/raid1/www/Hosts/bankrupt/TCR_Public/190219.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, February 19, 2019, Vol. 23, No. 49
Headlines
1 GLOBAL CAPITAL: 1st Global Settles Trademark Infringement Suit
1515-GEENERGY: Great Eastern Energy Files to Sell All Assets
32 THOMAS STREET: Case Summary & 8 Unsecured Creditors
3B GLOBAL: Has Until April 30 to File Plan, Disclosure Statement
3B GLOBAL: U.S. Trustee Unable to Appoint Committee
444 EAST 13: March 19 Plan, Disclosure Statement Hearing
6 VIA PARADISO: Parent to Infuse $210K to Restore Real Property
AC NW RETAIL: Discloses Agreement with Schimenti re BBB Buildout
ADVANCED SPORTS: $22M Sale of Substantially All Assets Approved
AFC TRIDENT: Seeks to Hire Michael Cisneros as Bankruptcy Attorney
AIR MEDICAL: $1.455BB Bank Debt Trades at 5% Off
AIR MEDICAL: $1.918BB Bank Debt Trades at 5% Off
ALBANY EYE: Unsecured Creditors to Get 1% Under Chapter 11 Plan
ALLISON TRANSPORTATION: Taps McElwee Firm as Legal Counsel
AMERICAN AXLE: Bank Debt Trades at 5% Off
AMERICANN INC: Delays Filing of Dec. 31 Quarterly Report
ANDERSON FARMS: $46K Sale aof Equipment to Choice Livestock Okayed
ANEW HEALTH: Seeks Authorization to Use IRS Cash Collateral
ANTONETTE'S OF EAST HILL: March 11 Auction Sale
ARALEZ PHARMACEUTICALS: Unsecured Creditors to Get 51%
ARSENAL ENERGY: Completes Financial Restructuring, Exits Ch.11
ARSENAL ENERGY: Taps Prime Clerk as Claims Agent
ATLANTA AUCTION: Taps Jones Long LaSalle as Real Estate Broker
BAL HARBOUR: Receiver, Committee File Chapter 11 Liquidation Plan
BROOKINS TRACTOR: Unsecureds to Get 20% in 5 Annual Payments
BROOKSTONE HOLDINGS: March 20 Confirmation Hearing
CALINA LLC: Voluntary Chapter 11 Case Summary
CAMBER ENERGY: Condagua Owns 11,570 shares as of Dec. 31, 2017
CAMBER ENERGY: Incurs $1.6 Million Net Loss in Third Quarter
CENGAGE: Bank Debt Trades at 17% Off
CENTURY TOWNHOMES: Seeks to Extend Exclusivity Period to March 28
CFO MANAGEMENT: Voluntary Chapter 11 Case Summary
CHARLOTTE RUSSE: U.S. Trustee Forms 7-Member Committee
COBALT COAL: Seeks to Hire Dan Bieger as Legal Counsel
COMMUNICATIONS SALES: Bank Debt Trades at 6% Off
COMSTOCK RESOURCES: Citadel Entities Has Less Than 0.1% Stake
COMSTOCK RESOURCES: Knighthead is No Longer a Shareholder
COMSTOCK RESOURCES: SteelMill Entities Are No Longer Shareholders
COMSTOCK RESOURCES: Symphony Asset Has 1.3% Stake as of Dec. 31
CONTINENTAL WHOLESALE: May Use Cash Collateral on Interim Basis
COVIA HOLDINGS: Bank Debt Trades at 20% Off
CP#1109 LLC: Seeks to Hire AM Law as Legal Counsel
DEERFIELD DAKOTA: S&P Alters Outlook to Stable, Affirms 'B' ICR
DEL MONTE: Bank Debt Trades at 19% Off
DELTA FARM: Given 60 More Days to Exclusively File Exit Plan
DONCASTERS FINANCE: Bank Debt Trades at 10% Off
DR. SHABNAM QASIM: PCO Files 2nd Report
EAT FIT GO: Seeks Authority to Use Access Bank Cash Collateral
EX-TITANIC CORP: Unsecureds to Get $121 Per Month for 60 Months
FANNIE MAE & FREDDIE MAC: Gary Hindes Defends the Hedge Funds
FTTE LLC: Has Until March 1 to File Plan, Disclosure Statement
FW INVESTMENTS: U.S. Trustee Unable to Appoint Committee
GINGER SPOKANE: Seeks Authorization to Use Cash Collateral
GLOBAL HOTELS: Taps Twin Creeks as Real Estate Agent
HOGAR NUEVO: Judge Directs DOJ Watchdog to Appoint PCO
HOLLAND & BARRETT: Bank Debt Trades at 12% Off
IMMUNE PHARMACEUTICALS: Case Summary & 20 Top Unsecured Creditors
IPS WORLDWIDE: Gets Approval to Hire GlassRatner, Appoint CRO
IPS WORLDWIDE: U.S. Trustee Forms 3-Member Committee
IQOR US: Bank Debt Trades at 11% Off
JORGE A. ALVAREZ: Authorized to Use Cash Collateral on Final Basis
JTWW INC: Seeks Authorization to Use Cash Collateral
KBC ENTERPRISE: Exclusivity Period Extended Until March 21
KENDALL FROZEN: Howard Grobstein Named as Ch. 11 Trustee
L R & T INC: Amends Plan Disclosures to Address Court's Concerns
L REIT LTD: Taps Avison Young as Real Estate Broker
LASSITER INDUSTRIES:Unsecured Creditors to Get 50% of Net Profit
LEGACY PIZZA: Has Authority to Use Cash Collateral on Interim Basis
LEGACY PIZZA: Seeks to Hire Wiggam & Geer as Legal Counsel
LODESTONE OPERATING: Has Until March 13 to File Exit Plan
LYNWOOD HOLDINGS: Taps Barry Strickland as Accountant
M.S. MOELLER: Unsecured Creditors to Get $685 Monthly Payments
M/A-COM INC: Bank Debt Trades at 6% Off
MACDONALD DETTWILER: Bank Debt Trades at 14% Off
MAMMOET-STARNETH: Provision in Treatment of MUSA Claims Modified
MANHATTAN JEEP: Files Chapter 11 Plan of Liquidation
MARANGONI TREAD: Chapter 15 Case Summary
MCDERMOTT INTERNATIONAL: Bank Debt Trades at 2% Off
MERCEDES HOMES: Creditor Trustee's $60K Sale of Remnant Assets OK'd
MIDWAY OILFIELD: Exclusive Filing Period Extended Until Feb. 25
MIDWAY OILFIELD: Exclusive Filing Period Extended Until Feb. 25
MISSION COAL: March 20 Plan Confirmation, Sale Hearing
MISYS PLC: Bank Debt Trades at 2% Off
MODERN VIDEOFILM: Exclusivity Period Extended Until March 12
MULTIPLAN INC: Bank Debt Trades at 3% Off
NATIONAL RADIOLOGY: Case Summary & 20 Largest Unsecured Creditors
NATIVE SON: Taps Nicholas Olivo as Accountant
NATURE'S BOUNTY: Bank Debt Trades at 8% Off
NAVEX GLOBAL: Bank Debt Trades at 4% Off
NEIGHBORHOOD HEALTH: Trustee Taps Dynamic Earth as Consultant
NORDIC AMERICAN: Lenders Agree to Extend Covenant Waiver Period
NORTH AMERICA: Must Show Cause Why Case Won't Be Dismissed
NORTHWEST HARDWOODS: S&P Cuts ICR to CCC+ On Refinancing Concerns
NPC INT'L: Bank Debt Trades at 6% Off
OAKLAND PARK: S. Kapila Named Chapter 11 Trustee
OLEUM EXPLORATION: Case Summary & 20 Largest Unsecured Creditors
OREGON CLEAN: S&P Affirms Prelim 'BB-' Rating on Sr. Secured Debt
OUTLOOK THERAPEUTICS: Incurs $9.9 Million Net Loss in Q1 2019
OUTLOOK THERAPEUTICS: May Issue 7.5M Shares Under the 2015 EIP
PARKDEAN HOLIDAYS: Bank Debt Trades at 7% Off
PEOPLE TELEVISION: Seeks to Hire Martita Rolon as Accountant
PETROLEUM GEO-SERVICES: Bank Debt Trades at 4% Off
PG&E CORP: Clearway Cuts Dividend, Warns Cash Impact
PG&E CORP: Pierce Bainbridge Files Adversary Proceeding
PHYLLIS HANEY: Sale of Beaver Properties Dismissed w/o Prejudice
PRESCRIPTION ADVISORY: Unsecured Creditors to Get Stock or Cash
PRIMARY PROVIDERS: Interim Cash Collateral Use Until Feb. 20 Okayed
REDEEMED CHRISTIAN: Unsecured Creditors to Get $30,000
RENNOVA HEALTH: Terminates Jellico Hospital Purchase Agreement
RIDESHARE PORT: March 19 Disclosure Statement Hearing
SANABI INVESTMENTS: To Revise Tax Implications in Plan Disclosures
SARAI SERVICES: May Use Cash Collateral Through March 31
SCIENTIFIC GAMES: Bank Debt Trades at 2% Off
SILVERADO STAGES: To Pay Creditors Through Asset Sale Proceeds
SUNGLO HOME: Says PCO Appointment Not Necessary
SWIFT STAFFING: Seeks 2-Week Extension to Exclusively File Plan
THINGS REMEMBERED: U.S. Trustee Forms 5-Member Committee
TKC HOLDINGS: Bank Debt Trades at 3% Off
TOYS R US: Emerges as New Company with New Leadership, Vision
TRIDENT HOLDING: Files Ch.11 with Deal for Debt-to-Equity Plan
TSC GREEN ACRES: Sale of Anne Arundel County Property Approved
VERITAS SOFTWARE: Bank Debt Trades at 7% Off
WEST VILLAGE: Taps Clark Law Group as Special Counsel
WESTMORELAND RESOURCE: Merida Submits $215M Bid for Kemmerer Mine
WJA ASSET: Disclosure Statement Hearing Continued to May 2
WOMEN OF WELLNESS: Voluntary Chapter 11 Case Summary
[*] Brown Rudnick LLP Promotes Four Lawyers to Partners
[*] Dentons Announces Promotions of 15 Partners Across US
[^] Large Companies with Insolvent Balance Sheet
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1 GLOBAL CAPITAL: 1st Global Settles Trademark Infringement Suit
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1st Global, a Dallas-based wealth management partner to enterprise
CPA firms, has settled a federal lawsuit against Florida-based 1
Global Capital LLC for the unauthorized use of 1st Global's company
name and logos and operating under the names 1st Global Capital LLC
and 1st Global Capital Financial Services. 1 Global Capital
purported to be, among other things, a firm specializing in
offering merchant cash advances to borrowers unable to obtain more
traditional bank-financing.
On July 27, 2018, shortly after 1st Global filed suit, 1 Global
Capital filed for Chapter 11 bankruptcy protection in the U.S.
Bankruptcy Court for the Southern District of Florida. The U.S.
Securities and Exchange Commission has also separately brought suit
against 1 Global Capital for the sale of unregistered securities.
Both the bankruptcy and SEC proceedings remain pending.
1st Global's settlement with 1 Global Capital requires 1 Global
Capital to, among other things, cease use of the 1st Global Capital
and 1st Global Capital Financial Services names, undergo a complete
re-branding, and provide notice on its website and through other
means that it is in no way affiliated with 1st Global. In the
meantime, 1st Global continues to work with news outlets and
digital publications covering the SEC case proceedings to make
clear that Texas-based 1st Global remains committed to offering the
highest level of wealth management services to its clients and has
no affiliation with 1 Global Capital.
1st Global Capital Corp. and 1st Global Advisors, Inc. are Delaware
corporations incorporated in 1992, headquartered in Texas. As a
wealth management partner to more than 300 CPA firms and 800
professionals throughout the United States, they are licensed to
sell investments and provide advisory services.
About 1st Global
1st Global -- http://www.1stGlobal.com-- was founded in 1992 by
CPAs who believe that accounting, tax and estate planning firms are
uniquely qualified to provide comprehensive wealth management
services to their clients. 1st Global is a research and consulting
partner that provides CPA, tax and estate planning firms with
education, technology, business-building framework and client
solutions that make these firms leaders in their professions
through dedicated professional client relationships built around
wealth management. Around 400 firms have chosen to affiliate with
1st Global, making it one of the largest financial services
partners for the tax, accounting and legal professions.
About 1 Global Capital
1 Global Capital, LLC -- https://1stglobalcapital.com/ -- is a
direct small business funder offering an array of flexible funding
solutions, specializing in unsecured business funding and merchant
cash advances.
1 Global Capital LLC, based in Hallandale Beach, FL, and its
debtor-affiliates sought Chapter 11 protection (Bankr. S.D. Fla.
Lead Case No. 18-19121) on July 27, 2018. In the petition signed
by Steven A. Schwartz and Darice Lang, authorized signatories, 1st
Global Capital estimated $100 million to $500 million in assets and
liabilities as of the bankruptcy filing.
The Hon. Raymond B. Ray oversees the cases.
Greenberg Traurig LLP, led by Paul J. Keenan Jr., Esq., serves as
bankruptcy counsel; and Epiq Corporate Restructuring, LLC, as
claims and noticing agent.
The U.S. Trustee for Region 21 on Sept. 7, 2018, appointed seven
creditors to serve on an official committee of unsecured creditors.
The Committee tapped Stichter, Riedel, Blain & Postler, P.A. as
its legal counsel; Conway MacKenzie, Inc., as financial advisor
along with Dundon Advisers, LLC, as co-financial advisor.
1515-GEENERGY: Great Eastern Energy Files to Sell All Assets
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1515-GEEnergy Holding Co. LLC, and BBPC LLC, doing business as
Great Eastern Energy, providers of natural gas and electricity to
customers in New York, Massachusetts, New Jersey, and Connecticut,
sought bankruptcy protection to pursue a sale of substantially all
assets pursuant to 11 U.S.C. Sec. 363(a).
"The competitive retail electric power industry is characterized by
high degrees of both fragmentation, competition, and customer
attrition because power providers compete primarily on price and
have little else available to differentiate their products and
services. Particularly in years with high volatility in weather
and energy prices, customers paying high electricity and gas bills
will tend to seek out other competitive retail electric providers,
resulting in higher attrition rates," Allan Brenner, managing
member of GEE Holding, explained in court filings.
As a provider of energy commodities to retail customers, BBPC has
relationships with various commodity supply companies, pipelines
and local utility companies for the purchase, delivery and
distribution of power and natural gas to their customer. As of
Jan. 31, 2019, BBPC's existing book of customers was comprised of
49,000 commercial customers and 5,000 residential customers across
its four state footprint.
Prepetition Credit Facilities
BBPC and Macquarie Investments US Inc. are parties to a Borrowing
Base Facility Agreement, dated as of Sept. 2, 2015. Macquarie and
Macquarie Energy LLC provided certain Credit Extensions to BBPC.
As of the Petition Date, BBPC's obligations included, without
limitation, obligations in the amount of $59,579,469 under the ISDA
Master Agreement, obligations in the amount of $677,741 in respect
of Reimbursement Obligations and Working Capital Fees owing under
the Prepetition Credit Agreement, and the obligation to post cash
or credit support to Macquarie in the form of letters of credit
acceptable to Macquarie in its sole discretion, an amount equal to
$30,689,086 as collateralization for 105% of the full undrawn
amount of all outstanding Letters of Credit. The prepetition
secured obligations are secured by valid, binding, perfected
first-priority security interests in and liens on BBPC's assets,
and the equity interests in BBPC.
Prepetition Defaults
Prior to the Petition Date, BBPC and GEE Holding were in default
under the Prepetition Credit Agreement and the ISDA Agreement which
led to a series of seven forbearance agreements, the latest of
which was dated as of Jan. 31, 2019.
Pursuant to the forbearance agreement, the Prepetition Secured
Creditors agreed to forbear from exercising certain rights and
remedies under the Prepetition Credit Agreement and the ISDA
Agreement for a limited period of time, subject to certain terms
and conditions.
On Feb. 7, 2019, the Prepetition Secured Creditors notified BBPC
(i) that the term of the Prepetition Credit Agreement had expired
in accordance with its terms, (ii) that the forbearance period set
forth under the Forbearance Agreement had terminated in accordance
with the terms of the Forbearance Agreement, and (iii) of the
existence of certain defaults under the ISDA Agreement and as a
result of the existence of such defaults, Macquarie Energy had
designated an Early Termination Date under the ISDA Agreement of
Feb. 11, 2019. On Feb. 12, 2019, Macquarie Energy notified BBPC of
the Early Termination Amount due and owing by BBPC under the ISDA
Agreement in respect of the Early Termination Date.
Efforts to Refinance and/or Sell
Over the several months prior to the Petition Date, the Debtors
sought to secure a replacement of the indebtedness to Macquarie and
Macquarie Energy or locate a third party interested in acquiring
all or parts of the Debtors' business. While the Debtors were
working with two interested parties, and notwithstanding the
Debtors efforts to seek to locate either a party to provide equity
infusion to offset amounts owed to the Prepetition Secured
Creditors or to locate a purchaser for some or all of the assets of
BBPC, the Debtors were unable to consummate a transaction in the
timeframe dictated by the circumstances they faced.
As a consequence of the termination of the Prepetition Credit
Agreement and the ISDA Agreement, and after discussions with the
Prepetition Secured Creditors regarding an agreeable path forward,
the Debtors have determined in consultation with their advisors
that the value of the Debtors' estates is likely to be maximized
through the filing of the Chapter 11 cases and a prompt sale of
their remaining assets.
Consequently, the Debtors intend to pursue a sale of substantially
all of their assets pursuant to Section 363 of the Bankruptcy Code
and intend to file a sale procedures and sale motion as soon as
possible after the First Day Hearing.
About Great Eastern Energy
With its headquarters in Brooklyn, New York, BBPC LLC, doing
business as Great Eastern Energy, provides energy commodities to
retail customers. BBPC began serving natural gas customers in New
York, New Jersey and Massachusetts in 2000, and later expanded to
serve electricity customers in New York, New Jersey, Massachusetts,
and Connecticut in 2013.
1515-GEEnergy Holding Co. LLC owns 100% of the equity in BBPC.
1515-GEEnergy Holding Co. LLC and BBPC LLC sought Chapter 11
protection (Bankr. D. Del. Case Nos. 19-10303 and 19-10304) on Feb.
14, 2019.
The Debtors estimated $50 million to $100 million in assets and the
same range of liabilities as of the bankruptcy filing.
The Hon. Kevin J. Carey is the case judge.
The Debtors tapped KLEHR HARRISON HARVEY BRANZBURG LLP as
bankruptcy counsel; McLAUGHLIN & STERN, PLLC as co-counsel;
GLASSRATNER ADVISORY & CAPITAL GROUP, LLC, as financial advisor;
and OMNI MANAGEMENT GROUP, INC., as claims and noticing agent.
32 THOMAS STREET: Case Summary & 8 Unsecured Creditors
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Debtor: 32 Thomas Street, LLC
32 Thomas Street
Portland, ME 04102
Business Description: 32 Thomas Street, LLC filed as a Single
Asset Real Estate Debtor (as defined in
11 U.S.C. Section 101(51B)). Its principal
assets are located at 24-26 Thomas Street
Portland, ME 04102.
Chapter 11 Petition Date: February 15, 2019
Court: United States Bankruptcy Court
Maine (Portland)
Case No.: 19-20054
Judge: Hon. Michael A. Fagone
Debtor's Counsel: Roma N. Desai, Esq.
BERNSTEIN, SHUR, SAWYER & NELSON P.A.
100 Middle Street
P.O. Box 9729
Portland, ME 04104
Tel: (207) 228-7325
Fax: (207) 774-1127
E-mail: rdesai@bernsteinshur.com
- and -
Lindsay K. Zahradka, Esq.
BERNSTEIN, SHUR, SAWYER & NELSON, PA
100 Middle Street, West Tower
P.O. Box 9729
Portland, ME 04104
Tel: 207-774-1200
Fax: 207-774-1127
E-mail: lzahradka@bernsteinshur.com
lmline@bernsteinshur.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Francis N.T. Monsour, sole member &
manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's eight unsecured creditors is available for
free at:
http://bankrupt.com/misc/meb19-20054.pdf
3B GLOBAL: Has Until April 30 to File Plan, Disclosure Statement
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3B Global, LLC, dba Oral Stericlean, dba Suncoast Liquidators, is
given by the Court until April 30, 2019, to file a Plan and
Disclosure Statement.
The Disclosure Statement shall, at the minimum, contain adequate
information pertaining to the Debtor in the following areas:
(a) Pre− and post−petition financial performance;
(b) Reasons for filing Chapter 11;
(c) Steps taken by the Debtor since filing of the petition to
facilitate its reorganization;
(d) Projections reflecting how the Plan will be feasibly
consummated;
(e) A liquidation analysis; and
(f) A discussion of the Federal tax consequences
The hearing on the approval of the Disclosure Statement will be
consolidated with the hearing on the confirmation of the Plan.
About 3B Global LLC
3B Global, LLC, which conducts business under the name Suncoast
Liquidators -- https://www.suncoastliquidators.com/ -- specializes
in closeouts, liquidation, overstock, & surplus inventory from
major department stores and manufacturers in the USA. It is
located in Tampa, Florida, serving the local businesses and
businesses across The United States.
3B Global sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. M.D. Fla. Case No. 19-00127) on Jan. 8, 2019. At the time
of the filing, the Debtor disclosed $81,872 in assets and
$1,296,983 in liabilities. The case is assigned to Judge Caryl E.
Delano. Buddy D. Ford, P.A., is the Debtor's legal counsel.
3B GLOBAL: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of 3B Global, LLC as of Feb. 15, according to a
court docket.
About 3B Global LLC
3B Global, LLC, which conducts business under the name Suncoast
Liquidators -- https://www.suncoastliquidators.com/ -- specializes
in closeouts, liquidation, overstock, & surplus inventory from
major department stores and manufacturers in the USA. It is
located in Tampa, Florida, serving the local businesses and
businesses across The United States.
3B Global sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. M.D. Fla. Case No. 19-00127) on Jan. 8, 2019. At the time
of the filing, the Debtor disclosed $81,872 in assets and
$1,296,983 in liabilities. The case has been assigned to Judge
Caryl E. Delano. Buddy D. Ford, P.A., is the Debtor's legal
counsel.
444 EAST 13: March 19 Plan, Disclosure Statement Hearing
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The disclosure statement explaining 444 East 13 LLC's Chapter 11
plan of liquidation, as modified, has been conditionally approved
by the Bankruptcy Court.
The Combined Hearing on (a) the Debtor's request for final approval
of the Dislcosure Statement and (b) the Debtor's request for
confirmation of the Plan will be held on March 19, 2019 at 10:00
a.m., or as soon thereafter as counsel can be heard.
To be counted for voting purposes, all ballots from holders of
claims and interests entitled to vote to accept or reject the Plan
must be delivered so as to be actually received no later than March
12, 2019 at 5:00 p.m.
Any objections to the Debtor’s request for (a) final approval of
the Disclosure
Statement and/or (b) confirmation of the Plan must be filed on or
before March 12.
Class 4 Unsecured Claims with estimated amount of claim $425,000
are impaired. Each Holder of an Allowed Unsecured Claim shall
receive its Pro Rata share of the remaining Sale Proceeds, if any,
remaining after payment in full of the Allowed Claims in Classes 1
through 3 and payment in full of Allowed Administrative Claims,
Allowed Administrative Tax Claims, Allowed Professional Fee Claims,
and Allowed Priority Tax Claims in full in Cash on the Effective
Date, and the proceeds of any remaining assets.
Class 2 - 444 Lender Secured Claim with estimated amount of claim
$7,900,000 is impaired. In full satisfaction, release and discharge
of the Allowed 444 Lender Secured Claim, 444 Lender shall receive,
Cash at Closing from the Sale Proceeds in the amount of the Allowed
444 Lender Secured Claim, or any other amount agreed to between the
parties, minus payment of Priority Tax Claims and Class 1 Claims.
Class 3 Other Secured Claims with estimated amount of claim
$206,106 is impaired. Each Other Secured Claim shall receive at the
Closing, its Pro Rata share of the remaining Sale Proceeds, if any,
remaining after (i) payment in full of the Allowed Claims in
Classes 1 through 2 or (ii) such treatment as determined by Final
Order of the Court if the Claim is not resolved consensually.
Class 5 - Interests are impaired. The holders of Interests shall
receive their Pro Rata share of the remaining Sale Proceeds, if
any, remaining after (i) payment in full of the Allowed Claims in
Classes 1 through 4 and payment in full of Allowed Administrative
Claims, Allowed Administrative Tax Claims Allowed Professional Fee
Claims, and Allowed Priority Tax Claims in full in Cash on the
Effective Date; otherwise, any Interests in the Debtor shall be
extinguished.
The Plan shall be funded by the Sale Proceeds, the Debtor's
Available Cash on the Closing, including all amounts available in
the Debtor's debtor in possession bank account. These funds shall
be utilized to satisfy payments due consistent with the terms of
this Plan.
A full-text copy of the Disclosure Statement dated January 24,
2019, is available at http://tinyurl.com/y39k62stfrom
PacerMonitor.com at no charge.
About 444 East 13 LLC
444 East 13 LLC owns and operates a residential apartment building
located at 444 East 13th Street in the east village neighborhood of
Manhattan, New York. The property is valued at $11 million.
E. 9th St. Holdings owns and operates a residential apartment
building located at 332 East 9th Street in the east village
neighborhood of Manhattan, New York, valued at $8.82 million.
Meanwhile, E. 10th St. Holdings owns and operates a residential
apartment building located at 251 East 10th Street in the east
village neighborhood of Manhattan, New York, which is valued at
$7.5 million.
The properties are encumbered by mortgages to 444 Lender LLC and E.
Village Lender LLC (assigned to Metropolitan Commercial Bank).
E. 9th St. Holdings, E. 10th St. Holdings and 444 East sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Case Nos. 17-23141 to 17-23143) on July 21, 2017. David
Goldwasser, authorized signatory of GC Realty Advisors LLC, manager
signed the petitions.
At the time of the filing, E. 9th St. Holdings disclosed $8,850,000
in total assets and $6,020,000 in total liabilities. E. 10th St.
Holdings listed $7,590,000 in total assets and $3,980,000 in total
liabilities. 444 East 13 LLC disclosed $11,030,000 in total assets
and $8,980,000 in total debt.
Judge Robert D. Drain presides over the cases.
Robinson Brog Leinwand Greene Genovese & Gluck, P.C., is the
Debtors' bankruptcy counsel. Sheldon Lobel PC, is the special
zoning counsel.
On Nov. 17, 2017, E. 9th St. filed its proposed Chapter 11 plan of
liquidation and disclosure statement.
6 VIA PARADISO: Parent to Infuse $210K to Restore Real Property
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6 Via Paradiso, LLC, filed a first amended plan of reorganization
to disclose infusion of new value by the Debtor's parent company.
Class 1 consists of the Chase Bank Secured Claim are impaired.
Class 1 shall receive monthly principal and interest payments in
the amount of $1,539.29, which payments are based upon the
Stipulated value of the Property being $250,000, with payments
amortized over a term of 30 years, at a fixed rate of 6.25% per
annum, such payments to commence as soon as reasonably practicable
after the later of (i) the effective date of the Plan or (iii) such
other date as may be ordered by the Bankruptcy Court, and to be due
on the same date each month thereafter, until paid in full.
Class 2 consists of the General Unsecured Claims are impaired.
Class 2 shall receive payment of 5% of each Allowed Claim in cash
as soon as reasonably practicable after the later of (i) the
Effective Date of the Plan, (ii) the date such Class 2 Claim
becomes Allowed, or (iii) such other date as may be ordered by the
Bankruptcy Court.
From the Effective Date until the dissolution of Reorganized
Debtor, the Debtor's sole managing member and qualified entity, 365
Real Estate Investments, LLC, will have full authority to make all
decisions and take all actions on behalf of Reorganized Debtor to
effectuate the Plan.
On and after the Effective Date, the Reorganized Debtor's parent
company and managing member will add substantial new value to
Reorganized Debtor by infusing Reorganized Debtor with the
necessary funds to restore the Real Property to habitable
conditions, which Debtor projects will cost approximately
$210,000.
A full-text copy of the First Amended Plan dated February 5, 2019,
is available at https://tinyurl.com/y374gawp from PacerMonitor.com
at no charge.
About 6 Via Paradiso
6 Via Paradiso, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 17-16658) on Dec. 14,
2017. At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of less than $1 million. Judge
Laurel E. Davis presides over the case. The Debtor tapped Andersen
Law Firm, Ltd. as its legal counsel.
AC NW RETAIL: Discloses Agreement with Schimenti re BBB Buildout
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AC NW Retail Investment LLC and Armstrong New West Retail LLC filed
their Third Amended Joint Plan of Reorganization to, among other
things, modify the filed amount of Ladder's secured claim and LMezz
secured claim and disclose the agreement between Armstrong and
Schimenti related to the BBB Buildout.
Class 5 - Armstrong Unsecured Claims, scheduled in the aggregate
amount of $185,240, is impaired. The holders of Allowed Armstrong
Unsecured Claims shall receive Cash in the full amount of their
Allowed Unsecured Claim, payable in 2 installments as follows: 50%
to be paid on the Effective Date and 50% to be paid 6 months from
the Effective Date. Provided, that if the Property is sold, the
holders of Allowed Armstrong Unsecured Claims shall receive on the
Effective Date their pro rata share of the remaining sale proceeds
after payment is made in full to administrative claims, including
professional fees, broker fees and United States Trustee fees, the
and Allowed Claims in Classes 1, 2, 3 and 4.
Class 6 - Armstrong Interest. Non-Voting. In exchange for the
Equity Contribution, AC, the equity interest holder in Armstrong
shall maintain its ownership interest in the Armstrong Debtor. In
the event the Property is sold, AC shall contribute the remaining
sale proceeds, if any, to satisfy the Allowed Claims in Classes 7
and 8 but only after payment is made in full to Administrative
Claims, including professional fees, broker fees and United States
Trustee fees, and Allowed Claims in Classes 1, 2, 3, 4 and 5.
Class 7 - Allowed LMezz Secured Claim, scheduled as a disputed
claim in the amount of $7,122,445 and filed in the amount of
$7,289,694, is impaired. LMezz shall receive the New LMezz Note in
the principal amount of the Allowed LMezz Secured Claim. The New
LMezz Note shall be for a 5 year term with an interest rate of 6%
per annum, interest only, payable monthly. Monthly payments to
LMezz on account of the New LMezz Note shall only be paid after
monthly payments are made to Ladder on account of the New Ladder
Note, and to the DIP Lender in accordance with its loan documents.
Class 8 - AC Unsecured Claims, scheduled in the amount of $532,800
inclusive of insider claims of $507,000 for which repayment shall
be waived, is impaired. The holders of Allowed AC Unsecured Claims
shall receive Cash in the full amount of their Allowed Unsecured
Claim, payable in 2 installments as follows: 50% to be paid on the
Effective Date and 50% to be paid 6 months from the Effective Date.
Provided however that if the Property is sold, the holders of
Allowed AC Unsecured Claims shall receive on the Effective Date
their pro rata share of the remaining sale proceeds after payment
is made in full (or appropriate amounts reserved to pay in full) to
Administrative Claims, including professional fees, broker fees and
United States Trustee fees, and Allowed Claims in Classes 1, 2, 3,
4, 5 and 7.
Class 9 - AC Interest. Non-Voting. In exchange for the Equity
Contribution, Benjamin Ringel, the equity interest holder in AC, or
his designee shall maintain his ownership interest in the AC
Debtor. In the event the Property is sold, subject to the
provisions of Sections 6.1 and 6.4 of the Plan and Article 7 of the
Plan with respect to Disputed Claims, after payment is made in
full, on account of all Administrative Claims and Allowed Claims
in Classes 1, 2, 3, 4, 5, 7 and 8 in full satisfaction, release
and discharge of and in exchange for its interest in the AC Debtor,
the remaining balance of the sale proceeds, if any, shall be
distributed to Benjamin Ringel the 100% owner of the AC Debtor, or
his designee. After the closing, all interests in the AC Debtor
shall be canceled and of no further force and effect.
In the event the Property is sold under the Plan, the Property
shall be sold free and clear of all liens, claims and encumbrances
to the fullest extent allowed under Sections 363(f), 365 and/or
1123 and 1129 of the Bankruptcy Code; provided that all liens and
claims shall attach to the sale proceeds with the same validity,
priority, force and effect and subject to the same defenses as
existed immediately before the sale of the Property.
In conjunction with the BBB Lease, on or about March 28, 2017,
Armstrong and Schimenti entered into the Schimenti Agreement
related to the BBB Buildout. On February 7, 2018, Schimenti filed
its Notice of Mechanic’s Lien related to the labor and materials
it provided Armstrong in relation to the BBB Buildout (The
Mechanic’s Lien”). On March 26, 2018, Schimenti filed its
Motion to Allow Claims and Immediate Payment of Administrative
Expense Claim Pursuant to 11 U.S.C. §503(a) and (b)(1) (the
“503(b) Motion”). Pursuant to the 503(b) Motion, Schimenti
sought an Order from this Court approving and compelling the
payment of amounts Schimenti believed were due and owing related to
the BBB Buildout. The Debtors opposed the 503(b) Motion. On October
5, 2018, Schimenti subsequently filed a motion for stay relief to
retroactively validate the Mechanic’s Lien and to foreclose on
the Mechanic’s Lien (the “Stay Relief Motion”), which the
Debtors opposed.
On December 26, 2018, the Court entered an Order providing that
Schimenti and Armstrong would utilize the dispute resolution
provisions in the Schimenti Agreement to resolve the dispute that
forms the bases of the 503(b) Motion and the Stay Relief Motion
(the “Schimenti Administrative Expense Order”). In summary, the
Schimenti Administrative Expense Order provides that the Debtors
and Schimenti attempt to resolve the subject matter of their
dispute at mediation (the “Settlement Amount”). In turn, the
Settlement Amount would be memorialized in a settlement agreement
and deemed an allowed administrative expense claim pursuant to 11
U.S.C. §503(b)(1) upon approval by this Court of the settlement
agreement. In the event that the Debtors and Schimenti could not
consensually resolve their dispute, an award will be sought in an
AAA Arbitration (the “Arbitration Award”). Any Arbitration
Award shall be deemed an allowed administrative expense claim
pursuant to 11 U.S.C. §503(b)(1) upon approval by this Court of
the motion seeking confirmation of the Arbitration Award.
On February 5, 2019, Armstrong and Schimenti jointly filed the
Stipulation Permitting Schimenti Construction Company to Extend and
Amend the Mechanic’s Lien and Granting Related Relief and on
February 1, 2019, Schimenti filed its Notice Pursuant to Sections
362(b)(3) and 546(b)(2) of Title 11 of the United States Code
related to the Mechanic’s Lien. These filings relate to the
Mechanic’s Lien and are intended to preserve the status quo under
applicable bankruptcy and non-bankruptcy law as Armstrong and
Schimenti effectuate the alternative dispute mechanism detailed in
the Schimenti Administrative Expense Order and the Schimenti
Agreement. In relation to the Schimenti Administrative Expense
Order, article 7 of the Plan provides that by the Effective Date of
the Plan, to the extent the dispute between the Debtors and
Schimenti has not been resolved and the amounts due Schimenti, if
any, remain unpaid, the Debtors shall deposit $421,196.39 in a
segregated account from the proceeds of either the DIP Loan, the
Equity Contribution, or any other funding source so identified by
the Debtors, which sum shall be held in trust for the benefit of
Schimenti and disbursed to Schimenti within 15 days after the
earlier of the entry of a Final Order (i) approving a Settlement
Agreement; or (ii) confirming the Arbitration Award; provided,
however, that in the event the Property is sold, all Liens and
Claims, including the amounts due Schimenti Construction Company
LLC, if any, shall attach to the sale proceeds with the same
validity, priority, force and effect and subject to the same
defenses as existed immediately before the sale of the Property.
A redlined version of the Third Amended Disclosure Statement dated
February 6, 2019, is available at http://tinyurl.com/yxq6utzkfrom
PacerMonitor.com at no charge.
About AC NW Retail Investment LLC
AC NW Retail Investment LLC and Armstrong New West Retail LLC filed
Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 16-23085 and
16-23086) on August 9, 2016. The petitions were signed by Benjamin
Ringel, sole equity member.
At the time of filing, AC NW Retail estimated its assets at $10
million to $50 million and liabilities at $1 million to $10
million. Armstrong estimated its assets and liabilities at $10
million to $50 million.
Arnold Mitchell Greene, Esq., at Robinsons Brog Leinwand Greene
Genovese & Gluck P.C., in New York, serves as bankruptcy counsel.
Armstrong owns a commercial condominium unit located at 250 West
90th Street, New York. The property is a 20,000-square-foot space
that was occupied by Atlantic and Pacific Tea Company until March
2016 under its Food Emporium brand.
Armstrong is 100% owned by AC NW, which is 100% owned by Benjamin
Ringel.
ADVANCED SPORTS: $22M Sale of Substantially All Assets Approved
---------------------------------------------------------------
Judge Benjamin A. Kahn of the U.S. Bankruptcy Court for the Middle
District of North Carolina authorized Advanced Sports Enterprises,
Inc. and affiliates to sell to (i) BikeCo, LLC the Debtors' assets,
including Acquired Intellectual Property associated with their
Wholesale Business, excluding those assets being purchased by K&B
and AMain, for $16,148,000; (ii) AMain the Debtors' assets
associated with their Nashbar and Performance brands and related
customer lists and date for $1,245,000; (iii) K&B Investment Corp.
all of the Debtors' right, title and interest in real property
known as 144 Old Lystra Road, Chapel Hill, Chatham County, North
Carolina for$3,625,000; and (ii) K&B all of the Debtors' right,
title and interest in real property known as 1940 Dutton Road,
Philadelphia, Pennsylvania for $2 million.
