/raid1/www/Hosts/bankrupt/TCR_Public/190425.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, April 25, 2019, Vol. 23, No. 114
Headlines
AMERICAN DIAMOND: Taps Rattet PLLC as Legal Counsel
APEX XPRESS: Court OK's Plan Outline; May 16 Plan Hearing
APX GROUP: Moody's Cuts First-Lien Debt to B2 & Affirms B3 CFR
AYTU BIOSCIENCE: Armistice Capital Has 41.1% Stake as of April 18
BIG DOG II: Taps Wilson Harrell as Legal Counsel
BOB BONDURANT: Exclusive Plan Filing Period Extended to May 31
BROOKLYN BUILDINGS: Taps Kirby Aisner as New Counsel
BUTLER SPECIALTIES: Case Summary & 20 Largest Unsecured Creditors
CAM HUONG INC: Exclusive Plan Filing Period Extended Until July 25
CAROL ROSE: Aarons Object to Disclosure Statement
CLAVIS INVESTMENTS: U.S. Trustee Unable to Appoint Committee
CYTORI THERAPEUTICS: Signs Deal to Sell Japanese Subsidiary $3-Mil.
DESERT LAND: Trustee Seeks to Hire Garman Turner as Local Counsel
DESERT LAND: Trustee Seeks to Hire Nuti Hart as Legal Counsel
DITECH HOLDING: Two More Committee Members Appointed
DWS CLOTHING: Seeks to Extend Exclusive Filing Period to July 12
ENTERCOM MEDIA: Moody's Rates $300MM 2nd Lien Notes 'B2'
EVERGREEN STABLES: Taps Klein & Associates as Legal Counsel
EX-TITANIC CORP: Union City Objects to Disclosure Statement, Plan
FUSE MEDIA: Files for Chapter 11 with Pre-Packaged Plan
GTC WORKS: Seeks to Hire Kelly G. Black as Legal Counsel
HAMPSTEAD GLOBAL: Seeks to Hire Charles A. Higgs as Counsel
HG & ZG CORP: Plan, Disclosures Hearing Set for May 23
JBS USA: Moody's Rates Proposed $700MM Unsecured Notes 'Ba3'
JTRL LLC: June 4 Hearing on Disclosure Statement
JUST FOR YOU COACH: Seeks to Hire Maples Law Firm as Counsel
KEYSTONE PODIATRIC: New Plan Incorporates Stipulation with HHS
LITTLE SPOON: Taps Cohen Baldinger as Legal Counsel
MABVAX THERAPEUTICS: U.S. Trustee Unable to Appoint Committee
MARITECH ATM: Taps Bederson LLP as Accountant
MARITECH ATM: Taps Porzio Bromberg as Legal Counsel
MESOBLAST LIMITED: FDA Agrees to Rolling Review of BLA Submission
MISSION COAL: Clarke, McCoy Notes Incorporated in Latest Plan
MISSION COAL: Court Confirms 4th Amended Joint Chapter 11 Plan
NATIONAL RADIOLOGY: Seeks to Hire Andrea P. Bauman as Accountant
NEIGHBORS LEGACY: Chapter 11 Liquidation Plan Deemed Effective
NETFLIX INC: Moody's Rates New Senior Unsecured Notes 'Ba3'
NETSMART INC: Moody's Affirms B3 CFR, Outlook Stable
NEW DAY N CHRIST: U.S. Trustee Unable to Appoint Committee
NVA HOLDINGS: S&P Rates $200MM Incremental First-Lien Term Loan 'B'
REVOLUTION MONITORING: May 9 Plan Confirmation Hearing Set
REVOLUTION MONITORING: Xynergy Amends Objections to Plan Outline
REYES P. ALONZO: Spector Properties Entitled to Vote on Plan
RIOT BLOCKCHAIN: Amends Form S-3 Registration Statement
RS OLD MILL: Seeks to Hire Goldberg Weprin as New Counsel
RS OLD MILL: Seeks to Hire Levine & Associates as Special Counsel
SCOTTY'S HOLDINGS: Exclusive Filing Period Extended Until June 9
SPN INVESTMENTS: Affiliate Taps Langley & Chang as Legal Counsel
STRAIGHT UP: Case Summary & 20 Largest Unsecured Creditors
TAMKO BUILDING: Moody's Assigns First Time B1 CFR, Outlook Stable
TAMKO BUILDING: S&P Assigns Preliminary 'BB-' ICR; Outlook Stable
TROIANO REALTY: Case Summary & Largest Unsecured Creditors
TROP INC: Seeks to Extend Exclusive Plan Filing Period to May 30
TRUCK HOLDINGS: S&P Lowers ICR to 'B-' on Lund Int'l Acquisition
TWO DELUNA: Taps Wilson Harrell as Legal Counsel
UNIVERSITY PHYSICIAN: June 3 Plan, Disclosures Hearing
URBAN OAKS: Plan Solicitation Period Extended Until July 27
VANTAGE TRAILERS: Voluntary Chapter 11 Case Summary
WMC MORTGAGE: Case Summary & 13 Unsecured Creditors
[*] David Hillman to Join Proskauer's Corporate Department
[*] Four Attorneys Join Williams Mullen's Bankruptcy Practice
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
AMERICAN DIAMOND: Taps Rattet PLLC as Legal Counsel
---------------------------------------------------
American Diamond Mint LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire Rattet PLLC 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; assist in the potential sale of its assets or
refinancing of its secured debt; prepare a plan of reorganization;
and provide other legal services in connection with its Chapter 11
case.
The firm's hourly rates are:
Attorneys $400 to $650
Paraprofessionals $150
The Debtor paid the firm a pre-bankruptcy retainer in the amount of
$50,000.
Rattet is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.
The firm can be reached through:
James B. Glucksman, Esq.
Robert Leslie Rattet, Esq.
Rattet PLLC
202 Mamaroneck Avenue, Suite 300
White Plains, NY 10601
Tel: 914-381-7400
Fax: 914-381-7406
E-mail: jbglucksman@rattetlaw.com
E-mail: rrattet@rattetlaw.com
About American Diamond Mint
American Diamond Mint LLC markets and sells Diamond Bullion -- a
credit card-sized package of investment-grade diamonds in a
tamper-resistant case, with a unique optical signature recognition
system and serial number.
American Diamond Mint sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-22780) on April 11,
2019. At the time of the filing, the Debtor estimated assets and
liabilities of between $1 million and $10 million. The case is
assigned to Judge Robert D. Drain. Rattet PLLC is the Debtor's
counsel.
APEX XPRESS: Court OK's Plan Outline; May 16 Plan Hearing
---------------------------------------------------------
Bankruptcy Judge Stacey L. Meisel approved Apex Xpress, Inc.'s
updated third modified amended disclosure statement explaining its
updated third amended chapter 11 plan.
The hearing to confirm the Debtor's Plan is scheduled for May 16,
2019 at 9:00 a.m. (EST) before the Honorable Stacey L. Meisel,
United States Bankruptcy Court for the District of New Jersey,
Martin Luther King, Jr. Federal Building 50 Walnut Street, Newark,
New Jersey 07102, Courtroom 3A.
Written objections to confirmation of the plan, and written
acceptances or rejections of the plan must be filed no later than
May 9, 2019.
About Apex Xpress
Apex Xpress, Inc., formerly known as Apex Trucking, provides
transportation services. The Company offers copier, car, and
motorcycle transportation services, as well as warehousing, copier
installation, prepping, flatbed and building services. The Company
has locations in Secaucus, New Jersey, Brooklyn, Maryland and
Brockton, Massachusetts.
Apex Xpress filed for bankruptcy protection (Bankr. D.N.J. Case No.
18-13134) on Feb. 16, 2018. In the petition signed by Robert M.
Cerchione, president, the Debtor estimated assets of $1 million to
$10 million, and liabilities of $10 million to $50 million.
The Hon. Stacey L. Meisel oversees the case.
The Debtor tapped Saul Ewing Arnstein & Lehr LLP as its legal
counsel, and Argus Management Corporation as its financial
advisor.
On May 19, 2018, an order was entered approving the appointment of
Kenneth J. DeGraw, as the examiner of Apex Xpress. The Examiner
hired Mellinger Sanders & Sanders, LLC, as his legal counsel, and
Withum Smith & Brown, PC, as his accountant.
APX GROUP: Moody's Cuts First-Lien Debt to B2 & Affirms B3 CFR
--------------------------------------------------------------
Moody's Investors Service downgraded alarm monitor APX Group,
Inc.'s first-lien debt ratings to B2 (LGD3), from B1 (LGD3),
including $900 million of senior secured notes maturing 2022, and
an $808 million senior secured term loan. Moody's also assigned a
B2 (LGD3) rating to a new $250 million first-lien senior secured
notes issuance maturing 2024, all of the proceeds of which, after
transaction fees and expenses, will be used to pay down an
equivalent portion of 8.75% senior unsecured notes due 2020. In
conjunction with these rating actions, Moody's affirmed the Caa2
(LGD5) ratings on these senior unsecured notes, which mature in
2020 and 2023. Moody's also affirmed Vivint's B3 Corporate Family
Rating and its SGL-3 Speculative Grade Liquidity Rating, indicating
adequate liquidity. The outlook is stable.
Moody's took the following actions on APX Group, Inc.:
Downgrades:
First-lien senior secured term loan and notes,
Downgraded to B2 (LGD3) from B1 (LGD3)
Assignments:
Senior secured first-lien notes, maturing 2024, Assigned
B2 (LGD3)
Affirmations:
Probability of Default Rating, Affirmed B3-PD
Corporate Family Rating, Affirmed B3
Senior unsecured regular bond/debentures, maturing
2020 and 2023, Affirmed Caa2 (LGD5)
Speculative Grade Liquidity Rating, Affirmed SGL-3
Outlook Actions:
Outlook, Remains Stable
RATINGS RATIONALE
As in past refinancings, the last one in August 2018, Vivint's
announcement to replace high-coupon, near maturing unsecured debt
with less expensive, later maturing secured debt is a positive
credit development. In addition to pushing out debt maturities, the
move, which is leverage-neutral, saves the company nearly $2
million in annual interest expense. However, the now even greater
preponderance of first-lien debt ($2.54 billion, including a $289
million super-priority revolver) relative to a lesser amount of
unsecured debt ($839 million) in the capital structure dilutes the
collateral position of first-lien lenders, and allows for less loss
absorption cushion in the form of unsecured debt to support the
first-lien debt in default. In Moody's loss-given-default analysis,
as the quantum of any one family of debt grows in significance
relative to other debt classes in a company's capital structure,
that debt's rating will more closely mirror the company's overall
CFR. As such, Vivint's first-lien debt is now rated B2, one notch
above its B3 CFR, when previously the debt had been rated B1, two
notches higher.
The B3 CFR ratings affirmation reflects Vivint's heavy reliance on
debt capital markets for supporting growth, as well as Moody's
expectation that Vivint will operate at persistently high
debt-to-RMR ("recurring monthly revenue") levels of around 42
times, similar to other B3-rated alarm monitors. Continued rapid
growth, with more new subscribers taking on a greater number of
expensive smart-home devices, will support revenues, while
increasing adoption of Vivint's Flex Pay program will ease the
company's working capital burdens. The Flex Pay program provides
third-party financing for customers (instead of Vivint) to pay for
monitoring equipment. These actions have begun to reduce Vivint's
historic need for large, periodic debt raises.
For the past several years, Vivint has taken on incremental debt in
order to repay a portion of near-maturing debt, free up revolver
borrowings, and provide liquidity to support subscriber growth
initiatives -- all of which have contributed to steadily rising
leverage. While revenue, RMR, and subscriber growth haven been
consistent and strong -- considerably higher, in fact, than
Vivint's alarm monitoring peers -- the cost of achieving that
growth, even with the support of relatively favorable attrition
rates of about 12.0%, has kept Moody's-adjusted debt-to-RMR
leverage above 40 times.
Vivint had strong operating results through 2018, with 19% revenue
growth and double-digit (non-retail) subscriber growth), and
continued good momentum into the first quarter of 2019. Operations
are supported by nearly 90% adoption rates (by new subscribers) of
its Smart Home products, which generate clear industry-leading
average RMR-per-subscriber metrics and typically have lower
attrition rates.
The SGL-3 rating reflects Moody's expectations for adequate
liquidity despite substantial growth-related cash flow shortfalls.
This is based on its view that available liquidity sources
adequately cover the funding necessary to maintain a stable
subscriber base. Average balance sheet cash for Vivint has been,
typically, de minimus. Because in practice Vivint will likely
continue to invest in growth, a cash flow deficit is likely. The
company has generated very large, albeit declining cash flow
deficits from operations over the last few years (an annual average
of more than $300 million) due to acquisition costs to generate
subscriber growth. Last year's refinancings helped leave the
revolver at its then-full $304 million capacity (a $15 million
portion of the total revolver commitment expired on March 31,
2019). Moody's believes these cash sources should fund
growth-related investments over the next 12 months. Moody's
typically evaluates an alarm monitor's liquidity by assuming that
it can curtail the active subscriber acquisition programs in order
to free up some liquidity. Without that option, most alarm
monitoring companies' liquidity would be viewed as weak.
The stable outlook is supported by the highly predictable revenue
streams that monitoring contracts provide, and by expectations for
adequate liquidity despite substantial growth-related cash flow
shortfalls. The outlook also reflects Moody's expectation that
Vivint will continue to generate good subscriber growth and
high-single-digit revenue growth over the next year while
maintaining an adequate liquidity profile.
The ratings could be upgraded if Vivint sustains debt-to-RMR below
40-times, and free cash flow (before growth spending) to debt in
the mid-single-digit percentages, while maintaining good liquidity
with pool attrition rates at or better than industry averages.
Diminished reliance on capital markets to support growth,
liquidity, and debt amortization would also be necessary for an
upgrade.
The ratings could be downgraded if: i) Moody's expects free cash
flow (before growth spending) to turn negative for a prolonged
period; ii) the company fails to maintain adequate liquidity; iii)
attrition rates are expected to remain above 13%, or; iv) the
company is unable to pro-actively and cost-effectively refinance
impending debt maturities.
APX Group, Inc. provides alarm monitoring and home automation
services to more than 1.4 million residential subscribers in North
America. With 2018 sales of nearly $1.1 billion (a 19% gain over
2017), Vivint is the second-largest provider of home security and
automation services, well behind the combined P1/ADT. As the result
of a late 2012 acquisition, Vivint is majority-owned by The
Blackstone Group, while its management team has maintained a
meaningful ownership stake.
AYTU BIOSCIENCE: Armistice Capital Has 41.1% Stake as of April 18
-----------------------------------------------------------------
Armistice Capital, LLC, Armistice Capital Master Fund Ltd., and
Steven Boyd disclosed in a Schedule 13D/A filed with the Securities
and Exchange Commission that as of April 18, 2019, they
beneficially own 5,120,064 shares of common stock of
Aytu Bioscience, Inc., representing 41.1 percent of the shares
outstanding.
Armistice Capital is an investment adviser registered with the SEC
that is principally engaged in the business of providing investment
management services to private investment vehicles, including the
Master Fund. The principal business address of Armistice Capital
is 510 Madison Avenue, 7th Floor, New York, New York 10022.
The Master Fund is principally engaged in the business of investing
in securities. The principal business address of the Master Fund
is c/o dms Corporate Services Ltd., 20 Genesis Close, P.O. Box 314,
Grand Cayman KY1-1104, Cayman Islands. The board of directors of
the Master Fund consists of Steven Boyd, Kevin A. Phillip and
Gregory S. Bennett.
Steven Boyd is the managing member of Armistice Capital and a
director of the Master Fund. Mr. Boyd's business address is 510
Madison Avenue, 7th Floor, New York, New York 10022.
The funds for the purchase of the 5,120,064 Shares beneficially
owned by the Reporting Persons came from the working capital of the
Master Fund, which is the direct owner of the Shares. The net
investment costs (including commissions, if any) of the Shares
beneficially owned by the Reporting Persons is approximately
$2,980,000. No borrowed funds were used to purchase the Shares,
other than any borrowed funds used for working capital purposes
(including certain leverage arrangements) in the ordinary course of
business.
A full-text copy of the regulatory filing is available for free at:
https://is.gd/CFCjnq
About Aytu BioScience
Englewood, Colorado-based Aytu BioScience, Inc. (OTCMKTS:AYTU) --
http://www.aytubio.com/-- is a commercial-stage specialty
pharmaceutical company focused on global commercialization of novel
products addressing significant medical needs. The company
currently markets Natesto, the only FDA-approved nasal formulation
of testosterone for men with hypogonadism, ZolpiMist, an
FDA-approved, commercial-stage prescription sleep aid indicated for
the short-term treatment of insomnia characterized by difficulties
with sleep initiation, and recently acquired Tuzistra XR, the only
FDA-approved 12-hour codeine-based antitussive oral suspension.
Additionally, Aytu is developing MiOXSYS, a novel, rapid semen
analysis system with the potential to become a standard of care for
the diagnosis and management of male infertility caused by
oxidative stress. MiOXSYS is commercialized outside of the U.S.
where it is a CE Marked, Health Canada cleared, Australian TGA
approved, Mexican COFEPRAS approved product, and Aytu is planning
U.S.-based clinical trials in pursuit of 510k de novo medical
device clearance by the FDA. Aytu's strategy is to continue
building its portfolio of revenue-generating products, leveraging
its focused commercial team and expertise to build leading brands
within large, growing markets.
Aytu Bioscience reported a net loss of $10.18 million for the year
ended June 30, 2018, compared to a net loss of $22.50 million for
the year ended June 30, 2017. As of Dec. 31, 2018, Aytu Bioscience
had $42.39 million in total assets, $22.50 million in total
liabilities, and $19.89 million in total stockholders' equity.
EKS&H LLLP, in Denver, Colorado, the Company's auditor since 2015,
issued a "going concern" qualification in its report on the
consolidated financial statements for the year ended June 30, 2018,
citing 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.
BIG DOG II: Taps Wilson Harrell as Legal Counsel
------------------------------------------------
Big Dog II, LLC, received approval from the U.S. Bankruptcy Court
for the Northern District of Florida to hire Wilson, Harrell,
Farrington, Ford, Wilson, Spain & Parsons, P.A., as its legal
counsel.
The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code and will provide other legal services in connection
with its Chapter 11 case.
J. Steven Ford, Esq., is the firm's attorney who will be handling
the case.
Mr. Ford does not hold any interest adverse to the Debtor and its
bankruptcy estate, according to court filings.
