/raid1/www/Hosts/bankrupt/TCR_Public/190705.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Friday, July 5, 2019, Vol. 23, No. 185
Headlines
4 HIM FOOD: Case Summary & 20 Largest Unsecured Creditors
ALLIANCE BIOENERGY: Completes Vertimass Technology License Deal
ALLIED CONSOLIDATED: Trustee Selling Remaining Real Property
AMERIGAS PARTNERS: Egan-Jones Withdraws BB Senior Unsecured Ratings
ARRAY CANADA: S&P Alters Outlook to Neg. on Weak Credit Measures
BEAUTIFUL BROWS: Trustee Selling Two Vehicles at Auction
BLACKJEWEL LLC: Mining Operations While in Chapter 11
BUCKEYE PARTNERS: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
BUEHLER INC: Aug. 7 Plan Confirmation Hearing
CAPSON CORP: Case Summary & 25 Largest Unsecured Creditors
CHENIERE ENERGY: Egan-Jones Lowers Senior Unsecured Ratings to BB-
COEUR MINING: Egan-Jones Lowers Senior Unsecured Ratings to B+
COMPRESSION GENERATION: Voluntary Chapter 11 Case Summary
CYPRESS COVE: Fitch Affirms BB+ Rating on $18.8MM 2014 Bonds
DARK HORSE: Case Summary & 3 Unsecured Creditors
DAVID COHEN: Tzurs Buying Valley Village Property for $1.4M
DAVID'S PATIO: Mohave Block Buying Equipment for $94K
DEMPSEY MILLER: $15K Sale of Mount Gilead Property Approved
DENNIS HELLYER: Selling Hog Operation Assets & Homestead for $2.2M
DONALD BORDE: McCoy Trust Buying 349-Acre Columbia Land for $2.5M
DONALD WOODMAN: Selling Elmer Property to Pay Plan Obligations
EDWARD ZAWILLA: Caragans Buying Woodstock Property for $378K
EIF CHANNELVIEW: S&P Alters Outlook to Stable, Affirms 'B+' ICR
EMC BRONXVILLE: Trustee Selling Yonkers Property to Palmer for $12M
EMC BRONXVILLE: Trustee's July 17 Auction of Yonkers Property Set
ENERGY INNOVATION: Chapter 15 Case Summary
EOR HOLDING: Voluntary Chapter 11 Case Summary
EST GROUP: Arrow Enterprise Objects to Disclosure Statement
EST GROUP: Dell Marketing Objects to Disclosure Statement
EXCO RESOURCES: Completes Financial Restructuring, Exits Ch.11
EZ MAILING: Sets Bidding Procedures for Operations Assets
FC GLOBAL: Adds New Section to Gadsden Purchase Agreement
FCH MCKINNEY: Carnegie Buying 36 McKinney Residential Lots for $3M
FLEXI-VAN LEASING: S&P Cuts ICR to CC on Distressed Debt Exchange
FRED'S INC: Egan-Jones Lowers Local Currency Unsec. Rating to CC
GREAT SOUTHERN: Voluntary Chapter 11 Case Summary
HARTFORD, CT: S&P Alters Outlook to Positive, Affirms 'BB+' ICR
HEXION INC: Completes Balance Sheet De-Leveraging, Exits Ch.11
HFOTCO LLC: S&P Alters Outlook to Negative, Affirms 'BB-' ICR
HORNBECK OFFSHORE: Egan-Jones Lowers Senior Unsecured Ratings to C
HUDSON'S BAY CO: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
INNOVA GLOBAL: Receiver Selling Braden's Filtration Assets for $55K
INSTITUTE OF MGMT: Selling Dayton & Hamilton Properties for $1.3M
LLCD LLC: Unsecured Creditors to Get $16,000 Over 24 Months
LONGHORN JUNCTION: Voluntary Chapter 11 Case Summary
MARIZYME INC: Incurs $237K Net Loss in Second Quarter
MARK SIMON: Brother Buying 50% Interest in Sarasota Home for $100K
MILLWASP REALTY: Sets Bid Procedures for Staten Island Properties
MUSIC CITY: Case Summary & 5 Unsecured Creditors
NATIONAL NETWORK: Aug. 22 Plan Confirmation Hearing
PHOEBEN INC: Recovery of Unsecured Creditors Unknown Under Plan
PORCAO LICENCIAMENTOS: Chapter 15 Case Summary
PROFESSIONAL FLOOR: Unsecureds' Recovery Unknown Under Plan
PROMISE HEALTHCARE: Miss Lou & Purchased Interests Sale Consummated
QUOTIENT LIMITED: Adds Automatic Renewal Clause to CEO's Contract
RENAISSANCE PUBLIC SCHOOL: S&P Lowers Revenue Bond Rating to 'BB'
RESURRECTION LIFE: Corrects Plan to Disclose Immaterial Changes
RICKY TUCKER: Kenda Properties Buying Tifton Plant for $1.5 Million
ROBERT MICHELENA: Mission Buying McAllen Tract of Land for $37K
RUMLEY OIL: Case Summary & 4 Unsecured Creditors
SANDS RENTAL: Unsecureds to Get 100% in 60 Monthly Payments
SC WILLIAMS: Voluntary Chapter 11 Case Summary
SEALED AIR: Egan-Jones Lowers Senior Unsecured Ratings to BB
STERICYCLE INC: Egan-Jones Lowers Senior Unsecured Ratings to BB+
SUPERIOR ENERGY: Egan-Jones Lowers Senior Unsecured Ratings to B+
TERADATA CORP: Egan-Jones Lowers Sr. Unsec. Ratings to BB+
THRESHOLD OF A DREAM: $305K Sale of Property to Schramm Okayed
TSC DORSEY RUN: $1.7M Sale of Jessup Parcel 108A to Rosenbaum OK'd
VALLEY ECONOMIC: Case Summary & 20 Largest Unsecured Creditors
WEATHERFORD INT'L: Files Voluntary Chapter 11 Bankruptcy Petition
WEATHERFORD INT'L: Obtains Court Approval to Access DIP Financing
WILLIAM BENKENDORF: Fahy Buying Mine Hill Properties for $685K
WORKDAY INC: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B+
YUMA ENERGY: Signs Letter Agreement with Interim CEO
ZEBRA TECHNOLOGIES: Egan-Jones Hikes Senior Unsec. Ratings to BB
[*] Morin Joins Goodwin's Financial Restructuring Practice
*********
4 HIM FOOD: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: 4 Him Food Group, LLC
dba Cosmos Creations
395 East 1st Avenue
Junction City, OR 97448
Business Description: 4 Him Food Group, LLC --
http://www.cosmoscreations.com--
is a snack food company specializing in
manufacturing, marketing, and distribution
of puffed corn.
Chapter 11 Petition Date: July 2, 2019
Court: United States Bankruptcy Court
District of Oregon (Eugene)
Case No.: 19-62049
Judge: Hon. Thomas M. Renn
Debtor's Counsel: Timothy A. Solomon, Esq.
LEONARD LAW GROUP LLC
1 SW Columbia, Suite 1010
Portland, OR 97258
Tel: 971-634-0194
Fax: 971-634-0250
Email: tsolomon@llg-llc.com
Total Assets: $15,043,017
Total Liabilities: $18,755,626
The petition was signed by John Strasheim, president.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/orb19-62049.pdf
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Graystone Legacy Money Loaned/ $1,660,500
Investments, Inc. Advanced
12822 NE 43rd Circle
Vancouver, WA, 98682
2. CDB Packaging Suppliers or $575,763
2058 N Mills Avenue #246 Vendors
Claremont, CA, 91711
3. Frank and Linda Taylor Monies Loaned/ $412,000
95796 Howard Lane Advanced
Junction City, OR, 97448
4. Columbia Corrugated Box Suppliers or $87,861
12777 SW Tualatin-Sherwood Rd Vendors
Tualatin, OR 97062
5. Batory Foods Suppliers or $80,298
1700 E Higgins Rd, Suite 300 Vendors
Des Plaines, IL 60018
6. Nolan Transportation Group Suppliers or $72,018
PO Box 931184 Vendors
Atlanta, GA 31193
7. J B Hunt Transport Inc. Suppliers or $58,827
PO Box 98545 Vendors
Chicago, IL 60693-8545
8. Bunge North America-Milling Suppliers or $57,600
PO Box 842453 Vendors
Boston, MA 02284
9. Welchs Foods Inc. Suppliers or $50,000
300 Baker Ave, Suite 101 Vendors
Concord, MA, 01742
10. American Express Corporate Suppliers or $46,526
PO Box 650448 Vendors
Dallas, TX 75265-0448
11. Foodarom Suppliers or $46,316
5525 West 1730 South Vendors
Suite 202
Salt Lake City, UT, 84104
12. Glory Bee Foods Suppliers or $44,604
PO Box 35142 #105 Vendors
Seattle, WA, 98124
13. Grain Millers Suppliers or $38,637
1626 S. Joaquin Dr. Vendors
Marion, IN, 46953
14. Personnel Source Services $35,746
555 Lincoln Street
Eugene, OR, 97401
15. Universal Studios Licensing Suppliers or $31,819
10 Universal City Plaza Vendors
Universal City, CA, 91608
16. UPS Freight Suppliers or $31,705
28013 Network Place Vendors
Chicago, IL 60673-1280
17. Bascom Family Farms Suppliers or $31,441
56 Sugarhouse Rd Vendors
Alstead, NH, 03602
18. United Healthcare Services $30,688
5 Centerpointe Dr. Ste 600
Lake Oswego, OR, 97035
19. Peninsula Truck Lines Inc. Suppliers or $27,548
PO Box 74885 Vendors
Los Angeles, CA, 90074
20. C. Cretors and Company Suppliers or $27,413
176 Mittel Drive Vendors
Wood Dale, IL, 60191
ALLIANCE BIOENERGY: Completes Vertimass Technology License Deal
---------------------------------------------------------------
Vertimass completed its first technology license agreement with
Alliance BioEnergy Plus, Inc. in West Palm Beach, Florida, to
produce renewable jet fuel along with Benzene, Toluene,
Ethylbenzene, and Xylenes (BTEX). Vertimass' technology allows
sustainable production of these vital fuels and chemicals from
ethanol with high yields that can dramatically reduce greenhouse
gas emissions compared to sourcing these products from petroleum.
BTEX is a widely used building block from which hundreds of
consumer products ranging from pharmaceuticals to paints and
plastics are made.
Vertimass Ethanol-to-Jet fuel and BTEX technology offers cellulosic
ethanol producers the flexibility to diversify their product slate
and market renewable fuels and chemicals that have low carbon
footprints. In addition to improving competitiveness, jet fuel and
BTEX from ethanol can accelerate the transition to renewable fuels
and chemicals and improve rural economies.
"It is great to secure our first licensee in the US to deploy our
technology on cellulosic ethanol from locally grown biomass and
cellulosic waste material," said Dr. John Hannon, Chief Operating
Officer of Vertimass. "Combining the CTS technology to produce
cellulosic ethanol and our technology to transform that ethanol
into jet fuel and chemicals will have significant impacts in moving
forward towards carbon reduction."
"The simplicity of the Vertimass technology results in low capital
and operating costs and the ability to rapidly implement this
bolt-on," Vertimass President and CEO Dr. Charles Wyman noted. "In
addition, its potential to eliminate rectification and dehydration
operations for fuel ethanol purification from fermentation broths
can result in a hydrocarbon fuel unit energy cost that is about the
same as for fuel grade ethanol."