The Sale Hearing was held on Feb. 1, 2019.
The sale is free and clear of all Encumbrances, and on an "as is,
where is."
HTM USA Holdings, Inc. submitted the second highest and best offer
for the Acquired Assets identified in its Asset Purchase Agreement
in the amount of $21.8 million (plus up to $500,000 in
reimbursement for any topping fee approved by the Court) and should
be designated as the Backup Bidder.
As adequate protection for the claims of the Local Texas Tax
Authorities (Bexar County, Dallas County, Harris County and Tarrant
County), the Debtors will segregate proceeds in the amount of
$100,000 from the proceeds of the non-ordinary course sale of any
of the Debtors' assets located in the state of Texas. The liens
asserted by the Local Texas Tax Authorities will attach to these
segregated proceeds to the same extent and with the same priority
as the liens the Local Texas Tax Authorities assert against such
assets of the Debtors. The segregated funds will be maintained
solely for the purpose of providing adequate protection for the
Local Texas Tax Authorities prior to the distribution of any
proceeds to any other creditor and will constitute neither the
allowance of the claims of the Local Texas Tax Authorities, nor a
floor or cap on the amounts the Local Texas Tax Authorities may be
entitled to receive.
In connection with the Closing of the transactions provided for
under the respective Asset Purchase Agreements and the Order, the
Debtors are authorized and directed to pay Wells Fargo Bank,
National Association, as administrative agent and collateral agent,
for the benefit of itself and the Prepetition ABL Lenders, the net
proceeds of the sale as provided under the Asset Purchase
Agreements (including any good faith deposit(s) previously received
by the Debtors) as and to the extent provided in the Final Cash
Collateral Order, which payment will be in partial satisfaction of
the Obligations under the Prepetition ABL Financing Documents.
In addition, upon the Closing of the transactions provided for
under the Asset Purchase Agreements and the Order, the Debtors are
authorized and directed to deliver to the Prepetition ABL Agent,
for the benefit of the L/C Issuer, cash or deposit account balances
in an amount equal to 105% of the Outstanding Amount of all L/C
Obligations as cash collateral for the L/C Obligations as and to
the extent provided in the Final Cash Collateral Order; and the
automatic stay under Section 362(a) of the Bankruptcy Code is
modified to enable the Prepetition ABL Agent and/or the L/C Issuer,
as their interests may appear, to realize upon and apply the L/C
Cash Collateral in satisfaction of the Debtors' Obligations and L/C
Obligations, as applicable and as and to the extent provided in the
Final Cash Collateral Order, under, inter alia, the Prepetition ABL
Financing Documents with respect to any outstanding and undrawn
Letters of Credit and associated L/C Obligations.
The net proceeds in excess of the payments and reserves necessary
to satisfy the Obligations in full will be retained by the Debtors,
and no other payment of claims from net proceeds of the sale will
be made unless otherwise authorized by the Sale Order, the Final
Cash Collateral Order, or subsequent order of the Court.
During the post-Closing term when the Debtors continue to occupy
the K&B Acquired Assets constituting the facility located at 144
Old Lystra Road, Chapel Hill, North Carolina pursuant to a
transition services agreement, K&B or the Debtors, as appropriate,
will provide BikeCo with access to such facility in order to allow
BikeCo to operate the Wholesale Business Assets at such location.
With respect to Personally Identifiable Information, the Debtors
will transfer to AMain on the Closing Date and to BikeCo or its
designee on such later date within the Transition Period as may be
requested by BikeCo, the Customer PII which is part of their
respective Acquired Assets.
Notwithstanding the provisions of Bankruptcy Rule 6004(h) or any
applicable provisions of the Local Rules, the Sale Order will not
be stayed after the entry, but will be effective and enforceable
immediately upon entry, and the 14-day stay provided in Bankruptcy
Rule 6004(h) is expressly waived and will not apply. Any party
objecting to the Sale Order must exercise due diligence in filing
an appeal and pursuing a stay within the time prescribed by law and
prior to the Closing or risk its appeal will be foreclosed as moot.
The Debtors are authorized to refund immediately to HTM the funds
deposited with the Debtors' counsel in excess of the 10% bid
deposit of $2.18 million. HTM will remain bound as the Backup
Bidder until such time as the closings by BikeCo and its designee,
K&B and AMain, respectively, have occurred.
About Advanced Sports Enterprises
Advanced Sports Enterprises, Inc., designs, manufactures and sells
bicycles and related goods and accessories.
Advanced Sports, Inc., is a wholesale seller of bicycles and
accessories. ASI owns the following bicycle brands and is
responsible for their design manufacture and worldwide
distributions: Fuji, Kestrel, SE Bikes, Breezer, and Tuesday.
Performance Direct, Inc., designs, manufactures and sells bicycles
and related goods and accessories and operates a national
distribution of these goods under the Performance Bicycle brand
through an internet website business via the URL
http://www.performancebike.com/
Bitech, Inc., operates 104 retail stores across 20 states under the
Performance Bicycle brand related to the sale of bicycles and
related good and accessories. The businesses of Performance and
Bitech operate in conjunction with each other and they share a
number of services and a distribution warehouse.
Nashbar Direct, Inc., designs, manufactures and sells bicycles and
related goods and accessories under the Bike Nashbar brand through
an internet website business via the URL
http://www.bikenashbar.com/ The businesses of Nashbar also operate
in conjunction with Performance and share services and a
distribution warehouse.
Advanced Sports Enterprises and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Lead Case
No. 18-80856) on Nov. 16, 2018.
Advanced Sports Enterprises estimated assets of $1 million to $10
million and liabilities of $10 million to $50 million while
Advanced Sports, Inc., estimated assets of $100 million to $500
million and liabilities of $50 million to $100 million.
The Hon. Benjamin A. Kahn is the case judge.
The Debtors tapped Northen Blue, LLP and Flaster/Greenberg P.C. as
their bankruptcy counsel; D.A. Davison & Co. as investment banker;
Clear Thinking Group LLC as financial advisor; and Kurtzman Carson
Consultants LLC as claims, noticing and balloting agent.
William Miller, the bankruptcy administrator for the Middle
District of North Carolina, appointed an official committee of
unsecured creditors on Nov. 27, 2018. The committee tapped Waldrep
LLP and Cooley LLP as its legal counsel, and Province Inc. as its
financial advisor.
AFC TRIDENT: Seeks to Hire Michael Cisneros as Bankruptcy Attorney
------------------------------------------------------------------
AFC Trident seeks approval from the U.S. Bankruptcy Court for the
Central District of California to hire an attorney in connection
with its Chapter 11 case.
The Debtor proposes to employ Michael Cisneros, Esq., an attorney
based in Monrovia, California, to give legal advice regarding the
conduct of its bankruptcy estate; prepare a plan of reorganization;
assist in the disposition of its assets; and provide other services
related to the case.
The attorney will charge an hourly fee of $350. He received a
pre-bankruptcy retainer of $35,000 for fees and costs.
Mr. Cisneros disclosed in a court filing that he does not have any
interest adverse to the Debtor's bankruptcy estate, creditors and
equity security holders.
Mr. Cisneros can be reached at:
Michael A. Cisneros, Esq.
Michael A. Cisneros, Attorney at Law
50 West Lemon Ave., Suite 12
Monrovia, CA 91016
Tel: 626-359-3692
Fax: 626-359-3728
Email: mcisneros@mac.com
About AFC Trident
AFC Trident, a California corporation -- http://www.tridentcase.com
-- is a family-owned company that creates cases for the mobile
device market. The company, which conducts business under the name
Trident Case, has its own manufacturing facility and in-house
design team. It offers seven different product series that support
a broad range of mobile devices from manufacturers including Apple,
Samsung, HTC, Motorola, LG, Nokia, Sony, Vizio, and Asus.
AFC Trident sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Cal. Case No. 19-10565) on Jan. 23, 2019. At the
time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of $1 million to $10 million. The case is
assigned to Judge Scott H. Yun. Michael A. Cisneros, Attorney at
Law, is the Debtor's counsel.
AIR MEDICAL: $1.455BB Bank Debt Trades at 5% Off
------------------------------------------------
Participations in a syndicated loan under which Air Medical Group
Holdings Inc. is a borrower traded in the secondary market at 95.04
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 1.45 percentage points from the
previous week. Air Medical pays 425 basis points above LIBOR to
borrow under the $1.455 billion facility. The bank loan matures on
March 14, 2025. Moody's rates the loan 'B1' and Standard & Poor's
gave a 'B' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
February 8.
AIR MEDICAL: $1.918BB Bank Debt Trades at 5% Off
------------------------------------------------
Participations in a syndicated loan under which Air Medical Group
Holdings Inc. is a borrower traded in the secondary market at 94.75
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 1.45 percentage points from the
previous week. Air Medical pays 325 basis points above LIBOR to
borrow under the $1.918 billion facility. The bank loan matures on
April 28, 2022. Moody's rates the loan 'B1' and Standard & Poor's
gave a 'B' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
February 8.
ALBANY EYE: Unsecured Creditors to Get 1% Under Chapter 11 Plan
---------------------------------------------------------------
Albany Eye Physicians & Surgeons, P.C., d/b/a Stasior & Stasior Eye
Care, submitted a combined plan of reorganization and disclosure
statement.
Class 5 General, Unsecured Claims are impaired. This class include
unsecured claims listed in its schedules and/or for which proofs of
claim were filed against the Debtor and the deficiency arising from
treatment of NBT Bank's Class 2 claim, totaling approximately
$124,248.26. The Debtor's Plan proposes to pay holders of timely
filed, fixed and liquidated general, unsecured claims a dividend
of not less than 1%, paid in a lump sum within fifteen (15) days of
the entry of the Court's order confirming the Plan.
Class 2- NBT Bank are impaired. NBT Bank has filed a claim in the
aggregate amount of $150,835.66 on account of the Promissory Note
and LOC. Based on the IRS's first-priority secured claim versus
the value of the Debtor's assets as of the Petition Date, NBT Bank
will have an allowed, second- priority secured claim in the amount
of $56,451.21, plus interest at 4% per annum over a period of 60
months from the entry of the Court's order confirming the Plan,
resulting in a monthly payment of $1,041.29, with the balance of
the asserted claim receiving treatment as provided for in Class 4
of the Plan. Payments will commence within fifteen (15) days of the
entry of the Court's order confirming the Plan.
Class 6 - Insider Claims are impaired. The Debtor's principal, Dr.
Orkan Stasior, and his wife hold claims against the Debtor in the
aggregate amount of approximately $555,023.00. Holders of Class 6
Claims will not receive a dividend on account of their claims
unless and until all holders of Class 1 through Class 4 claims
receive payment in full.
The Plan provides for payments over time to creditors from the
Debtor's operations. In addition, the Debtor has sufficient funds
on hand with which to pay allowed, administrative claims or has
otherwise made arrangements for payment of such claims on terms
acceptable to such administrative claimant. Accordingly, the Debtor
will have sufficient funds available to fund the Plan as of the
Effective Date.
A full-text copy of the Disclosure Statement dated February 5,
2019, is available at https://tinyurl.com/y4y6bk4j from
PacerMonitor.com at no charge.
About Albany Eye Physicians & Surgeons
Albany Eye Physicians & Surgeons, P.C., which conducts business
under the name Stasior & Stasior Eye Care, filed a Chapter 11
bankruptcy petition (Bankr. N.D.N.Y. Case No. 18-10626-1) on April
11, 2018. In the petition signed by Orkan Stasior, president, the
Debtor estimated assets of less than $100,000 and debts of less
than $500,000. The Debtor hired Nolan & Heller, LLP as its legal
counsel. No official committee of unsecured creditors has been
appointed in the Chapter 11 case.
ALLISON TRANSPORTATION: Taps McElwee Firm as Legal Counsel
----------------------------------------------------------
Allison Transportation, LLC, received approval from the U.S.
Bankruptcy Court for the Western District of North Carolina to hire
McElwee Firm, PLLC as its legal counsel.
The firm will represent the Debtor in negotiation with its
creditors, assist in the preparation of a plan of reorganization,
and provide other legal services in connection with its Chapter 11
case.
Robert Laney, Esq., the attorney who will be handling the case,
will charge an hourly fee of $250. Paralegals will charge $180 per
hour. The retainer fee is $15,000.
Mr. Laney disclosed in a court filing that he and his firm do not
hold any interest adverse to the interest of the Debtor and its
bankruptcy estate.
McElwee Firm can be reached through:
Robert P. Laney, Esq.
McElwee Firm, PLLC
906 Main Street
North Wilkesboro, NC 28659
Telephone: (336) 838-1111
Facsimile: (336) 838-5069
Email: BLaney@McElweeFirm.com
About Allison Transportation
Allison Transportation, LLC, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D.N.C. Case No. 19-50072) on Feb. 9,
2019. At the time of the filing, the Debtor estimated assets of
less than $50,000 and liabilities of less than $1 million. The
case is assigned to Judge Laura T. Beyer.
AMERICAN AXLE: Bank Debt Trades at 5% Off
-----------------------------------------
Participations in a syndicated loan under which American Axle &
Manufacturing is a borrower traded in the secondary market at 95.33
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 0.95 percentage points from the
previous week. American Axle pays 225 basis points above LIBOR to
borrow under the $1.550 billion facility. The bank loan matures on
April 7, 2024. Moody's rates the loan 'Ba2' and Standard & Poor's
gave a 'BB' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
February 8.
AMERICANN INC: Delays Filing of Dec. 31 Quarterly Report
--------------------------------------------------------
Americann, Inc. has filed a Form 12b-25 with the Securities and
Exchange Commission notifying the delay in the filing of its
Quarterly Report on Form 10-Q for the period ended Dec. 31, 2018.
The Company did not complete its financial statements for the three
months ended
Dec. 31, 2018 in sufficient time so as to allow the filing of the
report by Feb. 14, 2019.
About Americann
Headquartered in Denver, Colorado, AmeriCann is a specialized
cannabis company that is developing state-of-the-art product
manufacturing and greenhouse cultivation facilities. Its business
plan is based on the continued growth of the regulated marijuana
market in the United States. AmeriCann uses greenhouse technology
which is superior to the current industry standard of growing
cannabis in warehouse facilities under artificial lights.
Americann reported a net loss of $4.43 million for the year ended
Sept. 30, 2018, compared to a net loss of $2.77 for the year ended
Sept. 30, 2017. As of Sept. 30, 2018, Americann had $9.45 million
in total assets, $2.62 million in total liabilities, and $6.83
million in total stockholders' equity.
MaloneBailey, LLP, the Company's auditor since 2016, issued a
"going concern" opinion in its report on the consolidated financial
statements for the year ended Sept. 30, 2018, stating that the
Company has suffered recurring losses from operations and has an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.
ANDERSON FARMS: $46K Sale aof Equipment to Choice Livestock Okayed
------------------------------------------------------------------
Judge Joseph M. Meier of the U.S. Bankruptcy Court for the District
of Ohio authorized Anderson Farms, Inc.'s of Kenworth TK Truck,
Semi 1NKDL00X88J232940, and Supreme 1200T Feed Wagon/Mixer
OTM12028, to Choice Livestock Transportation, Inc., for $46,000.
A hearing on the Motion was held on Feb. 4, 2019.
The sale granted is subject to the requirement that any net
proceeds be paid over to Newtek Small Business Finance, LLC,
estimated to be $464.17. The payment will resolve Newtek's
objection.
About Anderson Farms
Anderson Farms, Inc. -- https://www.andersonfarms.org/ -- operates
a specialized freight trucking business providing a wide range of
services to the agricultural industry that suit the needs and
requirement of transporting feed to dairies and feedlots. It is
headquartered in Burley, Idaho.
Anderson Farms sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Idaho Case No. 18-40360) on April 30, 2018. In the
petition signed by Cameron Smith, director, the Debtor estimated
assets of less than $50,000 and liabilities of $1 million to $10
million. Judge Joseph M. Meier oversees the case. MAYNES TAGGART
PLLC is the Debtor's counsel.
ANEW HEALTH: Seeks Authorization to Use IRS Cash Collateral
-----------------------------------------------------------
Anew Health Care, Inc., seeks authorization from the U.S.
Bankruptcy Court for the Western District of Texas to allow it to
use the cash collateral of the Internal Revenue Service.
The Debtor intends to reorganize its affairs and needs to continue
to operate in order to pay its ongoing expenses, generate
additional income and to propose a plan of reorganization in this
case. Accordingly, the Debtor needs to use the cash collateral in
order to meet its payroll, to pay for supplies, and to meet other
normal expenses needed in the operation of its business. The
Debtor asserts it has no other funds with which to pay such
expenses.
The Internal Revenue Service is a secured creditor claiming a lien
on, among other things, the Debtor's receivables, cash and funds on
account. The IRS has filed, postpetition, a secured Proof of Claim
in the amount of $196,211. The Debtor's receivables, cash and
funds on account may constitute cash collateral within the meaning
of that term under 11 U.S.C. Sec. 363(a).
The Debtor has negotiated an agreement with the IRS to allow the
Debtor to use cash collateral. The terms of the agreement between
the Debtor and the IRS are as follows:
(a) The IRS is granted a replacement lien on all inventory
and accounts receivable acquired by the Debtor since the filing of
the petition and is ratified and confirmed in its lien on the
Debtor's inventory, accounts and fixtures perfected by the IRS
prior to the filing of the Debtor's petition in the cause with such
lien and replacement lien to continue until further Order of the
Court or confirmation of a Plan of Reorganization.
(b) The Debtor will make periodic monthly payments to the IRS
in the sum of $1,000 on the 15th of each month until a Plan is
confirmed or further Order of the Court.
(c) The Debtor will remain current of all tax obligations,
including but not limited to, deposit of employee withholdings for
income, Social Security taxes and hospital insurance (Medicare) and
employer's contribution for Social Security taxes and deposit
excise tax, if applicable. The Debtor will file all present and
future tax returns as they become due.
A full-text copy of the Debtor's Motion is available at
http://bankrupt.com/misc/txwb18-52711-23.pdf
About Anew Health Care
Anew Health Care, Inc., filed a Chapter 11 petition (Bankr. W.D.
Tex. Case No. 18-52711), on Nov. 14, 2018. In the petition signed
by James P. Holton, II, president, the Debtor estimated both assets
and liabilities at $100,000 to $500,000 each. The Debtor is
represented by David T. Cain, Esq. of the Law Office of David T.
Cain.
ANTONETTE'S OF EAST HILL: March 11 Auction Sale
-----------------------------------------------
Antonette's of East Hills, LLC, filed a Second Amended Plan of
Orderly Liquidation to disclose that the Auction Sale for the
Debtor's assets is scheduled to take place on March 11, 2019 at
2:30 p.m. at the at the United States Bankruptcy Court, Eastern
District of New York, Courtroom 860 (8th Floor), 290 Federal Plaza,
Central Islip, New York 11722.
The Plan will be funded from the sale of the Debtor’s business,
assets and Lease.
The Debtor assumes the following executory contracts and/or
unexpired leases effective upon Confirmation of the Plan upon
payment of the cure amount of approximately $104,000.00 (which is a
sum equal to approximately one-half of the arrears to the
Landlord(s):
The lease with Avelino and Maria De Sousa ("Landlord") dated
January 1, 2007 (as amended by the March 1, 2012 amendment signed
by the Landlord and Debtor as assignee of the Lease), of 290 Glen
Cove Road, East Hills, New York 11577 (the "Lease") will be assumed
upon payment of one-half of the arrears to Landlord (approximately
$90,000).
Based on a settlement with Brivo, LLC, upon payment of one-half of
arrears ($14,000) to Brivo LLC, a certain "sublease" by and between
Brivo LLC and the Debtor for the Premises will be voided in favor
of the Lease which the Debtor will assume and assign. Upon such
payment of $14,000, Brivo, LLC's claim against the Debtor and any
guarantors will be satisfied in full and Brivo LLC will cooperate
in all reasonable respects in the assumption and assignment of the
Lease.
The effective date of this Plan is on the closing of the Sale which
must occur within seven (7) days after the last to occur of the
entry of the (a) Sale Confirmation Order, (b) Assumption and
Assignment of Lease Order, or (c) confirmation of the Debtor's Plan
pursuant to the Terms of Sale annexed to the accompanying
Disclosure Statement.
A redlined version of the Second Amended Disclosure Statement dated
February 6, 2019, is available at https://tinyurl.com/yyp5zay5 from
PacerMonitor.com at no charge.
About Antonette's of East Hills, LLC
Antonette's of East Hills, LLC is a New York limited liability
company operating a restaurant located at 290 Glen Cove Road, East
Hills, New York. Antonette's of East Hills sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
18-76802) on Oct. 9, 2018. At the time of the filing, the Debtor
estimated assets of less than $50,000 and liabilities of less than
$50,000. The case has been assigned to Judge Robert E. Grossman.
The Debtor tapped Spence Law Office, P.C., as its legal counsel.
ARALEZ PHARMACEUTICALS: Unsecured Creditors to Get 51%
------------------------------------------------------
Aralez Pharmaceuticals Holdings Limited, Aralez Pharmaceuticals
Management Inc., Pozen Inc., Aralez Pharmaceuticals US Inc., Aralez
Pharmaceuticals R&D Inc. and Halton Laboratories LLC filed a joint
Chapter 11 liquidating plan and accompanying disclosure statement.
Class 4 - General Unsecured Claims with estimated amount of claims
in class $6,353,000 is estimated to recover 51%. Except to the
extent that a holder of an Allowed General Unsecured Claim has
been paid by the Debtors prior to the Effective Date or agrees to a
different treatment, each holder of an Allowed General Unsecured
Claim shall receive in full satisfaction, settlement, and release
of, and in exchange for such Allowed General Unsecured Claim (i) on
the Effective Date (or as soon as reasonably practicable thereafter
if a General Unsecured Claim is not Allowed on the Effective Date),
its Pro Rata share of the GUC Distribution, and (ii) subject to
Section 5.01(c) of the Plan, its Pro Rata share of the Net
Preference Recovery Proceeds.
Class 1 - Prepetition Lender with estimated amount of claims in
class $53,961,187. Except to the extent that a holder of an Allowed
Prepetition Lender Claim has been paid by the Debtors prior to the
Effective Date or agrees to a different treatment, each holder of
an Allowed Prepetition Lender Claim shall receive (i) Cash in an
amount equal to the Net Cash Proceeds from the Sales, which shall
not include the Cash for the Committee Settlement; and/or (ii)
title to the property securing such Allowed Class 1 Claim.
Class 5 - Intercompany Claims with estimated amount of claims in
class $76,709,252. Any and all Intercompany Claims shall, at the
option of the Debtors, either be extinguished and/or cancelled on,
or as soon as reasonably practicable after, the Effective Date.
Class 6 - Existing API Interests. Existing API Interests shall be
extinguished, cancelled and released on the Effective Date, and
holders thereof shall not receive any Distribution on any account
of such Existing API Interests.
The Distributions to be made in Cash under the terms of the Plan
shall be funded from the Debtors' Cash on hand as of and after the
Effective Date, consistent with the Budget and any "Wind-Down
Account."
A full-text copy of the Disclosure Statement dated February 5,
2019, is available at https://tinyurl.com/y492r2vm from
PacerMonitor.com at no charge.
About Aralez Pharmaceuticals
Aralez Pharmaceuticals Inc. -- http://www.aralez.com/-- is a
specialty pharmaceutical company focused on delivering products to
improve patients' lives by acquiring, developing and
commercializing products in various specialty areas.
The Company together with its affiliates filed for Chapter 11
protection on Aug. 10, 2018 (Bankr. S.D.N.Y. Lead Case No.
18-12425). The Debtor estimated assets and liabilities between
$100 million and $500 million.
The Hon. Martin Glenn presides over the Debtors' Chapter 11 cases.
The Debtors tapped Willkie Farr & Gallagher LLP, as their counsel;
Alvarez & Marsal Healthcare Industry Group, LLC as restructuring
and financial advisor; Moelis & Company as investment banker; RSM
US LLP as tax advisor; and Prime Clerk LLC as claims, noticing and
solicitation agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on August 27, 2018. The committee tapped
Brown Rudnick LLP as legal counsel; Berkeley Research Group, LLC
and Dundon Advisers LLC as financial advisors; and Baily Homan
Smyth McVeigh, Solicitors and McMillan LLP as special counsel.
ARSENAL ENERGY: Completes Financial Restructuring, Exits Ch.11
--------------------------------------------------------------
Arsenal Energy Holdings LLC on Feb. 14, 2019, disclosed it has
emerged from chapter 11 and its pre-packaged plan of reorganization
has gone effective. The plan implemented a debt for equity
exchange pursuant to which $861 million of subordinated notes were
converted into equity, as previously announced on Feb. 4, 2019.
All other creditors were unaffected.
Jon Farmer, the President and CEO of Arsenal, said: "The company is
pleased that we have consummated this transaction, completing the
recapitalization that began in December. We look forward to
working with our employees, vendors and customers towards a
successful future."
About Arsenal Resources
Arsenal Resources -- http://www.arsenalresources.com/-- is an
independent exploration and production company headquartered in
Pittsburgh, Pennsylvania that is engaged in the acquisition,
exploration, development and production of natural gas in the
Appalachian Basin. Through the strategic employment of select
technologies, the company achieves continuous improvement in
efficiencies and production results.
Arsenal Energy Holdings, LLC, f/k/a Mountaineer Energy Holdings,
LLC, filed a voluntary Chapter 11 petition (Bankr. D. Del. Case No.
19-10226) on Feb. 4, 2019.
At the time of petition, the Debtor estimated $500 million to $1
billion in assets and liabilities.
The Debtor is represented by:
Michael H. Torkin, Esq.
Kathrine A. McLendon, Esq.
Nicholas E. Baker, Esq.
SIMPSON THACHER & BARTLETT LLP
425 Lexington Avenue
New York, NY 10017
T: (212) 455-2000
F: (212) 455-2502
-- and --
Pauline K. Morgan, Esq.
Kara H. Coyle, Esq.
Ashley Jacobs, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square
1000 North King Street
Wilmington, Delaware 19801
T: (302) 571-6600
F: (302) 571-1253
ARSENAL ENERGY: Taps Prime Clerk as Claims Agent
------------------------------------------------
Arsenal Energy Holdings LLC received approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Prime Clerk
LLC as its claims and noticing agent.
The firm will oversee the distribution of notices and the
maintenance, processing and docketing of proofs of claim filed in
the Debtor's Chapter 11 case.
Prime Clerk will charge these hourly rates:
Claim and Noticing Rates:
Analyst $30 - $50
Technology Consultant $35 - $95
Consultant/Senior Consultant $65 - $165
Director $175 - $195
COO/Executive VP No charge
Solicitation, Balloting and Tabulation Rates:
Solicitation Consultant $190
Director of Solicitation $210
Prior to its bankruptcy filing, the Debtor provided Prime Clerk an
advance fee of $15,000.
Benjamin Steele, vice president of Prime Clerk, disclosed in a
court filing that his firm is "disinterested" as defined in Section
101(14) of the Bankruptcy Code.
Prime Clerk can be reached through:
Benjamin J. Steele
Prime Clerk LLC
830 Third Avenue, 9th Floor
New York, NY 10022
Direct: (212) 257-5490
Mobile: 646-240-7821
Email: bsteele@primeclerk.com
About Arsenal Energy Holdings
Arsenal Energy Holdings LLC is a holding company which, through its
subsidiaries, operates an independent exploration and production
company engaged in the acquisition and development of
unconventional natural gas resources in the Appalachian Basin. The
company's operations are conducted through its subsidiaries, which
own virtually all of its assets and employ all of its workers.
Arsenal Energy Holdings filed a voluntary Chapter 11 petition
(Bankr. D. Del. Case No. 19-10226) on February 4, 2019. At the
time of the filing, the Debtor had $500 million to $1 billion in
estimated assets and liabilities.
The Debtor is represented by Simpson Thacher & Bartlett LLP and
Young Conaway Stargatt & Taylor, LLP.
ATLANTA AUCTION: Taps Jones Long LaSalle as Real Estate Broker
--------------------------------------------------------------
Atlanta Auction Access Inc. received approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to hire Jones
Long LaSalle Brokerage, Inc. as its real estate broker.
The firm will assist the Debtor in the marketing and sale of its
real property located at 5500 Frontage Road, Forest Park, Clayton
County, Georgia.
Stephen Bridges, the real estate broker employed with Jones Long
who will be providing the services, will get a commission of 4% of
the gross sales price.
Mr. Bridges does not hold any interest adverse to the Debtor and
its bankruptcy estate, according to court filings.
About Atlanta Auction Access
Atlanta Auction Access, Inc., is a used car dealer based in
Fairburn, Georgia. It is the fee simple owner of a real property
located at 5575 Frontage Road, Forest Park, Georgia. The Debtor
valued the property at $1.2 million.
Atlanta Auction Access sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 18-66549) on Oct. 1,
2018. At the time of the filing, the Debtor disclosed $1,240,440
in assets and $1,225,000 in liabilities.
The Debtor tapped Joseph Chad Brannen, Esq., at The Brannen Firm,
LLC, as its legal counsel.
BAL HARBOUR: Receiver, Committee File Chapter 11 Liquidation Plan
-----------------------------------------------------------------
Bal Harbour Quarzo, LLC, a/k/a Synergy Development Group, LLC,
a/k/a Synergy Investments Group, LLC, by and through the duly
appointed Receiver Drew M. Dillworth and the Official Committee of
Unsecured Creditors propose this Combined Plan of Liquidation and
Disclosure Statement.
Class 1 Unsecured Claims. Each Allowed Unsecured Claim against the
Debtor's Estate will be satisfied by Distributions to the Holder of
each such Allowed Unsecured Claim on a Pro Rata basis with the
Holders of all Allowed Unsecured Claims in this Class 1. The
Distributions to the Holders of Allowed Unsecured Claims hereunder
shall be made on each Distribution Date and shall be made from the
Available Cash on deposit from time to time with the Debtor and/or
the Trust, as applicable in accordance with the terms of this Plan.
No Distribution shall be made to Holders of Allowed Unsecured
Claims in this Class 1 unless and until all Allowed Administrative
Claims, all Post-Confirmation Administrative Claims and all Allowed
Priority Tax Claims have been paid in full, reserved or otherwise
resolved, and/or included in or accounted for in the Distribution
at issue.
Class 2 Interests in the Debtor. On the Effective Date, all
Interests shall be cancelled and discharged and shall be of no
further force and effect, whether surrendered for cancellation or
otherwise and holders of such Interests shall not receive or retain
any property under the Plan on account of such Interests.
The Debtor shall fund distributions under the Plan with: (1) Cash
on hand; and (2) the Trust Beneficial Interests.
In March 2018, a group of noteholders formed an ad hoc committee of
unsecured creditors and retained Linda Leali, Esq. and Linda Leali,
P.A., as counsel. Subsequently, the ad hoc committee filed an
omnibus objection to the Receiver Motion and certain of the
Receiver's applications to retain professionals.
A full-text copy of the Disclosure Statement dated February 6,
2019, is available at https://tinyurl.com/y498qj8n from
PacerMonitor.com at no charge.
Counsel for Receiver Drew M. Dillworth:
Eric J. Silver., Esq.
Stearns Weaver Miller Weissler
Alhadeff & Sitterson, P.A.
150 West Flagler Street, Suite 2200
Miami, FL 33130
Email: esilver@stearnsweaver.com
Counsel for the Official Committee of Unsecured Creditors:
Linda Leali, Esq.
Linda Leali, P.A.
6278 North Federal Highway, Suite 317
Fort Lauderdale, Florida 33308
Email: lleali@lealilaw.com
About Bal Harbour Quarzo, LLC
a/k/a Synergy Capital Group, LLC
a/k/a Synergy Investments Group, LLC
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 oversees 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. Newpoint Advisors Corporation, as financial advisor.
BROOKINS TRACTOR: Unsecureds to Get 20% in 5 Annual Payments
------------------------------------------------------------
Rodney W. Brookins, Sr., d/b/a Brookins Tractor and Equipment
Repair, filed a joint plan of reorganization and accompanying
disclosure statement.
Class 10 consists of Claims of General Unsecured Creditors of
$1,000.00 or more. Each Holder of an Allowed Class 10 Claim shall
receive twenty percent (20%) of their allowed Class 10 Claim in
five annual payments from the Unsecured Creditors' Fund, with
payments to commence on first day of the first full month following
the one-year anniversary of the Effective Date.
Class 11 consists of Claims of General Unsecured Creditors in the
amount of $1,000.00 or less. Each Holder of an Allowed Class 11
Claim shall receive payment of fifty percent (50%) of its allowed
Claim from the Unsecured Creditor's Fund in three equal semi-annual
payments.
Class 1 consists of the Secured Claim of First State Bank of
Blakely/Colquitt secured by certain equipment. Payments shall be
made to First State Bank in sixty (60) equal monthly payments in
the amount of $145.00 commencing on first day of the first month
following the Effective Date.
Class 3 consists of the Statutory Secured Claim of the Early County
Tax Commissioner consisting of a statutory lien. To the extent the
Claim has not been paid prior to the Effective Date, the Debtor
shall make thirty-six (36) equal monthly payments in the amount of
$43.62 commencing on first day of the first month following the
Effective Date.
Class 4 consists of the Secured Claim of Commercial State Bank. The
Debtor scheduled the Claim in the amount of $38,348.00 secured by
vehicles and equipment with a value of $21,200.00. Payments shall
be made to Commercial State Bank on its Allowed Secured Claim of
$21,200.00 at five-percent (5%) interest for sixty (60) months in
the amount of $400.17 commencing on first day of the first month
following the Effective Date.
Class 5 consists of the Secured Claim of Bank of Early secured by
the Shop Property. Bank of Early has also alleged that it has a
properly secured lien on the personal property identified in Claim
#11. Bank of Early asserted a Secured Claim in the amount of
$162,958.00 and an unsecured claim in the amount of $206,426.93.
The Parties shall agree upon the amount of outstanding principal
balance as of the date of confirmation and the property which
secures the Claim or, if the parties are unable to agree, the Court
shall make this determination.
Class 7 consists of the Statutory Secured Claim of the Early County
Tax Commissioner consisting of a statutory lien on the Magnolia
Street Property in the approximate amount of $4,125.72. To the
extent the Claim has not been paid in full prior to the Effective
Date, the Early County Tax Commissioner shall be paid in
twenty-four (24) equal payments of $172.00 until the claim is paid
in full.
Class 9 consists of the Secured Claim of Snap-on Credit, LLC, who
holds a perfected purchase money security interest in certain tools
of the Debtor. Payments shall be made to Snap-on Tools in the
amount of $100.00 per month at 0% interest commencing on first day
of the first month following the Effective Date until it is paid in
full.
Upon the Effective Date the Debtor will utilize any Cash on hand to
satisfy any Allowed Administrative Expense Claims, Allowed
Professional Compensation Claims, Allowed Priority Tax Claims, the
amount of any Cure due to Holders of Allowed Secured Claims, and US
Trustee Fees due on the Effective Date. The Debtor shall fund the
Unsecured Creditors' Fund from post-Confirmation business
operations and income in the approximate amount of $1,350.30 per
month, commencing on the first day of the first month following the
Effective Date.
A full-text copy of the Disclosure Statement dated February 5,
2019, is available at https://tinyurl.com/y3jke94s from
PacerMonitor.com at no charge.
About Brookins Tractor and Equipment Repair
Brookins Tractor and Equipment Repair, LLC, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No.
18-11035) on Aug. 22, 2018. At the time of the filing, the Debtor
estimated assets of less than $500,000 and liabilities of less than
$500,000. The Debtor tapped Zalkin Revell, PLLC, as its legal
counsel.
BROOKSTONE HOLDINGS: March 20 Confirmation Hearing
--------------------------------------------------
Brookstone Holdings Corp., Brookstone, Inc., Brookstone Company,
Inc., Brookstone Retail Puerto Rico, Inc., Brookstone International
Holdings, Inc., Brookstone Purchasing, Inc., Brookstone Stores,
Inc., Big Blue Audio LLC, Brookstone Holdings, Inc., and Brookstone
Properties, Inc., and the Official Committee of Unsecured Creditors
filed a First Amended Joint Plan of Liquidation under Chapter 11
and accompanying disclosure statement.
The confirmation hearing will be held before the Honorable Brendan
L. Shannon on March 20, 2019 at 10:00 a.m. (prevailing eastern
time), or as soon thereafter as counsel may be heard. The Court has
directed that objections, if any, to confirmation of the plan be
served and filed on or before March 11, 2019 at 4:00 p.m.
(prevailing eastern time).
Under the First Amended Plan, the Cigna Contract is terminated as
of the Cigna Termination Date and $21,938.16 is due and will be
paid by the Debtors to Cigna pursuant to the terms of the Cigna
Contract. On the Effective Date, control of the Cigna Plan Bank
Account will be transferred to the Liquidating Trust. Following the
Effective Date, Cigna will continue to process all employee
healthcare claims that were incurred, but not submitted, processed,
and paid prior to the Termination Date (collectively, the "Run-Out
Claims"), that are submitted to Cigna on or before January 31,
2020, in accordance with the Cigna Contract.
Following the Effective Date, the Liquidating Trustee shall perform
all of the Debtors' obligations under the Cigna Contract, including
the obligation to fund the payment of eligible Run-Out Claims. If,
at any time, the Liquidating Trustee fails to meet its Run-Out
Funding Obligations, the processing and payment of Run-Out Claims
will immediately cease and Cigna shall promptly notify the
Liquidating Trustee of such failure and the amount necessary to
meet the then-current Run-Out Funding Obligations. If the amount
is not deposited into the Cigna Plan Bank Account within five (5)
Business Days of the notification, all Run-Out Claims not
previously processed and paid will not be paid and Cigna shall have
no further obligations under the Cigna Contract. No later than
March 15, 2020, Cigna shall take all necessary action to have any
balance remaining in the Cigna Plan Bank Account, less any
outstanding check liability, transferred to the Liquidating Trust
or to a successor designated in a written notice to Cigna.
