "B", which is
below investment grade, and S&P indicated that the Corporation and
the Utility are under review for further downgrades. On January 10,
2019, Moody's downgraded the Corporation's credit ratings to "B2"
and the Utility's credit ratings to "Ba3", both of which are below
investment grade, and Moody's indicated that the Corporation and
the Utility are under review for further downgrades. As of January
11, 2019, the Corporation's and the Utility's credit ratings with
Fitch remained at investment grade levels, but Fitch has indicated
that the Corporation and the Utility are under review for further
downgrades. As a result of PG&E's credit ratings ceasing to be
rated as investment grade by S&P and Moody's, PG&E is required to
post significant collateral under its derivative instruments and is
exposed to significant constraints on its customary trade credit.
PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a
Fortune 200 energy-based holding company, headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric
Company, an energy company that serves 16 million Californians
across a 70,000-square-mile service area in Northern and Central
California.
PINKTOE TARANTULA: Estimates $400K Cash Available for Distribution
------------------------------------------------------------------
Pinktoe Tarantula Limited, et al., propose a Chapter 11 plan of
liquidation disclosing that as of November 15, 2018, approximately
33 proofs of claim and requests for payment of administrative
claims were filed. The aggregate liquidated amount of filed and
scheduled claims exceeds $20,381,000. The Debtors estimate that
their non-priority, unsecured claims, in the aggregate, will total
approximately $20 million. The Debtors have not yet commenced the
claims objection process, and reserve the right to object to any
claims filed in these cases.
After considering all of these and other relevant variables, the
Debtors estimate Cash available for Distributions of approximately
$400,000, less the Liquidating Trust Expenses. This estimate does
not take into account any potential future recoveries with respect
to the Causes of Action.
Class 3 - Unsecured Priority Claims with Estimated Allowed Claim of
$60,000. Estimated Recovery to Holders of Allowed Claim is 100%.
Will receive payment in full on the later of (a) the Effective
Date; or (b) the date on which such Person becomes the holder of
such an Allowed Unsecured Priority Claim.
Class 4 - General Unsecured Claims with Estimated Allowed Claim of
$20 million. Estimated Recovery to Holders of Allowed Claim is
1-2%. Will receive a pro rata share of Cash available after payment
of or reserve for Allowed Claims on the later of: (a) the date or
dates determined by the Liquidating Trustee, to the extent there is
Cash available for distribution in the judgment of the Liquidating
Trustee, having due regard for the anticipated and actual expenses,
and the likelihood and timing, of the process of liquidating or
disposing of the Assets; and (b) the date on which such Claim
becomes Allowed.
This Plan will be primarily funded by a combination of the Assets
that are Cash and proceeds from the sale or other disposition of
the non-cash Assets. Certain funding may also be provided from
other Trust Assets.
A full-text copy of the Disclosure Statement dated December 20,
2018, is available at:
http://bankrupt.com/misc/deb18-1810344KJC-1521.pdf
The hearing on final approval of the Disclosure Statement and
confirmation of the Plan is scheduled for Feb. 5, 2019 at 10:00
a.m. (Eastern). Objections to final approval of the Disclosure
Statement and/or confirmation of the plan so as to be received by
no later than 5:00 p.m. (Eastern) on Jan. 25.
About Pinktoe Tarantula
Pinktoe Tarantula Limited is located in New York City, and was
founded in 2011. The Company, together with its subsidiaries,
operate in the shoe stores industry.
Pinktoe Tarantula, and affiliates Desert Blonde Tarantula Limited
and Red Rump Tarantula Limited sought Chapter 11 protection (Bankr.
D. Del. Case No. 18-10344 to 18-10346) on Feb. 17, 2018.
In the petitions signed by CRO William Kaye, Pinktoe Tarantula
estimated its assets at between $1 million and $10 million and its
liabilities at between $10 million and $50 million; Desert Blonde
estimated its assets at between $500,000 and $1 million and its
liabilities at between $1 million and $10 million; and Red Rump
estimated its assets at up to $50,000 and its liabilities at
between $1 million and $10 million.
Judge Kevin J. Carey presides over the case.
Dennis A. Meloro, Esq., at Greenberg Traurig, LLP, serves as the
Debtors' bankruptcy counsel.
No official committee of unsecured creditors has been appointed in
the Debtor's case.
REX PRINTING: Seeks to Hire John C. Maddox as Accountant
--------------------------------------------------------
Rex Printing Company seeks authority from the U.S. Bankruptcy Court
for the Eastern District of Michigan to employ John C. Maddox, as
accountant to the Debtor.
Rex Printing requires John C. Maddox to assist the Debtor in filing
Federal and State tax returns, and determine the accuracy of
previously filed returns.
John C. Maddox will be paid a flat fee of $750 to $1,500.
John C. Maddox will also be reimbursed for reasonable out-of-pocket
expenses incurred.
John C. Maddox, 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.
John C. Maddox can be reached at:
John C. Maddox
20750 Civic Center Drive, Suite 418
Southfield, MI 48076
Tel: (248) 763-3203
E-mail: john@maddoxcpas.com
About Rex Printing Company
Rex Printing Co., established in 1930, is a Michigan corporation,
with its main office located in Sterling Heights, Michigan. It
provides design, planning and printing services for its commercial
customers.
Rex Printing Co. sought Chapter 11 protection (Bankr. E.D. Mich.
Case No. 18-55671) on Nov. 20, 2018. In the petition signed by
Theresa Ciavola, president, the Debtor estimated assets and
liabilities in the range of $50,001 to $100,000. The Debtor tapped
Jay S. Kalish, Esq., at Jay S. Kalish & Associates, as counsel.
RK & GROUP: Seeks Approval of TCF Cash Collateral Agreement
-----------------------------------------------------------
RK & Group Inc. asks the U.S Bankruptcy Court for the District of
South Carolina for the approval of its agreement with TCF Equipment
Finance for Debtor's use of cash collateral upon which Creditor
claims an interest.
The Debtor is in possession of multiple pieces of equipment upon
which TCF holds a lien. Additionally, TCF holds a lien on various
accounts of the Debtor, among other things.
The Debtor and TCF have agreed that TCF will be paid $7,500 per
month for a period of sixty months, with a final payment of
approximately $2,035, so that the principal balance of $393,496,
together with 5.75% interest will be paid in full. These payments
are to be made on the 5th of each month, with a five day drop dead
period. The Debtor and TCF agree that these adequate protection
terms (amortization, interest rate, monthly payment terms) will be
incorporated into the treatment of TCF's secured claim in the
Debtor's Chapter 11 Plan of Reorganization.
The Debtor will be considered to be in default if (a) a payment is
not made within five days of the due date of the Debtor's
obligation; (b) the Debtor fails to abide by a budget by more than
5.0%; (c) the Debtor fails to timely provide TCF with copies of its
Debtor-in-Possession bank statements; (d) the Debtor fails to
timely provide Creditor proof of insurance or fails to maintain
insurance; (e) the Debtor fails to remain current in payment of all
post-petition tax liabilities; (f) the Debtor sells any asset
outside the ordinary course of its business; or (g) a plan and
disclosure statement are not filed by any deadline set by the
Bankruptcy Court.
A full-text copy of the Debtor's Motion is available at
http://bankrupt.com/misc/scb19-00037-4.pdf
About RK & Group Inc.
RK & Group Inc. is a privately held company in Goose Creek, South
Carolina. The Company is a franchise owner of the Subway
restaurant chain.
RK & Group Inc. filed a Chapter 11 petition (Bankr. D.S.C. Case No.
19-00037), on January 3, 2019. The petition was signed by Rhonda
L. Kilgore, president. The case is assigned to Judge John E.
Waites. The Debtor is represented by Kevin Campbell, Esq. at
Campbell Law Firm, PA. At the time of filing, the Debtor had
$564,823 in total assets and $2,730,911 in total liabilities.
ROBERT FX SILLERMAN: U.S. Trustee Forms 2-Member Committee
----------------------------------------------------------
The U.S. Trustee for Region 2 on Jan. 11 appointed two creditors to
serve on the official committee of unsecured creditors in Robert
Francis Xavier Sillerman's Chapter 11 case.
The committee members are:
(1) VistaJet US, Inc.
20 Wooster Street, 6th Floor
New York, NY 10012
Attn: Brian Van Der Meer, Director
(2) ID Wheel (FL) LLC
c/o W.P. Carey Inc.
50 Rockefeller Plaza
New York, NY 10020
Attn: Chris Hayes
Tel: (212) 492-1195
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 Robert Francis Xavier Sillerman
Creditors React Presents Inc., Clubtix Inc., Lucas King and Jeffrey
Callahan filed an involuntary Chapter 7 petition against Robert
Francis Xavier Sillerman (Bankr. S.D.N.Y. Case No. 17-13633) on
December 26, 2017. The creditors are represented by Michael James
Edelman, Esq. The case has been converted to one under Chapter 11
on March 1, 2018. Judge Mary Kay Vyskocil presides over the case.
The Debtor is represented by:
Laurie Binder, Esq.
Sanford Philip Rosen, Esq.
Rosen & Associates, P.C.
Tel: 212-223-1100
Email: lbinder@rosenpc.com
SARAH ZONE: Authorized to Use Cash Collateral Through April 27
--------------------------------------------------------------
The Hon. Sandra R. Klein of the U.S. Bankruptcy Court of the
Central District of California authorized Sarah Zone, Inc., to use
its cash collateral in accordance with the Debtor’s operating
budget for the 16-week period from Jan. 6, 2019 through and
including April 27, 2019.
The Debtor may use cash collateral to (i) pay all of the expenses
set forth in the Budget, with authority to deviate from the line
items contained in the Budget by not more than 20%, on both a line
item and aggregate basis, with any unused portions to be carried
over into the following weeks and (ii) pay all quarterly fees owing
to the Office of the U.S. Trustee and all expenses owing to the
Clerk of the Bankruptcy Court.
As adequate protection on account of the Debtor's use of cash
collateral, Open Bank, Chong Taek Lee, and Tae Hyun Yoo and Susan
Yoo will be granted valid, enforceable, non-avoidable and fully
perfected replacement liens on, and security interests in, the
Debtor's post-petition assets, to the extent of any diminution in
value of such Secured Parties' interests in the Debtor's
pre-petition collateral, and only to the same extent, validity,
scope and priority of their respective pre-petition liens.
A full-text copy of the Order is available at
http://bankrupt.com/misc/cacb18-20836-69.pdf
About Sarah Zone
Sarah Zone, Inc., is a merchant wholesaler of apparel, piece goods,
and notions. The company filed its Articles of Incorporation in
California on Oct. 5, 2004, according to public records filed with
California Secretary of State.
Sarah Zone sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Cal. Case No. 18-20836) on Sept. 17, 2018. In
the petition signed by Tae Hyun Yoo, president, the Debtor
disclosed $3,833,130 in assets and $7,301,855 in liabilities. Judge
Sandra R. Klein presides over the case. The Debtor tapped Levene,
Neale, Bender, Yoo & Brill LLP, as its legal counsel.