Wilson Harrell can be reached through:
J. Steven Ford, Esq.
Wilson, Harrell, Farrington, Ford,
Wilson, Spain & Parsons, P.A.
307 S. Palafox Street
Pensacola, FL 32502
Tel: 850-438-1111
Fax: 850-432-8500
E-mail: jsf@whsf-law.com
About Big Dog II LLC
Big Dog II, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Fla. Case No. 19-30284) on March 15,
2019. At the time of the filing, the Debtor had estimated assets
and liabilities of between $1 million and $10 million.
The case has been assigned to Judge Jerry C. Oldshue Jr. Wilson,
Harrell, Farrington, Ford, Wilson, Spain & Parsons P.A. is the
Debtor's bankruptcy counsel.
BOB BONDURANT: Exclusive Plan Filing Period Extended to May 31
--------------------------------------------------------------
U.S. Bankruptcy Judge Brenda Martin extended the period during
which Bob Bondurant School of High Performance Driving, Inc. has
the exclusive right to file a Chapter 11 plan through May 31, and
to solicit acceptances for the plan through July 30.
About Bob Bondurant School of High
Performance Driving Inc.
Founded in 1968 and headquartered in Phoenix, Arizona, Bob
Bondurant School of High Performance Driving, Inc. --
https://www.bondurant.com/ -- is a performance driving school,
specializing in racing, karting, teen driving, and law enforcement
driving education. The Bob Bondurant School of High Performance
Driving facility offers a 1.6-mile, 15-turn multi-configuration
track, pumping Dodge SRT Viper and Hellcat-shaped corpuscles
through the winding paved veins. There's also a multi-purpose,
eight-acre asphalt pad that is home to the Throttle Steer Circle,
slalom, autocross, skid pad, braking and accident avoidance
curricula, and skid-car training. In addition, Wild Horse Motor
Sports Park has three other race tracks within its grounds,
especially for select advanced road racing and corporate group
programs.
Bob Bondurant School of High Performance Driving, Inc., sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. Bankr.
D. Ariz. Case No. 18-12041) on Oct. 2, 2018. In the petition
signed by Patricia C. Bondurant, president/CEO, the Debtor
estimated assets and liabilities of less than $10 million each.
The Hon. Brenda K. Martin is assigned to the case.
The Debtor tapped Hilary L. Barnes, Esq. of Allen Barnes & Jones,
PLC, as its counsel. Thomas Azzarelli of B2B CFO, LLC, as chief
financial officer.
No official committee of unsecured creditors has been appointed in
the Debtor's case.
BROOKLYN BUILDINGS: Taps Kirby Aisner as New Counsel
----------------------------------------------------
Brooklyn Buildings LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire Kirby Aisner &
Curley LLP as its new legal counsel.
Kirby Aisner will substitute for DelBello, Donnellan, Weingarten,
Wise & Wiederkehr, LLP, the firm that initially represented the
Debtor in its Chapter 11 case.
The firm's hourly rates are:
Erica Aisner, Esq. $410
Dawn Kirby, Esq. $510
Julie Cvek Curley $410
Paralegals/Legal Assistants $150
Erica Aisner, Esq., disclosed in court filings that her firm is
"disinterested" as defined in Section 101(14) of the Bankruptcy
Code.
Kirby Aisner can be reached through:
Erica R. Aisner, Esq.
Kirby Aisner & Curley LLP
700 Post Road, Suite 237
Scarsdale, NY 10583
Phone: (914) 401-9502
E-mail: eaisner@kacllp.com
About Brooklyn Buildings
Brooklyn Buildings LLC is a privately held real estate company.
Its principal place of business is located at 1600 Bergen Street
Brooklyn, New York. Brooklyn Buildings filed for bankruptcy
protection (Bankr. E.D.N.Y., Case No. 18-43971) on July 11, 2018.
In the petition signed by Yehoshua Allswang, managing member, the
Debtor estimated assets of $10 million to $50 million and estimated
liabilities of $1 million to $10 million. Judge Carla Craig
oversees the case. Kirby Aisner & Curley LLP
BUTLER SPECIALTIES: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Butler Specialties, Inc.
T/A Butlerbuilt Motorsports Equipment, Inc.
PO Box 1270
Harrisburg, NC 28075
Business Description: Founded in 1981, Butler Specialties is a
manufacturer of motorsports car seats.
Located in Concord, North Carolina, Butler
designs and builds seats for nearly every
form of racecar in the United States,
including stock cars, modifieds, sprint
cars, midgets, micros, monster trucks, SCCA
road-racing applications, quarter-midgets,
and mini-outlaws. The Company also
offers a wide variety of safety products for
the motorsports industry, including leg and
head supports, seat brackets, steering
column knee protectors, door pads, steering
wheels, a variety of NACA ducts, air tube
and more. Butler is also a dealer for Arai
Helmets, Hooker Harness seat belts and
NecksGen Head and Neck Restraints. Visit
https://www.butlerbuilt.net for more
information.
Chapter 11 Petition Date: April 23, 2019
Court: United States Bankruptcy Court
Middle District of North Carolina (Winston-Salem)
Case No.: 19-50417
Judge: Hon. Lena M. James
Debtor's Counsel: Kristen Scott Nardone, Esq.
NARDONE LAW, PLLC
241 Curch St. NE
Concord, NC 28025
Tel: 704-784-9440
Fax: 980-781-5867
E-mail: kristen@nardonelawfirm.com
kristen@davisnardone.com
Total Assets: $1,180,685
Total Liabilities: $3,821,628
The petition was signed by Brian T. Butler, president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/ncmb19-50417.pdf
CAM HUONG INC: Exclusive Plan Filing Period Extended Until July 25
------------------------------------------------------------------
Judge Charles Novack of the U.S. Bankruptcy Court for the Northern
District of California extended the period during which Cam Huong,
Inc. has the exclusive right to file a Chapter 11 plan through July
25.
About Cam Huong Inc.
Cam Huong, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Cal. Case No. 18-42291) on Sept. 28,
2018. In the petition signed by its CEO, Le Le Quach, the Debtor
estimated assets of less than $500,000 and liabilities of less than
$50,000. Judge Charles Novack presides over the case. The Debtor
tapped the Law Offices of Eugene K. Yamamoto as its legal counsel.
CAROL ROSE: Aarons Object to Disclosure Statement
-------------------------------------------------
Lori Aaron, Phillip Aaron, and Aaron Ranch (collectively, the
"Aarons") and Jay McLaughlin, object to the First Amended Joint
Disclosure Statement in Support of the First Amended Joint Chapter
11 Plan of Carol Alison Ramsey Rose, Individually, and Carol Rose,
Inc.
According to Aarons, the Amended Disclosure Statement fails to
adequately explain the basis for Rose to have a vote of her Class 7
Unsecured Claim to accept the Amended Plan counted in the Rose,
Inc., case, or the effect of such vote, given that the vote of an
insider does not count pursuant to section 1129(a)(10)of the
Bankruptcy Code.
The Aarons point out that the Amended Disclosure Statement fails to
adequately explain the basis for the Debtors to have a vote of
their Class 9 Equity Interests to accept the Amended Plan, or the
effect of such vote, given that the vote of an insider does not
count pursuant to section 1129(a)(10) of the Bankruptcy Code.
The Aarons further point out that the Amended Disclosure Statement
fails to provide adequate information concerning the timing, means,
and methods of the Debtors’ sale or other disposition of the Real
Property, Personal Property, Rose Personal Property, the Retained
Actions, Rose’s interest in the Elizabeth W. McCabe Revocable
Trust, horse semen, Other Rose Property, and Other Rose, Inc.
Property.
The Aarons complain that the Amended Disclosure Statement fails to
provide adequate information in order for voting classes to
determine how the value of the Assets other than the Real Property,
the Eminent Domain Property, the Personal Property and the Rose
Personal Property will be preserved until or if it is necessary to
sell such other Assets to pay the Allowed Claims.
The Aarons assert that the Amended Disclosure Statement fails to
provide any meaningful information about any Causes of Action on
behalf of the Debtors within the Weston Litigation that will not
ultimately be adjudicated by entry of a Final Order by this Court.
According to the Aarons that the Amended Disclosure Statement fails
to provide any meaningful information about any Causes of Action on
behalf of the Debtors regarding coverage under any and all
insurance policies of the Debtors.
The Aarons point out that the Amended Disclosure Statement fails to
provide any explanation of the "Exit Financing" referred to in the
Projected Financial Statements section of the Amended Disclosure
Statement.
The Aarons further point out that the Amended Disclosure Statement
fails to provide adequate information for holders of disputed
claims for seeking temporary allowance of such claims.
The Aarons complain that the Amended Disclosure Statement fails to
provide adequate information regarding Rose's retention of an
auctioneer or conduct of an auction if the Personal Property is to
be sold separately from the Real Property.
Counsel for the Aaron Parties:
J. Don Gordon, Esq.
HYNDS & GORDON, P.C.
500 N. Sam Rayburn Fwy., Suite 200
Sherman, TX 75090
Tel: (903) 892-1807
Fax: (903) 893-2015
Email: jdon@hyndsgordon.com
-- and --
Adam R. Kegley, Esq.
FROST BROWN TODD LLC
250 W. Main Street, Suite 2800
Lexington, KY 40507-1749
Tel: (859) 231-0000
Fax: (859) 231-0011
Email: akegley@fbtlaw.com
-- and --
Joel B. Turner, Esq.
FROST BROWN TODD LLC
400 West Market Street, Suite 3200
Louisville, KY 40202-3363
Tel: (502) 589-5400
Email: jturner@fbtlaw.com
About Carol Rose
Carol Rose, Inc. -- http://www.carolrose.com/-- owns a horse
breeding facility in Gainesville, Texas. It provides on-site
breeding, cooled semen, embryo transfer, mare care and maintenance
and foaling services. It is owned by Carol Rose, a National Reined
Cow Horse Association (NRCHA) and National Reining Horse
Association (NRHA) breeder. Ms. Rose is the sole director and
shareholder of the Debtor.
Carol Rose, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Tex. Case No. 17-42058) on Sept. 19,
2017. In the petition signed by owner Carol Rose, the Debtor
estimated assets of $10 million to $50 million and liabilities of
less than $500,000.
Judge Brenda T. Rhoades presides over the case.
Gardere Wynne Sewell LLP is the Debtor's bankruptcy counsel. The
Debtor tapped Kelly Hart & Hallman LLP/Kelly Hart & Pitre as its
special counsel.
CLAVIS INVESTMENTS: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------------
The Office of the U.S. Trustee, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Clavis Investments, Inc., according to court dockets.
About Clavis Investments Inc.
Clavis Investments, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-13221) on March 13,
2019. At the time of the filing, the Debtor had estimated assets
of less than $50,000 and liabilities of less than $1 million.
The case has been assigned to Judge Robert A. Mark. Albareda &
Associates, P.A. is the Debtor's bankruptcy counsel.
CYTORI THERAPEUTICS: Signs Deal to Sell Japanese Subsidiary $3-Mil.
-------------------------------------------------------------------
Cytori Therapeutics, Inc., has entered into an asset and share sale
and purchase agreement, dated as of April 19, 2019, with Seijiro
Shirahama, pursuant to which, among other things, Mr. Shirahama
agreed to purchase the Company's Japanese subsidiary, Cytori
Therapeutics, K.K., and substantially all of the Company's Cell
Therapy assets used in Japan.
Under the terms of the Purchase Agreement, the Company will receive
$3,000,000 for the Japan Subsidiary and Cell Therapy assets. Both
the Company and Mr. Shirahama have made customary representations,
warranties and covenants in the Purchase Agreement, which is
subject to termination by either the Company or Mr. Shirahama upon
the occurrence of specified events. The transaction is expected to
close on or before April 30, 2019, subject to the satisfaction or
waiver of various conditions.
A full-text copy of the Purchase Agreement is available for free
at: https://is.gd/HbUbNt
About Cytori
Based in San Diego, California, Cytori -- http://www.cytori.com/--
is developing, manufacturing, and commercializing
nanoparticle-delivered oncology drugs and autologous
adipose-derived regenerative cell (ADRC) therapies within its
Nanomedicine and Cell Therapy franchises, respectively. Cytori
Nanomedicine is focused on the liposomal encapsulation of
anti-neoplastic chemotherapy agents, which may enable the effective
delivery of the agents to target sites while reducing systemic
toxicity. The Cytori Nanomedicine product pipeline consists of
ATI-0918 pegylated liposomal doxorubicin hydrochloride for breast
cancer, ovarian cancer, multiple myeloma, and Kaposi's sarcoma, a
complex/hybrid generic drug, and ATI-1123 patented
albumin-stabilized pegylated liposomal docetaxel for multiple solid
tumors. Cytori Cell Therapy, prepared within several hours with
the proprietary Celution System and administered to the patient the
same day, has been shown in preclinical and clinical studies to act
principally by improving blood flow, modulating the immune system,
and facilitating wound repair. As a result, Cytori Cell Therapy
may provide benefits across multiple disease states and can be made
available to the physician and patient at the point-of-care.
Cytori reported a net loss of $12.63 million for the year ended
Dec. 31, 2018 compared to a net loss of $22.68 million for the year
ended Dec. 31, 2018. As of Dec. 31, 2018, the Company had $23.99
million in total assets, $18.76 million in total liabilities, and
$5.22 million in total stockholders' equity.
BDO USA, LLP, in San Diego, California, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
March 29, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that Cytori has suffered
recurring losses from operations that raise substantial doubt about
its ability to continue as a going concern.
DESERT LAND: Trustee Seeks to Hire Garman Turner as Local Counsel
-----------------------------------------------------------------
Kavita Gupta, the Chapter 11 trustee for Desert Land LLC, seeks
approval from the U.S. Bankruptcy Court for the District of Nevada
to hire Garman Turner Gordon LLP.
The firm will assist the trustee as her local bankruptcy and Nevada
real estate counsel in the Chapter 11 cases of Desert Land and its
affiliates.
The rates charged by the firm range from $55 to $195 per hour for
paraprofessionals, $235 to $400 per hour for associates, and $425
to $785 per hour for shareholders.
The attorneys who will be providing the services are:
Talitha Gray Kozlowski Partner $475
Christine Murphy Partner $485
Joseph Kozlowski Partner $455
Garman Turner and its attorneys are "disinterested" as defined in
Section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
Talitha Gray Kozlowski, Esq.
Garman Turner Gordon LLP
650 White Drive, Suite 100
Las Vegas, NV 89119
Telephone: 725-777-3000
E-mail: tgray@gtg.legal
About Desert Land
On April 30, 2018, Tom Gonzales commenced an involuntary petition
for relief under Chapter 7 of the Bankruptcy Code against Desert
Land, LLC. The petitioning creditor was Bradley J. Busbin, trustee
for the Gonzales Charitable Remainder Unitrust One. Jamie P. Dreher
-- jdreher@downeybrand.com -- of Downey Brand LLP represents the
Trustee.
The court ordered the conversion of the Chapter 7 case to a case
under Chapter 11 on June 28, 2018 (Bankr. D. Nevada, Lead Case No.
18-12454). The Debtor's affiliates are Desert Oasis Apartments
LLC, Desert Oasis Investments, LLC, and Skyvue Las Vegas LLC.
Schwartzer & McPherson Law Firm serves as the Debtors' counsel.
Curtis Ensign, PLLC is the special litigation counsel.
DESERT LAND: Trustee Seeks to Hire Nuti Hart as Legal Counsel
-------------------------------------------------------------
Kavita Gupta, the Chapter 11 trustee for Desert Land LLC, seeks
approval from the U.S. Bankruptcy Court for the District of Nevada
to hire Nuti Hart LLP as her legal counsel.
The firm will assist the trustee in investigating the financial
affairs of the company and its affiliates; advise the trustee
concerning the sale or liquidation of the Debtors' assets; and
provide other legal services in connection with the Debtors'
Chapter 11 cases.
Kevin Coleman, Esq., the firm's attorney who will be representing
the trustee, will charge an hourly fee of $575. He will be
assisted by Christopher Hart, Esq., who will also charge $575 for
his services.
Nuti Hart neither holds nor represents any interest adverse to the
Debtors' bankruptcy estates, according to court filings.
The firm can be reached through:
Kevin W. Coleman, Esq.
Christopher H. Hart, Esq.
Nuti Hart LLP
411 30th Street, Suite 408
Oakland, CA 94609-3311
Telephone: 510-506-7152
Email: kcoleman@nutihart.com
Email: chart@nutihart.com
About Desert Land
On April 30, 2018, Tom Gonzales commenced an involuntary petition
for relief under Chapter 7 of the Bankruptcy Code against Desert
Land, LLC. The petitioning creditor was Bradley J. Busbin, trustee
for the Gonzales Charitable Remainder Unitrust One. Jamie P. Dreher
-- jdreher@downeybrand.com -- of Downey Brand LLP represents the
Trustee.
The court ordered the conversion of the Chapter 7 case to a case
under Chapter 11 on June 28, 2018 (Bankr. D. Nevada, Lead Case No.
18-12454). The Debtor's affiliates are Desert Oasis Apartments
LLC, Desert Oasis Investments, LLC, and Skyvue Las Vegas LLC.
Schwartzer & McPherson Law Firm serves as the Debtors' counsel.
Curtis Ensign, PLLC, is the special litigation counsel.
DITECH HOLDING: Two More Committee Members Appointed
----------------------------------------------------
The U.S. Trustee for Region 2 on April 22 appointed two more
creditors to the official committee of unsecured creditors in the
Chapter 11 cases of Ditech Holding Corporation and its affiliates.
The unsecured creditors are:
(1) Stephen Kulzyck
c/o Victor Noskov, Esq.
Quinn Emanuel
51 Madison Avenue, 22nd Floor
New York, New York 10010
Telephone: (212) 849-7100
(2) Sarah White, Esq.
Connecticut Fair Housing Center
60 Popieluszko Court
Hartford, CT 06106
Telephone: (860) 263-0726
The bankruptcy watchdog had earlier appointed Safeguard Properties
Management LLC, Wilmington Savings Fund Society FSB, Lee Kamimura,
ISGN Solutions Inc., Black Knight Financial Technology Solutions
LLC, Cognizant Technology Solutions, and Deutsche Bank National
Trust Company, court filings show.
The Committee proposes to retain:
Robert J. Feinstein, Esq.
Bradford J. Sandler, Esq.
Robert B. Orgel, Esq.
Steven W. Golden, Esq.