For the avoidance of doubt, the Debtors or the Liquidating Trustee,
as applicable, shall conduct a reasonable search to locate any
Holder for purposes of making a distribution pursuant to Article
VI.C.1 of the Plan; provided, however, that the Debtors and the
Liquidating Trustee shall not be required to engage an outside
consultant to conduct such search and an Internet search for
missing addresses shall be deemed reasonable.
Notwithstanding this or any of the releases, discharges,
injunctions or waivers, nothing in the Plan or the Confirmation
Order shall modify the rights, if any, of any counterparty to an
unexpired lease of non-residential real property to assert any
right of setoff or recoupment that such counterparty may have under
applicable bankruptcy or non-bankruptcy law, including, but not
limited to, the ability, if any, of such counterparties to setoff
or recoup a security deposit held pursuant to the terms of their
unexpired lease with the Debtors or the Liquidating Trust.
A full-text copy of the Disclosure Statement dated February 5,
2019, is available at:
http://bankrupt.com/misc/deb19-1811780BLS-1040.pdf
About Brookstone Holdings
Founded in 1965, Brookstone Holdings Corp. is a U.S.-based product
developer and retailer of wellness, entertainment, and travel
products that are fun to discover, smart to use and beautiful in
design. Brookstone products are available at its 35 retail
locations in airports throughout the U.S., online at Brookstone.com
and through select premium retailers worldwide.
Brookstone Holdings and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
18-11780) on Aug. 2, 2018.
In the petitions signed by Stephen A. Gould, secretary, the Debtors
estimated assets of $50 million to $100 million and liabilities of
$100 million to $500 million.
Judge Brendan Linehan Shannon presides over the cases.
The Debtors tapped Gibson, Dunn & Crutcher LLP as their bankruptcy
counsel; Young Conaway Stargatt & Taylor, LLP as Delaware counsel;
Berkeley Research Group, LLC as financial advisor; GLC Advisors &
Co. as investment banker; and Omni Management Group, Inc., as
administrative agent.
CALINA LLC: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Calina, LLC
dba The Woodhouse Day Spa
1175 Meridian Boulevard
Franklin, TN 37067
Business Description: Calina, LLC operates a spa and wellness
center.
Chapter 11 Petition Date: February 16, 2019
Court: United States Bankruptcy Court
Middle District of Tennessee (Nashville)
Case No.: 19-00940
Judge: Hon. Marian F. Harrison
Debtor's Counsel: Griffin S. Dunham, Esq.
DUNHAM HILDEBRAND, PLLC
1704 Charlotte Avenue, Suite 105
Nashville, TN 37203
Tel: 615-933-5850
Fax: 615-777-3765
E-mail: griffin@dhnashville.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Cheryl Calina Burns, president.
The Debtor did not include in the petition a list of its 20 largest
unsecured creditors.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/tnmb19-00940.pdf
CAMBER ENERGY: Condagua Owns 11,570 shares as of Dec. 31, 2017
--------------------------------------------------------------
In a Schedule 13G/A filed with the Securities and Exchange
Commission, Condagua, LLC, John B. Helmers, and Glenn A. Helmers
disclosed that as of Dec. 31, 2017, they beneficially owned
11,570 shares of common stock of Camber Energy, Inc., which
represents 0.017% of the shares outstanding. A full-text copy of
the regulatory filing is available for free at:
https://is.gd/lT384R
About Camber Energy
Based in San Antonio, Texas, Camber Energy, Inc. (NYSE American:
CEI) -- http://www.camber.energy/-- is an independent oil and gas
company engaged in the development of crude oil, natural gas and
natural gas liquids in the Hunton formation in Central Oklahoma in
addition to anticipated project development in the Texas
Panhandle.
Camber Energy reported a net loss of $24.77 million for the year
ended March 31, 2018, compared to a net loss of $89.12 million for
the year ended March 31, 2017. As of Sept. 30, 2018, the Company
had $6.98 million in total assets, $4.69 million in total
liabilities, and $2.29 million in total stockholders' equity.
GBH CPAs, PC's audit opinion included in the company's Annual
Report on Form 10-K for the year ended March 31, 2018 contains a
going concern explanatory paragraph stating that the Company has
incurred significant losses from operations and had a working
capital deficit as of March 31, 2018. These factors raise
substantial doubt about the Company's ability to continue as a
going concern.
CAMBER ENERGY: Incurs $1.6 Million Net Loss in Third Quarter
------------------------------------------------------------
Camber Energy, Inc., has filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $1.58 million on $127,937 of total revenues for the three months
ended Dec. 31, 2018, compared to a net loss of $9.09 million on
$2.15 million of total revenues for the same period in 2017.
For the nine months ended Dec. 31, 2018, the Company reported net
income of $18.13 million on $2.63 million of total revenues
compared to a net loss of $18.39 million on $5.54 million of total
revenues for the nine months ended Dec. 31, 2017.
As of Dec. 31, 2018, Camber Energy had $10.10 million in total
assets, $2.48 million in total liabilities, and $7.62 million in
total stockholders' equity.
At Dec. 31, 2018, the Company's total current assets of $9.6
million exceeded its total current liabilities of $2.2 million,
resulting in working capital of $7.4 million, while at March 31,
2018, the Company's total current liabilities of $40.3 million
exceeded its total current assets of $1.7 million, resulting in a
working capital deficit of $38.6 million. The $46.0 million
increase in the working capital is primarily due to the assignment
of the liabilities owed under the IBC Loan Agreement to N&B Energy
in September 2018.
Camber is currently not in compliance with NYSE American continued
listing standards and if it is unable to maintain compliance with
NYSE American continued listing standards, its common stock may be
delisted from the NYSE American equities market, which would likely
cause the liquidity and market price of its common stock to
decline.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/pM8LRg
About Camber Energy
Based in San Antonio, Texas, Camber Energy, Inc. (NYSE American:
CEI) -- http://www.camber.energy/-- is an independent oil and gas
company engaged in the development of crude oil, natural gas and
natural gas liquids in the Hunton formation in Central Oklahoma in
addition to anticipated project development in the Texas
Panhandle.
Camber Energy reported a net loss of $24.77 million for the year
ended March 31, 2018, compared to a net loss of $89.12 million for
the year ended March 31, 2017. As of Sept. 30, 2018, the Company
had $6.98 million in total assets, $4.69 million in total
liabilities, and $2.29 million in total stockholders' equity.
GBH CPAs, PC's audit opinion included in the company's Annual
Report on Form 10-K for the year ended March 31, 2018 contains a
going concern explanatory paragraph stating that the Company has
incurred significant losses from operations and had a working
capital deficit as of March 31, 2018. These factors raise
substantial doubt about the Company's ability to continue as a
going concern.
CENGAGE: Bank Debt Trades at 17% Off
------------------------------------
Participations in a syndicated loan under which Cengage (fka
Thomson Learning) is a borrower traded in the secondary market at
83.36 cents-on-the-dollar during the week ended Friday, February 8,
2019, according to data compiled by LSTA/Thomson Reuters MTM
Pricing. This represents a decrease of 1.46 percentage points from
the previous week. Cengage pays 425 basis points above LIBOR to
borrow under the $1.710 billion facility. The bank loan matures on
June 7, 2023. Moody's rates the loan 'B2' and Standard & Poor's
gave a 'B' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
February 8.
CENTURY TOWNHOMES: Seeks to Extend Exclusivity Period to March 28
-----------------------------------------------------------------
Century Townhomes Association asked the U.S. Bankruptcy Court for
the Western District of Pennsylvania to extend the deadline for
filing a Chapter 11 plan of reorganization to March 28.
The association's current exclusive filing period expired on Feb.
11.
Century Townhomes has been in discussions with Pennsylvania
American Water and the Clairton Municipal Authority regarding the
plan. It has also been in negotiations with a potential buyer for
its assets and those owned by Clairton Residential Renewal, the
largest landowner within the Century Townhomes community. The
parties believe that a resolution of debt-related issues can be
reached through a consensual plan and that additional time must be
granted to the association to file a plan.
Century Townhomes is a homeowners' association for residential
townhomes in Clairton, Pennsylvania. It is responsible for the
assessment and payment of water bills for the entire development,
including fees assessed by the agency.
About Century Townhomes Association
Century Townhomes Association is a Pennsylvania non-profit
corporation that operates a homeowners association for residential
townhomes located in Clairton, Pennsylvania, known as Century
Townhomes. Century Townhomes was a project of Action Housing,
Inc., designed to provide affordable housing in the City of
Clairton. The development consists of over 425 residential
townhomes, owned by individual homeowners, landlords who rent units
to leaseholders, and a non-profit organization that provides
housing to individuals with disabilities in its units.
Century Townhomes Association sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Pa. Case No. 18-21925) on May 10,
2018.
In the petition signed by Eric Hatchett, president, the Debtor
estimated assets of less than $100,000 and liabilities of less than
$500,000. Judge Jeffery A. Deller presides over the case. The
Debtor hired Campbell & Levine, LLC as its legal counsel.
No official committee of unsecured creditors has been appointed in
the Chapter 11 case.
CFO MANAGEMENT: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Nine affiliates that have filed voluntary petitions seeking relief
under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
CFO Management Holdings, LLC (Lead Case) 19-40426
400 South Hope Street, Suite 1050
Los Angeles,, CA 90071
Tel: 213.289.9060
Frisco Wade Crossing Development Partners, LLC 19-40427
McKinney Executive Suites at Crescent Parc Develop 19-40428
Double Droptine Ranch LLC 19-40429
North-Forty Development LLC 19-40430
Christian Custom Homes, LLC 19-40431
Carter Family Office, LLC 19-40432
West Main Station Development, LLC 19-40433
Kingswood Development Partners, LLC 19-40434
Business Description: The Debtors are privately held companies
that are engaged in activities related to
real estate.
Chapter 11 Petition Date: February 17, 2019
Court: United States Bankruptcy Court
Eastern District of Texas (Sherman)
Debtors' Counsel: Annmarie Chiarello, Esq.
WINSTEAD PC
500 Winstead Building
500 N. Harwood St.
Dallas, TX 75201
Tel: 214-745-5400
Fax: 214-745-5390
E-mail: achiarello@winstead.com
- and -
Joseph J. Wielebinski, Jr., Esq.
WINSTEAD PC
500 Winstead Building
2728 N. Harwood Street
Dallas, TX 75201
Tel: (214) 745-5210
Fax: (214) 745-5390
E-mail: jwielebinski@winstead.com
Debtors'
Restructuring
Advisor: SIERRACONSTELLATION PARTNERS LLC
CFO Management's
Estimated Assets: $50 million to $100 million
CFO Management's
Estimated Liabilities: $50 million to $100 million
The petition was signed by Lawrence Perkins, chief restructuring
officer.
Debtor CFO Management stated it has no unsecured creditors.
A full-text copy of CFO Management's petition is available for free
at:
http://bankrupt.com/misc/txeb19-40426.pdf
CHARLOTTE RUSSE: U.S. Trustee Forms 7-Member Committee
------------------------------------------------------
Andrew Vara, acting U.S. trustee for Region 3, on Feb. 14 appointed
seven creditors to serve on the official committee of unsecured
creditors in the Chapter 11 case of Charlotte Russe Holdings, Inc.
The committee members are:
(1) Valueline Group Co Ltd.
Attn: Brian Mitteldorf
14226 Ventura Blvd.
Sherman Oaks, CA 91423
Phone: 818-990-4800
Fax: 818-990-3904
(2) Ven Bridge Ltd.
Attn: Sean Gogarty, Bldg #96
1277 En Zhuanixing Rd.
Shanghai China
Phone: 415-265-2537
(3) Shantex Group LLC
Attn: David Orland
530 Seventh Avenue, Suite 703
New York, NY 10018
Phone: 646-918-6399
(4) Global Capital Fashion Inc.
Attn: Aphrodite Alexadropoulos
247 West 35th Street, 11th Floor
New York, NY 10001
Phone: 212-575-1390
(5) Jainson's International, Inc.
Attn: Amit Jain
7526 Tyrone Ave.
Van Nuys, CA 91405
Phone: 818-264-6282
Fax: 818-779-2910
(6) Simon Property Group, L.P.
Attn: Ronald Tucker
225 West Washington Street
Indianapolis, IN 46204
Phone: 317-263-2346
Fax: 317-263-7901
(7) Brookfield Property REIT Inc.
Attn: Julie Minnick Bowden
350 N. Orleans Street, Suite 300
Chicago, IL 60654
Phone: 312-960-2707
Fax: 312-442-6374
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 Charlotte Russe Holding Inc.
Charlotte Russe Holding, Inc. is a specialty fashion retailer of
young women's apparel and accessories comprised of seven entities.
The company and its affiliates are headquartered in San Diego,
California and have one distribution center located in Ontario,
California. In addition, the companies lease office space in Los
Angeles, California and San Francisco, California, where they
primarily conduct merchandising, marketing, e-commerce and
technology functions.
The companies sell their merchandise to customers in the contiguous
48 states, Hawaii, and Puerto Rico through their online store and
512 Charlotte Russe brick-and-mortar stores located in various
regional malls, outlet centers, and lifestyle centers. The bulk of
the companies' apparel and accessory products are sold under the
Charlotte Russe brand with ancillary brands for denim and perfume
(Refuge), young women's plus-size apparel (Charlotte Russe Plus),
and cosmetics (Charlotte by Charlotte Russe).
Charlotte Russe Holding and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
19-10210) on Feb. 3, 2019.
At the time of the filing, Charlotte Russe Holding had estimated
assets of $100 million to $500 million and liabilities of $100
million to $500 million.
The cases are assigned to Judge Laurie Selber Silverstein.
The Debtors tapped Bayard, P.A. and Cooley LLP as their bankruptcy
counsel; Guggenheim Securities, LLC as their investment banker; A&G
Realty Partners, LLC as lease disposition consultant and business
broker; Gordon Brothers Retail Partners LLC, Hilco Merchant
Resources LLC and Malfitano Advisors, LLC as liquidation
consultant; and Donlin, Recano & Company, Inc. as claims and
noticing agent.
COBALT COAL: Seeks to Hire Dan Bieger as Legal Counsel
------------------------------------------------------
Cobalt Coal, LLC seeks approval from the U.S. Bankruptcy Court for
the Western District of Virginia to hire Dan Bieger, PLC as legal
counsel.
The firm will advise the Debtor of its rights, duties and power
under its lease agreements for mining rights; file claims or
proceedings; and provide other legal services to defend its rights
under mining leases.
Daniel Robert Bieger, Esq., the attorney who will be representing
the Debtor, will charge an hourly fee of $200. His firm will
charge $50 per hour for paralegal services.
Mr. Bieger disclosed in a court filing that he is "disinterested"
as defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Daniel Robert Bieger
Dan Bieger, PLC
565 Volunteer Parkway
Bristol, TN 37620
Phone: (423) 573-4440
Email: dan@biegerlaw.com
About Cobalt Coal LLC
Cobalt Coal, LLC, a producer of metallurgical coal headquartered in
Wise, Virginia, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Va. Case No. 19-70149) on Jan. 31,
2019. At the time of the filing, the Debtor disclosed $1,100,002
in assets and $455,100 in liabilities. The case has been assigned
to Judge Paul M. Black. The Debtor tapped Scot S. Farthing,
Attorney at Law, PC as its legal counsel.
COMMUNICATIONS SALES: Bank Debt Trades at 6% Off
------------------------------------------------
Participations in a syndicated loan under which Communications
Sales & Leasing Inc. is a borrower traded in the secondary market
at 94.25 cents-on-the-dollar during the week ended Friday, February
8, 2019, according to data compiled by LSTA/Thomson Reuters MTM
Pricing. This represents an increase of 0.85 percentage points from
the previous week. Communications Sales pays 275 basis points above
LIBOR to borrow under the $2.107 billion facility. The bank loan
matures on October 24, 2022. Moody's rates the loan 'B3' and
Standard & Poor's gave a 'B-' rating to the loan. The loan is one
of the biggest gainers and losers among 247 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday, February 8.
COMSTOCK RESOURCES: Citadel Entities Has Less Than 0.1% Stake
-------------------------------------------------------------
Citadel Advisors LLC, Citadel Advisors Holdings LP, Citadel GP LLC,
and Mr. Kenneth Griffin disclosed in a Schedule 13G/A filed with
the Securities and Exchange Commission that as of Dec. 31, 2018,
they beneficially own less than 0.1% of the common stock
outstanding.
Citadel Advisors may be deemed to beneficially own 4,427 shares of
common stock. Each of Citadel Advisors Holdings LP and Citadel GP
LLC may be deemed to beneficially own 48,562 shares of common
stock. Mr. Griffin may be deemed to beneficially own 73,140 shares
of common stock.
Citadel Advisors is the portfolio manager for CEFL. Citadel
Advisors II LLC, a Delaware limited liability company, is the
portfolio manager for CQ. CAH is the sole member of Citadel
Advisors and CA2. CGP is the general partner of CAH. CALC III LP,
a Delaware limited partnership, is the non-member manager of
Citadel Securities. Citadel Securities GP LLC, a Delaware limited
liability company, is the general partner of CALC3. Mr. Griffin is
the president and chief executive officer of CGP, and owns a
controlling interest in CGP and CSGP.
A full-text copy of the regulatory filing is available at:
https://bit.ly/2SVriv0
About Comstock
Comstock Resources, Inc. (NYSE: CRK) is an independent energy
company based in Frisco, Texas and is engaged in oil and gas
acquisitions, exploration and development primarily in Texas and
Louisiana.
Comstock incurred a net loss of $111.4 million for the year ended
Dec. 31, 2017, a net loss of $135.1 million for the year ended Dec.
31, 2016, and a net loss of $1.04 billion for the year ended Dec.
31, 2015. As of Sept. 30, 2018, Comstock Resources had $2.09
billion in total assets, $1.57 billion in total liabilities and
$521.11 million in total stockholders' equity.
COMSTOCK RESOURCES: Knighthead is No Longer a Shareholder
---------------------------------------------------------
In a Schedule 13G/A filed with the Securities and Exchange
Commission, Knighthead Capital Management, LLC, Knighthead GP, LLC,
Knighthead Master Fund, L.P., Thomas A. Wagner, and Mr. Ara D.
Cohen disclosed in a Schedule 13G/A filed with the Securities and
Exchange Commission that as of Dec. 31, 2018, they have ceased to
beneficially own shares of common stock of Comstock Resources, Inc.
A full-text copy of the regulatory filing is available for free at
https://bit.ly/2X9fi8v
About Comstock
Comstock Resources, Inc. (NYSE: CRK) is an independent energy
company based in Frisco, Texas and is engaged in oil and gas
acquisitions, exploration and development primarily in Texas and
Louisiana.
Comstock incurred a net loss of $111.4 million for the year ended
Dec. 31, 2017, a net loss of $135.1 million for the year ended Dec.
31, 2016, and a net loss of $1.04 billion for the year ended Dec.
31, 2015. As of Sept. 30, 2018, Comstock Resources had $2.09
billion in total assets, $1.57 billion in total liabilities and
$521.11 million in total stockholders' equity.
COMSTOCK RESOURCES: SteelMill Entities Are No Longer Shareholders
-----------------------------------------------------------------
SteelMill Master Fund LP, PointState Fund LP, PointState Holdings
LLC, PointState Capital LP, PointState Capital GP LLC, BlockHouse
Master Fund LP, PointState BlockHouse LLC, BlockHouse Holdings LLC,
and Zachary J. Schreiber disclosed in a Schedule 13G/A filed with
the Securities and Exchange Commission that as of Dec. 31, 2018,
they have ceased to beneficially own shares of common stock of
Comstock Resources, Inc. A full-text copy of the regulatory filing
is available for free at https://bit.ly/2T3KarA
About Comstock
Comstock Resources, Inc. (NYSE: CRK) is an independent energy
company based in Frisco, Texas and is engaged in oil and gas
acquisitions, exploration and development primarily in Texas and
Louisiana.
Comstock incurred a net loss of $111.4 million for the year ended
Dec. 31, 2017, a net loss of $135.1 million for the year ended Dec.
31, 2016, and a net loss of $1.04 billion for the year ended Dec.
31, 2015. As of Sept. 30, 2018, Comstock Resources had $2.09
billion in total assets, $1.57 billion in total liabilities and
$521.11 million in total stockholders' equity.
COMSTOCK RESOURCES: Symphony Asset Has 1.3% Stake as of Dec. 31
---------------------------------------------------------------
Symphony Asset Management, LLC disclosed in a Schedule 13G/A filed
with the Securities and Exchange Commission that as of Dec. 31,
2018, it beneficially owns 198,150 shares of common stock of
Comstock Resources Inc., which represents 1.28 percent of the
shares outstanding. A full-text copy of the regulatory filing is
available for free at https://bit.ly/2XhRaka
About Comstock
Comstock Resources, Inc. (NYSE: CRK) is an independent energy
company based in Frisco, Texas and is engaged in oil and gas
acquisitions, exploration and development primarily in Texas and
Louisiana.
Comstock incurred a net loss of $111.4 million for the year ended
Dec. 31, 2017, a net loss of $135.1 million for the year ended Dec.
31, 2016, and a net loss of $1.04 billion for the year ended Dec.
31, 2015. As of Sept. 30, 2018, Comstock Resources had $2.09
billion in total assets, $1.57 billion in total liabilities and
$521.11 million in total stockholders' equity.
CONTINENTAL WHOLESALE: May Use Cash Collateral on Interim Basis
---------------------------------------------------------------
The Hon. Catherine Peek McEwen of the U.S. Bankruptcy Court for the
Middle District of Florida has entered an interim order granting
Continental Wholesale Diamonds LLC's motion for authority to use
cash collateral nunc pro tunc to the petition date.
Under the Interim Order, the Debtor is authorized to use cash
collateral to pay: (a) amounts expressly authorized by the Court,
including payments to the U.S. Trustee for quarterly fees; (b) the
current and Necessary expenses set forth in the budget, plus an
amount not to exceed 10% for each line item; and (c) such
additional amounts as may be expressly approved in writing by
Synovus Bank, CAN Capital Asset Servicing, Inc., Knight Capital
Funding, Colonial Funding Group, LLC, Strategic Funding and Mantis
Funding LLC. This authorization will continue until further order
of the Court.
The Debtor believes that Strategic Funding has a valid, perfected,
enforceable, unavoidable, first priority lien on all of the
Debtor's property, including the cash collateral. The Debtor
pledged all of its personal property assets, including, without
limitation, accounts receivable, equipment, inventory, and general
intangibles as collateral to secure its obligations to Strategic
Funding.
The Debtor believes that as of the Petition Date, all cash and cash
equivalents of the Debtor were part of Strategic Funding's
Pre-Petition Collateral or proceeds of said Pre-Pre-Petition
Collateral. Accordingly, it is the Debtor's understanding that
Strategic Funding's cash collateral consists of any and all: (i)
cash or cash equivalents on hand (whether under the control of the
Debtor or any third party) and cash collections of the Debtor,
whether obtained prior to, on, or after the Petition Date; (ii)
cash proceeds arising from collection, sale, lease or other
disposition, use or conversion of any of the Pre-Petition
Collateral, whether obtained prior to, on, or after the Petition
Date; and (iii) any other property of the Debtor that constitutes
Cash Collateral
Each creditor with a security interest in cash collateral will have
a perfected post-petition lien against cash collateral to the same
extent and with the same validity and priority as the prepetition
lien, without the need to file or execute any document as may
otherwise be required under applicable non bankruptcy law.
The Debtor is authorized to make adequate protection payments to
Secured Creditor Synovus Bank, N.A. of $2,500, and to Secured
Creditor Strategic Funding of $500. Upon request, the Debtor will
remit payments through the Automatic Clearing House Network (ACH).
The Debtor will grant to the Secured Creditor access to Debtor's
business records and premises for inspection. Secured Creditors
Synovus Bank, N.A. and Strategic Funding are entitled and
authorized to conduct an inventory of Debtor's assets. In addition,
the Debtor will maintain insurance coverage for its property in
accordance with the obligations under the loan and security
documents with the Secured Creditor.
A copy of the Interim Order is available at
http://bankrupt.com/misc/flmb18-11002-39.pdf
About Continental Wholesale
Continental Wholesale --
https://www.continentalwholesalediamonds.com -- is a wholesale
jewelry manufacturer that has previously sold exclusively to fine
jewelry stores across the country. Continental Wholesale Diamonds
now offers certified diamonds, engagement rings, wedding bands,
diamond stud and hoop earrings and gold and silver designer jewelry
at wholesale prices.
Continental Wholesale Diamonds LLC filed a Chapter 11 petition
(Bankr. M.D. Fla. Case No. 18-11002) on Dec. 24, 2018. In the
petition signed by Andrew Meyer, authorized representative, the
Debtor estimated $1 million to $10 million in assets and $1 million
to $10 million in liabilities. The case is assigned to Judge
Catherine Peek McEwen. The Debtor is represented by James W.
Elliott, Esq. at McIntyre Thanasides BringGold.
No official committee of unsecured creditors has been appointed in
the Chapter 11 case.
COVIA HOLDINGS: Bank Debt Trades at 20% Off
-------------------------------------------
Participations in a syndicated loan under which Covia Holdings
Corporation is a borrower traded in the secondary market at 80.08
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 1.09 percentage points from the
previous week. Covia Holdings pays 375 basis points above LIBOR to
borrow under the $1.65 billion facility. The bank loan matures on
June 1, 2025. Moody's rates the loan 'Ba3' and Standard & Poor's
gave a 'BB' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
February 8.
CP#1109 LLC: Seeks to Hire AM Law as Legal Counsel
--------------------------------------------------
CP#1109, LLC, seeks approval from the U.S. Bankruptcy Court for the
Southern District of Florida to hire AM Law, LLC, as its legal
counsel.
The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code; represent the Debtor in negotiation with its
creditors in the preparation of a plan of reorganization; and
provide other legal services in connection with its Chapter 11
case.
The proposed retainer fee for the firm's services is $15,000.
Gary Murphree, Esq., a partner at AM Law, disclosed in a court
filing that he and his firm do not represent any interest adverse
to the Debtor and its bankruptcy estate.
AM Law can be reached through:
Gary M. Murphree, Esq.
AM Law, LLC
7385 S.W. 87 Avenue, Suite 100
Miami, FL 33173
Tel: 305-441-9530
Fax: 305-595-5086
Email: gmm@amlaw-miami.com
About CP#1109 LLC
CP#1109, LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Case No. 18-25821) on Dec. 20, 2018. At the
time of the filing, the Debtor estimated assets of less than $1
million and liabilities of less than $500,000. The case is
assigned to Judge Mindy A. Mora. AM Law, LLC, is the Debtor's
counsel.
DEERFIELD DAKOTA: S&P Alters Outlook to Stable, Affirms 'B' ICR
---------------------------------------------------------------
U.S.-based business consulting firm Deerfield Dakota Holding LLC
(Duff & Phelps) is borrowing an incremental $280 million senior
secured first-lien term loan to fund its acquisition of Prime Clerk
LLC. S&P Global Ratings said the proposed acquisition will modestly
improve Duff & Phelps' business diversity by adding a new counter
cyclical service.
S&P on Feb. 15 revised its outlook on Duff & Phelps to stable from
negative and affirmed the 'B' issuer credit rating. It also
assigned its 'B' issue-level rating and '3' recovery rating to the
proposed senior secured term loan. In addition, S&P affirmed its
'B' issue-level rating and '3' recovery rating on the company's
existing senior secured credit facility.
"The outlook revision to stable reflects S&P's view that the
company will be able to reduce and maintain its adjusted debt
leverage under 6.5x and free operating cash flow to debt above 5%
in 2019. The pro forma 6.7x adjusted debt leverage as of Dec. 31,
2018, excludes about $60 million of one time transaction costs from
recent acquisitions, which S&P expects to roll off by the second
quarter of 2019.
"In our view, its financial sponsor, Permira Advisers LLC, has a
high tolerance for debt leverage and aggressive growth agenda.
Therefore, we expect debt leverage to remain high as the company
funds its acquisition growth strategy with debt to increase its
service offerings and scale," S&P said. "Nevertheless, Duff &
Phelps' integration expertise, improving business diversity, and
new opportunities for revenue and cost synergies from recent
acquisitions modestly offset this aggressive financial strategy."
Prime Clerk is a bankruptcy claims and noticing agency that focuses
on restructuring and bankruptcy administration. The company's
revenue is relatively small compared to Duff & Phelps. However,
Prime Clerk's strong growth trajectory from market share gains,
high EBITDA margin, and strong competitive position in its market
will enable Duff & Phelps to diversify its service offerings,
particularly increasing its countercyclical revenue streams
(non-merger and acquisition related).
"The stable rating outlook reflects our view that Duff & Phelps'
debt leverage will decline and remain under 6.5x and free operating
cash flow to debt will remain above 5% by mid-2019 due to stable
revenue and earnings growth," S&P said. "We expect credit metrics
will improve steadily over the next 12 months as the company
benefits from organic and inorganic growth and cost synergies from
recent acquisitions."
S&P said it could lower the issuer credit rating if the company's
operating performance deteriorates or the company experiences
difficulties integrating its acquisitions and expects adjusted debt
leverage to remain above 6.5x and free operating cash flow to debt
below 5%. Additionally, S&P could lower the rating if the company
pursues additional acquisitions or shareholder dividends that keep
leverage above 6.5x.
"We view the probability of an upgrade as low over the next 12-18
months primarily because of the sponsor's aggressive growth
strategy and our expectation that debt leverage will remain above
6x," S&P said. "An upgrade would require the company to implement a
more conservative financial policy, decrease its adjusted debt
leverage to below 5.5x and increase its free operating cash flow to
debt to about 10% on sustained basis through a combination of
EBITDA growth and debt repayment."
DEL MONTE: Bank Debt Trades at 19% Off
--------------------------------------
Participations in a syndicated loan under which Del Monte Pacific
Ltd. is a borrower traded in the secondary market at 80.63
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 1.28 percentage points from the
previous week. Del Monte pays 325 basis points above LIBOR to
borrow under the $710 million facility. The bank loan matures on
February 18, 2021. Moody's rates the loan 'Caa1' and Standard &
Poor's gave a 'CCC+' rating to the loan. The loan is one of the
biggest gainers and losers among 247 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
Friday, February 8.
DELTA FARM: Given 60 More Days to Exclusively File Exit Plan
------------------------------------------------------------
Judge Jason Woodard of the U.S. Bankruptcy Court for the Northern
District of Mississippi has given Delta Farm Services, LLC more
time to file its plan for emerging from Chapter 11.
Delta Farm now has 60 more days from Jan. 7 in which it has the
exclusive right to file a plan of reorganization to the court. The
company has also been granted a 60-day extension to obtain
confirmation of the plan.
The company said it needs more time to gather the necessary
information to formulate a plan. Moreover, the amount to be
recovered by creditors under the plan is largely dependent upon the
outcome of a litigation that is yet to be filed against a third
party, the company said in court filings.
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.
DONCASTERS FINANCE: Bank Debt Trades at 10% Off
-----------------------------------------------
Participations in a syndicated loan under which Doncasters Finance
US LLC is a borrower traded in the secondary market at 89.88
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.93 percentage points from the
previous week. Doncasters Finance pays 375 basis points above LIBOR
to borrow under the $159 million facility. The bank loan matures on
March 27, 2020. Moody's rates the loan 'Caa1' and Standard & Poor's
gave a 'CCC+' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
February 8.
DR. SHABNAM QASIM: PCO Files 2nd Report
---------------------------------------
Greer A. Smith, the patient care ombudsman appointed for Dr.
Shabnam Qasim MD PA files a second report before the U.S.
Bankruptcy Court for the Northern District of Texas.
According to the PCO, the areas of concern since the first visit
have had moderate improvement in all areas, which reveals the
dedication and seriousness mindset of operating a medical practice
requires.
The PCO added that there are still areas for improvement, and in
the medical practice management world, there will continue to be
changes in different policies, processes and protocols to adjust.
The PCO observed that the office is heading in a positive direction
during period of report, and the patient satisfaction has greatly
improved.
Moreover, the PCO recognized that since historically, when a
medical practice is in the transition of a new procedural process
for managing their patient population, and going through a
financial reorganization process, the continued monitoring of the
medical practice is very warranted to ensure the new process and
quality of patient care.
According to the Report, the current limitation of financial
resources can create some unforeseen stressors in the overall
patient services, therefore, the PCO recommended that the medical
practice should continue to have ombudsman oversight to ensure the
health care of its patient population and for it to continuously
receive competent, timely, and best medical care and services it
deserves.
A full-text copy of the Second Quality of Care Report is available
for free at:
http://bankrupt.com/misc/txnb18-43088-66.pdf
About Dr. Shabnam Qasim MD PA
Dr. Shabnam Qasim MD PA sought Chapter 11 protection (Bankr. N.D.
Tex. Case No. 18-43088) on Aug. 7, 2018, estimating less than $1
million in assets and liabilities. Craig Douglas Davis, Esq., at
Davis, Ermis & Roberts, P.C., serves as counsel to the Debtor.
EAT FIT GO: Seeks Authority to Use Access Bank Cash Collateral
--------------------------------------------------------------
Eat Fit Go Healthy Foods, LLC, and debtor-affiliates seek
authorization from the U.S. Bankruptcy Court for the District of
Nebraska for further use of cash collateral to maintain and
preserve the value of Debtors' assets.
The Debtors filed a motion to sell substantially all of their
assets and the Court has scheduled a hearing on the Sale Motion on
Feb. 19, 2019. Accordingly, the Debtors have entered into the a
Third Stipulation with Access Bank, to extend their use of cash
collateral through March 31, 2019, in order to facilitate the
conclusion of these chapter 11 cases.
As of the Petition Date, all or substantially all of Debtors'
assets are subject to the liens and security interests of Access
Bank. Access Bank has consented to the use of cash collateral, but
only on the terms and conditions set forth in the Third
Stipulation. For purposes of adequate protection, the Debtors and
Access Bank have agreed to the following:
(i) Access Bank's liens and security interests in the
PrePetition Collateral will continue to attach to Debtors'
postpetition assets of the same kind, including without limitation,
whether now owned or hereafter acquired, inventory, equipment,
general intangibles, accounts, chattel papers, contract rights and
other right to payment, including all substitutions and
replacements of the foregoing and the proceeds thereof;
(ii) The Debtors will continue to make the regularly
scheduled monthly payments due and owing on Loan No. 74907988 in
the amount of $23,056, as set forth more fully in the Budget; and
(iii) The Pre-Petition Credit Agreements will remain in full
force and effect.
A full-text copy of the Debtors' Motion is available at
http://bankrupt.com/misc/neb18-81127-175.pdf
About Eat Fit Go Healthy Foods
Founded in 2015, Eat Fit Go Healthy Foods, LLC, offers a one-stop
shopping where a customer can purchase breakfast, lunch, dinner,
and snacks that are pre-cooked, pre-portioned, ready-to-eat meals.
Eat Fit Go Healthy Foods and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Neb. Case Nos.
18-81121 to 18-81130) on July 31, 2018. In the petitions signed by
CEO Jenifer Cain, each debtor estimated $500,000 to $1 million in
assets and liabilities. Judge Thomas L. Saladino oversees the
cases. Stinson Leonard Street, LLP, is the Debtors' counsel.
EX-TITANIC CORP: Unsecureds to Get $121 Per Month for 60 Months
---------------------------------------------------------------
Ex-Titanic Corp. filed a Chapter 11 plan of reorganization and
accompanying disclosure statement.
The Plan will be funded by the Debtor's regular monthly income. By
the end of November 2021, the principal amount of the Wells Fargo
claim will be paid off with the Debtor making its regular monthly
payments until then. As of December 2021, the Debtor's cash flow
would increase by the amount of the Wells Fargo mortgage payment to
$3,686.26.
Class 2 - Balance of general unsecured claims with amount of claims
totaling $7,300 are not impaired. Class 2 claims will be paid
$121.67 per month for 60 months at 0%, with a total payout of
$7,300.
A full-text copy of the Disclosure Statement dated February 4,
2019, is available at https://tinyurl.com/y5xcpx9e from
PacerMonitor.com at no charge.
Ex-Titanic Corp. filed a voluntary Chapter 11 petition (Bankr.
D.N.J. Case No. 18-24241) on July 16, 2018, and is represented by
Barry Scott Miller, Esq.
FANNIE MAE & FREDDIE MAC: Gary Hindes Defends the Hedge Funds
-------------------------------------------------------------
Fannie Mae and Freddie Mac:
IN DEFENSE OF THE HEDGE FUNDS
Their crime? They bet on America.
For every dollar they make, the taxpayer makes four.
They're at it again. Apparently alarmed by reports the Trump
Administration might finally end the decade-long conservatorship of
Fannie Mae and Freddie Mac (the "GSEs"), their staunchest opponents
have taken to the blogs to recycle their shopworn lies: the two
mortgage insurance companies caused the 2008 financial crisis; they
operated with "flawed charters" allowing "private gains and public
losses"; returning the companies to their rightful owners would be
nothing more than a "payday for greedy hedge funds."
Time -- and the release of documents which the Obama Administration
kept secret for years -- has now thoroughly debunked these
falsehoods, but the GSE-haters just can't resist replaying their
golden oldies. Indeed, assertions recently made by David H.
Stevens, former head of the Mortgage Bankers Association, are
typical (and typically untrue). Let's unpack them one-by-one:
(A) "These companies are in conservatorship because
they failed . . ."