CEO of Alliance Ben Slager says: "I am very excited to develop
this product line together with Vertimass. It creates great carbon
reduction in significant fuel markets, and it does that at a
competitive cost. I see this as a significant mutual development
and an extension of product ranges and markets for both our
companies."
About Vertimass LLC
Vertimass LLC -- http://www.vertimass.com/-- is based in Irvine,
Calif. The mission of Vertimass LLC is to develop and widely
license breakthrough technologies that substantially expand
production of sustainable transportation fuels and chemicals that
reduce greenhouse gas emissions and improve energy security and
domestic economies. Commercialization of proprietary Vertimass
technology can overcome the blend wall that currently impedes
expansion of ethanol production from multiple sources of biomass
and open up large new markets for aircraft and heavy duty vehicle
fuels and for chemicals not currently amenable to ethanol.
About Alliance BioEnergy Plus
West Palm Beach, Florida-based Alliance BioEnergy Plus, Inc. --
http://www.alliancebioe.com/-- is a publicly-traded technology
company focused on emerging technologies in the renewable energy,
biofuels, and new technologies sectors. The company is now focused
on the development and commercialization of the licensed technology
it controls through its affiliate Carbolosic, LLC. Through its
wholly-owned subsidiary, AMG Energy, the company owns Ek
Laboratories, Inc. and a 50% interest in Carbolosic (which includes
certain licensing rights in North America and Africa).
Alliance BioEnergy Plus sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-23071) on Oct. 22,
2018. In the petition signed by CEO Benjamin Slager, the Debtor
estimated assets of $1 million to $10 million and liabilities of $1
million to $10 million. Judge Erik P. Kimball oversees the case.
The Debtor tapped Mancuso Law, P.A. as its legal counsel, and the
Law Offices of Robert Diener as its special counsel.
No official committee of unsecured creditors has been appointed in
the Debtor's case.
ALLIED CONSOLIDATED: Trustee Selling Remaining Real Property
------------------------------------------------------------
Inglewood Associates, LLC, the Trustee of the Creditor Trust, asks
the U.S. Bankruptcy Court for the Northern District of Ohio to
authorize (i) it to sell substantially all real property owned by
Allied Consolidated Industries, Inc. and its subsidiaries including
the non-debtor subsidiary Allied Industrial Development Corp., Inc.
which are more particularly described in Exhibit A, by public
auction, with published reserve prices; and (ii) to employ Hanna
Commercial and Chartwell Real Estate Auctions to conduct said
auction pursuant to the authority granted him by the Second Amended
Joint Plan of Reorganization confirmed by prior order of the Court
and the Creditor Trust Agreement.
Certain property was transferred to the Creditor Trust on the
effective date and included within such property was property
identified in Exhibit A, and which included property of the
non-debtor Allied Industrial.
Pursuant to Section 8.3(d) and Section 8.5 of the Plan and Section
6.1(d) and Section 6.3 of the Creditor Trust Agreement, the Trustee
has determined that an auction sale of substantially all of the
remaining real property owned by the Debtor, Allied Consolidated
and its subsidiaries including Allied Industrial, is appropriate in
the exercise of his reasonable business judgment and in order to
comply with the provisions of the Plan and the Creditor Trust
Agreement.
Such property has been available for public sale for an extended
period of time including all of the time period since the Trustee's
appointment and that despite certain inquiries, no sale has been
effectuated as to these properties and an auction sale is now
indicated in order to conform to the intent of the plan.
Such property will be sold free and clear of liens, claims or other
interests of creditors including U.S. Steel with all respective
interests transferred to the proceeds of sale for distribution
under the plan.
The trustee intends to employ Hanna Commercial and Chartwell Real
Estate Auctions to conduct such auction. Said auction is intended
to be a live auction with published reserves as set forth in the
proposed contract with Hanna Commercial/Chartwell Real Estate
Auctions, to begin on July 23, 2019 and at a time determined by the
auctioneer after a satisfactory advertising of said sale with said
sale to be conducted at 2100 Poland Avenue, Youngstown, OH.
The Trustee asks approval from the Court of the proposed
disposition of these assets pursuant to his authority provided in
the confirmed Plan and the Creditor Trust Agreement.
The Trustee believes that the sale is a material transaction as
such transaction is defined in the Plan and the Creditor Trust
Agreement requiring Court approval of the proposed disposition.
The proceeds of the sale will be paid out pursuant to the terms of
the Confirmed Plan of Reorganization. The proceeds of sale may
exceed the amounts necessary to pay all claims provided for under
the Plan and as a consequence the appropriate disposition of the
excess balance of the funds is uncertain but would include equity
security holders and potentially
others.
Further, the Creditor Trustee asks permission to continue further
sales at the auction even when sufficient bids have been given to
apparently satisfy all claims under the Plan and to use his
reasonable business judgment when to discontinue auction sale.
A copy of the Auction and Listing Agreement and Exhibit A attached
to the Motion is available for free at:
http://bankrupt.com/misc/Allied_Consolidated_666_Sales.pdf
About Allied Consolidated Industries
Co-founded on March 7, 1973, by current president, John R. Ramun,
and his father, Michael Ramun, Allied Erecting and Dismantling,
Inc., provided industrial dismantling of decommissioned industrial
facilities. In 1985, Allied Industrial Scrap, Inc., Allied
Industrial Equipment, Inc., Allied Industrial Development
Corporation, and Allied Industrial Contracting, Inc., came into
being. The Allied companies' complex at 1999 Poland venue,
Youngstown, Ohio includes a 25,000 square foot office building and
a new 218,000 square foot machine shop, office, and training
facility.
Allied Consolidated Industries, Inc., is the parent company.
President John R. Ramun is a 75% shareholder and his brother,
Michael D. Ramun, is a 25% shareholder.
Allied Consolidated Industries, Allied Erecting and Dismantling,
Allied Gator, Inc., and Allied Industrial Scrap sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Lead Case
No. 16-40675) on April 13, 2016. The petitions were signed by
John
R. Ramun, president.
The Court approved the retention of Suhar & Macejko, LLC, as
counsel for the Debtors on May 12, 2016. The Court entered an
agreed order approving the retention of Inglewood Associates, LLC,
as turnaround managers on May 13, 2016. The Court approved the
retention of Eckert Seamans Cherin & Mellott, LLC, as special
counsel on July 18, 2016.
The Debtors have sought approval to employ Landmark Real Estate
Services, LLC, as the non-exclusive real estate broker in
connection with the listing for sale of 240 acres of properties for
a listing period through June 30, 2017.
On May 16, 2016, the United States Trustee filed a notice of
appointment of an Official Committee of Unsecured Creditors. On
June 30, 2016, the bankruptcy court granted the committee's
application to retain counsel.
On July 11, 2016, the bankruptcy court entered an order granting
substantive consolidation of the estates of the debtor companies.
On June 19, 2017, the Court confirmed the Debtor's Second Amended
Joint Plan of Reorganization. Thereafter the Creditor Trust was
created in accordance with Article 8 of the Plan and the Trust
Agreement. John Lane was appointed as Trustee.
The estates of each of the Debtors were substantively consolidated
into the estate of Allied Consolidated Industries, Case No.
16-40675.
AMERIGAS PARTNERS: Egan-Jones Withdraws BB Senior Unsecured Ratings
-------------------------------------------------------------------
Egan-Jones Ratings Company withdrew its 'BB' foreign currency and
local currency senior unsecured ratings on debt issued by AmeriGas
Partners LP on June 26, 2019.
Headquartered in Pennsylvania, AmeriGas Partners, L.P. is a
publicly traded master limited partnership (NYSE: APU). The Company
is the nation's largest retail propane marketer, serving
approximately 1.8 million customers in all 50 states from
approximately 1,900 distribution locations.
ARRAY CANADA: S&P Alters Outlook to Neg. on Weak Credit Measures
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Array Canada Inc. to
negative from stable. At the same time, S&P Global Ratings affirmed
its 'B' long-term issuer credit and secured debt ratings on the
company.
The outlook revision reflects S&P's view that Array's credit
measures might remain weak in the next 12 months, lower than its
previous forecasts.
The company's EBITDA is pressured because of higher costs,
including freight, and weakness in refurbishment revenues. Array
had significantly higher costs related to salaries, real estate,
project management and one-time inventory adjustments in the fourth
quarter of 2018. As a result, the company exited 2018 with about 7x
debt to EBITDA on S&P Global Ratings' adjusted basis (pro forma the
full-year impact of the Willson & Brown acquisition) and about 1.7x
interest coverage.
S&P said, "The negative outlook reflects our expectation that,
despite management's steps to reduce costs and improve revenues,
there is increased risk that the company's debt-to-EBITDA will
approach 7x, which we consider weak for the ratings, over the next
12 months.
"We could lower our ratings if Array's leverage weakens to 7x
beyond 2019. This situation could arise if EBITDA margins
deteriorated due to lower demand or operational issues resulting to
elevated costs.
"We could revise the outlook to stable if Array is able to execute
its revenue and EBITDA growth strategies such that EBITDA margins
improves to historical levels of 24%-25% and leverage declines to
6.0x area."
BEAUTIFUL BROWS: Trustee Selling Two Vehicles at Auction
--------------------------------------------------------
S. Gregory Hays, the Chapter 11 Trustee of Beautiful Brows, LLC,
filed with the U.S. Bankruptcy Court for the Northern District of
Georgia a notice of the proposed sale of the following two vehicles
at auction: (i) 2014 Acura MDX sport utility vehicle, VIN
5FRYD3H46EB0002522, and (ii) Mercedes-Benz GL Class sport utility
vehicle, VIN 4JGDF2EE6DA245882.
A hearing on the Motion is set for July 18, 2019 at 11:00 a.m.
Objections, if any, must be filed within 21 days from the date of
service of the Notice.
Prior to the Petition Date, the Debtor owned the Vehicles which
were primarily driven by its principals. Platinum Federal Credit
Union ("PFCU") had claimed a security interest in the Vehicles,
however Trustee maintains that this security interest is avoidable,
and after several discussions with PFCU's counsel, PFCU has
consented to the Trustee's selling the Vehicles.
Bullseye Auction & Appraisal, LLC, the Debtor's bankruptcy estate
auctioneer is prepared to auction the Vehicles.
By the Motion, the Trustee asks the Court's authorization and
approval to sell the Vehicles through auction "as is, where is,"
"with all faults" and without representation or warranty, express
or implied.
He moves for authority to have all gross sale proceeds paid to him
at closing, and asks authorization to pay Auctioneer a 10%
commission on the gross sales price of the Vehicles as well as
authorization for Auctioneer to receive a 10% percent buyer's
premium from each individual buyer. He also asks authorization to
pay Auctioneer $500 as reimbursement for auction expenses. A
separate motion will be filed to obtain Court approval to make any
further disbursements of sale proceeds.
Based on the urgency of closing the proposed sale, the parties ask
that the Court's order on the matter provides that Interim
Bankruptcy Rule 6004(h) not apply and that the order not be stayed.
About Beautiful Brows
Beautiful Brows LLC, based in Tucker, Georgia, primarily operates
in the skin care business within the personal services industry.
Beautiful Brows, filed a Chapter 11 petition (Bankr. N.D. Ga. Case
No. 18-66766) on Oct. 3, 2018. In the petition signed by Saleema
Delawalla (f/k/a Fnu Saleema), member, the Debtor estimated
$100,000 to $500,000 in assets and $1 million to $10 million in
liabilities. Jason L. Pettie, Esq., at Jason L. Pettie, P.C.,
serves as bankruptcy counsel.
