/raid1/www/Hosts/bankrupt/TCR_Public/190530.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, May 30, 2019, Vol. 23, No. 149
Headlines
132 30TH STREET: Seeks to Hire Rosenberg Musso as Legal Counsel
AEQUITAS MANAGEMENT: Court Sets July 31 Claims Bar Date
ALLIANCE SECURITY: $500K Sale of All Assets to Security Systems OKd
AMERICA-CV NETWORK: Case Summary & 20 Largest Unsecured Creditors
AVANTOR INC: Fitch Raises Issuer Default Rating to 'B+'
BELIEVERS BIBLE: Sale of Fulton County Property Approved
BIOSTAGE INC: All Three Proposals Approved at Annual Meeting
BLACKLICK HOTSPOT: Seeks to Hire Robert O Lampl as Legal Counsel
CAMBER ENERGY: Finalizing Closing Docs. for Lineal Acquisition
D&M CAPITAL: Case Summary & 20 Largest Unsecured Creditors
DIFFUSION PHARMACEUTICALS: Closes $6.45 Million Direct Offering
DIFFUSION PHARMACEUTICALS: Sabby Volatility Reports 9.35% Stake
DORIAN LPG: Incurs $16 Million Net Loss in Fourth Quarter
DPW HOLDINGS: Raises $700,000 Through Sale of Promissory Notes
EDGEMARC ENERGY: May 29 Meeting Set to Form Creditors' Panel
ELK PETROLEUM: May 31 Meeting Set to Form Creditors' Panel
ESPINOSA GROUP: Case Summary & 20 Largest Unsecured Creditors
FIRSTENERGY SOLUTIONS: Can Begin Soliciting Votes for Ch.11 Plan
GATEWAY RADIOLOGY: Case Summary & 20 Largest Unsecured Creditors
GREATER APOSTOLIC: Seeks to Hire Speckman Law Firm as Counsel
GULF MEDICAL: $2.2M Sale of All Assets to Aerocare Approved
HANNAH SOLAR: Seeks to Hire Robl Law Group as Legal Counsel
HERMITAGE INN: Case Summary & 20 Largest Unsecured Creditors
HEXION INC: Wins Approval to Begin Soliciting Votes on Plan
HILLCREST RESORT: Seeks to Hire Pepping Balk as Legal Counsel
HOLLANDER SLEEP: Seeks to Market Test Deal with Term Lenders
INTEGRATED STRUCTURES: $20.8MM in New Sub Contracts Disclosed
J.L. SMITH ACADEMY: Case Summary & 4 Unsecured Creditors
JAMES O BRADY: Seeks to Hire Ivey McClellan as Legal Counsel
JAMES O BRADY: Seeks to Hire Robinson Tax as Accountant
JASON CURTIS: Seeks to Hire Victor W. Dahar as Legal Counsel
LUNAR ENTERTAINMENT: Hires Jody D. Radcliff as Accountant
LUXENT INC: Seeks to Hire Force Ten as Financial Advisor
MAREMONT CORP: Court Confirms Asbestos Trust-Centered Plan
NE REAL ESTATE: Seeks to Hire McNeil Legal Services as Counsel
NEAL STUBBS: $435K Sale of Costa Rica Property to Tucci Approved
NEW CAFÉ MINUTKA: Seeks to Hire Alla Kachan as Legal Counsel
NOAH CORPORATION: Case Summary & 20 Largest Unsecured Creditors
NOAH OPERATIONS: Seeks to Hire Prince Yeates as Counsel
ORCHIDS PAPER: Committee Hires Lowenstein Sandler as Counsel
PEEQ MEDIA: Seeks to Hire Kirby Aisner as Attorney
PLATTSBURGH MEDICAL: Hires Dreyer Boyajian as Special Counsel
PON GROUP: Hires Alan D. Lasko & Associates as Accountant
QUOTIENT LIMITED: Releases Q4 & Full Year 2019 Financial Results
RADIO PERRY: Seeks to Hire Stone & Baxter as Counsel
RELIABLE GALVANIZING: Hires Arnold S. Newman as Special Counsel
RICHLAND FARMS: $451K Sale of Lincoln County Approved
SILVER STATE: $4.3M Sale of North Richland Hills Property Approved
SOUTHEASTERN METAL: Hires Weir & Partners as Counsel
STOP ALARMS: Trustee Hires Frazier & Associates as Accountant
SUPPLY PRO: $480K Sale of Assets to NPS Corp. Approved
TRIOMPHE HOSPITALITY: Hires Joseph J. D'Agostino as Counsel
ULTRA PETROLEUM: Extends Deadlines for Exchange Offer
UTOPIX MEDICAL: Seeks to Hire OAM Group as Accountant
VALLEY RIVER: Seeks to Hire Pitts Hay & Hugenschmidt as Attorney
WALTER POSNER: Lease Agreement for Bannockburn Property Approved
WASHINGTON PRIME: Fitch Lowers LT Issuer Default Rating to 'BB-'
WHITE STAR: Files for Chapter 11 with Support of Lenders
WHITE STAR: No Allowable Claims for Involuntary Petitioners
ZACKY & SONS: $1.9M Sale of Fresno Property to Charlies Approved
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
132 30TH STREET: Seeks to Hire Rosenberg Musso as Legal Counsel
---------------------------------------------------------------
132 30th Street of Brooklyn Corp. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to hire
Rosenberg, Musso & Weiner LLP as its legal counsel.
The firm will advise the Debtor of its power and duties under the
Bankruptcy Code and will provide other legal services in connection
with its Chapter 11 case.
The firm's hourly rates are:
Partners $650
Associates $525
Rosenberg received a retainer fee in the amount of $8,000.
Bruce Weiner, Esq., a partner at Rosenberg, disclosed in court
filings that his firm is "disinterested" as defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Bruce Weiner, Esq.
Rosenberg, Musso & Weiner LLP
26 Court Street, Suite 2211
Brooklyn, NY 11242
Tel: (718) 855-6840
Fax: 718-625-1966
E-mail: courts@nybankruptcy.net
About 132 30th Street of Brooklyn Corp.
132 30th Street of Brooklyn Corp. provides residential building
construction services.
132 30th Street of Brooklyn sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-42425) on April
24, 2019. At the time of the filing, the Debtor estimated assets
of between $1 million and $10 million and liabilities of less than
$1 million. The case is assigned to Judge Nancy Hershey Lord.
Rosenberg, Musso & Weiner LLP is the Debtor's counsel.
AEQUITAS MANAGEMENT: Court Sets July 31 Claims Bar Date
-------------------------------------------------------
The U.S. District Court in Portland, Oregon, in Case No.
16-CV-00438-JR entered an order on April 14, 2016 appointing Ronald
F. Greenspan as "Receiver" for Aequitas Management, LLC, Aequitas
Holdings, LLC, Aequitas Commercial Finance, LLC, Aequitas Capital
Management, Inc., Aequitas Investment Management, LLC and specified
subsidiaries and majority owned affiliates as set forth in the
Order Appointing Receiver.
On April 25, 2019, the court entered an Order Establishing the
Claims Bar Date, Approving the Form and Manner of Notice and
Approving the Proof of Claim Form, Procedures and other Related
Relief. The court established July 31, 2019 as the deadline for
claims to be submitted (the "Claims Bar Date").
To submit a claim, Claimants and Administrative Claimants must
properly complete and sign a Proof of Claim Form and, together
with supporting documentation, must timely submit it to the
Receiver's Claims Agent by
* electronic mail, as an attachment in portable document format
(.pdf), to Aequitas@epiqglobal.com; or
* by mail addressed to Aequitas Receivership Claims
Processing Center, c/o Epiq Corporate Restructuring, LLC, P.O.
Box 4421, Beaverton, OR 97076-4421; or
* by courier service addressed to Aequitas Receivership Claims
Processing Center, c/o Epiq Corporate Restructuring, LLC, 10300
SW Allen Blvd., Beaverton, OR 97005.
If submitted by electronic mail or courier service, the Proof of
Claim Form, with supporting documentation must be delivered to the
Claims Agent not later than the Claims Bar Date. If submitted by
mail, the Proof of Claim Form, with supporting documentation must
be postmarked no later than the Claims Bar Date.
The Notice of Claims Bar Date, the Proof of Claim Form, information
regarding procedures for submitting a claim, along with other
additional and helpful information, including Frequently Asked
Questions will be available for downloading and review from the
Claims Agent's website (http://www.AequitasClaims.com),where
inquiries related to the claim process can also be submitted.
You may also submit a general inquiry through the Aequitas
Receivership's general website at:
http://www.kccllc.net/aequitasreceivership/inquiry
ALLIANCE SECURITY: $500K Sale of All Assets to Security Systems OKd
-------------------------------------------------------------------
Judge Diane Finkle of the U.S. Bankruptcy Court for the District of
Rhode Island to authorized Alliance Security, Inc.'s sale of
substantially all assets to Security Systems, Inc. for $500,000,
plus the payment of the Seller's accounts payable incurred in
connection with the Seller's sale, installation or purchase of
alarm accounts (including, but not limited to employee payroll,
dealer funding, payroll taxes, and employee benefits) and not
funded by the Buyer prior to the Closing up to $300,000, plus any
additional purchase price premium due as a result of the Seller's
average weekly alarm installations as set forth in Schedule C of
the Asset Purchase Agreement.
The Sale Hearing was held on May 16, 2019.
The Sale is free and clear of all liens, liabilities, security
interests, claims, encumbrances, and interests of any kind or
nature whatsoever, with all such interests of any kind or nature
whatsoever to attach to the net proceeds of the Sale.
For the later of the closing of the bankruptcy proceeding or 12
months after the Closing date, (a) neither the Buyer nor the Debtor
will dispose of or destroy any of the business records and files of
the Debtor or relating to any Assets; and (b) the Buyer and the
Debtor will allow each other, any applicable assignee, any person
authorized by Court order, and the representatives of any of the
foregoing, reasonable access during normal business hours, and upon
reasonable advance notice and to the extent permitted by applicable
Law, to all employees, files, the books and records and other
materials included in the Assets.
The Debtor will file with the Court and serve via CM/ECF, a report
of sale within 14 days of the Closing.
As provided by Bankruptcy Rules 6004(h) and 6006(d), the Sale Order
will not be stayed for 14 days after entry and will be effective
immediately upon entry.
About Alliance Security
Based in Warwick, Rhode Island, Alliance Security, Inc. --
http://www.alliancesecurity.com/-- is a security system supplier.
Alliance Security filed for Chapter 11 bankruptcy protection
(Bankr. D.R.I. Case No. 17-11190) on July 14, 2017, estimating its
assets and liabilities at between $1 million and $10 million. The
petition was signed by Jasjit Gotra, its president and CEO.
Judge Diane Finkle oversees the case.
The Debtor tapped the firm of Shechtman Halperin Savage, led by
Thomas E. Carlotto and James G. Atchison, as bankruptcy counsel;
Venable, LLP as its special counsel; and DiSanto, Priest & Co. as
its accountant.
The U.S. Trustee for the District of Rhode Island appointed an
official committee of unsecured creditors on July 27, 2017. The
Committee retained Robinson & Cole LLP as its counsel.
AMERICA-CV NETWORK: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Two affiliates that have filed voluntary petitions seeking relief
under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
America-CV Network, LLC 19-16976
13001 NW 107th Ave
Hialeah Gardens, FL 33018
Caribevision TV Network, LLC 19-16977
13001 NW 107th Ave
Hialeah Gardens, FL 33018
Business Description: America-CV Network, LLC provides
broadcasting services.
Chapter 11 Petition Date: May 28, 2019
Court: United States Bankruptcy Court
Southern District of Florida (Miami)
Judge: Hon. Jay A. Cristol
Debtors' Counsel: Paul J. Battista, Esq.
GENOVESE JOBLOVE & BATTISTA, P.A.
100 SE 2 St #4400
Miami, FL 33131
Tel: (305) 349-2300
Fax: (305) 349-2310
E-mail: pbattista@gjb-law.com
- and -
Heather L. Harmon, Esq.
GENOVESE JOBLOVE & BATTISTA, P.A.
100 S.E 2 St #4400
Miami, FL 33131
Tel: (305) 349-2300
Fax: (305) 349-2310
E-mail: HHarmon@gjb-law.com
- and -
MARCELL FELIPE ATTORNEYS
- and -
FLETCHER, HEALD & HILDRETH, P.L.C.
America-CV Network's
Estimated Assets: $10 million to $50 million
America-CV Network's
Estimated Liabilities: $1 million to $10 million
Caribevision TV's
Estimated Assets: $1 million to $10 million
Caribevision TV's
Estimated Liabilities: $1 million to $10 million
The petitions were signed by Carlos Vasallo, authorized
representative.
Full-text copies of the petitions are available for free at:
http://bankrupt.com/misc/flsb19-16976.pdf
http://bankrupt.com/misc/flsb19-16977.pdf
A. List of America-CV Network's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Dorta & Ortega P.A. $445,482
3860 SW 8th Street PH
Coral Gables, FL 33134
2. Empire State Building Co. LLC $429,164
P.O. Box 347606
Pittsburgh, PA
15251-4606
3. Mundofox Broadcasting LLC $187,639
62981 Collection Center Dr.
Chicago, IL 60653-0628
4. David M. Rogero P.A. $91,635
2625 Ponce de Leon Boulevard
Suite 280
Coral Gables, FL
5. Humana Health $67,356
Insurance of FL
PO Box 3277
Milwaukee, WI 53201
6. Rasco Klock $64,671
Perez & Nieto P.L.
2555 Ponce de Leon Blvd, Suite 600
Coral Gables, FL 33134
7. American Tower Corp. $53,843
29637 Network Place
Chicago, IL 60673-1296
8. Innovative Service $49,517
Technology Management
934 Glenwood Avenue, Suite 250
Atlanta, GA
30316-1816
9. AC Nielsen Corporation $47,034
PO Box 88961
Chicago, IL
60695-8961
10. United Teleports Inc. $47,000
19000 NE 5th Avenue
Miami, FL 33179
11. Sherjan Broadcasting $45,979
21050 NE 38th Ave. #2304
Aventura, FL 33180
12. Comcast ABB Network $28,737
Solutions, Inc.
PO BOX 37601
Philadelphia, PA
19101-0601
13. IPFS Corporation $23,295
P.O. Box 730223
Dallas, TX
75373-0223
14. Wideorbit Inc. $22,768
Dept CH 17518
Palatine, IL
60055-7518
15. Beers Enterprises $21,104
Incorporated
DBA The Switch
P.O. BOX 12018
Lewiston, ME
04243-9494
16. National Economic $20,925
Research Associates
P.O. Box 7247-6754
Philadelphia, PA
19170-6754
17. FPI Security $18,425
Services Inc.
P.O.Box 126356
Hialeah, FL
33012-1605
18. Fletcher Heald $18,225
& Hildreth PLC
1300 North 17th St
11th Floor
Arlington, VA 22209
19. Borinquen $17,022
Communication Inc.
Car 824 Km 7.2 Bo
Qda Cruz Sector
Los Perez
Toa Alta, PR 00954
20. Marcell Felipe P.A. $15,000
1001 Brickell Bay Dr, Suite 1504
Miami, FL 33131
B. List of Caribevision TV's Eight Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Dorta & Ortega P.A. $500,660
3860 SW 8th St. PH
Miami, FL 33134
2. ESRT Empire State $492,000
Building, LLC
111 W. 33rd St
12th Floor
New York, NY 10120
3. America Teve $0
Network, Inc.
Attn: Etan Mark, Esq.
80 SW 8th St.
Miami, FL 33130
4. Okeechobee Television $0
Corporation
Attn: Etan Mark, Esq.
80 SW 8th St.
Miami, FL 33130
5. Omar Alejandro $0
Saul Romay
Attn: Etan Mark, Esq.
80 SW 8th St.
Miami, FL 33130
6. Promisa, Inc. $0
Attn: Etan Mark, Esq.
80 SW 8th St.
Miami, FL 33130
7. Sherjan Broadcasting, Inc. $0
Attn: Etan Mark, Esq.
80 SW 8th St.
Miami, FL 33130
8. Telecenter, Inc. $0
Attn: Etan Mark, Esq.
80 SW 8th St.
Miami, FL 33130
Pending bankruptcy cases filed by affiliates:
Debtor Petition Date Case No.
------ ------------- --------
America-CV Station Group, Inc. 5/14/19 19-16355
Caribevision Holdings, Inc. 5/14/19 19-16359
AVANTOR INC: Fitch Raises Issuer Default Rating to 'B+'
-------------------------------------------------------
Fitch Ratings has upgraded Avantor, Inc.'s Long-Term Issuer Default
Rating (IDR) to 'B+' from 'B' following the anticipated debt
reduction from the proceeds of the initial public offering of
Avantor's common stock, resulting in gross debt/EBITDA of roughly
5.7x following the IPO. The upgrade is also supported by continued
strong operating performance and continued realization of deal
synergies related to the VWR Inc. acquisition. The ratings apply to
roughly $5.4 billion of debt outstanding pro forma for the IPO. The
Rating Outlook is Positive given the expectation for further
deleveraging in the near term.
KEY RATING DRIVERS
Stronger Position and Diversification: The combination of Avantor,
Inc. and VWR Inc. increases its position in the global life
sciences market with almost $6 billion in annual sales. The
strategic rationale is supported by stable positive FCF generation
through highly diversified consumables- and service-focused
revenues enhanced access to customers and benefits of servicing the
biopharma industry. The laboratory supply market has not
experienced the same attention from a regulatory or pricing
standpoint as the rest of the healthcare industry. As such, Fitch
expects Avantor to generate low single-digit growth above
industry.
Leverage Improving Following IPO: Avantor's May 2019 IPO proceeds
are expected to pay off preferred equity and materially reduce term
loan borrowings, resulting in gross debt/EBITDA of roughly 5.7x.
Cost synergies should help to further reduce gross debt/EBITDA
during the intermediate term. Fitch believes some amount of cost
synergies are generally achievable, based on the cost structures of
the companies that were combined and the past history of both in
realizing cost synergies following acquisitions. The Positive
Outlook reflects the belief that Avantor could maintain a credit
profile supportive of a higher rating than 'B+', while also
incorporating targeted acquisitions in its forecast.
Positive and Improving FCF: Low-single-digit organic revenue growth
and incrementally improving pro forma margins should drive
consistently positive FCF of roughly $260 million during 2019 and
significantly greater thereafter. A decline in cash interest
expense from term loan reduction following the IPO supports higher
FCF throughout the forecast period. Laboratory product
distribution, as with most other distribution businesses, generates
relatively low margins. However, margins benefit from the legacy
Avantor business and VWR's higher-margin, private-label segment,
and anticipated integration synergies. Fitch's forecast
incorporates roughly $220 million of annual cost synergies by 2020.
Moderate Growth: Fitch expects Avantor to generate moderate organic
revenue growth. Single-digit revenue growth, driven by near
mid-single-digit growth in the Americas and biopharma, should
benefit from positive demographic trends and advancements in
technology. Strong biopharma sales will likely more than offset the
relatively softer performance in government and academic end
markets. Fitch's rating case forecast for Avantor does not include
explicit revenue synergies related to the business combination;
this could prove an upside to the forecast in the later years of
the rating horizon.
DERIVATION SUMMARY
Avantor's strongest competitors are significantly larger, with
leading positions in the life sciences industry and more
advantageous capital structures. Thermo Fisher is Avantor's closest
peer within the lab products industry. Thermo Fisher, a direct
distribution competitor, is materially larger than VWR as it has an
industry-leading manufacturing business, and is much more
conservatively capitalized; Fitch currently rates Thermo Fisher
'BBB'. Other 'B+' rated healthcare companies operating in different
industry subsectors typically have leverage sensitivities in the
5.0x-6.0x range. Avantor's IDR of 'B+' is supported by its strong
operating profile, significant FCF generation and moderating gross
debt/EBITDA following the IPO.
KEY ASSUMPTIONS
- Low- to mid-single-digit organic growth periodically
augmented by acquisitions;
- Margin improvement as cost control, integration synergies,
and favorable mix more than offset any pricing headwinds;
- FCF consistently positive, capex around 1.5% of revenue;
debt reduction balanced with acquisitions.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Continued operational strength and maintenance of a
higher level of positive FCF generation sufficient to
fund targeted acquisitions and significant debt reduction;
- Substantially achieving all Fitch forecast cost synergies
($220 million) associated with the VWR acquisition by the
end of 2020, with gross debt/EBITDA below 5.0x.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Increased competitive and/or regulatory operating pressure that
weighs on sales margin and cash flow generation;
- Falling meaningfully short of achieving all Fitch forecast
cost synergies ($220 million) stemming from the VWR
acquisition;
- Gross debt/EBITDA sustained above 6.0x.
BELIEVERS BIBLE: Sale of Fulton County Property Approved
--------------------------------------------------------
Judge Wendy L. Hagenau of the U.S. Bankruptcy Court for the
Northern District of Georgia authorized Believers Bible Christian
Church, Inc.'s sale of the real property located on Campbellton
Road, as described in Deed Book 10985, Page 75 of the Fulton
County, Georgia, records and Deed Book 14319, Page 143 of the
Fulton County, Georgia records.
The sale is free and clear of Liens. The liens, claims, or
interests of the Internal Revenue Service and the Georgia
Department of Revenue in the Property will attach to the proceeds
of the sale of the Property.
About Believer's Bible Christian Church
Believers Bible Christian Church, Inc., previously filed for
Chapter 11 bankruptcy (Bankr. N.D. Ga. Case No. 08-61958) on Feb.
4, 2008, and was represented by Paul Reece Marr, Esq., at Paul
Reece Marr, P.C. The case was assigned to Judge Joyce Bihary. The
Debtor estimated assets and debts at $1 million to $10 million at
the time of the filing.
Based in Atlanta, Georgia, Believers Bible Christian Church again
filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No.
16-65531) on Sept. 2, 2016, listing assets and debt at $1 million
to $10 million at the time of the filing. William A. Rountree,
Esq., at Macey, Wilensky & Hennings LLC, serves as Chapter 11
counsel. The 2016 petition was signed by Theo A. McNair Jr., its
president.
No official committee of unsecured creditors has been appointed in
the 2016 case.
The Debtor tapped Price Realty Group, as real estate agent, to sell
two parcels of real property it owns located along Campbellton
Road, Atlanta, Georgia.
BIOSTAGE INC: All Three Proposals Approved at Annual Meeting
------------------------------------------------------------
Biostage, Inc., held its annual meeting on May 24, 2019, at which.
the Company's stockholders:
(i) elected Jason Jing Chen and Matthew Dallas as a Class III
director for a three-year term, such term to continue
until the annual meeting of stockholders in 2022 and until
such respective director's successor is duly elected and
qualified or until his earlier resignation or removal.
(ii) ratified the appointment of RSM US LLP as the Company's
independent registered public accounting firm for the
fiscal year ending Dec. 31, 2019; and
(iii) approved an amendment to the Company's Amended and
Restated Certificate of Incorporation to decrease the
number of authorized shares of the Company's common stock
to 60,000,000.
About Biostage
Headquartered in Holliston, Massachusetts, Biostage, Inc., formerly
Harvard Apparatus Regenerative Technology, Inc. --
http://www.biostage.com-- is a biotechnology company developing
bio-engineered organ implants based on the Company's new Cellframe
technology which combines a proprietary biocompatible scaffold with
a patient's own stem cells to create Cellspan organ implants.