As is clearly spelled out in various lawsuits (which Mr. Stevens
apparently hasn't read or has chosen to ignore) Fannie and Freddie
never "failed". True, they had been booking losses. But when the
government took them over on September 6, 2008, they were in full
compliance with all regulatory capital requirements, had the
highest capital ratios in their histories, and were flush with
cash. If they truly were on death's door, as Mr. Stevens would
have you believe, how does he explain that just three days prior to
their being placed into conservatorship, they'd successfully raised
$6 billion in unsecured debt in an over-subscribed offering
underwritten by the crème de la crème of Wall Street investment
banks? (The bond issues were rated AA+ and AAA-). As I have
previously written, "it wasn't a bailout; it was a stick-up."
(B) "They made bad decisions that helped spiral the
economy near the brink."
The oft-repeated accusation that Fannie and Freddie were the
culprits behind the financial crisis is nonsense. From the
official report of the Financial Crisis Inquiry Commission: "We
conclude that these two entities contributed to the crisis but were
not a primary cause. Importantly, GSE mortgage securities
essentially maintained their value throughout the crisis and did
not contribute to the significant financial firm (i.e., commercial
bank) losses that were central to the financial crisis."
(C) "Only help(s) billionaire hedge funds."
Really? Tell that to the tens of thousands of Fannie Mae and
Freddie Mac shareholders who are not "billionaire hedge funds" –
such as Nicholas Isbell of Chevy Chase, MD, who invested his
daughter's college tuition fund in what were, until up to the
moment the government seized them, blue-chip, dividend-paying
stocks. Tell that to the thousands of Fannie and Freddie employees
who watched, horrified, when the value of their 401(k) plans
suddenly plummeted. Tell that to the thousands of middle-class
workers; policemen, firemen, carpenters, electricians, truck
drivers, whose pension funds had invested in the two companies.
And how about the hundreds of community banks -- which saw the
value of their Fannie and Freddie preferred share holdings
virtually evaporate between when they left work on Friday afternoon
and when they returned on Monday morning -- such as John F. Herbin,
president of the Jamestown State Bank in Jamestown (pop. 286),
Kansas. Then there are the mutual funds, the insurance companies,
and even the Knights of Columbus and the Catholic Order of
Foresters. Are they all just 'collateral damage' to Mr. Stevens and
his fellow GSE-bashers? Instead of railing against "greedy hedge
funds", perhaps they could do a little homework and make at least a
perfunctory effort to learn who the rest of the owners of Fannie
Mae and Freddie Mac are.
It's true that subsequent to the seizures, several large hedge
funds were able to acquire blocks of Fannie and Freddie stock and
are now significant shareholders. But who sold them the stock?
Momand- pop investors? Of course not. Ironically, it appears the
seller was the government itself. When regulators ordered the
banks to write-off their Fannie and Freddie shares, over a dozen
suddenly found themselves underwater in terms of meeting minimum
regulatory capital requirements. They were seized by the FDIC
(with their wiped-out shareholders becoming just more 'collateral
damage'.) In 2011, the FDIC, as receiver, aggregated their
holdings and dumped over 30 million shares on the market. As those
of us who lived through those dark days will recall (the Dow had
bottomed at 6,443), there weren't many people with the courage to
buy pretty much anything at the time – let alone shares of two
companies which had been placed into government conservatorship.
There were, however, 'contrarian' investors who believed things
would get better; markets would stabilize; housing values would
rebound. They were willing to step in and buy when most people
(including the FDIC) were selling. It was a gutsy call. (And, in
retrospect, quite prescient.) But whether the investor pulling the
trigger was a hedge fund manager; a mutual fund manager; a pension
fund manager – or simply a retail investor trading from a
computer in his basement – all had one thing in common: they were
betting on America.[n1]
Over 10 years have now passed since those frightening days. In the
interim, the Dow Jones Industrial Average has increased just under
20,000 points and Uncle Sam has earned a whopping $100 billion on
his Fannie and Freddie 'investment'. As if that weren't enough,
it's estimated that were the Treasury to exercise penny warrants on
80 percent of their common shares, it could reap yet another $150
billion windfall. That would allow President Trump to claim credit
for making the best deal for the American taxpayer since the
Louisiana Purchase. Nonetheless, the anti-GSE crowd seems to think
Fannie and Freddie shareholders deserve no compensation for the
nationalization of their companies.
That may work in banana republics and Communist countries, but not
in the United States of America.
Gary E. Hindes
February 19, 2019
646-467-5242
gary.hindes@delawarebayllc.com
[n1] I am told that many of the banks, after being ordered to
write off their Fannie and Freddie holdings, never actually
disposed of the shares. As a result, were Fannie and Freddie to be
recapitalized (with the shares returning to their par values), the
resultant write-ups would substantially increase their regulatory
capital which, in turn, would significantly boost their ability to
make loans in their communities.
* * *
The author is an owner of Fannie Mae and Freddie Mac securities.
The views and opinions expressed herein are solely his, and not
necessarily those of The Delaware Bay Company, LLC, Arcadia
Securities, LLC and/or their principals and/or affiliates, which
may, from time to time, have long or short positions in the
securities of companies mentioned herein. We make no
representations or warranties as to the accuracy of any of the
facts contained herein and investors are warned that past
performance is no guarantee of future results. Investors are also
urged to consult their own legal, accounting, and other financial
professionals before acting upon any of the recommendations made
herein. Invest at your own risk.
FTTE LLC: Has Until March 1 to File Plan, Disclosure Statement
--------------------------------------------------------------
The Bankruptcy Court directed FTTE, LLC, to file a Plan and
Disclosure Statement on or before March 01, 2019.
The Disclosure Statement shall, at the minimum, contain adequate
information pertaining to the Debtor in the following areas:
(a) Pre− and post−petition financial performance;
(b) Reasons for filing Chapter 11;
(c) Steps taken by the Debtor since filing of the petition to
facilitate its reorganization;
(d) Projections reflecting how the Plan will be feasibly
consummated;
(e) A liquidation analysis; and
(f) A discussion of the Federal tax consequences as described in
Section 1125(a)(1) of the Bankruptcy Code.
The hearing on the approval of the Disclosure Statement will be
consolidated with the hearing on the confirmation of the Plan and
will be scheduled as set forth herein.
About FTTE, LLC
FTTE, LLC, is a limited liability company based in Punta Gorda,
Florida, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.
18-00841) on Feb. 2, 2018, estimating $50,000 in total assets and
$1 million to $10 million in total liabilities. The petition was
signed by Terry J. Cooke, manager of Taurus Adventure Mgt LLC, as
manager of the Debtor. Richard Johnston, Jr., of Johnston Law,
PLLC, is the Debtor's counsel.
FW INVESTMENTS: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of FW Investments of Florida, LLC as of Feb.
15, according to a court docket.
About FW Investments of Florida
FW Investments of Florida, LLC sought protection under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-00168) on Jan.
9, 2019. At the time of the filing, the Debtor estimated assets of
less than $50,000 and liabilities of less than $500,000. The
Debtor tapped Blanchard Law, P.A., as its legal counsel.
GINGER SPOKANE: Seeks Authorization to Use Cash Collateral
----------------------------------------------------------
Ginger Spokane, Inc., seeks authorization from the U.S. Bankruptcy
Court for the Eastern District of Washington to use cash collateral
in the form of income to pay the necessary expenses to prevent
immediate and irreparable harm.
The Debtor's accounts and the profits from all the Debtor's real
property are possibly subject to the secured interests of
HomeStreet Bank, Sunrise Sun, LLC and Corporation Service Company,
as representative.
The Debtor tells the Court that Creditors' consent has not been
sought, but the Debtor will discuss and attempt to reach an
agreeable solution with its creditors.
The Debtor believes that all cash collateral is constantly
replenished on an ongoing basis, and the possible cash collateral
should be maintained at its current state during any interim
period. Thus, the Debtor does not believe that any extra Adequate
Protection Lien is necessary.
However, in the event that the Court deems it necessary to provide
Creditors other sources of adequate protection, the Debtor proposes
to grant any creditors a post-petition security interest pursuant
to 11 U.S.C. Section 552, to extend to the Debtor's Bank accounts,
cash on hand and cash proceeds to secure any diminution in value of
the cash collateral after the Petition Date up to the amount
actually used, but no further.
The Adequate Protection Lien would be valid and enforceable as of
the Petition Date, which would be in addition to the lien rights
that any creditor already possesses. The Adequate Protection Lien
would be choate, attached and perfected automatically and
retroactively to the Petition Date. Creditors would not have to
file additional liens in order to perfect the Adequate Protection
Lien.
In addition, the Debtor would allow creditors access, no more than
monthly, to audit the status of accounts receivable, on reasonable
notice. The Debtor will timely file all required operating reports
and provide copies to creditors upon request.
A full-text copy of the Debtor's Motion is available at
http://bankrupt.com/misc/waeb19-00235-9.pdf
About Ginger Spokane Inc.
Ginger Spokane Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Wash. Case No. 19-00235) on Jan. 30,
2019. At the time of the filing, the Debtor had estimated assets
of less than $500,000 and liabilities of less than $1 million. The
case is assigned to Judge Frederick P. Corbit. Timothy R. Fischer,
Esq., is the Debtor's bankruptcy attorney. No official committee
of unsecured creditors has been appointed in the Chapter 11 case.
GLOBAL HOTELS: Taps Twin Creeks as Real Estate Agent
----------------------------------------------------
Global Hotels International, LLC, received approval from the U.S.
Bankruptcy Court for the Western District of Louisiana to hire Twin
Creeks Realty, LLC to assist in the sale of its real properties in
Louisiana.
The properties include the Sleep Inn hotel located in Jonesboro,
Louisiana, and second tract of land also located in Jackson
Parish.
Twin Creeks, a brokerage and auctioneering firm, will receive a
transaction fee equal to 4% of the gross proceeds, with a single
minimum commission of $30,000 if the total sales price for both
properties equals less than $750,000.
David Alan Smith, the broker who will be providing the services,
disclosed in a court filing that he does not represent any interest
adverse to the Debtor's bankruptcy estate.
The firm can be reached through:
David Alan Smith
Twin Creeks Realty, LLC
503 North Monroe St.
Ruston, LA 71270 USA
Tel: 318.202.5930
Cell: 318-243-9724
Fax: 318.202.5931
About Global Hotels
Global Hotels International, LLC, is a provider of traveler
accommodations in Jonesboro, Louisiana. Global Hotels
International, a single asset real estate as defined in 11 U.S.C.
Section 101(51B), is the fee simple owner of a real property
located 144 Old Winnsboro Road (consisting of 1.65 acres of land,
hotel, FF&E), valued by the Company at $4.10 million.
Global Hotels International filed a Chapter 11 petition (Bankr.
W.D. La. Case No. 18-30342) on Feb. 26, 2018. In the petition
signed by Herbert Simmons, managing partner, the Debtor disclosed
$5.37 million in total assets and $4.39 million in total
liabilities.
Judge Jeffrey P. Norman presides over the case. Bradley L. Drell
and the law firm of Gold, Weems, Bruser, Sues & Rundell, APLC,
serve as the Debtor's counsel.
HOGAR NUEVO: Judge Directs DOJ Watchdog to Appoint PCO
------------------------------------------------------
Judge Edward A. Godoy of the U.S. Bankruptcy Court for the District
of Puerto Rico directed the United States Trustee to appoint a
patient care ombudsman for Hogar Nuevo Amanecer de Anasco, Inc.
The order was made pursuant to a petition filed on February 14,
2019, classifying the Debtor as a health care business.
Judge Godoy noted that the order directing the U.S. Trustee to
appoint a PCO is pursuant to 11 USC Sec. 333(a)(2) and Fed. R.
Bankr. P. 2007.2(c), unless the U.S. Trustee and/or the debtor in
possession inform the court in writing, within 21 days from the
Order dated, February 15, 2019, why the appointment of PCO is not
necessary for the protection of the patients.
About Hogar Nuevo Amanecer de Anasco
Based in Anasco, Puerto Rico, Hogar Nuevo Amanecer de Anasco, Inc.,
filed a voluntary Chapter 11 petition (Bankr. D.P.R. Case No.
19-00768) on February 14, 2019, disclosing $0-$50,000 in assets and
liabilities. The Debtor is a health care business as the term is
defined in Section 101(27A) of the Bankruptcy Code.
The Debtor is represented by:
Angel Miguel Roman Ongay, Esq.
B-45 Ext., La Concepcion
Cabo Rojo, PR 00623
Tel: 787-265-8270
Email: mitchroman@hotmail.com
HOLLAND & BARRETT: Bank Debt Trades at 12% Off
----------------------------------------------
Participations in a syndicated loan under which Holland & Barrett
BV is a borrower traded in the secondary market at 87.67
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 4.45 percentage points from the
previous week. Holland & Barrett pays 525 basis points above LIBOR
to borrow under the $450 million facility. The bank loan matures on
August 10, 2024. Moody's rates the loan 'B2' and Standard & Poor's
gave a 'B' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
February 8.
Holland & Barrett B.V., doing business as De Tuinen, owns and
operates grocery stores in the Netherlands. It offers
over-the-counter drugs, dietary supplements, and beauty care
products through own and franchise stores. The company is based in
Beverwijk, Netherlands.
IMMUNE PHARMACEUTICALS: Case Summary & 20 Top Unsecured Creditors
-----------------------------------------------------------------
Debtor: Immune Pharmaceuticals Inc.
1 Bridge Plaza North, Suite 270
Fort Lee, NJ 07024
Business Description: Immune Pharmaceuticals Inc., together
with its subsidiaries, is a clinical
stage biopharmaceutical company specializing
in the development of novel targeted
therapeutic agents in the fields of
inflammation, dermatology, and oncology.
The company is headquartered in Englewood
Cliffs, New Jersey.
On the web: https://www.immunepharma.com/
Chapter 11 Petition Date: February 17, 2019
Court: United States Bankruptcy Court
District of New Jersey (Newark)
Case No.: 19-13273
Judge: Hon. Vincent F. Papalia
Debtor's Counsel: Morris S. Bauer, Esq.
NORRIS MCLAUGHLIN & MARCUS, PA
400 Crossing Boulevard, 8th Floor
Bridgewater, NJ 08807
Tel: 908-252-4345
E-mail: msbauer@nmmlaw.com
msbauer@norris-law.com
Debtor's
Special
Corporate
Counsel: LOWENSTEIN SANDLER LLP
Debtor's
Investment
Bankers: ARMORY GROUP, LLC
- AND -
VINE HOLDING GROUP
Total Assets as of Sept. 30, 2018: $20,716,000
Total Debts as of Sept. 30, 2018: $19,874,000
The petition was signed by Anthony Fiorino, president and interim
CEO.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/njb19-13273.pdf
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Meda Pharma SARL $3,000,000
43 Avenue John
Fitzgerald Kennedy
L-1855 Luxumbourg
Heights Capital $625,309
Management Inc.
(CVI Inv
101 California Street
Suite 3250
San Francisco, CA 94111
Alpha Capital Anstalt $580,810
Lettstrasse 32
9490 Vaduz
Lichtenstein
Ayrton Capital $536,132
(Alto Opportunity Fund)
222 Broadway, 19th Floor
New York, NY 10038
Wuxi Biologics (Hong Kong) Limited $532,465
Unit C, 20/F
OfficePlau@Mong Kok
No. 998 Canton Road
Hong Kong
Anson Funds $446,777
155 University
Avenue, Suite 207
Toronto, ON M5H 3B7
Hudson Bay Capital $436,589
Management LP
777 Third Avenue, 30th Floor
New York, NY 10017
L2 Capital, LLC $325,650
411 Dorado Beach
East Dorado, PR 00646
FirstFire Capital $309,521
1040 First Ave.,
Suite 190
New York, NY 10022
L1 Capital $292,598
135 East 57th Street, Level 23
New York, NY 10022
Nixon Peabody LLP $245,857
55 West 46th Street
Tower 46
New York, NY 10036
Elliot Maza $185,100
550 Sylvan, Ave.,
Suite 102
Englewood Cliffs, NJ 07632
Lowenstein Sandler LLP $182,940
One Lowenstein Drive
Roseland, NJ 07068
Intracoastal Capital LLC $171,840
2211A Lakeside Drive
Bannockburn, IL 60015
Primera Analytical Solutions Corp $152,642
259 Prosper Plains Rd.
Cranbury, NJ 08512
Sheppard Mullin $130,929
Richter & Hampton LLP
30 Rockefeller Plaza
New York, NY 10112
Robinson Butler LLC $126,620
7 Stone Crossing Way
Hopkinton, MA 01748
Sylva International, LLC $100,000
516 SW 13th Street, Suite 20
Bend, OR 97702
Nadler Pharma Associates, LLC $96,000
7 Waterview Lane
Randolph, NJ 07869
STC Biologics, Inc. $90,087
330 Nevada St.
Newtonville, MA 02460
IPS WORLDWIDE: Gets Approval to Hire GlassRatner, Appoint CRO
-------------------------------------------------------------
IPS Worldwide, LLC received approval from the U.S. Bankruptcy Court
for the Middle District of Florida to hire GlassRatner Advisory &
Capital Group LLC and its senior managing director Susan Smith.
Ms. Smith will serve as the Debtor's chief restructuring officer
while her firm provide financial advisory and forensic accounting
services that will be necessary during the Debtor's Chapter 11
case.
The services to be provided by the firm include analyzing and
monitoring the Debtor's historical, current and projected financial
affairs; developing strategies to maximize recoveries from the
Debtor's assets; monitoring the Debtor's sale and claims management
processes; analyzing the Debtor's assets and potential recoveries
to creditors under various scenarios; and reviewing any proposed
bankruptcy plan.
The CRO will be paid $25,000 per month while additional GlassRatner
staff will be paid at normal hourly rates, which range from $135 to
$450. GlassRatner will be paid a retainer of $20,000.
GlassRatner is "disinterested" as defined in section 101(14) of the
Bankruptcy Code, according to court filings.
The firm can be reached through:
Susan Smith
GlassRatner Advisory & Capital Group LLC
315 South Plant Avenue
Tampa, FL 33606
Main: (813) 440-6341
Mobile: (305) 968-9007
Email: ssmith@glassratner.com
About IPS Worldwide
IPS Worldwide, LLC, filed a Chapter 11 petition (Bankr. M.D. Fla.
Case No. 19-00511) on Jan. 25, 2019. In the petition signed by
William Davies, president, the Debtor estimated assets of less than
$50,000 and liabilities of $100 million to $500 million. The case
is assigned to Judge Karen S. Jennemann. The Debtor tapped Law
Offices of Scott W. Spradley, P.A., as its bankruptcy counsel.
IPS WORLDWIDE: U.S. Trustee Forms 3-Member Committee
----------------------------------------------------
The U.S. Trustee for Region 21 on Feb. 15 appointed three creditors
to serve on the official committee of unsecured creditors in the
Chapter 11 case of IPS Worldwide, LLC.
The committee members are:
(1) Svez WTS USA, Inc.
d/b/a Svez Water Technologies & Solutions
c/o Jeanne Cook, Senior Counsel
4636 Somerton Road
Trevose, PA 19053
Tel: 215-633-4251
Email: jeanne.cook@svez.com
(2) Atkore International Group, Inc.
c/o Daniel S. Kelly, General Counsel
Attn: Legal Department
16100 South Lathrop Avenue
Harvey, IL 60426
Tel: 708-225-2436
Email: dkelly@atkore.com
(3) Xerium Technologies, Inc.
c/o Phillip Kennedy, General Counsel
14101 Capital Blvd.
Youngsville, NC 27596
Tel: 919-526-1414
Fax: 919-263-8544
Email: phillip.kennedy@xerium.com
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About IPS Worldwide
IPS Worldwide, LLC filed a Chapter 11 petition (Bankr. M.D. Fla.
19-00511) on January 25, 2019. At the time of filing, the Debtor
had estimated assets of less than $50,000 and liabilities of $100
million to $500 million. The petition was signed by William
Davies, president. The Debtor is represented by Scott W. Spradley,
Esq., in Flagler Beach, Florida.
IQOR US: Bank Debt Trades at 11% Off
------------------------------------
Participations in a syndicated loan under which iQor US
Incorporated is a borrower traded in the secondary market at 89.13
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 0.75 percentage points from the
previous week. iQor US pays 500 basis points above LIBOR to borrow
under the $630 million facility. The bank loan matures on February
20, 2021. Moody's rates the loan 'Caa1' and Standard & Poor's gave
a 'CCC' rating to the loan. The loan is one of the biggest gainers
and losers among 247 widely quoted syndicated loans with five or
more bids in secondary trading for the week ended Friday, February
8.
JORGE A. ALVAREZ: Authorized to Use Cash Collateral on Final Basis
------------------------------------------------------------------
The Hon. Erik P. Kimball of the U.S. Bankruptcy Court for the
Southern District of Florida has signed an agreed final order
authorizing Jorge A. Alvarez DDS, P.A., to use cash collateral,
nunc pro tunc to Nov. 5, 2018.
The Debtor is authorized to use cash collateral in accordance with
the budget, so long as the aggregate of all expenses of the Debtor
do not exceed the amount in the Projected Budget for the Debtor by
10% variance. In addition, unless extended by the Court or by
agreement of the Debtor and secured creditors, the Debtor's
authority to use Cash Collateral as provided herein wiall terminate
after June 30, 2019.
The Debtor will make monthly adequate protection payments to
Stearns Bank, N.A. in the amount of $1,560.16 for the use of
Stearns Bank's cash collateral. The Debtor will also make monthly
adequate protection payments to SMS Financial XXVII, LLC in the
amount of $500 for the use of SMS Financial's cash collateral.
A full-text copy of the Agreed Final Order is available at
http://bankrupt.com/misc/flsb18-23777-42.pdf
About Jorge A. Alvarez DDS
Jorge A. Alvarez DDS, P.A., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-23777) on Nov. 5,
2018. In the petition signed by its president/owner, Dr. Jorge A.
Alvarez, AD D.S., the Debtor estimated assets of less than $100,000
and liabilities of less than $1 million. Judge Erik P. Kimball
oversees the case. The Debtor tapped Van Horn Law Group, Inc., as
its legal counsel. No official committee of unsecured creditors
has been appointed in the Chapter 11 case.
JTWW INC: Seeks Authorization to Use Cash Collateral
-----------------------------------------------------
JTWW, Inc., seeks authorization from the U.S. Bankruptcy Court for
the Eastern District of Washington to use cash collateral in the
form of income to pay the necessary expenses to prevent immediate
and irreparable harm.
The Debtor believes its accounts and profit, including profits from
all its real property are possibly subject to the secured interests
of Columbia State Bank, HomeStreet Bank, and Corporation Service
Company, as representative.
The Debtor tells the Court that Creditors' consent has not been
sought, but the Debtor will discuss and attempt to reach an
agreeable solution with its creditors.
The Debtor believes that all cash collateral is constantly
replenished on an ongoing basis, and the possible cash collateral
should be maintained at its current state during any interim
period. Thus, the Debtor does not believe that any extra Adequate
Protection Lien is necessary.
However, in the event that the Court deems it necessary to provide
Creditors other sources of adequate protection, the Debtor proposes
to grant any creditors a post-petition security interest pursuant
to 11 U.S.C. Section 552, to extend to the Debtor's Bank accounts,
cash on hand and cash proceeds to secure any diminution in value of
the cash collateral after the Petition Date up to the amount
actually used, but no further.
Said Adequate Protection Lien would be valid and enforceable as of
the Petition Date, which would be in addition to the lien rights
that any creditor already possesses. The Adequate Protection Lien
would be choate, attached and perfected automatically and
retroactively to the Petition Date. Creditors would not have to
file additional liens in order to perfect the Adequate Protection
Lien.
In addition, the Debtor would allow creditors access, no more than
monthly, to audit the status of accounts receivable, on reasonable
notice. The Debtor will timely file all required operating reports
and provide copies to creditors upon request.
The Debtor is represented by:
Timothy R. Fischer, Esq.
Winston & Cashatt, Lawyers
601 W. Riverside, Ste.1900
Spokane, WA 99201
Telephone: (509) 838-6131
Facsimile: (509) 838-1416
E-mail: trf@winstoncashatt.com
A full-text copy of the Debtor's Motion is available at
http://bankrupt.com/misc/waeb19-00236-10.pdf
About JTWW, Inc.
JTWW, Inc., operates Wasabi Asian Bistro -- a restaurant located at
10208 N. Division St. Spokane, Washington. JTWW filed a Chapter 11
petition (Bankr. E.D. Wash. Case No. 19-00236), on Jan. 30, 2019.
KBC ENTERPRISE: Exclusivity Period Extended Until March 21
----------------------------------------------------------
Judge Gregory Schaaf of the U.S. Bankruptcy Court for the Eastern
District of Kentucky granted the request of KBC Enterprise LLC to
extend the period during which it has the exclusive right to file a
Chapter 11 plan through March 21, and to solicit acceptances for
the plan through June 19.
The extension would give KBC more time to resolve issues with the
Internal Revenue Service, one of the largest creditors of the
company. The company said that while it has made progress to
formulate a plan, its efforts were slowed down when IRS was
furloughed last month.
About KBC Enterprise
KBC Enterprise LLC is a frozen dessert supplier in London,
Kentucky. KBC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Ky. Case No. 18-61316) on Oct. 22, 2018. In the
petition signed by Carlos Carpenter, president, KBC estimated
assets of $1 million to $10 million and liabilities of $1 million
to $10 million. KBC tapped DelCotto Law Group PLLC as its legal
counsel.
KENDALL FROZEN: Howard Grobstein Named as Ch. 11 Trustee
--------------------------------------------------------
Judge Scott C. Clarkson of the U.S. Bankruptcy Court for the
Central District of California approved the appointment of Howard
B. Grobstein as the Chapter 11 Trustee for Kendall Frozen Fruits,
Inc.
It was on February 14, 2019 when the United States Trustee applied
for the appointment of Mr. Grobstein as the Chapter 11 trustee for
the Debtor.
About Kendall Frozen Fruits
Newport Beach, California-based Kendall Frozen Fruits, Inc. --
https://www.kendallfruit.com/ -- is an industrial food supplier
specializing in the sale and marketing of fruit and vegetable
products since 1939. It offers frozen fruits, dried fruits, juice
concentrates, purees, freeze dried fruit, fruit powders, vegetable
products, chocolate covered dried fruit, and yogurt covered dried
fruit.
Kendall Frozen Fruits sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 18-14052) on Nov. 5,
2018. At the time of the filing, the Debtor estimated assets of $1
million to $10 million and liabilities of the same range. Judge
Scott C. Clarkson oversees the case. SulmeyerKupetz, A Professional
Corporation is the Debtor's counsel.
L R & T INC: Amends Plan Disclosures to Address Court's Concerns
----------------------------------------------------------------
L R & T Inc., d/b/a Chattanooga Pinball, filed an amended
disclosure statement explaining its small business Chapter 11 plan
after the Bankruptcy Court denied conditional approval of the
disclosure statement.
The Court denied approval of the disclosure statement because it
fails to include Exhibit E and F as stated in the disclosure
statement. It also fails to include an analysis of recovery
actions. Payments to creditors made in the 90 days prior to filing
and to insiders were listed in the original statement of financial
affairs as none and should have been easily reviewed prior to
filing.
The amended disclosure statement addressed the Court's concerns.
Class XI - General Unsecured Class are impaired. Monthly payment
$77.41 Payment begin on April 1, 2019 and end on April 1, 2034
Class VI - Secured claim of SmartBank are impaired with total claim
of $284,993.88. Monthly payment $1,881. Payment begin on April
1,2019 and end on April 1, 2039.
Class VII - Secured claim of SmartBank are impaired with total
claim of $34,344.61. Monthly payment $227. Payment begin on April
1,2019 and end on April 1, 2039.
Class IX - Secured claim of First Volunteer Bank are impaired with
total claim of $15,990.63. Monthly payment $582.93. Payment begin
on April 1,2019 and end on October 1, 2021.
Class X - Equity Interest Holders: Rodney Dale Levin & Bronica Tane
Levin. Retention of equity interest.
Payments and distributions under the Plan will be funded by the
continued operation of the Debtor's business.
A full-text copy of the Disclosure Statement dated February 5,
2019, is available at https://tinyurl.com/y5rwad46 from
PacerMonitor.com at no charge.
About L R & T, Inc.
L R & T, Inc., which conducts business under the name Chattanooga
Pinball, is a retailer of arcade and pinball machines. It also
restores and repairs games.
Based in Chattanooga, Tennessee, L R & T, Inc., filed a Chapter 11
petition (Bankr. E.D. Tenn. Case No. 18-11370) on March 29, 2018.
In the petition signed by Bronica Levin and Rodney Levin,
presidents, the Debtor disclosed $3.26 million in total assets and
$437,775 in total liabilities. The case is assigned to Judge
Shelley D. Rucker. W. Thomas Bible, Jr., Esq., at Tom Bible Law,
is the Debtor's counsel.
L REIT LTD: Taps Avison Young as Real Estate Broker
---------------------------------------------------
L Reit, Ltd., and Beltway 7 Properties, Ltd., received approval
from the U.S. Bankruptcy Court for the Southern District of Texas
to hire Avison Young as their real estate broker.
The Toronto-based brokerage firm will assist the Debtors in the
sale of seven office buildings located in North Houston along
Beltway 8 near Heron Lake Estates. The properties consist of a
total net rentable area of 314,343 square feet.
Avison will get 0.65% of the total sales price of the properties.
The firm, however, will not be entitled to a fee until the claim of
the secured noteholder is paid in full; in the event the secured
noteholder is the buyer of the property through a credit bid; or
the firm's agreement with the Debtors is terminated because of a
court order lifting the automatic stay against the secured
noteholder and a sale of the property has not closed prior to the
termination.
Avison is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.
The firm can be reached through:
Martin Dockrill
18 York Street
Suite 400, Mailbox #4
Toronto, ON M5J 2T8
Canada
Phone: 416.955.0000
Fax: 416.955.0724
About L REIT Ltd. and Beltway
7 Properties Ltd.
L REIT, Ltd., is a privately-held lessor of real estate based in
Houston, Texas. Its principal assets are located at 7900, 7904,
7906, 7908, 7840, and 7850 N. Sam Houston Parkway, and 10740 N.
Gessner Road, Houston, Texas. Beltway 7 Properties, Ltd., retains
a 99% ownership interest in L REIT and is its sole limited
partner.
L REIT and Beltway 7 Properties sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 18-36881) on
Dec. 5, 2018.
At the time of the filing, L REIT estimated assets of $50 million
to $100 million and liabilities of $50 million to $100 million.
Beltway estimated assets of $1 million to $10 million and
liabilities of $1 million to $10 million.
The cases are assigned to Judge David R. Jones.
The Debtors tapped Hoover Slovacek LLP as their legal counsel.
LASSITER INDUSTRIES:Unsecured Creditors to Get 50% of Net Profit
----------------------------------------------------------------
Lassiter Industries, Inc., filed a plan of reorganization and
accompanying disclosure statement.
The allowed general unsecured creditors will be paid as much of
what they are owed as possible. Each year, if the Reorganized
Debtor made a profit, after income taxes, and after making all
priority and secured plan payments and normal overhead payments,
the Reorganized Debtor will pay to the allowed unsecured creditors
their pro-rata share of 50% of the net profit for the previous
year, in twelve monthly payments beginning on September 15th of the
year in which the financial statement is mailed to these creditors.
Each year, during the term of the five-year Plan, the Reorganized
Debtor will repeat the 12-month payment plan to the allowed
unsecured creditors if the Reorganized Debtor made a net profit the
previous year as reflected in the previous year's financial
statement. This payout will not exceed five years, and at the end
of the five-year Plan term, the remaining balance owed, if any, to
the allowed unsecured creditors will be discharged.
De Lage Landen Financial is owed $11,023.18 for the lease of a
copier. The Debtor will continue making regular monthly lease
payments to this creditor.
Financial Pacific Leasing (Claim No. 12) is owed $28,644.00 for the
lease of a laser printer, color printer/cutter. The Debtor will
continue making regular monthly lease payments to this creditor.
Dell Financial Services, LLC (Claim No. 23) is owed $9,858.49 for
the lease of computers. The Debtor will continue making regular
monthly lease payments to this creditor.
Hyundai Lease Titling Trust is owed $11,964.25 for the lease of a
2016 Kia Sorento. The Debtor will continue to make the regular
monthly payments on this vehicle lease.
Equity interest holders are parties who hold an ownership interest
(i.e., equity interest) in Lassiter Industries, Inc. All shares are
canceled except the shares owned by the Estate of Patricia Lammers
and Tom Lammers.
Payments and distributions under the Plan will be funded by through
future income from the operations of the company.
A full-text copy of the Disclosure Statement dated February 5,
2019, is available at https://tinyurl.com/y262dalb from
PacerMonitor.com at no charge.
About Lassiter Industries
Lassiter Industries, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Tex. Case No. 18-34070) on July
25, 2018. At the time of the filing, the Debtor estimated assets
of less than $500,000 and liabilities of less than $1 million.
Judge Jeff Bohm presides over the case. The Debtor tapped the Law
Office of Margaret M. McClure as its legal counsel.
LEGACY PIZZA: Has Authority to Use Cash Collateral on Interim Basis
-------------------------------------------------------------------
The Hon. Barbara Ellis-Monro of the U.S. Bankruptcy Court for the
Northern District of Georgia has entered an interim order
authorizing Legacy Pizza, LLC, to use cash collateral on a
preliminary basis for the period commencing as of the date of the
bankruptcy filing through the time of the final hearing on Cash
Collateral.
SouthCrest Bank, N.A. asserts a security interest in and lien
against the accounts, income, revenue and profits (i.e., rents)
generated by the Debtor's business
Because SouthCrest may have an interest in revenue and profits
which may constitute cash collateral that will be used by the
Debtor in accordance with the Interim Order, SouthCrest will be
granted adequate protection as follows:
(a) SouthCrest is granted a valid, attached, choate,
enforceable, perfected and continuing security interest in, and
liens upon all post-petition assets of the Debtor of the same
character, type, to the same nature, extent and validity as the
liens and encumbrances of SouthCrest attached to the Debtor's
assets pre-petition. SouthCrest's security interest in, and liens
upon, the PostPetition Collateral will have the same validity as
existed between SouthCrest, the Debtor and all other creditors or
claimants against the Debtor's estate on the Petition Date.
(b) Pursuant to 11 U.S.C. Sections 105(a) and 503, in the
event that the Debtor uses the Cash Collateral and fails to repay
in full any amount used, then SouthCrest will have an
administrative expense claim against the Estate for the amount of
the diminution in value of the Cash Collateral.
(c) Debtor is directed to provide SouthCrest with reasonable
access to the Debtor's books and records to the extent allowed
under the pre-petition loan documents entered into by the parties.
The Debtor is further directed to provide certificates evidencing
insurance coverage including, without limitation, fire, hazard,
comprehensive, public liability, and workmen's compensation as may
be currently in effect, and obtain such additional insurance in an
amount as is appropriate for the business in which the Debtor is
engaged, naming SouthCrest as loss payee with respect to the
location of the Debtor, to the extent provided under the
pre-petition loan documents. The Debtor will provide SouthCrest
with proof of all such coverage, as well as prompt notification of
any change in such coverage which may hereafter occur.
(d) SouthCrest is entitled to review and inspect its
collateral at any time upon written notice to the Debtor of the
date, location and time of the planned inspection and the Debtor is
directed to cooperate with same.
The Court will conduct a second interim hearing on the Motion on
Feb. 19, 2019 at 3:00 p.m.
A full-text copy of the Interim Order is available at
http://bankrupt.com/misc/ganb19-40195-32.pdf
About Legacy Pizza
Legacy Pizza, LLC, is a Georgia-based company that operates five
Pizza Hut franchised locations along with its affiliate, Legacy
Pizza Alabama, LLC, which operates 17 Pizza Hut franchised
locations.
Legacy Pizza and Legacy Pizza Alabama have filed voluntary
petitions seeking relief under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ga. Case Nos. 19-40195 and 19-40196, respectively) on
Jan. 29, 2019.
In the petitions signed by Kamran Kuran, managing member, Legacy
Pizza estimated $1 million to $10 million in assets and $1 million
to $10 million in liabilities; and Legacy Alabama estimated $0 to
$50,000 in assets and $1 million to $10 million in liabilities.
The Debtor is represented by Will B. Geer, Esq. at Wiggam & Geer,
LLC.
LEGACY PIZZA: Seeks to Hire Wiggam & Geer as Legal Counsel
----------------------------------------------------------
Legacy Pizza, LLC, and Legacy Pizza Alabama, LLC, seek approval
from the U.S. Bankruptcy Court for the Northern District of Georgia
to hire Wiggam & Geer, LLC, as their legal counsel.
The firm will advise the Debtors of their rights and duties under
the Bankruptcy Code; represent the Debtors with respect to a
bankruptcy plan; and provide other legal services in connection
with their Chapter 11 cases.
Wiggam & Geer charges $400 per hour for attorneys and $150 per hour
for legal assistants. It received a retainer of $80,000, of which
$11,734 was used to pay the filing fees and pre-bankruptcy legal
fees.
Will Geer, Esq., at Wiggam & Geer, disclosed in a court filing that
he and his firm neither hold nor represent any interest adverse to
the Debtors and their bankruptcy estates.
The firm can be reached through:
Will B. Geer, Esq.
Wiggam & Geer, LLC
50 Hurt Plaza, SE, Suite 1245
Atlanta, GA 30303
Phone: (404) 233-9800
Fax: (404) 287-2767
Email: wgeer@wiggamgeer.com
About Legacy Pizza
Legacy Pizza, LLC, is a Georgia-based company that operates five
Pizza Hut franchised locations along with its affiliate, Legacy
Pizza Alabama, LLC, which operates seventeen Pizza Hut franchised
locations.