The case is assigned to Judge Jeffery W. Cavender.
S. Gregory Hays was appointed as the Debtor's Chapter 11 trustee.
The Trustee tapped Hays Financial Consulting, LLC as his
accountant; and Bullseye Auction & Appraisal, LLC, for the
marketing and sale of the Debtor's personal properties.
BLACKJEWEL LLC: Mining Operations While in Chapter 11
-----------------------------------------------------
Blackjewel, L.L.C., disclosed that, to facilitate a financial
restructuring of the company's obligations, Blackjewel (and certain
affiliated entities) on July 1, 2019, filed voluntary petitions for
reorganization under Chapter 11 of the Bankruptcy Code in the
United States Bankruptcy Court for the Southern District of West
Virginia. Blackjewel expects its mining operations and customer
shipments to continue in the ordinary course throughout the
court-supervised process.
"[Mon]day's announcement represents another significant step in our
continued efforts to position the company for long-term success,"
said Jeff Hoops, Blackjewel's founder and CEO. "After carefully
evaluating our options, we determined that the best way to solidify
our financial position and strengthen our balance sheet was to
proceed with a comprehensive financial restructuring under court
protection. We are confident that this restructuring will solidify
Blackjewel's position as a significant participant in the US coal
market."
"Through the hard work and commitment of our employees, we have
implemented various proactive measures over the past several years
to adapt to the unprecedented challenges in the coal markets and
shifts in the regulatory landscape," Hoops continued. "Thanks to
these efforts, Blackjewel will continue as a significant player in
the U.S. coal industry for the foreseeable future. Although
Blackjewel was able to adequately manage its liquidity and continue
its operations for several years while scores of its competitors
filed for bankruptcy, it very recently lost the support of its
senior secured lender. This impacted short-term liquidity which
necessitated today's actions. Having carefully reviewed the
options available, we determined that this court-supervised process
is the best way to strengthen our financial foundation and position
Blackjewel to remain a trusted partner to our vendors and
customers. This action also means Blackjewel will continue to:
provide high quality jobs to thousands of valued employees; remain
a strong contributor to our local communities; and, provide
products to the critical US energy market."
Hoops added "the Company has arranged post-petition financing which
is subject to court approval. Accordingly, no assurance can be
given that a reorganization under Chapter 11 will be successful.
If approved, the new DIP financing and cash generated from
Blackjewel's ongoing operations is expected to provide the
liquidity necessary to support the business during the
reorganization process and allow the company to continue operations
and customer shipments in an uninterrupted manner during the
court-supervised process."
Blackjewel Coal has filed various motions with the Bankruptcy Court
supporting its reorganization, including requesting authorization
to continue paying employee wages and providing health care and
other benefits. The company intends to pay suppliers in full for
goods and services provided after the filing date of July 1, 2019.
Additional information is available on the website administered by
Blackjewel's claims agent, Prime Clerk, at
https://cases.primeclerk.com/Blackjewel. This website also
includes court filings and other documents related to the
reorganization.
Squire Patton Boggs is serving as legal advisor to Blackjewel, FTI
Consulting has been retained as Chief Restructuring Officer and
financial advisor and Jefferies LLC is serving as the company's
investment banker.
About Blackjewel L.L.C.
Blackjewel L.L.C.'s core business is mining and processing
metallurgical, thermal and other specialty and industrial coals.
Blackjewel operates 32 properties, including surface and
underground coal mines, preparation or wash plants, and loadouts or
tipples. Combined, Blackjewel and its affiliates hold more than
500 mining permits. Operations are located in the Central
Appalachian Basin in Virginia, Kentucky and West Virginia and the
Powder River Basin in Wyoming.
Blackjewel L.L.C. and four affiliates filed voluntary petitions
seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
W.Va. Lead Case No. 19-30289) on July 1, 2019.
Blackjewel estimated $100 million to $500 million in asset and $500
million to $1 billion in liabilities as of the bankruptcy filing.
The Hon. Frank W. Volk is the case judge.
The Debtors tapped SQUIRE PATTON BOGGS (US) LLP as primary
bankruptcy and restructuring counsel; SUPPLE LAW OFFICE, PLLC as
local bankruptcy and restructuring counsel; FTI CONSULTING, INC. as
financial advisor; and JEFFERIES LLC as investment banker. Prime
Clerk LLC is the claims agent.
BUCKEYE PARTNERS: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
----------------------------------------------------------------
Egan-Jones Ratings Company, on June 27, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Buckeye Partners LP to BB+ from BBB-.
Buckeye Partners, L.P. was founded in 1886 and is based in Houston,
Texas. The Company owns and operates liquid petroleum products
pipelines in the United States and internationally.
BUEHLER INC: Aug. 7 Plan Confirmation Hearing
---------------------------------------------
The disclosure statement explaining the Chapter 11 Plan of Buehler,
Inc., is approved.
A hearing to consider confirmation of the plan and any objection or
modification to the plan will be held on August 7, 2019, at 09:30
AM EDT, in Rm. 103 Federal Building 121 W. Spring St. New Albany,
IN 47150.
Any objection to the confirmation of the plan must be filed and
served on or before August 2, 2019.
No later than July 30, 2019 the plan proponent must tabulate the
ballots.
About Buehler Inc.
Based in Jasper, Indiana, Buehler, Inc., et al., operate a chain of
15 grocery stores located in Indiana, Kentucky and Illinois.
Buehler, Inc., and affiliates sought Chapter 11 protection (Bankr.
S.D. Ind. Lead Case No. 18-71145) on Oct. 17, 2018. In the
petition signed by CEO David Buehler, debtor Buehler, Inc.,
estimated $500,000 to $1 million in assets and $1 million to $10
million in liabilities. Buehler, LLC, estimated $1 million to $10
million in assets and $1 million to $10 million in liabilities.
The Hon. Basil H. Lorch III oversees the case.
James R. Irving, Esq., at Bingham Greenebaum Doll LLP, serves as
bankruptcy counsel.
CAPSON CORP: Case Summary & 25 Largest Unsecured Creditors
----------------------------------------------------------
Three affiliates that simultaneously filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Capson Corp. 19-10890
P.O. Box 161447
Austin, TX 78716
Capson Physicians Insurance Agency, Inc. 19-10893
dba Capson Agency
P.O. Box 161447
Austin, TX 78716
Capson Healthcare Services, Inc. 19-10894
P.O. Box 161447
Austin, TX 78716
Business Description: Headquartered in Austin, Texas, Capson Corp.
and its subsidiaries sell medical practice
insurance policies.
Chapter 11 Petition Date: July 3, 2019
Court: United States Bankruptcy Court
Western District of Texas (Austin)
Judge: Hon. Christopher H. Mott
Debtors' Counsel: Morris D. Weiss, Esq.
WALLER LANSDEN DORTCH & DAVIS, LLP
100 Congress Ave Suite 1800
Austin, TX 78701-4042
Tel: 512-685-6400
Fax: 512-685-6417
Email: morris.weiss@wallerlaw.com
Capson Corp.'s
Estimated Assets: $10 million to $50 million
Capson Corp.'s
Estimated Liabilities: $1 million to $10 million
Capson Physicians's
Estimated Assets: $0 to $50,000
Capson Physicians'
Estimated Liabilities: $0 to $50,000
Capson Healthcare's
Estimated Assets: $0 to $50,000
Capson Healthcare's
Estimated Liabilities: $1 million to $10 million
The petitions were signed by Matthew Downs, president.
List of Capson Corp.'s 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Capson Physicians Intercompany $1,851,702
Insurance Company Payable
2901 Via Fortuna, Suite 510
Austin, TX 78746
Cantilo & Bennett, L.L.P,
Special Deputy Receiver
Attn: Joseph West
11401 Century Oaks
Terrace, Suite 300
Austin, TX 78758
2. Dwyer Murphy Professional $2,018
Calvert LLP Services
1301 West 25th Rendered
Street, Suite 560
Austin, TX 78705
3. A. Craig Eiland Contract Unknown
1220 Colorado
Street, Suite 300
Austin, TX 78701
4. Amazon Web Servicing Trade Debt Unknown
1200 12th Avenue
S., Suite 1200
Seattle, WA 98112-3533
5. Aspen HIC, LP Contract Unknown
2509 Tarryhill Place
Austin, TX 78703
6. Buddy Patten Contract Unknown
210 Lavaca Street #3406
Austin, TX 78701
7. Capson Finance 2018 Contract Unknown
4407 Bee Cave
Road, Suite 421
Austin, TX 78746
8. Carlos Mauricio Padilla Contract Unknown
2503 Zennor Court
Cedar Park, TX 78613
9. Copier Depot Trade Debt Unknown
12307 Roxie Drive, #105
Austin, TX 78729
10. Dan Jensen Contract Unknown
2201 S. Lakeline
Blvd. #2307
Cedar Park, TX 78613
11. David A. Nelson Contract Unknown
8004 Danforth Cove
Austin, TX 78746
12. DBMK Partners Ltd. Contract Unknown
c/o Interlilne Vacations
12708 Riata Vista
Circle, Suite A125
Austin, TX 78727
13. Echo Ridge Partners Trade Debt Unknown
P.O. Box 44753
Madison, WI 53744
14. Estate of Maury Magids Contract Unknown
3627 Stoneridge Road #3
Austin, TX 78747
15. Jay Staub Contract Unknown
7006 N. Janmar Drive
Dallas, TX 75230
16. Ketterman & Contract Unknown
Ketterman Holdings
701 Brazos Street, Suite 701
Austin, TX 78701
17. Lynn Staub Contract Unknown
7006 N. Janmar Drive
Dallas, TX 75230
18. Matthew Ohayer Contract Unknown
2309 South 4th Street
Austin, TX 78704
19. Milliman Professional Unknown
500 Dallas Street, Suite 2550 Services
Houston, TX 77002 Rendered
20. MyITpros Trade Debt Unknown
8309 Cross Park Dr.
Austin, TX 78754
21. Rackspace Trade Debt Unknown
1 Fanatical PLace
City of of Windcrest
San Antonio, TX 78218
22. Spectrum Trade Debt Unknown
60 Columbus Circle
New York, NY 10023
23. Thompson Coe, Professional Unknown
Cousins & Irons, LLP Services
701 Brazos, Suite 1500 Rendered
Attn: Jay Thompson
Austin, TX 78701
24. TR Terrace LP Sublease Unknown
5950 Sherry Ln., Ste. 700
Dallas, TX 75225
25. Walter Robb 2015 Contract Unknown
Family Trust
1410 El Centro Avenue Napa, CA
94558-1945
A full-text copy of Capson Corp's petition is available for free
at:
http://bankrupt.com/misc/txwb19-10890.pdf
Capson Physicians lists Granite State Insurance Company as its sole
unsecured creditor. A full-text copy of the petition is available
for free at:
http://bankrupt.com/misc/txwb19-10893.pdf
Capson Healthcare lists Capson Physicians Insurance Company as its
sole unsecured creditor holding a claim of $1,655,336. A full-text
copy of the petition is available for free at:
http://bankrupt.com/misc/txwb19-10894.pdf
CHENIERE ENERGY: Egan-Jones Lowers Senior Unsecured Ratings to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company, on June 26, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cheniere Energy Incorporated to BB- from BB.