Cellspan implants are being developed to treat life-threatening
conditions of the esophagus, bronchus or trachea with the hope of
dramatically improving the treatment paradigm for patients. Based
on its pre-clinical data, Biostage has selected life-threatening
conditions of the esophagus as the initial clinical application of
its technology.
Biostage repored a net loss of $7.52 million for the year ended
Dec. 31, 2018, compared to a net loss of $11.91 million for the
year ended Dec. 31, 2017. As of March 31, 2019, Biostage had $2.33
million in total assets, $1 million in total liabilities, and $1.33
million in total stockholders' equity.
In its report dated March 29, 2019, RSM US LLP, in Boston,
Massachusetts, the Company's auditor since 2018, issued an opinion
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, expressing substantial doubt about the
Company's ability to continue as a going concern. The auditor
stated that the Company has suffered recurring losses from
operations, has an accumulated deficit, uses cash flows in
operations, and will require additional financing to continue to
fund operations.
BLACKLICK HOTSPOT: Seeks to Hire Robert O Lampl as Legal Counsel
----------------------------------------------------------------
Blacklick Hotspot Corp. seeks approval from the U.S. Bankruptcy
Court for the Western District of Pennsylvania to hire Robert O
Lampl Law Office as its legal counsel.
The firm will assist the Debtor in the administration of its
bankruptcy estate, represent the Debtor in adversary proceedings,
and provide other legal services in connection with its Chapter 11
case.
The firm's hourly rates are:
Robert Lampl $450
John Lacher $400
David Fuchs $375
Ryan Cooney $300
Sy Lampl $250
Paralegal $150
Neither the firm nor any of its employees represents interest
adverse to the Debtor or any other "parties-in-interest," according
to court filings.
The firm can be reached through:
Robert O Lampl, Esq.
John P. Lacher, Esq.
David L. Fuchs, Esq.
Ryan J. Cooney, Esq.
Sy O. Lampl, Esq.
Robert O Lampl Law Office
223 Fourth Avenue, 4th Fl.
Pittsburgh, PA 15222
Phone: (412) 392-0330
Fax: (412) 392-0335
E-mail: rlampl@lampllaw.com
About Blacklick Hotspot Corp.
Blacklick Hotspot Corp. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Pa. Case No. 19-70269) on May 3, 2019.
At the time of the filing, the Debtor estimated assets of less
than $100,000 and liabilities of less than $50,000. The case is
assigned to Judge Jeffery A. Deller.
CAMBER ENERGY: Finalizing Closing Docs. for Lineal Acquisition
--------------------------------------------------------------
Camber Energy, Inc., said that it and Lineal Star Holdings,
www.LinealStar.com, the acquisition target which Camber is seeking
to acquire (through its subsidiaries) pursuant to its previously
disclosed non-binding letter of intent, are finalizing closing
documents for the planned combination transaction, which the
Company expects to complete by Friday, May 31, 2019. The closing
remains subject to the holder of the Company's Series C Redeemable
Convertible Preferred Stock agreeing to the terms of the
transaction, Lineal agreeing to certain other required closing
conditions, approval of the NYSE American of the transaction
agreements, and certain other closing conditions which the Company
is taking steps to finalize by this Friday.
Lineal's subsidiaries provide midstream and downstream pipeline
integrity services, specialty construction and field services and
have entered into a non-binding letter of intent to purchase a
Houston based Engineering and Procurement firm to expand their
current service offering to a full range of engineering,
procurement, specialty construction and upstream, midstream and
downstream field services.
Louis G. Schott, interim chief executive officer of Camber stated,
"We are making significant progress in moving towards the closing
the previously announced acquisition and are excited about the
opportunities this acquisition will provide for revenue growth and
increases in shareholder value. We are very close to having final
documents with Lineal. We are also in discussions with the holder
of our Series C Redeemable Convertible Preferred Stock and
anticipate negotiating definitive documents with such holder in the
upcoming days."
The closing of Camber's Lineal transaction, which is an all-stock
transaction, is subject to customary closing conditions,
negotiation of final transaction documents and transaction terms,
including structuring the transaction to be on a tax free basis,
and other conditions, including, but not limited to the consent of
the holder of the Company's Series C Preferred Stock, executing an
agreement with Camber's Series C Preferred Stock holder amending
the Series C Preferred Stock to alter the conversion rights
thereof, and obtaining the requisite NYSE American approval, which
conditions may not be satisfied in a timely manner, if at all. The
transaction contemplates the issuance of a new series of
convertible preferred stock which will be convertible into 67-70%
of the fully diluted common stock of Camber after shareholder
approval, as required under the applicable NYSE American rules and
requirements. Upon receipt of shareholder approval, it is
contemplated that the shareholders of Lineal will have voting
control of the Company.
The transaction may not close timely, on the terms set forth in the
previously executed Letter of Intent, or at all. The transaction
is subject to the conditions above, and the parties currently
anticipate entering into a definitive agreement in connection with
the transaction (subject to the conditions described above) on or
before May 31, 2019, which agreement and definitive terms
associated therewith will be included on a Form 8-K filed by the
Company.
About Camber Energy
Based in San Antonio, Texas, Camber Energy, Inc. (NYSE American:
CEI) -- http://www.camber.energy-- is an independent oil and gas
company engaged in the development of crude oil, natural gas and
natural gas liquids in the Hunton formation in Central Oklahoma in
addition to anticipated project development in the Texas Panhandle.
Camber Energy is engaged in the acquisition, development and sale
of crude oil, natural gas and natural gas liquids from various
known productive geological formations, including from the Hunton
formation in Lincoln, Logan, Payne and Okfuskee Counties, in
central Oklahoma; the Cline shale and upper Wolfberry shale in
Glasscock County, Texas; and Hutchinson County, Texas, in
connection with its Panhandle acquisition which closed in March
2018.
Camber Energy reported a net loss of $24.77 million for the year
ended March 31, 2018, compared to a net loss of $89.12 million for
the year ended March 31, 2017. As of Dec. 31, 2018, Camber Energy
had $10.10 million in total assets, $2.48 million in total
liabilities, and $7.62 million in total stockholders' equity.
GBH CPAs, PC's audit opinion included in the Company's Annual
Report on Form 10-K for the year ended March 31, 2018, contains a
going concern explanatory paragraph stating that the Company has
incurred significant losses from operations and had a working
capital deficit as of March 31, 2018. These factors raise
substantial doubt about the Company's ability to continue as a
going concern.
D&M CAPITAL: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: The D&M Capital Group, LLC
592 Fifth Avenue, Fifth Floor
New York, NY 10036
Business Description: The D&M Capital Group, LLC owns and operates
a jewelry, luggage, and leather goods store.
Chapter 11 Petition Date: May 28, 2019
Court: United States Bankruptcy Court
Southern District of New York (Manhattan)
Case No.: 19-11711
Judge: Hon. Shelley C. Chapman
Debtor's Counsel: 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: rrattet@rattetlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Moty Spector, manager.
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/nysb19-11711.pdf
DIFFUSION PHARMACEUTICALS: Closes $6.45 Million Direct Offering
---------------------------------------------------------------
Diffusion Pharmaceuticals Inc. has closed its previously announced
registered direct offering, priced at-the-market, with certain
institutional investors of 1,317,060 shares of the Company's common
stock, at a price of $4.77 per share, for aggregate gross proceeds
of approximately $6.28 million. The Company also issued 1,317,060
unregistered warrants to the institutional investors in a
concurrent private placement to purchase one share of common stock
for each share of common stock purchased with an exercise price of
$5.00 per share for aggregate gross proceeds of approximately
$165,000. The warrants are exercisable upon issuance and will
expire five and one half years following the date of issuance.
H.C. Wainwright & Co. acted as the exclusive placement agent in
connection with the offering.
Diffusion currently intends to use the net proceeds from the
offering to fund research and development of its lead product
candidate, TSC, including clinical trial activities, and for
general corporate purposes.
The shares of common stock (but not the warrants or the shares of
common stock underlying the warrants) were offered pursuant to a
"shelf" registration statement on Form S-3 (File No. 333-231541),
which was declared effective by the Securities and Exchange
Commission on May 22, 2019. A prospectus supplement and the
accompanying prospectus relating to the registered direct offering
were filed with the SEC. Copies of the prospectus supplement and
the accompanying prospectus relating to the registered direct
offering may be obtained from H.C. Wainwright & Co., LLC, 430 Park
Avenue 3rd Floor, New York, NY 10022, or by calling (646) 975-6996
or by emailing placements@hcwco.com or at the SEC’s website at
http://www.sec.gov.
The warrants and shares issuable upon exercise of the warrants
offered in the concurrent private placement have not been
registered under the Securities Act of 1933, as amended, and may
not be offered or sold in the United States absent registration
with the SEC or an applicable exemption from such registration
requirements.
About Diffusion Pharmaceuticals
Based in Charlottesville, Virginia, Diffusion Pharmaceuticals Inc.
-- http://www.diffusionpharma.com/-- is biotechnology company
developing new treatments that improve the body's ability to bring
oxygen to the areas where it is needed most, offering new hope for
the treatment of life-threatening medical conditions. Diffusion's
lead drug TSC was originally developed in conjunction with the
Office of Naval Research, which was seeking a way to treat
hemorrhagic shock caused by massive blood loss on the battlefield.
Diffusion reported a net loss attributable to common stockholders
of $26.62 million for the year ended Dec. 31, 2018, compared to a
net loss attributable to common stockholders of $2.61 million for
the year ended Dec. 31, 2017. As of March 31, 2019, Diffusion had
$15.98 million in total assets, $3.03 million in total liabilities,
and $12.95 million in total stockholders' equity.
KPMG LLP, in McLean, Virginia, the Company's auditor since 2015,
issued a "going concern" qualification in its report on the
consolidated financial statements for the year ended Dec. 31, 2018,
citing that the Company has suffered recurring losses from
operations, has limited resources available to fund current
research and development activities, and will require substantial
additional financing to continue to fund its research and
development activities that raise substantial doubt about its
ability to continue as a going concern.
DIFFUSION PHARMACEUTICALS: Sabby Volatility Reports 9.35% Stake
---------------------------------------------------------------
Sabby Volatility Warrant Master Fund, Ltd., Sabby Management, LLC,
and Hal Mintz disclosed in a Schedule 13G filed with the U.S.
Securities and Exchange Commission that as of May 23, 2019, they
beneficially own 439,020 shares of common stock of Diffusion
Pharmaceuticals Inc., which represents 9.35 percent of the shares
outstanding. A full-text copy of the regulatory filing is
available for free at:
https://is.gd/lwfaP5
About Diffusion Pharmaceuticals
Based in Charlottesville, Virginia, Diffusion Pharmaceuticals Inc.
-- http://www.diffusionpharma.com/-- is biotechnology company
developing new treatments that improve the body's ability to bring
oxygen to the areas where it is needed most, offering new hope for
the treatment of life-threatening medical conditions. Diffusion's
lead drug TSC was originally developed in conjunction with the
Office of Naval Research, which was seeking a way to treat
hemorrhagic shock caused by massive blood loss on the battlefield.
Diffusion reported a net loss attributable to common stockholders
of $26.62 million for the year ended Dec. 31, 2018, compared to a
net loss attributable to common stockholders of $2.61 million for
the year ended Dec. 31, 2017. As of March 31, 2019, Diffusion had
$15.98 million in total assets, $3.03 million in total liabilities,
and $12.95 million in total stockholders' equity.
KPMG LLP, in McLean, Virginia, the Company's auditor since 2015,
issued a "going concern" qualification in its report on the
consolidated financial statements for the year ended Dec. 31, 2018,
citing that the Company has suffered recurring losses from
operations, has limited resources available to fund current
research and development activities, and will require substantial
additional financing to continue to fund its research and
development activities that raise substantial doubt about its
ability to continue as a going concern.
DORIAN LPG: Incurs $16 Million Net Loss in Fourth Quarter
---------------------------------------------------------
Dorian LPG Ltd. reported its financial results for the three months
and fiscal year ended March 31, 2019.
Highlights for the Fourth Quarter Ended March 31, 2019
* Revenues of $34.5 million
* Daily Time Charter Equivalent rate for its fleet of
$18,883
* Adjusted EBITDA of $14.1 million
* Net loss of $(16.0) million, or $(0.29) loss per basic and
diluted share, and adjusted net loss of $(12.0) million, or
$(0.22) adjusted diluted loss per share
* Time chartered-in the 2018-built Laurel Prime to the
Company's fleet with an expiration during the first calendar
quarter of 2020
Highlights for the Fiscal Year Ended March 31, 2019
* Revenues of $158.0 million
* TCE rate for the Company's fleet of $21,746
* Adjusted EBITDA of $64.4 million, which includes $10.0
million of expenses related to the BW LPG proposal
* Net loss of $(50.9) million, or $(0.93) EPS, and adjusted
net loss of $(43.1) million, or $(0.79) adjusted EPS, which
also includes $10.0 million of expenses related to the BW
LPG proposal, or $(0.18) per diluted share
John Hadjipateras, chairman, president and chief executive officer
of the Company, commented, "We are encouraged by market
improvements over the last two months, which resulted in rates not
seen since the start of 2016, and we are cautiously optimistic
about a sustained improvement in rates as North American LPG export
capacity is forecast to grow considerably over the next two years.
We already have two ships which are fitted with exhaust gas
cleaning equipment and plan to have more than half our fleet take
advantage of the expected fuel price differentials. Our teams have
worked diligently over the last eighteen months to prepare for the
impending IMO 2020 changes and further enhance our fleet's
competitive position."
Fourth Quarter Fiscal Year 2019 Results Summary
The Company's net loss amounted to $(16.0) million, or $(0.29) per
share, for the three months ended March 31, 2019, compared to a net
loss of $(3.5) million, or $(0.06) per share, for the three months
ended March 31, 2018.
The Company's adjusted net loss amounted to $(12.0) million, or
$(0.22) per share for the three months ended March 31, 2019,
compared to adjusted net loss of $(9.8) million, or $(0.18) per
share, for the three months ended March 31, 2018. The Company has
adjusted its net loss for the three months ended March 31, 2019 for
an unrealized loss on derivative instruments of $3.9 million.
The $2.2 million change in adjusted net loss for the three months
ended March 31, 2019 compared to the three months ended March 31,
2018 is primarily attributable to a reduction in revenues of $4.6
million, a $0.6 million increase in voyage expenses, and the
addition of $0.2 million in charter hire expenses from the
Company's chartered-in VLGC, partially offset by a $1.4 million
increase in realized gain on derivatives, a $1.0 million decrease
in general and administrative expenses, and a 0.8 million decrease
in interest and finance costs.
The TCE rate for the Company's fleet was $18,883 for the three
months ended March 31, 2019, a 23.5% decrease from the $24,695 TCE
rate from the same period in the prior year, primarily driven by
relatively flat spot market rates coupled with increased bunker
prices.
Total fleet utilization (including the utilization of the Company's
vessels deployed in the Helios Pool) increased from 79.2% in the
quarter ended March 31, 2018 to 90.2% in the quarter ended March
31, 2019.
Vessel operating expenses per day increased to $8,104 during the
three months ended March 31, 2019 from $8,027 in the same period in
the prior year.
Revenues
Revenues of $34.5 million for the three months ended March 31,
2019, including net pool revenues-related party, voyage charters,
time charters and other revenues earned by the Company's vessels,
decreased $4.6 million, or 11.7%, from $39.0 million for the three
months ended March 31, 2018. The decrease is primarily
attributable to a reduction in TCE rates partially offset by an
increase in utilization from 79.2% for the three months ended March
31, 2018 to 90.2% for the three months ended March 31, 2019. The
reduction in TCE rates from $24,695 during the three months ended
March 31, 2018 to $18,883 during the three months ended March 31,
2019 was primarily driven by relatively flat spot market rates
coupled with increased bunker prices.
Voyage Expenses
Voyage expenses were $0.9 million during the three months ended
March 31, 2019, an increase of $0.6 million, or 180.4%, from $0.3
million for the three months ended March 31, 2018. Voyage expenses
are all expenses unique to a particular voyage, including bunker
fuel consumption, port expenses, canal fees, charter hire
commissions, war risk insurance and security costs. Voyage expenses
are typically paid by the Company under voyage charters, by the
charterer under time charters, and by the pool for our vessels
chartered to the Helios Pool. Accordingly, the Company mainly
incurs voyage expenses for voyage charters or during repositioning
voyages between time charters for which no cargo is available or
traveling to or from drydocking. The increase in voyage expenses
for the three months ended March 31, 2019, when compared to the
three months ended March 31, 2018, was mainly attributable to an
increase in bunker expenses.
Vessel Operating Expenses
Vessel operating expenses were $16.0 million during the three
months ended March 31, 2019, or $8,104 per vessel per calendar day,
which is calculated by dividing vessel operating expenses by
calendar days for the relevant time period for the vessels that
were in the Company's fleet, increasing slightly by $0.1 million,
or 1.0%, from $15.9 million, or $8,027 per vessel per calendar day,
for the three months ended March 31, 2018. The increase in vessel
operating expenses was primarily the result of a $0.2 million, or
$124 per vessel per calendar day, increase in spares, stores, and
repairs and maintenance costs, partially offset by a reduction of
crew wages and related costs of $0.1 million, or $73 per vessel per
calendar day.
General and Administrative Expenses
General and administrative expenses were $5.7 million for the three
months ended March 31, 2019, a decrease of $1.0 million, or 15.4%,
from $6.7 million for the three months ended March 31, 2018. The
decrease was mainly due to a $0.5 million decrease in professional
and legal fees unrelated to the BW Proposal, a $0.5 million
financial advisory fee during the three months ended March 31, 2018
that did not recur during the three months ended March 31, 2019,
and a $0.3 million decrease in salaries, wages and benefits,
partially offset by an increase of $0.1 million in stock-based
compensation and an increase of $0.2 million in other general and
administrative expenses.
Interest and Finance Costs
Interest and finance costs amounted to $10.1 million for the three
months ended March 31, 2019, a decrease of $0.8 million, or 7.1%,
from $10.9 million for the three months ended March 31, 2018. The
decrease of $0.8 million during the three months ended March 31,
2019 was mainly due to a reduction of $2.2 million in amortization
of deferred financing fees primarily resulting from the accelerated
amortization of deferred financing fees from the refinancings of
the Concorde and Corvette during the three months ended March 31,
2018, along with a decrease of $0.1 million in loan expenses.
Partially offsetting the reductions was an increase of $1.5 million
in interest incurred on our long-term debt, primarily resulting
from an increase in LIBOR, partially offset by a decrease in
average indebtedness. Average indebtedness, excluding deferred
financing fees, decreased from $764.4 million for the three months
ended March 31, 2018 to $723.8 million for the three months ended
March 31, 2019. As of March 31, 2019, the outstanding balance of
our long-term debt, excluding deferred financing fees, was $710.1
million.
Unrealized Gain/(Loss) on Derivatives
Unrealized loss on derivatives amounted to approximately $3.9
million for the three months ended March 31, 2019, compared to a
gain of $6.4 million for the three months ended March 31, 2018. The
unfavorable $10.3 million change is attributable to changes in the
fair value of the Company's interest rate swaps caused by changes
in forward LIBOR yield curves and reductions in notional amounts.
Realized Gain on Derivatives
Realized gain on derivatives amounted to approximately $1.3 million
for the three months ended March 31, 2019, compared to a realized
gain on derivatives of $0.1 million for the three months ended
March 31, 2018. The favorable $1.2 million change is attributable
to increases in floating LIBOR resulting in realized gains on
interest rate swaps related to the $758 million debt financing
facility that we entered into in March 2015.
Fiscal Year 2019 Results Summary
The Company's net loss amounted to $(50.9) million, or $(0.93) per
share, for the year ended March 31, 2019, compared to a net loss of
$(20.4) million, or $(0.38) per share, for the year ended March 31,
2018.
The Company's adjusted net loss amounted to $(43.1) million, or
$(0.79) per share, for the year ended March 31, 2019, compared to
an adjusted net loss of $(32.9) million, or $(0.62) per share, for
the year ended March 31, 2018. The Company has adjusted its net
loss for the year ended March 31, 2019 for unrealized losses on
derivative instruments of $7.8 million. The Company has adjusted
its net loss for the year ended March 31, 2018 for unrealized gains
on derivatives of $8.4 million and gain on early extinguishment of
debt of $4.1 million.
The unfavorable change of $10.2 million in adjusted net loss for
the year ended March 31, 2019 compared to the year ended
March 31, 2018 is primarily attributable to professional and legal
fees related to the BW Proposal of $10.0 million, a $4.9 million
increase in interest and finance costs, a $2.6 million increase in
vessel operating expenses, and a reduction in revenues of $1.3
million, partially offset by a favorable $5.1 million change in
realized gain/(loss) on derivatives, a $1.8 million decrease in
general and administrative expenses, a $1.4 million increase in
interest income, and a $0.5 million decrease in voyage expenses.
The TCE rate for the Company's fleet was $21,746 for the year ended
March 31, 2019, a slight 1.0% decrease from the $21,966 TCE rate
from the prior year, reflecting continued subdued market
conditions.
Total fleet utilization (including the utilization of the Company's
vessels deployed in the Helios Pool) increased from 89.1% in the
year ended March 31, 2018 to 89.9% in the year ended March 31,
2019.
Vessel operating expenses per day decreased to $8,329 in the year
ended March 31, 2019 from $8,009 in the prior year.
Revenues
Revenues, which represent net pool revenues-related party, time
charters, voyage charters and other revenues earned by the
Company's vessels, were $158.0 million for the year ended
March 31, 2019, a decrease of $1.3 million, or 0.8%, from $159.3
million for the year ended March 31, 2018. TCE rates of $21,746
for the year ended March 31, 2019 decreased from $21,966 for the
year ended March 31, 2018. During the year ended March 31, 2018,
the board of the Helios Pool approved a reallocation of pool
profits in accordance with the pool participation agreements. This
reallocation resulted in a $260 increase in our fleet’s overall
TCE rates for the year ended March 31, 2018 due mainly to favorable
speed and consumption performance of our VLGCs operating in the
Helios Pool compared to other VLGCs operating in the Helios Pool.
Excluding this reallocation, TCE rates increased slightly by $40
when comparing the year ended March 31, 2019 with the year ended
March 31, 2018. The increased spot market rate was partially
offset by increased bunker costs and other voyage expenses, which
are deducted from gross revenues when calculating TCE rates. The
Baltic Exchange Liquid Petroleum Gas Index, an index published
daily by the Baltic Exchange for the spot market rate for the
benchmark Ras Tanura-Chiba route (expressed as U.S. dollars per
metric ton), averaged $34.702 during the year ended March 31, 2018
compared to an average of $27.455 for the year ended March 31,
2018. The increase in net pool revenues -- related party was
primarily due to the increased spot market rate and an additional
vessel being redelivered off time charter and into the Helios Pool
in the year ended March 31, 2019. The decrease in time charter
revenues during the year ended March 31, 2019 compared to the year
ended March 31, 2018 was primarily due to the expiration of a time
charter and subsequent redelivery into the Helios Pool in the year
ended March 31, 2019.