Legacy Pizza and Legacy Pizza Alabama filed voluntary petitions
seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Ga. Case Nos. 19-40195 and 19-40196, respectively) on Jan. 29,
2019.
In the petitions signed by Kamran Kuran, managing member, Legacy
Pizza estimated $1 million to $10 million in assets and the same
range of liabilities; and Legacy Alabama estimated $0 to $50,000 in
assets and $1 million to $10 million in liabilities.
The Debtor are represented by Will B. Geer, Esq. at Wiggam & Geer,
LLC.
LODESTONE OPERATING: Has Until March 13 to File Exit Plan
---------------------------------------------------------
Judge Eduardo Rodriguez of the U.S. Bankruptcy Court for the
Southern District of Texas extended the deadline for Lodestone
Operating, Inc. to file a Chapter 11 plan of reorganization and
disclosure statement to March 13.
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. The Debtor
tapped Weycer, Kaplan, Pulaski, & Zuber, P.C. as its legal counsel.
LYNWOOD HOLDINGS: Taps Barry Strickland as Accountant
-----------------------------------------------------
Lynwood Holdings, Inc., received approval from the U.S. Bankruptcy
Court for the Western District of Virginia to hire Barry Strickland
& Company as its accountant.
The firm will assist Lynwood Holdings and its affiliate in
analyzing their financial transactions and provide
litigation-related support services such as expert report
preparation, deposition and trial testimony.
The firm's accountants and professionals expected to provide the
services are:
Barry Strickland, CPA $300
Betsy Chappell, CPA $290
Mei-Ying Huynh, CPA $290
Cheryl DePrisco, Accountant $115
Gretchen Bushaw, Paraprofessional $105
Suzanne Shaw, Paraprofessional $80
Barry Strickland, president of BSC, disclosed in a court filing
that the firm's accountants are "disinterested" as defined in
Section 101(14) of the Bankruptcy Code.
BSC can be reached through:
Barry Strickland
Barry Strickland & Company
Certified Public Accountants
9410 Atlee Commerce Blvd.
Ashland, VA 23005
Telephone: (804) 550-8500
Fax: (804) 550-8505
Email: barry@barrystrickland.com
About Lynwood Holdings Inc.
Based in Front Royal, Virginia, Lynwood Holdings, Inc. and its
affiliate filed for relief under Chapter 11 of the Bankruptcy Code
(Bankr. W.D. Va. Lead Case No. 18-50784) on Aug. 31, 2018,
estimating $1 million to $10 million in assets and liabilities.
The petitions were signed by Walt L. Moyer, president. The Hon.
Rebecca B. Connelly is the case judge. Lynn Lewis Tavenner at
Tavenner & Beran, PLC, is the Debtors' counsel.
M.S. MOELLER: Unsecured Creditors to Get $685 Monthly Payments
--------------------------------------------------------------
M.S. Moeller Cabinetry & Millwork, Inc., filed a Chapter 11 plan
of reorganization and accompanying disclosure statement.
Class IV - General Unsecured Claims. This class is comprised of all
general unsecured claims not entitled to priority, including any
deficiency claims of Ally Bank. Members of this class will be paid
a pro-rata distribution based on their Allowed Claims. Payment to
this Class will be made from Debtor's cash on hand and/or monthly
cash flow and will begin within 60-days of the payoffs of Class II.
Monthly aggregate payments to this Class will be $685.
This Class is impaired.
Class II - Secured Property. This class is comprised of the secured
claim of Channel Partners Funding (Claim 6-1) in the amount of
$151,899.64. This claim is secured by a UCC filing on the Debtor's
assets. The anticipated balance of the remaining secured claim
will be paid by the Debtor through the Plan at 0% interest as
follows: $675.00 per month until priority claims are paid, then
$2,000.00 per month until paid in full. This class is impaired.
The Debtor projects increasing sales and sufficient cash flow from
monthly operations to pay its operating expenses and debt service
following confirmation of the Plan. For calendar year 2019, the
Debtor projects an average positive monthly cash flow of $2,994.01;
which is sufficient to make initial monthly Plan payments of
$2,000.00 (aggregate) to secured and priority creditors.
A full-text copy of the Disclosure Statement dated February 5,
2019, is available at https://tinyurl.com/y5kwpax5 from
PacerMonitor.com at no charge.
About M.S. Moeller Cabinetry & Millwork
M.S. Moeller Cabinetry & Millwork, Inc., filed a Chapter 11
bankruptcy petition (Bankr. D. Md. Case No. 18-12888) on March 6,
2018. The Debtor is represented by Miller & Miller, LLP.
M/A-COM INC: Bank Debt Trades at 6% Off
---------------------------------------
Participations in a syndicated loan under which M/A-Com Inc. is a
borrower traded in the secondary market at 94.00
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 1.05 percentage points from the
previous week. M/A-Com Inc. pays 225 basis points above LIBOR to
borrow under the $588 million facility. The bank loan matures on
May 19, 2024. Moody's rates the loan 'B2' and Standard & Poor's
gave a 'B' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
February 8.
MACDONALD DETTWILER: Bank Debt Trades at 14% Off
------------------------------------------------
Participations in a syndicated loan under which Macdonald Dettwiler
& Associates is a borrower traded in the secondary market at 86.33
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 0.98 percentage points from the
previous week. Macdonald Dettwiler pays 275 basis points above
LIBOR to borrow under the $2.0 billion facility. The bank loan
matures on October 5, 2024. Moody's withdrew the rating of the loan
and Standard & Poor's gave a 'BB-' rating to the loan. The loan is
one of the biggest gainers and losers among 247 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday, February 8.
MAMMOET-STARNETH: Provision in Treatment of MUSA Claims Modified
----------------------------------------------------------------
Mammoet-Starneth LLC filed a disclosure statement for its second
amended chapter 11 plan of liquidation dated Feb. 8, 2019.
This latest filing modifies a provision in the treatment of Class 5
MUSA claims. The provision now states:
For the avoidance of doubt, the assignment of the Assigned New York
Wheel Claims to MUSA and the releases contained herein shall be in
full and final satisfaction of any and all of Mammoet Carveout
Parties' claims against the Debtor, including the MUSA Prepetition
Claim, and the Mammoet Carveout Parties shall not otherwise receive
a distribution under the Plan.
A blacklined copy of the Disclosure Statement dated Feb. 8, 2019 is
available at https://is.gd/2BX4IB from Pacermonitor.com at no
charge.
About Mammoet-Starneth
Mammoet-Starneth, LLC, a company based in Wilmington, Delaware,
designs and constructs giant observation wheels and structures.
Mammoet-Starneth sought Chapter 11 protection (Bankr. D. Del. Case
No. 17-12925) on Dec. 13, 2017. In the petition signed by manager
Christiaan Lavooij, the Debtor estimated assets and liabilities of
$100 million to $500 million.
Laurie Selber Silverstein is the case judge.
The Debtor tapped Sills Cummins & Gross P.C. as its lead counsel,
and Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., as
its co-counsel. William Henrich, CRO, at Getzler Henrich &
Associates, LLC, serves as the Debtor's restructuring advisor.
Rust Consulting/Omni Bankruptcy as its balloting agent.
No official committee of unsecured creditors has been appointed in
the Chapter 11 case.
MANHATTAN JEEP: Files Chapter 11 Plan of Liquidation
----------------------------------------------------
Manhattan Jeep Chrysler Dodge, Inc. f/d/b/a Manhattan Jeep Chrysler
Dodge RAM, and Manhattan Automotive, L.L.C. f/d/b/a Manhattan Alfa
Romeo Fiat, propose a Chapter 11 plan of liquidation and
accompanying disclosure statement.
Class 1A(MJCD)-1B(ARF) - General Unsecured Claims. General
unsecured claims against MJCD have estimated recovery of 20.4%
while general unsecured claims against ARF have estimated recovery
of 100%. Estimate amount of general unsecured claims against MJCD
is $4,700,000 and estimate amount of general unsecured claims
against ARF is $125,000. Unless otherwise agreed by a Holder of a
General Unsecured Claim, each Holder of a General Unsecured Claim
will be entitled to receive its Pro Rata share in Cash from the
Debtors as provided by this Plan, provided that the face amount of
all Administrative Expense Claims and Priority Tax Claims entitled
to greater priority than an Allowed General Unsecured Claim have
been paid in full or either (i) to the extent not paid in full,
funds sufficient to satisfy the face amount have been placed in a
segregated reserve, or (ii) the Holder of each Administrative
Expense Claim or a Priority Tax Claim has agreed to waive their
right to a Distribution.
Class 2A(MJCD)-2B (ARF) - Equity Interests. MJCD Equity Interest
estimate recovery 100%. Upon entry of a Final Decree, MJCD Equity
Interests will be cancelled, extinguished, and of no further force
and effect, without the payment of any monies or consideration
except to the extent funds remain after payment in full of the
Classes 1 Claims. ARF Equity Interests shall be retained.
A full-text copy of the Disclosure Statement dated February 5,
2019, is available at https://tinyurl.com/yykqbm2f from
PacerMonitor.com at no charge.
About Manhattan Jeep
Manhattan Jeep Chrysler Dodge, Inc., is a family-owned and operated
car dealer based in New York. Manhattan Jeep offers a collection
of both new and used cars to customers in Manhattan, Queens, the
Bronx, and surrounding areas. The Company also offers car services
including oil changes and engine and transmission repairs. It also
provides state inspections and free body shop estimates and sells
vehicle parts.
Manhattan Jeep Chrysler Dodge, Inc., and Manhattan Automotive,
L.L.C., filed voluntary petitions for relief under Chapter 11 of
the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 18-10657 and
18-10661) on March 9, 2018. In the petitions signed by Patrick
Monninger, president of Manhattan Jeep, Manhattan Jeep estimated $1
million to $10 million in assets and $10 million to $50 million in
liabilities and Manhattan Automotive estimated $500,000 to $1
million in assets and $1 million to $10 million in liabilities.
The cases are assigned to Judge Michael E. Wiles. Eric J. Snyder,
Esq., at WILK AUSLANDER LLP, is the Debtor's counsel.
MARANGONI TREAD: Chapter 15 Case Summary
----------------------------------------
Chapter 15 Debtor: Marangoni Tread Latino America Industria e
Comercio de Artefatos de Borracha Ltda
KM 01, LMG-800, Distrito Industrial
33400-000
Lagoa Santa - MG
Brazil
Business Description: Marangoni Tread Latino America Industria
is a supplier of rubber products in Brazil.
The Company was founded in 1998.
Chapter 15
Petition Date: February 15, 2019
Court: United States Bankruptcy Court
Southern District of Florida (Miami)
Chapter 15 Case No.: 19-12070
Judge: Hon. Laurel M. Isicoff
Foreign
Representative: Otavio de Paoli Balbino de Almeida Lima
Rua Alagoas 1000, sl. 1307-Funcionario
30130-160
Belo Horizonte - MG
Brazil
Foreign Proceeding
in Which Appointment
of the Foreign
Representative
Occurred: Reorganization Procedure of Marangoni
Tread Latino America Industria e
Comercio
Foreign
Representative's
Counsel: Gregory S. Grossman, Esq.
SEQUOR LAW PA
1001 Brickell Bay Drive, 9th Floor
Miami, FL 33131
Tel: (305) 372-8282
(305) 372-8202
E-mail: ggrossman@sequorlaw.com
Estimated Assets: Unknown
Estimated Debts: Unknown
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/flsb19-12070.pdf
MCDERMOTT INTERNATIONAL: Bank Debt Trades at 2% Off
---------------------------------------------------
Participations in a syndicated loan under which McDermott
International Inc. is a borrower traded in the secondary market at
97.60 cents-on-the-dollar during the week ended Friday, February 8,
2019, according to data compiled by LSTA/Thomson Reuters MTM
Pricing. This represents an increase of 2.00 percentage points from
the previous week. McDermott International pays 500 basis points
above LIBOR to borrow under the $2.260 billion facility. The bank
loan matures on March 28, 2025. Moody's rates the loan 'Ba3' and
Standard & Poor's gave a 'BB-' rating to the loan. The loan is one
of the biggest gainers and losers among 247 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday, February 8.
MERCEDES HOMES: Creditor Trustee's $60K Sale of Remnant Assets OK'd
-------------------------------------------------------------------
Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern
District of Florida authorized James S. Feltman, the Creditor
Trustee for the Mercedes Homes Creditor Trust, to sell all known or
unknown property, assets or claims of the Creditor Trust to The
Robert Needle 1990 Trust for $60,000.
A telephonic auction was held on Feb. 1, 2019 at 11:00 a.m. and
competing bidder Needle Trust was the winner bidder with a bid of
$60,000 and Alpha Assets Corp. is the backup bidder with a bid of
$55,000.
The sale is free and clear of all liens, claims and encumbrances;
and on an "as is, where is" basis without any representations or
warranties by the Creditor Trustee whatsoever, including as to the
existence of any Remnant Assets.
The Purchase Price, less the $20,000 deposit currently held in the
trust account of counsel to the Creditor Trustee, will be paid to
the Creditor Trustee within 14 days of the entry of the Order.
In the event that the Needle Trust does not consummate the
transaction by paying the balance of the Purchase Price in
accordance with the Order, and upon the filing by the Trustee of a
notice of default, then Alpha Assets will become the successful
purchaser and all
provisions of the Order which apply to the Needle Trust will apply
with equal force and effect to Alpha Assets.
In such event, the Trustee will be entitled to keep the Needle
Trust's deposit as liquidated damages. Alpha Assets will close in
accordance with its Asset Purchase Agreement no later than 14 days
after the Trustee files a notice of default with respect to the
Needle Trust. In the event that Alpha Assets does not become the
successful purchaser, the Trustee will return Alpha Assets' deposit
within five days following the closing with the Purchaser.
Notwithstanding the provisions of Bankruptcy Rules 6004(h) and
6006(d), the Order will be effective and enforceable immediately
upon entry and its provisions will be self-executing.
The Creditor Trustee is authorized to pay (i) applicable US Trustee
Fees on the distribution of the Purchase Price; and (ii) up to
$6,000 to Genovese, Joblove & Battista, P.A. to cover the fees and
costs associated herewith without further Order of the Court.
The Creditor Trustee is authorized to distribute the net proceeds
of the sale to the Bankruptcy Bar Foundation.
About Mercedes Homes
On Jan. 26, 2009, Melbourne, Florida-based homebuilder Mercedes
Homes Inc. and affiliates filed voluntary petitions for relief
under chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
09-11191).
Sean T. Cork, Esq., Tina M. Talarchyk, Esq., and Craig D. Hansen,
Esq., at Squire, Sanders & Dempsey, LLP, served as bankruptcy
counsel to the Debtors. Richard M. Williamson and Alvarez & Marsal
North American LLC served as the Debtors' chief restructuring
officer, Odyssey Capital Group LLC as valuation expert, Michael P.
Kahn & Associates LLC as financial advisor and Kurtzman Carson
Consultants LLC as claims and noticing agent.
On Sept. 30, 2009, the Court entered an order confirming the
Debtors' First Amended Joint Plan of Reorganization.
James S. Feltman was appointed as Creditor Trustee under the Plan.
Counsel for the Creditor Trustee:
Heather L. Harmon, Esq.
GENOVESE JOBLOVE & BATTISTA, P.A.
100 SE 2nd Street, 44th Floor
Miami, Florida 33131
Telephone: (305) 349-2300
Facsimile: (305) 349-2310
E-mail: hharmon@gjb-law.com
MIDWAY OILFIELD: Exclusive Filing Period Extended Until Feb. 25
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas
extended the period during which Midway Oilfield Constructors, Inc.
has the exclusive right to file a Chapter 11 plan through Feb. 25,
and to solicit acceptances for the plan through April 26.
The company's current exclusive filing period expired on Feb. 11.
The extension would give the company more time to determine if a
sale of its salt water disposal and vacuum business is feasible or
if all equipment should be sold through an orderly liquidation.
Midway Oilfield currently has a potential offer from a stalking
horse bidder to purchase its business, according to court filings.
About Midway Oilfield Constructors
Midway Oilfield Constructors, Inc., provides construction services
to the upstream, midstream, and downstream sectors of the oil and
gas industry. Based out of Midway, Texas, Midway provides services
across the State of Texas and Oklahoma.
On Aug. 15, 2018, Midway Oilfield Constructors filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (S.D.
Tex. Case No. 18-34567). The Debtor estimated $1 million to $10
million in assets and $10 million to $50 million in liabilities as
of the bankruptcy filing. Judge Marvin Isgur is the case judge.
The Debtor tapped Hoover Slovacek LLP as its legal counsel.
Hrdlicka White Williams & Aughtry, is the special tax counsel.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on Nov. 14, 2018. Lugenbuhl Wheaton Peck
Rankin & Hubbard is the committee's bankruptcy counsel.
MIDWAY OILFIELD: Exclusive Filing Period Extended Until Feb. 25
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas
extended the period during which Midway Oilfield Constructors, Inc.
has the exclusive right to file a Chapter 11 plan through Feb. 25,
and to solicit acceptances for the plan through April 26.
The company's current exclusive filing period expired on Feb. 11.
The extension would give the company more time to determine if a
sale of its salt water disposal and vacuum business is feasible or
if all equipment should be sold through an orderly liquidation.
Midway Oilfield currently has a potential offer from a stalking
horse bidder to purchase its business, according to court filings.
About Midway Oilfield Constructors
Midway Oilfield Constructors, Inc., provides construction services
to the upstream, midstream, and downstream sectors of the oil and
gas industry. Based out of Midway, Texas, Midway provides services
across the State of Texas and Oklahoma.
On Aug. 15, 2018, Midway Oilfield Constructors filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (S.D.
Tex. Case No. 18-34567). The Debtor estimated $1 million to $10
million in assets and $10 million to $50 million in liabilities as
of the bankruptcy filing. Judge Marvin Isgur is the case judge.
The Debtor tapped Hoover Slovacek LLP as its legal counsel.
Hrdlicka White Williams & Aughtry, is the special tax counsel.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on Nov. 14, 2018. Lugenbuhl Wheaton Peck
Rankin & Hubbard is the committee's bankruptcy counsel.
MISSION COAL: March 20 Plan Confirmation, Sale Hearing
------------------------------------------------------
The Bankruptcy Court has scheduled the hearing to consider
confirmation of the third amended joint Chapter 11 plan filed by
Mission Coal Company, LLC, et al., and approval of the sale of
substantially all of the Debtors' assets for March 20, 2019, at
10:00 a.m., prevailing Central Time. Objections to Confirmation of
the Plan must be filed with the Court and served so as to be
actually received by the appropriate notice parties by March 11,
2019, at 4:00 p.m. (prevailing Central Time).
An auction for substantially all of the Debtors' assets will be
held on February 27, 2019, at 10:00 a.m., prevailing Eastern Time.
Objections to the proposed sale must be filed by March 6, 2019, at
4:00 p.m., prevailing Central Time. Deadline to vote on the Plan
is March 11, 2019, at 4:00 p.m., prevailing Central Time.
Each Holder of General Unsecured Claims will receive (i) its Pro
Rata share of the General Unsecured Claims Amount and (ii) the
remaining amount of the Sale Transaction Proceeds, solely to the
extent the Allowed DIP Facility Claims and, to the extent Allowed,
the Allowed Second Lien Secured Claims are paid in full in Cash.
Holders of Other Priority Claims will be paid in full on the Plan
Effective Date (or as soon thereafter as such Other Priority Claims
become due and Allowed in the ordinary course).
Holders of Other Secured Claims (including all Secured Tax Claims),
will receive, at the election of the Debtors: (i) payment in full
in Cash; (ii) the collateral securing such Other Secured Claims;
(iii) reinstatement of such Other Secured Claims, notwithstanding
any contractual provision or applicable non-bankruptcy law that
entitles the holder of such Other Secured Claims to demand or to
receive payment prior to the stated maturity of such Other Secured
Claim from and after the occurrence of default; or (iv) such other
treatment rendering such Other Secured Claims Unimpaired.
Each Holder of DIP Facility Claims will receive either (i) payment
in full in Cash of the Obligations (which amount shall include the
full roll-up of the Prepetition First Lien Obligations Amount,
including the Prepayment Premium, plus the First Lien Accrued
Adequate Protection Payments) (each as defined in the DIP Documents
to the extent not defined herein) or (ii) treatment that is
otherwise acceptable to the Required Lenders.
Each Holder of Second Lien Secured Claims will receive its Pro Rata
share, based on the Allowed amount of its Second Lien Secured
Claim, of the remaining amount of the Sale Transaction Proceeds,
solely to the extent the Allowed DIP Facility Claims are paid in
full in Cash.
The Debtors believe that the Plan is in the best interest of the
Estates and urge Holders of Claims in Class 3 (DIP Facility
Claims), Class 4 (Second Lien Secured Claims), and Class 5 (General
Unsecured Claims) to vote to accept the Plan.
The Plan proposes to fund creditor recoveries from the Sale
Transaction Proceeds, the Estate Retained Professional Fees Escrow
Amount, the Wind-Down Amount, the General Unsecured Claims Amount,
the Debtors’ rights under the Sale Transaction Documentation,
payments made directly by the Successful Bidder on account of any
Assumed Liabilities under the Sale Transaction Documentation,
payments of Cure Costs made by the Successful Bidder pursuant to
sections 365 or 1123 of the Bankruptcy Code, and/or all Causes of
Action not previously settled, released, or exculpated under the
Plan.
A full-text copy of the Second Amended Disclosure Statement dated
February 7, 2019, is available at:
http://bankrupt.com/misc/alnb19-1804177TOM11-731.pdf
A full-text copy of the Third Amended Disclosure Statement dated
February 8, 2019, is available at:
http://bankrupt.com/misc/alnb19-1804177TOM11-758.pdf
About Mission Coal Company
Mission Coal Company LLC and its subsidiaries are engaged in the
mining and production of metallurgical coal, also known as "met"
coal, which is a critical component of the steelmaking process.
The Company is headquartered in Kingsport, Tennessee and operate
subterranean, surface, and longwall mining complexes in West
Virginia and Alabama. The Company employs 1,075 individuals on a
full-time or part-time basis.
Mission Coal and 10 of its subsidiaries filed for bankruptcy
protection in the U.S. Bankruptcy Court for the Northern District
of Alabama (Birmingham) on Oct. 14, 2018, with Lead Case No.
18-04177. In the petition signed by CRO Kevin Nystrom, Mission
Coal estimated assets and liabilities of $100 million to $500
million.
Daniel D. Sparks, Esq. and Bill D. Bensinger, Esq., of Christian &
Small LLP, as well as James H.M. Sprayregen, P.C., Brad Weiland,
Esq., and Melissa N. Koss, Esq., of Kirkland & Ellis LLP and
Kirkland & Ellis International LLP, serve as counsel to the
Debtors. The Debtors also tapped Jefferies LLC as investment
banker, Zolfo Cooper LLC as financial advisor, and Omni Management
Group as notice and claims agent.
On Oct. 25, 2018, the Bankruptcy Administrator for the Northern
District of Alabama appointed the Official Committee of Unsecured
Creditors. The Committee retained Lowenstein Sandler LLP, as
counsel; Baker Donelson Bearman Caldwell & Berkowitz, PC, as local
counsel; and Berkeley Research Group, LLC, as financial advisor.
MISYS PLC: Bank Debt Trades at 2% Off
-------------------------------------
Participations in a syndicated loan under which Misys Plc is a
borrower traded in the secondary market at 97.63
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 1.78 percentage points from the
previous week. Misys Plc pays 350 basis points above LIBOR to
borrow under the $3.582 billion facility. The bank loan matures on
April 28, 2024. Moody's rates the loan 'B2' and Standard & Poor's
gave a 'B-' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
February 8.
Misys is one of the world's largest independent applications
software products groups and the UK's biggest. Its main activities
include selling software solutions to banks, transaction processing
and claims administration for physicians in the U.S., systems for
insurance brokers in the U.K., and administrative and compliance
services for Independent Financial Advisors, or IFs. It's
corporate address is London, United Kingdom.
MODERN VIDEOFILM: Exclusivity Period Extended Until March 12
------------------------------------------------------------
Judge Mark Wallace of the U.S. Bankruptcy Court for the Central
District of California extended the period during which Modern
VideoFilm, Inc. has the exclusive right to file a Chapter 11 plan
through March 12, and to solicit acceptances for the plan through
June 10.
About Modern VideoFilm
Modern VideoFilm Inc. is a feature film and television
post-production company based in California. Modern VideoFilm
filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 18-11792) on
May 16, 2018. In the petition signed by Howard Grobstein, chief
restructuring officer, the Debtor estimated $1 million to $10
million in assets and $50 million to $100 million in liabilities.
Judge Mark S Wallace presides over the case. Garrick A. Hollander,
Esq., at Winthrop Couchot Golubow Hollander, LLP, serves as the
Debtor's counsel.
MULTIPLAN INC: Bank Debt Trades at 3% Off
-----------------------------------------
Participations in a syndicated loan under which MultiPlan
Incorporated is a borrower traded in the secondary market at 97.33
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.85 percentage points from the
previous week. MultiPlan Incorporated pays 300 basis points above
LIBOR to borrow under the $3.2 billion facility. The bank loan
matures on June 6, 2023. Moody's rates the loan 'B1' and Standard &
Poor's gave a 'B+' rating to the loan. The loan is one of the
biggest gainers and losers among 247 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
Friday, February 8.
NATIONAL RADIOLOGY: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: National Radiology Consultants, P.A.
2540 Green Forest Lane, Suite 101
Lutz, FL 33558
Business Description: National Radiology Consultants, P.A. is
healthcare practice management provider,
specializing in radiology, anesthesiology,
emergency, and hospital medicine solutions.
Chapter 11 Petition Date: February 15, 2019
Court: United States Bankruptcy Court
Middle District of Florida (Tampa)
Case No.: 19-01274
Debtor's Counsel: Daniel E. Etlinger, Esq.
JENNIS LAW FIRM
606 East Madison Street
Tampa, FL 33602
Tel: 813-229-2800
Fax: 813-229-1707
E-mail: detlinger@jennislaw.com
ecf@jennislaw.com
Total Assets: $18,709,234
Total Liabilities: $4,925,568
The petition was signed by Jame Okoh, M.D., president and CEO.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/flmb19-01274.pdf
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Adel Abdalla, M.D. Wages $31,250
1803 Park Center Drive, Apt. 101
Orlando, FL 32835
Alex Bibbey, M.D. Wages $100,000
1815 University Drive
Durham, NC 27707
American Express Company Credit Card $51,674
c/o CT Corporation System, Purchases
R 1200 South Pine, Island Road
Fort Lauderdale, FL 33324
CBIZ, Inc. Trade Debt $22,719
25450 Network Place
Chicago, IL 60673-1254
Change Heathcare Trade Debt $18,091
3055 Lebanon Pike
Nashville, TN 37214
Fan Yun Gan, M.D. Wages $46,153
9321 Briarcliff Trace
Port Saint Lucie, FL 34986
Florida Retirement Consultant 401K 2016-2018 $46,000
5503 West Waters Avenue, Suite 500
Tampa, FL 33634
Hugo Montes, M.D. Wages $15,384
18410 Tapestry Lake Circle
Apt. 101
Lutz, FL 33548
James Okoh, M.D. Wages $625,000
9203 Pine Island Court
Tampa, FL 33647
LocumTenens.com Trade Debt $375,915
2655 Northwinds Parkway
Alpharetta, GA 30009
Medicus Trade Debt $486,375
22 Roulston Road
Windham, NH 03087
Michael Herron Wages $15,384
1132 SE Kings Bay Drive
Crystal River, FL 34429
Nuance Communications, Inc. Trade Debt $290,518
3984 Pepsi Cola Drive
Melbourne, FL 32934
Radar Heathcare Providers Trade Debt $137,325
1741 Hog Mountain Road
Building 200
Watkinsville, GA 30677
Satish Venkataperumal, M.D. Wages $121,153
15701 Newcastle Court
Tampa, FL 33647
Staff Care, Inc. Trade Debt $72,072
8840 Cypress
Waters Blvd., Suite 300
Coppell, TX 75019
Technology Partners, Inc. Trade Debt $41,000
8757 Red Oak Bouelvard
Charlotte, NC 28217
vRad Services Provider $847,916
11995 Singletree Lane
Suite 500
Eden Prairie, MN 55344
Wells Fargo Bank, N.A. Credit Card $27,609
420 Montgomery Street Purchases
San Francisco, CA 94163
Zayo Group, LLC Services Provided $44,064
1805 29th Street, Suite 2050
Boulder, CO 80301
NATIVE SON: Taps Nicholas Olivo as Accountant
---------------------------------------------
Native Son Landscaping, LLC, received approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire
Nicholas Olivo, a certified public accountant based in Sarasota,
Florida.
The services to be provided by the accountant include the
preparation and filing of income tax returns, and analyzing
pre-bankruptcy tax issues.
Mr. Olivo disclosed in a court filing that he neither holds nor
represents any interest adverse to the Debtor's bankruptcy estate.
About Native Son Landscaping
Native Son Landscaping, LLC, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-07968) on Sept.
20, 2018. At the time of the filing, the Debtor estimated assets
of less than $500,000 and liabilities of less than $500,000. The
Debtor tapped Melody Genson, Esq., as its bankruptcy attorney.
NATURE'S BOUNTY: Bank Debt Trades at 8% Off
-------------------------------------------
Participations in a syndicated loan under which Nature's Bounty is
a borrower traded in the secondary market at 91.83
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 1.10 percentage points from the
previous week. Nature's Bounty pays 350 basis points above LIBOR to
borrow under the $1.50 billion facility. The bank loan matures on
September 30, 2024. Moody's rates the loan 'B3' and Standard &
Poor's gave a 'B-' rating to the loan. The loan is one of the
biggest gainers and losers among 247 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
Friday, February 8.
NAVEX GLOBAL: Bank Debt Trades at 4% Off
----------------------------------------
Participations in a syndicated loan under which NAVEX Global is a
borrower traded in the secondary market at 96.50
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 1.05 percentage points from the
previous week. NAVEX Global pays 700 basis points above LIBOR to
borrow under the $154 million facility. The bank loan matures on
September 5, 2026. Moody's rates the loan 'Caa2' and Standard &
Poor's gave a 'CCC' rating to the loan. The loan is one of the
biggest gainers and losers among 247 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
Friday, February 8.
NEIGHBORHOOD HEALTH: Trustee Taps Dynamic Earth as Consultant
-------------------------------------------------------------
Stephen Falanga, the Chapter 11 trustee for Neighborhood Health
Services Corporation, received approval from the U.S. Bankruptcy
Court for the District of New Jersey to hire Dynamic Earth, LLC, as
consultant.
The Trustee intends to sell the Debtor's real property and he needs
to determine if any environmental issues exist that would impede an
expeditious closing of the sale, according to court filings.
Dynamic will be paid a flat fee of $2,950, with a $1,500 upfront
retainer. The firm will also receive reimbursement for
work-related expenses estimated to be between $450 and $900.
The firm is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.
Dynamic maintains an office at:
Dynamic Earth, LLC
1904 Main Street
Lake Como, NJ 07719
Tel: 732.974.0198
Fax: 732.974.3521
About Neighborhood Health Services
Neighborhood Health Services Corporation sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 15-10277)
on Jan. 7, 2015. In the petition signed by Siddeeq El Amin,
chairman, board of directors, the Debtor estimated assets of $1
million to $10 million and liabilities of $1 million to $10
million. Judge Vincent F. Papalia oversees the case. Giordano,
Halleran & Ciesla, P.C. is the Debtor's bankruptcy counsel.
NORDIC AMERICAN: Lenders Agree to Extend Covenant Waiver Period
---------------------------------------------------------------
Nordic American Offshore Ltd. on Feb. 14, 2019, disclosed that it
has reached an agreement with the lenders under the Company's
$150,000,000 Revolving Credit Facility, dated
March 16, 2015, to extend the waiver of any financial covenants and
the Minimum Total Market Value Covenant in the Credit Facility from
Feb. 6, 2019 until Feb. 22, 2019.
Additionally, the Company has announced that it is reviewing the
impairment calculation of its vessels as of December 31, 2018 and
anticipates that the vessels will be written down to their current
estimated market values. The Company is continuing to review
strategic options to fund its operations and reduce its current
outstanding debt levels.
About Nordic American Offshore Ltd.
NAO -- http://www.nao.bm-- is a Bermuda-based company listed on
the New York Stock Exchange. It owns and operates a fleet of 10
modern harsh environment offshore supply vessels built with the
latest technology available. From its operating offices in Norway
and elsewhere, NAO is positioned to support a global business and
take advantage of the expected upturn in oil service activity in
the North Sea and globally.
NORTH AMERICA: Must Show Cause Why Case Won't Be Dismissed
----------------------------------------------------------
The Bankruptcy Court issued an order to show cause against Donald
Calaiaro, Esq., and Maroune Farah, president of North America Steel
& Wire, Inc., to personally appear at a hearing scheduled for
February 28, 2019, at 10:00 A.M., and show cause as to why the case
should not be dismissed for failure to timely file a plan of
reorganization capable of being confirmed by the Court.
The Chapter 11 Plan, Chapter 11 Plan Summary, and Disclosure
Statement dated January 28, 2019, are dismissed.
To address the issues raised by the Court, the Debtor filed an
amended disclosure statement.
Class 7 General Unsecured Creditors will be paid $1,000,000 over 6
years without interest. Stephen Gauci has agreed to guarantee the
payments to this class if the Debtor fails to make any
installment.
Class 2 - ISM, Class 3 - Killarney, and Class 4 - Butler secured
claims are avoidable as a preferential transfer. The Debtor will
bring an action under 11 USC Section 547 to avoid the lien as a
preference. The resulting unsecured claim will be treated in Class
7. To the extent that this creditor's lien is not avoided, the debt
will be modified and paid over 20 years with 5% interest.
Class 5 - Keystone steel & Wire Co., the holder of an execution
lien for $382,764.92, secured claim is avoidable as a preferential
transfer. The resulting unsecured claim will be treated in Class 7.
To the extent that this creditor's lien is not avoided, the debt
will be modified and paid over 20 years with 5% interest.
Class 8 - Equity ownership of the Debtor will be retained. Equity
holders will add new value in the amount not to exceed $500,000.
In addition to the $500,000 needed through August of 2019, Stephen
Gauci will also guarantee the plan payments to the unsecured
creditors up to the total payments of $1,000,000.
The equity owners will cover any losses in the first five months of
the plan and guarantee the payments to the allowed unsecured
creditors.
A full-text copy of the Amended Disclosure Statement dated February
5, 2019, is available at https://tinyurl.com/y2t6m5yx from
PacerMonitor.com at no charge.
About North America Steel
North America Steel & Wire Inc. is a manufacturer of copper and
zinc coated wires and is located in Butler, Pennsylvania. North
America Steel & Wire sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Pa. Case No. 18-20718) on Feb. 27,
2018. In its petition signed by Maroune Farah, president, the
Debtor estimated assets of less than $50,000 and liabilities of $1
million to $10 million. Donald R. Calaiaro, Esq., David Z.
Valencik, Esq., and Michael Kaminski, Esq., at Calaiaro Valencik
serve as the Debtor's bankruptcy counsel. Judge Thomas P. Agresti
presides over the case.
NORTHWEST HARDWOODS: S&P Cuts ICR to CCC+ On Refinancing Concerns
-----------------------------------------------------------------
U.S.-based Northwest Hardwoods Inc.'s operating and financial
performance continues to deteriorate and as a result, the company
will begin 2019 with leverage exceeding 9x, after third quarter
leverage of about 7.6x, according to S&P Global Ratings.
As a result of very high leverage and modest cash flow, S&P
expressed belief that Northwest Hardwoods' capital structure is
unsustainable in the long term, leaving the company vulnerable and
dependent upon favorable business,
financial, and economic conditions to meet its financial
commitments. S&P believes that the company will rely on its
covenant-lite $150 million asset-based lending (ABL) credit
facility to fund its interest payments over the next 12 months.
S&P said on Feb. 15 that it lowered its issuer credit rating on
Northwest Hardwoods to 'CCC+' from 'B-'. It also lowered its
issue-level rating on the company's $435 million senior secured
notes due August 2021 to 'CCC+' from 'B-'. The recovery rating of
'4' remains unchanged.
The downgrade on Northwest Hardwoods Inc. primarily reflects what
S&P believes to be increasing refinancing risk, as well as subdued
expectations for operating results in 2019. S&P's assumptions for
2018 EBITDA are less than originally expected, driven by higher log
prices that squeezed gross margins by 230 basis points (bps) in the
third quarter. S&P expects margins will continue to deteriorate
without a significant improvement in operating performance. The
company's history of weak free cash flow, which S&P expects to
continue, will not be enough to repay its notes that are due in
August 2021.
The company recently obtained an extension on its ABL and it is now
due 60 days before the maturity of the notes. As of September 2018,
about $28 million was outstanding on the credit facility and $75
million was available.
"The negative outlook reflects the potential for a lower rating if
we believe a debt restructuring is likely within the next 12
months, given our view that current debt trading levels and
elevated leverage metrics could hinder
refinancing of the company's secured notes," S&P said.
S&P said it could lower the ratings if it expects a default or
restructuring within 12 months. S&P believes such a scenario is
possible if the company is unable to sustain the generation of
positive free operating cash flow and has to borrow more on its
ABL, resulting in only $10 million or less of availability. That
would cause the covenant to be triggered and liquidity to become
constrained, resulting in S&P's expectation of a near-term covenant
default.
"We could revise the outlook to stable or raise the rating if the
company appears likely to refinance its looming debt maturities,"
S&P said. "Such a scenario could occur if market conditions improve
with higher lumber prices and Northwest Hardwoods' ability to
significantly improve its lumber margins, resulting in at least a
200 bps improvement in gross margins over our forecast, and EBITDA
interest coverage exceeding 2x."