SENIOR CARE GROUP: Plan Filing Deadline Extended Through Jan. 28
----------------------------------------------------------------
The Hon. Catherrine Peek McEwen of the U.S. Bankruptcy Court for
the Middle District of Florida, upon the request of the Remaining
Debtors Senior Care Group, Inc., Key West Health and Rehabilitation
Center, LLC, and The Bridges Nursing and Rehabilitation, LLC, has
extended the periods during which the Remaining Debtors have the
exclusive right to file a Chapter 11 plan and to solicit
acceptances through and including Jan. 28, 2019 and March 29, 2019,
respectively.
The Troubled Company Reporter has previously reported that the
Remaining Debtors and their counsel needed additional time to
finalize the plan. The Debtors have closed the sale of the Woods
Debtors, completed the transition of three locations in Oklahoma,
and have filed a plan for the remaining Oklahoma Debtors. However,
the Court fixed Dec. 31, 2018 as the aspirational deadline for the
Remaining Debtor to file a plan.
About Senior Care Group
Senior Care Group, Inc., is a non-profit corporation which, through
its wholly-owned subsidiaries, provides residents and patients with
nursing and long-term health care services.
Senior Care Group and its six affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No.
17-06562) on July 27, 2017. In the petition signed by David R.
Vaughan, chairman of the Board, Senior Care Group estimated asset
and liabilities of $1 million to $10 million.
Judge Catherine Peek Mcewen oversees the cases.
Stichter Riedel Blain & Postler, P.A., is the Debtors' bankruptcy
counsel. The Debtors hired Akerman LLP as their special healthcare
counsel.
The U.S. Trustee for Region 21 appointed Mary L. Peebles as the
patient care ombudsman for Key West Health and Rehabilitation
Center LLC, SCG Baywood LLC, SCG Gracewood LLC, and SCG
Laurellwood, LLC.
On Aug. 18, 2017, the U.S. trustee appointed an official committee
of unsecured creditors. The Committee hired Stevens & Lee, P.C.,
as its bankruptcy counsel; and Trenam, Kemker, Scharf, Barkin,
Frye, O'Neill & Mullis, P.A., as co-counsel. On Aug. 17, 2017, the
Debtors hired Holliday Fenoglio Fowler, LP, as broker.
SHREE SWAMINARAYAN: Feb. 7 Plan Confirmation Hearing
----------------------------------------------------
The disclosure statement explaining the Chapter 11 Plan of Shree
Swaminarayan Satsang Mandal, Inc. is approved.
February 7, 2019 at 10:00 A.M. is fixed as the date and time for
the hearing on confirmation plan. Written acceptances, rejections
or objections or objections to the plan referred to above shall be
filed not less than 7 days before the hearing on confirmation of
the plan.
About Shree Swaminarayan Satsang Mandal
Shree Swaminarayan Satsang Mandal Inc. filed a Chapter 11 petition
(Bankr. E.D. Tex. Case No. 17-42100) on Sept. 26, 2017. At the
time of filing, the Debtor estimated less than $1 million both in
assets and liabilities.
On Dec. 6, 2017, the case was transferred to the U.S. Bankruptcy
Court for the District of New Jersey and was assigned a new case
number (Case No. 17-34558). Judge Michael B. Kaplan presides over
the case.
The Debtor tapped Andrew J. Kelly, Esq., at The Kelly Firm, P.C.,
and Joyce W. Lindauer, Esq., and Sarah M. Cox, Esq., at Joyce W.
Lindauer Attorney, PLC, as counsel.
The Official Committee of Unsecured Creditors formed in the case
retained Fox Rothschild LLP, as attorney.
SINGLETON FOOD: Seeks to Hire Drew Eckl as Special Counsel
----------------------------------------------------------
Singleton Food Services, Inc., seeks authority from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ
Drew Eckl & Farnham LLP, as special counsel to the Debtor.
Singleton Food requires Drew Eckl to represent the Debtor regarding
the Fair Labor Standards Act claims against the Debtor in a case
captioned as Hope Thomas, on behalf of herself and others similarly
situated, v. Singleton Food Services, Inc. d/b/a Subway and J.
Edward Singleton, Jr., Civil Action No. 2:17-cv-00090-RWS, with the
U.S. District Court for the Northern District of Georgia.
Singleton Food will be paid at these hourly rates:
Attorneys $190 to $250
Paralegals $100
As of the date the Chapter 11 case was filed, the Firm was owed
approximately $60,000 in legal fees and expenses. The outstanding
fees and expenses are a joint liability of the Debtor and J. Edward
Singleton, Jr.
Singleton Food will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Daniel C. Kniffen, a partner at Drew Eckl & Farnham, 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.
Singleton Food can be reached at:
Daniel C. Kniffen, Esq.
DREW ECKL & FARNHAM LLP
303 Peachtree St., NE, Suite 3500
Atlanta, GA 30308
Tel: (404) 885-1400
About Singleton Food Services
Singleton Food Services, Inc., is a privately-held company in
Ellijay, Georgia, operating in the restaurants industry.
Singleton Food Services sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 18-22157) on Nov. 3,
2018. In the petition signed by Edward J. Singleton Jr., chairman
and CEO, the Debtor estimated assets of $1 million to $10 million
and liabilities of $1 million to $10 million. The Debtor tapped
the Law Office of Scott B. Riddle, LLC, as its legal counsel, and
Drew Eckl & Farnham LLP, as special counsel.
SJKWD LLC: Wants to Move Exclusive Plan Filing Deadline to April 9
------------------------------------------------------------------
SJKWD, LLC, and Du-Rite Company request the U.S. Bankruptcy Court
for the Southern District of Florida to extend exclusive period
within which only the Debtors may propose a Plan and within which
only the Debtors may solicit acceptances to its Plan for a ninety
day period through and including April 9, 2019 and June 10, 2019,
respectively.
If not extended, the Debtor's current exclusive periods to file and
solicit acceptances to a plan are slated to expire on Jan. 10, 2019
and March 11, 2019, respectively,
The Debtor contends that its Plan is virtually complete, with the
exception of the inclusion of agreed-upon terms with creditor
Simmons Bank/SBA Lending. Due to the federal government shutdown,
the Small Business Administration is effectively closed. Therefore,
negotiations have temporarily ceased.
About SJKWD LLC
SJKWD, LLC, operates its business under the name Denny's Restaurant
located at 2710 N. Roosevelt Boulevard, Key West Florida. SJKWD
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Fla. Case No. 18-17154) on June 14, 2018. In the petition
signed by Stan Jackowski, managing member, the Debtor disclosed
$199,323 in assets and $1,036,677 in liabilities. Judge Robert A.
Mark presides over the case.
SPICY VINES: Hires Shulman Hodges as Bankruptcy Counsel
-------------------------------------------------------
Spicy Vines, LLC, seeks authority from the U.S. Bankruptcy Court
for the Northern District of California to employ Shulman Hodges &
Bastian, LLP, as general bankruptcy counsel to the Debtor.
Spicy Vines requires Shulman Hodges to:
1. advise the Debtor with respect to its rights, powers,
duties and obligations as a debtor in possession in the
administration of this case, the management of its business
affairs and the management of its property;
2. advise and assist the Debtor with respect to compliance
with the requirements of the Office of the United States
Trustee;
3. advise the Debtor regarding matters of bankruptcy law,
including the rights and remedies of the Debtor with
respect to its assets and with respect to the claims of
creditors;
4. represent the Debtor in any proceedings or hearings in the
Bankruptcy Court related to bankruptcy law issues;
5. conduct examinations of witnesses, claimants, or adverse
parties and to prepare and assist in the preparation of
reports, accounts and pleadings related to the Debtor's
Chapter 11 case;
6. advise the Debtor regarding its legal rights and
responsibilities under the Bankruptcy Code and the Federal
Rules of Bankruptcy Procedure;
7. assist the Debtor in the negotiation, preparation and
confirmation of a plan of reorganization;
8. perform any and all other legal services incident and
necessary as the Debtor may require of the Firm in
connection with its Chapter 11 case.
Shulman Hodges will be paid at these hourly rates:
Attorneys $250 to $645
Paralegals $250 to $300
Shulman Hodges will also be reimbursed for reasonable out-of-pocket
expenses incurred.
James C. Bastian, Jr., a partner at Shulman Hodges & Bastian,
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.
Shulman Hodges can be reached at:
James C. Bastian, Jr., Esq.
Melissa Davis Lowe, Esq.
SHULMAN HODGES & BASTIAN LLP
100 Spectrum Center Drive, Suite 600
Irvine, CA 92618
Tel: (949) 340-3400
Fax: (949) 340-3000
E-mail: JBastian@shbllp.com
MLowe@shbllp.com
About Spicy Vines
Spicy Vines LLC produces spiced wines and offers its products
through retailers and online.
An involuntary petition under Chapter 11 of the Bankruptcy Code was
filed by three petitioning creditors of Spicy Vines, LLC, on Oct.
18, 2018. On Nov. 1, 2018, a stipulation by and between the
petitioning creditors and the Debtor for the entry of an Order for
Relief under chapter 11 was filed with this court. An order for
relief under chapter 11 was entered (Bankr. N.D. Cal. Case No.
18-10715) on Nov. 1, 2018.
The Debtor hired Shulman Hodges & Bastian, LLP, as general
bankruptcy counsel.
The petitioning creditors were Douglas B. Hackett, Brush Bernard,
CPAs and Joyce Law Group, APC. Steven M. Olson, Esq., at the Law
Office of Steven M. Olson, is the petitioners' counsel.
SPICY VINES: Seeks to Hire RRW Consulting as Manager
----------------------------------------------------
Spicy Vines, LLC, seeks authority from the U.S. Bankruptcy Court
for the Northern District of California to employ RRW Consulting,
LLC, as manager to the Debtor.
Spicy Vines requires RRW Consulting to:
-- responsible for the establishment of policies and
procedures of the Debtor and to manage and supervise all
operational activities of the Debtor;
-- responsible for the development of a plan of
reorganization;
-- responsible for the Debtor's accounting and financing
matters and directs the Debtor's reorganization and
financial goals, objectives, and budgets;
-- make the Debtor accountable, profitable and able to handle
all debt service and to adhere to assigned budgets;
-- oversee cash management activities, financial strategies to
support the Debtor's reorganization and assist in the
development of the financial information for the Debtor's
disclosure statement;
-- responsible for the preparing monthly reports to be
submitted to the U.S. Trustee;
-- provide other Manager Services as requested.
RRW Consulting will be paid at the hourly rate of $150. The Firm
will also be paid a monthly retainer of $5,000. It will also be
reimbursed for reasonable out-of-pocket expenses incurred.
Todd Afterburn, a partner at RRW Consulting, 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.
RRW Consulting can be reached at:
Todd Afterburn
RRW CONSULTING, LLC
3567 Thorn Road
Sebastopol, CA 95472
Tel: (707) 799-6872
E-mail: russianriverwine@gmail.com
About Spicy Vines
Spicy Vines LLC produces spiced wines and offers its products
through retailers and online.