Cheniere Energy, Inc. is a liquefied natural gas company
headquartered in Houston, Texas. In February 2016 it became the
first US Company to export liquefied natural gas. As of 2018, it is
a Fortune 500 company.
COEUR MINING: Egan-Jones Lowers Senior Unsecured Ratings to B+
--------------------------------------------------------------
Egan-Jones Ratings Company, on June 26, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Coeur Mining Incorporated to B+ from BB-.
Coeur Mining, Incorporated is a precious metal mining company
listed on the New York Stock exchange. It operates five mines
located in North America. Coeur employs 2,200 people and in 2012,
it was the world's 9th largest silver producer.
COMPRESSION GENERATION: Voluntary Chapter 11 Case Summary
---------------------------------------------------------
Debtor: Compression Generation Services, LLC
14440 Smith Road
Humble, TX 77396
Business Description: Compression Generation Services, LLC is a
privately held company in the power
generation and gas compression industry.
Chapter 11 Petition Date: July 3, 2019
Court: United States Bankruptcy Court
Southern District of Texas (Houston)
Case No.: 19-33804
Judge: Hon. Jeffrey P. Norman
Debtor's Counsel: Jessica Lee Hoff, Esq.
HOFF LAW OFFICES, P.C.
1322 Space Park Dr., B128
Houston, TX 77058
Tel: 832-975-0366
Email: jhoff@hofflawoffices.com
Total Assets: $0
Total Debts: $24,010,585
The petition was signed by John Peter Pauk, president.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/txsb19-33804.pdf
CYPRESS COVE: Fitch Affirms BB+ Rating on $18.8MM 2014 Bonds
------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' rating on the following bonds
issued by Lee County Florida Industrial Development Authority on
behalf of Cypress Cove at HealthPark Florida, Inc.:
-- $18.8 million, series 2014;
-- $61.9 million, series 2012.
The Rating Outlook is Stable.
SECURITY
The bonds are secured by a pledge of gross revenues, an assignment
of the obligor's interest in a ground lease on land on which the
community is located, and the debt service reserve fund.
KEY RATING DRIVERS
MODERATING BUT HIGH LONG-TERM LIABILITY PROFILE: Maximum annual
debt service (MADS) as a percentage of revenues and debt-to-net
available of 16.8% and 6.6x for fiscal year 2018 (Sept 30 year-end)
were on par with or better than Fitch's below investment grade
(BIG) medians of 16.5% and 9.8x, respectively. Cypress Cove paid
off $7.5 million of temporary debt used to finance construction of
new villa units with initial entrance fees receipts in August 2018.
The debt position increases to higher levels when it is adjusted
for Cypress Cove's long-term ground lease.
SOLID OPERATING PROFILE: Cypress Cove's occupancy has remained
solid through recent project development activities. Independent
living unit (ILU) occupancy totaled 91% as of March 31, 2019.
Cypress Cove has a track record of managing to expectations as
indicated by strong skilled nursing facility (SNF), memory care
(MC) and assisted living unit (ALU) occupancy, totaling 95%, 98%,
and 90%, respectively, as of March 31, 2019.
IMPROVING FINANICAL PROFILE: Cypress Cove generated a solid $11.4
million in net turnover entrance fee receipts in fiscal 2018 and
$5.1 million through March 31, 2019 (six-month interim period).
Unrestricted cash and investments totaled $30.9 million at March
31, 2019, equating to 309 days cash on hand, 35.5% cash-to-debt,
and 4.6x cushion ratio. All were generally in-line with Fitch's
respective BIG medians of 292 DCOH, 32.1%, and 4.5x.
ASYMMETRIC RISK FACTORS: No asymmetric risk factors were applied in
the rating determination.
RATING SENSITIVITIES
Financial Profile: Fitch's rating assumes that Cypress Cove's
operating and financial profile, which is characterized by solid
occupancy and improved liquidity, remains stable. The rating could
come under pressure if core operations or cash flows deteriorate
materially, resulting in weakening of coverage or a declining
liquidity position. Upward rating movement is not likely over the
current Outlook period given Cypress Cove's high long-term
liability profile.
CREDIT PROFILE
Cypress Cove is a type-A life plan community located in Fort Myers,
FL. The community consists of 333 ILU apartments, 44 ILU villas, 44
ALU apartments, 44 memory care apartments, and a 64-bed SNF.
Cypress Cove opened in 1999 and is situated on a 48-acre parcel of
land that is part of 402-acre master development called HealthPark
Florida, which also features the HealthPark Medical Center (a
368-bed acute care hospital), part of Lee Memorial Health System.
Cypress Cove offers fully-amortizing, 75% refundable, and 100%
refundable entrance fee plans, with a majority of residents
selecting fully-amortizing plans. In fiscal 2018, Cypress Cove
generated total revenues of $39.2 million.
Lee Healthcare Resources is the sole corporate member of Cypress
Cove. LHR is a support organization for both Cypress Cove and LMHS,
a four-hospital health system located in Lee County, FL. While
Cypress Cove is not part of LMHS, the two organizations mutually
benefit from their close working relationship. Cypress Cove is
located on land owned by LHR for which it pays an annual ground
lease payment, of approximately $1 million, which is subordinate to
debt service payments.
Cypress Cove operates in a competitive service territory and is
located within seven miles of Shell Point Retirement Communities, a
large and well-regarded LPC. Shell Point represents Cypress Cove's
largest competitor but does not offer a distinct memory care
facility.
LONG-TERM LIABILITY PROFILE
Cypress Cove's debt consists of its fixed rate series 2012 and 2014
bonds and bank loan ($7.5 million ALU/SNF renovation bank loan).
Cypress Cove paid off $7.5 million in temporary bank debt with
initial entrance fees used for financing construction of its 14
villa ILU project in August 2018. Cypress Cove does not have
exposure to derivative instruments or swaps.
MADS of $6.7 million represents 16.8% of fiscal 2018 revenues,
slightly weaker than Fitch's 'BIG' median of 16.5%. Pursuant to its
master trust indenture (MTI), Cypress Cove calculated its fiscal
2018 coverage using a MADS of $5.9 million. According to Fitch's
standard coverage calculation, Cypress Cove's MADS debt service
coverage was 2x in fiscal 2018. Cypress Cove's MTI-based MADS
coverage is 2.5x through the same period. The annual ground lease
expense is added back to net available for debt service under the
MTI, as ground lease payments are subordinate to debt service on
the bonds. Ground lease payments were deferred when Cypress Cove
was facing occupancy challenges and in a weaker financial position.
The deferred ground lease liability was $5.5 million at March 31,
2019, but excluded from Fitch's debt calculations and ratios at
this time. The ground lease cannot be terminated as long as Cypress
Cove's debt is outstanding. Adding the deferred ground lease
liability and capitalized long-term ground lease to the debt
position increases Cypress Cove's long-term liability profile.
Potential capital plans in the future may include construction of
additional hybrid apartments/villas on nearby land owned by LHR.
However, these plans are preliminary, and Fitch did not factor in
any additional projects or debt into its current rating or Outlook.
Fitch will evaluate the potential as more details are made
available or plans are finalized.
Financial Profile
Cypress Cove's fiscal 2018 operating ratio of 112.5% and 2.0% net
operating margin (NOM) compare unfavorably to Fitch's BIG category
medians of 101.6% and 5.1x, respectively. The operating ratio and
NOM reflect the cost impact associated with Cypress Cove's fully
amortizing type A lifecare contracts, higher expenses related to
improving occupancy of the ILUs and ground lease expenses.
Cypress Cove has maintained a strong NOM-adjusted ratio as a result
of consistently solid net entrance fee receipts. NOM-adjusted
totaled 28.6% in fiscal 2018, which was better than Fitch's BIG
category median of 19.8%. Over the last five fiscal years
NOM-adjusted has averaged 28.5%.
Cypress Cove's unrestricted cash and investments totaled $30.9
million at March 31, 2019, improving from $23.6 million at
September 2017. As a result, liquidity metrics are in-line with
Fitch's BIG medians. Liquidity growth was largely driven by solid
cash-flow from net-entrance fee receipts and lower capital spending
after several years of elevated spending. However, Cypress Cove
still maintains a high debt burden and will continue making
payments on the deferred ground lease to reduce the liability which
will limit liquidity growth.
Operating Profile
Solid net entrance fee receipts over the past several fiscal years
mirror strong ILU demand and a healthy real estate market. Cypress
Cove generated $11.4 million in net turnover entrance fee receipts
in fiscal 2018 and $5.1 million during the first six months of
fiscal 2019. ILU occupancy averaged 91% through the six-month
interim period. Cypress Cove maintains an active waiting list,
which currently consists of 94 prospective residents that should
help the community retain strong occupancy over the medium term.
Occupancy remained solid for ALU and MC units totaling 95% and 98%,
respectively, through the six-month interim, which is consistent
with historical trends. SNF occupancy averaged a strong 92% over
fiscal 2014 through 2017, with somewhat lower occupancy of 86%
during 2018, reflecting the SNF renovation as units were taken out
of service on a staggered basis. However, occupancy totaled 90%
during the six-month interim period ending March 31, 2019. Medicare
represents about 35% of net SNF revenues which is relatively high
for a LPC. Medicare revenues are subject to volatility with bundled
payment programs and the emerging patient-driven payment model as
of Oct. 1, 2019; however, Fitch believes this concern is somewhat
mitigated by Cypress Cove's affiliation with LMHS.
DARK HORSE: Case Summary & 3 Unsecured Creditors
------------------------------------------------
Debtor: Dark Horse & Associates, Inc.
110 Roosevelt Ave
Mount Gilead, NC 27306
Business Description: Dark Horse & Associates is engaged in
renting and leasing real estate properties.
Chapter 11 Petition Date: July 2, 2019
Court: United States Bankruptcy Court
Eastern District of North Carolina
Raleigh Division
Case No.: 19-03039
Judge: Hon. David M. Warren
Debtor's Counsel: J.M. Cook, Esq.
J.M. COOK, P.A.
5886 Faringdon Place, Suite 100
Raleigh, NC 27609
Tel: 919 675-2411
E-mail: J.M.Cook@jmcookesq.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Mystery Willis, president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's three unsecured creditors is available for
free at:
http://bankrupt.com/misc/nceb19-03039.pdf
DAVID COHEN: Tzurs Buying Valley Village Property for $1.4M
-----------------------------------------------------------
David Cohen and Debra Cohen ask the U.S. Bankruptcy Court for the
Central District of California to authorize the sale of the real
proeprty located at 12519 Miranda Street, Valley Village,
California to Eitan Tzur and Keran Tzur for $1,356,000, subject to
overbid.
The Debtors own a cleaning service for professional builders and
high-end homes. Their primary income is their cleaning business.
The principal assets of the case are the business itself and the
residence of the Debtors, the Property.
The principal liabilities are a tax debt to the Internal Revenue
Service in the amount of about $70,000, and general unsecured
claims arising out of a workers' compensation insurance audit, a
debt to a relative arising out of repairs to the family home and
the mortgage debt against the family home.
The Debtors' Plan calls for the sale of the Property and the use of
the proceeds to pay and/or satisfy all of the claims of their
creditors. Their Plan provides for the payment and satisfaction of
all the unsecured creditors based on the expected proceeds from the
sale of the Property.
Effective as of May 3, 2019, the Court authorized the Debtors to
employ Wish - Sotheby's International Realty, as a real estate
broker to market and sell the Property. The order was effective
nunc pro tunc to March 18, 2019. The Property has placed on the
MLS by the Broker.