Voyage Expenses
Voyage expenses were $1.7 million during the year ended March 31,
2019, a decrease of $0.5 million, or 23.3%, from $2.2 million for
the year ended March 31, 2018. Voyage expenses are all expenses
unique to a particular voyage, including bunker fuel consumption,
port expenses, canal fees, charter hire commissions, war risk
insurance and security costs. Voyage expenses are typically paid
by us under voyage charters, by the charterer under time charters,
and by the pool for the Company's vessels chartered to the Helios
Pool. Accordingly, the Company mainly incurs voyage expenses for
voyage charters or during repositioning voyages between time
charters for which no cargo is available or traveling to or from
drydocking. The decrease for the year ended March 31, 2019 when
compared to the year ended March 31, 2018 was mainly attributable
to a reduction in port charges and other related expenses.
Vessel Operating Expenses
Vessel operating expenses were $66.9 million during the year ended
March 31, 2019, or $8,329 per vessel per calendar day, which is
calculated by dividing vessel operating expenses by calendar days
for the relevant time period for the vessels that were in its
fleet. This was an increase of $2.6 million, or 4.0%, from $64.3
million, or $8,009 per vessel per calendar day, for the year ended
March 31, 2018. The increase in vessel operating expenses was
primarily the result of a $3.5 million, or $431 per vessel per
calendar day, increase in spares, stores, and repairs and
maintenance costs, and a $0.3 million purchase of coolant for one
of its VLGCs coming off drydock in July 2018, resulting in an
increase of $40 per vessel per calendar day. Partially offsetting
the increases was a reduction of crew wages and related costs of
$1.2 million, or $144 per vessel per calendar day.
Professional and Legal Fees Related to the BW Proposal
BW LPG Limited and its affiliates made an unsolicited proposal to
acquire all of the Company's outstanding common stock and commenced
a proxy contest to replace three members of the Company's board of
directors with nominees proposed by BW. BW's unsolicited proposal
and proxy contest were subsequently withdrawn on Oct. 8, 2018.
Professional and legal fees related to the BW Proposal were $10.0
million for the year ended
March 31, 2019.
General and Administrative Expenses
General and administrative expenses were $24.4 million for the year
ended March 31, 2019, a decrease of $1.8 million, or 6.7%, from
$26.2 million for the year ended March 31, 2018. The decrease was
mainly due to a $1.5 million decrease in professional and legal
fees unrelated to the BW Proposal, and a $0.6 million decrease in
salaries, wages and benefits, partially offset by an increase of
$0.3 million in stock-based compensation. The decrease in
salaries, wages and benefits was primarily due to $0.4 million
decrease in cash bonuses to various employees during the year ended
March 31, 2019 compared to the year ended March 31, 2018.
Interest and Finance Costs
Interest and finance costs amounted to $40.6 million for the year
ended March 31, 2019, an increase of $4.9 million from $35.7
million for the year ended March 31, 2018. The increase of $4.9
million during the year ended March 31, 2019 was mainly due to an
increase of $9.2 million in interest incurred on the Company's
long-term debt, primarily resulting from (i) an increase in LIBOR,
(ii) an increase in margin on the $97.0 million bridge loan
agreement with DNB Capital LLC, that it repaid in June 2018, and
(iii) the fixed interest rates on the refinancings of the Corsair,
Concorde, Corvette, Captain John NP, Captain Markos NL, and Captain
Nicholas ML, during the year ended March 31, 2019 being higher than
floating rates on its long-term debt during the year ended March
31, 2018, partially offset by a decrease in average indebtedness.
Average indebtedness, excluding deferred financing fees, decreased
from $754.1 million for the year ended March 31, 2018 to $747.2
million for the year ended March 31, 2019. As of March 31, 2019,
the outstanding balance of the Company's long-term debt, excluding
deferred financing fees, was $710.1 million. Partially offsetting
the increases was a reduction of $4.4 million in amortization of
deferred financing fees primarily resulting from the accelerated
amortization of deferred financing fees from the refinancings of
the Corsair, Concorde, and Corvette during the year ended March 31,
2018, along with the amortization of the 2017 Bridge Loan deferred
financing fees that did not recur during the year ended March 31,
2019.
Unrealized Gain/(Loss) on Derivatives
Unrealized loss on derivatives amounted to approximately $7.8
million for the year ended March 31, 2019 compared to an unrealized
gain of $8.4 million for the year ended March 31, 2018. The
unfavorable $16.2 million change is attributable to changes in the
fair value of our interest rate swaps caused by changes in forward
LIBOR yield curves and reductions in notional amounts.
Realized Gain/(Loss) on Derivatives
Realized gain/(loss) on derivatives amounted to a realized gain of
approximately $3.8 million for the year ended March 31, 2019,
compared to a realized loss of $1.3 million for the year ended
March 31, 2018. The favorable $5.1 million change is attributable
to increases in floating LIBOR resulting in realized gains on
interest rate swaps related to the 2015 Debt Facility.
Gain on early extinguishment of debt
Gain on early extinguishment of debt amounted to $4.1 million for
the year ended March 31, 2018 and was attributable to the repayment
of the Company's bank debt provided by Royal Bank of Scotland plc.
associated with each of the Captain John NP, Captain Markos NL and
the Captain Nicholas ML. There was no gain on early extinguishment
of debt for the year ended March 31, 2019.
Market Outlook Update
Bolstered by additional volumes out of Marcus Hook in the northeast
U.S. due to the startup of the Mariner East 2 pipeline, U.S.
exports reached their highest levels for the first calendar quarter
of 2019 in January with over 3 million metric tons of LPG exported
during the month. However, significant reductions in U.S. exports
were seen during the rest of the first calendar quarter of 2019 due
to closure events in the Houston ship channel. Additionally, there
was tightness in the East due to a reduction in Middle Eastern
supply related to OPEC production cuts and U.S. sanctions on Iran.
This created a strong arbitrage between the West and East,
particularly towards the end of the first calendar quarter of 2019.
Despite continued U.S.-China tariffs being in place for LPG, the
Far East remained the primary destination for U.S. exports.
On the demand side, a new PDH facility started in China (Zhejiang
Satellite No. 2), which created additional propane demand in the
East. PDH margins in the Far East came under pressure in the first
calendar quarter of 2019, however, with propylene prices falling
and feedstock price remaining strong due to supply issues in Middle
East and U.S. during parts of the quarter. This trend was most
notable in March 2019 and early April. In Europe and Asia, propane
and butane have generally been more economical feedstocks than
naphtha so far this year. However, cracker shutdowns and U.S.
supply constraints have limited imports for steam cracking
somewhat. Overall, as the first quarter progressed, additional
western supply helped widen the propane-naphtha spread in NW Europe
from approximately $49/metric ton in January to $95/metric ton in
March. In the East, this difference was less pronounced with many
of the cargoes exported at the end of the quarter out of the U.S.
not arriving until the second calendar quarter of 2019.
Elsewhere in Asia, India saw a strong first quarter of 2019 in
terms of imports with levels hitting 1.4 million metric tons in
February. It has been suggested that with upcoming elections and
the end of the Indian financial year, many importers were
increasing their volumes to the domestic subsidized market.
For the first calendar quarter, the Baltic Index averaged $30 per
metric ton. The Baltic VLGC Index declined from $36 per metric ton
in the fourth calendar quarter of 2018, stabilizing at near $25 per
metric ton in February before rising in March to end the month at
$41 per metric ton, representing the high for the quarter. For the
second calendar quarter to date, the Baltic Index has averaged $56
per metric ton.
The VLGC orderbook stands at around 14% of the current global
fleet. An additional 38 VLGCs, equivalent to around 3.1 million
cbm of carrying capacity, will be added to the global fleet by
calendar year-end 2021. The average age of the global fleet is now
approximately nine years old.
The above summary is based on data derived from industry sources,
and there can be no assurances that such trends will continue or
that anticipated developments in freight rates, export volumes, the
VLGC orderbook or other market indicators will materialize.
Seasonality
Liquefied gases are primarily used for industrial and domestic
heating, as a chemical and refinery feedstock, as a transportation
fuel and in agriculture. The LPG shipping market historically has
been stronger in the spring and summer months in anticipation of
increased consumption of propane and butane for heating during the
winter months. In addition, unpredictable weather patterns in
these months tend to disrupt vessel scheduling and the supply of
certain commodities. Demand for our vessels therefore may be
stronger in the quarters ending June 30 and September 30 and
relatively weaker during the quarters ending December 31 and March
31, although 12-month time charter rates tend to smooth these
short-term fluctuations and recent LPG shipping market activity has
not yielded the expected seasonal results. To the extent any of
the Company's time charters expire during the typically weaker
fiscal quarters ending December 31 and March 31, it may not be
possible to re-charter its vessels at similar rates. As a result,
the Company may have to accept lower rates or experience off-hire
time for its vessels, which may adversely impact its business,
financial condition and operating results.
A full-text copy of the press release is available for free at:
https://is.gd/mrbwC1
About Dorian LPG
Stamford, Connecticut-based Dorian LPG Ltd. --
http://www.dorianlpg.com/-- is a liquefied petroleum gas shipping
company and an owner and operator of modern very large gas
carriers. Dorian LPG's fleet currently consists of twenty-two
modern VLGCs. Dorian LPG has offices in Stamford, Connecticut,
USA; London, United Kingdom; Copenhagen, Denmark; and Athens,
Greece.
Dorian LPG reported a net loss of US$20.40 million for the year
ended March 31, 2018, compared to a net loss of US$1.44 million for
the year ended March 31, 2017. As of Dec. 31, 2018, Dorian LPG had
$1.65 billion in total assets, $732.09 million in total
liabilities, and $927.45 million in total shareholders' equity.
DPW HOLDINGS: Raises $700,000 Through Sale of Promissory Notes
--------------------------------------------------------------
DPW Holdings, Inc., entered into a Note Purchase Agreement in a
bridge financing on May 13, 2019, whereby the Company sold and
issued to an investor a promissory note in the principal amount of
$575,000 for the purchase price of $500,000, plus a 15% loan fee in
the amount of $75,000. The principal amount will be due and
payable on or prior to Aug. 9, 2019, subject to extensions as set
forth in the First Note.
Subsequently, on May 21, 2019, the Company and another investor
entered into a second Note Purchase Agreement, pursuant to which
the Company sold and issued an additional promissory note in the
principal amount of $230,000 together with the First Note, for a
purchase price of $200,000, plus a 15% loan fee in the amount of
$30,000. As of May 28, 2019, an aggregate total of $700,000 has
been raised in the Financing. The principal amount of the Second
Note will be due and payable on or prior to Aug. 21, 2019, subject
to extensions. The Notes do not accrue any interest and may be
prepaid by the Company at any time, without notice, premium or
penalty.
About DPW Holdings
DPW Holdings, Inc., formerly known as Digital Power Corp. --
http://www.DPWHoldings.com/-- is a diversified holding company
pursuing growth by acquiring undervalued businesses and disruptive
technologies that hold global potential. Through its wholly owned
subsidiaries and strategic investments, the company provides
mission-critical products that support a diverse range of
industries, including defense/aerospace, industrial,
telecommunications, medical, crypto-mining, and textiles. In
addition, the company owns a select portfolio of commercial
hospitality properties and extends credit to select entrepreneurial
businesses through a licensed lending subsidiary. DPW Holdings'
headquarters is located at 201 Shipyard Way, Suite E, Newport
Beach, CA 92663.
DPW Holdings incurred a net loss of $32.98 million in 2018,
following a net loss of $10.89 million in 2017. As of March 31,
2019, the Company had $54.77 million in total assets, $36.74
million in total liabilities, and $18.03 million in total
stockholders' equity.
Marcum LLP, in New York, the Company's auditor since 2016, issued a
"going concern" qualification in its report dated April 16, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, stating that the Company has a significant
working capital deficiency, has incurred significant losses and
needs to raise additional funds to meet its obligations and sustain
its operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
EDGEMARC ENERGY: May 29 Meeting Set to Form Creditors' Panel
------------------------------------------------------------
Andy Vara, United States Trustee, for Region 3, held an
organizational meeting on yesterday, May 29, 2019 in the bankruptcy
case of EdgeMarc Energy Holdings, LLC, et al.
The meeting venue was at:
Delaware State Bar Association
405 King Street, 2nd Floor
Wilmington, DE 19801
The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.
The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code. A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.
To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization. The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.
About EdgeMarc
Headquartered in Canonsburg, Pennsylvania, EdgeMarc Energy
Holdings, LLC -- http://www.edgemarcenergy.com/-- is a locally
based natural gas exploration and production company headquartered
in Canonsburg, Pennsylvania. It is engaged in the acquisition,
production, exploration and development of natural gas and natural
gas liquids from underground deposits in the Appalachian Basin.
EdgeMarc Energy conducts its drilling and exploration activities in
the "stacked" liquid-rich Marcellus shale in Pennsylvania and dry
gas Utica shale in Ohio.
EdgeMarc Energy and its 8 affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 19-11104) on May 15, 2019.
EdgeMarc Energy estimated assets of $100 million to $500 million
and liabilities of the same range as of the bankruptcy filing.
The Hon. Brendan Linehan Shannon is the case judge.
The Debtors tapped Landis Rath & Cobb LLP as counsel; Davis Polk &
Wardwell LLP as corporate counsel; Evercore Partners as investment
banker; Opportune LLC and Dacarba LLC as financial advisor; and
Prime Clerk LLC as claims agent.
ELK PETROLEUM: May 31 Meeting Set to Form Creditors' Panel
----------------------------------------------------------
Andy Vara, United States Trustee, for Region 3, will hold an
organizational meeting on today, May 31, 2019, at 10:00 a.m. in the
bankruptcy case of Elk Petroleum Inc.
The meeting will be held at:
Delaware State Bar Association
405 King Street, 2nd Floor
Wilmington, DE 19801
The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.
The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code. A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.
To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization. The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.
About ELK Petroleum
Elk Petroleum -- https://www.elkpet.com -- is an oil and gas
company specializing in enhanced oil recovery (EOR).
Elk Petroleum and its affiliate, sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No. 19-11157) on May
22, 2019. At the time of the filing, the Debtor estimated assets
of between $1 million and $10 million and liabilities of between $0
to $50,000. The petition was signed by Scott M. Pinsonnault, chief
restructuring officer.
Norton Rose Fulbright US LLP and Womble Bond Dickinson (US) LLP
are the Debtor's counses; Ankura Consulting Group, LLC serves as
restructuring advisor; Opportune LLP as valuation analysis
provider; and Bankruptcy Management Solutions, Inc. is the claims
and noticing agent.
ESPINOSA GROUP: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: The Espinosa Group, Inc.
326 Hackensack Street
Carlstadt, NJ 07072
Business Description: The Espinosa Group Inc. is a privately held
company in the nonresidential building
construction industry.
Chapter 11 Petition Date: May 28, 2019
Court: United States Bankruptcy Court
District of New Jersey (Newark)
Case No.: 19-20649
Judge: Hon. Stacey L. Meisel
Debtor's Counsel: David L. Stevens, Esq.
SCURA, WIGFIELD, HEYER, STEVENS & CAMMAROTA, LLP
1599 Hamburg Turnpike
Wayne, NJ 07470
Tel: 973-696-8391
E-mail: dstevens@scuramealey.com
ecfbkfilings@scuramealey.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Juan Espinosa, executive vice president
and general counsel.
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/njb19-20649.pdf
FIRSTENERGY SOLUTIONS: Can Begin Soliciting Votes for Ch.11 Plan
----------------------------------------------------------------
FirstEnergy Solutions Corp. and FirstEnergy Nuclear Operating
Company ("FENOC") on May 20, 2019, disclosed that the U.S.
Bankruptcy Court overseeing the Chapter 11 restructuring has
authorized the Company and FENOC to begin soliciting votes for the
Plan of Reorganization ("the Plan").
The Honorable Judge Alan M. Koschik of the U.S. Bankruptcy Court
for the Northern District of Ohio on May 20 approved the adequacy
of the Company's Disclosure Statement. The Company will next mail
copies of the Plan and related materials, as well as voting
ballots, to all eligible creditors.
The Court is scheduled to consider confirmation of the Plan on
August 20 and August 21, 2019. The schedule allows the Company and
FENOC to remain on track to emerge from the Chapter 11 process in
late 2019. The proposed transactions contemplated under the Plan
are subject to a variety of conditions, including the entry of an
order of the Bankruptcy Court confirming the Plan and the
satisfaction of other conditions to the effectiveness of the Plan,
including all regulatory approvals.
"We are pleased with the ruling and look forward to moving on to
the next phase of the restructuring, heading towards a successful
exit from the bankruptcy process, and continuing to serve our
customers," said John W. Judge, President and Chief Executive
Officer of FES. "Notably, the Plan already has substantial support
from the various parties who previously signed the Restructuring
Support Agreement (the 'RSA')."
As previously announced, the Company, FENOC, the official committee
of unsecured creditors (the "Committee"), two creditor groups
representing a majority in aggregate amount of the Debtors' funded
indebtedness and sale and leaseback certificate-holders (the "Ad
Hoc Groups"), a group of creditors holding claims against FES and
FENOC (the "FES Creditor Group"), and certain other creditors have
reached agreement on the terms of the RSA that contemplates the
continued ownership and operation of the Company's retail and
wholesale load-serving business following emergence from the
Chapter 11 process.
The Plan will enable the Company to emerge as a fully integrated
independent power producer focused on maximizing the operating and
financial synergies of its retail, nuclear and fossil generating
assets. The Company will continue operating its nuclear and fossil
generating assets until their previously announced deactivation
dates, with a possibility of running the units for an extended
period if the Company obtains sufficient legislative support and /
or meaningful market reforms.
Copies of the Plan, Disclosure Statement and related materials can
be found at: https://cases.primeclerk.com/fes/Home-Index.
About FirstEnergy Solutions Corp
Akron, Ohio-based FirstEnergy Solutions, Corp. (FES) is a
subsidiary of FirstEnergy Corp (NYSE:FE). FES --
http://www.firstenergycorp.com/-- provides energy-related products
and services to retail and wholesale customers; and owns and
operates 5,381 MWs of fossil generating capacity through its
FirstEnergy Generation subsidiaries. FES also owns 4,048 MWs of
nuclear generating capacity through its FirstEnergy Nuclear
Generation subsidiary. Nuclear generating plants are operated by
FirstEnergy Nuclear Operating Company (FENOC), which is a separate
subsidiary of FirstEnergy Corp.
On March 31, 2018, FirstEnergy Solutions and 6 affiliates,
including FENOC, each filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Ohio
Lead Case No. 18-50757). The cases are pending before the
Honorable Judge Alan M. Koschik and their cases be jointly
administered under Case No. 18-50757.
Parent company, First Energy Corp. and its other subsidiaries,
including its regulated subsidiaries, are not part of the filing
and will not be subject to the Chapter 11 process. First Energy
Corp. listed $42.2 billion in total assets against $4.07 billion in
total current liabilities, $21.1 billion in long-term debt and
other long-term obligations and $13.1 billion in non-current
liabilities as of Dec. 31, 2017.
The Debtors tapped Akin Gump Strauss Hauer & Feld LLP as bankruptcy
counsel; Brouse McDowell LPA as co-counsel; Lazard Freres & Co. as
investment banker; Alvarez & Marsal North America, LLC, as
restructuring advisor and Charles Moore as chief restructuring
officer; and Prime Clerk as claims and noticing agent. The Debtors
also tapped Willkie Farr & Gallagher LLP, Hogan Lovells US LLP and
Quinn Emanuel Urquhart & Sullivan, LLP as special counsel.
The U.S. Trustee for Region 9 appointed an official committee of
unsecured creditors on April 12, 2018. Milbank, Tweed, Hadley &
McCloy LLP and Hahn Loeser & Parks LLP serve as counsel to the
committee.
GATEWAY RADIOLOGY: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Gateway Radiology Consultants P.A.
2100 1st Ave South
Saint Petersburg, Fl 33712
Business Description: Gateway Radiology Consultants P.A. is a
provider of radiology and diagnostic
imaging services.
Chapter 11 Petition Date: May 28, 2019
Court: United States Bankruptcy Court
Middle District of Florida (Tampa)
Case No.: 19-04971
Judge: Hon. Michael G. Williamson
Debtor's Counsel: Joel M. Aresty, Esq.
JOEL M ARESTY P.A.
309 1st Ave S
Tierra Verde, FL 33715
Tel: 305-904-1903
Fax: 800-559-1870
E-mail: aresty@icloud.com
Total Assets: $1,200,000
Total Liabilities: $14,899,135
The petition was signed by Gagandeep Manget M.D., 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/flmb19-04971.pdf
GREATER APOSTOLIC: Seeks to Hire Speckman Law Firm as Counsel
-------------------------------------------------------------
Greater Apostolic Faith Temple Church Inc. seeks approval from the
U.S. Bankruptcy Court for the Southern District of California to
hire Speckman Law Firm as its legal counsel.
The firm will provide services in connection with the Debtor's
Chapter 11 case, which include legal advice concerning its rights
and duties under the Bankruptcy Code and the preparation of a plan
of reorganization.
The firm's hourly rates are:
David Speckman, Esq. $395
Bankruptcy Paralegal $195
Office Clerk $95
Speckman received from the Debtor the sum of $10,000, of which
$4,977 was used to pay the firm's attorney's fees incurred in the
preparation of the Debtor's bankruptcy case.
Speckman does not represent any interest adverse to the Debtor and
its bankruptcy estate, according to court filings.
The firm can be reached through:
David L. Speckman, Esq.
Speckman Law Firm
1350 Columbia Street, Suite 503
San Diego, CA 92101
Tel: (619) 696-5151
Email: speckmanandassociates@gmail.com
About Greater Apostolic Faith
Temple Church Inc.
Greater Apostolic Faith Temple Church Inc., a religious
organization in San Diego, Calif., sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 19-02820) on
May 14, 2019. At the time of the filing, the Debtor estimated
assets of between $1 million and $10 million and liabilities of
between $1 million and $10 million. The Speckman Law Firm is the
Debtor's counsel.
GULF MEDICAL: $2.2M Sale of All Assets to Aerocare Approved
-----------------------------------------------------------
Judge Jerry C. Oldshue, Jr., of the U.S. Bankruptcy Court for the
Northern District of Florida authorized Gulf Medical Services,
Inc.'s sale of substantially all assets, including the real
property and improvements located at 320 Racetrack Road, NE, Fort
Walton Beach, Florida, to Aerocare Holding, Inc. for $2.2 million.
The sale is free and clear of liens with liens to attach to the
proceeds.
At the closing of the sale, the sales proceeds will be escrowed in
the trust account of the attorney for the Debtor, J. Steven Ford,
with the exception of the payoff on the mortgage on the Debtor's
Real property, which may be paid at closing, along with other real
estate closing costs attributable to the Debtor, as the Seller.
Subsequent to the closing, the Debtor will serve a Report of
Proposed Distributions upon all creditors providing for a 21-day
objection period in which secured creditors may object to the
secured amount of their claim(s) as set forth in the Notice of
Proposed Distributions.
If a secured creditor objects to the valuation set forth in the
Notice of Proposed Distributions, the creditor must file a written
objection with the Court and must request a valuation hearing.
The Debtor is authorized to pay the administrative claim for
attorney's fees (less the pre-petition retainer), previously
awarded by the Court as an administrative expense, in the amount of
$30,101.
About Gulf Medical Services
Based in Pensacola, Florida, Gulf Medical Services, Inc. --
http://www.gulfmed.com/-- has been serving respiratory equipment,
sleep therapy equipment, and medical equipment to its customers
since 1987. The company accepts assignments and bills Medicare,
Medicaid, Blue Cross Blue Shield, TriCare, and many other private
insurance policies. Its gross revenue amounted to $7.89 million in
2017, $10.06 million in 2016 and $12.16 million in 2015.