An involuntary petition under Chapter 11 of the Bankruptcy Code was
filed by three petitioning creditors of Spicy Vines, LLC, on Oct.
18, 2018. On Nov. 1, 2018, a stipulation by and between the
petitioning creditors and the Debtor for the entry of an Order for
Relief under chapter 11 was filed with this court. An order for
relief under chapter 11 was entered (Bankr. N.D. Cal. Case No.
18-10715) on Nov. 1, 2018.
The Debtor hired Shulman Hodges & Bastian, LLP, as general
bankruptcy counsel.
The petitioning creditors were Douglas B. Hackett, Brush Bernard,
CPAs and Joyce Law Group, APC. Steven M. Olson, Esq., at the Law
Office of Steven M. Olson, is the petitioners' counsel.
STORE IT REIT: Wants to Maintain Plan Exclusivity Through March 10
------------------------------------------------------------------
Store it REIT, LLC requests the U.S. Bankruptcy Court for the
Southern District of Texas to extend the current exclusivity period
within which it may confirm its Chapter 11 plan to March 10, 2019.
The Debtor has conferred with the U.S. Trustee and Equity Committee
who have no objection to a 60 day extension of exclusivity.
The Debtor filed its Disclosure Statement and Chapter 11 Plan of
Liquidation on Aug. 24, 2018.
An application and approval to employ Marc Schwartz as Chief
Restructuring Officer was entered on Sept. 10, 2018. In the CRO
Application the Official Committee of Equity Security Holders
stipulated and agreed that the exclusivity period by which the
Debtor must confirm a Chapter 11 Plan would be extended an
additional 120 days from entry of the Order Appointing CRO. As a
result of the entry of the Order Appointing CRO, the current
deadline by which the Debtor must confirm a Chapter 11 Plan is Jan.
8, 2019.
The CRO has received interest in the South Mason property which
would result in an amended proposed Plan if the interest becomes a
formal purchase offer for the South Mason property. The Debtor
indirectly owns the South Mason property with other co-owners and
there are ongoing negotiations with the co-owners for all parties
to consent to the sale of the property.
In addition, Mr. Carden, a director who consented to the
appointment of the CRO, also has interest in entities that are
owned by the Debtor and has consented to the CRO becoming the sole
governing authority for those entities. A Motion related to same is
anticipated to be filed before or in conjunction with a sale motion
related to South Mason. The CRO has also obtained Delaware
Secretary of State Records for entities which showed Debtor having
an interest and provided same to interested parties.
Accordingly, the Debtor requests an extension of exclusivity to
March 10, in which it may confirm a Chapter 11 Plan. Expedited
consideration is requested because the current exclusivity period
expires on Jan. 8, and, if an extension is not granted, the Debtor
needs sufficient time to pursue alternative strategies.
About Store It REIT
Store It REIT, Inc., formerly known as Evergreen Realty REIT, Inc.,
and American Spectrum REIT I, Inc., is a privately held company in
Ketchum, Idaho engaged in activities related to real estate. The
Company has 98.64% equity interest in Evergreen REIT, LP.
Evergreen REIT, LP, is a real estate investment trust owning
interest in entities that own tenant in common, limited
partnership, and/or general partnership interest in three
self-storage facilities.
Store It REIT filed for Chapter 11 bankruptcy protection (Bankr.
S.D. Tex. Case No. 18-32179) on April 27, 2018, listing $13.18
million in total assets and $127,143 in total liabilities. The
petition was signed by William J. Carden, president and director.
Judge Marvin Isgur presides over the case. The Debtor tapped
Deirdre Carey Brown, Esq., at Hoover Slovacek LLP, as its
bankruptcy counsel.
On July 3, 2018, the Office of the U.S. Trustee appointed an
official committee of equity security holders. The equity
committee tapped Polsinelli PC as its legal counsel.
The equity committee has sought appointment of an examiner in the
company's Chapter 11 case.
The Debtor has filed a plan of liquidation and disclosure
statement.
TDE OF ILLINOIS: Cash Collateral Use Extended Through Feb. 1
------------------------------------------------------------
The Hon. Janet S. Baer of the U.S. Bankruptcy Court for the
Northern District of Illinois has entered a sixth order extending
TDE of Illinois Inc.'s use of cash collateral under the terms of
the Second Interim Order through Feb. 1, 2019 pursuant to the
Budget.
The Debtor's use of cash collateral is set for further hearing on
Jan. 29, 2019 at 10:00 a.m.
In addition to all other financial and disclosures required by the
Second Interim Order, the Debtor must provide the following
documents to PNC on Jan. 11 and 25, 2019:
(a) Profit and loss statement for the period July 9, 2018 to
the date of the statement;
(b) Statement of cash flows for the period July 9, 2018 to
the date of the statement;
(c) Profit and loss statement for the period Dec. 17, 2018 to
the date of the statement; and
(d) Statement of cash flows for the period Dec. 17, 2018 to
the date of the statement.
Moreover, the Debtor is directed to pay all adequate protection
payments due to PNC under the previous cash collateral order and
file its Plan and Disclosure Statement by Feb. 1, 2019.
The deadline for the Debtor to file any objections to PNC's claim
is extended to Jan. 4, 2019.
A full-text copy of the Order is available at
http://bankrupt.com/misc/ilnb18-19211-114.pdf
About TDE of Illinois Inc.
TDE Group, Inc., based in Solon, Ohio, filed a Chapter 11 petition
(Bankr. N.D. Ohio Case No. 06-12890) on July 10, 2006. In its
petition, the Debtor estimated $100,000 to $500,000 in assets and
$1 million to $10 million in liabilities. The Hon. Randolph Baxter
oversees the case. The Debtor hired The Law Office of William J.
Factor, Ltd., as bankruptcy counsel.
TOTO BEACH: Seeks to Hire Adam I. Skolnik as Attorney
-----------------------------------------------------
Toto Beach, Inc., seeks authority from the U.S. Bankruptcy Court
for the Southern District of Florida to employ Adam I. Skolnik,
P.A., as attorney to the Debtor.
Toto Beach requires Adam I. Skolnik to:
a. give advice to the Debtor with respect to their powers and
duties as Debtor-in-possession and in their relationship
with its creditors, committee, the Office of the U.S.
Trustee and other interested parties;
b. advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements, the requirements of the Bankruptcy
Code, the Federal Rules of Bankruptcy Procedure, applicable
bankruptcy rules, including local rules and the rules of
the court, as it relates to the administration of the
bankruptcy case;
c. assist the Debtor with the investigation and pursuit of
property of the estate, sale of some or all of its assets;
d. assist the Debtor in the formulation and dissemination and
approval of a disclosure statement and plan;
e. prepare and review motions, pleadings, orders,
applications, adversary proceedings, and other legal
documents necessary in the administration of the bankruptcy
case;
f. protect the interest of the Debtor in all matters pending
before the bankruptcy court;
g. represent the Debtor in negotiation with its creditors in
the preparation of a plan; and
h. perform all other necessary functions as attorney for a
debtor-in-possession for the proper administration of the
bankruptcy estate.
Adam I. Skolnik will be paid at these hourly rates:
Attorneys $400
Paralegals $125
Adam I. Skolnik will be paid a retainer in the amount of $5,000.
Adam I. Skolnik will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Adam I. Skolnik, the firm's founding partner, 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 I. Skolnik can be reached at:
Adam I. Skolnik, Esq.
ADAM I. SKOLNIK, P.A.
1761 West Hillsboro Blvd., Suite 201
Deterfield Beach, FL 33442
Telephone: (561) 265-1120
Facsimile: (561) 265-1328
E-mail: asklnik@skolniklawpa.com
About Toto Beach, Inc.
Toto Beach, Inc., filed a Chapter 11 bankruptcy petition (Bankr.
S.D. Fla. Case No. 18-24752) on Nov. 27, 2018, disclosing under $1
million in assets and liabilities. The Debtor is represented by
Adam I. Skolnik, Esq., at Adam I. Skolnik, P.A.
TOTO BEACH: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of Toto Beach, Inc. as of Jan. 11, according to
a court docket.
About Toto Beach Inc.
Toto Beach, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-24752) on November
27, 2018. At the time of the filing, the Debtor had estimated
assets of less than $1 million and liabilities of less than
$50,000. The case has been assigned to Judge Robert A. Mark. The
Debtor tapped the Law Office of Adam I. Skolnik, P.A. as its legal
counsel.
VARIO CORP: Seeks Access to Cash Collateral Through June 30
-----------------------------------------------------------
Vario Corp. seeks authority from the U.S. Bankruptcy Court for the
Central District of California to use cash collateral through and
including June 30, 2019, in accordance with its cash collateral
budget.
The Debtor has an urgent need to pay critical vendor Grand Wisdom.
The Debtor also needs access to cash to pay essential employees and
to purchase new inventory to fulfill purchase orders, and to enable
Debtor to pay all of its normal and ordinary operating expenses as
they come due in the ordinary course of business.
The Debtor currently is in contract with Grand Wisdom under which
Grand Wisdom will manufacture Debtor's LED lighting products for
2018 through 2019. The Debtor has ordered $8,705,715 in product
from Grand Wisdom to fulfill the purchase orders of Debtor's
customers which include major retailers such as Walmart, Home
Depot, Amazon, Overstock, Pier 1, Hobby Lobby, and others. Of the
$8,705,715 in product Debtor has ordered from Grand Wisdom, about
$5-6 million of product has been delivered to Debtor and paid.
The Debtor has $1,947,553 with Grand Wisdom, of which $900,000 is a
security deposit and $1 million is for prepayment of inventory.
However, if Debtor is not able to use cash collateral to pay Grand
Wisdom for more inventory, Debtor's entire $1.9 million will be
forfeited.
East West Bank, N.A. is Debtor's senior secured lender by virtue of
that certain line of credit agreement between Debtor and East West
Bank. The LOC is secured by, among other things, a commercial
security agreement that encumbers most of Debtor's assets,
including all inventory, equipment, accounts, and other rights of
payment. As of the Petition Date, East West Bank's claim amount was
$2,498,556.
The Debtor also has nine other secured loans characterized as
factoring loans but which are structured as secured loans. Some of
these loans are:
(a) Business Merchant Funding has a security interest in all
of Debtor's assets, with a claim amount of $247,337;
(b) Fora Financial West, LLC has a security interest in all
of Debtor's assets, with a claim amount of $226,885;
(c) Influx Capital, LLC holds a security interest in all of
Debtor's assets, with a claim amount of $35,492;
(d) King Cash Group asserts a security interest in all of
Debtor's assets, with a claim amount of $239,630;
(e) ML Factors Funding, LLC asserts a security interest in
all of Debtor's assets, with a claim amount of $143,170;
(f) SPG Advance is a working capital lender with a security
interest in all of Debtor's assets, with a claim amount of
$211,130;
(g) TVT 2.0 LLC is a working capital lender with a security
interest in all of Debtor's assets, with a claim amount of
$164,823; and
(h) Yellowstone Capital West LLC is a working capital lender
with a security interest in all of Debtor's assets, with a claim
amount of $111,631.