Subject to overbid and the approval of the Court, the Buyers have
agreed to purchase the Property from the Debtors, free and clear of
all liens, claims, interests and encumbrances for the sum of
$1,356,000. The sale of the Property is pursuant to the terms and
conditions of the California Residential Purchase Agreement and
Joint Escrow Instructions, dated May 10, 2019.
The Debtors and the Broker have evaluated the offers received by
the Debtor, and the exercise of reasonable business judgment, the
Debtors have decided to accept the Buyers' offer, subject to
Bankruptcy Court approval and overbid pursuant to procedures. The
proposed sale price is $1,356,000. All contingencies are set forth
in the Sale Agreement and the contingencies have now been cleared
by the Buyers. The Debtors do not anticipate any tax liability
from the sale.
Pursuant to the Property's preliminary title report obtained for
the Sale, the Property is encumbered by the following deeds oftrust
and tax liens which will be paid as set forth in the estimated
closing statement with adjustments as the payoff demands are
received from the creditors:
a. JPMorgan Chase Bank (Est) - $364,000
b. Wells Fargo (Est) - $275,878
c. Federal Tax Lien SN: 710494010 (Est) - $14,683
d. Federal Tax Lien SN: 758730111 (Est) - $1,554
e. Federal Tax Lien SN: L2116536320 (Est) - $1,930
f. Federal Tax Lien SN: 866266912 (Est) - $8,383
g. Federal Tax Lien SN: 878880412 (Est) - $1,394
h. Federal Tax Lien SN: 131666214 (Est) - $2,544
i. Federal Tax Lien SN: 131666314 (Est) - $2,916
j. Federal Tax Lien SN: 135204414 (Est) - $7,152
k. Federal Tax Lien SN: 157734815 (Est) - $15,857
l. Federal Tax Lien SN: 164553715 (Est) - $6,120
These estimates are subject to adjustment as the actual payoff
demands are received. Based upon the Proof of Claim filed by the
Internal Revenue Service it is anticipated that the total payoff
for the tax liens will increase by about $10,000.
The total dispersals from escrow are anticipated to be as follows:
The Broker (Michelle Hirsch of Wish Sotheby's Int. Reality) was
employed and the proposed commission as the listing broker/agent is
2.5% ($33,900.00) with an additional 2.5% ($33,900) also being paid
to the selling broker/agent (Hana Mandel of Rhodes Reality). In
addition, there are property taxes of approximately $2,897; Secured
Creditor JP Morgan Chase Bank will be paid approximately $364,000;
Secured Creditor Wells Fargo secured claim in the amount of
approximately $275,000; estimated settlement, transfer taxes and
closing feesof $14,222; owner's title fees and insurance in an
approximate sum of $4,370; and United States Treasury Federal tax
liens in the total amount of approximately $62,483. The Debtors
also have a $175,000 homestead exemption that is not part ofthe
bankruptcy estate which will be paid out ofthe escrow. The
administrative expenses are estimated to be approximately $60,000
(including the UST fees) which will be paid out of escrow to be
deposited into the client trust account of Debtors' attorneys.
It is estimated that the proceeds that will be remaining are in the
approximate sum of $329,301. The Debtors will also be requesting
that the amount of $155,000 which are the estimated payments to
creditors will be paid from escrow directly into a DIP savings
account with any remaining sum (estimated to be about $174,301)
paid to the Debtor's DIP checking account. This is being done for
the purpose of reassuring the Court that Debtors have taken all
oftheir obligations into consideration and that sufficient funds
are available to satisfy them. It is not presently anticipated
that there will be any tax consequences from the sale ofthe
Property.
The proposed Sale will substantially benefit the creditors and the
estate because the Debtors' Property will be sold at a price that
will pay all creditors and will leave them with a surplus.
The Sale Procedures include the following provisions, intended to
increase the likelihood that the estate will receive the highest
and best price provide as follows:
(a) The Sale Procedures require that the prospective
overbidder to submit to the Debtors' Attorney by 5:00 p.m. on the
fifth business day prior to the scheduled hearing date for the Sale
Motion, satisfactory evidence of such purchaser's financial ability
to perform and a deposit of $40,000 in good funds, which will be
non-refundable if such bidder is the successful bidder at the Sale
Hearing and the sale does not close due to the purchaser's
default.
(b) The Sales Procedures provide that any party seeking to
overbid the Buyer's bid must bid an amount not less than $15,000
above the Buyer's offer, which is a total overbid of approximately
1.1% percent of the Purchase Price.
(c) The Sale Procedures entitle Qualified Bidders and/or the
Buyers to make further bids at the Sale Hearing with a minimum
additional amount of $5,000 for each bid.
(d) As all ofthe contingencies set forth in the Purchase
Agreement will have been met by the time ofthe hearing on this
Motion, any overbid for the Subject Property will be on the same
terms and conditions, or better, as is set forth in the Purchase
and Sale Agreement set forth in Exhibit 1 to the Cohen Dec.
(e) There will be no Contingency Period for any successful
overbidder. The overbidder must close the sale within 15 days
after the Court enters its Order Approving the Sale.
The Debtors ask that the Court's order approving the Motion, as
well as the order confirming the Debtors' sale after the hearing be
deemed effective immediately by providing that the 14-day stay
under Rule 6004(h) is waived. The escrow is now required to close
by July 17, 2019 pursuant to the Purchase Agreement.
A hearing on the Motion is set for July 3, 2019 at 1:30 p.m.
A copy of the Contract attached to the Motion is available for free
at:
http://bankrupt.com/misc/David_Cohen_75_Sales.pdf
David Cohen and Debra Cohen sought Chapter 11 protection (Bankr.
C.D. Cal. Case No. 16-13132) on Nov. 22, 2017. The Debtors tapped
Robert M Yaspan, Esq., at Law Offices of Robert M. Yaspan as
counsel. On May 3, 2019, Michelle Hersch of Wish Sotheby's Int.
Realitythe was appointed as broker.
DAVID'S PATIO: Mohave Block Buying Equipment for $94K
-----------------------------------------------------
David's Patio, Ltd., asks the U.S. Bankruptcy Court for the
Northern District of Texas to authorize the sale to Mohave Block
Co., free and clear of liens and encumbrances, of the following
equipment: (i) Columbia 16 HF Block machine - 1995 for $65,000;
(ii) Columbia UL-26 Loader/unloader - 1972 for $25,000; and (iii)
40 racks for $4,000.
On May 20, 2019, the Debtor contracted with the Purchaser, to sell
the Equipment for the agreed price. The parties executed their
Contract for the sale. On the same day, the Purchaser paid a down
payment of $40,000. The Debtor will remain in possession of the
Equipment until the full balance under the contract is paid in
full.
Prosperity Bank holds a security interest in all of the Debtor's
equipment. Its lien is supported by a Security Interest and a
Promissory note dated Jan. 2, 2013, with an addenda dated May 10,
2018, and a UCC financing statement. The lien of Prosperity Bank
will attach to the proceeds of the sale of the equipment.
The Debtor asks authority to pay the normal and customary charges
for the sale such as commission to third party broker, property
taxes, etc.
A copy of the Contract attached to the Motion is available for free
at:
http://bankrupt.com/misc/Davids_Patio_43_Sales.pdf
The objection deadline is July 1, 2019.
About David's Patio, Ltd.
Founded in 1962, David's Patio, Ltd. is involved in the manufacture
and finishing of concrete statuary products. Its customers include
nurseries, landscapers, hardware stores, building suppliers, mobile
home installers, foundation repair companies, and contractors in
Texas and the surrounding states. In addition to the company's
concrete products, it also sells related products such as bagged
goods for nurseries and metal shims for foundation repair.
David's Patio sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Tex. Case No. 18-44081) on Oct. 15, 2018. The
petition was signed by Mark J. O'Reilly, general partner, HDG
Management, LLC. At the time of filing, the Debtor disclosed total
assets of $1,996,173 and total debts of $2,019,727.
The Hon. Russell F. Nelms is the case judge.
The Debtor tapped Behrooz P. Vida, Esq., of the Vida Law Firm,
PLLC, as bankruptcy counsel.
DEMPSEY MILLER: $15K Sale of Mount Gilead Property Approved
-----------------------------------------------------------
Judge J. Craig Whitley of the U.S. Bankruptcy Court for the Western
District of North Carolina authorized Dempsey Perry Miller and Myra
M. Miller to sell the real property located at 62 Holly Harbor,
Mount Gilead, North Carolina to Michael H. Litaker and Sue Litaker
for $15,000.
A hearing on the Motion was held on June 25, 2019.
The sale is free and clear of any and all liens.
The proceeds from the sale of the real property will be applied to
customary closing costs and the remainder of the proceeds will be
disbursed directly to the Debtors to be deposited into the DIP
account.
The Debtors will disburse the proceeds to the Class 11 and Class 12
unsecured creditors pursuant to the terms of the Amended Plan of
Reorganization.
The Fed. R. Bankr. P. 6004(h) 14-day stay period staying the Order
authorizing the sale of the Real Property is lifted and the Order
will be given immediate effect.
Dempsey Perry Miller and Myra M. Miller sought Chapter 11
protection (Bankr. W.D. N.C. Case No. 18-30985) on June 28, 2018.
The Debtors tapped Kimberly A. Sheek, Esq., at Law Office of
Kimberly A. Sheek as counsel.
DENNIS HELLYER: Selling Hog Operation Assets & Homestead for $2.2M
------------------------------------------------------------------
Dennis G. Hellyer and Candy L. Hellyer, together with DSN, Inc.,
Glenview Pork, LLC, and Hellyer Brothers Livestock & Grain
Partnership, ask the U.S. Bankruptcy Court for the Central District
of Illinois to authorize the sale of (i) the hog operation assets
in Hancock County, Illinois, and (ii) the Hellyer homestead located
thereon, to Tri Oak Food, Inc. and Oak Grove, LLC for $2,187,500.
Debtor, Dennis Hellyer, along with his brother, Robert Scott
Hellyer, own the following three business entities: DSN, Inc.,
Glenview Pork, LLC and Hellyer Brothers Livestock & Grain
Partnership. The Hellyer Entities have each filed Chapter 11
bankruptcy, with all their cases being jointly administered under
the following case caption: DSN, Inc., et al., case no. 19-80320.
DSN, Inc. owns and operates a pork production operation in Hancock
County, Illinois ("Hog Farm"). It owns the livestock
(sows/pigs/gilts) and operates the Hog Farm primarily on land and
buildings owned by Glenview Pork, LLC, in addition to one building
on land owned by Hellyer Brothers Livestock and grain Partnership
("Hog Operation Assets"). The Debtors own and reside in a home
located on 3 acres at the Hog Farm in that their home shares a
driveway with and sits directly across that driveway from the hog
facilities ("Hellyer Homestead").
Pursuant to the Contract dated May 10, 2019, DSN, Inc., Glenview
Pork, LLC, Hellyer Brothers Livestock & Grain Partnership, the
Debtors and Scott Hellyer have agreed to sell the Hog Operation
Assets and the Hellyer Homestead upon the terms and conditions set
forth therein.