Gulf Medical Services sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Fla. Case No. 18-30012) on Jan. 5,
2018. In the petition signed by Kenneth R. Steber, president, the
Debtor disclosed $1.73 million in assets and $5.15 million in
liabilities. Judge Jerry C. Oldshue Jr. presides over the case.
Steven J. Ford, Esq., at Wilson, Harrell, Farrington, Ford, Wilson,
Spain & Parsons P.A., serves as the Debtor's bankruptcy counsel.
HANNAH SOLAR: Seeks to Hire Robl Law Group as Legal Counsel
-----------------------------------------------------------
Hannah Solar, LLC, seeks approval from the U.S. Bankruptcy Court
for the Northern District of Georgia to hire Robl Law Group, LLC,
as its legal counsel.
The firm will advise the Debtor of its power and duties under the
Bankruptcy Code and will provide other legal services in connection
with its Chapter 11 case.
The firm's hourly rates are:
Principals $400
Associates $200 to $250
Of Counsel Attorneys $200 to $250
Paralegals $150
Michael Robl, Esq., the firm's attorney who is expected to handle
the case, will charge an hourly fee of $400. He will be assisted
by Lelena Kassa, a paralegal, who will charge $150 per hour.
Robl Law Group received a pre-bankruptcy retainer in the amount of
$44,000.
Mr. Robl disclosed in court filings that his firm is
"disinterested" as defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Michael D. Robl, Esq.
Robl Law Group, LLC
3754 LaVista Road, Suite 250
Tucker, GA 30084
Tel: 404-373-5153
Fax: 404-537-1761
E-mail: michael@roblgroup.com
About Hannah Solar
Hannah Solar, LLC, is a solar energy equipment supplier in Atlanta.
It specializes in planning, design, installation and maintenance
of renewable energy solutions.
Hannah Solar sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Case No. 19-57651) on May 15, 2019. At the
time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of between $1 million and $10 million. The
Robl Law Group, LLC, is the Debtor's counsel.
HERMITAGE INN: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Two affiliates that have filed voluntary petitions seeking relief
under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Hermitage Inn Real Estate Holding Company, LLC 19-20903
145 Deercliff Road
Avon, CT 06001
Hermitage Club, LLC 19-20904
fka Hermitage Club Operating Company, LLC
fka Haystack Club Operating Company, LLC
fka Hermitage Inn Operating Company, LLC
145 Deercliff Road
Avon, CT 06001
Business Description: Hermitage Inn Real Estate Holding Company
LLC operates resorts and recreational parks.
The Hermitage Club LLC, owns the Hermitage
Club at Haystack Mountain -- a private
residential community in Vermont. It
offers a private ski access, a golf
community and the benefits of membership in
an exclusive club.
https://www.hermitageclub.com/
Chapter 11 Petition Date: May 28, 2019
Court: United States Bankruptcy Court
District of Connecticut (Hartford)
Judge: Hon. James J. Tancredi
Debtors' Counsel: Douglas S. Skalka, Esq.
NEUBERT, PEPE & MONTEITH, P.C.
195 Church Street, 13th Floor
New Haven, CT 06510
Tel: (203) 821-2000
Fax: 203-821-2009
Email: dskalka@npmlaw.com
Hermitage Inn's
Estimated Assets: $50 million to $100 million
Hermitage Inn's
Estimated Liabilities: $50 million to $100 million
Hermitage Club's
Estimated Assets: $1 million to $10 million
Hermitage Club's
Estimated Liabilities: $10 million to $50 million
The petitions were signed by James R. Barnes, manager.
Full-text copies of the petitions are available for free at:
http://bankrupt.com/misc/ctb19-20903.pdf
http://bankrupt.com/misc/ctb19-20904.pdf
A. List of Hermitage Inn's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Haymaker 100k Club Member/ $1,500,000
Investments, LLC Family Legacy
c/o Louis Chenevert Memberships
8 Atwater Terrace
Farmington, CT 06032
2. Don Griesdorn Deposit on $1,300,000
8787 Bay Colony Drive Real Estate
Apt 2002
Naples, FL 34108
3. Rob Girschek 100k Club Member $700,000
40 Joy Street
Boston, MA 02114
4. IVJMA, LLC - 100k Club Member $600,000
Tanaglia Brothers
Attn: President or
General Manager
6805 Atlantic Ave
Wildwood, NJ 08260
5. Robert Rubin 100k Club Member $500,000
4 Alpine Loop Bridge Loan
West Dover, VT 05356
6. Douglas Hollenbeck 100k Club Member, $500,000
29 Timothy Drive Membership
Westerly, RI 02891 Initiation Fee
Redemption Value
7. G2 Capital Advisory Services $410,012
535 Boylston Street, 11th Floor
Attn: president or
general manager
Boston, MA 02116
8. Dan McLeod 100k Club Member $350,000
411 Soundview Avenue
Stamford, CT 06902
9. Carmen Martocchio 100k Club Member $300,000
& W Siracusa
151 Bamforth Road
Vernon, CT 06066
10. Marcum LLP Accounting $285,158
Attn: Joseph Natarelli Services
555 Long Wharf Drive
New Haven, CT 06511
11. Joseph Willen 100k Club Member $250,000
29 Bluff Point Rd
Northport, NY 11768
12. Steven Albert 100k Club Member $200,000
17 Frog Rock Road
Armonk, NY 10504
13. Rob Aubin 100k Club Member $200,000
91 Old Sawmill Road
Londonderry, VT 05148
14. Kevin Siebrecht 100k Club Member $200,000
8 Whispering Way
Brookfield, CT 06804
15. Dana Nielsen 100k Club Member $200,000
87 Sunset Dr
Weston, MA 02493
16. Bill Russell 100k Club Member $200,000
1085 Sasco Hill Rd
Fairfield, CT 06824
17. Lorista Holdings Rent $162,000
Attn: president or
general manager
101 N. Plains
Industrial Road
Building 1B Ste 3
Wallingford, CT 06492
18. 8 Stags Leap LLC Rent $161,102
400 Beach Drive #2405
Attn: President or
General Manager
St Petersburgh, FL 33617
19. Rogger & Isabelle 100k Club Member, $159,600
Alvarado Membership
4 Farrell Road Initiation Fee
Weston, CT 06883 Redemption Value
20. Sean Winters 100k Club Member $150,000
10 Stillwater Road
St James, NY 11780
B. List of Hermitage Club's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Robert Coffin Family Legacy/ $1,946,000
38 Beacon St., Unit 63 Secondary
Boston, MA 02108 Memberships
2. Peter Coleman Family Legacy/ $1,471,000
65 Pinehurst St Secondary
Lido Beach, NY 11561 Memberships
3. Dale Ribaudo Family Legacy $487,063
26 Country Club Lane
East Granby, CT 06026
4. Mark Brett Family Legacy $486,000
1 Four Mile Riker Rd.
Old Lyme, CT 06371
5. Laurence Russian Family Legacy/ $347,000
39 Keofferam Rd. Secondary
Old Greenwich, CT 06870 Memberships
6. David Pinney Family Legacy $285,735
5 Woodside Circle
Hartford, CT 06105
7. Joel Koral Family Legacy/ $221,000
253 Woodlands Drive Secondary
Tuxedo Park, NY 10987 Membership
8. Aaron Kehoe Family Legacy $208,000
325 North End Ave. Apt. 22B
New York, NY 10282
9. Lou Garcia Family Legacy $178,750
128 West Hills Rd.
New Canaan, CT 06840
10. David Koch Family Legacy $173,950
148 Weeburn Drive
New Canaan, CT 06840
11. Walker Kimball Family Legacy $164,400
200 Mending Walls Rd.
Manchester Center,
VT 05255
12. Mark Shafir & Hillary Family Legacy $163,000
Schafer
113 East 90th Street
New York, NY 10128
13. Scott Johnston Family Legacy $157,000
27 Beach Drive
Darien, CT 06820
14. Paul Scheier Family Legacy $157,000
210 Central Park
South Apt 20A
New York, NY 10019
15. Mike Tokarz Family Legacy $157,000
2525 Purchase St.
Purchase, NY 10577
16. Jan Linhart Family Legacy $141,000
7 Orchard Dr.
Purchase, NY 10577
17. David Bliss Family Legacy $133,000
58 Compo Mill Cove
Westport, CT 06880
18. Anthony Graziano Family Legacy $133,000
42 Deep Run
Cohasset, MA 02025
19. Robert Brody Family Legacy $129,520
63 Quorn Hunt Rd
West Simsbury, CT 06092
20. US Security Security $128,359
Associates, Inc Personnel
Attn: President or Fees
General Manager
200 Mansell CT 5th Fl
Ste 500
Roswell, GA 30076
HEXION INC: Wins Approval to Begin Soliciting Votes on Plan
-----------------------------------------------------------
Hexion Inc. on May 22, 2019, disclosed that the U.S. Bankruptcy
Court for the District of Delaware has approved, among other
things, the adequacy of the Company's Disclosure Statement filed in
connection with the Company's financial de-leveraging plan (the
"Plan") and the procedures to be used in connection with the
solicitation of votes on the Plan. Once the Bankruptcy Court has
entered its order approving the Disclosure Statement, Hexion can
commence solicitation of votes from its creditors for approval of
the Plan. The consummation of the Plan is subject to Bankruptcy
Court approval and satisfaction of other conditions. The hearing
to consider confirmation of the Plan is expected to occur on or
around June 24, 2019, with emergence anticipated this summer.
Craig A. Rogerson, President and CEO of Hexion, said: "The Court's
authorization to begin the formal solicitation of votes for our
de-leveraging plan represents a substantial milestone in our
accelerated Chapter 11 process. With commitments already in hand
for $1.6 billion in exit financing and the reduction of more than
$2 billion of debt, Hexion will emerge from this process with a
significantly stronger balance sheet. We will be well-positioned
to further invest in our specialty product portfolio, generating
greater long-term growth and value for all our stakeholders."
As previously announced on April 1, 2019, Hexion entered into the
restructuring support agreement ("RSA") with the vast majority of
holders of the Company's secured and unsecured debt, representing
overwhelming consensus across its capital structure, on the terms
of a consensual financial de-leveraging plan. The Bankruptcy Court
approved the Company's assumption of the RSA on May 15, 2019.
All of Hexion's global business segments are continuing to operate
as normal, and Hexion's operations outside the U.S. are not
included in the Chapter 11 proceedings.
About Hexion Holdings
Based in Columbus, Ohio, Hexion Inc. -- https://www.hexion.com/ --
is a producer of thermoset resins or thermosets, and a producer of
adhesive and structural resins and coatings. The company is
incorporated in New Jersey while most of its co-debtors are
Delaware limited liability companies or Delaware corporations.
Hexion Inc. is the direct or indirect parent of the debtors and the
non-debtor affiliates.
Hexion Holdings LLC is the sole member of Hexion LLC, which is the
sole owner of Hexion Inc.
Hexion Inc. employs 4,000 people around the world, including 1,300
in the U.S. across 27 production facilities.
Hexion Holdings LLC and its co-debtors sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
19-10684) on April 1, 2019. At the time of the filing, the Debtors
estimated assets and liabilities of between $1 billion and $10
billion.
The cases are assigned to Judge Kevin Gross.
The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger, P.A., as bankruptcy counsel; Paul Weiss Rifkind Wharton &
Garrison LLP, as special financing and securities; Moelis & Company
LLC as financial advisor; AlixPartners LLP as restructuring
advisor; and Omni Management Group as claims, noticing,
solicitation and balloting agent.
The Office of the U.S Trustee appointed an official committee of
unsecured creditors on April 10, 2019. The committee tapped Bayard
P.A. and Kramer Levin Naftalis & Frankel LLP as its legal counsel.
HILLCREST RESORT: Seeks to Hire Pepping Balk as Legal Counsel
-------------------------------------------------------------
Hillcrest Resort, Inc., seeks approval from the U.S. Bankruptcy
Court for the Central District of Illinois to hire Pepping, Balk,
Kincaid & Olson, Ltd., as its legal counsel.
The firm will advise the Debtor of its power and duties under the
Bankruptcy Code and will provide other legal services in connection
with its Chapter 11 case.
Pepping can be reached through:
Steven E. Balk, Esq.
Pepping, Balk, Kincaid & Olson, Ltd.
105-7th St.
Silvis, IL 61282
Phone: 309-755-5096
Fax: 309-755-0499
Email: s.balk@silvislaw.com
About Hillcrest Resort
Hillcrest Resort, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Ill. Case No. 19-80626) on May 6,
2019. 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 Thomas L. Perkins. Pepping, Balk,
Kincaid & Olson, Ltd., is the Debtor's counsel.
HOLLANDER SLEEP: Seeks to Market Test Deal with Term Lenders
------------------------------------------------------------
Hollander Sleep Products, LLC, and its affiliated debtors said they
have commenced chapter 11 cases to maximize the value of their
assets, permit their business operations to continue as a going
concern, and expeditiously distribute value to their stakeholders.
Prior to the commencement of the chapter 11 cases, the Debtors
negotiated a comprehensive restructuring transaction with certain
of their term loan lenders pursuant to which such lenders have
agreed to (a) provide the Debtors with a $28 million
debtor-in-possession financing facility and continued access to
cash collateral, (b) roll the DIP Term Loan Facility into a larger
exit facility on the effective date of the Plan, and (c) convert
their prepetition claims into equity of the reorganized company, as
set forth in a Restructuring Support Agreement, dated as of May 19,
2019 (the "RSA"), and the Plan.
The Debtors now seek authority to market test the transaction
contemplated by the RSA and the Plan to ensure the Debtors obtain
the highest or otherwise best offer, or combination of offers, for
the Debtors' assets. The Plan expressly contemplates this market
test and includes a sale toggle feature, which allows the Debtors
to run a comprehensive marketing process to determine whether any
third-party sale, or combination of sales, will provide a more
optimal restructuring for the Debtors' estates than the proposed
term lender transaction.
At the same time, the Debtors seek to minimize the time and expense
in chapter 11. The Plan, whether confirmed and consummated through
the debt-for-equity transaction or a sale transaction, will resolve
the chapter 11 cases, will cut off the expense of bankruptcy, and
will permit the Debtors to distribute value to their stakeholders
in a timely manner.
To that end, by this motion, the Debtors are seeking to establish
procedures that will allow the Debtors to run a proposed plan and
marketing process in parallel. These dates and deadlines are
critical to driving the Debtors' restructuring to an efficient and
value-maximizing conclusion, particularly in view of the milestones
under the Debtors' proposed debtor-in-possession financing
facilities, which require the Debtors to emerge from bankruptcy
within 120 days and establish various dates by which the Debtors
must achieve certain goals.
The Debtors have already started their marketing efforts in advance
of commencing the cases. The Debtors retained Houlihan Lokey
Capital, Inc., as their financial advisors and investment banker in
early May 2019, and Houlihan has already commenced a marketing
process relating to the Debtors' assets. The Debtors and Houlihan
will continue these efforts and actively solicit the market for
potential financial and strategic buyers now that these cases have
formally commenced.
The Debtors will be willing to enter into a sale or a combination
of sales, if the Debtors believe, in their business judgment, that
such transactions are higher or otherwise better than the proposed
transaction embodied in the RSA and Plan. To maximize the
competitiveness of any bidding process, the Debtors also seek
authority to (a) select one or more bidders to act as a stalking
horse bidder, and (b) in connection with any stalking horse bidder
and related agreement, provide customary bid protections.
The Debtors are seeking approval of the bidding procedures and
these proposed timeline for the sale and related plan process
(collectively, the "Confirmation Schedule") in parallel to
establish a clear and open process for the solicitation, receipt,
and evaluation of third-party bids on a timeline that allows the
Debtors to consummate a sale pursuant to the Plan:
* Deadline for the Debtors to file the Disclosure Statement:
June 12, 2019.
* The last date by which potential bidders may deliver the bid
documents required to participate in the Auction pursuant to the
Bidding Procedures: July 1, 2019.
* The deadline by which objections to the Disclosure Statement
must be filed with the Court and served so as to be actually
received by the appropriate notice parties: 7 calendar days before
the Disclosure Statement Hearing.
* The date for the hearing for the Court's approval of the
Disclosure Statement pursuant to Section 1125 of the Bankruptcy
Code: July 17, 2019, or as soon thereafter as the Debtors may be
heard.
* Deadline for distributing solicitation packages, including
ballots, to holders of claims entitled to vote to accept or reject
the Plan: 3 business days after the entry of the order approving
the Disclosure Statement.
* Deadline by which all binding bids must be actually received
pursuant to the Bidding Procedures: July 26, 2019.
* The date and time of the auction, if one is needed, which
will be held at the offices of Kirkland & Ellis LLP, 601 Lexington
Avenue, New York, New York 10022: Aug. 1, 2019.
* The deadline by which (a) objections to the Plan and/or the
entry of an order by the Court approving the sale must be filed
with the Court and served so as to be actually received by the
appropriate notice parties, and (b) all ballots must be properly
executed, completed, and delivered so that they are actually
received by the Debtors' notice, claims, and solicitation agent: 7
calendar days before the confirmation hearing.
* The hearing before the Court to consider approval of the
successful bid or bids and confirmation of the Plan, pursuant to
which the Debtors and the winning bidder or bidders will consummate
the sale: Aug. 26, 2019, or a soon thereafter as the Debtors may be
heard.
A copy of the Chapter 11 Plan is available at:
http://bankrupt.com/misc/Hollander_21_Ch11_Plan.pdf
About Hollander Sleep Products
Founded in 1953 and headquartered in Boca Raton, Florida, Hollander
Sleep Products, LLC -- https://www.hollander.com/ -- designs,
manufactures, and markets utility bedding products that it sells to
a variety of prominent retailers, distributors, and hotels.
Hollander supplies bed, pillow, and mattress pad under owned and
licensed brands which include I AM, Pacific Coast Feather, Live
Comfortably, Great Sleep, Restful Nights, Beautyrest, Ralph Lauren,
Chaps, and Calvin Klein.
Hollander employs approximately 2,370 people in the United States
and Canada.
Hollander Sleep Products and its six affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 19-11608) on May 19,
2019.
Hollander estimated $100 million to $500 million in assets and the
same range of liabilities.
The Debtors tapped Kirkland & Ellis LLP as counsel; Proskauer Rose
LLP as conflicts counsel; Carl Marks Advisory Group LLC as interim
management services provider; Houlihan Lokey Capital, Inc.;
Houlihan Lokey Capital, Inc., as investment banker; and Omni
Management Group as claims agent.
INTEGRATED STRUCTURES: $20.8MM in New Sub Contracts Disclosed
-------------------------------------------------------------
Integrated Structures Corp. filed its fifth amended disclosure
statement in support of its chapter 11 plan of reorganization dated
May 12, 2019.
In this latest filing, the Debtor discloses that its portfolio
continues to grow. During the calender year of 2018, the Debtor in
Possession was awarded $20,838,346 in new sub contracts. One of its
best years.
The Debtor also discloses that in November 2018, it was notified by
its over-landlord that it was required to vacate the property it
occupied as a "shop" and relocate before the end of January 2019 as
the part of the property from which the Debtor operated had been
deemed contaminated by the United States Navy and had to be vacated
to be permit remediation. For almost all of the 3 months subsequent
to the receipt of the notice much of the Debtors workforce was
redirected to the task of moving. As a result Debtors production
was detrimentally affected. This event caused the Debtor to incur
additional unexpected expense exceeding 53 thousand dollars in
securing a new facility, moving machinery and preparing the new
location to conform to its specific needs all of which impaired the
Debtors productivity and cash reserves during the 3 month period,
causing a short term loss to operational liquidity from which it is
now recovering.
A copy of the Fifth Amended Disclosure Statement dated May 12, 2019
is available at https://tinyurl.com/y5u3o7aq from Pacermonitor.com
at no charge.
About Integrated Structures Corp.
Integrated Structures Corp. is a heavy construction contractor. It
provides services as a general contractor in the structural steel
and masonry and stone areas, and as a subcontractor on major
construction projects in the Metropolitan New York City area.
Integrated Structures Corp. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 15-75420) on December
16, 2015. The petition was signed by Francis Lee, president.
At the time of the filing, the Debtor estimated its assets and
debts at $1 million to $10 million.
J.L. SMITH ACADEMY: Case Summary & 4 Unsecured Creditors
--------------------------------------------------------
Debtor: J.L. Smith Academy Austin, LLC
11530 Manchaca Rd., Building 5
Austin, TX 78748
Business Description: J.L. Smith Academy Austin, LLC owns a
private school in Austin, Texas.
Chapter 11 Petition Date: May 23, 2019
Court: United States Bankruptcy Court
Western District of Texas (Austin)
Case No.: 19-10681
Judge: Hon. Tony M. Davis
Debtor's Counsel: Frank B. Lyon, Esq.
FRANK B. LYON - ATTORNEY AT LAW
Two Far West Plaza #170
3508 Far West Blvd.
Austin, TX 78731
Tel: (512) 345-8964
Fax: 512-697-0047
E-mail: franklyon@me.com
frank@franklyon.com
Estimated Assets: $50,000 to $100,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Andrew Karr, president, KMA Brokerage &
Dev., Inc. manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's four unsecured creditors is available for free
at:
http://bankrupt.com/misc/txwb19-10681.pdf
JAMES O BRADY: Seeks to Hire Ivey McClellan as Legal Counsel
------------------------------------------------------------
James O. Brady, Inc., seeks approval from the U.S. Bankruptcy Court
for the Middle District of North Carolina to hire Ivey, McClellan,
Gatton & Siegmund, LLP, as its legal counsel.
The firm will assist the Debtor in investigating and examining
contracts, leases, financing statements and other documents;
determine the rights and priorities of lienholders; advise the
Debtor in preserving its assets; and generally assist in
administering its bankruptcy estate.
The firm's hourly rates are:
Samantha Brumbaugh $350
Dirk Siegmund $390
Charles Ivey, III $500
Darren McDonough $350
John Blust $300
Charles Ivey, IV $250
Jane Harrison $100
Melissa Murrell $100
Tabitha Coltrane $100
Claudia Rodriguez $100
The Debtor paid Ivey a retainer in the sum of $10,000, of which
$8,260 was used to pay the firm's pre-bankruptcy services.
Samantha Brumbaugh, Esq., a partner at Ivey, disclosed in court
filings that she and her firm are "disinterested" as defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Samantha K. Brumbaugh, Esq.
Ivey, McClellan, Gatton & Siegmund, LLP
P.O. Box 3324
Greensboro, NC 27402
Telephone: 336-274-4658
Email: skb@iveymcclellan.com
About James O. Brady
James O. Brady, Inc., a privately held company that provides
mailing and shipping services, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 19-10555) on May
20, 2019. At the time of the filing, the Debtor disclosed in
$861,042 in assets and $2,594,441 in liabilities. The case is
assigned to Judge Benjamin A. Kahn. Ivey, McClellan, Gatton &
Siegmund, LLP, is the Debtor's counsel.
JAMES O BRADY: Seeks to Hire Robinson Tax as Accountant
-------------------------------------------------------
James O. Brady, Inc., seeks approval from the U.S. Bankruptcy Court
for the Middle District of North Carolina to hire an accountant.
In an application filed in court, the Debtor proposes to employ
Robinson Tax & Accounting Services to provide services relating to
the preparation of payroll, tax report and corporate tax return.
The firm will also assist the Debtor in implementing Quick Books to
incorporate its finances globally, and will train its employees in
the day-to-day use of Quick Books.