Assuming all of the secured claims have been perfected (it appears
that only some of the working capital lenders have perfected
security interests) the aggregate total amount of secured claims is
$3,878,654.
The Debtor believes Secured Creditors are adequately protected by a
substantial equity in its assets. The aggregate value of Debtor's
assets is a conservative $6,935,383 (which does not even include
the value of Debtor's causes of action in the State Court Action
estimated to be in the millions of dollars), while the total amount
of secured claims is $3,878,654 (assuming all of the secured
creditors have perfected security interests, and it appears that is
not the case). Thus, at a minimum, the Secured Creditors are thus
protected by $3,056,729 in equity in Debtor's assets, which amounts
to a 78.8% equity cushion.
In addition, the Debtor claims its Secured Creditors are adequately
protected by the continued operations of its business because the
value of the collateral is not declining and the going-concern
value will be preserved. By payment of necessary operating
expenses, the Secured Creditors will be adequately protected
because by doing so, the Debtor will be able to maximize the value
of its inventory and generate as much revenue as possible from the
sale of such inventory.
Since the value of the collateral is not declining and the Secured
Creditors are adequately protected by substantial equity in
Debtor's assets, and by Debtor’s continued business operations,
Secured Creditors will not be entitled to any adequate protection
payments for their inability to foreclose upon the collateral
during the Chapter 11 case.
A copy of the Debtor's Cash Collateral Motion is available at
http://bankrupt.com/misc/cacb18-19730-10.pdf
About Vario Corp.
Vario Corp. is a wholesaler of electrical products headquartered in
Chino, California. Vario Corp. sought protection under Chapter 11
of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-19730) on Nov.
16, 2018. In the petition signed by Shuchuan Eva Shih, president,
the Debtor disclosed $6,935,383 in total assets and $8,181,048 in
total debt. The Hon. Wayne E. Johnson oversees the case. The Law
Offices of Langley & Chang, led by name partner Christopher J.
Langley, serves as counsel to the Debtor.
WALDRON DEVELOPMENT: Cash Collateral Use Through Jan. 31 Okayed
---------------------------------------------------------------
The Hon. Jacqueline P. Cox of the U.S. Bankruptcy Court for the
Northern District of Illinois authorized Waldron Development
Company use of cash collateral of Wilmington Trust on an interim
basis to pay these persons the following amounts for the period
through Jan. 31, 2019:
Com Ed Building $100
People Gas Building $200
City of Chicago $121
The Debtor's use of cash collateral is set for status on Jan. 17,
2019 at 10:00 a.m.
A copy of the Order is available at
http://bankrupt.com/misc/ilnb17-37011-115.pdf
About Waldron Development Company
Waldron Development Company owns a three-flat apartment building at
3838 North Kenmore, Chicago, Illinois.
Waldron Development sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 17-37011) on Dec. 14,
2017. The Debtor intends to use Chapter 11 to effectuate a sale of
the building under Section 363(b) of the Bankruptcy Code, or to
restructure the debt on the building.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $1 million.
Judge Jacqueline P. Cox presides over the case.
The Debtor tapped The Law Office of William J. Factor, Ltd., as its
legal counsel; Larry Goldsmith and the firm of CJBS, LLC, as its
accountants; and Ten-X LLC as its marketplace and transaction host
relating to the sale of real property.
WILLIAMSON INVESTMENTS: NC Bankr. Court Orders Dismissal of Case
----------------------------------------------------------------
Judge Catharene R. Aron of the U.S. Bankruptcy Court for the Middle
District of North Carolina dismissed the Chapter 11 case of
Williamson Investments, LLC.
The court dismissal was made pursuant to the motion of Maribel
Properties, LLC to dismiss the Chapter 11 Case of the Debtor filed
on November 16, 2018.
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 $1 million. Judge
Catharine R. Aron presides over the case. The Debtor tapped Bolton
Law Group, PA as its legal counsel.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABBVIE INC ABBV US 66,164.0 (2,921.0) 3,078.0
ABBVIE INC ABBV AV 66,164.0 (2,921.0) 3,078.0
ABBVIE INC 4AB TE 66,164.0 (2,921.0) 3,078.0
ABBVIE INC 4AB TH 66,164.0 (2,921.0) 3,078.0
ABBVIE INC 4AB GR 66,164.0 (2,921.0) 3,078.0
ABBVIE INC ABBV SW 66,164.0 (2,921.0) 3,078.0
ABBVIE INC ABBV* MM 66,164.0 (2,921.0) 3,078.0
ABBVIE INC 4AB QT 66,164.0 (2,921.0) 3,078.0
ABBVIE INC ABBVUSD EU 66,164.0 (2,921.0) 3,078.0
ABBVIE INC ABBVEUR EU 66,164.0 (2,921.0) 3,078.0
ABBVIE INC 4AB GZ 66,164.0 (2,921.0) 3,078.0
ABBVIE INC-BDR ABBV34 BZ 66,164.0 (2,921.0) 3,078.0
ABSOLUTE SOFTWRE ABT CN 91.4 (56.4) (30.1)
ABSOLUTE SOFTWRE OU1 GR 91.4 (56.4) (30.1)
ABSOLUTE SOFTWRE ALSWF US 91.4 (56.4) (30.1)
ABSOLUTE SOFTWRE ABT2EUR EU 91.4 (56.4) (30.1)
AGENUS INC AGEN US 130.5 (131.4) 9.4
AGENUS INC AGENUSD EU 130.5 (131.4) 9.4
AIMIA INC AIM CN 3,507.0 (173.5) (1,247.5)
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
AMERICAN AIRLINE A1G SW 52,635.0 (568.0) (6,850.0)
AMERICAN AIRLINE AAL1CHF EU 52,635.0 (568.0) (6,850.0)
AMERICAN AIRLINE A1G QT 52,635.0 (568.0) (6,850.0)
AMERICAN AIRLINE AAL* MM 52,635.0 (568.0) (6,850.0)
AMERICAN AIRLINE A1G GR 52,635.0 (568.0) (6,850.0)
AMERICAN AIRLINE AAL US 52,635.0 (568.0) (6,850.0)
AMERICAN AIRLINE AAL1USD EU 52,635.0 (568.0) (6,850.0)
AMERICAN AIRLINE A1G TH 52,635.0 (568.0) (6,850.0)
AMERICAN AIRLINE A1G GZ 52,635.0 (568.0) (6,850.0)
AMERICAN AIRLINE AAL11EUR EU 52,635.0 (568.0) (6,850.0)
AMERICAN AIRLINE AAL AV 52,635.0 (568.0) (6,850.0)
AMERICAN AIRLINE AAL TE 52,635.0 (568.0) (6,850.0)
AMYRIS INC 3A01 GR 122.7 (200.6) (86.5)
AMYRIS INC 3A01 TH 122.7 (200.6) (86.5)
AMYRIS INC AMRS US 122.7 (200.6) (86.5)
AMYRIS INC AMRSUSD EU 122.7 (200.6) (86.5)
AMYRIS INC AMRSEUR EU 122.7 (200.6) (86.5)
AMYRIS INC 3A01 QT 122.7 (200.6) (86.5)
ATLATSA RESOURCE ATL SJ 144.0 (238.4) 6.6
AUTODESK INC ADSK US 3,774.4 (338.3) (395.5)
AUTODESK INC AUD TH 3,774.4 (338.3) (395.5)
AUTODESK INC AUD GR 3,774.4 (338.3) (395.5)
AUTODESK INC ADSKEUR EU 3,774.4 (338.3) (395.5)
AUTODESK INC ADSKUSD EU 3,774.4 (338.3) (395.5)
AUTODESK INC ADSK TE 3,774.4 (338.3) (395.5)
AUTODESK INC ADSK* MM 3,774.4 (338.3) (395.5)
AUTODESK INC AUD QT 3,774.4 (338.3) (395.5)