PACHULSKI STANG ZIEHL & JONES LLP
780 Third Avenue, 34th Floor
New York, NY 10017
Telephone: (212) 561-7700
Facsimile: (212) 561-7777
About Ditech Holding Corporation
Ditech Holding Corporation and its subsidiaries --
http://www.ditechholding.com/-- are independent servicer and
originator of mortgage loans. Based in Fort Washington,
Pennsylvania, the Debtors have approximately 3,300 employees and
service a diverse loan portfolio.
Ditech Holding and certain of its subsidiaries, including Ditech
Financial LLC and Reverse Mortgage Solutions, Inc., filed voluntary
Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 19-10412) on
Feb. 11, 2019, after reaching terms with lenders of a Chapter 11
plan that will reduce debt by $800 million.
The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel,
Houlihan Lokey as investment banker and AlixPartners LLP as
financial advisor. Epiq Bankruptcy Solutions LLC is the claims and
noticing agent.
Kirkland & Ellis LLP and FTI Consulting Inc. serve as the
consenting term lenders; legal counsel and financial advisor,
respectively.
On Feb. 27, 2019, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in the Debtors' cases.
DWS CLOTHING: Seeks to Extend Exclusive Filing Period to July 12
----------------------------------------------------------------
DWS Clothing Too, LLC asked the U.S. Bankruptcy Court for the
Southern District of Florida to extend the period during which it
has the exclusive right to file a Chapter 11 plan through July 12,
and to solicit acceptances for the plan through Sept. 10.
DWS Clothing also proposed to extend the deadline to assume or
reject executory contracts and unexpired non-residential leases
until such time as the company files a plan.
The company's current exclusive filing period expired on April 15
while the deadline to assume or reject executory contracts and
unexpired leases expired on April 13.
"[DWS Clothing] is pursuing every issue in this case in an effort
to bring about resolution of the problems it faced going into
filing and the development of a confirmable plan," said the
company's attorney Jordan Rappaport, Esq., at Rappaport Osborne &
Rappaport, PLLC.
"[DWS Clothing] is seeking an extension in good faith and not to
unnecessarily delay the progress of this case," Mr. Rappaport
said.
About DWS Clothing Too
Operating as Alene Too, DWS Clothing Too, LLC sells women's
clothes.
DWS Clothing Too sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-25551) on Dec. 14,
2018. The petition was signed by Maxine Schwartz, member. 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
has been assigned to Judge Mindy A. Mora. Rappaport Osborne &
Rappaport, PLLC, is the Debtor's counsel.
ENTERCOM MEDIA: Moody's Rates $300MM 2nd Lien Notes 'B2'
--------------------------------------------------------
Moody's Investors Service affirmed Entercom Communications Corp.'s
B1 Corporate Family Rating and the B1-PD Probability of Default
Rating following the company's proposed transaction. The Ba3 rating
of the $250 million revolving credit facility due 2022 and term
loan B-1 due 2024 along with the B3 rating for the $400 million
senior notes all issued by wholly owned subsidiary, Entercom Media
Corp. were also affirmed. Additionally, Moody's assigned a B2
rating to Entercom Media Corp.'s proposed $300 million senior
secured 2nd lien notes due 2027. The stable outlook remains
unchanged.
Proceeds from the new $300 million secured 2nd lien notes, along
with approximately $17 million of cash and $89 million of revolver
drawings will be used to repay $400 million of the existing term
loan B as well as transaction expenses. Pro forma for the first
quarter revolver paydown and the proposed transaction, total debt
is expected to decrease by about $191 million which will reduce
Moody's calculated leverage (excluding lease adjustments) to 5.1x
from 5.7x as of Q4 2018. Following the closing of the transaction,
Moody's expects outstanding debt to consist of an $89 million draw
on the revolver, $892 million of term loan, $400 million in senior
notes and $300 million of second lien secured notes. As part of the
transaction, Entercom will be amending the existing covenant on the
revolver to a net first lien leverage ratio of 4.0x from a net
secured leverage ratio of 4.0x, which is expected to increase its
cushion of compliance following the paydown of the first lien term
loan.
Assignments:
Issuer: Entercom Media Corp.
$300 million Gtd Senior Secured 2nd lien Global Notes due 2027,
Assigned B2 (LGD5)
Affirmations:
Issuer: Entercom Communications Corp.
Corporate Family Rating, Affirmed B1
Probability of Default Rating, Affirmed B1-PD
Speculative Grade Liquidity Rating, Affirmed SGL-2
Issuer: Entercom Media Corp. (subsidiary fka CBS Radio Inc.)
$250 million Gtd Senior Secured Revolving Credit
Facility, Affirmed Ba3 (LGD2 from LGD3)
$1,292 million Senior Secured Term Loan B1, Affirmed Ba3
(LGD2 from LGD3)
$400 million Gtd Senior Unsecured Global Bonds, Affirmed B3
(LGD5 from LGD6)
Outlook Actions:
Issuer: Entercom Communications Corp.
Outlook, Remains Stable
Issuer: Entercom Media Corp.
Outlook, Remains Stable
The ratings are subject to review of final documentation and no
material change in the terms and conditions of the transaction as
provided to Moody's.
RATINGS RATIONALE
Entercom's B1 CFR reflects the company's position as the second
largest radio broadcaster in the US with leading market positions
in 22 of the top 25 markets. The company benefits from a
geographically diversified footprint with strong market clusters in
most of the areas it operates which enhances its competitive
position. A diversified format offering of music, news, and sports
as well as live events and digital growth initiatives are also
positives to the rating. Leverage pro-forma for the revolver
paydown and current transaction is high at 5.1x as of Q4 2018
(excluding Moody's standard lease adjustments), but leverage is
expected to decline modestly over the next 12 months from modest
pro forma EBITDA growth and debt repayment. The radio industry is
being negatively affected by the shift of advertising dollars to
digital mobile and social media as well as heightened competition
for listeners from a number of digital music providers. Secular
pressures and the cyclical nature of radio advertising demand have
the potential to exert substantial pressure on EBITDA performance
over time. Performance has been below expectations due primarily to
underperformance at the recently acquired CBS radio stations,
challenging industry conditions, as well as lost revenue from the
US Traffic Network (USTN), but performance has improved at the end
of 2018 and is expected continue during the 1st half of 2019. The
company is expected to continue to consider additional acquisitions
or dispositions in its markets to improve its strategic position.
Liquidity is expected to be good as reflected in the speculative
grade liquidity rating of SGL-2. The company has a $250 million
revolver due in 2022 that is anticipated to have approximately $89
million drawn at closing of the transaction and a cash balance of
about $20 million. The revolver is expected to be subject to a
consolidated net first lien leverage ratio of 4x (up to 4.5x one
year after permitted acquisitions) following the amendment to the
credit agreement. The covenant ratio is expected to improve to 2.6x
from 3.6x at the end of Q4 2018 as a result of the transaction. The
term loan is covenant lite. Free cash flow was limited in 2018, but
is expected to improve in 2019 as cost savings and synergies are
reflected in the results. Moody's expects a portion of free cash
flow will be directed to the further repayment of its term loan B.
Capex is expected to be approximately $60 million in 2019.
The outlook is stable and incorporates its expectation for slightly
positive revenue and pro forma EBITDA growth in 2019 as well as
additional debt repayment to reduce leverage to slightly below 5x.
While Moody's projects the radio industry overall to decline in
2019 due to secular headwinds and the loss of political ad revenue
in a non-election year, it anticipates improvements in performance
at its stations and growth in revenue that was lost from USTN last
year to support modest improvements in EBITDA.
The rating could be upgraded if leverage declined below 3.5x as
calculated by Moody's with a good liquidity profile and a high
single digit percentage of free cash flow to debt ratio. Positive
organic revenue growth and expanding EBITDA margins would also be
required in addition to confidence that management would maintain
financial policies (including dividends, share repurchases, and
acquisitions) that were consistent with a higher rating level.
The rating would be downgraded if leverage remained above 5x due to
underperformance, audience and advertising revenue migration to
competing media platforms, or other leveraging events. A continued
weak free cash flow to debt ratio (after dividends) in the low
single digits or a weakened liquidity profile could also lead to
negative rating pressure.
The principal methodology used in these ratings was Media Industry
published in June 2017.
Entercom Communications Corp., headquartered in Bala Cynwyd, PA, is
the second largest US radio broadcaster based on revenue. The
company was founded in 1968 by Joseph M. Field and is focused on
radio broadcasting with approximately 237 radio stations in large
and mid-sized markets as well as digital growth initiatives and
live events. In November 2017, the company completed the merger of
CBS Radio. Joseph M. Field (Chairman) and David J. Field (President
/CEO and son of the Chairman) have a minority voting interest of
over 31% of the combined company. Reported revenue for 2018 was
approximately $1.5 billion.
EVERGREEN STABLES: Taps Klein & Associates as Legal Counsel
-----------------------------------------------------------
Evergreen Stables Farm, LLC, received approval from the U.S.
Bankruptcy Court for the District of Maryland to hire Klein &
Associates, LLC as its legal counsel.
The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code and will provide other legal services in connection
with its Chapter 11 case.
Klein & Associates will charge $325 per hour for the services of
its attorneys. The firm received $6,717, which included the filing
fee of $1,717.
The firm is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.
Klein & Associates can be reached through:
Diana L. Klein, Esq.
Klein & Associates, LLC
2450 Riva Road, Suite 200
Annapolis, MD 21401
Phone: (443) 569-4574
E-mail: diana@klein-lawfirm.com
About Evergreen Stables Farm
Evergreen Stables Farm, LLC, owns in fee simple 20 acres of land
located at 8250 Old Columbia Road, Fulton, Md., having a comparable
sale value of $3.2 million. It provides license for use of barn
and leases out two-bedroom apartments. It also has 100% membership
interest in real estate located at 956 Marzoff Road, Deale, Md.
Evergreen Stables Farm sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 19-12776) on March 4, 2019.
At the time of the filing, the Debtor disclosed $3,456,328 in
assets and $2,345,715 in liabilities. The case is assigned to
Judge David E. Rice. Klein & Associates, LLC, is the Debtor's
counsel.
EX-TITANIC CORP: Union City Objects to Disclosure Statement, Plan
-----------------------------------------------------------------
The City of Union City submits a limited objection to the Second
Amended Plan of Reorganization as well as to the Second Amended
Disclosure Statement of Ex-Titanic Corp.
According to the City, the Debtor and the City are close to
agreement on a settlement of certain issues. To the extent that a
settlement is reached, and that it is then approved by this Court,
the City will withdraw this Limited Objection.
Should the settlement not be so approved, then the Disclosure
Statement and the Plan must be rejected by this Court, the City
asserts, because -- absent an approved settlement -- the Debtor
will be unable to maintain its cash flow at the premises, since
some or all of the existing tenants will have to vacate the
premises.
The City complains that absent an approved settlement, the Debtor
will be liable for non-dischargeable claims exceeding $2,205,000.
According to City, such a liability will beyond question make the
Debtor's business diseconomic and, indeed, the Plan would therefore
manifestly be lacking in feasibility.
Attorneys for the City:
Joel R. Glucksman, Esq.
SCARINCI & HOLLENBECK, LLC
1100 Valley Brook Ave., P.O. Box 790
Lyndhurst, NJ 07071-0790
Tel: 201-896-4100
Email: jglucksman@sh-law.com
About Ex-Titanic Corp.
Ex-Titanic Corp. filed a voluntary Chapter 11 petition (Bankr.
D.N.J. Case No. 18-24241) on July 16, 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
Stacey L. Meisel. The Debtor tapped Barry Scott Miller, Esq., as
its legal counsel.
FUSE MEDIA: Files for Chapter 11 with Pre-Packaged Plan
-------------------------------------------------------
Fuse Media and its wholly owned subsidiaries have initiated a
voluntary, pre-packaged Chapter 11 financial restructuring.
The proposed Plan of Reorganization, which was filed April 22,
2019, in the U.S. Bankruptcy Court for the District of Delaware and
already has the support of more than 80% in principal amount of the
Company's noteholders, would allow Fuse to reduce its secured debt
by approximately $200 million while also significantly reducing the
related interest expense.
The Plan is still subject to completion of the voting process and
approval by the Bankruptcy Court. The Company expects to complete
this process and emerge from Chapter 11 protection during the
second quarter of 2019.
Designed to minimize disruption to Fuse's ongoing business
activities, the Plan is focused on significantly improving the
Company's balance sheet.
Fuse fully expects to undertake its regular, daily business
activities, maintain its current programming and honor its ordinary
course operating commitments throughout this process. Moreover, the
Company expects to emerge from Chapter 11 in a much stronger
position to continue its mission to provide entertainment content
that engages America's underserved multicultural youth audience.
Said Fuse Media CFO and interim CEO Mike Roggero, "Unlike many
other companies in our industry, Fuse has been experiencing growth
across platforms, but we have been unable to realize the full
benefits of this progress because of the significant amount of debt
on our balance sheet. The Chapter 11 process provides a proven
framework to efficiently address these challenges in order to
position our business for long-term success. It is a logical next
step toward ensuring that we are able to provide entertainment
content to a traditionally underserved audience for many years to
come."
Targeting diverse millennial and Gen Z viewers, Fuse has an
audience that is one of the most multicultural on cable, as well as
one of the youngest. Fuse has a median age more than 15 years
below cable's average, and digital and social viewership has
increased 250% over the past year. Fuse has been able to achieve
this success through original series -- including the largest
number of renewals since Fuse re-launched in late 2015 --
award-winning documentaries; and special event programming such as
The ALMAs 2018, in partnership with the nation's largest Latino
civil rights and advocacy organization, UnidosUS.
To facilitate a smooth transition into Chapter 11 and ensure its
ability to operate as usual, Fuse has filed a series of motions,
known as "First Day Motions," with the Bankruptcy Court. Pending
Court approval, these motions give Fuse authority to pay its
employees as usual and to honor its go-forward operating expenses.
The Company also has the support of its noteholders to continue to
fund its ordinary course obligations during the Chapter 11 process.
The Company is confident that it will have sufficient liquidity to
continue to meet its commitments while it works to achieve its
financial goals.
A copy of the Disclosure Statement explaining the terms of the Plan
is available at:
http://bankrupt.com/misc/Fuse_LLC_14_DS.pdf
About Fuse Media
Fuse Media -- http://www.fusepress.tv-- is a cross-platform
entertainment media brand for multicultural youth. The company's
platforms include the Fuse and FM (Fuse Music) linear and
video-on-demand (VOD) channels; Fuse.TV online and social media
properties; OTT apps; and live events.
Fuse, LLC, and eight subsidiaries sought Chapter 11 protection
(Bankr. D. Del., Lead Case No. 19-10872) on April 22, 2019.
Fuse tapped Pachulski Stang Ziehl & Jones LLP as counsel, FTI
Consulting as financial advisor, and Kurtzman Carson Consultants,
LLC, as claims agent.
GTC WORKS: Seeks to Hire Kelly G. Black as Legal Counsel
--------------------------------------------------------
GTC Works LLC seeks approval from the U.S. Bankruptcy Court for the
District of Arizona to hire Kelly G. Black, PLC as its legal
counsel.
The firm will represent the Debtor in negotiation with its
creditors; assist the Debtor in the preparation of a plan of
reorganization; and provide other legal services in connection with
its Chapter 11 case.
KGB received $2,617, of which $900 was used to pay the firm's
pre-bankruptcy services while $1,717 was used to pay the filing
fee.
The firm and its attorneys are "disinterested" as defined in
Section 101(14) of the Bankruptcy Code, according to court
filings.
KGB can be reached through:
Kelly G. Black, Esq.
Kelly G. Black, PLC
1152 E Greenway St., Suite 4
Mesa, AZ 85203-4360
Phone: (480) 639-6719
Fax: (480) 639-6819
E-mail: kgb@kellygblacklaw.com
About GTC Works LLC
GTC Works LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Ariz. Case No. 19-04090) on April 8, 2019. At the
time of the filing, the Debtor estimated assets and liabilities of
less than $1 million. The case is assigned to Judge Paul Sala.
Kelly G. Black, PLC, is the Debtor's counsel.
HAMPSTEAD GLOBAL: Seeks to Hire Charles A. Higgs as Counsel
-----------------------------------------------------------
Hampstead Global LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of New York to hire the Law Office of
Charles A. Higgs as its legal counsel.
The firm will advise the Debtor concerning the administration of
its Chapter 11 case; assist in the preparation of a plan of
reorganization; and provide other legal services in connection with
the case.
The firm's hourly rates are:
Attorney $400
Paraprofessionals $200
Charles Higgs, Esq., the firm's attorney who will be handling the
case, disclosed in court filings that he is "disinterested" as
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Charles A. Higgs, Esq.
Law Office of Charles A. Higgs
115 E. 23rd Street, 3rd FL
New York, NY 10010
Phone: (917) 678-3768
E-mail: Charles@FreshStartEsq.com
About Hampstead Global
Hampstead Global LLC, a privately held company in Tarrytown, N.Y.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 19-22721) on March 30, 2019. At the time of the
filing, the Debtor estimated assets and liabilities of between $1
million and $10 million. The case is assigned to Judge Robert D.
Drain. The Law Office of Charles A. Higgs is the Debtor's legal
counsel.
HG & ZG CORP: Plan, Disclosures Hearing Set for May 23
------------------------------------------------------
Bankruptcy Judge Michael B. Kaplan conditionally approved HG & ZG
Corporation's small business disclosure statement dated April 8,
2019.
May 16, 2019 fixed as the last day for filing and serving written
objections to the Disclosure Statement and confirmation of the
Plan, and the last day for filing written acceptances or rejections
of the Plan.
A hearing will be held on May 23, 2019 at 10:00 a.m. for final
approval of the Disclosure Statement and for confirmation of the
Plan.
About HG & ZG Corporation
HG & ZG Corporation operate a taxi service at Newark Liberty
International Airport and owns three medallions which were issued
by the City of Newark Taxi Cab Division as well as three vehicles.
HG & ZG Corporation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 18-26374) on Aug. 15, 2018.
The petition was signed by Hytham Mohamed, president. At the time
of the filing, the Debtor estimated assets of less than $500,000
and liabilities of less than $1 million. Judge Michael B. Kaplan
oversees the case. Andril & Espinosa, LLC, serves as its legal
counsel.