Robinson will be paid pursuant to this compensation arrangement:
(a) A flat rate of $130 per month for monthly payroll
processing.
(b) A flat rate of $550 per year for corporate tax return
preparation.
(c) An hourly rate of $50 to assist the Debtor with
integrating its records into Quick Books.
Kevin Robinson, the firm's accountant who will be providing the
services, disclosed in court filings that he does not hold any
interest adverse to the Debtor and its bankruptcy estate.
Robinson can be reached through:
Kevin A. Robinson
Robinson Tax & Accounting Services
Tel: (336) 996-7405
Cell: (336) 402-3109
Email: KEVROB@triad.rr.com
About James O. Brady
James O. Brady, Inc., a privately held company that provides
mailing and shipping services, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 19-10555) on May
20, 2019. At the time of the filing, the Debtor disclosed in
$861,042 in assets and $2,594,441 in liabilities. The case is
assigned to Judge Benjamin A. Kahn. Ivey, McClellan, Gatton &
Siegmund, LLP, is the Debtor's counsel.
JASON CURTIS: Seeks to Hire Victor W. Dahar as Legal Counsel
------------------------------------------------------------
Jason Curtis Outdoor Services, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of New Hampshire to hire Victor
W. Dahar, P.A. as its legal counsel.
The firm will provide services in connection with the Debtor's
Chapter 11 case, which include negotiation with creditors and the
preparation of a bankruptcy plan.
Eleanor Wm. Dahar, Esq., the firm's attorney who will be handling
the case, disclosed in court filings that she has no connections
with the Debtor's creditors or any "party in interest."
The firm can be reached through:
Eleanor Wm Dahar, Esq.
Victor W. Dahar, P.A.
20 Merrimack Street
Manchester, NH 03101
Tel: (603) 622-6595
Email: edahar@att.net
vdaharpa@att.net
About Jason Curtis Outdoor Services
Jason Curtis Outdoor Services, Inc. offers clean logging services,
which include land clearing, brush grinding, specialty cuts, tree
service, and yard expansion. It also does excavation work that
specializes in horse farms, driveways and other unique projects.
The Debtor previously sought bankruptcy protection (Bankr. D.N.H.
Case No. 12-10691) on March 2, 2012.
Jason Curtis Outdoor Services again sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.N.H. Case No. 19-10633) on May
6, 2019. At the time of the filing, the Debtor estimated assets of
between $1 million and $10 million and liabilities of between $1
million and $10 million. The case is assigned to Judge Bruce A.
Harwood. Victor W. Dahar, P.A., is the Debtor's counsel.
LUNAR ENTERTAINMENT: Hires Jody D. Radcliff as Accountant
---------------------------------------------------------
Lunar Entertainment Center, Inc., seeks authority from the U.S.
Bankruptcy Court for the Middle District of Florida to employ Jody
D. Radcliff, CPA, LLC, as accountant to the Debtor.
Lunar Entertainment requires Jody D. Radcliff to:
a. assist the Debtor in completing yearend tax returns; and
b. help prepare the Debtor's monthly operating reports and any
other financial document required by the Court or U.S.
Trustee's Office.
Jody D. Radcliff will be paid at the hourly rate of $150.
Jody D. Radcliff will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Jody D. Radcliff, partner of Jody D. Radcliff, CPA, LLC, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Jody D. Radcliff can be reached at:
Jody D. Radcliff
JODY D. RADCLIFF, CPA, LLC
870 Dunlawton Avenue, Suite 309
Port Orange, FL 32127
Tel: (386) 788-8680
About Lunar Entertainment Center
Lunar Entertainment Center, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. M.D. Fla. Case No. 19-02710) on April 24, 2019,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Jason A. Burgess, Esq., at The Law Offices
of Jason A. Burgess, LLC.
LUXENT INC: Seeks to Hire Force Ten as Financial Advisor
--------------------------------------------------------
Luxent, Inc., seeks authority from the U.S. Bankruptcy Court for
the Central District of California to employ Force Ten Partners,
LLC, as financial advisor to the Debtor.
Luxent, Inc. requires Force Ten to:
a. analyze the Debtor's business operations, assets,
liabilities, and valuation;
b. prepare financial projections to be used in support of a
plan of reorganization;
c. provide recommendations in connection with, and assist in,
the preparation of a plan of reorganization and disclosure
statement;
d. assist in negotiations with parties-in-interest and third
parties; and
e. provide other services as mutually agreed upon between
Force Ten and the Debtor.
Force Ten will be paid at these hourly rates:
Brian Weiss $550
Raj Gaglani $395
Force Ten will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Brian S. Weiss, a partner at Force Ten Partners, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Force Ten can be reached at:
Brian S. Weiss
FORCE TEN PARTNERS, LLC
20341 SW Birch Street, Suite 220
Newport Beach, CA 92660
Tel: (949) 357-2360
About Luxent, Inc.
Luxent Inc., based in Aliso Viejo, is a privately-held company that
provides computer systems design and related services. Luxent
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
C.D. Cal. Case No. 18-11116) on March 30, 2018. In the petition
signed by Vivian Keena, president, the Debtor estimated assets of
less than $1 million and liabilities of $1 million to $10 million.
Judge Catherine E. Bauer oversees the case. The Debtor hired
Ringstad & Sanders LLP as its legal counsel.
MAREMONT CORP: Court Confirms Asbestos Trust-Centered Plan
----------------------------------------------------------
Judge Kevin Carey of the U.S. Bankruptcy Court for the District of
Delaware on May 17 issued a findings of fact, conclusions of law,
and order approving the adequacy of the disclosure statement and
confirming the modified joint prepackaged plan of reorganization of
Maremont Corporation and its debtor affiliates.
Prior to the confirmation hearing, Judge Carey directed the Debtors
to modify certain provisions of the asbestos personal injury trust
distribution procedures. Specifically, Judge Carey directed the
Debtors to include language on the requirement to identify other
claims, information required about other claims, authorization for
release of information, and claimant certification.
A blacklined version of the Modified Plan is available at
https://tinyurl.com/yyjoz2tc from Donlin Recano at no charge.
A full-text copy of Judge Carey's Plan Confirmation Order is
available at https://tinyurl.com/y2b8j3r3 from Donlin Recano at no
charge.
About Maremont Corp.
Maremont Corporation and three affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 19-10118). The affiliated
debtors are Maremont Exhaust Products, Inc., AVM, Inc., and Former
Ride Control Operating Company, Inc.
Headquartered in Troy, Michigan, Maremont is a Delaware corporation
and wholly-owned subsidiary of Meritor, Inc., a public company
organized under the laws of the State of Indiana. Historically,
Maremont and its subsidiaries manufactured, distributed, and sold
aftermarket friction products. Certain of the products
manufactured and sold contained asbestos. However, Maremont and
its subsidiaries have not manufactured or sold any
asbestos-containing products since 1978. Maremont divested its
business lines over time. By 2013, the Debtors had ceased all
operations and divested all remaining operating assets.
Maremont estimated $10 million to $50 million in total assets and
$100 million to $500 million in liabilities as of the bankruptcy
filing.
The Debtors tapped Sidley Austin LLP as their legal counsel; Cole
Schotz P.C. as Delaware counsel; and Donlin, Recano & Company, Inc.
as claims and noticing agent.
NE REAL ESTATE: Seeks to Hire McNeil Legal Services as Counsel
--------------------------------------------------------------
NE Real Estate Investors, LLC, seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Pennsylvania to hire
McNeil Legal Services as its legal counsel.
The firm will advise the Debtor of its power and duties under the
Bankruptcy Code and will provide other legal services in connection
with its Chapter 11 case.
Ronald McNeil, Esq., principal of McNeil Legal Services and the
firm's attorney who will be handling the case, charges an hourly
fee of $250. His firm received a retainer in the sum of $5,000.
Mr. McNeil disclosed in court filings that his firm is
"disinterested" as defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Ronald G. McNeil, Esq.
McNeil Legal Services
1333 Race Street
Philadelphia, PA 19107-1585
Tel: (215) 564 - 3999
Fax: (215) 564 - 3537
E-mail: r.mcneil1@verizon.net
About NE Real Estate Investors
NE Real Estate Investors, LLC, is engaged in activities related to
real estate. It is based in Philadelphia.
NE Real Estate Investors sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Pa. Case No. 19-10144) on Jan. 9,
2019. At the time of the filing, the Debtor estimated assets of
between $1 million and $10 million and liabilities of less than
$100,000. The case is assigned to Judge Magdeline D. Coleman.
McNeil Legal Services is the Debtor's counsel.
NEAL STUBBS: $435K Sale of Costa Rica Property to Tucci Approved
----------------------------------------------------------------
Judge Roberta A. Colton of the U.S. Bankruptcy Court for the Middle
District of Florida authorized Neal A. Stubbs's sale of the real
property located in District 4 Bahia Ballena, County 5 Osa, in the
Province of Puntarenas, Costa Rica, a 10-acre farm previously
referred to as Retiro de Jade, to Michael Fredrik Tucci for
$435,000.
A hearing on the Motion was held on May 17, 2019.
The sale is free and clear of liens.
The closing of such sale will occur in accordance with the terms in
the sales contract.
Neal A. Stubbs sought Chapter 11 protection (Bankr. M.D. Fla. Case
No. 13-11303) on Aug. 26, 2013.
NEW CAFÉ MINUTKA: Seeks to Hire Alla Kachan as Legal Counsel
-------------------------------------------------------------
New Cafe Minutka, Inc., seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire the Law Offices
of Alla Kachan, P.C., as its legal counsel.
The firm will provide services in connection with the Debtor's
Chapter 11 case, which include negotiation with creditors,
preparation of a plan of reorganization, and representing the
Debtor in prosecuting adversary proceedings to collect assets of
its bankruptcy estate.
The firm's hourly rates are:
Attorney $400
Clerk $200
Paraprofessional $200
The Debtor paid the firm an initial retainer of $18,000.
Alla Kachan, Esq., the firm's attorney who will be handling the
case, disclosed in court filings that the firm is "disinterested"
as defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Alla Kachan, Esq.
Law Offices of Alla Kachan, P.C.
3099 Coney Island Avenue
Brooklyn, NY 11235
Tel: (718) 513-3145
Email: alla@kachanlaw.com
About New Cafe Minutka
New Cafe Minutka, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-42357) on April 19,
2019. At the time of the filing, the Debtor estimated assets of
less than $100,000 and liabilities of less than $50,000. The case
isassigned to Judge Nancy Hershey Lord. The Law Offices of Alla
Kachan, P.C., is the Debtor's counsel.
NOAH CORPORATION: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Noah Corporation
fka Noah Operations FairviewTX, LLC
fka Noah Operations Memphis TN, LLC
fka Noah Operations Kingston TN, LLC
fka Noah Operations San Antonio TX, LLC
fka Noah Operations Madson WI, LLC
fka Noah Operations Morrisville NC, LLC
fka Noah Operations Des Moines IA, LLC
fka Noah Operations Overland Park KS, LLC
fka Noah Operations Irving TX, LLC
fka Noah Operations Albuquerque NM, LLC
fka Noah Operations Chesapeake VA, LLC
fka Noah Operations Omaha NE, LLC
fka Noah Operations Westminster CO, LLC
fka Noah Operations Louisville KY, LLC
fka Noah Operations Auburn Hills MI, LLC
fka Noah's
fka Noah Operations Bedford NH, LLC
fka Noah Operations Lincolnshire IL, LLC
fka Noah Operations Dickinson TX, LLC
fka Noah Operations Greenville SC, LLC
fka Noah Operations Fossil Creek TX, LLC
fka Noah Operations High Point NC, LLC
fka Noah Operations Cranberry PA, LLC
fka Noah Operations Katy TX, LLC
fka Noah Operations Plano TX, LLC
fka Noah Operations Lake Mary FL, LLC
fka Noah Operations Mentor OH, LLC
fka Noah Operations Naperville IL, LLC
fka Noah Operations Little Rock AR, LLC
fka Noah Operations Hoover, AL, LLC
fka Noah Operations Southpointe PA, LLC
fka Noah Operations Tulsa OK, LLC
fka Noah Operations Charlotte NC, LLC
fka Noah Operations Utah Valley UT, LLC
fka Noah Operations Wichita KS, LLC
fka Noah Operations New Albany OH, LLC
fka Noah Operations Oklahoma OK, LLC
fka Noah Operations South Jordan UT, LLC
fka Noah Operations Blue Ash OH, LLC
2600 West Executive Pkwy, Suite 360
Lehi, UT 84043
Business Description: Noah Corporation --
https://www.noahseventvenue.com -- offers an
event venue for all of life's events
including weddings, corporate events and
special occasions.
Chapter 11 Petition Date: May 28, 2019
Court: United States Bankruptcy Court
District of Utah (Salt Lake City)
Case No.: 19-23840
Judge: Hon. Kimball R. Mosier
Debtor's Counsel: Kenneth L. Cannon, II, Esq.
DURHAM JONES & PINEGAR, P.C.
111 South Main Street, Suite 2400
PO Box 4050
Salt Lake City, UT 84110-4050
Tel: (801) 415-3000
Fax: (801) 415-3500
E-mail: kcannon@djplaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by William James Bowser, president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at:
http://bankrupt.com/misc/njb19-23840_Creditors.pdf
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/njb19-23840.pdf
Pending bankruptcy cases filed by affiliates:
Debtor Petition Date Case No.
------ ------------- --------
Noah Operations Chandler AZ, LLC 5/24/19 19-23810
Noah Operations Richardson TX, LLC 5/15/19 19-23492
Noah Operations Sugarland TX, LLC 5/17/19 19-23571
NOAH OPERATIONS: Seeks to Hire Prince Yeates as Counsel
-------------------------------------------------------
Noah Operations Richardson TX, LLC, seeks authority from the U.S.
Bankruptcy Court for the District of Utah to employ Prince Yeates &
Geldzahler, APC, as counsel to the Debtor.
Noah Operations requires Prince Yeates to:
-- advise the Debtor regarding its obligations and the
requirements of the bankruptcy code; and
-- represent the Debtor in negotiations with respect to issues
of cash collateral, executor contracts, avoidance actions,
and all other legal issues that may arise in the course of
the bankruptcy proceeding.
Prince Yeates will be paid at these hourly rates:
Shareholders $230 to $395
Associates $200 to $225
Paraprofessionals $140 to $190
Prince Yeates has on hand a prepetition retainer in the amount of
$5,548.
Prince Yeates will also be reimbursed for reasonable out-of-pocket
expenses incurred.
T. Edward Cudick, a partner at Prince Yeates, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Prince Yeates can be reached at:
T. Edward Cundick, Esq.
PRINCE, YEATES & GELDZAHLER
A PROFESSIONAL CORPORATION
15 W. South Temple, Ste. 1700
Salt Lake City, UT 84101
Tel: (801) 524-1000
Fax: (801) 524-1098
E-mail: tec@princeyeates.com
About Noah Operations
Noah Operations Richardson TX, LLC, based in Lehi, UT, filed a
Chapter 11 petition (Bankr. D. Utah Case No. 19-23492) on May 15,
2019. In its petition, the Debtor estimated $0 to $50,000 in
assets and $1 million to $10 million in liabilities. The petition
was signed by William Bowser, president of sole member Noah
Corporation. The Hon. William T. Thurman oversees the case. T.
Edward Cudick, Esq., at Prince Yeates & Geldzahler, APC, serves as
bankruptcy counsel to the Debtor.
ORCHIDS PAPER: Committee Hires Lowenstein Sandler as Counsel
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Orchids Paper
Company, and its debtor-affiliates seeks authorization from the
U.S. Bankruptcy Court for the District of Delaware to retain
Lowenstein Sandler LLP as counsel to the Committee.
The Committee requires Lowenstein Sandler to:
(a) advise the Committee with respect to its rights, duties,
and powers in the Chapter 11 Case;
(b) assist and advise the Committee in its consultations with
the Debtors relative to the administration of the Chapter
11 Case;
(c) assist the Committee in analyzing the claims of the
Debtor's creditors and the Debtors' capital structure and
in negotiating with holders of claims and equity
interests;
(d) assist the Committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of
the Debtors and of the operation of the Debtors' business;
(e) assist the Committee in its investigation of the liens and
claims of the holders of the Debtor's prepetition debt
and the prosecution of any claims or causes of action
revealed by such investigation;
(f) assist the Committee in analyzing the Debtors' proposed
debtor-in-possession financing ("DIP Financing"), the
terms and conditions of the proposed DIP Financing and the
adequacy of the proposed DIP Financing budget;
(g) assist the Committee in its investigation of the liens and
claims of the holders of the Debtors' prepetition debt
and the prosecution of any claims or causes of action
revealed by such investigation;
(h) assist the Committee in its analysis of, and negotiations
with, the Debtors or any third party concerning matters
related to, among other things, the assumption or
rejection of certain leases of nonresidential real
property and executory contracts, asset dispositions, sale
of assets, financing of other transactions and the terms
of one or more plans of reorganization for the Debtor and
accompanying disclosure statements and related plan
documents;
(i) assist and advise the Committee as to its communications
to unsecured creditors regarding significant matters in
the Chapter 11 Case;
(j) represent the Committee at hearings and other proceedings;
(k) review and analyze applications, orders, statements of
operations, and schedules filed with the Court and advise
the Committee as to their propriety;
(l) assist the Committee in preparing pleadings and
applications as may be necessary in furtherance of the
Committee's interests and objectives;
(m) prepare, on behalf of the Committee, any pleadings,
including without limitation, motions, memoranda,
complaints, adversary complaints, objections, or comments
in connection with any of the foregoing as may be
necessary in furtherance of the Committee's interests and
objectives in these Chapter 11 Cases, including without
limitation, the preparation of retention applications and
fee applications for the Committee's professionals,
including Lowenstein Sandler; and
(n) perform such other legal services as may be required or
are otherwise deemed to be in the interests of the
Committee in accordance with the Committee's powers and
duties as set forth in the Bankruptcy Code, Bankruptcy
Rules, or other applicable law.
Lowenstein Sandler will be paid at these hourly rates:
Partners $600 to $1,350
Senior Counsel/Counsel $470 to $790
Associates $370 to $640
Paralegals $200 to $350
Lowenstein Sandler will also be reimbursed for reasonable
out-of-pocket expenses incurred.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: Not applicable.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: Yes. Lowenstein Sandler has provided the Committee
with a budget for the period of April 15, 2019
through June 2019, which the Committee has
approved. In accordance with the U.S. Trustee
Guidelines, the budget may be amended as necessary
to reflect changes or unanticipated developments in
the Chapter 11 Cases.
Mary E. Seymour, partner of Lowenstein Sandler, , assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and (a) is not creditors,
equity security holders or insiders of the Debtors; (b) has not
been, within two years before the date of the filing of the
Debtors' chapter 11 petition, directors, officers or employees of
the Debtors; and (c) does not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtors, or
for any other reason.
Lowenstein Sandler can be reached at:
Mary E. Seymour, Esq.
Jennifer Kimble, Esq.
Gabriel Olivera, Esq.
Kenneth A. Rosen, Esq.
LOWENSTEIN SANDLER LLP
One Lowenstein Drive
Roseland, New Jersey 07068
Tel: (973) 597-2500
Fax: (973) 597-2400
About Orchids Paper Company
Headquartered in Pryor, Oklahoma, Orchids Paper Products Company --
http://www.orchidspaper.com/-- is a national supplier of consumer
tissue products primarily serving the at home private label
consumer market. The Company produces a full line of tissue
products, including paper towels, bathroom tissue and paper
napkins, to serve the value through ultra-premium quality market
segments from its operations in northeast Oklahoma, Barnwell, South
Carolina and Mexicali, Mexico. The Company provides these products
primarily to retail chains throughout the United States.
As of Feb. 28, 2019, the Debtors posted total assets $322,061,000
and total debt of $260,864,000.
Orchids Paper Products Company and two of its subsidiaries filed
for bankruptcy protection (Bankr. D.Del., Lead Case No. 19-10729)
on April 1, 2019. The petitions were signed by Richard S.
Infantino, interim chief strategy officer.
Hon. Mary F. Walrath oversees the cases.
The Debtors tapped Polsinelli PC as counsel; Deloitte Transactions
And Business Analytics LLP as chief strategy officer; Houlihan
Lokey Capital, Inc., as investment banker; and Prime Clerk LLC as
claims and notice agent.
Andrew Vara, acting U.S. trustee for Region 3, on April 15
appointed five creditors to serve on the official committee of
unsecured creditors in the Chapter 11 cases of Orchids Paper
Products Company and its affiliates. The Committee retained
Lowenstein Sandler LLP, as counsel; and CKR Law LLP as its Delaware
counsel.
PEEQ MEDIA: Seeks to Hire Kirby Aisner as Attorney
--------------------------------------------------
Peeq Media, LLC, seeks authority from the U.S. Bankruptcy Court for
the Eastern District of New York to employ Kirby Aisner & Curley
LLP, as attorney to the Debtor.
Peeq Media requires Kirby Aisner to:
a. advise Debtor of its powers and duties in the continued
management of its property and affairs;
b. negotiate with creditors in the preparation of a plan of
reorganization and take the necessary legal steps in order
to effectuate the plan;
c. prepare the necessary answers, orders, reports and other
legal papers required for the Debtor's protection from
their creditors under Chapter 11 of the Bankruptcy Code;
d. appear before the Bankruptcy Court to protect the interest
of the Debtor and to represent the Debtor in all matters
pending before the Court;
e. attend meetings and negotiate with representatives of
creditors;
f. advise the Debtor in connection with any potential sale of
its business;
g. represent the Debtor in connection with obtaining post-
petition financing, if necessary;
h. take any necessary action to obtain approval of a
disclosure statement(s) and confirmation of a plan(s) of
reorganization; and
i. perform all other legal services for the Debtor which may
be necessary for the preservation of the Debtor's estate
and to promote the best interests of the Debtor, its
creditors and its estate.
Kirby Aisner will be paid at these hourly rates:
Attorneys $410 to %525
Paraprofessionals $150
Kirby Aisner received a retainer from the Debtor in the amount of
$15,000, plus $1,717 for the chapter 11 filing fee. Prior to the
Petition Date, Kirby Aisner received from Paul Okura, the sole
member of the Debtor, $3,000. Mr. Okura intends to pay the balance
of the retainer from his personal funds after the Petition Date.
Kirby Aisner will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Dawn Kirby, partner of Kirby Aisner & Curley LLP, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Kirby Aisner can be reached at:
Dawn Kirby, Esq.
KIRBY AISNER & CURLEY LLP
700 Post Road, Suite 237
Scarsdale, NY 10583
Tel: (914) 401-9500
E-mail: dkirby@kacllp.com
About Peeq Media
Peeq Media LLC specializes in digital and production services. The
Company provides image management, photo retouching, billboards,
transit ads, vehicle wraps, lithographic printing, and
direct-to-press digital printing services.
Peeq Media LLC, based in Long Island City, NY, filed a Chapter 11
petition (Bankr. E.D.N.Y. Case No. 19-42367) on April 22, 2019. In
the petition signed by Medi Falsafi, manager, the Debtor disclosed
$13,863,260 in liabilities. The Hon. Nancy Hershey Lord oversees
the case. Dawn Kirby, Esq., at Kirby Aisner & Curley LLP, serves
as bankruptcy counsel to the Debtor.
PLATTSBURGH MEDICAL: Hires Dreyer Boyajian as Special Counsel
-------------------------------------------------------------
Plattsburgh Medical Care, PLLC, seeks authority from the U.S.