NPC INT'L: Bank Debt Trades at 6% Off
-------------------------------------
Participations in a syndicated loan under which NPC International
is a borrower traded in the secondary market at 94.42
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 1.13 percentage points from the
previous week. NPC International pays 350 basis points above LIBOR
to borrow under the $580 million facility. The bank loan matures on
April 20, 2024. Moody's rates the loan 'B1' and Standard & Poor's
gave a 'B' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
February 8.
OAKLAND PARK: S. Kapila Named Chapter 11 Trustee
------------------------------------------------
Judge John K. Olson of the U.S. Bankruptcy Court for the Southern
District of Florida entered an Order, dated February 14, 2019,
approving the appointment of Soneet R. Kapila as the Chapter 11
Trustee for Oakland Park Inn Inc.
About Oakland Park Inn
Oakland Park Inn Inc. -- http://ramadaoaklandparkinn.com/-- owns
and operates the Ramada Oakland Park Inn located at 3001 N. Federal
Hwy., Fort Lauderdale 33306. The Ramada branded hotel features
outdoor heated pool, business center, fitness center, tiki bar, and
restaurant.
Oakland Park Inn, Inc., based in Fort Lauderdale, FL, filed a
Chapter 11 petition (Bankr. S.D. Fla. Case No. 19-10620) on Jan.
16, 2019. In the petition signed by Walter W. Johnson, Jr.,
authorized representative, the Debtor disclosed $7,118 in assets
and $3,187,752 in liabilities. The Hon. John K. Olson oversees the
case. Kevin C. Gleason, Esq., at Florida Bankruptcy Group, LLC,
serves as bankruptcy counsel.
OLEUM EXPLORATION: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Oleum Exploration, LLC
108 Switzgabel Drive
Brodheadsville, PA 18322
Business Description: Oleum Exploration, LLC is a production and
exploration company operating in Gulf Coast
Basin.
Chapter 11 Petition Date: February 16, 2019
Court: United States Bankruptcy Court
Middle District of Pennsylvania (Wilkes-Barre)
Case No.: 19-00664
Judge: Hon. Robert N. Opel II
Debtor's Counsel: Jeffrey D. Kurtzman, Esq.
KURTZMAN STEADY, LLC
401 South 2nd Street, Suite 200
Philadelphia, PA 19147
Tel: (215) 839-1222
(215) 883-1600
E-mail: Kurtzman@kurtzmansteady.com
Total Assets: $2,164,154
Total Liabilities: $10,400,625
The petition was signed by Scott Slater, managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/pamb19-00664.pdf
OREGON CLEAN: S&P Affirms Prelim 'BB-' Rating on Sr. Secured Debt
-----------------------------------------------------------------
Oregon Clean Energy LLC (OCE LLC), owner of Oregon Clean Energy
(OCE) in Ohio, has upsized its term loan B to $530 million from
$500 million.
On Feb. 1, 2019, S&P Global Ratings assigned a preliminary 'BB-'
rating and '1' recovery rating to OCE's senior secured debt based
on its $500 million senior secured term loan B and $50 million
senior secured revolving credit facility. Following the upsize, S&P
on Feb. 15 affirmed its preliminary 'BB-' rating but revised its
recovery rating to '2' from '1'. The preliminary '2' recovery
rating indicates its expectation of substantial recovery (70%-90%;
rounded estimate: 85%) in the event of default.
OCE utilizes two Siemens SGT6-8000H combustion turbines, which S&P
views as among the most efficient gas turbines on the market.
During summer 2018, the plant achieved an average heat rate below
6,600 Btu/kWh.
OCE has a contractual agreement to receive up to 280,000 million
Btu (MMBtu) of natural gas supply per day on the Generation
Pipeline Lateral, but currently only requires approximately 150,000
at most. Average daily needs are around 120,000 MMBtu per day, and
of this amount, 100,000 MMBtu per day is under firm gas transport
contracts along the ANR and Panhandle pipelines.
"We often view merchant power assets with firm transportation
service arrangements favorably because they will be given the
highest priority on gas delivery through the pipeline during
periods of peak demand," S&P said. "In our view, OCE has greater
access to natural gas supply than peers due to its three firm
transport contracts on two different pipelines." S&P also notes
that the Nexus Pipeline has established a dedicated tap to OCE,
which provides future optionality for access to a third pipeline.
"The stable outlook reflects our expectation that OCE will pay down
approximately $260 million of its term loan B through its cash flow
sweep and mandatory amortization through 2026 and have roughly $270
million outstanding at maturity," S&P said. "We anticipate the debt
service coverage ratio (DSCR) during the next 12 months will be
greater than 2.00x, with a minimum of 1.59x over the project's
life."
S&P said its could lower the rating if the project were unable to
maintain a minimum DSCR of 1.50x. This could stem from the
deterioration of energy margins, possibly caused by lower power
demand or continued low commodity prices. A negative rating action
could also occur if the project experiences unexpected operational
issues that cause a prolonged unforced outage, according to S&P.
"While unlikely in the near term, we could raise the rating if we
expect the project to maintain a minimum base-case DSCR greater
than 1.85x in all years, including during the post-refinancing
period. This could stem from secular improvement in power and
capacity prices in PJM and continued procurement of inexpensive
natural gas feedstock," S&P said.
OUTLOOK THERAPEUTICS: Incurs $9.9 Million Net Loss in Q1 2019
-------------------------------------------------------------
Outlook Therapeutics, Inc., has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss attributable to common stockholders of $9.89 million on
$1.06 million of collaboration revenues for the three months ended
Dec. 31, 2018, compared to a net loss attributable to common
stockholders of $17.72 million on $771,890 of collaboration
revenues for the same period during the prior year.
As of Dec. 31, 2018, the Company had $18.70 million in total
assets, $40.17 million in total liabilities, $4.88 million in total
convertible preferred stock, and a total stockholders' deficit of
$26.35 million.
For the fiscal quarter ended Dec. 31, 2018, the Company reported an
adjusted net loss attributable to common stockholders of $6.9
million, or $0.09 per diluted share, as compared to an adjusted net
loss of $4.0 million, or $0.16 per diluted share, in the first
quarter of fiscal 2018. Adjusted net loss attributable to common
stockholders in the first quarter of fiscal 2019 includes $0.9
million of non-cash stock-based compensation, $0.8 million of
depreciation and amortization, $0.5 million of non-cash interest
expense, $2.3 million of loss on disposal of property and
equipment, and a $0.2 million stock dividend for the Company's
Series A-1 convertible preferred stock, which was partially offset
by $1.6 million of income from a decrease in the fair value of
warrant liability. For the fiscal 2018 first quarter, adjusted net
loss attributable to common stockholders included $1.9 million of
non-cash stock-based compensation expense, $0.7 million of
depreciation and amortization, $0.6 million of non-cash interest
expense, $1.3 million of loss on extinguishment of debt, $15.4
million for recognition of the beneficial conversion feature for
convertible preferred stock, and a $0.5 million stock dividend for
the Company's Series A convertible preferred stock, which was
partially offset by $0.1 million of income from a decrease in the
fair value of warrant liability and a $3.2 million of tax benefit
recognized from the sale of state of New Jersey net operating
losses.
At Dec. 31, 2018, the Company had cash of $0.2 million, compared to
$1.7 million at Sept. 30, 2018.
On Nov. 5, 2018, Outlook Therapeutics announced that it has
received an equity financing commitment for $20.0 million from
BioLexis and restructured and extended the maturity of its senior
secured notes that were previously scheduled to mature on Dec. 22,
2018. The Company completed the sale of the first two tranches of
common stock to BioLexis in this private placement for aggregate
cash proceeds of $12.0 million in November and December 2018. The
final $8.0 million was received in two equal tranches on each of
Jan. 2, 2019 and Feb. 1, 2019. These proceeds along with the
pending receipt of approximately $3.4 million from the sale of New
Jersey net operating losses and research and development credits
are expected to fund the Company's operations into June 2019.
Recent Highlights:
* Reached 75% enrollment completion in ONS-5010-001, a Phase 3
clinical trial in wet AMD
* Ongoing preparations for planned March 2019 IND submission to
the FDA on target
* Received final $8.0 milllion of a $20.0 million private
placement of common stock from BioLexis
"We moved into fiscal year 2019 with building momentum as we
execute against our new strategy to pursue a high value opportunity
with ONS-5010 in the multi-billion dollar anti-VEGF ophthalmic
market," said Lawrence A. Kenyon, president, chief executive
officer and chief financial officer. "To date, we have enrolled
75% of the patients in our ONS-5010-001 clinical trial, which is
the first of two Phase 3 clinical trials of ONS-5010 in wet AMD.
Over the next few months, we expect to make additional progress in
our wet AMD clinical program. Our second wet AMD Phase 3 study,
ONS-5010-002, is expected to begin enrolling patients this quarter
in Australia and New Zealand. In addition, we plan to submit an
IND to the FDA within the coming weeks, which will allow us to
begin enrolling patients in the U.S. for ONS-5010-002."
A full-text copy of the Form 10-Q is available for free at:
https://bit.ly/2Gul3bD
About Outlook Therapeutics
Outlook Therapeutics, Inc., formerly known as Oncobiologics, Inc.
-- http://www.outlooktherapeutics.com/-- is a clinical-stage
biopharmaceutical company focused on developing its lead clinical
program, ONS-5010, a proprietary ophthalmic bevacizumab product
candidate for the treatment of wet age related macular degeneration
(wet AMD). ONS-5010 is currently in its first clinical trial,
which is being conducted outside of the U.S. and is designed to
serve as the first of two adequate and well controlled studies for
wet AMD.
Outlook Therapeutics reported a net loss attributable to common
stockholders of $48.01 million for the year ended Sept. 30, 2018,
compared to a net loss attributable to common stockholders of
$40.02 million for the year ended Sept. 30, 2017. As of Sept. 30,
2018, the Company had $22.28 million in total assets, $43.09
million in total liabilities, $4.73 million in total convertible
preferred stock, and a total stockholders' deficit of $25.54
million.
KPMG LLP's report on the consolidated financial statements for the
year ended Sept. 30, 2018, includes an explanatory paragraph
stating that the Company has incurred recurring losses and negative
cash flows from operations and has an accumulated deficit of $216.3
million, $13.5 million of senior secured notes that may become due
in fiscal 2019 and $4.6 million of unsecured indebtedness, $1.0
million of which is due on demand, and $3.6 million of which
matures Dec. 22, 2018, that raise substantial doubt about its
ability to continue as a going concern.
OUTLOOK THERAPEUTICS: May Issue 7.5M Shares Under the 2015 EIP
--------------------------------------------------------------
Outlook Therapeutics, Inc. has filed a Form S-8 registration
statement with the Securities and Exchange Commission for the
purpose of registering an additional 7,552,754 shares of its common
stock issuable to eligible persons under the 2015 Equity Incentive
Plan, which Common Stock is in addition to the shares of Common
Stock registered on the Company's Form S-8s filed on May 13, 2016
(File No. 333-211362), Feb. 15, 2017 (File No. 333-216081) and Feb.
15, 2018 (File No. 333-223064). A full-text copy of the prospectus
is available for free at:
https://bit.ly/2trrnZa
About Outlook Therapeutics
Outlook Therapeutics, Inc., formerly known as Oncobiologics, Inc.
-- http://www.outlooktherapeutics.com/-- is a clinical-stage
biopharmaceutical company focused on developing its lead clinical
program, ONS-5010, a proprietary ophthalmic bevacizumab product
candidate for the treatment of wet age related macular degeneration
(wet AMD). ONS-5010 is currently in its first clinical trial,
which is being conducted outside of the U.S. and is designed to
serve as the first of two adequate and well controlled studies for
wet AMD.
Outlook Therapeutics reported a net loss attributable to common
stockholders of $48.01 million for the year ended Sept. 30, 2018,
compared to a net loss attributable to common stockholders of
$40.02 million for the year ended Sept. 30, 2017. As of Dec. 31,
2018, the Company had $18.70 million in total assets, $40.17
million in total liabilities, $4.88 million in total convertible
preferred stock, and a total stockholders' deficit of $26.35
million.
KPMG LLP's report on the consolidated financial statements for the
year ended Sept. 30, 2018, includes an explanatory paragraph
stating that the Company has incurred recurring losses and negative
cash flows from operations and has an accumulated deficit of $216.3
million, $13.5 million of senior secured notes that may become due
in fiscal 2019 and $4.6 million of unsecured indebtedness, $1.0
million of which is due on demand, and $3.6 million of which
matures Dec. 22, 2018, that raise substantial doubt about its
ability to continue as a going concern.
PARKDEAN HOLIDAYS: Bank Debt Trades at 7% Off
---------------------------------------------
Participations in a syndicated loan under which Parkdean Holidays
Plc is a borrower traded in the secondary market at 93.25
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 1.08 percentage points from the
previous week. Parkdean Holidays pays 425 basis points above LIBOR
to borrow under the $575 million facility. The bank loan matures on
March 6, 2024. Moody's rates the loan 'B2' and Standard & Poor's
gave a 'B' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
February 8.
Parkdean Resorts was formed in November 2015 through the merger of
Parkdean Holidays and Park Resorts. Operating 67 holiday parks
across England, Scotland and Wales, Parkdean Resorts is currently
the largest holiday park operator in the UK.
PEOPLE TELEVISION: Seeks to Hire Martita Rolon as Accountant
------------------------------------------------------------
People Television Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire an accountant.
The Debtor proposes to employ Martita Rolon, a certified public
accountant, to provide services necessary to administer its
bankruptcy estate and to comply with the reporting requirements and
tax return filing.
Ms. Rolon will be paid a flat fee of $875 per month.
In a court filing, Ms. Rolon disclosed that she is "disinterested"
as defined in Section 101(14) of the Bankruptcy Code.
Ms. Rolon maintains an office at:
Martita Rolon
P.O. Box 2027
Aibonito, PR 00705
Phone: (787) 557-4534
Email: martitaroloncpa@yahoo.com
About People Television
People Television Inc. is an entertainment production group
headquartered in San Juan, Puerto Rico.
People Television filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 19-00041) on Jan. 7, 2019, estimating up to $50,000
in assets and $1 million to $10 million in liabilities. Francisco
Zamora Reyes, president, signed the petition.
Noemi Landrau Rivera, Esq., at Landrau Rivera & Assoc., is the
Debtor's counsel.
PETROLEUM GEO-SERVICES: Bank Debt Trades at 4% Off
--------------------------------------------------
Participations in a syndicated loan under which Petroleum
Geo-Services ASA [PGS] is a borrower traded in the secondary market
at 95.83 cents-on-the-dollar during the week ended Friday, February
8, 2019, according to data compiled by LSTA/Thomson Reuters MTM
Pricing. This represents an increase of 1.77 percentage points from
the previous week. Petroleum Geo-Services pays 250 basis points
above LIBOR to borrow under the $400 million facility. The bank
loan matures on March 19, 2021. Moody's rates the loan 'B3' and
Standard & Poor's gave no rating to the loan. The loan is one of
the biggest gainers and losers among 247 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday, February 8.
Petroleum Geo-Services ASA, a marine geophysical company, provides
a range of seismic and reservoir services worldwide. It operates in
four business areas: Marine Contract, MultiClient, Operations, and
Imaging & Engineering. The company is involved in the acquisition,
imaging, interpretation, and field evaluation of seismic data to
oil and gas companies. It also offers electromagnetic services; and
data library that comprises individual 3D surveys. The company was
founded in 1991 and is headquartered in Oslo, Norway.
PG&E CORP: Clearway Cuts Dividend, Warns Cash Impact
----------------------------------------------------
Clearway Energy, Inc. on Feb. 14, 2019, announced an update to its
business and capital allocation plans due to impacts resulting from
PG&E's bankruptcy. This includes the announcement that the
Company's Board of Directors declared a quarterly dividend on each
of the Company's Class A and Class C common stock of $0.20 per
share payable on March 15, 2019 to shareholders of record as of
March 1, 20191. This compares to the quarterly dividend of $0.331
per share paid on December 17, 2018.
"After careful deliberations with management, our board unanimously
approved [Thurs]day's dividend reduction in order to proactively
maintain balance sheet and capital allocation flexibility during
this period of uncertainty with one of Clearway's largest
customers," said Jonathan Bram, Founding Partner of GIP and
Chairman of the Board of Clearway Energy, Inc. "GIP continues to
be committed to the long-term success of the Company by holding the
Carlsbad project for a future acquisition by the Company, expanding
the ROFO Pipeline with the addition of Hawaii Solar Phase II, and
through ongoing investment in, and advancement of, new renewable
development at Clearway Group."
"The PG&E bankruptcy has heightened the risk that project level
cash distributions could be restricted for an undetermined amount
of time, thereby impacting the Company's corporate liquidity and
corporate leverage. [Thurs]day's announced dividend reduction, the
exercise of GIP's equity backstop commitment for Carlsbad, and our
decision to currently forgo the potential acquisition of the
additional interest in Agua Caliente are prudent actions which
provide the Company financial flexibility to manage through this
period of uncertainty." said Christopher Sotos, Clearway Energy,
Inc.'s President and Chief Executive Officer. "As time progresses
and we receive more clarity on the PG&E situation, including our
ability to receive project distributions, we will reassess the
dividend. Over the long term, these actions will allow us to
maintain our balance sheet objectives, which will help the Company
grow CAFD per share despite the current lack of clarity around cash
distributions from projects impacted by the PG&E bankruptcy."
PG&E Related Project Exposure
On January 29, 2019, Pacific Gas and Electric Company filed for
reorganization under Chapter 11 of the U.S. Bankruptcy Code. The
Company either owns or invests in 1,200 net MW of electric
generation projects with long-term supply or capacity contracts
with PG&E. As of December 31, 2018, the Company's unaudited
balance sheet included approximately $1.4 billion of non-recourse
debt associated with these projects. Additionally, these projects
represent approximately $90 million2 of potential exposure to 2019
project level CAFD. The PG&E bankruptcy filing has triggered
defaults under the power purchase agreements with PG&E and related
project level financing agreements. While the Company is actively
working with project level lenders on forbearance agreements,
unless such lenders for the related project level debt otherwise
agree, distributions to the Company from these projects may not be
made during the pendency of the bankruptcy, although the Company
currently expects these projects to otherwise operate in the normal
course of business. These restrictions, therefore, could result in
the Company accumulating less unrestricted cash and thus decrease
the Company's corporate liquidity and cash available for
shareholder dividends and growth investments.
As of February 14, 2019, PG&E has neither assumed, rejected, or
sought to renegotiate contracts.
Quarterly Dividend Announcement
On February 12, 2019, Clearway Energy, Inc.'s Board of Directors
declared a quarterly dividend on Class A and Class C common stock
of $0.20 per share payable on March 15, 2019, to stockholders of
record as of March 1, 2019. This dividend is reduced from the last
quarterly dividend paid in December 2018 of $0.331 per share.
The Company will continue to assess the level of the dividend
pending developments in the PG&E bankruptcy, including the
Company's ability to receive unrestricted project distributions.
Update to Growth Investments
Carlsbad Energy Center: Exercising the Backstop with GIP
The Company plans to exercise the equity backstop with GIP for the
acquisition of the Carlsbad Energy Center when the transaction with
NRG Energy, Inc. (NRG) closes, now expected in late February 2019.
After considering final purchase price adjustments, GIP is expected
to acquire Carlsbad from NRG for $387 million. Pursuant to the
terms previously agreed by and between the Company and GIP, the
Company maintains the option for a period of eighteen (18) months
to acquire Carlsbad from GIP at the same terms and conditions
previously negotiated with NRG.
Interest in Agua Caliente: Forgoing the Drop Down Offer from NRG
Energy, Inc.
On November 1, 2018, NRG offered the Company the opportunity to
acquire Agua Caliente Borrower 1 LLC, which owns a 35% interest in
Agua Caliente, a 290 MW utility-scale solar project located in
Dateland, Arizona with PG&E as the project's customer. The Company
has elected to forgo the acquisition at this time.
The Company continues to own a 16% interest in the project through
Agua Caliente Borrower 2 LLC.
Update to the ROFO Pipeline with Clearway Group
Clearway Energy Group, GIP's portfolio company that has the
controlling ownership in the Company has added Hawaii Solar Phase
II, the first addition to the ROFO pipeline since the closing of
the GIP Transaction. Hawaii Solar Phase II consists of two solar
and storage projects located in Oahu, Hawaii with a combined
capacity of 75MW. The Mililani I Solar project, located in the
Mililani Agricultural Park, is sized at 39 MW and will include
battery storage capability. The Waiawa Solar Power project,
located in the Waiawa region, is sized at 36 MW and will also
include battery storage capability. The expected commercial
operations date for these projects is 2021.
Corporate Financing Update
On February 1st, the Company repaid the remaining $220 million of
2019 convertible notes outstanding with cash on hand. Other than
the remaining $45 million of 2020 convertible notes due in June
2020, the Company has no corporate debt maturity until 2024.
2019 Financial Guidance Update
Because the Company will exercise the Carlsbad backstop with GIP,
the Company is revising its 2019 CAFD guidance to $270 million from
$295 million. This financial guidance reflects no additional
corporate level financing and assumes that all CAFD related to the
projects impacted by the PG&E bankruptcy is realized in 2019.
Financial guidance for 2019 also continues to be based on median
renewable energy production estimates.
About Clearway Energy Inc.
Clearway Energy, Inc. is a leading publicly-traded energy
infrastructure investor focused on modern, sustainable and
long-term contracted assets across North America. Clearway
Energy's environmentally-sound asset portfolio includes over 7,000
megawatts of wind, solar and natural gas-fired power generation
facilities, as well as district energy systems. Through this
diversified and contracted portfolio, Clearway Energy endeavors to
provide its investors with stable and growing dividend income.
Clearway Energy's Class C and Class A common stock are traded on
the New York Stock Exchange under the symbols CWEN and CWEN.A,
respectively. Clearway Energy, Inc. is sponsored by its controlling
investor Global Infrastructure Partners III (GIP), an independent
infrastructure fund manager that invests in infrastructure and
businesses in both OECD and select emerging market countries,
through GIP's portfolio company, Clearway Energy Group.
About PG&E 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.
As of Sept. 30, 2018, the Debtors, on a consolidated basis, had
reported $71.4 billion in assets on a book value basis and $51.7
billion in liabilities on a book value basis.
PG&E Corp. and Pacific Gas employ approximately 24,000 regular
employees, approximately 20 of whom are employed by PG&E Corp. Of
Pacific Gas' regular employees, approximately 15,000 are covered by
collective bargaining agreements with local chapters of three labor
unions: (i) the International Brotherhood of Electrical Workers;
(ii) the Engineers and Scientists of California; and (iii) the
Service Employees International Union.
On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary,
Pacific Gas and Electric Company, filed voluntary Chapter 11
petitions (Bankr. N.D. Cal. Lead Case No. 19-30088).
PG&E Corporation and its regulated utility subsidiary, Pacific Gas
and Electric Company, said they are facing extraordinary challenges
relating to a series of catastrophic wildfires that occurred in
Northern California in 2017 and 2018. The utility said it faces an
estimated $30 billion in potential liability damages from
California's deadliest wildfires of 2017 and 2018.
Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are
serving as PG&E's legal counsel, Lazard is serving as its
investment banker and AlixPartners, LLP is serving as the
restructuring advisor to PG&E. Prime Clerk LLC is the claims and
noticing agent.
In order to help support the Company through the reorganization
process, PG&E has appointed James A. Mesterharm, a managing
director at AlixPartners, LLP, and an authorized representative of
AP Services, LLC, to serve as Chief Restructuring Officer. In
addition, PG&E appointed John Boken also a Managing Director at
AlixPartners and an authorized representative of APS, to serve as
Deputy Chief Restructuring Officer. Mr. Mesterharm, Mr. Boken and
their colleagues at AlixPartners will continue to assist PG&E with
the reorganization process and related activities.
PG&E CORP: Pierce Bainbridge Files Adversary Proceeding
-------------------------------------------------------
California-based Pierce Bainbridge Beck Price & Hecht LLP has filed
the first adversary proceeding in Pacific Gas & Electric
Corporation's bankruptcy proceedings seeking class action status
for the victims of the Camp Fire. It is fighting to protect the
rights of the victims of the Camp Fire, as the Bankruptcy Court
considers how to reorganize the utility company and pay off its
debts.
Pierce Bainbridge's Tom Warren, who previously represented the
Trustee in the Bernard L. Madoff Investment Securities liquidation
in the recovery of billions of dollars, was on the ground at the
office of the U.S. Trustee seeking a seat at the table for victims
on the Tort Claimants Committee. "We have great confidence that
the Bankruptcy Court and the U.S. Trustee can resolve all of this
in an expeditious manner, which is best for all victims and the
State of California," said Mr. Warren.
While all other class actions have been stayed because of the
bankruptcy, Pierce Bainbridge seeks to certify a class of victims
under the auspices of the Bankruptcy Court to ensure PG&E does not
hide behind the protections of its Chapter 11 bankruptcy filing to
the detriment of the Camp Fire victims.
The lawsuit alleges that the Camp Fire was caused by PG&E as it
knowingly failed to properly maintain its equipment. The Camp Fire
virtually erased the town of Paradise from the map, destroying
14,000 homes and hundreds of commercial buildings and everything
inside of them, injuring an untold number of people, and killing 88
others. Pierce Bainbridge currently represents renters and
business owners in their lawsuit.
The case is Herndon, et al. v. PG&E Corporation, et al., Adv. Proc.
No. 19-03000 (Bankr. N.D. Cal. Feb. 13, 2019).
About Pierce Bainbridge Beck Price & Hecht LLP
The attorneys of Pierce Bainbridge Beck Price & Hecht LLP -- with a
home office in Los Angeles and offices in New York, Washington,
D.C., Boston, and Cleveland have collectively recovered more than
$3 billion for victims of corporate misbehavior and fraud.
About PG&E 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.
As of Sept. 30, 2018, the Debtors, on a consolidated basis, had
reported $71.4 billion in assets on a book value basis and $51.7
billion in liabilities on a book value basis.
PG&E Corp. and Pacific Gas employ approximately 24,000 regular
employees, approximately 20 of whom are employed by PG&E Corp. Of
Pacific Gas' regular employees, approximately 15,000 are covered by
collective bargaining agreements with local chapters of three labor
unions: (i) the International Brotherhood of Electrical Workers;
(ii) the Engineers and Scientists of California; and (iii) the
Service Employees International Union.
On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary,
Pacific Gas and Electric Company, filed voluntary Chapter 11
petitions (Bankr. N.D. Cal. Lead Case No. 19-30088).
PG&E Corporation and its regulated utility subsidiary, Pacific Gas
and Electric Company, said they are facing extraordinary challenges
relating to a series of catastrophic wildfires that occurred in
Northern California in 2017 and 2018. The utility said it faces an
estimated $30 billion in potential liability damages from
California's deadliest wildfires of 2017 and 2018.
Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are
serving as PG&E's legal counsel, Lazard is serving as its
investment banker and AlixPartners, LLP is serving as the
restructuring advisor to PG&E. Prime Clerk LLC is the claims and
noticing agent.
In order to help support the Company through the reorganization
process, PG&E has appointed James A. Mesterharm, a managing
director at AlixPartners, LLP, and an authorized representative of
AP Services, LLC, to serve as Chief Restructuring Officer. In
addition, PG&E appointed John Boken also a Managing Director at
AlixPartners and an authorized representative of APS, to serve as
Deputy Chief Restructuring Officer. Mr. Mesterharm, Mr. Boken and
their colleagues at AlixPartners will continue to assist PG&E with
the reorganization process and related activities.
PHYLLIS HANEY: Sale of Beaver Properties Dismissed w/o Prejudice
----------------------------------------------------------------
Judge Thomas P. Agresti of the U.S. Bankruptcy Court for the
Western District of Pennsylvania dismissed Frye Transportation
Group, Inc.'s proposed purchase of Phyllis J. Haney's property
known as 902 Western Avenue, Beaver, Pennsylvania, Tax Parcel No.
55-032-0100.001; and property known as 1405 8th Avenue, Beaver,
Pennsylvania, Tax Parcel No. 55-032-0101.000, for $150,243, without
prejudice to refiling within seven days.
The Debtor, the titled owner of the properties, leased them to Frye
with an option purchase, according to their commercial lease/option
agreement dated June 16, 2017.
Frye wished to exercise the option to purchase these properties and
according to the payments it made (including $16,403 credit
approved by Court Order) the amount which it is obligated to pay to
exercise this option for these two properties is $150,243 as of
Jan. 30, 2019. The amount is computed as follows: $167,000
combined option price minus $16,757 (this reduction in the option
price is the advanced payments made which is to be credited to
reducing the option price because the Movant has made $106,757
payments since
the signing of the lease purchase agreement with the Debtor and was
obligated to have only paid $90,000).
A review of the Court's Electronic Access to Sales Information
system indicates that Frye failed to advertise the sale, which is
in violation of W.PA.LBR 6004-1(c).
Phyllis J. Haney sought chapter 11 protection (Bankr. W.D. Pa. Case
No. 18-22636) on June 29, 2018. The Debtor tapped Robert O Lampl,
Esq. , at Robert O Lampl Law Office, as counsel.
PRESCRIPTION ADVISORY: Unsecured Creditors to Get Stock or Cash
---------------------------------------------------------------
Prescription Advisory Systems & Technology, Inc., has filed its
First Amended Plan of Reorganization and accompanying disclosure
statement.
Class 3 - Unsecured Claims are impaired. Each Holder of an Allowed
Unsecured Claim shall choose, at its option, from the following
treatment: (a) conversion of the Allowed Unsecured Claim to New
Common Stock in the Reorganized Debtor at a multiple of 1.6 times
the Allowed Unsecured Claim4, or (b) payment of the Allowed
Unsecured Claim, with no interest, over sixty (60) months in
quarterly payments.
Class 1 - DIP Claims are impaired. The Reorganized Debtor shall pay
the Allowed amount of the DIP Claims to the DIP Lender in equal
monthly installments over a thirty-six (36) month period with the
payments to begin the month after the Effective Date, plus the DIP
Lender shall receive 250,000 shares of New Common Stock in the
Reorganized Debtor.
Class 2 - Secured Claims are impaired. One of the following
treatments shall be provided: (i) the Holder of such Claim shall
retain its Lien on its collateral until such collateral is sold,
and the proceeds of such sale, less costs and expenses of disposing
of such collateral, shall be paid to such Holder in full
satisfaction, release, and discharge of such Allowed Secured Claim;
(ii) on or as soon as practicable after the later of (a) the
Effective Date, or (b) the date upon which the Bankruptcy Court
enters a Final Order determining or allowing such Claim, or (iii)
the collateral securing the Creditor’s Secured Claim shall be
abandoned to such Creditor, in full satisfaction, release, and
discharge of such Secured Claim.
Class 4 - Unsecured Noteholder Claims are impaired. In full and
final satisfaction, settlement, discharge and release of, and in
exchange for, each Allowed Unsecured Noteholder Claim, each Holder
of an Allowed Unsecured Noteholder Claim in Class 4 shall, receive
New Common Stock in the Reorganized Debtor at a multiple of 1.44
times their Allowed Unsecured Noteholder Claim.
Class 5 - Preferred Equity Interests in Debtor are impaired. On
account of their Preferred Equity Interests, Holders of Class 5
Preferred Equity Interests shall receive 1.2 shares of New Common
Stock in the Reorganized Debtor for every 1 share of their
Preferred Equity Interests.
Class 6 - Common Equity Interests in Debtor are impaired. On
account of their Common Equity Interests, Holders of Class 6 Common
Equity Interests shall receive 1 share of New Common Stock in the
Reorganized Debtor for every 1 share of their Common Equity
Interests
As an emerging company, since inception the Debtor has relied on
continued cash infusions from investors as it has grown its
business. The Debtor historically has not been, and is not today,
able to finance itself solely from its operational cash flows. Set
forth below is a description of the Debtor’s capital and funded
debt structure as of the Petition Date.
A redlined version of the First Amended Disclosure Statement dated
February 7, 2019, is available at https://tinyurl.com/y3kykyaa from
PacerMonitor.com at no charge.
About Prescription Advisory
Prescription Advisory Systems & Technology, Inc. --
https://pastrx.com -- is a privately held company that developed a
prescription software to deal with prescription overdose epidemic.
The Company's product PASTRx is a software that helps doctors treat
patients with chronic pain and reduce the abuse of controlled
substances. Benefits of PastRx include valuable medical
information at a glance, ability to drill down for more detail,
automatic checks for many patient risks, reduction in clerical
work, and records of compliance. The company was incorporated in
2013 and is based in Jenkintown, Pennsylvania.
Prescription Advisory Systems & Technology, Inc. sought bankruptcy
protection on November 13, 2018 (Bankr. D. Del. Lead Case No. Case
No. 18-12601). In the petition signed by Richard G. Bunker, Jr.,
CEO, the Debtor estimated assets of $0 to $50,000 and liabilities
of $1 million to $10 million. The Debtor tapped Bielli & Klauder,
LLC as general counsel.
PRIMARY PROVIDERS: Interim Cash Collateral Use Until Feb. 20 Okayed
-------------------------------------------------------------------
The Hon. Clifton R. Jessup, Jr., of the U.S. Bankruptcy Court for
the Northern District of Alabama authorized Primary Providers of
Alabama Inc. to use its cash collateral through Feb. 20, 2019 as
approved by the Interim Order.
Creditors ServisFirst Bank and BancorpSouth Bank are granted
replacement liens in the Debtor's post-petition assets, and
proceeds of same, to the same extent, priority and validity as
their pre-petition liens. The security interests granted in this
Order are deemed perfected without the necessary filing or
execution of documents which might otherwise be required under
non-bankruptcy law for the perfection of said security interests.
A full-text copy of the Interim Order is available at
http://bankrupt.com/misc/alnb18-83207-96.pdf
About Primary Providers
Primary Providers of Alabama Inc. is a Medical Group that has 2
practice medical offices located in 1 state 2 cities in the USA.
There are 6 health care providers, specializing in Family Practice,
Nurse Practitioner, being reported as members of the medical group.
Medical taxonomies which are covered by Primary Providers of
Alabama Inc. include Adult Health, Nurse Practitioner, Women's
Health, Family Medicine, Gerontology, Family.
Based in Huntsville, Alabama, Primary Providers of Alabama Inc.,
filed a voluntary case under Chapter 11 of Title 11, United States
Code (Bankr. N.D. Ala. Case No. 18-83207) on Oct. 26, 2018. The
owner, Jason Allman, signed the petition. At the time of filing,
the Debtor estimated $100,001 to $500,000 in assets and $500,001 to
$1 million in liabilities. The case is assigned to Judge Clifton
R. Jessup Jr. Tazewell Shepard at Sparkman, Shepard & Morris,
P.C., is the Debtor's counsel.
REDEEMED CHRISTIAN: Unsecured Creditors to Get $30,000
------------------------------------------------------
Redeemed Church of God, River of Life, filed a plan of
reorganization and accompanying disclosure statement.
Class V - General Unsecured Claims. The claims in this class total
approximately $518,000.
This class will share, pro-rata, in a total distribution of
$30,000. The distribution to this Class will be made in five
installments of $6,000 each. The installments will begin on the
nine month anniversary of the Effective Date and will continue
every nine months thereafter until the Debtor has funded the total
of $25,000. This Class is impaired.
Class III - Secured Tax Claim of Prince George's County, Maryland.
There are three claims in this class aggregating $290. The claims
of this Class will be paid in full, plus accrued post-confirmation
interest at the statutory rate. The payment will be made on the
first day of the second full month following the entry of a final
non-appealable of Confirmation herein. This Class will retain any
liens which it may have against the Debtor's real property until
the Allowed Claims of this Class are paid in full. This Class is
impaired.
Class IV - Secured Claim of Foundation Capital Resources, Inc. This
Class will receive $3,250,000, plus post-confirmation interest at
the rate of 3.5% per annum, in full satisfaction of its claim.
Commencing on the first (1st ) day of the first (1st) full month
following a final, non appealable Order of Confirmation herein, and
continuing for 24 consecutive months, the Debtor will pay this
Class the sum of $8,000 per month. After 24 consecutive monthly
payments, the payment amount will increase to $11,500 for the
following 36 months, and then the payment will escalate to $14,000
per month for the next 60 months.
This Plan is to be funded from the funds currently held by the
Debtor, and funds to be generated from the continuing operations of
the Debtor's business.
A full-text copy of the Disclosure Statement dated February 5,
2019, is available at https://tinyurl.com/y6eclecz from
PacerMonitor.com at no charge.
About Redeemed Christian Church of God
River of Live
Redeemed Christian Church of God, River of Life is a tax-exempt
religious entity (as described in 26 U.S.C. Section 501). Based in
Riverdale, Maryland, the Debtor filed a Chapter 11 petition (Bankr.
D. Md. Case no. 18-12290) on Feb. 22, 2018.
In the petition signed by Pastor Oluwagbemiga Adekunle, director,
Redeemed Christian Church estimated $50,000 in assets and $1
million to $10 million in liabilities. Judge Wendelin I. Lipp is
the case judge. Steven H. Greenfeld, Esq., at Cohen Baldinger &
Greenfeld, LLC, is the Debtor's counsel.
RENNOVA HEALTH: Terminates Jellico Hospital Purchase Agreement
--------------------------------------------------------------
As previously announced, on Nov. 20, 2018 Rennova Health, entered
into an asset purchase agreement to acquire certain assets related
to an acute care hospital located in Jellico, Tennessee and an
outpatient clinic located in Williamsburg, Kentucky. The hospital
is known as Jellico Community Hospital and the clinic is known as
the CarePlus Center. The hospital and the clinic and their
associated assets were being sold by Jellico Community Hospital,
Inc. and CarePlus Rural Health Clinic, LLC, respectively.