JBS USA: Moody's Rates Proposed $700MM Unsecured Notes 'Ba3'
------------------------------------------------------------
Moody's Investors Service has assigned Ba3 ratings to $700 million
of unsecured notes being proposed as add-ons to existing notes that
were co-issued by JBS USA Lux S.A., JBS USA Finance, Inc. and JBS
USA Food Company. The co-issuers are indirect wholly-owned
subsidiaries of Brazil based JBS S.A. The notes are guaranteed by
the parent company and several restricted subsidiaries of JBS USA,
excluding Pilgrim's Pride Corporation (Ba3 stable).
Moody's also assigned a Ba2 rating to a new seven-year $1.9 billion
secured term loan also being offered by JBS USA. The proposed term
loan will replace an existing term loan that first will be reduced
using proceeds from the notes offering. The proposed secured term
loan will be guaranteed by the parent company and several
restricted subsidiaries of JBS USA, excluding Pilgrim's Pride
Corporation (Ba3 stable).
All other ratings of JBS USA and the stable ratings outlook are
unaffected.
The proposed notes will be added to existing notes due 2024, 2025
and 2029. Net proceeds from the add-on notes along with cash
balances will be used to retire approximately $1 billion of JBS
USA's $2.9 billion senior secured term loan due October 2022. This
term loan will be refinanced through the proposed new senior
secured term loan that will have substantially identical terms as
the existing term loan and a maturity date of 2026.
RATINGS RATIONALE
JBS USA Lux S.A.'s direct debt instruments are guaranteed by parent
company JBS S.A. (Ba3 stable). As a result, the company's
instrument ratings are driven primarily by the JBS S.A. Corporate
Family Rating. JBS S.A. controls JBS USA in all material respects.
Thus, Moody's expects any future changes to the JBS USA debt
instrument ratings and ratings outlook to reflect any changes to
the JBS S.A. Corporate Family Rating and outlook.
The Brazil operations of parent company, JBS S.A., currently
generate approximately 25% of EBITDA and hold 82% of debt of the
consolidated restricted entities. Please refer to the JBS S.A.
credit opinion on moodys.com for the factors that could lead to a
change in the JBS S.A. ratings.
Moody's has taken the following action:
Rating assigned:
JBS USA Lux S.A.:
$700 million add-on gtd. unsecured notes due 2024, 2025 and 2029
at Ba3.
$1.9 billion gtd. senior secured term loan due 2026 at Ba2.
The unsecured notes are rated one notch below the ratings of JBS
USA's senior secured debt instruments, reflecting their collateral
subordination with respect to high-quality assets pledged to
holders of the secured debt.
JBS USA operates the US beef and pork segments and the Australian
beef, lamb and sheep operations of Brazil-based JBS S.A., the
largest protein processor in the world. JBS USA also owns a
controlling, indirect 78.6% equity interest in US-based Pilgrim's
Pride Corporation (Ba3 stable). JBS USA reported 2018 consolidated
net sales totaling $37.7 billion.
JTRL LLC: June 4 Hearing on Disclosure Statement
------------------------------------------------
Bankruptcy Judge Carlota M. Bohm will convene a hearing on June 4,
2019 at 1:30 p.m. to consider approval of JTRL, LLC's disclosure
statement in connection with its chapter 11 plan dated April 8,
2019.
May 21, 2019 is the last day for filing and serving Objections to
the Disclosure Statement.
About JTRL, LLC
TRL, LLC, owns real estate located at 850 Ohio River Boulevard,
Pittsburgh, Allegheny County, Pennsylvania. JTRL sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No.
17-21509) on April 12, 2017. In the petition signed by Joanne
Teti, sole member, the Debtor estimated assets of less than $1
million and liabilities of less than $500,000. Donald R. Calaiaro,
Esq., and David Z. Valencik, Esq., at Calaiaro Valencik, serve as
the Debtor's bankruptcy counsel.
JUST FOR YOU COACH: Seeks to Hire Maples Law Firm as Counsel
------------------------------------------------------------
Just For You Coach, Inc., seeks approval from the U.S. Bankruptcy
Court for the Northern District of Alabama to hire Maples Law Firm,
P.C., as its legal counsel.
The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code; assist in the preparation of a bankruptcy plan;
and provide other legal services in connection with its Chapter 11
case.
The firm's hourly rates are:
Partner $360
Associates $205 - $225
Paralegals $55 - $130
Stuart Maples, Esq., at Maples Law Firm, disclosed in court filings
that the members of his firm neither represent nor hold any
interest adverse to the Debtor's estate.
The firm can be reached through:
Stuart M. Maples , Esq.
Maples Law Firm, PC
200 Clinton Avenue West, Suite 1000
Huntsville, AL 35801
Tel: (256) 489-9779
Fax: (256) 489-9720
E-mail: smaples@mapleslawfirmpc.com
About Just For You Coach Inc.
Just For You Coach, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ala. Case No. 19-81116) on April 11,
2019. At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of less than $1 million. The
case is assigned to Judge Clifton R. Jessup Jr. Maples Law Firm,
PC, is the Debtor's counsel.
KEYSTONE PODIATRIC: New Plan Incorporates Stipulation with HHS
--------------------------------------------------------------
Keystone Podiatric Medical Associates, P.C., filed an amended
disclosure statement in support of its proposed plan of
reorganization.
The latest plan provides for an assumption of an executor contract
between the Debtor and the United States of America, Department of
Health and Human Services (HHS) for Medicare services. The Plan
further provides for the incorporation of a Stipulation with HHS
which the Debtor has entered into which Stipulation provides for a
payment of the total sum of $275,000, as the amount to be paid on
account of the assumption of the Provider Agreement between the
Debtor and HHS. The Stipulation and Plan further provide that the
payment will occur through 60 equal consecutive monthly payments by
the Debtor to HHS. HHS will withhold a sum equal to the amount of
each monthly payment from future payments which HHS would owe to
the Debtor on account of the Debtor providing Medicare-covered
services. The Plan further incorporates the Stipulation, which has
been approved by the Court.
A redlined copy of the Amended Disclosure Statement is available at
http://tinyurl.com/y6hfamwbfrom Pacermonitor.com at no charge.
About Keystone Podiatric Medical Associates
Keystone Podiatric Medical Associates, P.C. --
https://www.keystonefootdoc.com/ -- provides foot and ankle care in
Biglerville, West Shore, Londonderry, and Paxtonia. Keystone
Podiatric sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. M.D. Pa. Case No. 18-00062) on Jan. 9, 2018. In the
petition signed by Richard A. Rogers, DPM, CEO, the Debtor
estimated assets of less than $50,000 and liabilities of $1 million
to $10 million. Judge Henry W. Van Eck presides over the case.
Cunningham, Chernicoff & Warshawsky, P.C., is the Debtor's counsel.
Drake Hileman & Davis, P.C., is the special counsel.
LITTLE SPOON: Taps Cohen Baldinger as Legal Counsel
---------------------------------------------------
Little Spoon Enterprises LLC received approval from the U.S.
Bankruptcy Court for the District of Maryland to hire Cohen,
Baldinger & Greenfeld, LLC, as its legal counsel.
The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code and will provide other legal services in connection
with its Chapter 11 case.
Augustus Curtis, Esq., the firm's attorney who will be handling the
case, will charge an hourly fee of $400. The retainer fee is
$5,000.
Cohen and its members do not represent any interest adverse to the
Debtor and its bankruptcy estate, according to court filings.
The firm can be reached through:
Augustus T. Curtis, Esq.
Cohen, Baldinger & Greenfeld, LLC
2600 Tower Oaks Boulevard, Suite 103
Rockville, MD 20852
Phone: (301) 881-8300
E-mail: augie.curtis@cohenbaldinger.com
About Little Spoon Enterprises
Little Spoon Enterprises LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. Md. Case No. 19-13014) on March 8,
2019. At the time of the filing, the Debtor estimated assets of
less than $50,000 and liabilities of less than $500,000. The case
is assigned to Judge Lori S. Simpson. Cohen, Baldinger &
Greenfeld, LLC, is the Debtor's counsel.
MABVAX THERAPEUTICS: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------------
The Office of the U.S. Trustee on April 22 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 cases of MabVax Therapeutics Holdings,
Inc. and MabVax Therapeutics, Inc.
About MabVax Therapeutics
MabVax -- https://www.mabvax.com -- is a clinical-stage
biotechnology company with a fully human antibody discovery
platform focused on the rapid translation into clinical development
of products to address unmet medical needs in the treatment of
cancer. Its lead clinical development candidate, HuMab-5B1, is a
fully human IgG1 monoclonal antibody (mAb) that targets sialyl
Lewis A (sLea), an epitope on CA19-9. CA19-9 is expressed in over
90% of pancreatic cancer (PDAC) and in other diseases including
small cell lung, colon and other GI cancers.
MabVax Therapeutics Holdings, Inc. and MabVax Therapeutics, Inc.
each filed a voluntary Chapter 11 petition (Bankr. D. Del. Case No.
19-10603 and 19-10604, respectively) on March 21, 2019.
At the time of filing, MabVax Therapeutics Holdings estimated
$100,000 to $500,000 in assets and $1 million to $10 million in
liabilities. MabVax Therapeutics, Inc. estimated $50,000 in assets
and liabilities.
Jason A. Gibson, Esq., at the Rosner Law Group LLC, represents the
Debtors as bankruptcy counsel.
MARITECH ATM: Taps Bederson LLP as Accountant
---------------------------------------------
Maritech ATM, LLC, received approval from the U.S. Bankruptcy Court
for the District of New Jersey to hire Bederson, LLP, as its
accountant.
The services to be provided by the firm include accounting
assistance necessary to prepare reports required by the court;
expert testimony; preparation or amendment of any financial
information; and tax-related advice.
The firm's hourly rates are:
Partners $405 - $515
Managers $315 - $330
Tax Manager $295
Senior Accountants $250 - $270
Semi Sr. Accountants $245
Staff Accountants $180
Paraprofessionals $170
Bederson is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.
The firm can be reached through:
Sean Raquet
Bederson, LLP
347 Mt. Pleasant Ave., Suite 200
West Orange, NJ 07052
Phone: 973-736-3333 / 973-530-9128
Fax: 973-736-9219
Email: sraquet@bederson.com
About Maritech ATM
Maritech ATM LLC, which conducts business under the name Maritech
Solutions, is a family-owned and operated company in Woodbridge,
NJ, that provides ATM services. It offers different plans to allow
New Jersey business owners of all sizes to customize the type of
ATM that will best meet their needs.
An involuntary Chapter 11 case was filed against the Debtor on Feb.
26, 2019 (Bankr. D.N.J. Case No. 19-13935) by creditors Garry
Capko, Michael Capko, and Safe and Sound Armed Courier, Inc. The
case was terminated on April 18, 2019.
Maritech ATM filed for Chapter 11 bankruptcy protection (Bankr.
D.N.J. Case No. 19-15212) on March 14, 2019. The petition was
signed by Francis Perez, manager. The Debtor estimated assets of
$1 million to $10 million and estimated liabilities of $1 million
to $10 million. The case is assigned Judge Kathryn C. Ferguson.
The Debtor tapped Porzio, Bromberg & Newman, P.C., as its legal
counsel.
MARITECH ATM: Taps Porzio Bromberg as Legal Counsel
---------------------------------------------------
Maritech ATM, LLC, received approval from the U.S. Bankruptcy Court
for the District of New Jersey to hire Porzio, Bromberg & Newman,
P.C., as its legal counsel.
The firm will advise the Debtor of its rights, powers and duties
under the Bankruptcy Code; assist the Debtor in the negotiation and
documentation of financing agreements and related transactions;
give advice regarding the sale of its assets; prepare a plan of
reorganization; and provide other legal services in connection with
its Chapter 11 case.
The firm's hourly rates are:
Attorneys $375 - $850
Paraprofessionals $185 - $250
During the one year prior to the petition date, Porzio received
advanced retainers totaling $350,000 from the Debtor. The firm
also received payments in the amount of $40,042.16 for
non-bankruptcy corporate services.
Porzio is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.
The firm can be reached through:
Warren J. Martin Jr., Esq.
Rachel A. Parisi, Esq.
Christopher P. Mazza, Esq.
Rachel H. Ginzburg, Esq.
Porzio, Bromberg & Newman, P.C.
100 Southgate Parkway
P.O. Box 1997
Morristown, NJ 07962
Phone: (973) 538-4006
Fax: (973) 538-5146
E-mail: wjmartin@pbnlaw.com
raparisi@pbnlaw.com
cpmazza@pbnlaw.com
rhginzburg@pbnlaw.com
About Maritech ATM
Maritech ATM LLC, which conducts business under the name Maritech
Solutions, is a family-owned and operated company in Woodbridge,
NJ, that provides ATM services. It offers different plans to allow
New Jersey business owners of all sizes to customize the type of
ATM that will best meet their needs.
Maritech ATM filed for Chapter 11 bankruptcy protection (Bankr.
D.N.J. Case No. 19-15212) on March 14, 2019. The petition was
signed by Francis Perez, manager.
An involuntary Chapter 11 case was filed against the Debtor on Feb.
26, 2019 (Bankr. D.N.J. Case No. 19-13935) by creditors Garry
Capko, Michael Capko, and Safe and Sound Armed Courier, Inc. The
case was terminated on April 18, 2019.
The Debtor estimated assets of $1 million to $10 million and
liabilities of the same range.
The case is assigned to Judge Kathryn C. Ferguson. The Debtor
tapped Porzio, Bromberg & Newman, P.C., as its legal counsel.
MESOBLAST LIMITED: FDA Agrees to Rolling Review of BLA Submission
-----------------------------------------------------------------
The United States Food and Drug Administration (FDA) has agreed
that Mesoblast can submit on a rolling basis a Biologics License
Application (BLA) for its allogeneic cellular medicine
remestemcel-L in children with steroid-refractory acute Graft
Versus Host Disease (SR-aGVHD).
Mesoblast will submit each module of the BLA to the FDA on a
rolling basis as it is completed. The rolling process will provide
opportunity for ongoing and frequent communication, and during this
process the Company expects it will be able to adequately address
any substantial matters raised by the FDA.
Mesoblast has previously received Fast Track designation from the
FDA for remestemcel-L in SR-aGVHD and is eligible for priority
review once the BLA filing is completed and accepted by the FDA.
Mesoblast expects to submit the first module shortly.
About Mesoblast
Headquartered in Melbourne, Australia, Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) -- http://www.mesoblast.com/-- is a global developer
of innovative cell-based medicines. The Company has leveraged its
proprietary technology platform to establish a broad portfolio of
late-stage product candidates with three product candidates in
Phase 3 trials - acute graft versus host disease, chronic heart
failure and chronic low back pain due to degenerative disc disease.
Through a proprietary process, Mesoblast selects rare mesenchymal
lineage precursor and stem cells from the bone marrow of healthy
adults and creates master cell banks, which can be industrially
expanded to produce thousands of doses from each donor that meet
stringent release criteria, have lot to lot consistency, and can be
used off-the-shelf without the need for tissue matching. Mesoblast
has facilities in Melbourne, New York, Singapore and Texas and is
listed on the Australian Securities Exchange (MSB) and on the
Nasdaq (MESO).
Mesoblast reported a net loss attributable to the owners of
Mesoblast of US$35.29 million for the year ended June 30, 2018,
compared to a net loss attributable to the owners of Mesoblast of
US$76.81 million for the year ended June 30, 2017. As of Dec. 31,
2018, the Company had US$688.33 million in total assets, US$163.77
million in total liabilities, and US$524.55 million in total
equity.
PricewaterhouseCoopers, in Melbourne, Australia, the Company's
auditor since 2008, issued a "going concern" opinion in its report
on the consolidated financial statements for the year ended June
30, 2018. The auditors noted that the Company has suffered
recurring losses from operations that raise substantial doubt about
its ability to continue as a going concern.
MISSION COAL: Clarke, McCoy Notes Incorporated in Latest Plan
-------------------------------------------------------------
Mission Coal Company, LLC and affiliates filed with the U.S.
Bankruptcy Court for the Northern District of Alabama a third
amended joint chapter 11 plan.
The third amended plan replaces the Assumptions Agreements with the
Second Clarke Note and the McCoy Note. On the Plan Effective Date,
Thomas Clarke, and Kenneth McCoy and Jason McCoy, together, will
each issue the Clarke/McCoy Notes, respectively, to the Reorganized
Debtors’ on the terms and conditions set forth in the
Investigation Settlement Term Sheet and otherwise in form and
substance reasonably to the Debtors. The payments made pursuant to
the Clarke/McCoy Notes will be held in the Liquidating Trust and
will be satisfied in full upon completion of payment of the Allowed
Priority Tax Claims held by the IRS, the Alabama Department of
Revenue, and the West Virginia State Tax Department.
Notwithstanding anything set forth above, the principal amount of
the McCoy Note shall be reduced in an amount equal to the
difference between (a) $12 million and (b) the final amount of the
Allowed Priority Tax Claims owed to the Internal Revenue Service,
the Alabama Department of Revenue, and the West Virginia State Tax
Department.
The latest plan also provides that on the Plan Effective Date, the
Liquidating Trust will be formed to implement distributions of the
Liquidating Trust Assets. The Liquidating Trust will have no
objective to continue or engage in the conduct of a trade or
business, except to the extent reasonably necessary to, and
consistent with, the liquidating purpose of the Liquidating Trust.
Upon the transfer of the Liquidating Trust Assets as more fully set
forth in the Liquidating Trust Agreement, the Debtors will have no
reversionary or further interest in or with respect to the
Liquidating Trust Assets. For all federal income tax purposes, the
beneficiaries of the Liquidating Trust will be treated as grantors
and owners thereof and it is intended that the Liquidating Trust be
classified as a liquidating trust under Section 301.7701-4 of the
Treasury Regulations. Accordingly, for federal income tax purposes,
it is intended that the beneficiaries of the Liquidating Trust, the
Taxing Authorities, be treated as if they had received an interest
in the Liquidating Trust's assets and then contributed such
interests to the Liquidating Trust. The Liquidating Trust will, in
an expeditious but orderly manner, make timely distributions to the
beneficiaries of the Liquidating Trust pursuant to the Plan and the
Confirmation Order, and not unduly prolong its duration. The
Liquidating Trust shall be deemed a successor in interest to the
Debtors.
A copy of the Third Amended Plan is available at
http://tinyurl.com/y3bgeff7from omnimgt.com at no charge.
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.
MISSION COAL: Court Confirms 4th Amended Joint Chapter 11 Plan
--------------------------------------------------------------
Judge Tamara O. Mitchell of the United States Bankruptcy Court for
the Northern District of Alabama on April 15, 2019, issued an order
confirming the fourth amended joint Chapter 11 plan of Mission Coal
Company, LLC, and its debtor affiliates.