Bankruptcy Court for the Northern District of New York to employ
Dreyer Boyajian LaMarche Safranko, as special counsel to the
Debtor.
Plattsburgh Medical requires Dreyer Boyajian to:
pursue a claim against PrimePay, LLC, for damages suffered by the
Debtor as a result of PrimePay's failure to pay the payroll taxes.
Dreyer Boyajian will be paid at these hourly rates:
Partners $400
Partners $300
Paralegals $125
Dreyer Boyajian will also be reimbursed for reasonable
out-of-pocket expenses incurred.
William Dreyer, a partner at Dreyer Boyajian, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Dreyer Boyajian can be reached at:
William Dreyer, Esq.
DREYER BOYAJIAN LAMARCHE SAFRANKO
75 Columbia Street
Albany, NY 12210
Tel: (518) 463-7784
Fax: (518) 463-4039
About Plattsburgh Medical Care
Plattsburgh Medical Care, PLLC, is a New York corporation with its
principal place of business located at 675 Route 3, Plattsburgh,
New York 12901. It is a family medicine medical practice. The
sole member is Glenn Schroyer, M.D., who provides medical services
to patient through the entity.
Plattsburgh Medical Care filed a Chapter 11 bankruptcy petition
(Bankr. N.D.N.Y. Case No. 19-10894) on May 13, 2019, estimating
under $1 million in both assets and liabilities. The Debtor tapped
Nolan Heller Kauffman LLP as bankruptcy counsel; and Dreyer
Boyajian LaMarche Safranko, as special counsel.
PON GROUP: Hires Alan D. Lasko & Associates as Accountant
---------------------------------------------------------
Pon Group, LLC, seeks authority from the U.S. Bankruptcy Court for
the Northern District of Illinois to employ Alan D. Lasko &
Associates, P.C., as accountant to the Debtor.
Pon Group requires Alan D. Lasko & Associates to:
a. prepare the Debtor's necessary state and federal income tax
returns; and
b. perform any other tax and accounting services on behalf of
the Debtor that is required to aid in the proper
administration of the estate.
Alan D. Lasko & Associates will be paid at these hourly rates:
Owners $290 to $300
Tax Managers $260 to $300
Accounting Staffs $140 to $260
Assistants $65 to $140
Alan D. Lasko & Associates will be paid a retainer in the amount of
$5,000.
Alan D. Lasko & Associates will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Alan D. Lasko, founding partner, assured the Court that the firm is
a "disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code and does not represent any interest adverse
to the Debtor and its estates.
Alan D. Lasko & Associates can be reached at:
Alan D. Lasko
ALAN D. LASKO & ASSOCIATES, P.C.
205 W Randolph St., Suite 1150
Chicago, IL 60606
Tel: (312) 332-1302
About Pon Group
Pon Group, LLC, is a lessor of real estate based in Bensenville,
Illinois.
Pon Group sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ill. Case No. 18-22505) on Aug. 9, 2018. In the
petition signed by Ketty Pon, member and manager, the Debtor
estimated assets of $1 million to $10 million and liabilities of $1
million to $10 million. Judge Benjamin A. Goldgar oversees the
case. BAUCH & MICHAELS, LLC, is the Debtor's counsel.
QUOTIENT LIMITED: Releases Q4 & Full Year 2019 Financial Results
----------------------------------------------------------------
Following the recent CE marking of its initial Immunohematology
(IH) microarray, Quotient Limited provided an update on the status
of its initial Serological Disease Screening (SDS) microarray's CE
mark submission which is on track for the first half of 2019 and
the scheduled commencement of the initial SDS and expanded IH
microarrays' US field trials during the third calendar quarter of
2019. Quotient also provided details of its financial results for
its fourth quarter and fiscal year ended March 31, 2019.
Franz Walt, chief executive officer of Quotient said "I am very
pleased to have in hand the CE mark for our initial IH microarray.
This milestone, when combined with the device CE mark and the ISO
13485: 2016 certification of our manufacturing facility, permits us
to put the MosaiQ system in the hands of potential customers in the
planned hypercare launch phase. It also marks our evolution into
the menu expansion phase of our development process." Mr. Walt
added, "Our competitive strategy remains laser focused on the
replacement of incumbent platforms based on the menu available on
MosaiQ. The next steps include the submission of the CE mark
application for our initial SDS microarray in June of 2019,
followed by the commencement of the US field trials for our initial
SDS and expanded IH microarray which we expect to begin in the
third quarter of this calendar year."
MosaiQ Platform
MosaiQ, Quotient's next-generation platform is designed to deliver
fast, comprehensive antigen typing, antibody detection and disease
screening results, using a single low volume sample in a high
throughput automated format. MosaiQ represents a transformative
and highly disruptive unified testing platform for transfusion
diagnostics. Feasibility has also been demonstrated with respect
to the detection of nucleic acids (DNA or RNA) using the MosaiQ
platform. Through MosaiQ, Quotient expects to deliver substantial
value to donor testing laboratories worldwide by providing
affordable, routine comprehensive characterization and screening of
blood products, on a single automated instrument platform. MosaiQ
is designed to radically reduce labor costs and complexity
associated with existing practice.
Regulatory and Commercial Milestones
* European Regulatory Approval - Quotient filed for European
regulatory approvals for its initial MosaiQ IH microarray in
late September 2018 and was notified of its approval on
April 30, 2019. The Company continues to expect a CE mark
submission for the initial SDS microarray in the first half
of calendar year 2019
* European Commercialization - Following the CE mark for the
initial IH microarray Quotient plans to commence a hypercare
launch with eight selected customers during fiscal year 2020
* IH Microarray Ongoing Development – Quotient continues to
plan for the expansion of the IH testing menu during the
second half of calendar 2019
* U.S. Field Trials – Quotient now expects to commence U.S.
field trials with the expanded IH microarray menu in the
third quarter of calendar 2019. Quotient also expects to
commence U.S. field trials for the initial SDS microarray in
the third quarter of calendar 2019
* U.S. Regulatory Approval – Quotient continues to expect to
file for U.S. and European regulatory approval for the
expanded IH microarray by the end of calendar year 2019
Franz Walt commented "Based on the availability of clinical trial
sites in the United States in the summer months, we have slightly
updated our time lines for the commencement of the field trials for
our expanded IH microarray which includes antibodies for the
detection of up to 19 clinically significant antigens, in addition
to reverse grouping and antibody detection. This microarray will
be the product that we expect to take into U.S. field trials in the
third quarter of calendar 2019." Mr. Walt added, "We are also
happy to report that we now expect to commence US trials for the
initial SDS microarray ahead of schedule in the third quarter of
calendar 2019."
Fiscal Fourth Quarter and
Full Year Financial Results
"The conventional reagent business once again generated strong
revenue growth during fiscal 2019, with product revenues growing
19.9% for the full year and 27.9% in the fourth quarter," said Mr.
Walt. Mr. Walt added, "Following the completion of the move to our
new ARC reagent manufacturing facility located near Edinburgh,
Scotland, in January, Quotient generated gross margin on product
sales of 43.4% during the fourth quarter of fiscal year 2019.
Reported gross margin in the fourth quarter was impacted by
incremental recurring non-cash costs of $0.7 million, representing
an 8.3 percentage point headwind to gross margin comparisons
year-over-year, related to bringing the new ARC facility online.
We are targeting continued solid top line growth and a return to
improving profitability for the reagent business in the coming
fiscal year."
Capital expenditures totaled $4.8 million in fiscal 2019, compared
with $21.6 million in fiscal 2018, reflecting completion late in
fiscal 2018 of the construction of ARC, the Company's new
conventional reagent manufacturing facility near Edinburgh,
Scotland.
Quotient ended fiscal 2019 with $94.8 million in available cash and
other short-term investments, $121.9 million of long-term debt and
$7.5 million in an offsetting long term restricted cash reserve
account. Following the receipt of the CE mark for the first IH
microarray product, the Company initiated the CE marking triggering
event process outlined under the note purchase agreement that the
Company had previously entered into in January 2019. On May 15,
2019 the Company sold an additional $25 million of its 12% Senior
Secured Notes due 2024 yielding net proceeds of $24.1 million after
expenses and used $1.5 million of the net proceeds to increase the
restricted cash reserve account.
Outlook for the Fiscal Year Ending March 31, 2020
* Total product sales in the range of $30 to $31 million
compared to product sales in fiscal 2019 of $28.7 million.
Other revenue (product development fees) of approximately
$1.0 million are also expected to be earned during the year.
Forecasted other revenue assumes the receipt of milestone
payments contingent upon achievement of regulatory approval
for certain products under development. The receipt of these
milestone payments involves risks and uncertainties.
* Operating loss in the range of $77 to $82 million including
non-cash charges for depreciation, amortization and stock
compensation totaling approximately $18.5 million.
* Capital expenditures in the range of $5 to $10 million.
Product sales in the first quarter of fiscal 2020 are expected
to be within the range of $8.3 to $8.8 million, compared with $7.9
million for the first quarter of fiscal 2019.
Quarterly product sales can fluctuate depending upon the shipment
cycles for red blood cell-based products, which account for
approximately two-thirds of current product sales. These products
typically experience 13 shipment cycles per year, equating to three
shipments of each product per quarter, except for one quarter per
year when four shipments occur. The timing of shipment of bulk
antisera products to OEM customers may also move revenues from
quarter to quarter. Some seasonality in demand is also experienced
around holiday periods in both Europe and the United States. As a
result of these factors, Quotient expects to continue to see
seasonality and quarter-to-quarter variations in product sales.
The timing of product development fees included in other revenues
is mostly dependent upon the achievement of pre-negotiated project
milestones.
About Quotient Limited
Penicuik, United Kingdom-based Quotient Limited is a
commercial-stage diagnostics company committed to reducing
healthcare costs and improving patient care through the provision
of innovative tests within established markets. With an initial
focus on blood grouping and serological disease screening, Quotient
is developing its proprietary MosaiQTM technology platform to offer
a breadth of tests that is unmatched by existing commercially
available transfusion diagnostic instrument platforms. The
Company's operations are based in Edinburgh, Scotland; Eysins,
Switzerland and Newtown, Pennsylvania.
Quotient reported a net loss of $82.33 million for the year ended
March 31, 2018, compared to a net loss of $85.06 million for the
year ended March 31, 2017. As of Dec. 31, 2018, the Company had
$190.76 million in total assets, $166.11 million in total
liabilities, and $24.65 million in total shareholders' equity.
The report from the Company's independent accounting firm Ernst &
Young LLP, in Belfast, United Kingdom, the Company's auditor since
2007, on the consolidated financial statements for the year ended
March 31, 2018, contains a "going concern" explanatory paragraph.
The auditor stated that the Company has recurring losses from
operations and planned expenditure exceeding available funding, and
has stated that substantial doubt exists about the Company's
ability to continue as a going concern.
RADIO PERRY: Seeks to Hire Stone & Baxter as Counsel
----------------------------------------------------
Radio Perry, Inc., seeks authority from the U.S. Bankruptcy Court
for the Middle District of Georgia to employ Stone & Baxter, LLP,
as counsel to the Debtor.
On Dec. 7, 2016, the Bankruptcy Court granted the Debtor's
application to employ Katz Flatau & Boyer, LLP.
On May 15, 2019, the Debtor and Katz Flatau filed a Certificate and
Stipulation of Consent to Withdraw and Substitute Counsel of
Record, wherein, with the Debtor's consent, Katz Flatau agreed to
withdraw as counsel to the Debtor, and Stone & Baxter agreed to
substituted in as counsel.
Radio Perry requires Stone & Baxter to:
a. give the Debtors legal advice with respect to the powers
and duties of a Debtor-in-Possession in the continued
operation of the business and management of the Debtors'
properties;
b. prepare on behalf of the Debtors, as debtors-in-possession,
necessary applications, motions, answers, reports, and
other legal papers;
c. continue existing litigation, if any, to which Debtors-in-
Possession may be a party and to conduct examinations
incidental to the administration of their estates;
d. take any and all necessary actions for the proper
preservation and administration of Debtors' estates;
e. assist the Debtors-in-Possession with the preparation and
file of their Statement of Financial Affairs and Schedules
and Lists as are appropriate;
f. take whatever actions are necessary with reference to the
use by the Debtors of their property pledged as collateral,
including cash collateral, if any, and to preserve the same
for the benefit of Debtors and secured creditors in
accordance with the requirements of the Bankruptcy Code;
g. assert, as directed by Debtors, all claims that the Debtors
have against others;
h. assist the Debtors in connection with claims for taxes made
by governmental units; and
i. perform all other legal services for Debtors as Debtors-in-
Possession may deem necessary.
Stone & Baxter will be paid at these hourly rates:
Attorneys $235 to $525
Paralegals $135
Stone & Baxter will be paid a retainer in the amount of $15,000.
Stone & Baxter will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David L. Bury, Jr., a partner at Stone & Baxter, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.
Stone & Baxter can be reached at:
David L. Bury, Jr., Esq.
STONE & BAXTER, LLP
577 Mulberry Street, Suite 800
Macon, GA 31201
Tel: (478) 750-9898
Fax: (478) 750-9899
E-mail: dbury@stoneandbaxter.com
About Radio Perry
Radio Perry, Inc., and Radio Peach, Inc., own certain television
broadcasting assets, including related real estate.
Radio Perry and Radio Peach sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Ga. Case Nos. 16-52371 and
16-52372) on Nov. 15, 2016. In the petitions signed by Lowell
Register, Sr., president, the Debtors estimated assets and
liabilities at $1 million to $10 million. Katz Flatau & Boyer,
LLP, led by Wesley J. Boyer, was originally the counsel to the
Debtors but was later substituted by Stone & Baxter, LLP.
RELIABLE GALVANIZING: Hires Arnold S. Newman as Special Counsel
---------------------------------------------------------------
Reliable Galvanizing Co. seeks authority from the U.S. Bankruptcy
Court for the Northern District of Illinois to employ the Law
Offices of Arnold S. Newman, as real estate counsel to the Debtor.
Reliable Galvanizing requires Arnold S. Newman to:
(a) give the Debtor legal advice with respect to Debtor's
rights, powers and duties as owner of real estate;
(b) assist the Debtor in negotiation and formulation and
ultimate sales transaction;
(c) investigate, advise and inform the Debtor about and action
as may be necessary to transfer by sale or refinance the
Debtor's real estate; and, in accordance with applicable
law, recover or sell for the benefit of the estate, the
property of the Debtor;
(d) assist the Debtor in obtaining refinancing of its secured
debt or selling its primary asset; and
(e) perform all other legal services for the Debtor that may
be necessary or appropriate in this case with regard to
such contemplated activities.
Arnold S. Newman will be paid at these hourly rates:
Arnold S. Newman $400
Paralegals $175
Arnold S. Newman will be paid a retainer in the amount of $2,500.
Arnold S. Newman will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Arnold S. Newman, the firm's founding partner, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their/its estates.
Arnold S. Newman can be reached at:
Arnold S. Newman, Esq.
LAW OFFICES OF ARNOLD S. NEWMAN
18400 Maple Creek Dr.
Tinley Park, IL 60477
Tel: (708) 444-2020
Fax: (708) 444-4322
About Reliable Galvanizing
Reliable Galvanizing Company operates as an iron and steel metal
fabrication company. Serving the Midwest for over 35 years,
Reliable Galvanizing offers a process of corrosion protection
consisting of dipping steel into a bath of molten zinc producing a
progressive zinc and iron alloy layer on the surface.
Reliable Galvanizing sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 18-29503) on Oct. 19,
2018. In the petition signed by Michael Eisner, president, the
Debtor disclosed $914,187 in assets and $1,022,052 in liabilities.
The case is assigned to Judge LaShonda A. Hunt. The Debtor tapped
The Golding Law Offices, P.C., as its legal counsel.
RICHLAND FARMS: $451K Sale of Lincoln County Approved
-----------------------------------------------------
Judge Katherine A. Constantine of the U.S. Bankruptcy Court for the
District of Minnesota authorized Richland Farms Partnership and
Richland Farms, Inc., to sell the Richland Farms, Inc.'s real
estate located in Lincoln County, State of Minnesota, to Laura
Malenke for $451,275.
The Property is legally described as follows: The West Half of the
Northeast Quarter, Section 21, Township 109, Range 45 West of the
5th P.M., Lincoln County, Minnesota (Tax Parcel 08-0103-000).
The lease of the Property by Richland Farms Partnership will be for
a term of five years with annual rental payments due Nov. 1 of each
year in the amount of $20,513. The option to repurchase the
Property will be for a five-year period.
The funds from the sale, both the earnest money and the sum to be
paid at closing, will be first used to pay the Debtor's costs of
sale, including real estate taxes to be paid by the Seller, state
deed tax, recording fees, and obtaining a certified copy of the
Order, and any closing fees normally charged to a seller pursuant
to the agreement of the parties. After payment of said expenses,
the balance of the funds will be disbursed to Plains Commerce Bank.
About Richland Farms
Richland Farms, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Minn. Case No. 19-30424) on Feb. 14,
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 Katherine A. Constantine. Erik A. Ahlgren,
Esq., at Ahlgren Law Office, is the Debtor's legal counsel.
SILVER STATE: $4.3M Sale of North Richland Hills Property Approved
------------------------------------------------------------------
Judge Mark X. Mullin of the U.S. Bankruptcy Court for the Northern
District of Texas authorized Silver State Holdings Assignee - 7901
Boulevard 26 LLC's sale of the real property located at 7901
Boulevard 26 North Richland Hills, Texas, together with certain
personal property in the nature of furniture, fixtures, and
equipment, to the extent not incorporated into the real property,
to Weby Corp. for $4.3 million.
The sale is free and clear of all liens, claims, interests, and
encumbrances, with all liens, claims, interests, and encumbrances
to attach to the sale proceeds.
The Debtor will provide a copy of the final seller's closing
statement at least 24hours prior to Closing to Frost Bank, Tom Bean
Bank, and Valley Ridge.
At Closing and from the Proceeds, the Debtor will indefeasibly, and
in full and final satisfaction thereof, pay Tarrant County all
taxes and interest due for year 2018 ad valorem taxes on the
Subject Property, which amount will be $50,686 if paid in June,
2019, and $51,183 if paid in July, 2019.
The sale will not be free and clear of any year 2019 ad valorem
taxes and tax liens, which will remain attached to the Subject
Property, and which will be prorated between the Debtor and the
Buyer as provided for in the Sale Agreement.
At Closing and from the Proceeds, the Debtor, the title company
and/or other sale closing agent, will next indefeasibly, and in
full and final satisfaction of all claims and liens of Frost Bank
against the Debtor, the Estate, in the Bankruptcy Case, or against
the Subject Property, is authorized to and will pay in full to
Frost Bank all principal, interest at the non-default rate, and
attorney's fees, accrued or incurred at any time prior to Closing,
which was in the amount of $3,254,143 as of the Petition Date plus
per diem interest at the non-default rate through the date of
closing and attorney's fees of $9,390 as of May 15, 2019 and
additional attorney's fees from May 15, 2019 through the date of
closing, but less the May, 2019 payment received by Frost Bank,
immediately upon the closing and funding of and out of the proceeds
from the sale of the Subject Property in the same order and
priority as the Frost Bank Deed of Trust Lien currently exists in
and on the Subject Property.
Upon the full payment of the foregoing, Frost Bank shall: (i)
withdraw its proof of claim with prejudice; and (ii) prepare and
deliver to the Debtor a release of its lien in form sufficient for
the Debtor to record.
At Closing and from the Proceeds, the Debtor will next
indefeasibly, and in full and final satisfaction of all liens of
Tom Bean Bank against the Subject Property, pay to Tom Bean Bank
$100,000, and that Tom Bean Bank, contemporaneous therewith, will
provide the Debtor with a release of lien for the Subject
Property.
At Closing and from the Proceeds, the Debtor will next
indefeasibly, and in full and final satisfaction of all claims and
liens of The Weitzman Group and ESRP Advisory Dallas, LLC against
the Debtor, the Estate, in the Bankruptcy Case, or against the
Subject Property, pay to The Weitzman Group its broker's commission
of $172,000 (4% of the gross purchase price as provided for in the
Sale Agreement), to be split by The Weitzman Group with ESRP
Advisory Dallas, LLC as is otherwise appropriate.
At Closing and from the Proceeds, the Debtor will pay all
necessary, reasonable, and actual costs for title insurance and all
closing and escrow costs to Republic Title as provided for in the
Sale Agreement.
After payment of all of the foregoing, the remaining Proceeds,
which will not be less than $610,000 (but will in any event be all
remaining Proceeds after payment) , will be immediately transferred
by Republic Title to the Registry of the Court, which the Debtor
will facilitate by filing an ex parte motion for such deposit into
the Registry of the Court once it is known the Closing will occur
and what the amount of the Net Proceeds will be, which the Debtor
will file soon enough to ensure an appropriate order being in place
such that the Net Proceeds are transferred into the Registry of the
Court at or immediately after the Closing.
The Net Proceeds may not be distributed or used for any purpose
whatsoever without further order of the Court after notice and an
opportunity to object to each of the Disputed Lien Holders.
The Order will not be stayed by any provision of the Federal Rules
of Bankruptcy Procedure, including Rule 6004(h).
With respect to Bodyguard and each of the Disputed Liens and
Disputed Lien Holders, nothing in this Order determines or
prejudices in any way any and all rights or claims thereof,
including Valley Ridge Roofing and Construction LLC's claims
against Debtor and 7901 Blvd 26 LLC in Adversary Proceeding No.
19-04043-mxm pending in the Court, and no finding in the Order may
be used to argue otherwise.
About Silver State Holdings
Silver State Holdings Assignee - 7901 Boulevard 26, LLC sought
Chapter 11 protection (Bankr. N.D. Tex. Case No. 19-41579) on April
18, 2019. The case is assigned to Judge Mark X. Mullin. In the
petition signed by Richard Morash, authorized signatory, the Debtor
estimated assets and liabilities in the range of $1 million to $10
million. The Debtor tapped Davor Rukavina, Esq., at Munsch, Hardt,
Kopf & Harr, P.C., as counsel.
SOUTHEASTERN METAL: Hires Weir & Partners as Counsel
----------------------------------------------------
Southeastern Metal Products, LLC, and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Weir & Partners LLP, as counsel to the Debtors.
Southeastern Metal requires Weir & Partners to:
a. advise and assist the Debtors with respect to their rights,
powers and duties as a debtor-in-possession, and take all
necessary actions to protect and preserve the Debtors'
estates, including prosecuting actions on the Debtors'
behalf, defend any actions commenced against the Debtors,
negotiate all disputes involving the Debtors, and prepare
objections to claims filed against the Debtors' estates;
b. prepare and file necessary pleadings, motions,
applications, draft orders, notices, schedules and other
documents, and review all financial and other reports to be
filed in the bankruptcy case, and advise the Debtors
concerning, and prepare responses to, applications,
motions, other pleadings, notices and other papers that may
be filed and served in the bankruptcy cases;
c. handle inquiries and calls from creditors and counsel to
interested parties regarding pending matters and the
general status of the Chapter 11 cases, and to the extent
required, prepare and serve any necessary responses;
d. appear in the Bankruptcy Court and any appellate courts to
represent and protect the interests of the Debtors;
e. attend meetings including any meeting of creditors and
negotiate with representatives of creditors and other
parties-in-interest;
f. advise and assist the Debtors in maximizing value,
including the formulation, negotiation and promulgation of
a sale of assets, other transaction or a disclosure
statement and Chapter 11 plan and all documents related
thereto, and take all further actions as may be required in
connection with any sale, disclosure statement or plan
during the cases; and
g. perform all other necessary legal services for the Debtors
in connection with the prosecution of the Chapter 11
bankruptcy cases.