Pursuant to said Contract, the sale will include the following
terms:
a. DSN, Inc. will sell the livestock it owns to Tri Oak Food,
Inc. for the price stated in the Contract (approximately $687,500
for an estimated inventory of 2,500 sows - $275/sow; $125/gilt),
with the final total price to be determined by head count of
sows/gilts/pigs within 72 hours of closing;
b. Glenview Pork, LLC will sell the main hog facility to Oak
Grove, LLC for $1.23 million;
c. Hellyer Brothers Livestock & Grain Partnership will sell a
gilt building and land to Oak Grove, LLC for $100,000;
d. The Debtors will sell the Hellyer Homestead, consisting of
a single family residence and approximately 3 acres, to Oak Grove,
LLC for $170,000; and
e. All other terms, conditions and contingencies set forth in
the Contract.
Said sale will not be free and clear of liens and encumbrances,
which will be handled through the ordinary closing process. After
payment of costs, including but not limited to the mortgage lien,
other liens of record, real estate taxes, Chapter 11 quarterly fees
to the United States Trustee, closing costs and real estate sales
commissions, the Debtors do not expect to receive any proceeds from
the sale that exceed their homestead exemption totaling $30,000.
The Debtors are of the opinion that the aforementioned offer is
fair and reasonable since the Hellyer Homestead is located on the
same site as the Hog Farm and is otherwise unmarketable and
unsellable. They believe the sale of the Hellyer Homestead is in
the best interests of the estate and the Chapter 11 estates of the
Hellyer Entities, and request that the Court approves said sale.
The parties desire to close as soon as possible, but no later than
July 31, 2019. In order to facilitate the closing process and
because surveys, easements and other diligence must be completed
prior to closing, an expedited hearing is appropriate in the matter
to approve the sale.
A copy of the Contract attached to the Motion is available for free
at:
http://bankrupt.com/misc/Dennis_Hellyer_56_Sales.pdf
About the Hellyers
Dennis G. Hellyer and Candy L. Hellyer sought Chapter 11 protection
(Bankr. C.D. Ill. Case No. 19-80323) on March 19, 2019. The
Debtors tapped B. Kip Shelby, Esq., as counsel.
Dennis Hellyer, along with his brother, Robert Scott Hellyer, own
the following 3 business entities: DSN, Inc., Glenview Pork, LLC
and Hellyer Brothers Livestock & Grain Partnership (the "Hellyer
Entities"). The Hellyer Entities have each filed Chapter 11
bankruptcy, with all their cases being jointly administered under
DSN, Inc., et al., Case No. 19-80320.
DSN, Inc. owns and operates a pork production operation in Hancock
County, Illinois. DSN, Inc. owns the livestock (sows/pigs/gilts)
and operates the hog farm primarily on land and buildings owned by
Glenview Pork, LLC, in addition to one building on land owned by
Hellyer Brothers Livestock & Grain Partnership.
Dennis Hellyer and Candy Hellyer own and reside in a home located
on 3 acres at the hog farm in that their home shares a driveway
with and sits directly across that driveway from the hog
facilities.
DONALD BORDE: McCoy Trust Buying 349-Acre Columbia Land for $2.5M
-----------------------------------------------------------------
Donald R. Borde asks the U.S. Bankruptcy Court for the Western
District of Wisconsin to authorize the sale of approximately 348.72
acres of farm and wooded land in Columbia County, Wisconsin to
McCoy Trust dated May 25, 2016 for $2.5 million.
Objections, if any, must be filed within 21 days from the date of
the Notice.
The case is subject to a pending Motion for Joint Administration.
The Debtors are Busy Bs, LLC (original Case No. 19-10706), James A.
Borde (original Case No. 19-10709) and R. Borde (original Case No.
19-11557). The petitions for relief for Busy Bs and James A. Borde
were filed in the Court on March 15, 2019. The Debtor's Chapter 11
Disclosure Statement and Plan is due on Sept. 6, 2019.
The estate has an interest in the Property. He has has a one-half
ownership interest in the Property. His brother, James A. Borde,
holds the remaining one-half ownership interest in the Property. A
duplicate Motion to Sell Property of the Estate, Free and Clear of
Liens, With Liens Attaching to the Proceeds, Pursuant to 11 U.S.C.
Section 363 will be filed in the Chapter 11 case of James A. Borde
as the brothers intend to convey their entire interests in the
Property upon approval by the Court.
The Debtor has received an offer from McCoy Trust dated May 25,
2016 to purchase the Property for $2.5 Million.
The Property is subject to the following liens and encumbrances of
record:
a. First Mortgage: Farmers and Merchants Union Bank holds a
First Mortgage on the Property in an amount exceeding the proposed
sale price.
b. Judgment liens: There are various judgment liens recorded
against the Property, however, the sale proceeds will be
insufficient to satisfy the First Mortgage balance due Farmers and
Merchants Union Bank and, as such, lienholders will not receive any
sum as a result of the proposed sale.
The Debtor believes the purchase price is reasonable. The Property
was appraised at approximately the offered purchase price by Gerald
Huth and Auction Specialists. On Nov. 5, 2018, Phil Majerus
(Auction Specialists), a licensed real estate auctioneer, provided
the Debtor with a written report of value wherein he estimated the
actual gross auction value of the Property to be $2.25 Million.
Gerald Huth testified at the hearing on the Motion for Relief from
Stay filed by the Bank that the sale price was approximately the
value of the property.
The closing on the sale of the Property will take place on or
before July 8, 2019. The closing date may be extended by written
agreement of the parties in the event additional time is required
to complete all requirements necessary to accomplish the sale.
The sale will be free and clear of liens, with liens to attach to
the proceeds of sale. The mortgage balance to Farmers and
Merchants Union Bank will be paid to the extent of the proceeds
after all other normal costs of sale are paid from the proceeds.
As noted, judgment liens recorded against the Property will not be
paid as no proceeds will remain after payment against the mortgage
balance.
No broker was employed in the sale of the Property. There is no
financing contingency.
Based on the Debtor's knowledge of the Property and its potential
market, the offer appears to be reasonable, and should be accepted
and approved. For the reasons stated, the Debtor believes that the
sale is in the best interests of the estate.
A copy of the Offer to Purchase attached to the Motion is available
for free at:
http://bankrupt.com/misc/Donald_Borde_20_Sales.pdf
Donald R. Borde sought Chapter 11 protection (Bankr. W.D. Wis. Case
No. 19-11557) on May 9, 2019. The Debtor tapped Virginia E.
George, Esq., at Steinhilber Swanson LLP, as counsel.
Related entities sought Chapter 11 protection on March 15, 2019:
Busy Bs, LLC (original case #19-10706), and James A. Borde
(original case #19-10709). The Debtors have sought joint
administration of their Chapter 11 cases.
DONALD WOODMAN: Selling Elmer Property to Pay Plan Obligations
--------------------------------------------------------------
Donald M. Woodman and Anna Sorenson Woodman ask the U.S. Bankruptcy
Court for the Western District of Louisiana to authorize the sale
of 7.29 acres of land located at 3093 Hwy 121 Elmer, Louisiana for
$21,000.
The Debtors own the Real Estate, which is their homestead. The
Real Estate was valued in the schedules and confirmation hearing at
$84,500. It consists of a mobile home and approximately 10 acres
of land.
The Real Estate is secured by a mortgage in favor of Rushmore Loan
Management Services in the approximate amount of $51,526 (plus any
accrued interest, fees, escrow advances, etc.).
The Debtors have entered into a Contract for the Sale and Purchase
of Real Estate in which they have agreed to sell 7.29 acres of the
Real Estate for $21,000. They will retain a portion of the land on
which the mobile home sits.
The Debtors' son, Robert Woodman Sr., owns property adjacent to the
Debtors. He has entered into a Contract for the Sale and Purchase
of Real Estate with the same purchaser for $90,000. There is no
mortgage or lien on the Debtors' son's real estate. Their son has
agreed to voluntarily use the proceeds from the sale of his
property, as needed, to pay all obligations under the Debtors'
Chapter 11 Plan in full.
The secured claim of Rushmore will be paid in full upon the
simultaneous closing of both real estate transactions.
Although the plan contains a provision that authorizes the sale of
vested property without further order of the Court, the Debtors
file the Motion out of an abundance of caution.
In order to satisfy the remaining obligations under the confirmed
plan (except for ongoing U.S. Trustee fees) and only after payment
of the secured claim of Rushmore in full, the Debtors will tender
$6,000 from the real estate closings to their counsel to be held in
trust for distribution pursuant to the terms of the Chapter 11
Plan.
Based on the foregoing, the Debtors ask authority to sell a portion
of the Real Estate pursuant to the Contract for the Sale and
Purchase of Real Estate. They further ask (i) that all proceeds
from the sale be paid to Rushmore Loan Management Services; (ii)
that the authorization be conditional upon 1) the simultaneous
closing of the sale of real estate by their son as set forth on the
Contract for the Sale and Purchase of Real Estate; and 2) the
voluntary payment of the balance of the secured claim of Rushmore
Loan Management Services, in full, out of said sale proceeds; and
(iii) that they'd be authorized to tender $6,000 to their counsel
to be held in trust for distribution pursuant to the terms of the
confirmed Chapter 11 Plan.
Donald M. Woodman and Anna Sorenson Woodman filed a voluntary
petition for relief under Chapter 13 of the Bankruptcy Code on Dec.
8, 2016. The case was subsequently converted to one under Chapter
11 (Bankr. W.D. Case No. 16-81331) on Jan.y 25, 2018. The Debtors'
Chapter 11 Plan or Reorganization was confirmed on March 6, 2019.
EDWARD ZAWILLA: Caragans Buying Woodstock Property for $378K
------------------------------------------------------------
Edward Zawilla asks the U.S. Bankruptcy Court for the Northern
District of Illinois to authorize the sale of real property
commonly known as 794 Randi Ln, Hoffman Estates, Cook County,
Illinois to Jerzy Piechota for $210,000, cash.
The Debtor has filed his Chapter 11 Bankruptcy with the intention
of liquidating the majority of his properties for the benefit of
his estate and creditors. The real estate consists of a single
family home residence. It is not the homestead of the Debtor.
The Debtor has now received an offer to purchase the real estate
pursuant to the Contract, pursuant to which, the Buyer has offered
to-pay the sum of $210,000 cash for the real estate. The Debtor
asks authority to sell Real Estate free and clear of all liens,
claims, and encumbrances, provided, however, that such liens,
claims, and encumbrances will attach to the net cash proceeds.
A title examination as of June 5, 2018 on the subject property
discloses the following liens:
a. 2016, 2017, and 2018 Real Estate taxes to Cook County,
Illinois;
b. Mortgage of DCR Mortgage 7 Sub 2, LLC;
c. Memorandum of Judgment in favor of Golden Eagle
Distributing Co.;
d. Memorandum of Judgment in favor of Transnational Bankcard,
LLC; and
e. Memorandum of Judgment in favor of Wells Fargo Commercial
Distribution Finance, LLC.
The claims docket shows secured claims filed against the subject
property as follows in the following amounts: (i) DCR Mortgage 7
Sub 2 LLC $1,355,979; and (ii) Golden Eagle Distributing Co., $5
88,444. As such, the Debtor proposes that the net sale proceeds,
after deducting customary costs of sale, and payment of real estate
taxes, be paid as follows: (i) to DCR Mortgage 7 Sub 2, LLC, in
partial satisfaction of its secured claim.
The real estate will be sold "as is, where is," with all faults.
The Buyer will affirm prior to the Closing that it has not relied
on the skill or judgment of the Debtor concerning the real estate
and the Debtor makes no representations or warranties, of any kind,
whether expressed, implied or statutory.
The Debtor has given 11 days-notice to all creditors, all potential
lien claimants, and all parties in interest. He has previously
informed all lienholders and counsel of the sale. Therefore, the
Debtor asks that notice be decreed sufficient.