Prior to the Plan Confirmation Hearing held on April 9, the Debtors
filed a Fourth Amended Plan Supplement -- Form of McCoy/Castlelake
Note -- a full-text copy of which is available at
https://tinyurl.com/y35nmrgh from PacerMonitor.com at no charge.
Following the Plan Confirmation Hearing, the Debtors also filed a
Fifth Amended Plan Supplement consisting of:
-- Description of Restructuring Transactions Steps
-- Form of McCoy/Clarke Notes
-- Form of Clarke Note
-- Form of Jason McCoy Note
A full-text copy of the Fifth Amended Plan Supplement is available
at https://tinyurl.com/y3xwcge4 from PacerMonitor.com at no
charge.
A full-text copy of the Plan Confirmation Order is available at
https://tinyurl.com/y38zcklv from PacerMonitor.com at no charge.
Co-Counsel to the Debtors are Daniel D. Sparks, Esq., and Bill D.
Bensinger, Esq., at Christian & Small LLP, in Birmingham, Alabama;
James H.M. Sprayregen, P.C., Esq., Brad Weiland, Esq., and Melissa
N. Koss, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois; and
Stephen E. Hessler, P.C., Esq., and Ciara Foster, Esq., at Kirkland
& Ellis LLP, in New York.
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.
NATIONAL RADIOLOGY: Seeks to Hire Andrea P. Bauman as Accountant
----------------------------------------------------------------
National Radiology Consultants, P.A., seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire Andrea
P. Bauman, CPA PA as its accountant.
The firm will prepare the Debtor's monthly operating reports and
tax returns, and will assist in other financial or tax matters.
The firm will charge an hourly fee of $300.
Andrea Pope Bauman, the accountant who will be providing the
services, disclosed in court filings that no member of her firm
holds interest, directly or indirectly, which may be affected by
the Debtor's proposed employment of the firm.
The firm can be reached through:
Andrea Pope Bauman
Andrea P. Bauman, CPA PA
151 7th Street South, Apartment 433
St. Petersburg, FL 33701
Phone: +1 863-701-7047
About National Radiology Consultants
National Radiology Consultants, P.A., is healthcare practice
management provider, specializing in radiology, anesthesiology,
emergency, and hospital medicine solutions. National Radiology
Consultants filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.
19-01274) on Feb. 15, 2019. In the petition signed by Jame Okoh,
M.D., president and chief executive officer, the Debtor disclosed
$18,709,234 in assets and $4,925,568 in liabilities. The Debtor is
represented by Daniel E. Etlinger, Esq., at Jennis Law Firm.
NEIGHBORS LEGACY: Chapter 11 Liquidation Plan Deemed Effective
--------------------------------------------------------------
On March 22, 2019, the United States Bankruptcy Court for the
Southern District of Texas entered an order approving the second
amended disclosure statement and confirming the first amended joint
plan of liquidation of Neighbors Legacy Holdings, Inc., and its
debtor affiliates.
The Effective Date of the Plan occurred on April 8, 2019.
The Bankruptcy Court has approved certain release, exculpation,
injunction, and related provisions in Article XI of the Plan.
Pursuant to the Plan and the Confirmation Order, the deadline for
filing requests for payment of Administrative Claims, other than
Professional Fee Claims, is thirty (30) days after the Effective
Date.
All proofs of Claim with respect to Claims arising from the
rejection of Executory Contracts or Unexpired Leases, if any, must
be filed with the Court within thirty days after the occurrence of
the Effective Date.
A full-text copy of the Notice dated April 8, 2019, is available at
https://tinyurl.com/y5gon5zm from PacerMonitor.com at no charge.
Attorneys for the Debtors are John F. Higgins, Esq., Eric M.
English, Esq., and Genevieve M. Graham, Esq., at Porter Hedges LLP,
in Houston, Texas.
About Neighbors Legacy Holdings
Neighbors Legacy Holdings -- http://www.neighborshealth.com/-- and
its subsidiaries currently operate 22 freestanding emergency
centers throughout the State of Texas, including in the greater
Houston area, South Texas, El Paso, the Golden Triangle, the
Panhandle, and the Permian B sin. The Emergency Centers are
designed to offer an attractive alternative to traditional hospital
emergency rooms by reducing wait times, providing better working
conditions for physicians and staff, and giving patient care the
highest possible priority. The Debtors were founded in Houston in
2008 by nine emergency room physicians.
EDMG, LLC, Neighbors Legacy Holdings and several affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Tex. Lead Case No. 18-33836) on July 12, 2018. In the petition
signed by Chad J. Shandler, its chief restructuring officer, the
Debtor disclosed less than $50,000 in assets and less than $50,000
in liabilities. Shandler is with CohnReznick LLP.
Judge Marvin Isgur presides over the cases. John F Higgins, IV,
Esq., at Porter Hedges LLP, serves as counsel to the Debtors. They
hired Houlihan Lokey Capital, Inc., as investment bankers.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on July 23, 2018. The committee has hired Cole
Schotz P.C. as its legal counsel.
NETFLIX INC: Moody's Rates New Senior Unsecured Notes 'Ba3'
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to Netflix,
Inc.'s proposed senior unsecured notes offering of benchmark size
and maturity. Proceeds from the issuance will be used for general
corporate purposes, which may include content acquisitions, capital
expenditures, investments, working capital and potential
acquisitions and strategic transactions. Netflix's Ba3 corporate
family rating, Ba2-PD probability of default and SGL-1 speculative
grade liquidity rating remain unchanged. The outlook remains
unchanged at stable.
Assignments:
Issuer: Netflix, Inc.
Senior Unsecured Regular Bond/Debenture, Assigned Ba3 (LGD4)
RATINGS RATIONALE
Pro forma for this debt issuance, Netflix's gross leverage will be
7.5x (including Moody's adjustments) for the last twelve months
ended March 31, 2019 (7.0x on a last quarter annualized (LQA) basis
and 4.5x on a pro forma net leverage basis). However, despite the
continuing issuances of debt to fund the company's negative cash
flows, Moody's expects leverage to drop gradually over time with
subscriber growth, as the transition from licensed content to
produced original content levels off, international markets mature
and begin to contribute to profits, all which it expects to
contribute to margin improvement. Moody's anticipates that gross
leverage will fall to below 5.5x by the end of 2019 and below 5.0x
by the end of 2020, as the company's EBITDA growth outpaces the
growth in content spend and in debt. Further, Moody's believes the
company will easily surpass 200 million paid streaming subscriber
in fiscal year 2021, with an outside chance that it reaches that
number by the end of fiscal year 2020. Moody's also projects that
the company has the ability to reach cash flow breakeven by 2023 as
they grow total margins to the low to mid 20% range. Moody's
believes the company's strategy to procure its own content has
positive long-term implications as it builds its owned library
assets as compared to pure licensing of content which has supply
considerations. Moody's also believes owned content will provide
scale benefits for the company and increasingly provide proprietary
value to consumers, not to mention provide a valuable asset base
for investors. With distribution reaching across the entire world,
Netflix has the capability to create content at a fixed cost and
scale it across a near global footprint. Moody's also anticipates
greater levels of SVOD competition from major traditional media
companies like Walt Disney Company (The) (A2) and AT&T Inc.'s
(Baa2) WarnerMedia. While the programming offered by each of the
companies is dissimilar, Moody's believes that increasing SVOD
options could impact pricing power for Netflix over the
intermediate-term, but Netflix will be a foundation SVOD service.
The stable outlook reflects its expectation that Netflix's
operating results will improve gradually and the company will
de-lever through revenue, EBITDA and margin growth. Moody's
anticipates that credit metrics should become less volatile over
time since no new markets are being launched, which have been a
significant drag on margins in the past.
Ratings could be upgraded in future years as Netflix: 1) is to be
able to generate free cash flows within a two year forward period;
2) it continues to expand subscriber numbers and margins, helping
to fund increases in content spend working capital such that it can
maintain its significant lead on its content offering relative to
competitors; and 3) after the company deleverages over the next 12
to 24 months, it will sustaining debt-to-EBITDA leverage below
4.0x. Higher profitability would be needed for a higher rating
along with a strong commitment from management to sustain stronger
credit metrics given the company's view that an optimized capital
structure for the company includes a ratio of 20 to 25% debt to
enterprise value.
Moody's would consider a downgrade to Netflix's ratings: 1) if
consistent and continuous margin improvements fail to be achieved
such that negative cash flows persist at high levels; 2) leverage
remains stubbornly high and are not on a trajectory to decline to
below 5.0x; 3) if there are expectations for deterioration in
subscriber numbers due to competitive pressures or operational
setbacks; and 4) if liquidity issues arise due to capital market
access issues and capital needs
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
Netflix, Inc., with its headquarters in Los Gatos, California, is
the world's leading subscription video on demand internet
television network with three operating segments: Domestic
streaming, International streaming and Domestic DVD. Domestic and
International streaming segments derive revenues from monthly
subscription services consisting of streaming content over the
internet, and the Domestic DVD division derives revenues from
monthly subscription services consisting solely of DVD-by-mail.
Revenues for the last twelve months ended March 31, 2019 was
approximately $16.6 billion.
NETSMART INC: Moody's Affirms B3 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service affirmed Netsmart, Inc.'s B3 Corporate
Family Rating and B3-PD Probability of Default Rating. Moody's also
affirmed the first lien senior secured B2 rating and the second
lien Caa2 rating. The outlook remains stable. These rating actions
follow the ongoing monitoring of the company including the December
2018 acquisition by GI Partners and TA Associates of Allscripts'
stake.
Affirmations:
Issuer: Netsmart, Inc.
Corporate Family Rating, Affirmed B3
Probability of Default Rating, Affirmed B3-PD
Senior Secured Term Loan D1, Affirmed B2 (LGD3)
Senior Secured Revolving Credit Facility, Affirmed
B2 (LGD3)
Senior Secured 2nd Lien Term Loan, Affirmed Caa2 (LGD6)
Outlook Actions:
Issuer: Netsmart, Inc.
Outlook, Remains Stable
RATINGS RATIONALE
Netsmart's Corporate Family Rating is weakly positioned in the B3
category, reflecting its high leverage above 8.0x as of FYE
December 31, 2018 (Moody's adjusted including capitalized software
as an expense). The credit profile is constrained by the company's
debt-funded acquisition appetite, integration risks and relatively
modest scale with $355 million in annual revenue as of December
2018. The rating is supported by Netsmart's leadership position in
the electronic health care record software segment serving the
niche human services and post-acute markets. A stable client base
with recurring revenue contracts supported by a large backlog
provides stability. Moody's anticipates strong high-single-digit
organic revenue growth in 2019, driven by recent client wins and
incremental cross-sell to the existing client base. EBITDA growth
will be offset by incremental debt to fund acquisitions and Moody's
expect leverage to remain very high above 7.5x over the next 12-18
months (Moody's adjusted). Moody's expects the company will
continue to pursue debt-funded acquisitions as it continues to
aggregate software solutions within the niche market segments it
serves.
Liquidity is adequate based on an unrestricted cash balance of $14
million, an undrawn $50 million first lien revolver (as of December
31, 2018) and positive 2019 projected free cash flow. Moody's
anticipates adequate cushion under the springing first lien
financial covenant. The first lien term loan amortizes 1% per
annum.
The stable outlook reflects its expectation of high-single-digit
percentage organic revenue growth, driven by the announced
partnership with Kindred Healthcare and new bookings, partially
offset by declining trends from recently acquired assets. Moody's
expects slowly improving EBITDA margins (on a Moody's adjusted
basis) and very modest positive free cash flow to debt under 5%.
The ratings could be upgraded if Moody's expects 1) sustained
organic revenue growth and increasing scale; 2) debt to EBITDA
expected to remain below 6.0x; 3) free cash flow to debt to be
sustained above 5.0%; 4) good liquidity and 5) conservative
financial policies.
The ratings could be downgraded if 1) revenue or profits do not
grow as expected, evidencing increased competition; 2) Moody's
expects debt to EBITDA will remain above 8.0x on a sustained basis;
3) liquidity becomes diminished or 4) free cash flow is expected to
be negative.
The principal methodology used in these ratings was Software
Industry published in August 2018.
Netsmart is a US provider of software and technology solutions for
the human services and post-acute sectors within the health care
industry. Netsmart's software enables health organizations to
create, manage and share medical information via patient electronic
healthcare records. The company's solutions are used by more than
25,000 client organizations, including 560,000 care providers and
more than 25 million consumers in 50 states systems. In December
2018, private equity firms GI Partners and TA associates acquired
the remaining stake held in Netsmart by Allscripts. GI acquired its
initial stake in 2016.
NEW DAY N CHRIST: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
The Office of the U.S. Trustee, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Clavis Investments, Inc., according to court dockets.
About New Day "N" Christ Deliverance
Ministries Inc.
New Day "N" Christ Deliverance Ministries Inc. sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
19-13439) on March 18, 2019. The petition was filed pro se.
At the time of the filing, the Debtor had estimated assets of less
than $50,000 and liabilities of less than $500,000. The case has
been assigned to Judge Robert A. Mark.
NVA HOLDINGS: S&P Rates $200MM Incremental First-Lien Term Loan 'B'
-------------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '3'
recovery rating to NVA Holdings Inc.'s proposed $200 million
incremental first-lien term loan. The '3' recovery rating indicates
S&P's expectation for meaningful (50%-70%; rounded estimate: 50%)
recovery in the event of a payment default.
The company will use the proceeds from this incremental term loan
to fund acquisitions and refinance its revolver borrowings.
All of S&P's other ratings on NVA Holdings remain unchanged.
"Our issuer credit rating on NVA reflects the company's leading
market position and narrow operating focus in the highly fragmented
veterinary practices market. The rating also reflects our
expectation that the company will remain acquisitive and maintain
high adjusted leverage of more than 7x," S&P said.
ISSUE RATINGS--RECOVERY ANALYSIS
Key analytical factors
-- NVA's capital structure consists of a $140 million revolver, a
$1,358 million first-lien term loan ($1,351 million outstanding),
the proposed $200 million incremental term loan, $500 million of
senior secured notes, and approximately $36 million of subordinated
seller notes.
-- S&P has valued the company on a going-concern basis using a
5.5x multiple of its projected emergence EBITDA.
-- S&P assumes that in a default scenario NVA's EBITDA would
decline significantly due to a prolonged economic downturn, which
leads to a sharp decline in its revenue and weakens the performance
of its centers.
Simulated default assumptions
-- Simulated year of default: 2022
-- EBITDA at default: $173 million
-- EBITDA multiple: 5.5x
Simplified waterfall
-- Net enterprise value (after 5% administrative costs): $904
million
-- Valuation split (obligors/nonobligors): 92%/8%
-- Priority claims: $0
-- Collateral value available to first-lien creditors: $879
million
-- Secured first-lien debt: $1,675 million
-- Recovery expectations: 50%-70% (rounded estimate: 50%)
-- Value available to unsecured claims: $25 million
-- Total unsecured claims: $1,334 million
-- Recovery expectations: 0%-10% (rounded estimate: 0%)
Notes: All debt amounts include six months of prepetition interest.
Collateral value equals asset pledge from obligors after priority
claims plus equity pledge from nonobligors after nonobligor debt.
Ratings List
NVA Holdings, Inc.
Issuer Credit Rating B/Stable
New Rating
NVA Holdings, Inc.
Senior Secured
US$200 mil bank ln due 2025 B
Recovery Rating 3(50%)
REVOLUTION MONITORING: May 9 Plan Confirmation Hearing Set
----------------------------------------------------------
Bankruptcy Judge Harlin D. Hale issued an amended order approving
Revolution Monitoring, LLC, Revolution Monitoring Management, LLC
and Revolution Neuromonitoring, LLC's amended joint disclosure
statement referring to their amended joint plan of reorganization
dated April 2, 2019.
May 5, 2019 is fixed as the last day for filing and serving written
acceptances or rejections of the Plan, and the last day for filing
and serving written objections to confirmation of the Plan.
May 9, 2019 at 9:00 a.m. is fixed for the hearing on Confirmation
of the Plan in the Courtroom of the Honorable Harlin Hale, 1100
Commerce Street, 14 Floor, Dallas, Texas.
About Revolution Monitoring
Revolution Monitoring is a healthcare services provider in Dallas,
Texas.
Revolution Monitoring sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Tex. Case No. 18-42152) on Sept. 27,
2018. In the petition signed by Jeremiah Titus Vance, president,
the Debtor estimated assets of $10 million to $50 million and
liabilities of $1 million to $10 million.
REVOLUTION MONITORING: Xynergy Amends Objections to Plan Outline
----------------------------------------------------------------
Revolution Monitoring, LLC, Revolution Monitoring Management, LLC
and Revolution Neuromonitoring, LLC filed an amended joint
disclosure statement referring to their proposed chapter 11 plan.
This latest filing states that Jeremiah Vance provided the opinion
for the Debtors' background. It also provides that Xynergy
Healthcare Capital II, LLC disagrees with all allegations asserted
against it and would show that any alleged claims have been
previously decided by Courts of competent jurisdiction in favor
Xynergy.
A copy of the Amended Disclosure Statement is available at
http://tinyurl.com/yxmp2qjjfrom Pacermonitor.com at no charge.
Xynergy Healthcare Capital II, LLC adds two exhibits to its amended
objections to the disclosure statement:
-- Disclosure Statement proposed by Xynergy which incorporates
changes sought by Xynergy [clean copy].
-- Disclosure Statement proposed by Xynergy which incorporates
changes sought by Xynergy [redline].
In all other respects, the Amended Objections do not differ from
the prior Objections. The Debtors' proposed Disclosure Statement
fails miserably to meet the true objective of such a document,
which is to provide adequate and truthful information that would
meet the standard of Bankruptcy Code section 1125. The Disclosure
Statement ignores previous legal adjudications and attempts to
re-hash old issues already disposed conclusively. Even if the
collection agreement central to the proposed Plan is achieved, the
feasibility of the Debtors' vision for "reorganization" is very
uncertain at this time.
A copy of Xynergy's Objection is available at
http://tinyurl.com/yydk7m8afrom Pacermonitor.com at no charge.
Attorneys for Creditor Xynergy Healthcare Capital II, LLC:
James E. Cuellar, Esq.
D. Brent Wells, Esq.
WELLS & CUELLAR, P.C
440 Louisiana, Suite 718
Houston, Texas 77002
Tel: (713) 222-1281
Fax: (713) 237-0570
Email: bwells@wellscuellar.com
jcuellar@wellscuellar.com
About Revolution Monitoring
Revolution Monitoring is a healthcare services provider in Dallas,
Texas.