Weir & Partners will be paid at these hourly rates:
Partners $470 to $685
Associates $350 to $495
Paralegals $190 to $200
Weir & Partners will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Jeffrey S. Cianciulli, a partner at Weir & Partners LLP, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
Weir & Partners can be reached at:
Jeffrey S. Cianciulli, Esq.
1339 Chestnut Street, Suite 500
Philadelphia, PA 19107
Tel: (215) 665-8181
Fax: (215) 665-8464
E-mail: attorneyinfo@weirpartners.com
About Southeastern Metal Products, LLC
Southeastern Metal Products LLC is a contract manufacturing company
that specializes in fabrication and stampings for various
industries including telecommunications, transportation, appliance
and health and safety industries.
Southeastern Metal Products LLC and its affiliate, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Case No. 19-10989) on May 6, 2019. At the time of the filing, the
Debtor estimated assets of between $1 million and $10 million and
liabilities of between $1 million and $10 million. The petition was
signed by David Denton, president.
Gellert Scali Busenkell & Brown LLC and Rayburn Cooper & Durham,
P.A serves as the Debtors' counsel; The Debtor hires Weir &
Partners LLP, as counsel; Finley Group as financial advisor; and
Omni Management Group as claims and noticing agent.
Andrew Vara, acting U.S. trustee for Region 3, on May 20, 2019,
appointed three creditors to serve on the official committee of
unsecured creditors in the Chapter 11 case of Southeastern Metal
Products LLC.
STOP ALARMS: Trustee Hires Frazier & Associates as Accountant
-------------------------------------------------------------
Michael E. Collins, the Chapter 11 Trustee of Stop Alarms Holdings,
Inc., and its debtor-affiliates, seeks authority from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ
Frazier & Associates CPAs, as accountant to the Trustee.
The Trustee requires Frazier & Associates to:
-- file the Debtor's federal and state tax returns; and
-- provide general accounting services.
Frazier & Associates will be paid at the hourly rate of $250. The
firm will also be reimbursed for reasonable out-of-pocket expenses
incurred.
Michael Frazier, partner of Frazier & Associates CPAs, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Michael Frazier can be reached at:
Michael Frazier
FRAZIER & ASSOCIATES CPAS
751 Cool Springs Boulevard, Suite 206
Franklin, TN 37067
Tel: (615) 794-1375
Fax: (615) 791-4839
About Stop Alarms Holdings
Headquartered in Memphis, Tennessee, Stop Alarms --
http://www.stopalarmsystems.com/-- is a security company providing
security solutions for every aspect of security and life safety
across the residential and commercial marketplace. It provides
home security and automation via an Alarm.com enabled iPhone, iPad,
Android, and other mobile apps.
Stop Alarms Holdings, Inc., and affiliate Stop Alarms, Inc., filed
for Chapter 11 bankruptcy protection (Bankr. N.D. Ga. Lead Case No.
17-57661) on April 28, 2017. Patrick Massey, president, signed the
petitions. The cases are jointly administered.
Stop Alarms Holdings estimated assets of less than $500,000 and
liabilities of $1 million to $10 million. SAI estimated assets of
less than $1 million and liabilities of $1 million to $10 million.
David L. Bury, Jr., Esq., at Stone & Baxter, LLP, serves as the
Debtors' bankruptcy counsel. Alexander Thompson Arnold PLLC is the
Debtors' public accountants.
On July 27, 2017, Michael E. Collins was appointed as the Chapter
11 Trustee of Stop Alarms Holdings, Inc. The Trustee hires Taylor
English Duma LLP, as counsel.
An official committee of unsecured creditors has not been appointed
in the Chapter 11 cases.
SUPPLY PRO: $480K Sale of Assets to NPS Corp. Approved
------------------------------------------------------
Judge David R. Jones of the U.S. Bankruptcy Court for the Southern
District of Texas authorized Supply Pro, Inc., and Supply Pro
Sorbents, LLC to sell their assets to NPS Corp. $480,000.
The Debtor conducted the Auction on May 15, 2019, and selected the
NPS as the winning bidder.
The sale of the Assets vests the Purchaser with all right, title
and interests of the Debtors in and to the Assets, free and clear
of any claim or interest in the Property, with all such interests
and Liens to apply and attach to the proceeds of the sale.
Effective as of Closing, Supply Pro Sorbents, LLC is authorized to
change its name to SPS, LLC and Supply Pro, Inc. is authorized to
change its name to SP, Inc., or to such other name as may be
currently available with the State Of Texas. After formal name
change, the Clerk will modify the caption for these cases as
follows: SPS, LLC (or such other changed name), formerly known as
Supply Pro Sorbents, LLC, (18-20580), and SP, Inc. (or such other
changed name), formerly known as Supply Pro, Inc. (18-20581).
Notwithstanding Bankruptcy Rules 6004, 6006 and 7062, the Order
will be effective and enforceable immediately upon entry and its
provisions will be self-executing, and the notice thereof will be
deemed to provide sufficient notice of the Debtors' request for
waiver of the otherwise applicable stay of the order.
The Closing will occur no later than May 24, 2019, by 5:00 p.m.
The Closing requires the Purchaser to timely deliver $480,000 to
the estate.
A timely closing transfers the Property to the Purchaser, effective
midnight, May 22, 2019.
About Supply Pro
Pro Sorbents, LLC, and Supply Pro, Inc. --
http://www.prosorbents.com/-- are providers of absorbent products
to help protect those people cleaning hazards spills and provide
proper equipment for the safe removal of hazardous materials. They
offer anti-static pads, spill kits, absorbents, and loose
particulates.
Supply Pro Sorbents and Supply Pro sought Chapter 11 protection
(Bankr. N.D. Tex. Case Nos. 18-20580 and 18-20581) on Dec. 19,
2018. In the petitions signed by Harmon K. Fine, managing member,
the Debtors estimated $500,000 to $1 million in assets and $1
million to $10 million in liabilities. The Hon. David R. Jones
oversees the cases. Johnie Patterson, Esq., at Walker & Patterson,
P.C., serves as bankruptcy counsel to the Debtors.
TRIOMPHE HOSPITALITY: Hires Joseph J. D'Agostino as Counsel
-----------------------------------------------------------
Triomphe Hospitality Group, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Connecticut to employ Attorney
Joseph J. D'Agostino, Jr., LLC, as attorney to the Debtor.
Triomphe Hospitality requires Joseph J. D'Agostino to:
a. advise the Debtor regarding its rights, duties and powers
as a Debtor and a debtor-in-possession operating and
managing his affairs;
b. advise and assist the Debtor with respect to financial
agreements, debt restructuring, cash collateral orders and
other financial transactions;
c. review and advise the Debtor regarding the validity of
liens asserted against property of the Debtor;
d. advise the Debtor as to actions to collect and recover
property for the benefit of the Debtor's estate;
e. prepare on behalf of the debtor the necessary applications,
motions, complaints, answers, pleadings, orders, reports,
notices, schedules, and other documents, as well as
reviewing all financial reports and other reports filed in
this Chapter 11 case;
f. counsel the Debtor in connection with all aspects of a plan
of reorganization and related documents; and
g. perform all other legal services for the debtor which may
be necessary in this Chapter 11 case.
Joseph J. D'Agostino will be paid at these hourly rates:
Attorneys $350
Support Staffs $150
Joseph J. D'Agostino will be paid a retainer in the amount of
$5,000.
Joseph J. D'Agostino will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Joseph J. D'Agostino, Jr., founding partner, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Joseph J. D'Agostino can be reached at:
Joseph J. D'Agostino, Jr., Esq.
ATTORNEY JOSEPH J. D'AGOSTINO, JR., LLC
1062 Barnes Road, Suite 304
Wallingford, CT 06492-2576
Tel: (203) 265-5222
About Triomphe Hospitality Group
Triomphe Hospitality Group, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D. Conn. Case No. 19-50628) on May 7, 2019,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Joseph J. D'Agostino, Jr., Esq., at
Attorney Joseph J. D'Agostino, Jr., LLC.
ULTRA PETROLEUM: Extends Deadlines for Exchange Offer
-----------------------------------------------------
Ultra Petroleum Corp. said that, with respect to the previously
announced private offer to exchange outstanding 7.125% Senior Notes
due 2025 of its wholly owned subsidiary, Ultra Resources, Inc., for
up to $90.0 million aggregate principal amount of new 9.00% Cash /
2.50% PIK Senior Secured Third Lien Notes due 2024 of Ultra
Resources, it has extended the Early Participation Date and the
Withdrawal Deadline to 5:00 p.m., New York City time, on Friday,
May 31, 2019. All other terms and conditions of the Exchange Offer
as set forth in the confidential offering memorandum dated May 9,
2019 and related letter of transmittal remain unchanged.
The Exchange Offer will expire at 5:00 p.m., Eastern Time, on June
10, 2019, unless extended.
The Exchange Offer is conditioned on the satisfaction or waiver of
certain conditions as described in the Offering Documents. The
Exchange Offer for the 2025 Notes may be amended, extended or
terminated by Ultra Resources at its sole option.
The Exchange Offer is only being made, and copies of the Offering
Documents will only be made available, to beneficial holders of the
2025 Notes that have properly completed and returned an eligibility
form confirming that they are (1) a "qualified institutional buyer"
within the meaning of Rule 144A under the Securities Act of 1933,
as amended, or (2) not a "U.S. person" and are outside of the
United States within the meaning of Regulation S under the
Securities Act and, if resident in Canada, (x) an "accredited
investor," as defined in National Instrument 45-106 -- Prospectus
Exemptions or subsection 73.3(1) of the Securities Act (Ontario),
that either would acquire the Third Lien Notes for its own account
or would be deemed to be acquiring the Third Lien Notes as
principal by applicable law, (y) a "permitted client" within the
meaning of NI 31-103 - Registration Requirements, Exemptions and
Ongoing Registrant Obligations, and (z) a resident of the province
of Alberta, British Columbia, Manitoba, Ontario, Quebec or
Saskatchewan. Holders of the 2025 Notes who desire to obtain and
complete an eligibility form should contact the information agent
and exchange agent, D.F. King & Co., Inc., at (800) 967-5074
(toll-free) or (212) 269-5550 (for banks and brokers), or via the
following website: www.dfking.com/UPL or email upl@dfking.com.
Eligible holders are urged to carefully read the Offering Documents
before making any decision with respect to the Exchange Offer. None
of the Company, Ultra Resources, the dealer manager, the trustee
with respect to the 2025 Notes and the Third Lien Notes, the
exchange agent, the information agent or any affiliate of any of
them makes any recommendation as to whether eligible holders of the
2025 Notes should exchange their 2025 Notes for Third Lien Notes in
the Exchange Offer, and no one has been authorized by any of them
to make such a recommendation. Eligible holders must make their
own decision as to whether to tender 2025 Notes and, if so, the
principal amount of 2025 Notes to tender. The Third Lien Notes and
the Exchange Offer have not been and will not be registered with
the U.S. Securities and Exchange Commission under the Securities
Act, or any state or foreign securities laws. The Third Lien Notes
may not be offered or sold in the United States or to or for the
account or benefit of any U.S. persons except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act. The Third Lien
Notes will not be qualified for distribution under applicable
Canadian securities laws and, accordingly, any distribution of
Third Lien Notes to persons resident in Canada will be made only
pursuant to an exemption from the prospectus requirements of
applicable Canadian securities laws. The Exchange Offer is not
being made to holders of 2025 Notes in any jurisdiction in which
the making or acceptance thereof would not be in compliance with
the securities, blue sky or other laws of such jurisdiction.
About Ultra Petroleum
Headquartered in Englewood, Colorado, Ultra Petroleum Corp. --
www.ultrapetroleum.com -- is an independent energy company engaged
in domestic natural gas and oil exploration, development and
production. The Company is listed on NASDAQ and trades under the
ticker symbol "UPL".
As of March 31, 2019, the Company had $1.83 billion in total
assets, $2.74 billion in total liabilities, and a total
shareholders' deficit of $914 million.
On Jan. 29, 2019, Ultra Petroleum received written notice from the
Listing Qualifications Staff of The NASDAQ Stock Market LLC
notifying the Company that its common shares, no par value, closed
below the $1.00 per share minimum bid price required by NASDAQ
Listing Rule 5450(a)(1) for 30 consecutive business days. NASDAQ's
notice had no immediate effect on the listing or trading of the
Company's common shares, which will continue to trade on The NASDAQ
Global Select Market under the symbol "UPL". In accordance with
NASDAQ Listing Rule 5810(c)(3)(A), the Company has an automatic
period of 180 calendar days, or until July 29, 2019, to achieve
compliance with the minimum bid price requirement.
* * *
As reported by the TCR on March 26, 2019, S&P Global Ratings raised
its issuer credit rating on U.S.-based oil and gas exploration and
production (E&P) company Ultra Petroleum Corp. to 'CCC+' from 'SD'
(selective default). "The upgrade reflects a reassessment of our
issuer credit rating on Ultra following the company's completion of
several debt exchanges, whereby holders of approximately an
aggregate $550 million of its 6.875% unsecured notes due 2022 and
$275 million of its 7.125% unsecured notes due 2025 exchanged their
debt for warrants and $572 million of new 9% cash/2%
payment-in-kind second-lien notes due 2024.
UTOPIX MEDICAL: Seeks to Hire OAM Group as Accountant
-----------------------------------------------------
Utopix Medical, LLC, seeks authority from the U.S. Bankruptcy Court
for the Eastern District of Texas to employ OAM Operations, LLC,
d/b/a The OAM Group, as accountant to the Debtor.
Utopix Medical requires OAM Group to:
-- provide bookkeeping services, controller services, payroll
services;
-- assist the Debtor with the preparation of bankruptcy forms,
such as schedules and statement of financial affairs; and
-- assist the Debtor with the preparation of its monthly
operating reports.
OAM Group will be paid a flat fee of $1,500 per month.
OAM Group will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Robert Sunleaf, chief executive officer of OAM Operations, LLC,
d/b/a The OAM Group, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their/its estates.
OAM Group can be reached at:
Robert Sunleaf
OAM OPERATIONS, LLC
D/B/A THE OAM GROUP
2591 Dallas Parkway, Suite 300
Frisco, TX 75034
Tel: (469) 607-9181
About Utopix Medical
Utopix Medical, LLC -- https://utopixmedical.com/ -- is an emerging
medical device company based in Texas. The Company has developed a
novel solution for unmet needs surrounding low mobility patients.
Utopix Medical, LLC, based in Frisco, TX, filed a Chapter 11
petition (Bankr. E.D. Tex. Case No. 19-41010) on April 15, 2019.
In the petition signed by CEO Taylor W. Hanes, the Debtor estimated
$100,000 to $500,000 in assets and $1 million to $10 million in
liabilities. The Hon. Brenda T. Rhoades oversees the case.
Christina Walton Stephenson, Esq., at Crowe & Dunlevy, PC, serves
as bankruptcy counsel to the Debtor.
VALLEY RIVER: Seeks to Hire Pitts Hay & Hugenschmidt as Attorney
----------------------------------------------------------------
Valley River Brewery, LLC, seeks authority from the U.S. Bankruptcy
Court for the Western District of North Carolina to employ Pitts
Hay & Hugenschmidt, P.A., as attorney to the Debtor.
Valley River requires Pitts Hay & Hugenschmidt to:
(a) prepare on behalf of the Debtor-in-Possession the
necessary Applications, Orders, reports, and all other
legal documents;
(b) advise the applicant with respect to the Debtor's powers
and duties as a Debtor-in-Possession; and
(c) perform any other legal services for the Debtor-in-
Possession which may become necessary.
Pitts Hay & Hugenschmidt will be paid at the hourly rate of $325.
The firm will be paid a retainer in the amount of $15,000. It will
also be reimbursed for reasonable out-of-pocket expenses incurred.
Benson T. Pitts, a name partner at Pitts Hay, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Pitts Hay & Hugenschmidt can be reached at:
Benson T. Pitts, Esq.
PITTS HAY & HUGENSCHMIDT, P.A.
14 Clayton Street
Asheville, NC 28801
Tel: (828) 255-8085
About Valley River Brewery
Valley River Brewery, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. W.D.N.C. Case No. 19-20033) on May 15, 2019, disclosing
under $1 million in both assets and liabilities. Pitts Hay &
Hugenschmidt, P.A., is the Debtor's counsel.
WALTER POSNER: Lease Agreement for Bannockburn Property Approved
----------------------------------------------------------------
Judge Jacqueline Cox of the U.S. Bankruptcy Court for the Northern
District of Illinois authorized Walter Posner to enter into the
Residential Lease Agreement with Pamela Feeley for the real
property commonly known as 9 Bannockburn Court, Bannockburn,
Illinois.
Elisa Posner, the co-owner of the Bannockburn Property, will
exclusively manage the Bannockburn Property for which Elisa Posner
will be paid a management fee of $300 per month.
The JPMorgan Chase home equity line of credit encumbering the
Bannockburn Property will be paid from the rent proceeds generated
from the Bannockburn Property.
Walter Posner acknowledges that Elisa Posner paid $30,004 as of May
8, 2019, to support and maintain the Bannockburn Property. Elisa
Posner will receive all net proceeds of rent generated from the
Bannockburn Property until she is reimbursed for the Bannockburn
Expenses. Thereafter, and after real estate taxes are paid in
full, Walter Posner and Elisa Posner wilt split equally all net
rent proceeds generated from the Bannockburn Property.
Walter Posner sought Chapter 11 protection (Bankr. N.D. Ill. Case
No. 19-07338) on March 15, 2019. The Debtor tapped Ariel
Weissberg, Esq., at Weissberg & Associates, Ltd. as counsel.
WASHINGTON PRIME: Fitch Lowers LT Issuer Default Rating to 'BB-'
----------------------------------------------------------------
Fitch Ratings has downgraded the ratings of Washington Prime Group,
Inc. (NYSE: WPG) and its operating partnership, Washington Prime
Group Limited Partnership, including the Long-Term Issuer Default
Rating (IDR), to 'BB-' from 'BB+'. The Rating Outlook is Negative.
The rating actions include a downgrade of WPG's senior unsecured
ratings to 'BB'/'RR2' from 'BB+'/'RR4'. Fitch estimates WPG's
unencumbered asset coverage of unsecured debt at 1.0x under a
stress scenario, which supports the RR2 recovery assumption.
The downgrade reflects higher leverage (net debt to recurring
operating EBITDA) stemming from continuing weakness in WPG's
operating performance, primarily due to the secular shift in retail
distribution towards e-commerce and Omni-channel retailing. The
shift is reducing tenant demand for physical space, particularly
for less productive properties in weaker demographic trade areas.
The downgrade also reflects weakly secured mortgage availability
for Class B malls generally, and deterioration in WPG's
unencumbered asset coverage of unsecured debt.
The Negative Outlook reflects Fitch's expectation that operating
performance trends and redevelopment needs will endure in the
near-to-medium term, putting pressure on WPG's cash flows and
capital access.
KEY RATING DRIVERS
Weaker Credit Protection Metrics: Fitch expects that REIT leverage
will sustain in the 7.0x range over the next two years, driven by
negative mid-single-digit SSNOI growth through 2020. WPG's REIT
leverage was in the 7.0x range for the trailing twelve months (TTM)
ended March 31, 2019, up from the high 6.0x range as of Dec. 31,
2018.
Fitch expects REIT fixed-charge coverage to sustain in the 2x range
over the next two years. WPG's FCC was in the low 2.0x range for
the TTM ended 2018 down from approximately 3.0x for the TTM ended
Dec. 31, 2017.
Lower UA/UD Coverage: Unencumbered asset coverage of unsecured debt
(UA/UD) was 1.0x when applying a stressed 13.0% capitalization rate
to consolidated unencumbered NOI at March 31, 2019, down from 1.8x
as of Sept. 30, 2018, and from 2.1x as of June 30, 2017; the
decline in UA/UD is largely driven by the use of a higher stressed
cap rate than previously employed. Capitalization rates continue to
rise for B and C mall properties and secured debt financing
availability is weak, limiting the contingent liquidity provided by
the company's unencumbered pool.
Declining Cash Flows: Fitch expects WPG's portfolio-wide
same-center NOI will likely decline at a mid-single-digit rate
through the 2020 rating case projection period. The company's
operating performance has been affected by negative retailer
trends, in particular, tenant bankruptcies and store closures.
Fitch calculates WPG's same-center NOI including all comparable
properties to be down 7% for first-quarter 2019 (1Q19) versus 1Q18;
the company's same-center NOI (including open air and tier 1) was
down 4.0% for 1Q19 versus 1Q18 with stabilized mall (tier 1
enclosed) same-center tenant sales per square foot of $399.
For the LTM ended March 31, 2019, renewal leasing spreads, a
leading indicator of future same-property NOI, were negative 6.4%
(including open air and tier 1) and new lease spreads were negative
0.2%. Fitch expects continued softness in the company's operating
metrics as the bricks and mortar retailer headwinds -- eCommerce
growth and related underperforming retailer tenants -- continue to
pressure occupancies and new and renewal lease spreads.
Deteriorating Capital Access: CMBS lenders have tightened Class B
mall underwriting standards to generally require tenant
productivity in the low-to-mid $400 psf range. Similarly, Fitch
views WPG's access to non-bank unsecured debt capital as weak
compared with retail REIT peers when measured by existing bond
yields. The company last accessed the bond market during August
2017 when it issued $750 million of 5.95% senior unsecured notes.
These bonds are currently trading at a yield in excess of 8%.
In addition, WPG's common equity is trading close to its all-time
low and at a discount to the net asset value. Weak public and
private equity investor demand and reduced mortgage availability
for B malls limit the extent to which WPG can raise equity through
asset sales and common equity issuance.
Future Debt Maturities: WPG has a $250 million unsecured financing
due in April 2020. The company anticipates repaying the bond using
a combination of proceeds raised from the recent $180 million
mortgage financing of the Waterford Lakes mall, approximately $25
million from outparcel sales expected to close in the middle of
2019 and the refinancing of four cross-collateralized open-air
properties that are expected to generate approximately $70 million
of excess proceeds. In addition, as of March 31, 2019, WPG has
approximately $300 million available on its $650 million lines of
credit.
Future unsecured maturities include the company's line of credit,
which has an initial maturity in December 2021, with two six-month
extension options, and two term loans - a $350 million term loan
expiring in December 2022 and a $340 million term loan expiring in
January 2023.
RECOVERY RATINGS
In accordance with Fitch's Recovery Rating (RR) methodology, Fitch
provides RRs for issuers with IDRs in the 'BB' category. The 'RR2'
for WPG's senior unsecured obligations, which include a senior line
of credit, senior secured term loans, and its senior unsecured
debt, supports a rating of 'BB', which is one notch above WPG's IDR
and reflects superior recovery prospects in a distressed scenario.
WPG's 1.0x UA/UD ratio supports Fitch's 'RR2' recovery assumption,
notwithstanding the material amount of priority secured mortgage
debt in the company's capital structure. The 'RR6' for WPG's
preferred stock supports a rating of 'B', two notches below WPG's
IDR, and reflects the deep subordination and weak recovery
prospects in a distressed scenario.