A copy of the Contract attached to the Motion is available for free
at:
http://bankrupt.com/misc/Edward_Zawilla_96_Sales.pdf
A hearing on the Motion is set for June 4, 2019 at 9:30 a.m.
The Purchaser:
Jerzy Piechota
Telephone: (847) 975-8735
E-mail: piechotki3@yahoo.com
Edward J. Zawilla sought Chapter 11 protection (Bankr. N.D. Ill.
Case No. 18-17408) on June 19, 2018. The Debtor tapped Richard G.
Larsen, Esq., at Springer Brown, LLC, as counsel.
EIF CHANNELVIEW: S&P Alters Outlook to Stable, Affirms 'B+' ICR
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' rating on EIF Channelview
Cogeneration LLC but revised the outlook to stable from positive.
S&P said, "We view the debt amendment as a credit negative,
primarily because the cash flow sweep will move from a 100%/75% to
75%/50% cash flow sweep, lowering our previous minimum coverage
from 1.33x to 1.05x. However, this is offset because Equistar's
revenue contracts are now incorporated into our analysis, given
that we have recently been able to take a view of the offtaker's
credit quality. The steady cash flows through the inclusion of
capacity payments improves the project's performance in the
downside scenario, resulting in downside performance of 'bbb'
rather than 'bb'. The project also benefits from cost savings
related to major maintenance, especially from the new long-term
service agreement (LTSA) signed with Siemens.
"The stable outlook on Channelview reflects our belief that power
prices in ERCOT's Houston Hub will be in line with forward pricing
over the next few years, leading to coverage levels above 2x during
the term loan B period. We expect the project to remain in the 'B'
rating category because the debt amendment will raise the amount
required to be refinanced (the refinancing period, 2025-2033, is
the weakest period in our forecast). We forecast a project life
cover ratio (PLCR) of 1.22x, which caps the rating at its current
level.
"We could lower the rating if power prices decline, perhaps because
of weaker-than-expected growth in demand, a greater-than-expected
penetration of renewable assets, or if the project faces sustained
operational issues. We could lower the rating if less deleveraging
results in a PLCR in the lower end of the 1.0x-1.5x range or if
coverages in the refinancing period dropped so much that
refinancing would be unlikely.
"We could raise the rating if power prices improve because of
higher-than-expected demand growth if reserve margins in ERCOT
tighten further and lead to the term loan B having a lower balance
at maturity (i.e., greater delevering than anticipated), raising
the project's minimum debt service coverage ratios (DSCRs) to the
middle of the 1.0x-1.5x range."
EMC BRONXVILLE: Trustee Selling Yonkers Property to Palmer for $12M
-------------------------------------------------------------------
Fred Stevens, the Chapter 11 trustee for EMC Bronxville
Metropolitan LLC, asks the U.S. Bankruptcy Court for the Southern
District of New York to authorize the bidding procedures in
connection with the sale of the real property located at 759 Palmer
Road, Yonkers, New York, Block 5368, Lot 48. and personal property
wherever located, to Palmer Partners, LLC for $12 million, subject
to overbid.
The real property located in Yonkers is the site of the Debtor's
former planned condominium development project and also contains
some of its personal property. The Trustee believes the remainder
of the Debtor's personal property is located in a certain storage
facility in or around Paterson, New Jersey, under contract with
Elite Moving & Storage. Development of the Property stalled prior
to the instant chapter 11 proceeding and the Debtor is currently
non-operational.
Since the Trustee did not have available sources of cash, capital
or financing to maintain the Property while devising and
implementing a strategy for the sale of the Property, the Trustee
entered into a stipulation with the Debtor's prepetition senior
secured lender, Popular Bank, formerly known as Banco Popular North
America, whereby Popular Bank agreed to fund the administrative
expenses incurred by the Trustee and the Debtor's estate, including
the costs of sale of the Property, through a carve-out from Popular
Bank's liens.
The Trustee, in consultation with Popular Bank, selected Besen &
Associates, Inc. and Maltz Auctions, Inc., doing business as Maltz
Auctions, as the Trustee's brokers. The Brokers have identified
the Purchaser which is willing to expeditiously consummate the
transaction set forth in the Agreement of Purchase and Sale, dated
May 21, 2019, providing for the sale of the Property free and clear
of all liens, claims and encumbrances, to the Purchaser for a
purchase price of $12 million. The proposed Purchase Agreement
contemplates the payment of certain protections, including a
termination fee totaling 2% of the purchase price, in certain
circumstances. The Sale Transaction is subject to higher and
better offers pursuant to the Bidding Procedures.
If timing permits, the Trustee may ask to sell the Property under a
plan of liquidation in order to provide a more complete resolution
of the chapter 11 case and also to allow the Trustee to take
advantage of certain tax exemptions available under section 1146(a)
of the Bankruptcy Code. He might avoid paying approximately 1.9%
of the purchase price of the Property on account of transfer taxes
due if the Property is sold under a plan of liquidation.
Alternatively, he could ask to sell the Property pursuant to a sale
under section 363 of the Bankruptcy Code that closes after
confirmation of a plan of liquidation and is necessary to the
consummation
of the plan and still be entitled to the benefits of section
1146(a) of the Bankruptcy Code.
Consistent with the Purchase Agreement, the Trustee is proposing
the Bidding Procedures, which are designed to maximize the value of
the Property for the Debtor's estate, creditors and other
interested parties.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: July 12, 2019 at 5:00 p.m. (EST)
b. Initial Bid: $12.3 million
c. Deposit: $1 million
d. Auction: The Auction will take place at the New York
LaGuardia Airport Marriott Hotel, 102-05 Ditmars Boulevard, East
Elmhurst, NY 11369 on July 17, 2019, starting at 2:00 p.m. (EST),
or at such other date, time or place as may be determined by the
Trustee at or prior to the Auction.
e. Bid Increments: $50,000
f. Sale Hearing: July 26, 2019 (EST)
g. Objection Deadline: July 19, 2019 (EST)
h. Closing:
i. Any Modified Purchase Agreement must provide that the Sale
will be on an "as is, where is" basis and without representations
or warranties of any kind
The Purchaser is unwilling to commit to hold open its offer to
purchase the Property under the terms of the Purchase Agreement
unless the Bidding Protections are approved. Accordingly, the
Trustee asks that the Court approves the Bidding Protections and
authorizes payment of same pursuant to the terms and conditions of
the Purchase Agreement.
Finally, the Trustee asks that the Court waives the requirement
under Bankruptcy Rule 6004(h).
A copy of the Bidding Procedures attached to the Motion is
available for free at:
http://bankrupt.com/misc/EMC_Bronxville_91_Sales.pdf
A hearing on the Motion is set for june 11, 2019 at 12:00 p.m.
(EST). The Objection Deadline is June 10, 2019 at 5:00 p.m. (EST).
About EMC Bronxville Metropolitan
Creditors Thomas E Haynes Architect, Werner E. Tietjen, PE and Hall
Heating & Cooling Service, Inc., filed an involuntary petition
against EMC Bronxville Metropolitan LLC under Chapter 7 of the
Bankruptcy Code on June 22, 2018. On July 23, 2018, the court
entered an order converting the case from Chapter 7 to one under
Chapter 11 (Bankr. S.D.N.Y. Case No. 18-22963) following request
from the Debtor.
On Sept. 24, 2018, the Office of the U.S. Trustee appointed Fred
Stevens as the Debtor's Chapter 11 trustee. Mr. Stevens tapped
Klestadt Winters Jureller Southard & Stevens, LLP as his legal
counsel.
EMC BRONXVILLE: Trustee's July 17 Auction of Yonkers Property Set
-----------------------------------------------------------------
Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern
District of New York authorized the bidding procedures of Fred
Stevens, the Chapter 11 trustee for EMC Bronxville Metropolitan,
LLC, in connection with the sale of the real property located at
759 Palmer Road, Yonkers, New York, Block 5368, Lot 48. and
personal property wherever located, to Palmer Partners, LLC for $12
million, subject to overbid.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: July 12, 2019 at 5:00 p.m. (EST)
b. Initial Bid: $12.3 million
c. Deposit: $1 million
d. Auction: The Auction will take place at the New York
LaGuardia Airport Marriott Hotel, 102-05 Ditmars Boulevard, East
Elmhurst, NY 11369 on July 17, 2019, starting at 2:00 p.m. (EST),
or at such other date, time or place as may be determined by the
Trustee at or prior to the Auction.
e. Bid Increments: $50,000
f. Sale Hearing: July 26, 2019 (EST)
g. Objection Deadline: July 19, 2019 at 5:00 p.m. (EST)
h. Any Modified Purchase Agreement must provide that the Sale
will be on an "as is, where is" basis and without representations
or warranties of any kind
By no later than three business days after the entry of the Order,
the Trustee will cause a copy of the Bidding Procedures, the Sale
Notice and the Order to be served upon the Notice Parties and the
Scheduled and Filed Creditors. After the conclusion of the
Auction, the Trustee will file with thie Court the Notice of
Auction Results.
Notwithstanding Bankruptcy Rules 6004(h), the Order will not be
stayed for 14 days after its entry, and will be effective and
enforceable immediately upon entry.
A copy of the Bidding Procedures attached to the Order is available
for free at:
http://bankrupt.com/misc/EMC_Bronxville_102_Sales.pdf
About EMC Bronxville Metropolitan
Creditors Thomas E Haynes Architect, Werner E. Tietjen, PE and Hall
Heating & Cooling Service, Inc., filed an involuntary petition
against EMC Bronxville Metropolitan LLC under Chapter 7 of the
Bankruptcy Code on June 22, 2018. On July 23, 2018, the court
entered an order converting the case from Chapter 7 to one under
Chapter 11 (Bankr. S.D.N.Y. Case No. 18-22963) following request
from the Debtor.
On Sept. 24, 2018, the Office of the U.S. Trustee appointed Fred
Stevens as the Debtor's Chapter 11 trustee. Mr. Stevens tapped
Klestadt Winters Jureller Southard & Stevens, LLP as his legal
counsel.
ENERGY INNOVATION: Chapter 15 Case Summary
------------------------------------------
Chapter 15 Debtor: Energy Innovation Group, Ltd.
#70, 3-ro, 4-sandan
Jiksan-eup, Seobuk-gu
Cheonan-si, 331-814
South Korea
Business Description: Energy Innovation is a Korea-based
developer and producer of lithium
polymer batteries for automotive,
defense/military, and industrial
applications.
Chapter 15 Petition Date: July 2, 2019
Court: United States Bankruptcy Court
Northern District of California
(San Jose)
Chapter 15 Case No.: 19-51346
Judge: Hon. Elaine M. Hammond
Foreign Representative: Min Hee Jeong
36, 78-gil, Doonsanjoong-ro, Seo-gu
#505 Cheongwoo Building
Daejeon, South Korea
Foreign Proceeding: 2019 Hahap 7074 Declaration of
Bankruptcy, Daejon District Court of
Korea
Foreign
Representative's
Counsel: David Nealy, Esq.
James E. Till, Esq.
LIMNEXUS LLP
707 Wilshire Blvd. #4600
Los Angeles, CA 90017
Tel: (213) 955-9500
Fax: (213) 955-9511
E-mail: david.nealy@limnexus.com
James.Till@limnexus.com
- and -
Phil Shinn, Esq.