Revolution Monitoring sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Tex. Case No. 18-42152) on Sept. 27,
2018. In the petition signed by Jeremiah Titus Vance, president,
the Debtor estimated assets of $10 million to $50 million and
liabilities of $1 million to $10 million.
REYES P. ALONZO: Spector Properties Entitled to Vote on Plan
------------------------------------------------------------
Reyes P. Alonzo Properties, LLC filed with the U.S. Bankruptcy
Court for the Western District of Texas an amended disclosure
statement.
This latest filing provides that Class One--Spector Properties--is
impaired and entitled to vote on the plan.
A copy of the Amended Disclosure Statement is available at
http://tinyurl.com/yy4y843sfrom Pacermonitor.com at no charge.
Reyes P. Alonzo Properties, LLC, filed a voluntary Chapter 11
petition (Bankr. W.D. Tex. Case No. 18-52341) on October 1, 2018,
and is represented by Heidi McLeod, Esq., at Heidi McLeod Law
Office.
RIOT BLOCKCHAIN: Amends Form S-3 Registration Statement
-------------------------------------------------------
Riot Blockchain, Inc., has filed with the U.S. Securities and
Exchange Commission an amendment to its Form S-3 registration
statement relating to the resale or other disposition from time to
time of up to 4,810,504 shares of the Company's common stock, no
par value per share, by Oasis Capital, LLC, Harbor Gates Capital,
LLC, and SG3 Capital, LLC. Of these shares, 150,000 were issued as
restricted shares of the Company's common stock as additional
inducement to the selling stockholders to enter into the financing
transactions underlying this registration statement. The remaining
shares to be registered consists of up to 2,752,360 shares issuable
upon the conversion of the Senior Secured Promissory Notes held by
the selling stockholders and 1,908,144 shares issuable upon the
exercise of Warrants by the selling stockholders. The Warrants and
the Notes were issued pursuant to a series of Securities Purchase
Agreements by and among the Company and the selling stockholders
dated Jan. 28, 2019.
The Company is not selling any shares of its common stock and will
not receive any proceeds from the resale by the selling
stockholders of the Inducement Shares, the Conversion Shares, and
the Warrant Shares. While the Company has an effective
registration statement covering the Warrant Shares, upon the
exercise of the Warrants for the purchase of up to 1,908,144 shares
of the Company's common stock by payment of cash, however, the
Company will receive the exercise price of the Warrants, which is
$1.94 per share.
Riot Blockchain's common stock is currently traded on the NASDAQ
Capital Market under the symbol "RIOT." On April 22, 2019, the
last reported sales price for the Company's common stock was $5.52
per share. Any prospectus supplement will contain information,
where applicable, as to any other listing of the securities on the
NASDAQ Capital Market or any other securities market or exchange
covered by the prospectus supplement.
A full-text copy of the Form S-3/A is available for free at:
https://is.gd/cRPKdC
About Riot Blockchain
Headquartered in , Castle Rock, Colorado, Riot Blockchain --
http://www.RiotBlockchain.com/-- is focused on building,
operating, and supporting blockchain technologies. Its primary
operations consist of cryptocurrency mining, targeted development
of a cryptocurrency exchange, and the identification and support of
innovations within the sector.
Riot Blockchain reported a net loss of $60.21 million in 2018,
following a net loss of $19.97 million in 2017. As of Dec. 31,
2018, the Company had $13.86 million in total assets, $9.36 million
in total liabilities, and $4.49 million in total stockholders'
equity.
Marcum LLP, in New York, NY, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated April 2,
2019, on the Company's consolidated financial statements for the
year ended Dec. 31, 2018, citing that the Company has a significant
working capital deficiency, has incurred significant losses, and
needs to raise additional funds to meet its obligations and sustain
its operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
RS OLD MILL: Seeks to Hire Goldberg Weprin as New Counsel
---------------------------------------------------------
RS Old Mill, LLC, seeks approval from the U.S. Bankruptcy Court for
the Southern District of New York to hire a new bankruptcy counsel
in its Chapter 11 case.
The Debtor proposes to employ Goldberg Weprin Finkel Goldstein LLP
to substitute for Pick & Zabicki LLP.
The decision to hire a new legal counsel came after the transfer of
a real property to Suffern Partners LLC through what the Debtor
described as dubious transactions. The property was supposed to be
sold to the Debtor under a sales contract with Novartis Corp., with
funding from Bridgewater Capital Partners LLC.
Goldberg, together with the Debtor's proposed special litigation
counsel Levine & Associates P.C., will assist the Debtor in filing
an adversary case in connection with the transfer.
The firm's hourly rates are:
Partner $575
Associate $255 - $425
Kevin Nash, Esq., at Goldberg, disclosed in court filings that he
and his firm are "disinterested" within the meaning of the
Bankruptcy Code.
Goldberg can be reached through:
Kevin J. Nash, Esq.
Goldberg Weprin Finkel Goldstein LLP
1501 Broadway, 22nd Floor
New York, NY 10036
Phone: 1-212-221-5700
Fax: 1-212-730-4518
About RS Old Mill LLC
RS Old Mill, LLC filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 17-22218) on February 13, 2017. The Debtor's
assets and liabilities are both below $1 million. The case is
assigned to Judge Robert D. Drain. Goldberg Weprin Finkel
Goldstein LLP, substituting for Pick & Zabicki LLP, is the Debtor's
counsel.
RS OLD MILL: Seeks to Hire Levine & Associates as Special Counsel
-----------------------------------------------------------------
RS Old Mill, LLC, seeks approval from the U.S. Bankruptcy Court for
the Southern District of New York to hire a special litigation
counsel.
The Debtor proposes to employ Levine & Associates PC to file a case
against Suffern Partners LLC, Bridgwater Capital Partners, LLC and
several others over an authorized sale of a real property located
in Suffern, N.Y.
The property was transferred to Suffern Partners through what the
Debtor described as dubious transactions. It was supposed to be
sold to the Debtor under a sales contract with Novartis Corp., with
funding from Bridgewater Capital Partners LLC.
The hourly rates charged by Levine & Associates are:
Michael Levine, Esq. $640
Associates $400 - $450
Michael Levine, Esq., disclosed in court filings that his firm does
not represent any creditors or equity holders of the Debtor.
Levine & Associates can be reached through:
Michael Levine, Esq.
Levine & Associates PC
15 Barclay Road
Scarsdale, NY 10583-2707
Phone: (914) 600-4288
About RS Old Mill LLC
RS Old Mill, LLC, filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 17-22218) on Feb. 13, 2017. The Debtor's assets
and liabilities are both below $1 million. The case is assigned to
Judge Robert D. Drain.
SCOTTY'S HOLDINGS: Exclusive Filing Period Extended Until June 9
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Indiana
extended the period during which Scotty's Holdings, LLC and its
affiliates have the exclusive right to file a Chapter 11 plan
through June 9, and to solicit acceptances for the plan through
Aug. 8.
The extension will give the companies and their lender (which could
be a potential plan sponsor) more time to finalize a plan, obtain
input from other important stakeholders, and review the claims
against the companies, according to court filings.
About Scotty's Holdings
Scotty's Brewhouse is a craft beer sports bar with 16 locations
throughout Indiana, Illinois, Ohio, Florida, and Texas. The
original Scotty's Brewhouse was opened in Muncie, Indiana in 1996.
Scotty's Holdings, LLC, and its affiliates, including Scotty's
Brewhouse, filed voluntary petitions seeking relief under Chapter11
of the Bankruptcy Code (Bankr. S.D. Ind. Lead Case No. 18-09243) on
Dec. 11, 2018. In the petitions signed by Berekk Blackwell,
executive manager, Scotty's Holdings estimated $1 million to $10
million in both assets and liabilities and Scotty's Brewhouse
estimated $100,000 to $500,000 in both assets and liabilities.
The Debtors hired Quarles & Brady LLP, and Hester Baker Krebs LLC,
as attorneys.
SPN INVESTMENTS: Affiliate Taps Langley & Chang as Legal Counsel
----------------------------------------------------------------
SPN IP LLC, an affiliate of SPN Investments Inc., seeks approval
from the U.S. Bankruptcy Court for the Central District of
California to hire The Law Office of Langley & Chang as its legal
counsel.
The firm will advise the Debtor of its rights, powers and duties
under the Bankruptcy Code; assist in the preparation of a plan of
reorganization; and provide other legal services in connection with
its Chapter 11 case.
The firm's hourly rates are:
Partners $425
Associates $325
Paralegals $125
Langley & Chang received pre-bankruptcy retainers in the total
amount of $10,717, which included the $1,717 filing fee.
Langley & Chang is "disinterested" as defined in Section 101(14) of
the Bankruptcy Code, according to court filings.
The firm can be reached through:
Christopher J. Langley, Esq.
The Law Office of Langley & Chang
4158 14th St.
Riverside, CA 92501
Tel: 951-383-3388
Fax: 877-483-4434
Email: chris@langleylegal.com
About SPN Investments
SPN Investments Inc. dba eInflatables is a manufacturer of sporting
and athletic goods, including sports and fitness equipment.
eInflatables offers a selection of inflatable play structures,
including water slides, dry slides, wet & dry Slides, combo units,
obstacle courses, inflatable games, bouncers and more.
SPN Investments Inc. filed a Chapter 11 petition (Bankr. C.D. Cal.
Case No. 19-10893) on March 12, 2019. Its affiliate SPN IP LLC
filed for Chapter 11 protection (Bankr. C.D. Cal. Case No.
19-10944) on March 18, 2019. The cases are jointly administered
under SPN Investments' case.
At the time of the filing, both debtors estimated $50,000 in assets
and $1 million to $10 million in liabilities.
SPN Investments is represented by Jeffrey S. Shinbrot, APLC. The
Law Office of Langley & Chang is SPN IP's legal counsel. The cases
have been assigned to Judge Erithe A. Smith.
STRAIGHT UP: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Straight Up Enterprises, Inc.
dba Campus Den
dba A-Game Apparel
4330 W. Mt. Morris Road
Mount Morris, MI 48458
Business Description: Straight Up Enterprises is a retailer of
sports apparel and other miscellaneous
sports gear and accessories.
Chapter 11 Petition Date: April 23, 2019
Court: United States Bankruptcy Court
Eastern District of Michigan (Flint)
Case No.: 19-31010
Judge: Hon. Daniel S. Opperman
Debtor's Counsel: Dennis M. Haley, Esq.
WINEGARDEN, HALEY, LINDHOLM, TUCKER &
HIMELHOCH P.L.C.
G-9460 S. Saginaw Street, Suite A
Grand Blanc, MI 48439
Tel: (810) 579-3600
E-mail: ecf@winegarden-law.com
Total Assets: $1,985,246
Total Liabilities: $5,557,303
The petition was signed by John Damoth, vice president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at:
http://bankrupt.com/misc/mieb19-31010_creditors.pdf
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/mieb19-31010.pdf
TAMKO BUILDING: Moody's Assigns First Time B1 CFR, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service assigned a first time B1 Corporate Family
Rating and B1-PD Probability of Default Rating to TAMKO Building
Products, LLC, a manufacturer and marketer of roofing products and
accessories in the United States. In a related rating action,
Moody's assigned a B2 rating to the company's proposed $600 million
senior secured term loan due 2026. TAMKO will use proceeds from the
term loan, along with an estimated $75 million under the company's
new revolving credit facility, to make a distribution to existing
shareholders, repay outstanding debt, and pay related fees and
expenses. The rating outlook is stable.
TAMKO's new capital structure will consist of a $225 million
asset-based senior secured revolving credit facility expiring 2024
(unrated), of which about $75 million will be drawn at closing, and
a $600 million senior secured term loan maturing 2026.
The following ratings/assessments were assigned:
Assignments:
Issuer: TAMKO Building Products, LLC
Probability of Default Rating, Assigned B1-PD
Corporate Family Rating, Assigned B1
Senior Secured Term Loan B, Assigned B2 (LGD4)
Outlook Actions:
Issuer: TAMKO Building Products, LLC
Outlook, Assigned Stable
RATINGS RATIONALE
TAMKO's B1 Corporate Family Rating reflects its leveraged capital
structure following its distribution recapitalization. As a result
of the proposed transaction, balance sheet debt will increase to
about $675 million from approximately $160 million as of December
31, 2018. However, Moody's projects adjusted debt-to-EBITDA to
decline to approximately 3.9x by year-end 2020 from 5.1x pro forma
2018, driven by a combination of earnings growth and repayment of
revolver borrowings from free cash flow. The proposed dividend
represents multiple years of future free cash flows. Moody's does
not project dividends, except for taxes, over the next 12-18
months. The significantly higher cash interest payments under the
new capital structure will strain free cash flow. Moody's projects
adjusted free cash flow to debt of 4.5% in 2020.
Further constraining TAMKO's ratings is the company's scale, which
is small relative to the universe of global manufacturing
companies, including other roofing product manufacturers. The
average revenue for "B" rated companies under Moody's Global
Manufacturing Companies rating methodology is more than 2x greater
than its projected revenue for TAMKO. Better-capitalized
competitors such as Owens Corning and Standard Industries, Inc,
have a larger, national footprint, allowing them to absorb some of
the impact of higher material costs that TAMKO has faced in recent
years. Despite solid operating margins, TAMKO's smaller revenue
base limits its absolute levels of earnings and financial
flexibility to withstand any material revenue declines.
Balancing TAMKO's credit weaknesses is its solid adjusted operating
margin, which Moody's expects to be in the high-single-digit
percentages over the next 12-18 months. Margins at this level are
indicative of higher rated entities, reflecting TAMKO's focus on
operational efficiency. Moody's projects moderate margin expansion
as input cost growth slows and TAMKO benefits from increased
operating leverage.
Because TAMKO manufactures roofing products, its business is
relative stable amid cyclical end markets. Roofing
repair/replacement, TAMKO's main revenue driver, costs are
relatively non-discretionary as they are often nominal as compared
to the costs of water damage resulting from a lack of upkeep.
Moody's outlook for the repair and remodeling market considers
trends in the National Association of Home Builders (NAHB)
Remodeling Market Index, an industry survey that gauges remodeling
contractors' expectations of demand over the next three months. The
Remodeling Market Index trended down slightly in Q4 2018 to 56.5
from 58.3 in Q3 2018. Index readings over 50 indicate that the
majority of contractors surveyed believe market conditions are
expanding.
The stable rating outlook reflects Moody's expectations that
TAMKO's credit profile, such as leverage sustained below 4.5x, will
remain supportive of its B1 Corporate Family Rating over the next
12 to 18 months.
The B2 rating assigned to the $600 million senior secured term loan
maturing 2026, one notch below the Corporate Family Rating, results
from the subordination of its lien on the collateral to the ABL
revolver, putting it in a first-loss position. The term loan has a
first-lien on substantially all noncurrent assets, and a
second-lien on assets securing the company's revolving credit
facility (ABL priority collateral). The term loan amortizes 1% per
year with bullet payment at maturity.
Moody's may upgrade TAMKO's ratings if operating performance
exceeds Moody's forecasts, resulting in credit metrics or
characteristics such as the following (inclusive of Moody's
standard adjustments):
Positive rating actions could occur if TAMKO's operating
performance improves and yields the following credit metric (ratio
incorporates Moody's standard adjustments) and characteristics:
- Debt-to-EBITDA sustained below 3.5x
- Free cash flow-to-Debt approaching 7.5%
- EBITA-to-Interest approaching 3.0x
- Improved liquidity profile
- Ongoing positive trends in end markets
Negative rating actions could ensue if TAMKO's operating
performance deteriorates, resulting in credit metrics or
characteristics such as the following (inclusive of Moody's
standard adjustments):
- Debt-to-EBITDA sustained above 4.5x
- EBITA-to-Interest below 2.0x
- Deterioration in liquidity profile
- Large shareholder distributions
- Sizeable debt-financed acquisitions
The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.
TAMKO Building Products, LLC, headquartered in Joplin, Missouri, is
a manufacturer of roofing products and accessories throughout the
United States. It manufactures and sells mainly residential roofing
products. The Humphreys family owns 100% of TAMKO, but is in the
process of selling a minority stake of the company to affiliates of
The Carlyle Group. Revenues for the year ended December 31, 2018
approximate $1.0 billion. TAMKO is privately-owned and does not
make financial information publicly available.
TAMKO BUILDING: S&P Assigns Preliminary 'BB-' ICR; Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'BB-' issuer credit
rating to Joplin, Mo.-based roofing products manufacturer TAMKO
Building Products LLC, and its preliminary 'BB-' issue-level rating
and '3' recovery rating to the company's proposed $600 million
first-lien term loan.
TAMKO plans to issue a $600 million first-lien term loan due 2026
to recapitalize the business as well as fund a distribution to the
existing shareholders. Carlyle Global Partners (CGP) is reportedly
acquiring a 25% stake in the company.
The 'BB-' preliminary issuer credit rating on TAMKO reflects its
small size and relative market position within the consolidated
U.S. roofing materials market, its pro forma debt to EBITDA of
about 4x, and its lower than peer average EBITDA margin, according
to S&P.
"Our view of TAMKO's business and operating prospects reflects its
narrow product profile that is focused predominantly on
asphalt-based roofing shingles and related products. The U.S.
roofing shingles market is consolidated, with four major players
producing over 90% of residential roofing shingles," S&P said. The
three other major producers, Standard Industries Inc., Owens
Corning, and Compagnie de Saint-Gobain S.A. (Certainteed) are all
considerably larger, better capitalized, and rated in the
investment grade category (as of April 23, 2019), while TAMKO is
the fourth-largest (based on revenues) player in this industry,
according to the rating agency.
The stable outlook on TAMKO reflects S&P's expectation of
low-single-digit revenue growth and stable EBITDA margins,
resulting in leverage remaining in 4.0x-4.5x debt to EBITDA range
and adjusted funds from operations (FFO) to debt of about 16%-18%.
S&P expects the company to sustain these metrics in light of flat
housing starts and slower repair and remodeling activity.
"We view a downgrade as unlikely over the next 12 months. However,
we could lower our ratings on TAMKO if EBITDA margins deteriorated
by 4%, causing debt to EBITDA to rise to above 5x or FFO to debt to
approach 12% on a sustained basis," S&P said. Such a scenario could
materialize if there is unexpected high inflation in asphalt or
transportation costs from rising crude oil prices, along with an
inability to increase prices, or if volumes declined drastically
due to recessionary pressures, according to the rating agency. S&P
said it could lower the rating if TAMKO takes on a more aggressive
financial policy (for instance, dividend payouts or debt-financed
acquisitions) or if the financial sponsor increased its ownership
to above 40%.