AUTODESK INC AUD GZ 3,774.4 (338.3) (395.5)
AUTODESK INC ADSK AV 3,774.4 (338.3) (395.5)
AUTOZONE INC AZ5 GR 9,523.6 (1,658.6) (353.8)
AUTOZONE INC AZ5 TH 9,523.6 (1,658.6) (353.8)
AUTOZONE INC AZO US 9,523.6 (1,658.6) (353.8)
AUTOZONE INC AZOUSD EU 9,523.6 (1,658.6) (353.8)
AUTOZONE INC AZOEUR EU 9,523.6 (1,658.6) (353.8)
AUTOZONE INC AZ5 QT 9,523.6 (1,658.6) (353.8)
AVALARA INC AVLR US 311.3 122.2 33.0
AVID TECHNOLOGY AVID US 247.0 (174.1) 4.9
AVID TECHNOLOGY AVD GR 247.0 (174.1) 4.9
BENEFITFOCUS INC BNFTEUR EU 175.1 (35.6) (13.0)
BENEFITFOCUS INC BNFT US 175.1 (35.6) (13.0)
BENEFITFOCUS INC BTF GR 175.1 (35.6) (13.0)
BIO-EN HOLDINGS BENH US 0.0 (0.0) (0.0)
BIOSCRIP INC MM6 TH 579.2 (36.3) 75.9
BIOSCRIP INC BIOS US 579.2 (36.3) 75.9
BIOSCRIP INC MM6 GR 579.2 (36.3) 75.9
BIOSCRIP INC BIOSUSD EU 579.2 (36.3) 75.9
BIOSCRIP INC MM6 QT 579.2 (36.3) 75.9
BIOSCRIP INC BIOSEUR EU 579.2 (36.3) 75.9
BJ'S WHOLESALE C BJ US 3,465.0 (256.6) (293.8)
BJ'S WHOLESALE C 8BJ GR 3,465.0 (256.6) (293.8)
BJ'S WHOLESALE C 8BJ QT 3,465.0 (256.6) (293.8)
BLUE BIRD CORP BLBD US 307.4 (28.3) 1.0
BLUE RIDGE MOUNT BRMR US 1,060.2 (212.5) (62.4)
BOEING CO-BDR BOEI34 BZ 114,659.0 (1,209.0) 8,269.0
BOEING CO/THE BOE LN 114,659.0 (1,209.0) 8,269.0
BOEING CO/THE BCO TH 114,659.0 (1,209.0) 8,269.0
BOEING CO/THE BACHF EU 114,659.0 (1,209.0) 8,269.0
BOEING CO/THE BA US 114,659.0 (1,209.0) 8,269.0
BOEING CO/THE BA SW 114,659.0 (1,209.0) 8,269.0
BOEING CO/THE BA* MM 114,659.0 (1,209.0) 8,269.0
BOEING CO/THE BA TE 114,659.0 (1,209.0) 8,269.0
BOEING CO/THE BCO GR 114,659.0 (1,209.0) 8,269.0
BOEING CO/THE BAEUR EU 114,659.0 (1,209.0) 8,269.0
BOEING CO/THE BA EU 114,659.0 (1,209.0) 8,269.0
BOEING CO/THE BAUSD SW 114,659.0 (1,209.0) 8,269.0
BOEING CO/THE BA CI 114,659.0 (1,209.0) 8,269.0
BOEING CO/THE BCO QT 114,659.0 (1,209.0) 8,269.0
BOEING CO/THE BCO GZ 114,659.0 (1,209.0) 8,269.0
BOEING CO/THE BA AV 114,659.0 (1,209.0) 8,269.0
BOMBARDIER INC-B BBDBN MM 24,269.0 (3,754.0) 93.0
BRINKER INTL EAT US 1,244.0 (815.9) (356.6)
BRINKER INTL BKJ GR 1,244.0 (815.9) (356.6)
BRINKER INTL EAT2EUR EU 1,244.0 (815.9) (356.6)
BRINKER INTL BKJ QT 1,244.0 (815.9) (356.6)
BRP INC/CA-SUB V DOO CN 2,972.9 (381.0) (215.5)
BRP INC/CA-SUB V B15A GR 2,972.9 (381.0) (215.5)
BRP INC/CA-SUB V DOOO US 2,972.9 (381.0) (215.5)
BUFFALO COAL COR BUC SJ 25.3 (39.2) (47.2)
CACTUS INC- A WHD US 565.7 324.9 173.7
CACTUS INC- A 43C GR 565.7 324.9 173.7
CACTUS INC- A WHDEUR EU 565.7 324.9 173.7
CACTUS INC- A 43C QT 565.7 324.9 173.7
CACTUS INC- A 43C GZ 565.7 324.9 173.7
CADIZ INC CDZI US 72.3 (79.9) 15.2
CADIZ INC 2ZC GR 72.3 (79.9) 15.2
CANNABIS STRAT-A CSA/A CN 136.7 (44.9) (0.5)
CARDLYTICS INC CDLX US 138.1 51.2 75.1
CARDLYTICS INC CDLXEUR EU 138.1 51.2 75.1
CARDLYTICS INC CYX QT 138.1 51.2 75.1
CARDLYTICS INC CYX GR 138.1 51.2 75.1
CARDLYTICS INC CYX GZ 138.1 51.2 75.1
CASELLA WASTE WA3 GR 702.8 (5.3) (7.1)
CASELLA WASTE CWST US 702.8 (5.3) (7.1)
CASELLA WASTE CWSTUSD EU 702.8 (5.3) (7.1)
CASELLA WASTE WA3 TH 702.8 (5.3) (7.1)
CASELLA WASTE CWSTEUR EU 702.8 (5.3) (7.1)
CDK GLOBAL INC CDKEUR EU 3,090.9 (299.6) 311.4
CDK GLOBAL INC C2G GR 3,090.9 (299.6) 311.4
CDK GLOBAL INC CDK US 3,090.9 (299.6) 311.4
CDK GLOBAL INC C2G QT 3,090.9 (299.6) 311.4
CHESAPEAKE E-BDR CHKE34 BZ 12,659.0 (39.0) (1,741.0)
CHESAPEAKE ENERG CHK* MM 12,659.0 (39.0) (1,741.0)
CHOICE HOTELS CHH US 1,161.0 (168.1) (18.9)
CHOICE HOTELS CZH GR 1,161.0 (168.1) (18.9)
CINCINNATI BELL CBB US 2,659.5 (33.9) (95.7)
CINCINNATI BELL CIB1 GR 2,659.5 (33.9) (95.7)
CINCINNATI BELL CBBEUR EU 2,659.5 (33.9) (95.7)
CLEAR CHANNEL-A CCO US 4,479.4 (2,140.0) 284.7
CLEAR CHANNEL-A C7C GR 4,479.4 (2,140.0) 284.7
CLEVELAND-CLIFFS CLF* MM 3,125.0 (86.2) 1,269.9
CLEVELAND-CLIFFS CLF US 3,125.0 (86.2) 1,269.9
CLEVELAND-CLIFFS CVA GR 3,125.0 (86.2) 1,269.9
CLEVELAND-CLIFFS CVA TH 3,125.0 (86.2) 1,269.9
CLEVELAND-CLIFFS CLF2 EU 3,125.0 (86.2) 1,269.9
CLEVELAND-CLIFFS CVA QT 3,125.0 (86.2) 1,269.9
CLEVELAND-CLIFFS CLF2EUR EU 3,125.0 (86.2) 1,269.9
CLEVELAND-CLIFFS CVA GZ 3,125.0 (86.2) 1,269.9
COGENT COMMUNICA OGM1 GR 757.3 (125.8) 286.2
COGENT COMMUNICA CCOI US 757.3 (125.8) 286.2
COGENT COMMUNICA CCOIUSD EU 757.3 (125.8) 286.2
COLGATE-BDR COLG34 BZ 12,571.0 (68.0) 394.0
COLGATE-PALMOLIV CL EU 12,571.0 (68.0) 394.0
COLGATE-PALMOLIV CPA TH 12,571.0 (68.0) 394.0
COLGATE-PALMOLIV CLEUR EU 12,571.0 (68.0) 394.0
COLGATE-PALMOLIV CLCHF EU 12,571.0 (68.0) 394.0
COLGATE-PALMOLIV CL* MM 12,571.0 (68.0) 394.0
COLGATE-PALMOLIV CL SW 12,571.0 (68.0) 394.0
COLGATE-PALMOLIV CPA GR 12,571.0 (68.0) 394.0
COLGATE-PALMOLIV CL US 12,571.0 (68.0) 394.0
COLGATE-PALMOLIV CL TE 12,571.0 (68.0) 394.0
COLGATE-PALMOLIV COLG AV 12,571.0 (68.0) 394.0
COLGATE-PALMOLIV CLUSD SW 12,571.0 (68.0) 394.0
COLGATE-PALMOLIV CPA QT 12,571.0 (68.0) 394.0
COLGATE-PALMOLIV CPA GZ 12,571.0 (68.0) 394.0
COMMUNITY HEALTH CG5 GR 16,469.0 (635.0) 1,245.0
COMMUNITY HEALTH CYH US 16,469.0 (635.0) 1,245.0
COMMUNITY HEALTH CYH1USD EU 16,469.0 (635.0) 1,245.0
COMMUNITY HEALTH CG5 TH 16,469.0 (635.0) 1,245.0
COMMUNITY HEALTH CG5 QT 16,469.0 (635.0) 1,245.0
COMMUNITY HEALTH CYH1EUR EU 16,469.0 (635.0) 1,245.0
CONVERGEONE HOLD CVON US 1,066.9 (156.7) 13.7
CRESCO LABS INC CL CN 0.1 (0.1) (0.1)
CUMULUS MEDIA-A CMLS US 1,809.4 344.5 310.1
DELEK LOGISTICS DKL US 693.6 (130.4) 70.4
DELEK LOGISTICS D6L GR 693.6 (130.4) 70.4
DENNY'S CORP DENN US 328.8 (110.0) (43.0)
DENNY'S CORP DE8 GR 328.8 (110.0) (43.0)
DENNY'S CORP DENNEUR EU 328.8 (110.0) (43.0)
DINE BRANDS GLOB DIN US 1,649.7 (213.4) 82.5
DINE BRANDS GLOB IHP GR 1,649.7 (213.4) 82.5
DOLLARAMA INC DR3 GR 2,142.0 (216.5) 66.8
DOLLARAMA INC DLMAF US 2,142.0 (216.5) 66.8
DOLLARAMA INC DOL CN 2,142.0 (216.5) 66.8
DOLLARAMA INC DR3 GZ 2,142.0 (216.5) 66.8
DOLLARAMA INC DOLEUR EU 2,142.0 (216.5) 66.8
DOLLARAMA INC DR3 TH 2,142.0 (216.5) 66.8
DOLLARAMA INC DR3 QT 2,142.0 (216.5) 66.8
DOMINO'S PIZZA EZV TH 912.1 (2,973.8) 229.2
DOMINO'S PIZZA EZV GR 912.1 (2,973.8) 229.2
DOMINO'S PIZZA DPZ US 912.1 (2,973.8) 229.2
DOMINO'S PIZZA DPZEUR EU 912.1 (2,973.8) 229.2
DOMINO'S PIZZA DPZUSD EU 912.1 (2,973.8) 229.2
DOMINO'S PIZZA EZV QT 912.1 (2,973.8) 229.2
DUN & BRADSTREET DNB US 1,931.4 (730.1) (291.9)
DUN & BRADSTREET DB5 GR 1,931.4 (730.1) (291.9)
DUN & BRADSTREET DB5 QT 1,931.4 (730.1) (291.9)
DUN & BRADSTREET DNB1EUR EU 1,931.4 (730.1) (291.9)
DUNKIN' BRANDS G 2DB TH 3,354.2 (735.6) 281.9
DUNKIN' BRANDS G DNKN US 3,354.2 (735.6) 281.9
DUNKIN' BRANDS G 2DB GR 3,354.2 (735.6) 281.9
DUNKIN' BRANDS G DNKNEUR EU 3,354.2 (735.6) 281.9