On Feb. 8, 2019, the Company delivered a letter terminating the
Purchase Agreement pursuant to its terms. Section 1.11 of the
Purchase Agreement required that the appraised value of Owned
Personal Property (as defined in the Purchase Agreement) have at
least a specified fair market value, which value was not achieved.
In addition, the sellers were unable to satisfy certain specified
closing conditions in the Purchase Agreement. As a result, the
Company exercised its termination right.
The parties are continuing to negotiate a revised agreement. If
the parties can resolve the outstanding issues, the Company is
willing to enter into a new asset purchase agreement, although
there can be no assurance such an agreement will be reached.
About Rennova Health
Rennova Health, Inc. -- http://www.rennovahealth.com/-- owns and
operates two rural hospitals in Tennessee and provides diagnostics
and supportive software solutions to healthcare providers,
delivering an efficient, effective patient experience and superior
clinical outcomes. Beginning in 2018, the Company intends to focus
on and operate two synergistic divisions: 1) clinical diagnostics
through its clinical laboratories; and 2) hospital operations
through its Big South Fork Medical Center, which opened on Aug. 8,
2017, and a hospital in Jamestown Tennessee, including a doctor's
practice, the assets of which it expects to acquire in the second
quarter of 2018, pursuant to the terms of a definitive asset
purchase agreement that the Company entered into on Jan. 31, 2018.
Rennova Health reported a net loss attributable to common
shareholders of $108.5 million for the year ended Dec. 31, 2017,
compared to a net loss attributable to common shareholders of
$32.61 million for the year ended Dec. 31, 2016. As of Sept. 30,
2018, the Company had $19.43 million in total assets, $39.76
million in total liabilities, $5.83 million in redeemable preferred
stock I-1, $3.96 million in redeemable preferred stock I-2, and a
total stockholders' deficit of $30.13 million.
The report from the Company's independent accounting firm Green &
Company, CPAs, in Tampa, Florida, the Company's auditor since 2015,
on the consolidated financial statements for the year ended Dec.
31, 2017, includes an explanatory paragraph stating that the
Company has significant net losses, cash flow deficiencies,
negative working capital and accumulated deficit. These conditions
raise substantial doubt about the company's ability to continue as
a going concern.
RIDESHARE PORT: March 19 Disclosure Statement Hearing
-----------------------------------------------------
A hearing to consider approval of disclosure statement explaining
Rideshare Port Management, LLC, and Red Booth, Inc., will be held
on March 19, 2019, at 10:00 p.m. in Ctrm 1568, 255 E. Temple
Street, Los Angeles, California.
A full-text copy of the Amended Disclosure Statement is available
at https://tinyurl.com/yyac2jto from PacerMonitor.com at no
charge.
About Rideshare Port Management
Rideshare Port Management, LLC, provides rideshare van services,
including van services to passengers at the Los Angeles
International Airport.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Calif. Case No. 17-22974) on Oct. 23, 2017. Joea
Rattan, its managing member, signed the petition.
At the time of the filing, the Debtor disclosed that it had
estimated assets of less than $50,000 and liabilities of $1 million
to $10 million.
Judge Ernest M. Robles presides over the case.
Sandford L. Frey, Esq., at Leech Tishman Fuscaldo & Lampl, Inc.,
serves as legal counsel.
SANABI INVESTMENTS: To Revise Tax Implications in Plan Disclosures
------------------------------------------------------------------
Sanabi Investments, LLC, d/b/a Oscar's Moving & Storage, filed an
amended disclosure statement in support of its plan of
reorganization to revise the tax implications.
Class 6 - General Unsecured Creditors are impaired with total
claims amount $524,495.06. Quarterly plan payment amount
$1,000.00. The allowed general unsecured claims will receive a
total of $20,000.00 to be paid in quarterly installments of
$1,000.00 for 5 years.
Class 1 - Secured Claim of Newtek Small Business Finance, LLC, are
impaired with claim amount $469,551.25. Monthly payment amount
$3,796.00. The Debtor proposes to treat the secured claim in equal
monthly installments over sixty (60) months at $3,796.00 per month.
Repayment shall be based upon the existing contract.
Class 3 - Secured Claim of USB Leasing LT are impaired with claim
amount $26,600.00. Monthly payment amount $950.00. Class 3 is
secured by a 2017 Range Rover. The Debtor proposes to continue to
make monthly lease payments pursuant to the lease. The Debtor will
cure the arrears over 1 year, totaling equal monthly payments of
$243.75 per month.
The funds to make the initial payments will come from the Debtor in
Possession's Bank account. Funds to be used to make cash payments
pursuant to the Plan will derive from the Debtor's income.
A full-text copy of the Disclosure Statement dated February 7,
2019, is available at https://tinyurl.com/y65go3ml from
PacerMonitor.com at no charge.
About Sanabi Investments
Sanabi Investments, L.L.C. filed a Chapter 11 petition (Bankr. S.D.
Fla. Case No. 18-16699) on June 1, 2018. In the petition signed by
Saady Bijani, managing member, the Debtor estimated $50,000 to
$100,000 in assets and $500,000 to $1 million in liabilities. Chad
T. Van Horn, Esq., at the Law Offices of Alla Kachan, P.C., is the
Debtor's counsel.
SARAI SERVICES: May Use Cash Collateral Through March 31
--------------------------------------------------------
The Hon. Clifton R. Jessup, Jr. of the U.S. Bankruptcy Court for
the Northern District of Alabama authorized Sarai Services Group,
Inc. to use its cash collateral through March 31, 2019 as approved
by the Interim Order.
Creditors Everest Business Funding and Pearl Delta Funding, LLC,
along with any other presently unknown creditors with security
interests in the Debtor’s Cash Collateral, are hereby granted
replacement liens in the Debtor's post-petition assets, and
proceeds of same, to the same extent, priority and validity as
their pre-petition liens. The security interests granted in the
Interim Order are deemed perfected without the necessary filing or
execution of documents which might otherwise be required under
non-bankruptcy law for the perfection of said security interests.
The Debtor must seek additional Court approval for continued use of
its Cash Collateral for the period after March 31, 2019.
A full-text copy of the Interim Order is available at
http://bankrupt.com/misc/alnb18-82948-136.pdf
About Sarai Services Group
Sarai Services Group, Inc., together with its subsidiaries, is a
privately-held company in Huntsville, Alabama, that specializes in
logistics, program management and information technology.
Sarai Services Group, SSGWWJV LLC, Sarai Investment Corporation and
CM Holdings, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ala. Case Nos. 18-82948 to 18-82951)
on Oct. 3, 2018. In the petitions signed by CEO James Mitchell,
each Debtor estimated assets of $1 million to $10 million and
liabilities of the same range. Judge Clifton R. Jessup Jr.
oversees the cases. Sparkman, Shepard & Morris, P.C., is the
Debtor's counsel.
SCIENTIFIC GAMES: Bank Debt Trades at 2% Off
--------------------------------------------
Participations in a syndicated loan under which Scientific Games
Corporation is a borrower traded in the secondary market at 97.69
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.99 percentage points from the
previous week. Scientific Games pays 275 basis points above LIBOR
to borrow under the $4.174 billion facility. The bank loan matures
on August 14, 2024. Moody's rates the loan 'Ba3' and Standard &
Poor's gave a 'B+' rating to the loan. The loan is one of the
biggest gainers and losers among 247 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
Friday, February 8.
SILVERADO STAGES: To Pay Creditors Through Asset Sale Proceeds
--------------------------------------------------------------
Silverado Stages, Inc., a Wyoming corporation; Silverado Charter
Services, LLC, a California limited liability company; Michelangelo
Leasing Inc., an Arizona corporation; Silverado Stages SC, LLC, a
California limited liability company; Silverado Stages CC, LLC, a
California limited liability company; Silverado Stages NC, LLC, a
California limited liability company; Silverado Stages NV, LLC, a
Nevada limited liability company; and Silverado Stages AZ, LLC, an
Arizona limited liability company, filed a plan of reorganization
and accompanying disclosure statement.
The Debtors are liquidating their assets. The Debtors have
abandoned or returned their
fully encumbered assets to the appropriate Secured Creditors.
Through the Auction, the Debtors generated $260,681 in Auction
Proceeds with additional unsold vehicles that the Auctioneer
believes will generate approximately an additional $75,000 in sales
to interested parties for a total of approximately $335,681.
Additionally, with Jeff Post's help, the Debtors recently accepted
an offer to purchase the Sacramento Property for $2,720,000 that
should result in net sale proceeds to the Debtors of approximately
$1,200,000. The Debtors will soon be filing a motion for the
Bankruptcy Court's approval of the proposed sale, subject to higher
and better offers.
As of the Petition Date, the Debtors owed Western Alliance the
aggregate Indebtedness of at least $7,518,655. Repayment of the
Indebtedness is secured by, among other things, a valid
pre-bankruptcy first position lien and security interest against,
among other collateral: (i) all of the Debtors' personal Property;
and (ii) all of the Debtors' cash and accounts receivable, which
constitutes cash collateral as defined in Section 363(a) of the
Bankruptcy Code.
The Debtors previously agreed in cash collateral orders to
replacements liens related to
the Cash Collateral with the parties reserving their rights
regarding the value of such
replacement liens and any diminution of Western Alliance's
collateral. All rights of all parties were reserved regarding the
value of the Western Alliance's replacement liens and the amount
of, if any, diminution of Western Alliance's collateral. Western
Alliance's replacement liens do not extend to causes of action
under Chapter 5 of the Bankruptcy Code. As of February 5, the
Debtors have paid the amount of $1,170,943 to Western Alliance.
Western Alliance's blanket lien encumbers the Debtors' remaining
personal property assets, which Western Alliance sold at the
Auction. As of February 4, 2019, the Debtors' receivables totaled
approximately $1,553,772.65 and the Debtors held approximately
$281,863.93 in cash accounts. The Debtors are working with Western
Alliance and the Committee to determine whether any of the Debtors'
receivables or cash are not subject to the Alliance Lien and
Western Alliance's replacements liens.
Michelangelo also holds an interest in a Judgment entered in Nevada
in the amount of $104,795.31 against MOH Management, LLC and
others. The defendants appealed the Judgment and the matter is
currently pending before the Nevada Court of Appeals. The appeal
has been fully briefed, and the Debtors expect a ruling in the next
few months. Dickinson Wright PLLC ("DW") was Michelangelo's
pre-bankruptcy counsel related to the Judgment, and DW asserts a
lien against the Judgment. The Debtors and Committee are
investigating the validity of that lien and the collectability of
the Judgment.
Class 5 consists of all Allowed Unsecured Claims that are not
entitled to classification in any other Class of Claims and all
deficiency Claims remaining after the return or sale of collateral.
After payment of or reservation for Administrative Claims, Class 1
Claims, and the Class 2 Claim, the Liquidating Trustee shall
distribute a pro rata share of all funds to Class 5 Claimants as
available and at the Liquidating Trustee’s discretion in
accordance with the Liquidating Trust Agreement. Class 5 Claims
shall not accrue interest. No prepayment penalty shall apply to
Class 5. If a Class 5 Claim is not an Allowed Claim prior to the
Initial Payment Date, the holder of the Class 5 Claim shall not
receive payment until its Claim is Allowed. Class 5 is Impaired.
Class 2 solely consists of the Allowed Secured Claim of Western
Alliance relating to its lien encumbering the Debtors’ personal
Property. As of the Petition Date, the Debtors owed Western
Alliance an Indebtedness of at least $7,518,655 pursuant to the
terms of the Western Alliance Documents. Repayment of the
Indebtedness is secured by the Alliance Lien against, among other
collateral: the Debtors’ personal Property; and the Debtors’
cash and accounts receivable, which constitutes cash collateral as
defined in Bankruptcy Code § 363(a). The Debtors previously agreed
in the Cash Collateral Orders to replacements liens related to the
Cash Collateral with the parties reserving their rights regarding
the value of such replacement liens and any diminution of Western
Alliance’s collateral. As of February 4, 2019, the Debtors’
receivables totaled approximately $1,553,772.65 and the Debtors
held approximately $281,863.93 in cash accounts. To date and in
accordance with the Cash Collateral Orders, the Debtors have paid
the amount of $1,170,943.00 to Western Alliance.
The Plan will be funded from the Liquidating Trust’s liquidation
of the Debtors’ remaining Property, including Causes of Action
and other Litigation.
A full-text copy of the Disclosure Statement dated February 5,
2019, is available at https://tinyurl.com/y4dayys8 from
PacerMonitor.com at no charge.
About Silverado Stages
Headquartered in Phoenix, Arizona, Silverado Stages, Inc. --
https://silveradostages.com/ -- with 10 locations on the West
Coast, is a federally licensed motor carrier and operates as a
Public Stage under California DOT authority. The company is
additionally certified as a U.S. Department of Defense motor
carrier to provide transportation for the military and by the CHP
as a School Pupil Activities Bus (SPAB) operator.
Silverado Stages was founded in 1987 and has had the most diverse
background in passenger operations. It operates a diverse fleet of
over 300 passenger vehicles, over 60 of which are ADA compliant.
It currently operates from terminals in San Luis Obispo,
Sacramento, Santa Barbara, Torrance, San Diego, Reno, and Las
Vegas.
Silverado Stages and seven of its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Lead Case
No. 18-12203) on Oct. 5, 2018.
In the petitions signed by James Galusha, chairman, Silverado
Stages estimated $10 million to $50 million in assets and $50
million to $100 million in liabilities as of the bankruptcy
filing.
The Debtor hired Sonoran Capital Advisors, LLC, and appointed the
firm's managing director Matthew Foster as chief restructuring
officer. Allen Barnes & Jones, PLC, is the Debtor's legal counsel.
SUNGLO HOME: Says PCO Appointment Not Necessary
-----------------------------------------------
Sunglo Home Health Services, Inc. asks the U.S. Bankruptcy Court
for the Southern District of Texas to enter an order finding that
the appointment of a patient care ombudsman is not necessary.
The Debtor contends that its initiation of the Chapter 11
bankruptcy case was not caused by patient-care issues. Further, the
Debtor notes that its contact with each individual patient occurs
only during a limited time period and is subject to strict
regulations and physician oversight, although it provides home
health care services to patients on a short-term basis. Hence, the
Debtor maintains that while it may be labeled as a "health care
business' for the purposes of Sec. 333 of the Bankruptcy Code, it
is not necessary for the Court to appoint a patient care
ombudsman.
Therefore, the Debtor requested the Court to determine that the
appointment of a patient care ombudsman is not necessary for a
hearing to be held in no later than March 15, 2019.
About Sunglo Home
Based in Harlingen, Texas, Sunglo Home Health Services, Inc., dba
Sunglo Adult Day Care VIII; dba Sunglo Adult Day Care II; dba
Brighten Academy, filed a voluntary Chapter 11 petition (Bankr.
S.D. Tex., Case No. 19-10061) on February 14, 2019, and disclosed
$100,001-$500,000 in assets and $1,000,001-$10 million in
liabilities.
The Debtor is represented by:
Jana Smith Whitworth, Esq.
JS WHITWORTH LAW FIRM, PLLC
112 E. Kiwi Street
McAllen, TX 78504
Tel: 956-371-1933
Email: jana@jswhitworthlaw.com
SWIFT STAFFING: Seeks 2-Week Extension to Exclusively File Plan
---------------------------------------------------------------
Swift Staffing Holdings, LLC asked the U.S. Bankruptcy Court for
the Northern District of Mississippi to extend by two weeks the
period during which it has the exclusive right to file a Chapter 11
plan and solicit acceptances for the plan.
The extension, if granted by the court, would give the company more
time to resolve issues without a trial before filing a plan,
including the claim of its secured creditor Diverse Staffing
Services, Inc., according to court filings.
About Swift Staffing Holdings
Swift Staffing Holdings, LLC, is a full-service provider of
staffing services with offices across the United States.
Swift Staffing sought Chapter 11 protection (Bankr. N.D. Miss. Case
No. 18-10616) on Feb. 21, 2018. In the petition signed by Rodney
Clay Dial, manager, the Debtor estimated assets and liabilities in
the range of $1 million to $10 million. The case has been assigned
to Judge Jason D. Woodard. The Debtor tapped Craig M. Geno, Esq.,
at Law Offices of Craig M. Geno, PLLC, as counsel; and Jewel Bunch
as consultant.
On Feb. 27, 2018, the bankruptcy cases of Swift Staffing Arkansas,
LLC (Case No. 18-10626), Swift Staffing Alabama, LLC (Case No.
18-10627), Swift Staffing Georgia, LLC Case No. 18-10628), Swift
Staffing North Carolina, LLC (Case No. 18-10629), Swift Staffing
Florida, LLC (Case No. 18-10630), Swift Staffing Mississippi, LLC
(Case No. 18-10631), Swift Staffing Tennessee, LLC (Case No.
18-10632), Swift Staffing Pennsylvania, LLC (Case No. 18-10633),
and Rockhill Staffing Texas, LLC (Case No. 18-10634) were
administratively consolidated into the bankruptcy cases of Swift
Staffing Holdings, LLC (Case No. 18-10616).
THINGS REMEMBERED: U.S. Trustee Forms 5-Member Committee
--------------------------------------------------------
Andrew Vara, acting U.S. trustee for Region 3, on Feb. 15 appointed
five creditors to serve on the official committee of unsecured
creditors in the Chapter 11 case of Things Remembered Inc.
The committee members are:
(1) Jewelry Concepts, Inc.
Attn: Earl Feeney
41 Western Industrial Drive
Cranston, RI 02921
Phone: 401-228-8586
Fax: 401-228-8540
(2) Gravotech Inc. dba Gravograph
Attn: Gerard Guyard
2200 Northmont Parkway
Duluth, GA
Phone: 404-409-6487
(3) Chu Kwun Kee Metal Manufactory
c/o Brian Mitteldorf
14226 Ventura Blvd.
Sherman Oaks, CA 91423
Phone: 818-990-4800
Fax: 818-990-3904
(4) Brookfield Property REIT, Inc.
Attn: Julie Minnick Bowden
350 N Orleans St., Suite 300
Chicago, IL 60654
Phone: 312-960-2707
Fax: 312-442-6374
(5) Simon Proerty Group, L.P.
Attn: Ronald Tucker
225 West Washington Street
Indianapolis, IN 46204
Phone: 317-263-2346
Fax: 317-263-7901
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 Things Remembered
Things Remembered, Inc., along with affiliates, are multi-channel
personalized apparel and accessory retailers. Their retail
approach focuses on customized gifts for milestone occasions such
as weddings, birthdays, holidays, and graduations. The Company
offers their merchandise through their catalog, e-commerce website,
and approximately 400 stores in shopping malls throughout the
United States and Canada. They are headquartered in Highland
Heights, Ohio.
Things Remembered, along with two affiliates, filed for bankruptcy
on February 6, 2019 (Bankr. D.Del., Case No. 19-10234). The
petition was signed by Robert J. Duffy, chief restructuring
officer.
Judge Kevin Gross presides over the Debtors' cases.
The Debtors have $50 million to $100 million in estimated assets
and $100 million to $500 million in estimated liabilities.
Landis Rath & Cobb LLP serves as the Debtors' local bankruptcy
counsel and Kirkland & Ellis LLP serves as general bankruptcy
counsel. Berkeley Research Group, LLC serves as restructuring
advisor to the Debtors; Stifel, Nicolaus & Co., Inc. and Miller
Buckfire & Co., Inc. as financial advisor and investment banker;
and Prime Clerk, LLC as notice and claims agent. Davies Ward
Phillips & Vineberg LLP serves as acting Canadian counsel.
* * *
The Debtors have a stalking horse bid from Enesco LLC, an
international giftware business that is a portfolio company of
Balmoral Funds LLC. The Stalking Horse Bid is for $17.5 million in
cash, subject to post-closing adjustments, and includes a $3
million earnest money deposit.
TKC HOLDINGS: Bank Debt Trades at 3% Off
----------------------------------------
Participations in a syndicated loan under which TKC Holdings is a
borrower traded in the secondary market at 97.17
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.76 percentage points from the
previous week. TKC Holdings pays 375 basis points above LIBOR to
borrow under the $1.277 billion facility. The bank loan matures on
February 1, 2023. Moody's rates the loan 'B2' and Standard & Poor's
gave a 'B-' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
February 8.
TOYS R US: Emerges as New Company with New Leadership, Vision
-------------------------------------------------------------
Toys "R" Us(R) has officially emerged as a new company, with new
leadership and a new vision to deliver the magic of its iconic
brands around the world.
Effective January 20, 2019, the new company, Tru Kids Inc. doing
business as Tru Kids BrandsTM, became the proud parent of
Toys"R"Us(R), Babies"R"Us(R), Geoffrey(R) and more than 20
established consumer toy and baby brands.
Tru Kids Brands will be led by Richard Barry, the former global
chief merchandising officer at Toys"R"Us, who will serve as
President & CEO along with an experienced management team that
includes Matthew Finigan as CFO, James Young as EVP of Global
License Management & General Counsel, and Jean-Daniel Gatignol as
SVP of Global Sourcing & Brands.
The company also appointed brand management veteran
Yehuda Shmidman as Vice Chairman to advise on global strategy and
execution. Mr. Shmidman is the CEO of Wave Hill Partners, and the
former CEO of Sequential Brands Group.
For over 70 years, Toys"R"Us has celebrated the joys of childhood
with kids of all ages and Babies"R"Us has been the destination for
all new and expecting parents. Geoffrey the Giraffe, the beloved
mascot of Toys"R"Us for more than 50 years, is adored by kids and
their families all around the world.
This brand power remains as Toys"R"Us and Babies"R"Us generated
over $3 billion in global retail sales in 2018 through more than
900 stores and e-commerce businesses in 30+ countries across Asia,
Europe, Africa and the Middle East. In the U.S., Toys"R"Us and
Babies"R"Us continue to have incredibly strong brand affinity and
loyalty with more than 9.5 million followers across their social
media channels.
"Despite unprecedented efforts to capture the U.S. market share
this past holiday season, there is still a significant gap and huge
consumer demand for the trusted experience that Toys"R"Us and
Babies"R"Us delivers," said Richard Barry, President & CEO of Tru
Kids Brands. "We have a once-in-a-lifetime opportunity to write
the next chapter of Toys"R"Us by launching a newly imagined omni
channel retail experience for our beloved brands here in the U.S.
In addition, our strong global footprint is led by experienced and
passionate operating teams that are 100% focused on growth."
Global partners include Al Futtaim Sons Co. LLC (UAE), Green Swan
(Iberia), Keshet-Hypertoy Ltd (Israel), Lotte Shopping Co. Ltd (S.
Korea), Marketing Services and Commercial Projects Operation
Company (Saudi Arabia), Tablez & Toyz Private Ltd. (India), and
Toys (Labuan) Holding Ltd. in partnership with Fung Retailing Ltd.
(Asia). The Company will work closely with each to expand the
Toys"R"Us and Babies"R"Us businesses in their respective markets as
well as actively seek opportunities to bring the brands to new and
emerging territories.
Tru Kids' global partners are set to bring the joy of Toys"R"Us and
Babies"R"Us to more customers through the opening of 70 stores this
year in Asia, India and Europe and the development of new
e-commerce platforms in several key markets.
Tru Kids will be headquartered in New Jersey with a skilled team of
returning Toys"R"Us employees.
"We have an incredible team focused on bringing Toys"R"Us and
Babies"R"Us back in a completely new and reimagined way, so the
U.S. doesn't have to go through another holiday without these
beloved brands," added Barry.
Further updates on the U.S. business strategy to follow.
Tru Kids Brands
Tru KidsTM is the parent of beloved brands, including Toys"R"Us(R),
Babies"R"Us(R), Geoffrey the Giraffe(R), Journey Girls(R),
Fastlane(R), True Heroes(R), You & Me(R), Imaginarium(R), and Just
Like Home(R). Established in January 2019, Tru Kids is focused on
growing its family of brands through innovative partnerships that
deliver kid-and-parent-focused experiences that expand beyond
traditional retails concepts in the physical and digital spaces.
The company delivers a wealth of services to our valued license
partners around the world, in addition to design and development of
over 20 additional established consumer brands. The company has
offices in New Jersey, USA, Hong Kong & Shenzhen, China.
Tru Kids is a new company celebrating over 70 years of heritage
with an expert team focused on families, kids, and play. Learn
more at trukidsbrands.com.
About Toys "R" Us
Toys "R" Us, Inc., was an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey, in
the New York City metropolitan area. Merchandise was sold in 880
Toys "R" Us and Babies "R" Us stores in the United States, Puerto
Rico and Guam, and in more than 780 international stores and more
than 245 licensed stores in 37 countries and jurisdictions.
Merchandise was also sold at e-commerce sites including Toysrus.com
and Babiesrus.com.
On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.
Toys "R" Us is a privately owned entity but still files with the
U.S. Securities and Exchange Commission as required by its debt
agreements.
The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.
Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017. In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice. The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate entities,
were not part of the Chapter 11 filing and CCAA proceedings.
Grant Thornton is the monitor appointed in the CCAA case.
Judge Keith L. Phillips presides over the Chapter 11 cases.
In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel. Kutak Rock
LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal
North America, LLC as its restructuring advisor; and Lazard Freres
& Co. LLC as its investment banker. It hired Prime Clerk LLC as
claims and noticing agent. Consensus Advisory Services LLC and
Consensus Securities LLC, serve as sale process investment banker.
A&G Realty Partners, LLC, serves as its real estate advisor.
On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors. The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C., as local counsel; FTI Consulting, Inc., as financial
advisor; and Moelis & Company LLC as investment banker.
Toys "R" Us UK
Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores and
3,000 employees, was sent into administration in the United Kingdom
in February 2018.
Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88
Wood Street, London, EC2V 7QF were appointed Joint Administrators
on Feb. 28, 2018. The Administrators now manage the affairs,
business and property of the Company. The Administrators act as
agents only and without personal liability.
The Administrators said they will make every effort to secure a
buyer for all or part of the business.
Liquidation of U.S. Stores
Toys "R" Us, Inc., on March 15, 2018, filed with the U.S.
Bankruptcy Court a motion seeking Bankruptcy Court approval to
start the process of conducting an orderly wind-down of its U.S.
business and liquidation of inventory in all 735 of the Company's
U.S. stores, including stores in Puerto Rico.
Propco I Debtors
Toys "R" Us Property Company I, LLC and its subsidiaries own fee
and leasehold interests in more than 300 properties in the United
States. The Debtors lease the properties on a triple-net basis
under a master lease to Toys-Delaware, the operating entity for all
of TRU's North American businesses, which operates the majority of
the properties as Toys "R" Us stores, Babies "R" Us stores or
side-by-side stores, or subleases them to alternative retailers.
Toys "R" Us Property was founded in 2005 and is headquartered in
Wayne, New Jersey. Toys 'R' Us Property operates as a subsidiary of
Toys "R" Us Inc.
Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE II
Trust, and Wayne Real Estate Company LLC -- Propco I Debtors sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va.
Lead Case No. 18-31429) on March 20, 2018. The Propco I Debtors
sought and obtained procedural consolidation and joint
administration of their Chapter 11 cases, separate from the Toys
"R" Us Debtors' Chapter 11 cases.
The Propco I Debtors estimated assets of $500 million to $1 billion
and liabilities of $500 million to $1 billion.
Judge Keith L. Phillips oversees the Propco I Debtors' cases.
The Propco I Debtors hired Klehr Harrison Harvey Branzburg, LLP;
and Crowley, Liberatore, Ryan & Brogan, P.C., as co-counsel. The
Debtors also tapped Kutak Rock LLP. They hired Goldin Associates,
LLC, as financial advisors.
TRIDENT HOLDING: Files Ch.11 with Deal for Debt-to-Equity Plan
--------------------------------------------------------------
After carefully exploring options to ensure its long-term
viability, Trident Holding Company, LLC, along with its affiliates,
filed for Chapter 11 reorganization to implement a financial
restructuring.
Trident is the national provider of bedside diagnostic and related
services in the United States, with operations in more than 35
states serving more than 12,000 post-acute care, assisted living
facilities, and correctional facilities.
With operations across the country, Trident maintains a sizeable
workforce. In particular, the Debtors employ 5,600 total employees,
4,500 of which are full-time employees, 660 are part-time
employees, 420 are pro re nata employees and 20 are temporary
employees.
The Debtors commenced Chapter 11 cases with a $50 million new money
commitment from their senior secured lender, SPCP Group, LLC, their
Priority First Lien Lender, in the form of a debtor-in-possession
two-draw term loan facility, providing access to the liquidity the
Debtors need to fund these Chapter 11 cases; implement a financial
restructuring; and galvanize their operational turn-around
efforts.
In conjunction with its DIP Facility commitment, SPCP Group also
has executed a prepetition restructuring support agreement pursuant
to which it has agreed to support the general terms of a chapter 11
plan.
The Debtors are not seeking the Court's approval to assume the RSA.
Termination of the RSA, however, would trigger a default under the
DIP Facility.
As is customary, the RSA contains certain milestones for the
Debtors' advancement of these cases. In particular, under the RSA,
the Debtors will deliver a five-year business plan within the first
37 days of the Chapter 11 cases. That business plan will serve as
the foundation for the valuation contained in the Debtors' chapter
11 plan.
Unless the Debtors determine, based on their valuation, that SPCP
Group's prepetition senior secured claims of $257 million are
oversecured, then the Debtors will proceed with confirmation of a
chapter 11 plan providing:
(i) SPCP Group with certain takeback debt and 100% of the
equity in the reorganized Debtors;
(ii) junior lienholders with 5% warrants at a strike price that
accrues at a rate of LIBOR plus 9.5%; and
(iii) general unsecured creditors with a pro rata share of a
$100,000 cash pool.
If, however, the Debtors determine that SPCP Group's prepetition
senior secured claims are oversecured, then the Debtors would have
the opportunity to propose a plan providing additional value to
junior stakeholders, provided that such plan is acceptable to SPCP
Group. Consistent with the Debtors' fiduciary duties, nothing in
the RSA restricts the Debtors from exploring alternative chapter 11
plan structures if one should materialize.
Prepetition Capital Structure
The approximate amount of the Debtors' prepetition indebtedness
outstanding as of February 8, 2019:
Instrument Principal and Interest
---------- ----------------------
Original PIK Notes $79.9 Million
Tranche C PIK Notes $16.5 Million
--------------
$96.4 Million
Instrument Principal and Interest
---------- ----------------------
Tranche A PIK Notes $17.1 Million
Tranche B PIK Notes $19.0 Million
--------------
$36.1 Million
Instrument Principal and Interest
---------- ----------------------
Priority First Lien Facility $257.1 Million
First Lien Facility $219.7 Million
Second Lien Facility
Tranche A $18.7 Million
Tranche B $135.9 Million
Tranche C $5.5 Million
Tranche E $15.2 Million
--------------
$652.0 Million
On April 30, 2018, New Trident Holdcorp, Inc., Schryver Medical
Sales and Marketing, LLC, and Trident Clinical Services Holdings,
Inc., as the Secured Facilities Borrowers, entered into the
Priority First Lien Credit Agreement with SPCP Group, LLC, as
lender and Silver Point Finance, LLC, as administrative agent,
pursuant to which term loans in an approximate aggregate amount of
$257.1 million remain outstanding as of the Petition Date.
The Secured Facilities Loan Parties are also party to the First
Lien Credit Agreement, dated as of July 31, 2013, with the lenders
party thereto and Cortland Capital Market Services LLC as
administrative agent, pursuant to which term loans in an
approximate aggregate amount of $219.7 million remain outstanding.
The Secured Facilities Loan Parties are also party to the Second
Lien Credit Agreement, dated as of July 31, 2013, with the lenders
party thereto and Ares Capital Corporation as administrative agent,
pursuant to which term loans in an approximate aggregate amount of
$175.2 million remain outstanding.
Pursuant to an Investment Agreement, dated as of Nov. 29, 2017 --
Tranched PIK Note Facility -- Trident Holding Company, LLC issued
the Tranche A PIK Notes and the Tranche B PIK Notes with a maturity
date of the later of July 29, 2020 and the maturity date under the
First Lien Facility plus 91 days. FC Pioneer issued the Tranche C
PIK Notes with a maturity date of the later of December 9, 2022 and
the maturity date under the First Lien Facility plus 91 days.
Pursuant to an Investment Agreement, dated as of December 6, 2016
-- Original PIK Note Facility -- FC Pioneer issued the Original PIK
Notes.
As of the Petition Date, the Debtors also estimate that more than
$40 million in general unsecured trade claims are outstanding.
Stronger Balance Sheet
"We expect to emerge from this restructuring process with a
considerably stronger balance sheet and an enhanced ability to
invest in the business going forward. While we undertake this
process and emerge from this restructuring process, I would like to
make it clear that our high-quality work will continue as usual,
and our services remain unchanged. Patients can continue to trust
us to deliver the high quality of care they have come to expect,
and the policies and processes for operations, as well as client
bills and insurance claims, remain the same. We expect no
interruption, reduction, or changes in service. On the contrary,
with the additional capital available, we will strive to improve
our services, add staff, employ advanced technologies, and bring to
you new service offerings," said CEO Andrei Soran in a statement.
"Our goal with this financial restructuring is to reduce the
company's debt and provide the financial flexibility to invest in
to enhance our competitive position. We are confident that the
company will emerge from this process stronger than ever."
Counsel to the administrative agent under the Debtors' Prepetition
Priority First Lien Facility and DIP Facility:
Alan Kornberg, Esq.
Robert Britton, Esq.
Grace Hotz, Esq.
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 6th Ave
New York, NY 10019
E-mail: akornberg@paulweiss.com
rbritton@paulweiss.com
ghotz@paulweiss.com
Counsel to the administrative agent under the Debtors' Prepetition
First Lien Facility:
Patrick Nash, Esq.
Kirkland & Ellis LLP
300 North LaSalle
Chicago, IL 60654
E-mail: patrick.nash@kirkland.com
Counsel to the administrative agent under the Debtors' Prepetition
Second Lien Facility:
Richard Levy, Esq.
James Ktsanes, Esq.
Latham & Watkins LLP
330 North Wabash Avenue, Suite 2800
Chicago, IL 60611
E-mail: richard.levy@lw.com
james.ktsanes@lw.com
Counsel to the investor representative under the Tranched PIK
Notes:
Bradley C. Vaiana, Esq.
Winston & Strawn, LLP
200 Park Avenue
New York, NY 10166
E-mail: bvaiana@winston.com
Counsel to the investor representative under the Original PIK Note
Facility:
Thomas Zahn, Esq.
McGuireWoods
625 Liberty Avenue, 23rd Floor
Pittsburgh, PA 15222
E-mail: tzahn@mcguirewoods.com
About Trident Holding
Trident -- http://www.tridentusahealth.com/-- is a national
provider of bedside diagnostic and related services in the United
States, with operations in more than 35 states serving more than
12,000 post-acute care, assisted living facilities, and
correctional facilities. Trident provides a high volume of
services including X-ray, ultrasound, laboratory, cardiac
monitoring, vascular access services, on-site nurse
practitioner-based primary care and more. Trident employs
approximately 5,600 people.
On Feb. 10, 2019, Trident Holding Company, LLC and 22 of its
affiliates each filed petitions seeking relief under Chapter 11 of
the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-10384).
Trident disclosed $584 million in total assets and $867 million in
liabilities as of Dec. 31, 2018.
The Debtors tapped SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP as
bankruptcy counsel; TOGUT, SEGAL & SEGAL LLP as co-counsel; PJT
PARTNERS LP as financial advisor; ANKURA CONSULTING GROUP, LLC as
restructuring advisor; and EPIQ CORPORATE RESTRUCTURING, LLC as
claims and noticing agent.
TSC GREEN ACRES: Sale of Anne Arundel County Property Approved
--------------------------------------------------------------
Judge Thomas J. Catliota of the U.S. Bankruptcy Court for the
District of Maryland authorized TSC/Green Acres Road, LLC's sale of
the real property situated in Anne Arundel County, Maryland, known
as Lots 1-26 Green Ridge Lane, 7349 and 7349a Green Acres Drive,
Open Space/Rec Area A, 03-391-90247724 and Open Space/Rec Area B,
032-391-90247725.
The sale is free and clear of liens, and upon the Consent of the
Respondent Merritt Financial, LLC. All such liens will attach only
to the proceeds in the order of their priority.
The Debtor is authorized to pay closing expenses, including Real
Estate Commissions and recording costs as described in the Motion
together with the Secured Claims of the Respondents.
Nothing in the Order will be deemed waiver by Merritt Financial of
any rights which it may have pursuant to the Confirmed Plan and
prior Order of the Court, including but not limited to the Order
and the Order Confirming Plan.
The closing on the sale authorized will only occur after March 31,
2019 upon the express authorization of Merritt Financial, so as to
be consistent with the provisions of the Debtor's confirmed Plan.
About TSC/Green Acres Road
Based in Columbia, Maryland, TSC/Green Acres Road LLC owns in fee
simple interest subdivided lots located at 7345 Green Acres Drive,
Glen Burnie, Maryland, valued by the company at $2.08 million. Its
affiliate TSC/Nester's Landing is also the fee simple owner of a
property located at 1915 Turkey Point Road, Baltimore County
(consisting of subdivided lots) valued at $1.89 million.
TSC/Green Acres Road sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 17-25912) on Nov. 28, 2017.
In the petition signed by Gerard McDonough, trustee for AN&J
Family Trust, the Debtor disclosed $2.57 million in assets and $2.6
million in liabilities.
Judge Thomas J. Catliota oversees the case.
The Debtor is represented by David W. Cohen Law Office.