"We view an upgrade as highly unlikely over the next year given
TAMKO's small size, narrow product range, and current leverage
levels. However, an upgrade would be predicated in the longer term
on TAMKO's ability to significantly increase its scale as well as
diversify its business while maintaining debt leverage closer to 3x
on a sustained basis," S&P said.
TROIANO REALTY: Case Summary & Largest Unsecured Creditors
----------------------------------------------------------
Two affiliates that have filed voluntary petitions seeking relief
under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Troiano Realty, LLC 19-40655
109 Creeper Hill Road
North Grafton, MA 01536
Troiano Trucking, Inc. 19-40656
dba Eco-Feed Tech
109 Creeper Hill Road
North Grafton, MA 01536
Business Description: Troiano Realty is a real estate lessor whose
principal assets are located at 109 Creeper
Hill Road, North Grafton, MA. The Property
is valued at $1.48 million based on tax
valuation assessment method.
Troiano Trucking --
http://www.troianotrucking.com-- is a
privately held company in Grafton,
Massachusetts, in the waste hauling
business. Troiano Trucking maintains a
fleet of four trucks which allows it to
service its customers with removal of bakery
waste, rubbish, demolition materials and
recyclables. The Company serves
construction companies, roofing companies,
bakeries and individual home owners.
Chapter 11 Petition Date: April 23, 2019
Court: United States Bankruptcy Court
District of Massachusetts (Worcester)
Judge: Hon. Christopher J. Panos (19-40655)
Hon. Elizabeth D. Katz (19-40656)
Debtors' Counsel: David M. Nickless, Esq.
NICKLESS, PHILLIPS AND O'CONNOR
625 Main Street
Fitchburg, MA 01420
Tel: (978) 342-4590
Fax: (978) 343-6383
E-mail: dnickless@npolegal.com
Troiano Realty's
Total Assets: $1,485,000
Troiano Realty's
Total Liabilities: $4,220,210
Troiano Trucking's
Estimated Assets: $1 million to $10 million
Troiano Trucking's
Estimated Liabilities: $1 million to $10 million
The petitions were signed by Mark Troiano, manager.
Troiano Realty lists MassDEP as its sole unsecured creditor holding
an unknown amount of claim. A copy of the petition is available
for free at:
http://bankrupt.com/misc/mab19-40655.pdf
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/mab19-40656.pdf
TROP INC: Seeks to Extend Exclusive Plan Filing Period to May 30
----------------------------------------------------------------
Trop, Inc. and its affiliated debtors asked the U.S. Bankruptcy
Court for the Northern District of Georgia to extend the exclusive
period to file a Chapter 11 plan through May 30 and the exclusive
period to solicit acceptances for the plan through July 30.
The companies said the extension would give them more time to
formulate a more definitive plan.
About Trop Inc.
Trop, Inc. is a privately held company that owns the Pink Pony, a
night club in Atlanta, Georgia.
Trop, Inc. filed a Chapter 11 petition (Bankr. N.D. Ga. Case No.
18-65726) on Sept. 19, 2018. In the petition signed by Teri
Galardi, chief executive officer, the Debtor estimated $500,000 to
$1 million in assets and $1 million to $10 million in liabilities.
Louis G. McBryan, Esq., at McBryan, LLC, is the Debtor's bankruptcy
counsel. Schulten Ward Turner & Weiss, LLP, and the Law Offices of
Aubrey T. Villines, Jr., serve as special counsel.
TRUCK HOLDINGS: S&P Lowers ICR to 'B-' on Lund Int'l Acquisition
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Truck
Holdings Inc. (THI) to 'B-' from 'B'. The outlook is stable.
The rating action came after the company agreed to acquire
competitor Lund International Inc., partially financed with $335
million of new senior secured notes. S&P expects adjusted debt to
EBITDA to remain above 6.5x over the next 12 to 18 months and free
operating cash flow (FOCF) to debt below 3%.
Meanwhile, S&P assigned a 'B-' issue-level rating to the proposed
senior secured notes and lowered its issue-level ratings on the
company's first-lien term loan to 'B-' from 'B' and the second-lien
term loan to 'CCC' from 'CCC+'.
The downgrade reflects THI's elevated leverage pro forma for the
acquisition of Lund as well as risks involved in integrating the
companies. With THI's incremental debt issuance, S&P expects debt
to EBTIDA to remain above 6.5x in the next couple years and FOCF to
debt to remain below 3%. While S&P expects the company will achieve
synergies and increase margins -- particularly in selling, general,
and administrative (SG&A) -- the rating agency believes it will
take a couple of years to realize these synergies. S&P expects
management to continue to rapidly expand THI through debt-funded
acquisitions, which is consistent with recent years and could
expose the company to integration risk and delay improvements in
leverage.
The stable outlook on THI reflects S&P's expectation that the
company will increase margins in the back half of 2019, allowing it
to generate free cash flow. The rating agency expects the company
will maintain its market share in its product lines while using
acquisitions to expand new product areas.
"We could raise the rating on Truck Holdings if the company reduces
debt to EBITDA below 6.5x while sustaining an FOCF-to-debt ratio of
3%-5%. This could be due to stronger margins from greater synergy
realization with the newly acquired Lund assets. We would also need
to be confident that the company can maintain financial policies
that support such metrics," S&P said.
"We could lower our ratings on THI if EBITDA margins fall another
20%, causing for instance negative FOCF for multiple quarters,
thereby draining liquidity or pushing leverage to unsustainable
levels," S&P said. This could occur if demand for the company's
products is weaker than expected due to a deteriorating economic
environment, a sharp increase in gas prices that dampens the growth
of discretionary purchases, greater competition,
higher-than-expected integration costs, or rising commodity prices,
according to the rating agency.
TWO DELUNA: Taps Wilson Harrell as Legal Counsel
------------------------------------------------
Two Deluna LLC received approval from the U.S. Bankruptcy Court for
the Northern District of Florida to hire Wilson, Harrell,
Farrington, Ford, Wilson, Spain & Parsons, PA, as its legal
counsel.
The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code and will provide other legal services in connection
with its Chapter 11 case.
Wilson Harrell does not hold any interest adverse to the Debtor and
its bankruptcy estate, according to court filings.
The firm can be reached through:
J. Steven Ford, Esq.
Wilson, Harrell, Farrington, Ford,
Wilson, Spain & Parsons, PA
307 S. Palafox Street
Pensacola, FL 32502
Phone: 850-438-1111/888-543-0905
Fax: 850-432-8500
E-mail: jsf@whsf-law.com
About Two Deluna
Two Deluna, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Fla. Case No. 19-30205) on March 1,
2019. At the time of the filing, the Debtor estimated assets of
less than $100,000 and liabilities of less than $500,000. The case
has been assigned to Judge Jerry C. Oldshue Jr.
UNIVERSITY PHYSICIAN: June 3 Plan, Disclosures Hearing
------------------------------------------------------
Bankruptcy Judge Mark A. Randon issued an order granting
preliminary approval of University Physician Group’s second
amended disclosure statement.
The deadline to return ballots on the plan, as well as to file
objections to final approval of the adequacy of the information in
the disclosure statement and objections to confirmation of the plan
is May 28, 2019.
The hearing on objections to final approval of the adequacy of the
information in the disclosure statement and confirmation of the
plan will be held on June 3, 2019, at 11:00 a.m. before the
Honorable Mark A. Randon, United States Bankruptcy Judge, in
Courtroom 1825, 211 West Fort Street, Detroit, Michigan 48226.
About University Physician Group
University Physician Group -- http://www.wsupgdocs.org/-- is a
non-profit multi-specialty physician practice group in southeast
Michigan, providing primary and specialty care. Its doctors
provide medical care while conducting groundbreaking research and
continuing education at Wayne State University, one of the nation's
top medical universities.
University Physician Group sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Mich. Case No. 18-55138) on Nov.
7, 2018. At the time of the filing, the Debtor estimated assets of
$10 million to $50 million and liabilities of $10 million to $50
million.
The case has been assigned to Judge Mark A. Randon. The Debtor
tapped Steinberg Shapiro & Clark as lead counsel, and Robert
Bassel, Esq., as co-counsel with Steinberg.
The U.S. Trustee for Region 9 appointed an official committee of
unsecured creditors on Nov. 26, 2018. The committee tapped Pepper
Hamilton LLP as its legal counsel.
URBAN OAKS: Plan Solicitation Period Extended Until July 27
-----------------------------------------------------------
U.S. Bankruptcy Judge David Jones extended the exclusive period for
Urban Oaks Builders LLC to obtain acceptances for its Chapter 11
plan of reorganization through July 27.
About Urban Oaks Builders
Urban Oaks Builders LLC is a privately-held company that provides
residential building construction services.
Urban Oaks Builders sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 18-34892) on Aug. 31,
2018. In the petition signed by Todd Hagood, vice-president, the
Debtor estimated assets of $10 million to $50 million and
liabilities of $50 million to $100 million.
Judge Marvin Isgur presides over the case. The Debtor tapped Okin
Adams LLP as its bankruptcy counsel; Baker Botts LLP as special
litigation counsel; and Stout Risius Ross, LLC as financial
advisor.
VANTAGE TRAILERS: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Vantage Trailers, Inc.
29355 Hwy 90
Katy, TX 77494
Business Description: Established in 1991, Vantage Trailers, Inc.
is family-owned manufacturer of lightweight
aluminum frameless end dump trailer in Katy,
Texas. Vantage Trailers manufactures
aluminum crude oil, vacuum, pneumatic/dry
bulk tankers, and end dump trailers.
Chapter 11 Petition Date: April 23, 2019
Court: United States Bankruptcy Court
Southern District of Texas (Houston)
Case No.: 19-32244
Judge: Hon. Jeffrey P. Norman
Debtor's Counsel: Margaret Maxwell McClure, Esq.
LAW OFFICE OF MARGARET M. MCCLURE
909 Fannin, Suite 3810
Houston, TX 77010
Tel: 713-659-1333
Fax: 713-658-0334
E-mail: margaret@mmmcclurelaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Patricia Ann Lemmons, president.
The Debtor failed to 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/txsb19-32244.pdf
WMC MORTGAGE: Case Summary & 13 Unsecured Creditors
---------------------------------------------------
Debtor: WMC Mortgage, LLC
6320 Canoga Avenue, Suite 1420
Woodland Hills, CA 91367
Business Description: WMC Mortgage, LLC, directly and through
various predecessors, was in the business of
originating residential mortgage loans for
more than 60 years. The collapse of the
housing and financial markets presaging the
Great Recession decimated WMC's loan
origination business. By the second quarter
of 2007, WMC had essentially stopped
originating new loans and focused on winding
down its operations and resolving
substantial liabilities associated with its
mortgage business. Over the past decade,
WMC has been able to settle the gravamen of
the litigation commenced against it, which
primarily consisted of contract actions for
breaches of representations and warranties
WMC made in mortgage loan sale agreements
relative to the attributes of the loans
sold.
Chapter 11 Petition Date: April 23, 2019
Court: United States Bankruptcy Court
District of Delaware (Delaware)
Case No.: 19-10879
Judge: Hon. Christopher S. Sontchi
Debtor's Counsel: Travis James Cuomo, Esq.
RICHARDS, LAYTON & FINGER, P.A.
One Rodney Square, P.O. Box 551
Wilmington, DE 19899
Tel: 302-651-7700
Fax: 302-651-7701
E-mail: cuomo@rlf.com
- and -
Paul Noble Heath, Esq.
RICHARDS, LAYTON & FINGER, P.A.
One Rodney Square
920 North King Street
Wilmington, DE 19801
Tel: 302-651-7700
Fax: 302-651-7701
E-mail: heath@rlf.com
- and -
Brendan Joseph Schlauch, Esq.
RICHARDS, LAYTON & FINGER, P.A.
One Rodney Square
920 North King Street
Wilmington, DE 19801
Tel: 302-651-7700 x7749
Fax: 302-651-7701
E-mail: schlauch@rlf.com
- and -
Zachary I. Shapiro, Esq.
RICHARDS, LAYTON & FINGER, P.A.
920 North King Street, P.O. Box 551
Wilmington, DE 19801
Tel: 302-651-7700
Fax: 302-651-7701
E-mail: shapiro@rlf.com
- and -
Russell C. Silberglied, Esq.
RICHARDS, LAYTON & FINGER, P.A.
One Rodney Square
920 North King Street
Wilmington, DE 19801
Tel: 302-651-7700
Fax: 302-651-7701
E-mail: silberglied@rlf.com
Debtor's
Special
Litigation
Counsel: JENNER & BLOCK LLP
353 N. Clark Street
Chicago, IL 60654
Debtor's
Financial
Advisor: ALVAREZ & MARSAL
DISPUTES AND INVESTIGATIONS, LLC
600 Madison Avenue
8th Floor, New York, NY 10022
Debtors'
Claims,
Noticing Agent
& Administrative
Advisor: EPIQ CORPORATE RESTRUCTURING, LLC
777 Third Avenue, 12th Floor
New York, NY 10017
https://dm.epiq11.com/case/WMC/dockets
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $100 million to $500 million
The petition was signed by Mark V. Asdourian, president and chief
executive officer.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/deb19-10879.pdf
List of Debtor's 13 Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. TMI Trust Company, Pending Litigation Undetermined
as Trustee of SABR 2006‐WM2
c/o counsel
Quinn Emanuel Urquhart &
Sullivan, LLP
111 Huntington Ave, Suite 520
Boston, MA 02199
Attn: Harvey Wolkoff
Tel: 617‐712‐7100
Email: harveywolkoff@quinnemanuel.com
TMI Trust Company, as Trustee of SABR
2006‐WM2
c/o counsel
Seward & Kissel LLP
One Battery Park Plaza
New York, NY 10004
Attn: M. William Munno
Tel: 212‐574‐1587
Email: munno@sewkis.com
TMI Trust Company,
as Trustee of SABR
2006‐WM2
901 Summit Avenue
Fort Worth, TX 76102
Tel: 817‐335‐2933
Email: invserv@tmico.com
2. Barclays Bank PLC and Indemnification Undetermined
certain affiliates Notice
c/o counsel
Alston & Bird LLP
90 Park Avenue
New York, NY 10016
Attn: John P. Doherty
Tel: 212‐210‐1282
Email: john.doherty@alston.com
Barclays Bank PLC
200 Park Avenue
New York, NY 10166
Attn: Steven P. Glynn
Tel: 212‐412‐3168
- and -
Timothy Magee
Tel: 212‐526‐7000
3. DB Structured Products, Inc. Indemnification Undetermined
and certain affiliates Notice
60 Wall Street
New York, NY 10005
Attn: Joe Salama
Tel: 212‐250‐9536
Email: joe.salama@db.com
4. HSBC Securities (USA) Inc. Indemnification Undetermined
and certain affiliates Notice
c/o counsel
Boies Schiller Flexner LLP
55 Hudson Yards, 20th Floor
New York, NY 10001
Attn: Damien J. Marshall
Tel: 212‐909‐7617
Email: dmarshall@bsfllp.com
- and -
Andrew Michaelson
Tel: 212‐446‐2382
Email: amichaelson@bsfllp.com
HSBC Securities (USA) Inc
HSBC Tower
452 5th Avenue
New York, NY 10018
Tel: 212‐525‐3831
5. Merrill Lynch Mortgage Indemnification Undetermined
Investors, Inc. and Notice
certain affiliates
c/o counsel
Robbins, Russell, Englert, Orseck,
Untereiner & Sauber LLP
2000 K Street, NW
4th Floor
Washington, DC 20006
Attn: Richard Sauber
Tel: 202‐775‐4506
Email: rsauber@robbinsrussell.com
Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
Four World Financial Center 10th Floor
New York, NY 10218‐1310
Tel: 212‐449‐0357
6. Morgan Stanley ABS Indemnification Undetermined
Capital I Inc. and Notice
certain affiliates
1221 Avenue of the Americas
New York, NY 10020
Attn: David Restaino
Tel: 212‐762‐7291
Email: David.restaino@morganstanley.com
7. RBS Securities Inc. and Indemnification Undetermined
certain affiliates Notice
600 Washington Boulevard
Stamford, CT 06901
Attn: Lisa Brower
Tel: 203‐897‐2700
Email: Lisa.brower@natwestmarkets.com
8. U.S. Bank National Association, Indemnification Undetermined
as Trustee Notice
c/o counsel
Parness Law Firm, PLLC
136 Madison Ave., 6th Floor
New York, NY 10016
Attn: Hillel Parness
Tel: 212‐447‐5299
Email: hip@hiplaw.com
U.S. Bank National
Association, as Trustee
60 Livingston Avenue
St Paul, MN 55107
Tel: 651‐224‐5117
9. Alvaro E. Calderon Pending Undetermined
2233 Central Avenue Litigation
El Monte, CA 91733
Tel: 909‐641‐1292
Email: aecalderon@gmail.com
10. Jung Hyun Cho, Kyu Hwang Cho, Pending Undetermined
Eun Sook Cho, and Eui Hyun Cho Litigation
4384 Burgess Drive
Sacramento, CA 95838
Tel: 707‐320‐2675
Email: makisu77@yahoo.com
chmyr@naver.com
Jung Hyun Cho
119 N. 1st Street
Dixon, CA 95620
11. Odilia Lopez Pending Undetermined
1011 E. St. Gertrude Place Litigation
Santa Ana, CA 92707
Tel: 619‐855‐3468
12. Ronald and Janet Pirrelli Pending Undetermined
c/o counsel Litigation
James D. Reddy, P.C.
810 Anthony Drive
Lindenhurst, NY 11757
James D. Reddy, P.C.
Tel: 631‐225‐2846
13. Jose Rodrigues Pending Undetermined
c/o counsel Litigation
Joshua L. Thomas and Associates
225 Wilmington‐West Chester Pike
Suite 200
Chadds Ford, PA 19317
Attn: Joshua Thomas
Tel: 215‐806‐1733
Email: JoshuaLThomas@gmail.com
[*] David Hillman to Join Proskauer's Corporate Department
----------------------------------------------------------
International law firm Proskauer on April 22, 2019, disclosed that
David Hillman will be joining as partner in its Corporate
Department, beginning on April 29 in the New York office.