DUNKIN' BRANDS G 2DB QT 3,354.2 (735.6) 281.9
DUNKIN' BRANDS G 2DB GZ 3,354.2 (735.6) 281.9
EGAIN CORP EGAN US 49.4 (3.8) (7.3)
EGAIN CORP EGCA GR 49.4 (3.8) (7.3)
EGAIN CORP EGANEUR EU 49.4 (3.8) (7.3)
EQUILLIUM INC EQ US 6.4 (10.4) 2.4
EVERI HOLDINGS I G2C TH 1,534.2 (113.2) 11.5
EVERI HOLDINGS I G2C GR 1,534.2 (113.2) 11.5
EVERI HOLDINGS I EVRI US 1,534.2 (113.2) 11.5
EVERI HOLDINGS I EVRIEUR EU 1,534.2 (113.2) 11.5
EXELA TECHNOLOGI XELAU US 1,662.3 (93.2) (26.8)
EXELA TECHNOLOGI XELA US 1,662.3 (93.2) (26.8)
FRONTDOOR IN FTDR US 1,065.0 (439.0) (115.0)
GAMCO INVESTO-A GBL US 118.5 (12.2) -
GNC HOLDINGS INC GNC* MM 1,479.6 (170.7) 246.4
GOGO INC GOGO US 1,248.5 (261.3) 300.9
GOGO INC G0G TH 1,248.5 (261.3) 300.9
GOGO INC GOGOUSD EU 1,248.5 (261.3) 300.9
GOGO INC GOGOEUR EU 1,248.5 (261.3) 300.9
GOGO INC G0G QT 1,248.5 (261.3) 300.9
GOGO INC G0G GR 1,248.5 (261.3) 300.9
GOLDEN STAR RES GSS US 331.4 (71.3) (91.0)
GOLDEN STAR RES GSC CN 331.4 (71.3) (91.0)
GOLDEN STAR RES GSC1USD EU 331.4 (71.3) (91.0)
GOOSEHEAD INSU-A GSHD US 31.2 (26.5) -
GOOSEHEAD INSU-A 2OX GR 31.2 (26.5) -
GOOSEHEAD INSU-A GSHDEUR EU 31.2 (26.5) -
GRAFTECH INTERNA EAF US 1,502.7 (1,038.5) 348.0
GRAFTECH INTERNA G6G GR 1,502.7 (1,038.5) 348.0
GRAFTECH INTERNA G6G TH 1,502.7 (1,038.5) 348.0
GRAFTECH INTERNA EAFEUR EU 1,502.7 (1,038.5) 348.0
GRAFTECH INTERNA G6G QT 1,502.7 (1,038.5) 348.0
GREEN PLAINS PAR 8GP GR 89.3 (67.4) 2.8
GREEN PLAINS PAR GPP US 89.3 (67.4) 2.8
GREEN THUMB INDU R9U2 GR 0.4 (0.1) (0.1)
GREEN THUMB INDU GTII CN 0.4 (0.1) (0.1)
GREEN THUMB INDU GTBIF US 0.4 (0.1) (0.1)
GREENSKY INC-A GSKY US 801.5 (12.2) 358.9
H&R BLOCK INC HRB TH 2,233.3 (31.3) 455.3
H&R BLOCK INC HRB US 2,233.3 (31.3) 455.3
H&R BLOCK INC HRB GR 2,233.3 (31.3) 455.3
H&R BLOCK INC HRBUSD EU 2,233.3 (31.3) 455.3
H&R BLOCK INC HRB QT 2,233.3 (31.3) 455.3
H&R BLOCK INC HRBEUR EU 2,233.3 (31.3) 455.3
HANGER INC HNGR US 675.6 (25.6) 139.7
HCA HEALTHCARE I 2BH TH 38,044.0 (3,730.0) 3,779.0
HCA HEALTHCARE I HCA US 38,044.0 (3,730.0) 3,779.0
HCA HEALTHCARE I 2BH GR 38,044.0 (3,730.0) 3,779.0
HCA HEALTHCARE I HCAUSD EU 38,044.0 (3,730.0) 3,779.0
HCA HEALTHCARE I 2BH QT 38,044.0 (3,730.0) 3,779.0
HCA HEALTHCARE I HCAEUR EU 38,044.0 (3,730.0) 3,779.0
HCA HEALTHCARE I HCA* MM 38,044.0 (3,730.0) 3,779.0
HELIUS MEDICAL T 26H GR 13.3 (4.5) (5.0)
HELIUS MEDICAL T HSM CN 13.3 (4.5) (5.0)
HELIUS MEDICAL T HSDT US 13.3 (4.5) (5.0)
HERBALIFE NUTRIT HLF US 2,734.8 (761.1) 210.5
HERBALIFE NUTRIT HOO GR 2,734.8 (761.1) 210.5
HERBALIFE NUTRIT HLFUSD EU 2,734.8 (761.1) 210.5
HERBALIFE NUTRIT HLFEUR EU 2,734.8 (761.1) 210.5
HERBALIFE NUTRIT HOO QT 2,734.8 (761.1) 210.5
HORTONWORKS INC HDP US 296.6 (1.1) 4.4
HORTONWORKS INC 14K GR 296.6 (1.1) 4.4
HORTONWORKS INC HDPEUR EU 296.6 (1.1) 4.4
HORTONWORKS INC 14K QT 296.6 (1.1) 4.4
HP COMPANY-BDR HPQB34 BZ 34,622.0 (639.0) (3,744.0)
HP INC HPQ TE 34,622.0 (639.0) (3,744.0)
HP INC HPQ US 34,622.0 (639.0) (3,744.0)
HP INC 7HP TH 34,622.0 (639.0) (3,744.0)
HP INC 7HP GR 34,622.0 (639.0) (3,744.0)
HP INC HPQ* MM 34,622.0 (639.0) (3,744.0)
HP INC HPQUSD SW 34,622.0 (639.0) (3,744.0)
HP INC HPQ AV 34,622.0 (639.0) (3,744.0)
HP INC HPQ CI 34,622.0 (639.0) (3,744.0)
HP INC HWP QT 34,622.0 (639.0) (3,744.0)
HP INC HPQCHF EU 34,622.0 (639.0) (3,744.0)
HP INC HPQUSD EU 34,622.0 (639.0) (3,744.0)
HP INC HPQ SW 34,622.0 (639.0) (3,744.0)
HP INC 7HP GZ 34,622.0 (639.0) (3,744.0)
HP INC HPQEUR EU 34,622.0 (639.0) (3,744.0)
IDEXX LABS IDXX US 1,544.5 (1.4) (55.3)
IDEXX LABS IX1 GR 1,544.5 (1.4) (55.3)
IDEXX LABS IDXX TE 1,544.5 (1.4) (55.3)
IDEXX LABS IX1 QT 1,544.5 (1.4) (55.3)
IDEXX LABS IX1 TH 1,544.5 (1.4) (55.3)
IDEXX LABS IDXX AV 1,544.5 (1.4) (55.3)
IDEXX LABS IX1 GZ 1,544.5 (1.4) (55.3)
INFRASTRUCTURE A IEA US 485.9 (112.5) 30.0
INNOVIVA INC HVE GR 277.7 (108.3) 116.8
INNOVIVA INC INVA US 277.7 (108.3) 116.8
INNOVIVA INC INVAUSD EU 277.7 (108.3) 116.8
INNOVIVA INC HVE TH 277.7 (108.3) 116.8
INNOVIVA INC HVE QT 277.7 (108.3) 116.8
INNOVIVA INC INVAEUR EU 277.7 (108.3) 116.8
INNOVIVA INC HVE GZ 277.7 (108.3) 116.8
INSEEGO CORP INO TH 158.9 (33.3) 29.8
INSEEGO CORP INO QT 158.9 (33.3) 29.8
INSEEGO CORP INSGUSD EU 158.9 (33.3) 29.8
INSEEGO CORP INSG US 158.9 (33.3) 29.8
INSEEGO CORP INSGEUR EU 158.9 (33.3) 29.8
INSEEGO CORP INO GR 158.9 (33.3) 29.8
IRONWOOD PHARMAC I76 TH 416.7 (197.3) 136.0
IRONWOOD PHARMAC IRWD US 416.7 (197.3) 136.0
IRONWOOD PHARMAC I76 GR 416.7 (197.3) 136.0
IRONWOOD PHARMAC I76 QT 416.7 (197.3) 136.0
IRONWOOD PHARMAC IRWDEUR EU 416.7 (197.3) 136.0
ISRAMCO INC ISRL US 114.8 (8.9) (6.1)
ISRAMCO INC IRM GR 114.8 (8.9) (6.1)
ISRAMCO INC ISRLEUR EU 114.8 (8.9) (6.1)
JACK IN THE BOX JACK US 823.4 (591.7) (88.7)
JACK IN THE BOX JBX GR 823.4 (591.7) (88.7)
JACK IN THE BOX JACK1EUR EU 823.4 (591.7) (88.7)
JACK IN THE BOX JBX GZ 823.4 (591.7) (88.7)
JACK IN THE BOX JBX QT 823.4 (591.7) (88.7)
KODIAK SCIENCES KOD US 17.1 (43.8) 6.9
L BRANDS INC LTD GR 7,829.0 (1,312.0) 791.0
L BRANDS INC LB US 7,829.0 (1,312.0) 791.0
L BRANDS INC LTD TH 7,829.0 (1,312.0) 791.0
L BRANDS INC LBUSD EU 7,829.0 (1,312.0) 791.0
L BRANDS INC LBEUR EU 7,829.0 (1,312.0) 791.0
L BRANDS INC LB* MM 7,829.0 (1,312.0) 791.0
L BRANDS INC LTD QT 7,829.0 (1,312.0) 791.0
LAMB WESTON LW-WUSD EU 3,052.5 (167.1) 437.8
LAMB WESTON LW US 3,052.5 (167.1) 437.8
LAMB WESTON LW-WEUR EU 3,052.5 (167.1) 437.8
LAMB WESTON 0L5 GR 3,052.5 (167.1) 437.8
LAMB WESTON 0L5 TH 3,052.5 (167.1) 437.8
LAMB WESTON 0L5 QT 3,052.5 (167.1) 437.8
LENNOX INTL INC LII US 1,910.8 (86.8) 496.7
LENNOX INTL INC LXI GR 1,910.8 (86.8) 496.7
LENNOX INTL INC LXI TH 1,910.8 (86.8) 496.7
LENNOX INTL INC LII1USD EU 1,910.8 (86.8) 496.7
LENNOX INTL INC LII* MM 1,910.8 (86.8) 496.7
LENNOX INTL INC LII1EUR EU 1,910.8 (86.8) 496.7
LEXICON PHARMACE LX31 GR 310.2 (29.4) 129.9
LEXICON PHARMACE LXRX US 310.2 (29.4) 129.9
LEXICON PHARMACE LXRXUSD EU 310.2 (29.4) 129.9
LEXICON PHARMACE LX31 QT 310.2 (29.4) 129.9
LEXICON PHARMACE LXRXEUR EU 310.2 (29.4) 129.9
MCDONALDS - BDR MCDC34 BZ 34,053.7 (6,792.6) 1,926.4
MCDONALDS CORP MCD SW 34,053.7 (6,792.6) 1,926.4
MCDONALDS CORP MCD US 34,053.7 (6,792.6) 1,926.4
MCDONALDS CORP MDO GR 34,053.7 (6,792.6) 1,926.4
MCDONALDS CORP MCD* MM 34,053.7 (6,792.6) 1,926.4
MCDONALDS CORP MCD TE 34,053.7 (6,792.6) 1,926.4
MCDONALDS CORP MDO TH 34,053.7 (6,792.6) 1,926.4
MCDONALDS CORP MCDUSD SW 34,053.7 (6,792.6) 1,926.4
MCDONALDS CORP MCD CI 34,053.7 (6,792.6) 1,926.4
MCDONALDS CORP MDO QT 34,053.7 (6,792.6) 1,926.4
MCDONALDS CORP MCDCHF EU 34,053.7 (6,792.6) 1,926.4
MCDONALDS CORP MCDUSD EU 34,053.7 (6,792.6) 1,926.4