VERITAS SOFTWARE: Bank Debt Trades at 7% Off
--------------------------------------------
Participations in a syndicated loan under which Veritas Software is
a borrower traded in the secondary market at 92.75
cents-on-the-dollar during the week ended Friday, February 8, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 6.36 percentage points from the
previous week. Veritas Software pays 450 basis points above LIBOR
to borrow under the $1.933 billion facility. The bank loan matures
on January 27, 2023. Moody's rates the loan 'B2' and Standard &
Poor's gave a 'B' rating to the loan. The loan is one of the
biggest gainers and losers among 247 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
Friday, February 8.
WEST VILLAGE: Taps Clark Law Group as Special Counsel
-----------------------------------------------------
West Village Holdings, LLC, received approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to hire Clark
Law Group as special counsel.
The firm will assist the Debtor in litigating an adversary
proceeding to be filed regarding the extent of liens against its
properties in Riverdale, Georgia.
Clark Law Group will charge an hourly fee of $350 for the services
of its attorneys.
John Clark, Esq., a partner at Clark Law Group, disclosed in a
court filing that he and his firm neither hold nor represent any
interest adverse to the Debtor and its bankruptcy estate.
The firm can be reached through:
John Clark, Esq.
Clark Law Group
17 Executive Park Dr., Suite 480
Atlanta, GA 30329
Phone: (404) 760-0700
Email: jclark@jclarklawgroup.com
About West Village Holdings
West Village Holdings, LLC, is a real estate lessor whose principal
assets are located at 7335 Old National Highway, Riverdale,
Georgia, and 0 Jonesboro Road, Riverdale, Georgia, with a
comparable sale value of $3.30 million.
West Village Holdings sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 19-50013) on Jan. 1,
2019. At the time of the filing, the Debtor disclosed $3,309,900
in assets and $228,500 in liabilities. Wiggam & Geer, LLC, is the
Debtor's counsel.
WESTMORELAND RESOURCE: Merida Submits $215M Bid for Kemmerer Mine
-----------------------------------------------------------------
Merida Natural Resources, LLC, a privately held company, on Feb.
14, 2019, disclosed that its affiliate, Western Coal Acquisition
Partners, LLC has submitted a $215 million irrevocable bid to
acquire the Kemmerer coal mine, located in Lincoln County, Wyoming,
and owned by Westmoreland Resource Partners, LP. The offer was
submitted pursuant to the Bidding Procedures established by an
Order of the United States Bankruptcy Court for the Southern
District of Texas.
The bankruptcy court Sale Hearing for the sale of Kemmerer is
scheduled on February 28, 2019, and if the successful bidder,
Merida expects to close the purchase shortly thereafter. If
acquired, Kemmerer will play a leading role as Merida's western
"Flagship" mine, as Merida continues its expansion throughout the
western coal basins. Merida Chief Executive Officer, Tom Clarke,
commented, "We are grateful to be a part of the process to sell the
historical Kemmerer mine and, if we are the successful bidder, look
forward to working with the employees, customers, and community in
building a strong and stable future for Kemmerer."
About Merida Natural Resources, LLC
Merida is owned by Tom and Ana Clarke and is affiliated with Clarke
Investments, LLC, which operates investments in the mining, metals,
energy, offshore construction and decommissioning, recycling, and
insurance sectors. Ana Clarke was the largest shareholder of
Westmoreland Coal Company common equity at the time of its
bankruptcy filing.
Merida currently has minority and controlling investments in five
thermal and metallurgical coal mines in Canada and the United
States, producing 4.2 million tons annually. The Kemmerer mine is
over 130 years old, commencing open pit mining in 1950. At one
time Kemmerer was the largest open pit thermal coal mine in the
world having produced over 200 million tons since opening. Kemmerer
produced 4.0 million tons of coal in 2018 and currently employees
288 people.
About Westmoreland Resource
Based in Englewood, Colorado, Westmoreland Resource Partners, LP
(NYSE: WMLP) -- http://www.westmorelandMLP.com/-- is a low-cost
producer of high-value thermal coal to large electric utilities
with coal-fired power plants under long-term coal sales contracts.
The Company also markets to industrial users, and is the largest
producer of surface mined coal in Ohio.
Westmoreland Resource reported a net loss of $31.75 million on
$315.6 million of revenues for the year ended Dec. 31, 2017,
compared to a net loss of $31.58 million on $349.3 million of
revenues for the year ended Dec. 31, 2016. As of June 30, 2018,
Westmoreland Resource had $236.8 million in total assets, $405.15
million in total liabilities and a total partners' deficit of
$168.4 million.
Ernst & Young LLP, in Denver, Colorado, the Partnership's auditor
since 2015, issued a "going concern" opinion its report on the
consolidated financial statements for the year ended Dec. 31, 2017,
stating that the Partnership does not currently have liquidity or
access to additional capital sufficient to pay off its term loan
debt by its maturity date, and has stated that substantial doubt
exists about the Partnership's ability to continue as a going
concern.
WJA ASSET: Disclosure Statement Hearing Continued to May 2
----------------------------------------------------------
The Disclosure Statement explaining OF WJA Real Estate Opportunity
Fund II, LLC, and CA Real Estate Opportunity Fund II, LLC, is
approved.
The hearing to consider confirmation of the Plan is scheduled for
May 2, 2019, at 11:00 a.m.
Any objection to confirmation of the Plan must be filed and served
on or before March 21, 2019.
The Debtors shall file and serve their ballot tabulation summary
and memorandum of points and authorities in support of confirmation
of the Plan and in response to any objections to confirmation of
the Plan, together with any supporting declarations, on or before
April 4, 2019.
Any objecting party wishing to reply to the Debtors' brief in
support of confirmation of the Plan must file and serve its reply
on or before April 12, 2019.
About WJA Asset Management
Luxury Asset Purchasing International, LLC, et al., are part of a
network of entities or "Funds" formed to offer a range of
investment opportunities to individuals. Many of the existing Funds
are performing and some Funds had substantial gains. However,
certain Funds, i.e., those invested in private trust deeds secured
by real estate, suffered losses.
William Jordan Investments, Inc. ("Advisor"), is a registered
investment advisor. Laguna Hills, California-based WJA Asset
Management, LLC ("Manager"), is the managing member of Luxury, et
al. William Jordan was the president and sole owner of Advisor and
was the sole member and manager of Manager.
On May 18, 2017, Luxury and its affiliates filed voluntary
petitions under Chapter 11 of the United States Bankruptcy Code. On
May 25, 2017, four other affiliated filed voluntary Chapter 11
petitions. On June 6, 2017, CA Real Estate Opportunity Fund III
filed its Chapter 11 petition. The Debtors' cases are jointly
administered under Bankr. C.D. Cal. Lead Case No. 17-11996, and the
Debtors continue to operate their businesses and manage their
affairs as DIP.
Pursuant to court orders, Howard Grobstein is now serving as the
chief restructuring officer of the Debtors and Mr. Jordan no longer
has any ongoing role in the Debtors' operations.
At the time of the filing, WJA estimated assets of less than
$500,000 and liabilities of $1 million to $10 million.
Judge Scott C. Clarkson presides over the cases.
Lei Lei Wang Ekvall, Esq., Philip E. Strok, Esq., Robert S.
Marticello, Esq., and Michael L. Simon, Esq., at Smiley
Wang-Ekvall, LLP, serve as counsel to the Debtors. The Debtors
tapped Norton Moore Adams as special counsel, and Elite Properties
Realty as broker.
WOMEN OF WELLNESS: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Women of Wellness Enterprises, LLC
1110 Market Street
Chattanooga, TN 37412
Business Description: Women of Wellness Enterprises owns and
operates The Woodhouse Day Spa in Franklin,
Tennessee. The Spa offers several
services including, a hot stone and
signature four-handed massage, facials,
microdermabrasion, and pedicures.
On the web:
https://franklin.woodhousespas.com/
Chapter 11 Petition Date: February 16, 2019
Court: United States Bankruptcy Court
Middle District of Tennessee (Nashville)
Case No.: 19-00939
Judge: Hon. Charles M Walker
Debtor's Counsel: Griffin S. Dunham, Esq.
DUNHAM HILDEBRAND, PLLC
1704 Charlotte Avenue, Suite 105
Nashville, TN 37203
Tel: 615-933-5850
Fax: 615-777-3765
E-mail: griffin@dhnashville.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Cheryl Calina Burns, president.
The Debtor failed to submit a list of its 20 largest unsecured
creditors at the time of the filing.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/tnmb19-00939.pdf
[*] Brown Rudnick LLP Promotes Four Lawyers to Partners
-------------------------------------------------------
Brown Rudnick LLP, an international law firm, on Feb. 6, 2019,
announced the continued growth of its firm with the promotion of
four exceptional lawyers to partner. Anupreet Amole, Kenneth
Aulet, Zachary D. Hyde, and Chelsea Mullarney joined the
partnership on Feb. 1, 2019.
This distinct group of diverse attorneys will join four dominant
practice groups including White Collar Crime, Bankruptcy and
Corporate Restructuring, Intellectual Property, and Commercial
Litigation.
"We are very pleased to welcome these four attorneys to our firm's
partnership," commented Brown Rudnick Chairman and CEO Joseph F.
Ryan. "Each of them exemplifies our firm's strong dedication to
professional excellence and will strengthen our ability to provide
a high level of client service in key practice areas."
Brown Rudnick's 2019 partner class joins amid strong growth for the
firm, which has also welcomed eight new lateral partners from
outside its ranks since the start of 2018.
"We are excited about this opportunity to continue to grow and
develop our talent pool," said Bill Baldiga, Managing Director of
the firm's Litigation & Restructuring Department. "We have also
had a successful year in attracting new lateral partners to the
firm. We are committed to growing our firm in strategic ways,
including through the development and addition of high-level talent
in 2019 and beyond."
The newly promoted partners are based in the firm's Boston, London,
and New York offices.
The firm's new partners include:
Anupreet Amole: White Collar Crime (London)
Mr. Amole advises companies and individuals on business crime and
corporate compliance issues. He handles sensitive investigations
in a range of multi-jurisdictional matters, focusing upon
allegations of bribery and corruption, fraud, tax evasion, and
money laundering.
Kenneth Aulet: Bankruptcy and Corporate Restructuring (New York)
Mr. Aulet focuses his practice on bankruptcy and bankruptcy
litigation, including regularly representing official committees,
ad hoc committees, and other parties in interest in complex Chapter
11 cases, SIPA proceedings, and associated litigation across a wide
array of industries. He has extensive trial experience in
contested bankruptcy matters, adversary proceedings, and other
litigation.
Zachary D. Hyde: Intellectual Property (Boston)
Mr. Hyde counsels clients in pursuing commercially relevant
intellectual property protection strategies. He has extensive
experience securing patents in areas including life sciences,
biotechnology, bioinformatics, pharmaceuticals, and semiconductor
devices and optical systems.
Chelsea Mullarney: Commercial Litigation (New York)
Ms. Mullarney's practice includes representing clients in all
aspects of litigation and arbitration matters focusing on contract
and business disputes, financial services, unfair competition, and
complex commercial litigation. Her experience includes trials and
appeals in state and federal courts and the American Arbitration
Association and the representation of creditor committees and
foreign liquidators in bankruptcy courts.
About Brown Rudnick LLP
Brown Rudnick focuses on practices such as distressed debt,
corporate restructuring, M&A, white collar defense, international
disputes, and intellectual property. It has more than 250 lawyers
and government relations professionals across the United States and
Europe, with offices in key financial centers. Beyond the United
States and Europe, it serves clients in the Middle East, North
Africa, the Caribbean, and Latin America.
[*] Dentons Announces Promotions of 15 Partners Across US
---------------------------------------------------------
Dentons US LLP on Feb. 6, 2019, announced the elevation of 15
partners. The promoted lawyers are resident in 11 practices in 12
offices across the US.
Those promoted to partners are Grant Ankrom, Amberlee Cook, Kelly
Fair, Sara Holzschuh, Nicholas Jackson, Robin Johnson, Raleigh
Johnston, Heather Khassian, Gale Monahan, Tania Moyron, Kiran
Patel, Ryan Reeves, Sara Dutschke Setshwaelo, Christine Vrettos and
Ryan Westhoff.
"We are delighted to congratulate our promoted colleagues, and
reward their dedicated work in serving our clients and their
commitment to the legal community," said US CEO Mike McNamara. "We
remain steadfast in our commitment to our clients' future through
these highly-accomplished lawyers. They reflect our communities
and practices and confirm our long-held belief that inclusiveness
and our commitment to diversity makes us stronger."
More than 50 percent of the new partners are women and more than a
quarter are diverse.
Promoted lawyers represent practice areas including Capital
Markets, Commercial Litigation, Corporate, Government Contracts,
Health Care, Intellectual Property & Technology, Native American
Law & Policy, Real Estate, Restructuring, Insolvency & Bankruptcy,
Tax and White Collar & Government Investigations.
Elevated to partner:
Grant Ankrom (Commercial Litigation, St. Louis) focuses his
practice on class action and commercial litigation, representing
both public and private companies in the insurance, food and
beverage product, and real estate industries. His experience
extends to commercial matters involving claims of consumer fraud,
products liability, breach of contract and violations of RESPA,
RICO and numerous state consumer protection statutes.
Amberlee Cook (Tax, Chicago), who is also a member of the Firm's
Tax-Advantaged Investments practice, focuses on transactional tax,
equity and finance matters, with specific experience in housing tax
credits, energy tax credits, historic tax credits and new markets
tax credits. She counsels clients on a broad range of issues that
arise throughout the life of an investment, from acquisitions and
origination to wind-ups and dispositions.
Ms. Cook's background includes energy tax credit portfolio
management for the largest financial institutions in the world, and
she represents developers and financial institutions in acquiring,
constructing and financing projects generating more than 10
gigawatts of energy using wind, solar and other renewable energy
technologies. She also advises client on large-scale credit
enhanced investments, secondary market transactions, proprietary
fund investments and direct investments in the affordable housing
industry.
Kelly Fair (Commercial Litigation, San Francisco) is co-leader of
Dentons' US cannabis group and focuses on representing cannabis and
hemp industry clients in a broad range of regulatory matters and
commercial transactions. Ms. Fair also represents insurance and
financial services clients in all phases of complex commercial
litigation and cybersecurity and data protection. She has extensive
experience litigating consumer fraud class actions brought under
California's Unfair Competition Law (UCL), commercial breach of
contract cases, lawsuits alleging unfair and deceptive business and
trade practices, cybersquatting and domain name disputes, and
trademark and trade secret misappropriation claims. Fair also
advises clients on cybersecurity and data protection policies and
procedures, and emergency response strategies.
Sara Holzschuh (White Collar & Government Investigations, Kansas
City) advises and represents companies, boards of directors,
special committees and senior management in government
investigations, actions and trials; and conducts internal
investigations for US domestic and multinational firms. She also
defends US clients engaged in cross-border transactions against US
federal criminal and civil charges of mail, tax and wire fraud;
alleged violations of US securities laws; False Claims Act
allegations; alleged violations of US sanctions and export control
laws; and Foreign Corrupt Practices Act enforcement actions. She
reviews compliance programs and recommends corrective measures or
enhancements; and conducts anti-corruption due diligence,
post-acquisition integration and remediation, and vendor management
for clients. When she was a special assistant US attorney she
served as a prosecutor on Project Ceasefire, a Project Safe
Neighborhoods initiative, which pursued and prosecuted violent
criminals who illegally possessed explosive devices and controlled
firearms.
Nicholas Jackson (Intellectual Property & Technology, Washington,
DC) focuses on enforcing patent rights and defending patent
infringement claims in a variety of technology areas, including
medical devices, wearable technology, consumer products, cellular
telephones, consumer appliances, cloud computing, naval
architecture, and mechanical devices before the International Trade
Commission, in US federal district courts, and in the US Court of
Federal Claims. He is registered patent attorney with experience
managing a patent portfolio of over 500 pending applications to
obtain patent protection for clients in electrical and mechanical
technologies including semiconductor manufacturing, optical imaging
devices, photovoltaics, surgical equipment and implants, medical
devices, and automotive design in the US Patent and Trademark
Office and before its Patent Trial and Appeal Board.
Robin Johnson (Commercial Litigation, Atlanta) advises and
represents insurance companies on coverage and bad faith involving
general liability, construction defect, first-party property
claims, personal injury claims, and issues relating to additional
insured coverage. Ms. Johnson has significant experience in
rendering coverage opinions and advising insurers on preventing and
addressing bad faith claims. She litigates coverage and bad faith
disputes in state and federal courts across the country and has
been involved in all stages of litigation including the appellate
level. Prior to joining Dentons, Ms. Johnson also handled the
litigation of complex commercial cases involving breach of
contract, securities fraud, medical malpractice defense,
construction disputes, landlord-tenant disputes, and
post-employment restrictive covenants on behalf of business
entities and individual clients.
Raleigh Johnston (Corporate, Dallas) represents public and private
companies, including real estate investment trusts (REITs), in a
variety of corporate, tax, securities, and real estate matters. He
advises clients in connection with transactions involving mergers
and acquisitions, real estate and private equity fund formations,
real estate acquisitions and sales (including sale-leaseback
transactions and like-kind exchanges), and joint venture
formations. Mr. Johnston also counsels clients on a wide range of
federal income tax matters related to transactions involving REITs,
corporations, partnerships, and limited liability companies. His
experience also includes advising clients that invest in, acquire,
develop, and lease real estate assets, including entertainment
properties, student housing properties, hospitality properties,
mixed-use properties, medical properties, and multifamily
properties.
Heather Khassian (Intellectual Property & Technology, Houston) is a
registered patent attorney who specializes in intellectual
property, with a particular focus on biotechnology and chemical
arts. She counsels and represents clients in intellectual property
matters, including litigation matters, intellectual property
strategy development, patent drafting and prosecution, licensing
and other agreements, opinion work, and freedom to operate
assessments. Ms. Khassian has experience with a broad range of
technologies including biotechnology, chemicals, polymers,
pharmaceuticals, medical devices, wireless communications and
semiconductors. Ms. Khassian is also experienced with USPTO
appeals and interferences, and cases pending before the US
International Trade Commission.
Gale Monahan (Government Contracts, Denver) focuses on government
contracts counseling, litigation and internal investigations. His
practice includes a particular emphasis on cost and pricing, the
Cost Accounting Standards, business systems, domestic preference,
and international compliance issues. Mr. Monahan also represents
contractors in traditional contract disputes and False Claims Act
cases in the federal courts, in claims before the boards of
contract appeals, and in bid protests before the Government
Accountability Office (GAO).
Tania Moyron (Restructuring, Insolvency & Bankruptcy, Los Angeles)
has extensive experience in corporate restructuring, bankruptcy and
related litigation matters. She represents chapter 11 debtors,
creditors' and equity committees, liquidating trustees, principals,
and secured and unsecured creditors in all aspects of corporate
bankruptcy, as well as asset purchasers in bankruptcy and
receivership cases. Her client base includes a variety of
industries, including health care, retail, entertainment, trucking,
real estate and restaurant franchise industries.
Kiran Patel (Commercial Litigation, New York) represents clients
facing government investigations and litigation, with a particular
focus on the False Claims Act and the Foreign Corrupt Practices Act
(FCPA). He has substantial experience defending companies and
executives in connection with investigations by the DOJ, SEC, and
other government agencies, including matters involving an
international element. He has litigated in several federal and
state courts, and has a track record of success in briefing, oral
argument, and trial.
Ryan Reeves (Capital Markets, New Orleans) represents issuers,
sellers and servicers in mortgage-backed and asset-backed
securities transactions, as well as purchasers and sellers in whole
loan transactions, especially in the distressed market. His
clients run the gamut in the investment market from large
multinational banks to hedge funds and regional banks. He also
represents both lenders and borrowers in both repurchase and
straight lending arrangements.
Sara Dutschke Setshwaelo (Native American Law & Policy, San
Francisco), as the elected Chairwoman of the Ione Band of Miwok
Indians and a former staff member of the Bureau of Indian Affairs
(BIA) of the US Department of Interior, is keenly attuned to
challenges facing Indian Country. She advises and supports tribal
clients on complex matters involving tribal sovereignty and
governance, government-to-government relations and business and
economic development which includes gaming, energy, conventional
and bond financing, and tax analysis. Dutschke Setshwaelo has
assisted with the federal land acquisition process (aka
fee-to-trust) for gaming and non-gaming projects; drafted and
reviewed tribal governing documents and intergovernmental
agreements; advised on a variety of Indian lands issues including
land claims, leasing and rights-of-way and Section 81 approval
requirements; advised tribal clients regarding labor and employment
matters; and represented tribal clients in Indian Child Welfare Act
matters.
Christine Vrettos (Capital Markets, New York) represents issuers,
underwriters and placement agents in all aspects of the
securitization of loans, real-estate owned (REO) properties and
securities backed by residential mortgage-backed securities,
collateralized loan obligations, commercial mortgage-backed
securities and asset-backed securities. In addition, Ms. Vrettos
advises clients in the financing of servicing advance facilities.
Ryan Westhoff (Real Estate, Kansas City) represents developers,
owners, tenants, private equity funds, real estate investment
trusts (REITs), institutional lenders and servicers on all facets
of complex commercial real estate transactions. His practice
encompasses the development, redevelopment, construction,
financing, leasing, purchase and sale of a broad range of asset
classes, including office and industrial buildings, shopping and
entertainment centers, hospitals and senior living facilities,
hotels and resorts, apartments, mixed-use properties and
undeveloped properties on the local, regional and national levels.
Mr. Westhoff is well versed in issues relating to bond financing
and economic development entitlements and incentives, including
property tax abatement and sales tax districts.
In addition, Bumrae Cho, Boris Pesin and Clay Wortham have been
elevated to counsel:
Bumrae Cho (Intellectual Property & Technology, Washington, DC)
focuses on patent litigation, patent prosecution, and client
counseling, with an emphasis on technology. He has significant
experience preparing and prosecuting worldwide patent applications
in the chemical, biotech and telecommunication areas. Mr. Cho
previously worked at a Korean law firm and represented several
global pharmaceutical/biotechnology companies. He advised clients
in Europe, the United States, Japan, China and Taiwan, drafted
patent applications for diverse fields of technology and was
involved in several pharmaceutical patent litigation in the Korean
Supreme Court.
Boris Pesin (Intellectual Property & Technology, Washington, DC)
focuses on patent preparation and prosecution, portfolio strategy
and IP due diligence. He has more than 12 years experience at the
US Patent and Trademark Office (USPTO) where he served as a primary
examiner and later as a supervisory patent examiner. Mr. Pesin's
experience at the USPTO informs his practice navigating clients
through the patent application process in a variety of
technologies, including operator interface, document processing,
database and file management systems, image processing, network
security and business methods.
Clay Wortham (Health Care, Chicago) focuses on health care
transactional and regulatory matters, including structuring,
negotiating and documenting health care transactions, including
pharmaceutical purchase and supply agreements, telehealth and
telemedicine professional services agreements, graduate medical
education program agreements and various arrangements involving
health care facility joint ventures, programs and collaborations.
He also handles pharmacy and pharmaceutical regulatory matters,
including DEA regulatory matters, and regulatory and transactional
components to identify and protect health care information privacy
and security for arrangements between health care covered entities
and with health care information and technology providers and
innovators.
About Dentons
Dentons -- http://www.dentons.com/-- is the world's largest law
firm, delivering quality and value to clients around the globe.
Dentons is a leader on the Acritas Global Elite Brand Index, a BTI
Client Service 30 Award winner and recognized by prominent business
and legal publications for its innovations in client service,
including founding Nextlaw Labs and the Nextlaw Referral Network.
[^] 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 GZ 66,164.0 (2,921.0) 3,078.0
ABBVIE INC 4AB TH 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 QT 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-BDR ABBV34 BZ 66,164.0 (2,921.0) 3,078.0
ABSOLUTE SOFTWRE ABT CN 90.2 (55.3) (33.2)
ABSOLUTE SOFTWRE OU1 GR 90.2 (55.3) (33.2)
ABSOLUTE SOFTWRE ALSWF US 90.2 (55.3) (33.2)
ABSOLUTE SOFTWRE ABT2EUR EU 90.2 (55.3) (33.2)
AGENUS INC AJ81 GR 130.5 (131.4) 9.4
AGENUS INC AGEN US 130.5 (131.4) 9.4
AGENUS INC AGENUSD EU 130.5 (131.4) 9.4
AGENUS INC AJ81 GZ 130.5 (131.4) 9.4
AGENUS INC AJ81 TH 130.5 (131.4) 9.4
AGENUS INC AGENEUR EU 130.5 (131.4) 9.4
AGENUS INC AJ81 QT 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 GZ 60,792.0 (169.0) (9,473.0)
AMERICAN AIRLINE AAL11EUR EU 60,792.0 (169.0) (9,473.0)
AMERICAN AIRLINE AAL AV 60,792.0 (169.0) (9,473.0)
AMERICAN AIRLINE AAL TE 60,792.0 (169.0) (9,473.0)
AMERICAN AIRLINE A1G SW 60,792.0 (169.0) (9,473.0)
AMERICAN AIRLINE AAL1CHF EU 60,792.0 (169.0) (9,473.0)
AMERICAN AIRLINE AAL US 60,792.0 (169.0) (9,473.0)
AMERICAN AIRLINE A1G GR 60,792.0 (169.0) (9,473.0)
AMERICAN AIRLINE AAL* MM 60,792.0 (169.0) (9,473.0)
AMERICAN AIRLINE AAL1USD EU 60,792.0 (169.0) (9,473.0)
AMERICAN AIRLINE A1G TH 60,792.0 (169.0) (9,473.0)
AMERICAN AIRLINE A1G QT 60,792.0 (169.0) (9,473.0)
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 3A01 QT 122.7 (200.6) (86.5)
AMYRIS INC AMRSEUR EU 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 AUD GZ 3,774.4 (338.3) (395.5)
AUTODESK INC ADSK AV 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)
AUTOZONE INC AZO US 9,523.6 (1,658.6) (353.8)
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 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)
AVEDRO INC AVDR US 21.7 (5.9) 12.5
AVID TECHNOLOGY AVD GR 247.0 (174.1) 4.9
AVID TECHNOLOGY AVID US 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 297.7 (79.7) 8.3
BLUE RIDGE MOUNT BRMR US 1,060.2 (212.5) (62.4)
BOMBARDIER INC-B BBDBN MM 24,958.0 (4,014.0) (44.0)
BRINKER INTL BKJ GR 1,294.8 (855.2) (292.0)
BRINKER INTL EAT US 1,294.8 (855.2) (292.0)
BRINKER INTL EAT2EUR EU 1,294.8 (855.2) (292.0)
BRINKER INTL BKJ QT 1,294.8 (855.2) (292.0)
BRP INC/CA-SUB V DOOO US 2,972.9 (381.0) (215.5)
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)
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)
CANNABIS STRAT-A CBAQF US 136.7 (44.9) (0.5)
CARDIOL THERAP-A CRDL CN 13.1 (3.5) 8.7
CARDLYTICS INC CDLX US 138.1 51.2 75.1
CARDLYTICS INC CYX TH 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 CDLXUSD EU 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 CWST US 702.8 (5.3) (7.1)
CASELLA WASTE WA3 GR 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)
CATASYS INC CATS US 8.5 (7.7) (0.8)
CDK GLOBAL INC C2G QT 3,017.1 (500.1) 56.4
CDK GLOBAL INC CDKUSD EU 3,017.1 (500.1) 56.4
CDK GLOBAL INC CDK US 3,017.1 (500.1) 56.4
CDK GLOBAL INC C2G TH 3,017.1 (500.1) 56.4
CDK GLOBAL INC CDKEUR EU 3,017.1 (500.1) 56.4
CDK GLOBAL INC C2G GR 3,017.1 (500.1) 56.4
CHESAPEAKE ENERG CHK* MM 12,659.0 (39.0) (1,741.0)
CHOICE HOTELS CZH GR 1,138.4 (183.8) (74.7)
CHOICE HOTELS CHH US 1,138.4 (183.8) (74.7)
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
COGENT COMMUNICA OGM1 GR 757.3 (125.8) 286.2
COGENT COMMUNICA CCOI US 757.3 (125.8) 286.2
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)
CRESCO LABS INC CRLBF US 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 335.3 (133.3) (47.1)
DENNY'S CORP DE8 GR 335.3 (133.3) (47.1)
DENNY'S CORP DENNEUR EU 335.3 (133.3) (47.1)
DIEBOLD NIXDORF DBDEUR EU 4,311.9 (159.6) 635.0
DIEBOLD NIXDORF DBDUSD EU 4,311.9 (159.6) 635.0
DIEBOLD NIXDORF DLD TH 4,311.9 (159.6) 635.0
DIEBOLD NIXDORF DBD LI 4,311.9 (159.6) 635.0
DIEBOLD NIXDORF DBD GR 4,311.9 (159.6) 635.0
DIEBOLD NIXDORF DBD US 4,311.9 (159.6) 635.0
DIEBOLD NIXDORF DLD QT 4,311.9 (159.6) 635.0
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 QT 2,142.0 (216.5) 66.8
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 EZV TH 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
DRIVEN DELIVERIE DRVD US - (0.1) (0.1)
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 3,456.6 (712.8) 273.9
DUNKIN' BRANDS G DNKN US 3,456.6 (712.8) 273.9
DUNKIN' BRANDS G 2DB GR 3,456.6 (712.8) 273.9
DUNKIN' BRANDS G 2DB GZ 3,456.6 (712.8) 273.9
DUNKIN' BRANDS G 2DB QT 3,456.6 (712.8) 273.9
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ISRAMCO INC ISRL US 114.8 (8.9) (6.1)
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JACK IN THE BOX JACK1EUR EU 823.4 (591.7) (88.7)
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KULR TECHNOLOGY KUTG US 0.5 (0.3) (0.3)
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MICHAELS COS INC MIK US 2,339.0 (1,789.9) 400.0
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STARBUCKS CORP SBUXCHF EU 19,981.3 (2,878.8) 2,248.8
STARBUCKS CORP SBUX CI 19,981.3 (2,878.8) 2,248.8
STARBUCKS-BDR SBUB34 BZ 19,981.3 (2,878.8) 2,248.8
SUNPOWER CORP S9P2 GR 2,352.6 (149.9) 368.8
SUNPOWER CORP SPWR US 2,352.6 (149.9) 368.8
SUNPOWER CORP S9P2 TH 2,352.6 (149.9) 368.8
SUNPOWER CORP SPWREUR EU 2,352.6 (149.9) 368.8
SUNPOWER CORP SPWRUSD EU 2,352.6 (149.9) 368.8
SUNPOWER CORP S9P2 QT 2,352.6 (149.9) 368.8
TAUBMAN CENTERS TU8 GR 4,335.7 (238.6) -
TAUBMAN CENTERS TCO US 4,335.7 (238.6) -
TOWN SPORTS INTE CLUB US 261.9 (75.4) (16.8)
TRANSDIGM GROUP TDG US 12,389.3 (1,666.9) 2,975.4
TRANSDIGM GROUP T7D GR 12,389.3 (1,666.9) 2,975.4
TRANSDIGM GROUP T7D TH 12,389.3 (1,666.9) 2,975.4
TRANSDIGM GROUP TDGUSD EU 12,389.3 (1,666.9) 2,975.4
TRANSDIGM GROUP T7D QT 12,389.3 (1,666.9) 2,975.4
TRANSDIGM GROUP TDGEUR EU 12,389.3 (1,666.9) 2,975.4
TRIUMPH GROUP TG7 GR 3,330.5 (276.5) 421.7
TRIUMPH GROUP TGI US 3,330.5 (276.5) 421.7
TRIUMPH GROUP TGIEUR EU 3,330.5 (276.5) 421.7
TRULIEVE CANNABI TRUL CN 0.1 (0.2) (0.2)
TRULIEVE CANNABI TCNNF US 0.1 (0.2) (0.2)
TUPPERWARE BRAND TUP GR 1,306.0 (243.1) (119.4)
TUPPERWARE BRAND TUP US 1,306.0 (243.1) (119.4)
TUPPERWARE BRAND TUP1USD EU 1,306.0 (243.1) (119.4)
TUPPERWARE BRAND TUP GZ 1,306.0 (243.1) (119.4)
TUPPERWARE BRAND TUP TH 1,306.0 (243.1) (119.4)
TUPPERWARE BRAND TUP1EUR EU 1,306.0 (243.1) (119.4)
TUPPERWARE BRAND TUP QT 1,306.0 (243.1) (119.4)
UNISYS CORP UIS EU 2,457.6 (1,299.6) 378.1
UNISYS CORP USY1 TH 2,457.6 (1,299.6) 378.1
UNISYS CORP USY1 GR 2,457.6 (1,299.6) 378.1
UNISYS CORP UIS US 2,457.6 (1,299.6) 378.1
UNISYS CORP UIS1 SW 2,457.6 (1,299.6) 378.1
UNISYS CORP UISEUR EU 2,457.6 (1,299.6) 378.1
UNISYS CORP UISCHF EU 2,457.6 (1,299.6) 378.1
UNISYS CORP USY1 GZ 2,457.6 (1,299.6) 378.1
UNISYS CORP USY1 QT 2,457.6 (1,299.6) 378.1
UNITI GROUP INC UNIT US 4,570.8 (1,319.4) -
UNITI GROUP INC 8XC GR 4,570.8 (1,319.4) -
VALVOLINE INC VVVUSD EU 1,832.0 (343.0) 288.0
VALVOLINE INC 0V4 GR 1,832.0 (343.0) 288.0
VALVOLINE INC 0V4 TH 1,832.0 (343.0) 288.0
VALVOLINE INC VVVEUR EU 1,832.0 (343.0) 288.0
VALVOLINE INC 0V4 QT 1,832.0 (343.0) 288.0
VALVOLINE INC VVV US 1,832.0 (343.0) 288.0
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 VGRUSD EU 1,346.9 (472.4) 137.6
VECTOR GROUP LTD VGR QT 1,346.9 (472.4) 137.6
VERISIGN INC VRS GR 1,914.5 (1,385.5) 369.4
VERISIGN INC VRSN US 1,914.5 (1,385.5) 369.4
VERISIGN INC VRS TH 1,914.5 (1,385.5) 369.4
VERISIGN INC VRSN* MM 1,914.5 (1,385.5) 369.4
VERISIGN INC VRSNUSD EU 1,914.5 (1,385.5) 369.4
VERISIGN INC VRSNEUR EU 1,914.5 (1,385.5) 369.4
VERISIGN INC VRS GZ 1,914.5 (1,385.5) 369.4
VERISIGN INC VRS QT 1,914.5 (1,385.5) 369.4
W&T OFFSHORE INC WTI US 1,102.3 (459.8) 43.2
W&T OFFSHORE INC UWV GR 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 QT 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)
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 WW6 GZ 1,381.5 (841.3) 24.1
WEIGHT WATCHERS WW6 TH 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 WTW AV 1,381.5 (841.3) 24.1
WESTERN UNIO-BDR WUNI34 BZ 8,996.8 (309.8) (645.5)
WESTERN UNION W3U TH 8,996.8 (309.8) (645.5)
WESTERN UNION W3U GR 8,996.8 (309.8) (645.5)
WESTERN UNION WU US 8,996.8 (309.8) (645.5)
WESTERN UNION WUUSD EU 8,996.8 (309.8) (645.5)
WESTERN UNION WUEUR EU 8,996.8 (309.8) (645.5)
WESTERN UNION W3U GZ 8,996.8 (309.8) (645.5)
WESTERN UNION W3U QT 8,996.8 (309.8) (645.5)
WIDEOPENWEST INC WOW US 2,250.8 (399.3) (68.5)
WIDEOPENWEST INC WU5 QT 2,250.8 (399.3) (68.5)
WIDEOPENWEST INC WOW1EUR EU 2,250.8 (399.3) (68.5)
WIDEOPENWEST INC WU5 GR 2,250.8 (399.3) (68.5)
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 WKEUR EU 200.4 (12.3) (18.4)
WORKIVA INC WK US 200.4 (12.3) (18.4)
WORKIVA INC 0WKA GR 200.4 (12.3) (18.4)
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 TH 7,132.0 (509.0) (86.0)
WYNDHAM DESTINAT WYNUSD EU 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 442.4 (119.2) 40.4
YRC WORLDWIDE IN YEL1 GR 1,617.1 (301.2) 168.5
YRC WORLDWIDE IN YRCWUSD EU 1,617.1 (301.2) 168.5
YRC WORLDWIDE IN YEL1 QT 1,617.1 (301.2) 168.5
YRC WORLDWIDE IN YRCWEUR EU 1,617.1 (301.2) 168.5
YRC WORLDWIDE IN YRCW US 1,617.1 (301.2) 168.5
YRC WORLDWIDE IN YEL1 TH 1,617.1 (301.2) 168.5
YUM! BRANDS INC TGR TH 4,130.0 (7,926.0) (94.0)
YUM! BRANDS INC TGR GR 4,130.0 (7,926.0) (94.0)
YUM! BRANDS INC YUM US 4,130.0 (7,926.0) (94.0)
YUM! BRANDS INC YUM* MM 4,130.0 (7,926.0) (94.0)
YUM! BRANDS INC TGR GZ 4,130.0 (7,926.0) (94.0)
YUM! BRANDS INC YUMUSD SW 4,130.0 (7,926.0) (94.0)
YUM! BRANDS INC YUMUSD EU 4,130.0 (7,926.0) (94.0)
YUM! BRANDS INC YUMEUR EU 4,130.0 (7,926.0) (94.0)
YUM! BRANDS INC TGR QT 4,130.0 (7,926.0) (94.0)
YUM! BRANDS INC YUMCHF EU 4,130.0 (7,926.0) (94.0)
YUM! BRANDS INC YUM SW 4,130.0 (7,926.0) (94.0)
*********
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 ***