"We are pleased to welcome David to Proskauer," said Martin
Bienenstock, partner and chair of Proskauer's Business Solutions,
Governance, Restructuring & Bankruptcy Group. "David's acclaimed
intellectual and practical prowess in formulating restructurings
for creditors, many of which are Proskauer clients, is a perfect
match with our restructuring practice."
Mr. Hillman's practice focuses on corporate restructuring, with an
emphasis on the representation of secured creditors, ad hoc groups,
hedge funds, buyers of distressed assets and other major
stakeholders in Chapter 11 bankruptcy cases across a wide array of
industries. Practicing for over 24 years, he has substantial
experience in every phase of distressed investing and litigating
issues involving plan confirmation, solvency, valuation, financing
and cash collateral disputes, contested 363 sales, fraudulent
transfers, equitable subordination, recharacterization breach of
fiduciary duty and similar disputes.
"David is a seasoned leader who brings a wealth of experience in
large restructurings and insolvency issues and holds an impressive
track record on creditor rights matters having represented a wide
range of providers of private credit," said Steven Ellis, co-head
of the Private Credit Group and member of the Firm's Executive
Committee.
"I am extremely excited to join Proskauer," Mr. Hillman said. "The
synergies between my secured creditor experience representing hedge
funds, and Proskauer's Private Credit Group, make this the ideal
platform for the next stage of my practice."
Proskauer's Private Credit Group is a unique finance practice with
more than 50 lawyers based in key financial centers in New York,
London, Los Angeles and Boston. The team has consistently closed
more than 150 deals a year and developed innovative structures such
as the upside-down unitranche and European first out / last out
intercreditor structures. In addition, the Firm has participated
in the evolution of a number of credit products, including
senior-stretch loans, unitranche loans, second lien loans and
secured mezzanine.
Proskauer's Business Solutions, Governance, Restructuring &
Bankruptcy Group has had major roles for debtors and creditors'
committees in some of the largest, most contested and
highest-profile chapter 11 and sovereign restructuring cases in
America today. The firm is currently engaged in several major
restructurings, including its representation of The Financial
Oversight and Management Board for Puerto Rico as lead outside
counsel for the historic restructuring of Puerto Rico as the first
US territory ever authorized to undergo a reorganization process,
involving 63 instrumentalities, approximately $74 billion of bond
debt, and $55 billion of unfunded public pension liabilities.
Additional information about the Firm can be found at
http://www.proskauer.com/
[*] Four Attorneys Join Williams Mullen's Bankruptcy Practice
-------------------------------------------------------------
Williams Mullen on April 23, 2019, disclosed that four attorneys
have joined the firm's Bankruptcy & Creditors' Rights practice --
Michael Mueller, Jennifer McLemore, Gus Epps and Bennett Eastham.
All four previously worked at Christian & Barton. Mr. Mueller, Ms.
McLemore and Mr. Epps join the firm as partners, while Mr. Eastham
is an associate. Mr. Mueller is chair of the practice.
Together, they bring decades of bankruptcy and creditors' rights
experience to Williams Mullen and join an already strong team
featuring Mike Kelly and Joe Mayes in the firm's Virginia Beach
office; Holmes Harden in Raleigh; and Tracy Schwarzschild, Chip
Bliley and Alex Burnett in Richmond.
"This is a fantastic group of attorneys who will strengthen our
bankruptcy team," Finance & Real Estate Section Chair John Mercer
said. "They bring a great deal of experience and will help us
continue to offer comprehensive service to our clients."
As a group, they focus their practices on insolvency law and
financial restructuring, and they advise commercial creditors,
business creditors, banks and credit unions in commercial
restructuring and collections, insolvency, bankruptcy and
bankruptcy litigation matters.
Mr. Mueller has more than 25 years of experience, is listed in
Virginia Super Lawyers for Bankruptcy Law (2010-present) and is
named among Virginia's "Legal Elite" for Bankruptcy/Creditors'
Rights by Virginia Business (2005-present). He previously served
on the board of governors for the Virginia State Bar's Bankruptcy
Law Section. He also is a former chair of the Richmond Bar
Association's Bankruptcy Section and the Virginia Bar Association's
Bankruptcy Law Section. He earned his Juris Doctor degree from the
Washington & Lee University School of Law.
Ms. McLemore has almost 20 years of experience and is listed in The
Best Lawyers in America [(C)] for Bankruptcy & Creditor Debtor
Rights/Insolvency & Reorganization Law (2013-present); in Virginia
Super Lawyers for Bankruptcy Law (2014-present) and in Virginia
Business's "Legal Elite" for Bankruptcy/Creditors' Rights
(2011-2017). Jennifer is a past chair of the International Women's
Insolvency and Restructuring Confederation (IWIRC). She currently
serves on the board of the American Bankruptcy Institute (ABI).
She was a member of Leadership Metro Richmond's Class of 2016 and
is a sustainer for the Junior League of Richmond. She earned her
Juris Doctor degree from the University of Richmond.
Mr. Epps has more than 30 years of experience, during which he has
served in various firm leadership posts, including as chair of both
the Bankruptcy and Public Finance practices. He is also a former
chair of the Richmond Bar Association's Bankruptcy Section. He has
been named among Virginia's "Legal Elite" for Bankruptcy/Creditors'
Rights by Virginia Business (2003, 2007-2011, 2013), and he earned
his Juris Doctor degree from the University of Virginia, and he
earned his Bachelor of Arts degree from Yale University.
Mr. Eastham is a 2018 graduate of the Washington and Lee University
School of Law.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re VHW Holdings Ltd.
Bankr. N.D. Cal. Case No. 19-30417
Chapter 11 Petition filed April 17, 2019
Filed Pro Se
In re Henry Larry Elam, III
Bankr. N.D. Cal. Case No. 19-40892
Chapter 11 Petition filed April 17, 2019
Filed Pro Se
In re Nancy Renee Cipollaro
Bankr. S.D. Fla. Case No. 19-14970
Chapter 11 Petition filed April 17, 2019
represented by: David L. Merrill, Esq.
THE ASSOCIATES
E-mail: dlmerrill@theassociates.com
In re Justin Corde Young and Cathy Jo Young
Bankr. D. Idaho Case No. 19-40358
Chapter 11 Petition filed April 17, 2019
represented by: Aaron J. Tolson, Esq.
E-mail: ajt@aaronjtolsonlaw.com
In re Jeffrey L. Martinson
Bankr. D. Minn. Case No. 19-41118
Chapter 11 Petition filed April 17, 2019
represented by: Joseph W. Dicker, Esq.
JOSEPH W. DICKER PA
E-mail: joe@joedickerlaw.com
In re Quality Meats, Inc.
Bankr. D. Neb. Case No. 19-80600
Chapter 11 Petition filed April 17, 2019
See http://bankrupt.com/misc/neb19-80600.pdf
represented by: Howard T. Duncan, Esq.
KOENIG DUNNE P.C., LLO
E-mail: patrickp@koenigdunne.com
In re Deborah A. Reichert and Stephen J. Reichert
Bankr. E.D. Pa. Case No. 19-12484
Chapter 11 Petition filed April 17, 2019
represented by: David B. Smith, Esq.
SMITH KANE HOLMAN, LLC
E-mail: dsmith@skhlaw.com
In re Recruiting Management Specialists Corporation
Bankr. D.P.R. Case No. 19-02103
Chapter 11 Petition filed April 17, 2019
See http://bankrupt.com/misc/prb19-02103.pdf
represented by: Diomedes M. Lajara Radinson, Esq.
LAJARA RADINSON & ALICEA PSC
E-mail: dlajara@lra-law.com
In re Sun Mi Nichols
Bankr. N.D. Ga. Case No. 19-56058
Chapter 11 Petition filed April 18, 2019
represented by: Cameron M. McCord, Esq.
JONES & WALDEN, LLC
E-mail: cmccord@joneswalden.com
In re Toufic Salim Melki
Bankr. D. Md. Case No. 19-15265
Chapter 11 Petition filed April 18, 2019
represented by: Janet M. Nesse, Esq.
MCNAMEE, HOSEA, ET AL
E-mail: jnesse@mhlawyers.com
In re Anissa Faye Whittle-Moore and Herbert Richard Bluebaum III
Bankr. W.D. Mo. Case No. 19-60435
Chapter 11 Petition filed April 18, 2019
Filed Pro Se
In re 13 Marcus Garvey LLC
Bankr. E.D.N.Y. Case No. 19-42315
Chapter 11 Petition filed April 18, 2019
Filed Pro Se
In re Thomas Boyland, LLC
Bankr. E.D.N.Y. Case No. 19-42316
Chapter 11 Petition filed April 18, 2019
Filed Pro Se
In re Atlantic 111st LLC
Bankr. E.D.N.Y. Case No. 19-42317
Chapter 11 Petition filed April 18, 2019
Filed Pro Se
In re David Reich
Bankr. S.D.N.Y. Case No. 19-35620
Chapter 11 Petition filed April 18, 2019
represented by: Robert J. Rock, Esq.
TULLY RINCKEY PLLC
E-mail: rrock@tullylegal.com
In re John Theodore Linthicum
Bankr. N.D. Okla. Case No. 19-10804
Chapter 11 Petition filed April 18, 2019
represented by: Michael P. Van Tassell, Esq.
MICHAEL P. VAN TASSELL, ATTORNEY AT LAW
E-mail: mike@mvlawoffice.com
In re JM Dairy Inc.
Bankr. D.P.R. Case No. 19-02168
Chapter 11 Petition filed April 18, 2019
See http://bankrupt.com/misc/prb19-02168.pdf
represented by: Lyssette A. Morales Vidal, Esq.
L.A. MORALES & ASSOCIATES P.S.C.
E-mail: lamoraleslawoffice@gmail.com
In re Paul Eck Binder
Bankr. W.D. Wash. Case No. 19-11408
Chapter 11 Petition filed April 18, 2019
Filed Pro Se
In re Mark Andrus Flood
Bankr. M.D. Fla. Case No. 19-03609
Chapter 11 Petition filed April 19, 2019
represented by: James W. Elliott, Esq.
MCINTYRE THANASIDES BRINGGOLD, ET. AL.
E-mail: james@mcintyrefirm.com
In re Design Refrigeration and Air Conditioning Company
Bankr. S.D. Fla. Case No. 19-15124
Chapter 11 Petition filed April 19, 2019
See http://bankrupt.com/misc/flsb19-15124.pdf
represented by: Brian S. Behar, Esq.
BEHAR, GUTT & GLAZER, P.A.
E-mail: bsb@bgglaw.net
In re Anita Holdings, LLC d/b/a Johnny Rockets
Bankr. S.D. Ga. Case No. 19-40553
Chapter 11 Petition filed April 19, 2019
See http://bankrupt.com/misc/gasb19-40553.pdf
represented by: James L. Drake, Jr., Esq.
JAMES L. DRAKE, JR. PC
E-mail: jdrake@drakefirmpc.com
In re Level Home Foundation Repair, LLC
Bankr. W.D. La. Case No. 19-10589
Chapter 11 Petition filed April 19, 2019
See http://bankrupt.com/misc/lawb19-10589.pdf
represented by: Robert W. Raley, Esq.
ROBERT W. RALEY, ESQ.
E-mail: bankruptcy@robertraleylaw.com
rwr@robertraleylaw.com
In re New Cafe Minutka, Inc.
Bankr. E.D.N.Y. Case No. 19-42357
Chapter 11 Petition filed April 19, 2019
See http://bankrupt.com/misc/nyeb19-42357.pdf
represented by: Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
E-mail: alla@kachanlaw.com
In re Leslie Joan Simmons
Bankr. E.D.N.Y. Case No. 19-72865
Chapter 11 Petition filed April 19, 2019
represented by: Anthony F. Giuliano, Esq.
PRYOR & MANDELUP
E-mail: afg@pryormandelup.com
In re Neuromed TMS Centers, LLC
Bankr. M.D. Tenn. Case No. 19-02524
Chapter 11 Petition filed April 19, 2019
See http://bankrupt.com/misc/tnmb19-02524.pdf
represented by: Steven L. Lefkovitz, Esq.
LEFKOVITZ & LEFKOVITZ, PLLC
E-mail: slefkovitz@lefkovitz.com
In re MACWCP III, Corp
Bankr. E.D. Va. Case No. 19-11269
Chapter 11 Petition filed April 19, 2019
See http://bankrupt.com/misc/vaeb19-11269.pdf
represented by: Kermit A. Rosenberg, Esq.
BAILEY & EHRENBERG PLLC
E-mail: kar@becounsel.com
In re Simplicity Caterers
Bankr. N.D. Ala. Case No. 19-81227
Chapter 11 Petition filed April 19, 2019
Filed Pro Se
In re Coastal Cardiology, LLC
Bankr. D. Md. Case No. 19-15398
Chapter 11 Petition filed April 20, 2019
See http://bankrupt.com/misc/mdb19-15398.pdf
represented by: William C. Johnson, Jr., Esq.
LAW OFFICES OF WILLIAM JOHNSON
E-mail: wcjjatty@yahoo.com
In re Robert Dale Wineinger
Bankr. D. Ariz. Case No. 19-04796
Chapter 11 Petition filed April 22, 2019
represented by: Robert J. St. Clair, Esq.
FREEMAN & ST. CLAIR, PLLC
E-mail: rstclair@fsazlaw.com
In re Yadira Romero
Bankr. C.D. Cal. Case No. 19-14611
Chapter 11 Petition filed April 22, 2019
represented by: Lionel E. Giron, Esq.
LAW OFFICES OF LIONEL E GIRON
E-mail: ecf@lglawoffices.com
In re Scorpion Fitness Inc.
Bankr. S.D.N.Y. Case No. 19-11231
Chapter 11 Petition filed April 22, 2019
Filed Pro Se
In re Scorpion Club Ventures LLC
Bankr. S.D.N.Y. Case No. 19-11232
Chapter 11 Petition filed April 22, 2019
Filed Pro Se
In re Bright Future Kiddie Care
Bankr. S.D.N.Y. Case No. 19-11234
Chapter 11 Petition filed April 22, 2019
See http://bankrupt.com/misc/nysb19-11234.pdf
represented by: Todd S. Cushner, Esq.
CUSHNER & ASSOCIATES, P.C.
E-mail: todd@cushnerlegal.com
In re Faus International Inc.
Bankr. S.D.N.Y. Case No. 19-11236
Chapter 11 Petition filed April 22, 2019
See http://bankrupt.com/misc/nysb19-11236.pdf
represented by: Joel Shafferman, Esq.
SHAFFERMAN & FELDMAN, LLP
E-mail: joel@shafeldlaw.com
In re Davicorp Enterprises, Inc
Bankr. N.D. Tex. Case No. 19-41623
Chapter 11 Petition filed April 22, 2019
See http://bankrupt.com/misc/txnb19-41623.pdf
represented by: Warren V. Norred, Esq.
Clayton L. Everett, Esq.
NORRED LAW, PLLC
E-mail: wnorred@norredlaw.com
clayton@norredlaw.com
In re Christopher John Windisch and Mimoza Windisch
Bankr. C.D. Cal. Case No. 19-11525
Chapter 11 Petition filed April 23, 2019
represented by: Michael Jones, Esq.
M JONES & ASSOCIATES, PC
E-mail: mike@mjthelawyer.com
In re XELAN Prop 1, LLC
Bankr. C.D. Cal. Case No. 19-14626
Chapter 11 Petition filed April 23, 2019
Filed Pro Se
In re Alan James Novotny
Bankr. M.D. Fla. Case No. 19-02682
Chapter 11 Petition filed April 23, 2019
represented by: Justin M. Luna, Esq.
LATHAM, SHUKER, EDEN & BEAUDINE, LLP
E-mail: jluna@lseblaw.com
In re Kirtan LLC
Bankr. M.D. Fla. Case No. 19-03719
Chapter 11 Petition filed April 23, 2019
See http://bankrupt.com/misc/flmb19-03719.pdf
represented by: James W. Elliott, Esq.
MCINTYRE THANASIDES BRINGGOLD, ET AL.
E-mail: james@mcintyrefirm.com
In re Hillsboro Petroleum West, Inc.
Bankr. S.D. Fla. Case No. 19-15275
Chapter 11 Petition filed April 23, 2019
See http://bankrupt.com/misc/flsb19-15275.pdf
represented by: Mark S. Roher, Esq.
LAW OFFICE OF MARK S. ROHER, P.A.
E-mail: mroher@markroherlaw.com
In re Anthony Monaco and Anne M. Monaco
Bankr. D.N.J. Case No. 19-18114
Chapter 11 Petition filed April 22, 2019
represented by: Eric David Reiser, Esq.
LOFARO & REISER, LLP
E-mail: ereiser@new-jerseylawyers.com
In re Fortune Transportation Ltd.
Bankr. D.N.J. Case No. 19-18211
Chapter 11 Petition filed April 23, 2019
Filed Pro Se
In re Fish 269 LLC
Bankr. E.D.N.Y. Case No. 19-42416
Chapter 11 Petition filed April 23, 2019
See http://bankrupt.com/misc/nyeb19-42416.pdf
represented by: Lawrence Morrison, Esq.
MORRISON TENENBAUM, PLLC
E-mail: lmorrison@m-t-law.com
In re Myrna Property Corp.
Bankr. E.D.N.Y. Case No. 19-72925
Chapter 11 Petition filed April 22, 2019
Filed Pro Se
In re Asociacion De Propietarios Condominio Radio Centro
Bankr. D.P.R. Case No. 19-02202
Chapter 11 Petition filed April 23, 2019
See http://bankrupt.com/misc/prb19-02202.pdf
represented by: Gloria Justiniano Irizarry, Esq.
JUSTINIANO'S LAW OFFICE
E-mail: justinianolaw@gmail.com
In re Arnold Rosenbaum
Bankr. D.R.I. Case No. 19-10629
Chapter 11 Petition filed April 23, 2019
represented by: Joseph F. Hook, Esq.
E-mail: joseph_hook@msn.com
In re Roger Eugene Page
Bankr. W.D. Tenn. Case No. 19-10895
Chapter 11 Petition filed April 22, 2019
represented by: Steven N. Douglass, Esq.
HARRIS SHELTON HANOVER WALSH, PLLC
E-mail: snd@harrisshelton.com
In re Patricia Ann Lemmons
Bankr. S.D. Tex. Case No. 19-32246
Chapter 11 Petition filed April 23, 2019
represented by: Margaret Maxwell McClure, Esq.
ATTORNEY AT LAW
E-mail: margaret@mmmcclurelaw.com
*********
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
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re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
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not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
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Chapman at 215-945-7000.
*** End of Transmission ***