MCDONALDS CORP MDO GZ 34,053.7 (6,792.6) 1,926.4
MCDONALDS CORP MCDEUR EU 34,053.7 (6,792.6) 1,926.4
MCDONALDS CORP MCD AV 34,053.7 (6,792.6) 1,926.4
MCDONALDS-CEDEAR MCD AR 34,053.7 (6,792.6) 1,926.4
MEDICINES COMP MDCO US 733.7 (26.6) 109.5
MEDICINES COMP MZN GR 733.7 (26.6) 109.5
MEDICINES COMP MZN QT 733.7 (26.6) 109.5
MEDICINES COMP MZN TH 733.7 (26.6) 109.5
MEDICINES COMP MDCOUSD EU 733.7 (26.6) 109.5
MEDICINES COMP MZN GZ 733.7 (26.6) 109.5
MICHAELS COS INC MIK US 2,339.0 (1,789.9) 400.0
MICHAELS COS INC MIM GR 2,339.0 (1,789.9) 400.0
MOTOROLA SOLUTIO MOT TE 8,963.0 (1,395.0) 576.0
MOTOROLA SOLUTIO MSI US 8,963.0 (1,395.0) 576.0
MOTOROLA SOLUTIO MTLA TH 8,963.0 (1,395.0) 576.0
MOTOROLA SOLUTIO MSI1USD EU 8,963.0 (1,395.0) 576.0
MOTOROLA SOLUTIO MTLA QT 8,963.0 (1,395.0) 576.0
MOTOROLA SOLUTIO MTLA GR 8,963.0 (1,395.0) 576.0
MOTOROLA SOLUTIO MSI1EUR EU 8,963.0 (1,395.0) 576.0
MOTOROLA SOLUTIO MTLA GZ 8,963.0 (1,395.0) 576.0
MSG NETWORKS- A MSGN US 806.4 (610.2) 185.7
MSG NETWORKS- A MSGNUSD EU 806.4 (610.2) 185.7
MSG NETWORKS- A 1M4 QT 806.4 (610.2) 185.7
MSG NETWORKS- A MSGNEUR EU 806.4 (610.2) 185.7
MSG NETWORKS- A 1M4 TH 806.4 (610.2) 185.7
MSG NETWORKS- A 1M4 GR 806.4 (610.2) 185.7
NATHANS FAMOUS NATH US 86.4 (79.3) 62.3
NATHANS FAMOUS NFA GR 86.4 (79.3) 62.3
NATIONAL CINEMED NCMI US 1,120.0 (90.4) 89.4
NATIONAL CINEMED XWM GR 1,120.0 (90.4) 89.4
NATIONAL CINEMED NCMIEUR EU 1,120.0 (90.4) 89.4
NAVISTAR INTL IHR TH 7,230.0 (3,926.0) 1,329.0
NAVISTAR INTL IHR GR 7,230.0 (3,926.0) 1,329.0
NAVISTAR INTL NAV US 7,230.0 (3,926.0) 1,329.0
NAVISTAR INTL NAVEUR EU 7,230.0 (3,926.0) 1,329.0
NAVISTAR INTL NAVUSD EU 7,230.0 (3,926.0) 1,329.0
NAVISTAR INTL IHR QT 7,230.0 (3,926.0) 1,329.0
NAVISTAR INTL IHR GZ 7,230.0 (3,926.0) 1,329.0
NEW ENG RLTY-LP NEN US 250.0 (36.1) -
NII HOLDINGS INC NJJA TH 1,039.6 (187.0) 203.5
NII HOLDINGS INC NJJA QT 1,039.6 (187.0) 203.5
NII HOLDINGS INC NIHDEUR EU 1,039.6 (187.0) 203.5
NII HOLDINGS INC NIHD US 1,039.6 (187.0) 203.5
NII HOLDINGS INC NJJA GR 1,039.6 (187.0) 203.5
NRG ENERGY NRA GR 11,450.0 (917.0) 1,562.0
NRG ENERGY NRA TH 11,450.0 (917.0) 1,562.0
NRG ENERGY NRG US 11,450.0 (917.0) 1,562.0
NRG ENERGY NRG1USD EU 11,450.0 (917.0) 1,562.0
NRG ENERGY NRA QT 11,450.0 (917.0) 1,562.0
NRG ENERGY NRGEUR EU 11,450.0 (917.0) 1,562.0
OMEROS CORP OMER US 75.6 (89.0) 41.4
OMEROS CORP 3O8 GR 75.6 (89.0) 41.4
OMEROS CORP OMERUSD EU 75.6 (89.0) 41.4
OMEROS CORP 3O8 TH 75.6 (89.0) 41.4
OMEROS CORP OMEREUR EU 75.6 (89.0) 41.4
ONDAS HOLDINGS I ONDS US 1.2 (9.9) (9.8)
OPTIVA INC OPT CN 130.8 (30.3) 16.4
OPTIVA INC RKNEF US 130.8 (30.3) 16.4
OPTIVA INC RE6 GR 130.8 (30.3) 16.4
OPTIVA INC 3230510Q EU 130.8 (30.3) 16.4
OPTIVA INC RKNEUR EU 130.8 (30.3) 16.4
PAPA JOHN'S INTL PP1 GR 551.2 (268.7) (11.4)
PAPA JOHN'S INTL PZZA US 551.2 (268.7) (11.4)
PAPA JOHN'S INTL PZZAEUR EU 551.2 (268.7) (11.4)
PHILIP MORRIS IN PM1 EU 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN 4I1 GR 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN PM US 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN PM1CHF EU 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN PM1 TE 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN 4I1 TH 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN PM1EUR EU 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN PMI SW 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN PMOR AV 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN 4I1 QT 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN PMI EB 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN PMI1 IX 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN 4I1 GZ 39,380.0 (9,942.0) 2,939.0
PLANET FITNESS-A PLNT1USD EU 1,621.4 (110.1) 540.5
PLANET FITNESS-A PLNT US 1,621.4 (110.1) 540.5
PLANET FITNESS-A 3PL TH 1,621.4 (110.1) 540.5
PLANET FITNESS-A 3PL GR 1,621.4 (110.1) 540.5
PLANET FITNESS-A PLNT1EUR EU 1,621.4 (110.1) 540.5
PLANET FITNESS-A 3PL QT 1,621.4 (110.1) 540.5
PLURALSIGHT IN-A PS US 421.6 226.3 86.3
PRIORITY TECHNOL PRTHU US 327.3 (82.4) 24.0
PRIORITY TECHNOL PRTH US 327.3 (82.4) 24.0
QUEBECOR INC-A QBR/A CN 9,101.7 (226.6) (1,081.3)
QUEBECOR INC-B QB3 GR 9,101.7 (226.6) (1,081.3)
QUEBECOR INC-B QBCRF US 9,101.7 (226.6) (1,081.3)
QUEBECOR INC-B QBR/B CN 9,101.7 (226.6) (1,081.3)
RESOLUTE ENERGY REN US 897.8 (94.8) (193.8)
RESOLUTE ENERGY R21 GR 897.8 (94.8) (193.8)
RESOLUTE ENERGY R21 TH 897.8 (94.8) (193.8)
RESOLUTE ENERGY R21A QT 897.8 (94.8) (193.8)
RESOLUTE ENERGY RENEUR EU 897.8 (94.8) (193.8)
RESULTS-BASED OU RBOS US - (0.1) (0.1)
RESVERLOGIX CORP RVX CN 12.6 (155.8) (69.1)
REVLON INC-A RVL1 GR 3,188.3 (988.2) 45.7
REVLON INC-A REVUSD EU 3,188.3 (988.2) 45.7
REVLON INC-A REV US 3,188.3 (988.2) 45.7
REVLON INC-A RVL1 TH 3,188.3 (988.2) 45.7
REVLON INC-A REVEUR EU 3,188.3 (988.2) 45.7
RIMINI STREET IN RMNI US 81.5 (152.2) (124.2)
ROSETTA STONE IN RS8 TH 191.5 (9.1) (68.2)
ROSETTA STONE IN RS8 GR 191.5 (9.1) (68.2)
ROSETTA STONE IN RST US 191.5 (9.1) (68.2)
ROSETTA STONE IN RST1EUR EU 191.5 (9.1) (68.2)
RR DONNELLEY & S DLLN TH 3,698.0 (219.5) 635.1
RR DONNELLEY & S DLLN GR 3,698.0 (219.5) 635.1
RR DONNELLEY & S RRD US 3,698.0 (219.5) 635.1
RR DONNELLEY & S RRDUSD EU 3,698.0 (219.5) 635.1
RR DONNELLEY & S RRDEUR EU 3,698.0 (219.5) 635.1
SALLY BEAUTY HOL S7V GR 2,097.4 (268.6) 663.9
SALLY BEAUTY HOL SBH US 2,097.4 (268.6) 663.9
SALLY BEAUTY HOL SBHEUR EU 2,097.4 (268.6) 663.9
SANCHEZ ENERGY C SN* MM 2,931.8 (80.0) (37.1)
SBA COMM CORP 4SB GR 7,213.8 (3,145.1) 62.2
SBA COMM CORP SBAC US 7,213.8 (3,145.1) 62.2
SBA COMM CORP SBACUSD EU 7,213.8 (3,145.1) 62.2
SBA COMM CORP SBJ TH 7,213.8 (3,145.1) 62.2
SBA COMM CORP SBACEUR EU 7,213.8 (3,145.1) 62.2
SBA COMM CORP 4SB GZ 7,213.8 (3,145.1) 62.2
SCIENTIFIC GAMES SGMS US 7,528.9 (2,618.6) 237.4
SCIENTIFIC GAMES SGMSUSD EU 7,528.9 (2,618.6) 237.4
SCIENTIFIC GAMES TJW GR 7,528.9 (2,618.6) 237.4
SCIENTIFIC GAMES TJW TH 7,528.9 (2,618.6) 237.4
SCIENTIFIC GAMES TJW GZ 7,528.9 (2,618.6) 237.4
SEALED AIR CORP SDA GR 4,997.0 (445.7) 28.8
SEALED AIR CORP SEE US 4,997.0 (445.7) 28.8
SEALED AIR CORP SEE1EUR EU 4,997.0 (445.7) 28.8
SEALED AIR CORP SDA TH 4,997.0 (445.7) 28.8
SEALED AIR CORP SDA QT 4,997.0 (445.7) 28.8
SERES THERAPEUTI MCRB1EUR EU 109.0 (30.6) 40.4
SERES THERAPEUTI 1S9 GR 109.0 (30.6) 40.4
SERES THERAPEUTI MCRB US 109.0 (30.6) 40.4
SHELL MIDSTREAM 49M QT 1,898.7 (283.2) 212.4
SHELL MIDSTREAM 49M GR 1,898.7 (283.2) 212.4
SHELL MIDSTREAM 49M TH 1,898.7 (283.2) 212.4
SHELL MIDSTREAM SHLX US 1,898.7 (283.2) 212.4
SI-BONE INC 2K3 GZ 28.4 (20.9) 15.9