PARENT SUB LINKAGE
Fitch links and synchronizes the IDRs of the parent REIT and
subsidiary operating partnership, as the entities operate as a
single enterprise with strong legal and operational ties.
DERIVATION SUMMARY
WPG's ratings reflect its asset quality -- based on mall sales per
square foot, SSNOI growth, occupancy, leasing spreads and tenant
quality -- and its financial metrics relative to B-mall peer CBL &
Associates (CBL; BB-/Negative) and higher rated A-mall peer Simon
Property Group (SPG; A/ Stable).
Both WPG and CBL's mall portfolio sales per square foot figure is
below $400 versus approximately $660 for SPG based on the TTM ended
March 31, 2019. WPG's TTM leverage of approximately 7x is similar
to CBL's but significantly higher than SPG's in the mid 5x range
for the quarter ended March 31, 2019; WPG's leverage is expected to
sustain in the 7x range.
The company has weak access to capital, given that its equity is
currently trading close to its all-time low and at a discount to
NAV and the wide spreads at which its bonds trade relative to the
broader peer set. Capitalization rates continue to rise for B and C
mall properties and secured debt financing availability is weak,
limiting the contingent liquidity provided by the company's
unencumbered pool.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Annual SSNOI growth in the negative 4%-5% range for 2019-2020;
- Annual development/redevelopment spend of $100 million for 2019,
declining to $50 million in 2020. The weighted average initial
yield on cost for projects coming online is approximately 8%;
- Annual recurring CapEx of approximately $75 million;
- Total non-core asset sales of approximately $25 million;
- Repayment of the $250 million unsecured bonds due in 2020
through a combination of proceeds raised from mortgage financings
and asset sales;
- No equity issuance through 2020.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead to
Fitch Revising the Outlook to Stable at a 'BB-' IDR:
-- Sustained improvement in operating fundamentals or asset
quality (e.g. sustained positive SSNOI results and or corporate
earnings growth);
-- Fitch's expectation of net debt to recurring operating EBITDA
sustaining below 6.5x; (leverage before preferred stock for the TTM
ended March 31, 2019, was approximately 7x);
-- Fitch's expectation of REIT fixed-charge coverage sustaining
above 1.5x; (coverage for the TTM ended March 31, 2019, was
approximately 2x);
-- Unencumbered assets coverage of unsecured debt exceeding 1.0x
(UA/UD for the quarter ended March 31, 2019, was approximately
1.0x).
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
-- Sustained deterioration in operating fundamentals or asset
quality (e.g. sustained negative SSNOI results and or corporate
earnings growth);
-- Fitch's expectation of net debt to recurring operating EBITDA
sustaining above 7.5x;
-- Fitch's expectation of REIT fixed-charge coverage sustaining
below 1.5x;
-- Unencumbered asset coverage of unsecured debt below 1.0x;
-- Reduced financial flexibility and or a deteriorating liquidity
profile including reduced financial flexibility stemming from
significant utilization of lines of credit, deterioration in the
secured mortgage market for WPG's mall assets and or difficulties
in refinancing debts.
WHITE STAR: Files for Chapter 11 with Support of Lenders
--------------------------------------------------------
White Star Petroleum, LLC, announced May 28, 2019, that it is
exploring strategic alternatives, including the sale of its
business as a going concern and the restructuring of its balance
sheet in a court-supervised process.
The Company also announced that it has received $28.5 million in
committed "debtor-in-possession" (DIP) financing to bolster
liquidity.
White Star commenced voluntary Chapter 11 cases with the support of
its primary secured creditors. It expects to generate positive
operating income during its Chapter 11 case and to use the proceeds
of the DIP financing to pay the expenses of Chapter 11 and provide
supplemental liquidity.
"White Star is continuing to operate its business during the
strategic process, and with the DIP financing, has sufficient
liquidity to timely pay all employees, vendors and suppliers for
services and products provided during Chapter 11," said Elliot
Chambers, CEO. "We recognize that the uncertainty of the past
months has been difficult for many of our stakeholders but are
pleased to have the support of our RBL lenders and an appropriate
budget established for operations in Chapter 11."
The Company's DIP financing is being provided by certain of its
current syndicate of RBL lenders, with MUFG Union Bank as
administrative agent and collateral agent. The DIP financing is
subject to court approval. White Star also is seeking court
approval of a variety of other motions to ensure the continued
ability to operate in the ordinary course of business during the
Chapter 11 cases as intended.
White Star has selected Guggenheim Securities, LLC, to act as its
investment banker in connection with the Chapter 11 cases,
including to advise White Star in the exploration of these
strategic alternatives.
White Star filed Chapter 11 cases in the U.S. Bankruptcy Court for
the District of Delaware, as previously planned. In the afternoon
of May 24, 2019, without notice to the Company, five vendor
creditors filed another, involuntary Chapter 11 case against the
Company in the United States Bankruptcy Court for the Western
District of Oklahoma. The Company is reviewing the facts
surrounding the involuntary petition and will seek a determination
of the appropriate ultimate venue for its Chapter 11 case promptly
in accordance with applicable law and in consultation with its DIP
lenders and other stakeholders.
About White Star Petroleum
White Star Petroleum, LLC -- http://www.wstr.com/-- is an
independent oil and natural gas company focused on the acquisition,
development, operation and production of unconventional oil and
natural gas properties located in the Mid-Continent region in
Oklahoma. White Star headquartered in Oklahoma City, Oklahoma and
employs 169 people. As of December 2018, White Star owned 315,000
net leasehold acres, primarily in Creek, Dewey, Garfield, Lincoln,
Logan, Noble, and Payne counties of Oklahoma.
White Star Petroleum Holdings, LLC, and four affiliates sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-11179) on
May 28, 2019.
White Star estimated $500 million to $1 billion in assets and $100
million to $500 million in liabilities as of the bankruptcy
filing.
White Star is also being assisted by Alvarez & Marsal North
America, LLC, as financial advisor, and Sullivan & Cromwell LLP and
Morris, Nichols, Arsht & Tunnell LLP as legal advisors. Kurtzman
Carson Consultants LLC is the claims and notice agent.
WHITE STAR: No Allowable Claims for Involuntary Petitioners
-----------------------------------------------------------
White Star Petroleum, LLC, and its debtor-affiliates said in court
filings that they have numerous suppliers and vendors that have not
been paid amounts due to them as a result of the loss of liquidity
by the Debtors.
Certain of these suppliers and vendors have filed liens against the
Debtors and taken other debt collection steps.
Late in the afternoon on Friday, May 24, 2019, five purported
vendor creditors filed an involuntary bankruptcy petition against
WSTR in the United States Bankruptcy Court for the Western District
of Oklahoma. The Debtors had already substantially finished their
preparations for the filing of chapter 11 cases and were not given
advance notice of the involuntary petition.
The Debtors filed voluntary Chapter 11 petitions in the U.S.
Bankruptcy Court for the District of Delaware on May 28, 2019.
The Debtors' counsel, Andrew G. Dietderich of Sullivan & Cromwell
LLP, wrote a letter to Judge Janice Loyd of the Oklahoma Court to
inform the Oklahoma Court of the Debtors' Chapter 11 filing.
According to Mr. Dietderich, White Star has not been formally
served with any summons. White Star is currently reviewing the
circumstances surrounding the involuntary petition and intends to
respond to the petition and summons within the statutorily
prescribed period to answer.
Based on the preliminary review of the business records of the
Debtors over the weekend, the five purported creditors may not have
allowable claims in the Chapter 11 case of White Star. During the
90-day preference period under Sec. 547 of the Bankruptcy Code,
each received substantial payments on account of antecedent debts.
The total amount paid to the involuntary petitioners during the
preference period was $3,745,731, broken down as follows:
* Latshaw Drilling Company LLC: $1,035,610
* Mustang Heavy Haul, LLC: $263,425
* Multi-Shot Directional, LLC: $799,160
* Cactus Drilling Company, LLC: $952,292
* Baker Hughes Oilfield Operations: $695,244
WSTR no longer does business with any of the Involuntary
Petitioners.
About White Star Petroleum
White Star Petroleum, LLC -- http://www.wstr.com/-- is an
independent oil and natural gas company focused on the acquisition,
development, operation and production of unconventional oil and
natural gas properties located in the Mid-Continent region in
Oklahoma. White Star headquartered in Oklahoma City, Oklahoma and
employs 169 people. As of December 2018, White Star owned
approximately 315,000 net leasehold acres, primarily in Creek,
Dewey, Garfield, Lincoln, Logan, Noble, and Payne counties of
Oklahoma.
Five alleged creditors -- namely, Mustang Heavy Haul, LLC, Latshaw
Drilling Company, LLC, MS Directional, LLC, Baker Hughes Oilfield
Operations, LLC, and Cactus Drilling Company, LLC -- filed an
involuntary Chapter 11 petition for White Star Petroleum, LLC, on
May 24, 2019 (Bankr. W.D. Okla. Case No. 19-12145). The Hon.
Janice D. Loyd. Crowe & Dunlevy, led by Mark A. Craige, is counsel
to the Involuntary Petitioners.
White Star Petroleum Holdings, LLC, and four affiliates sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-11179) on
May 28, 2019. White Star estimated $500 million to $1 billion in
assets and $100 million to $500 million in liabilities as of the
bankruptcy filing.
White Star is also being assisted by Alvarez & Marsal North
America, LLC, as financial advisor, and Sullivan & Cromwell LLP and
Morris, Nichols, Arsht & Tunnell LLP as legal advisors. Kurtzman
Carson Consultants LLC is the claims and notice agent.
ZACKY & SONS: $1.9M Sale of Fresno Property to Charlies Approved
----------------------------------------------------------------
Judge Robert N. Kwan of the U.S. Bankruptcy Court for the Central
District of California authorized Zacky & Sons Poultry, LLC's sale
of the real property located at 2020 S. East Avenue, Fresno,
California, APN 468-040-07S, to Charlies Enterprises, Inc., doing
business as OK Produce, for $1.9 million.
A hearing on the Motion was held on May 13, 2019 at 1:30 p.m.
At the Auction conducted by the Debtor on May 7, 2019 at 10:00 a.m.
(PT)), the stalking horse bid submitted by OK Produce, for the
purchase price of $1.9 million, was determined to be the highest or
otherwise best bid for the Fresno Asset.
The sale is free and clear of any and all liens, claims,
Encumbrances, and interests of any kind or nature whatsoever other
than as provided in the APA. Any liens, claims, Encumbrances and
interests against the Fresno Asset will attach to the Debtor's
interest in the proceeds of the sale.
Upon the entry of the Order, the Debtor and its counsel, Levene,
Neale, Bender, Yoo & Brill L.L.P., are authorized and directed to
deliver to an escrow agent selected by OK Produce the Deposit paid
by OK Produce in the sum of $190,000. On the Closing Date, the
Escrow Agent is authorized and directed to pay from the Purchase
Price: (a) any unpaid pre-Closing real property taxes related to or
arising from the Fresno Asset which are payable by the Debtor and
its estate under the terms of the APA, and (b) the 3.25% broker's
commission totaling $61,750 for the sale of the Fresno Asset, which
commission is to be shared equally by the Court-approved broker for
the Debtor, Kennedy Wilson Properties, Ltd., and the broker for OK
Produce, Newmark Grubb Pearson Commercial., with the balance of the
sale proceeds to be distributed.
Notwithstanding anything to the contrary in the APA, all fees and
costs incurred by the Escrow Agent in connection with the sale of
the Fresno Asset and all reasonable attorneys' fees incurred by the
Debtor and Great Rock to review the instructions relating to or
governing the actions of the Escrow Agent in connection with such
sale will be borne exclusively by OK Produce and will not be paid
from the Purchase Price. Nothing in the Escrow Instructions may
supersede the terms of the APA and/or the Order.
The amount of any real property taxes related to or arising from
the Fresno Asset for the Post-Closing Tax Period which have
previously been paid by Great Rock will be refunded by OK Produce
to Great Rock at the Closing.
Notwithstanding the provisions of Bankruptcy Rules 6004(h), the
Order is not stayed and is effective immediately upon entry.
About Zacky and Sons Poultry
Zacky & Sons Poultry, LLC -- http://zackyfarms.com/-- is a grower,
processor, distributor, and wholesaler of poultry products. It
offers turkey and chicken products such as sausages, franks, and
sliced meat.
Zacky & Sons Poultry, LLC, based in City of Industry, CA, filed a
Chapter 11 petition (Bankr. C.D. Cal. Case No. 18-23361) on Nov.
13, 2018. In the petition signed by Lillian Zacky, managing
member, the Debtor estimated $50 million to $100 million in assets
and liabilities.
The Hon. Robert N. Kwan oversees the case.
Ron Bender, Esq., at Levene Neale Bender Yoo & Brill L.L.P., serves
as bankruptcy counsel; GlassRatner Advisory & Capital Group, LLC as
financial advisor; and LKP Global Law, LLP as special employment
and labor counsel.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Steven Marquez, Esq.
Bankr. D. Ariz. Case No. 19-06290
Chapter 11 Petition filed May 22, 2019
represented by: Pernell W. McGuire, Esq.
DAVIS MILES MCGUIRE GARDNER, PLLC
E-mail: pmcguire@davismiles.com
In re Elizabeth Bijou
Bankr. C.D. Cal. Case No. 19-11278
Chapter 11 Petition filed May 22, 2019
represented by: Blake J. Lindemann, Esq.
E-mail: Blake@lawbl.com
In re RonExpress, Inc.
Bankr. M.D. Fla. Case No. 19-04815
Chapter 11 Petition filed May 22, 2019
See http://bankrupt.com/misc/flmb19-04815.pdf
represented by: Buddy D. Ford, Esq.
BUDDY D. FORD, P.A.
E-mail: Buddy@TampaEsq.com
In re James E. Fitzgibbons
Bankr. M.D. Fla. Case No. 19-04823
Chapter 11 Petition filed May 22, 2019
represented by: Timothy W. Gensmer, Esq.
TIMOTHY W GENSMER, PA
E-mail: timgensmer@aol.com
In re Hill & Hill Maintenance & Excavation, Inc.
Bankr. W.D. Mo. Case No. 19-30255
Chapter 11 Petition filed May 22, 2019
See http://bankrupt.com/misc/mowb19-30255.pdf
represented by: David E. Schroeder, Esq.
DAVID SCHROEDER LAW OFFICES, PC
E-mail: bk1@dschroederlaw.com
In re Happy Faces Childcare & Learning Center Inc.
Bankr. D.N.J. Case No. 19-20364
Chapter 11 Petition filed May 22, 2019
Filed Pro Se
In re Michaelle L. Aquino
Bankr. E.D.N.Y. Case No. 19-43136
Chapter 11 Petition filed May 22, 2019
represented by: Michael A. King, Esq.
E-mail: Romeo1860@aol.com
In re Sand Castle South Timeshare Owners Association, Inc.
Bankr. D.S.C. Case No. 19-02764
Chapter 11 Petition filed May 22, 2019
See http://bankrupt.com/misc/scb19-02764.pdf
represented by: Julio E. Mendoza, Jr., Esq.
NEXSEN PRUET, LLC
E-mail: rmendoza@nexsenpruet.com
In re Sugar Land Home Health Agency, Inc.
Bankr. S.D. Tex. Case No. 19-32860
Chapter 11 Petition filed May 23, 2019
See http://bankrupt.com/misc/txsb19-32860.pdf
represented by: Troy J. Wilson, Esq.
WILSON & ASSOCIATES, PLLC
E-mail: tjwlaw777@yahoo.com
In re Enalasys Corporation
Bankr. C.D. Cal. Case No. 19-11987
Chapter 11 Petition filed May 23, 2019
See http://bankrupt.com/misc/cacb19-11987.pdf
represented by: Michael Jones, Esq.
M JONES & ASSOCIATES, PC
E-mail: mike@mjthelawyer.com
mike@MJonesOC.com
In re Ayeeda, LLC
Bankr. C.D. Cal. Case No. 19-12012
Chapter 11 Petition filed May 24, 2019
See http://bankrupt.com/misc/cacb19-12012.pdf
represented by: Andy C. Warshaw, Esq.
FINANCIAL RELIEF LAW CENTER, APC
E-mail: awarshaw@bwlawcenter.com
In re David Christopher Brady
Bankr. C.D. Cal. Case No. 19-16078
Chapter 11 Petition filed May 24, 2019
represented by: Leslie A. Cohen, Esq.
LESLIE COHEN LAW PC
E-mail: leslie@lesliecohenlaw.com
In re 5 Star Pool Plaster, Inc.
Bankr. E.D. Cal. Case No. 19-23296
Chapter 11 Petition filed May 23, 2019
See http://bankrupt.com/misc/caeb19-23296.pdf
represented by: David C. Johnston, Esq.
DAVID C. JOHNSTON
In re Tri-Core Partners USA, LLC
Bankr. S.D. Fla. Case No. 19-16931
Chapter 11 Petition filed May 24, 2019
See http://bankrupt.com/misc/flsb19-16931.pdf
represented by: Craig I. Kelley, Esq.
KELLEY & FULTON, PL
E-mail: craig@kelleylawoffice.com
dana@kelleylawoffice.com
In re Alkhairy Properties LLC
Bankr. N.D. Ind. Case No. 19-10942
Chapter 11 Petition filed May 24, 2019
See http://bankrupt.com/misc/innb19-10942.pdf
represented by: R. David Boyer II, Esq.
BOYER & BOYER
E-mail: db2@boyerlegal.com
arl@boyerlegal.com
In re Roger Lee Harmon
Bankr. D. Neb. Case No. 19-40903
Chapter 11 Petition filed May 24, 2019
represented by: Wayne E. Griffin, Esq.
WAYNE E. GRIFFIN LAW OFFICE
E-mail: wgriffinlaw@hotmail.com
In re Saru Contracting Inc.
Bankr. E.D.N.Y. Case No. 19-73805
Chapter 11 Petition filed May 24, 2019
See http://bankrupt.com/misc/nyeb19-73805.pdf
represented by: Erica T. Yitzhak, Esq.
ERICA T. YITZHAK ESQ. PC
E-mail: erica@etylaw.com
In re The Wine Valley, LLC
Bankr. S.D. W.Va. Case No. 19-20218
Chapter 11 Petition filed May 23, 2019
See http://bankrupt.com/misc/wvsb19-20218.pdf
represented by: Joseph W. Caldwell, Esq.
CALDWELL & RIFFEE
E-mail: joecaldwell@frontier.com &
chuckriffee@frontier.com
In re Alejandro Fabian Scolnik
Bankr. S.D. Fla. Case No. 19-16856
Chapter 11 Petition filed May 23, 2019
represented by: Richard Siegmeister, Esq.
E-mail: rspa111@att.net
In re Nile Developers LLC
Bankr. D. Md. Case No. 19-17000
Chapter 11 Petition filed May 23, 2019
Filed Pro Se
In re The Brewer's Apprentice, Inc
Bankr. D.N.J. Case No. 19-20461
Chapter 11 Petition filed May 23, 2019
See http://bankrupt.com/misc/njb19-20461.pdf
represented by: Allen I. Gorski, Esq.
GORSKI & KNOWLTON PC
E-mail: agorski@gorskiknowlton.com
In re Standard Amusements LLC
Bankr. S.D.N.Y. Case No. 19-23061
Chapter 11 Petition filed May 27, 2019
See http://bankrupt.com/misc/nysb19-23061.pdf
represented by: Daniel L. Cantor, Esq.
John J. Rapisardi, Esq.
Diana Perez, Esq.
Daniel Shamah, Esq.
O'MELVENY & MYERS LLP
E-mail: dcantor@omm.com
jrapisardi@omm.com
dshamah@omm.com
dperez@omm.com
In re Donald Dean Warden, II
Bankr. M.D. Tenn. Case No. 19-03353
Chapter 11 Petition filed May 27, 2019
represented by: LEFKOVITZ AND LEFKOVITZ, PLLC
E-mail: slefkovitz@lefkovitz.com
In re JHS Ventures LLC
Bankr. D. Ariz. Case No. 19-06528
Chapter 11 Petition filed May 28, 2019
See http://bankrupt.com/misc/azb19-06528.pdf
represented by: Donald W. Powell
CARMICHAEL & POWELL, P.C.
E-mail: d.powell@cplawfirm.com
In re CCI Investments LLC
Bankr. E.D. Cal. Case No. 19-90489
Chapter 11 Petition filed May 28, 2019
Filed Pro Se
In re Darren Dwayne Austin and Ganice Morgan Austin
Bankr. N.D. Cal. Case No. 19-41221
Chapter 11 Petition filed May 28, 2019
represented by: Matthew D. Metzger, Esq.
BELVEDERE LEGAL, PC
E-mail: belvederelegalecf@gmail.com
In re Gypsum Reno Development, LLC
Bankr. N.D. Cal. Case No. 19-51066
Chapter 11 Petition filed May 28, 2019
See http://bankrupt.com/misc/canb19-51066.pdf
represented by: Charles B. Greene, Esq.
LAW OFFICES OF CHARLES B. GREENE
E-mail: cbgattyecf@aol.com
cbgreeneatty@gmail.com
In re CA Financial Solutions
Bankr. D. Hawaii Case No. 19-00676
Chapter 11 Petition filed May 28, 2019
Filed Pro Se
In re Mark J. Hinkle and Rebecca L. Hinkle
Bankr. W.D. Ky. Case No. 19-10517
Chapter 11 Petition filed May 28, 2019
represented by: Jamie Lynn Harris, Esq.
Dean A. Langdon, Esq.
DELCOTTO LAW GROUP PLLC
E-mail: jharris@dlgfirm.com
dlangdon@dlgfirm.com
In re Paul Darrel Soucie and Janet Rae Soucie
Bankr. D. Neb. Case No. 19-40913
Chapter 11 Petition filed May 28, 2019
represented by: John C. Hahn, Esq.
WOLFE SNOWDEN HURD AHL SITZMAN
TANNEHILL & HAHN, LLP
E-mail: bankruptcy@wolfesnowden.com
In re Rachel Novoseller
Bankr. D.N.J. Case No. 19-20637
Chapter 11 Petition filed May 28, 2019
represented by: Timothy P. Neumann, Esq.
BROEGE, NEUMANN, FISCHER & SHAVER
E-mail: timothy.neumann25@gmail.com
In re Mark B. Engel
Bankr. D.N.J. Case No. 19-20646
Chapter 11 Petition filed May 28, 2019
represented by: Timothy P. Neumann, Esq.
BROEGE, NEUMANN, FISCHER & SHAVER
E-mail: timothy.neumann25@gmail.com
In re Neil A. Sims and Aino Mastokangas-Sims
Bankr. E.D.N.Y. Case No. 19-73825
Chapter 11 Petition filed May 28, 2019
represented by: Marc A. Pergament, Esq.
WEINBERG GROSS & PERGAMENT LLP
E-mail: mpergament@wgplaw.com
In re 382 IU Willets Corp.
Bankr. E.D.N.Y. Case No. 19-73839
Chapter 11 Petition filed May 28, 2019
Filed Pro Se
In re David Ray Oakes
Bankr. E.D. Tex. Case No. 19-41411
Chapter 11 Petition filed May 28, 2019
represented by: Davor Rukavina, Esq.
MUNSCH HARDT KOPF & HARR, P.C.
E-mail: drukavina@munsch.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
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public debt and equity securities about which we report.
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share in public markets. At first glance, this list may look like
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Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
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Each Friday's edition of the TCR includes a review about a book of
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Monthly Operating Reports are summarized in every Saturday edition
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then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
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*********
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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