SI-BONE INC 2K3 GR 28.4 (20.9) 15.9
SI-BONE INC SIBN US 28.4 (20.9) 15.9
SINO UNITED WORL SUIC US 0.1 (0.1) (0.1)
SIRIUS XM HOLDIN RDO GR 8,273.5 (1,375.4) (2,319.9)
SIRIUS XM HOLDIN RDO TH 8,273.5 (1,375.4) (2,319.9)
SIRIUS XM HOLDIN SIRIUSD EU 8,273.5 (1,375.4) (2,319.9)
SIRIUS XM HOLDIN SIRI TE 8,273.5 (1,375.4) (2,319.9)
SIRIUS XM HOLDIN RDO QT 8,273.5 (1,375.4) (2,319.9)
SIRIUS XM HOLDIN SIRI US 8,273.5 (1,375.4) (2,319.9)
SIRIUS XM HOLDIN SIRIEUR EU 8,273.5 (1,375.4) (2,319.9)
SIRIUS XM HOLDIN RDO GZ 8,273.5 (1,375.4) (2,319.9)
SIRIUS XM HOLDIN SIRI AV 8,273.5 (1,375.4) (2,319.9)
SIX FLAGS ENTERT 6FE GR 2,633.4 (1.2) (54.8)
SIX FLAGS ENTERT SIX US 2,633.4 (1.2) (54.8)
SIX FLAGS ENTERT SIXEUR EU 2,633.4 (1.2) (54.8)
SIX FLAGS ENTERT SIXUSD EU 2,633.4 (1.2) (54.8)
SLEEP NUMBER COR SL2 GR 470.1 (54.4) (280.6)
SLEEP NUMBER COR SNBR US 470.1 (54.4) (280.6)
SLEEP NUMBER COR SNBREUR EU 470.1 (54.4) (280.6)
TAUBMAN CENTERS TU8 GR 4,335.7 (238.6) -
TAUBMAN CENTERS TCO US 4,335.7 (238.6) -
TENABLE HOLDINGS 0ZC0 LI 454.2 132.6 161.0
TENABLE HOLDINGS TENB US 454.2 132.6 161.0
TENABLE HOLDINGS TE7 GR 454.2 132.6 161.0
TENABLE HOLDINGS TE7 GZ 454.2 132.6 161.0
TENABLE HOLDINGS TE7 TH 454.2 132.6 161.0
TENABLE HOLDINGS TE7 QT 454.2 132.6 161.0
TESARO INC TSRO US 710.8 (130.8) 457.9
TESARO INC TSROUSD EU 710.8 (130.8) 457.9
TESARO INC T8S QT 710.8 (130.8) 457.9
TESARO INC TSROEUR EU 710.8 (130.8) 457.9
TESARO INC T8S GR 710.8 (130.8) 457.9
TESARO INC T8S TH 710.8 (130.8) 457.9
TOWN SPORTS INTE CLUB US 261.9 (75.4) (16.8)
TRANSDIGM GROUP TDG US 12,197.5 (1,808.5) 2,756.9
TRANSDIGM GROUP T7D GR 12,197.5 (1,808.5) 2,756.9
TRANSDIGM GROUP T7D TH 12,197.5 (1,808.5) 2,756.9
TRANSDIGM GROUP TDGUSD EU 12,197.5 (1,808.5) 2,756.9
TRANSDIGM GROUP TDGEUR EU 12,197.5 (1,808.5) 2,756.9
TRANSDIGM GROUP T7D QT 12,197.5 (1,808.5) 2,756.9
TRIUMPH GROUP TGI US 3,375.4 (238.1) 382.1
TRIUMPH GROUP TG7 GR 3,375.4 (238.1) 382.1
TRIUMPH GROUP TGIEUR EU 3,375.4 (238.1) 382.1
TRULIEVE CANNABI TRUL CN 0.1 (0.2) (0.2)
TRULIEVE CANNABI TCNNF US 0.1 (0.2) (0.2)
TUPPERWARE BRAND TUP GR 1,364.6 (234.6) (153.5)
TUPPERWARE BRAND TUP US 1,364.6 (234.6) (153.5)
TUPPERWARE BRAND TUP1USD EU 1,364.6 (234.6) (153.5)
TUPPERWARE BRAND TUP QT 1,364.6 (234.6) (153.5)
TUPPERWARE BRAND TUP GZ 1,364.6 (234.6) (153.5)
TUPPERWARE BRAND TUP TH 1,364.6 (234.6) (153.5)
TUPPERWARE BRAND TUP1EUR EU 1,364.6 (234.6) (153.5)
UNISYS CORP USY1 TH 2,328.0 (1,203.8) 365.0
UNISYS CORP USY1 GR 2,328.0 (1,203.8) 365.0
UNISYS CORP UIS US 2,328.0 (1,203.8) 365.0
UNISYS CORP UIS1 SW 2,328.0 (1,203.8) 365.0
UNISYS CORP UISEUR EU 2,328.0 (1,203.8) 365.0
UNISYS CORP UIS EU 2,328.0 (1,203.8) 365.0
UNISYS CORP USY1 QT 2,328.0 (1,203.8) 365.0
UNISYS CORP USY1 GZ 2,328.0 (1,203.8) 365.0
UNITI GROUP INC UNIT US 4,570.8 (1,319.4) -
UNITI GROUP INC 8XC GR 4,570.8 (1,319.4) -
VALVOLINE INC VVV US 1,854.0 (358.0) 314.0
VALVOLINE INC 0V4 GR 1,854.0 (358.0) 314.0
VALVOLINE INC 0V4 TH 1,854.0 (358.0) 314.0
VALVOLINE INC VVVEUR EU 1,854.0 (358.0) 314.0
VALVOLINE INC 0V4 QT 1,854.0 (358.0) 314.0
VANTAGE DRILL-UT VTGGF US 1,033.3 (12.5) 222.0
VECTOR GROUP LTD VGR US 1,346.9 (472.4) 137.6
VECTOR GROUP LTD VGR GR 1,346.9 (472.4) 137.6
VECTOR GROUP LTD VGREUR EU 1,346.9 (472.4) 137.6
VECTOR GROUP LTD VGR QT 1,346.9 (472.4) 137.6
VERISIGN INC VRS GR 1,884.6 (1,401.1) 322.3
VERISIGN INC VRSN US 1,884.6 (1,401.1) 322.3
VERISIGN INC VRS TH 1,884.6 (1,401.1) 322.3
VERISIGN INC VRSN* MM 1,884.6 (1,401.1) 322.3
VERISIGN INC VRSNUSD EU 1,884.6 (1,401.1) 322.3
VERISIGN INC VRS QT 1,884.6 (1,401.1) 322.3
VERISIGN INC VRS GZ 1,884.6 (1,401.1) 322.3
VERISIGN INC VRSNEUR EU 1,884.6 (1,401.1) 322.3
W&T OFFSHORE INC UWV GR 1,102.3 (459.8) 43.2
W&T OFFSHORE INC WTI US 1,102.3 (459.8) 43.2
W&T OFFSHORE INC WTI1EUR EU 1,102.3 (459.8) 43.2
WAYFAIR INC- A W US 1,299.6 (312.2) (239.1)
WAYFAIR INC- A 1WF GR 1,299.6 (312.2) (239.1)
WAYFAIR INC- A WEUR EU 1,299.6 (312.2) (239.1)
WAYFAIR INC- A 1WF QT 1,299.6 (312.2) (239.1)
WEIGHT WATCHERS WW6 GR 1,381.5 (841.3) 24.1
WEIGHT WATCHERS WTW US 1,381.5 (841.3) 24.1
WEIGHT WATCHERS WTWUSD EU 1,381.5 (841.3) 24.1
WEIGHT WATCHERS WTW AV 1,381.5 (841.3) 24.1
WEIGHT WATCHERS WTWEUR EU 1,381.5 (841.3) 24.1
WEIGHT WATCHERS WW6 QT 1,381.5 (841.3) 24.1
WEIGHT WATCHERS WW6 TH 1,381.5 (841.3) 24.1
WEIGHT WATCHERS WW6 GZ 1,381.5 (841.3) 24.1
WESTERN UNIO-BDR WUNI34 BZ 8,989.6 (415.3) (902.5)
WESTERN UNION W3U TH 8,989.6 (415.3) (902.5)
WESTERN UNION W3U GR 8,989.6 (415.3) (902.5)
WESTERN UNION WU US 8,989.6 (415.3) (902.5)
WESTERN UNION WUUSD EU 8,989.6 (415.3) (902.5)
WESTERN UNION W3U QT 8,989.6 (415.3) (902.5)
WESTERN UNION WUEUR EU 8,989.6 (415.3) (902.5)
WESTERN UNION W3U GZ 8,989.6 (415.3) (902.5)
WIDEOPENWEST INC WOW US 2,250.8 (399.3) (68.5)
WIDEOPENWEST INC WU5 GR 2,250.8 (399.3) (68.5)
WIDEOPENWEST INC WOW1EUR EU 2,250.8 (399.3) (68.5)
WIDEOPENWEST INC WU5 QT 2,250.8 (399.3) (68.5)
WINDTREE THERAPE WINT US 1.9 (31.3) (17.1)
WINGSTOP INC WING1EUR EU 127.8 (136.3) (5.7)
WINGSTOP INC WING US 127.8 (136.3) (5.7)
WINGSTOP INC EWG GR 127.8 (136.3) (5.7)
WINMARK CORP WINA US 50.5 (11.7) 7.5
WINMARK CORP GBZ GR 50.5 (11.7) 7.5
WORKIVA INC WK US 200.4 (12.3) (18.4)
WORKIVA INC 0WKA GR 200.4 (12.3) (18.4)
WORKIVA INC WKEUR EU 200.4 (12.3) (18.4)
WYNDHAM DESTINAT WD5 TH 7,132.0 (509.0) (86.0)
WYNDHAM DESTINAT WD5 GR 7,132.0 (509.0) (86.0)
WYNDHAM DESTINAT WYND US 7,132.0 (509.0) (86.0)
WYNDHAM DESTINAT WD5 QT 7,132.0 (509.0) (86.0)
WYNDHAM DESTINAT WYNEUR EU 7,132.0 (509.0) (86.0)
YELLOW PAGES LTD Y CN 546.1 (145.7) 81.2
YETI HOLDINGS IN 1YN GR 502.6 (37.2) 98.7
YETI HOLDINGS IN 1YN TH 502.6 (37.2) 98.7
YETI HOLDINGS IN 1YN QT 502.6 (37.2) 98.7
YETI HOLDINGS IN YETI US 502.6 (37.2) 98.7
YRC WORLDWIDE IN YEL1 GR 1,657.6 (328.8) 174.4
YRC WORLDWIDE IN YRCW US 1,657.6 (328.8) 174.4
YRC WORLDWIDE IN YRCWEUR EU 1,657.6 (328.8) 174.4
YRC WORLDWIDE IN YEL1 TH 1,657.6 (328.8) 174.4
YUM! BRANDS INC TGR TH 4,155.0 (7,458.0) (25.0)
YUM! BRANDS INC TGR GR 4,155.0 (7,458.0) (25.0)
YUM! BRANDS INC YUM US 4,155.0 (7,458.0) (25.0)
YUM! BRANDS INC YUMUSD SW 4,155.0 (7,458.0) (25.0)
YUM! BRANDS INC YUMUSD EU 4,155.0 (7,458.0) (25.0)
YUM! BRANDS INC YUMEUR EU 4,155.0 (7,458.0) (25.0)
YUM! BRANDS INC TGR QT 4,155.0 (7,458.0) (25.0)
YUM! BRANDS INC YUMCHF EU 4,155.0 (7,458.0) (25.0)
YUM! BRANDS INC YUM SW 4,155.0 (7,458.0) (25.0)
YUM! BRANDS INC TGR GZ 4,155.0 (7,458.0) (25.0)
*********
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 2019. 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 ***