LIMNEXUS LLP
220 Montgomery Street, Suite 1411
San Francisco, CA 94104 USA
Tel: (415) 619-3324
Fax: (213) 955-9511
E-mail: phil.shinn@limnexus.com
Estimated Assets: Unknown
Estimated Debts: Unknown
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/canb19-51346.pdf
EOR HOLDING: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: EOR Holding Corporation
66 Beverly Hill Drive
Shrewsbury, MA 01545
Business Description: EOR Holding Corporation is a pirvately held
company in Shrewsbury, Massachussetts.
Chapter 11 Petition Date: July 3, 2019
Court: United States Bankruptcy Court
District of Massachusetts (Worcester)
Case No.: 19-41094
Judge: Hon. Christopher J. Panos
Debtor's Counsel: James P. Ehrhard, Esq.
EHRHARD & ASSOCIATES, P.C.
250 Commercial Street, Suite 410
Worcester, MA 01608
Tel: 508-791-8411
E-mail: ehrhard@ehrhardlaw.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Eyad Nashef, president.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/mab19-41094.pdf
EST GROUP: Arrow Enterprise Objects to Disclosure Statement
-----------------------------------------------------------
Arrow Enterprise Computing Solutions, Inc., objects to the
Disclosure Statement explaining the Chapter 11 Plan of EST Group,
LLC.
According to Arrow, a plan proponent or opponent may not solicit
acceptances or rejections of a plan until a written "disclosure
statement" containing adequate information is approved by the
Court.
Arrow complains that the Disclosure Statement describes a Plan that
cannot be confirmed for the reasons that follow it would be a waste
of the Court's time and the Debtor’s money to embark on costly
solicitation and confirmation process when the outcome is
preordained.
Arrow points out that the Debtor attempts to circumvent its
absolute priority problem by proposing that Mr. Spires contribute
"new value" and by offering to auction the equity interests in the
reorganized Debtor to the highest bidder.
Arrow asserts that the Debtor must prove that the value offered is
(a) new, (b) money or money's worth, (c) substantial, (d) necessary
for a successful reorganization, and (e) reasonably equivalent to
the value or interest received.
Counsel for Arrow Enterprise:
Katherine T. Hopkins, Esq.
KELLY HART & HALLMAN LLP
201 Main Street, Suite 2500
Fort Worth, TX 76102
Tel: (817) 332-2500
Fax: (817) 878-9774
Email: katherine.hopkins@kellyhart.com
-- and --
Michael F. Buchanan, Esq.
Brian P. Guiney, Esq.
Patterson Belknap Webb & Tyler LLP
1133 Avenue of the Americas
New York, NY 10036-6710
Tel: (212) 336-2000
Fax: (212) 336-2222
Email: bguiney@pbwt.com
About EST Group
EST Group, LLC -- https://www.est-grp.com/ -- is an IT solutions
company that provides integration and consulting services tailored
around automating, managing, and securing an organization's IT
environment.
EST Group, LLC, filed a Chapter 11 petition (Bankr. N.D. Tex. Case
No. 18-45031) on Dec. 26, 2018. In the petition signed by Timothy
B. Spires, president, the Debtor estimated $1 million to $10
million of assets and the same range of liabilities.
The case is assigned to Judge Mark X. Mullin.
Whitaker Chalk Swindle & Schwartz, PLLC, led by Robert A. Simon, is
the Debtor's counsel.
EST GROUP: Dell Marketing Objects to Disclosure Statement
---------------------------------------------------------
Dell Marketing, L.P., and Dell/EMC Corporation objects to the
approval of the Disclosure Statement explaining the Chapter 11 Plan
of EST Group, LLC.
DMLP points out that the Disclosure Statement fails to contain
sufficient information for creditors to determine whether this
requirement will be met and whether the Plan should be confirmed.
DMLP further points out that the Debtor's contracts and agreements
are not included in the valuation of the estate and there has been
no attempt to even determine their value.
DMLP asserts that the Plan further makes no commitment that general
unsecured creditors will be paid in full; rather, the intent is to
pay only 8.2% of unsecured creditors' claims in quarterly payments
beginning in 2020.
According to DMLP, the Disclosure Statement describes a Plan that,
on its face, violates the absolute priority rule, as bankruptcy
courts have held, disapproval of a disclosure statement may be
appropriate where it describes a plan of reorganization that is so
fatally flawed that confirmation is impossible.
DMLP complains that the Disclosure Statement does not address how
the Debtor will get the projected funds without any additional
operating capital for its business.
Attorneys for Dell Marketing, L.P. and Dell/EMC Corporation:
Sabrina L. Streusand, Esq.
G. James Landon, Esq.
STREUSAND, LANDON, OZBURN & LEMMON, LLP
1801 S. MoPac Expressway, Suite 320
Austin, Texas 78746
Telephone: (512) 236-9900
Facsimile: (512) 236-9904
About EST Group
EST Group, LLC -- https://www.est-grp.com/ -- is an IT solutions
company that provides integration and consulting services tailored
around automating, managing, and securing an organization's IT
environment.
EST Group, LLC, filed a Chapter 11 petition (Bankr. N.D. Tex. Case
No. 18-45031) on Dec. 26, 2018. In the petition signed by Timothy
B. Spires, president, the Debtor estimated $1 million to $10
million of assets and the same range of liabilities.
The case is assigned to Judge Mark X. Mullin.
Whitaker Chalk Swindle & Schwartz, PLLC, led by Robert A. Simon, is
the Debtor's counsel.
EXCO RESOURCES: Completes Financial Restructuring, Exits Ch.11
--------------------------------------------------------------
EXCO Resources, Inc., on July 1, 2019, disclosed that it has
successfully completed its financial restructuring and emerged from
Chapter 11. As a result of this process, the Company has reduced
its leverage by more than $1.1 billion and is moving forward with
approximately $325 million in committed exit financing from a new
credit facility, providing significant financial flexibility to
support ongoing operations and investment in the business. EXCO
will continue to engage in the exploration, acquisition,
development and production of onshore U.S. oil and natural gas
properties with a focus on shale resource plays in key basins in
Texas, Louisiana and the Appalachia region.
"This is an exciting day for EXCO and marks the beginning of the
next chapter as an even stronger, more competitive company," said
Hal Hickey, EXCO's Chief Executive Officer and President. "Through
the restructuring process, we have significantly improved our
capital structure and reduced our debt, and our operations have
progressed uninterrupted. EXCO is now better positioned to
capitalize on our strong asset base and operational expertise as we
continue enhancing our business and serving our customers, partners
and other stakeholders."
EXCO is now a privately-owned company and its shares are no longer
available for trading on a public exchange. The current management
team remains in place. In accordance with the Restructuring Plan,
EXCO's new five-member Board includes representatives from the
holders of the Company's newly issued common stock. The new Board
includes Rick Doman, David Dunn, Peter Furlan, Bill Transier and C.
John Wilder.
Mr. Hickey added, "Our successful emergence from this process is a
testament to our former Board and talented employees, whose
continued focus on our operational initiatives enabled us to
execute on our drilling and completion activities while maintaining
an exemplary safety record throughout this process. I also want to
thank our customers, business partners and lenders for their
ongoing support. I am honored to be part of this team and
confident our new Board will be an asset to EXCO as we enter our
next stage of business development."
Kirkland & Ellis LLP served as EXCO's legal advisor in connection
with the restructuring. Alvarez & Marsal North America, LLC served
as its restructuring advisor, and PJT Partners LP served as its
financial advisor.
About EXCO Resources
EXCO Resources, Inc. (otc pink:XCOO) --
http://www.excoresources.com/-- is an oil and natural gas
exploration, exploitation, acquisition, development and production
company headquartered in Dallas, Texas, with principal operations
in Texas, North Louisiana and the Appalachia region. EXCO's
headquarters are located at 12377 Merit Drive, Suite 1700, Dallas,
Texas.
EXCO Resources, Inc., and 14 of its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 18-30155) on Jan. 15,
2018. EXCO disclosed total assets of $829.1 million and total debt
of $1.355 billion as of Sept. 30, 2017.
The Debtors' cases are assigned to the Honorable Marvin Isgur.
The Debtors tapped Gardere Wynee Sewell LLP, and Kirkland & Ellis
LLP, as bankruptcy counsel; PJT Partners LP as financial advisor;
Alvarez & Marsal North America, LLC, as restructuring advisor; and
Epiq Bankruptcy Solutions, LLC, as claims agent.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors. The committee is represented by lawyers at
Jackson Walker LLP and Brown Rudnick LLP. Intrepid Partners LLC
and Jefferies LLC serve as the committee's investment bankers.
EZ MAILING: Sets Bidding Procedures for Operations Assets
---------------------------------------------------------
E Z Mailing Services, Inc., and and United Business Freight
Forwarders, LLC, ask the U.S. Bankruptcy Court for the District of
New Jersey to authorize bidding procedures in connection with the
sale of the assets related to their Vernon, California and Amazon
operations to QX Logistix, LLC, subject to overbid.
At closing of the California Acquisition, the Buyer will provide
consideration for the California Assets consisting of (i) a credit
bid in the amount of $100,000 made by Azadian Group, LLC and Change
Capital Holdings 1, LLC, (ii) the Hard Deposit (which will have
been paid prior to closing), and (iii) an agreement to pay over to
the Debtors and their bankruptcy estates the first $100,000
received by Azadian Group, LLC and Change Capital Holdings 1, LLC
on account of their second priority lien and security interest in
the Debtors' accounts receivable.
In addition, at closing, Change Capital Holdings 1, LLC and Azadian
Group, LLC will release any guarantors of the Debtors' debt to them
(including, without limitation, Vijay Aggarwal and Ajay Aggarwal)
from any past obligations. Subject to definitive documentation in
the asset purchase agreement, Vijay Aggarwal and Ajay Aggamal agree
to (i) maintain the confidentiality of the business information
associated with the California Assets, (ii) enter into a mutual
non-disparagement agreement with Christopher Carey, Azadian Group,
LLC, Change Capital Holdings 1, LLC, Raffi Azadian and the Buyer,
(iii) enter into a non-compete clause with the Buyer in connection
with California Acquisition, and (iv) reasonably cooperate with the
Buyer during a transition period.
Pursuant to the Accounts Receivable Agreement with Recourse dated
as of Dec. 30, 2016, between North Mill Capital, LLC and the
Debtors, the Debtors have and continue to sell to North Mill, free
and clear of any and all liens, claims, and interests therein, all
of their right, title, and interest in and to all Eligible Accounts
approved and deemed acceptable by North Mill and grant North Mill,
as security for the repayment of the Debtors' obligations arising
under the North Mill Agreement, a first priority lien on
substantially all of the Debtors' assets.
Pursuant to the Interim Order Granting Alleged Debtors' Joint
Motion for Entry of an Order Permitting the Alleged Debtors to
Continue to Factor Their Accounts Receivable and/or Incur Secured
Debt in the Ordinary Course of Business or, in the Alternative, to
Factor Their Accounts Receivable and/or Incur Secured Debt During
the "Gap Period" Pursuant to Bankruptcy Code Sections 105 and 364
and on the Same Terms Previously Approved of by The Court as Part
ofthe Exit Facility in Connection with the Alleged Debtors' Prior
Voluntary Chapter 11 Cases dated April 24, 2019, the Court, inter
alia, authorized the Debtors to continue to perform their
obligations under the North Mill Agreement and grant North Mill 3
first priority lien on their assets to secure the repayment of
their obligations to North Mill.
In April 2018, May 2018, and September 2018, the Debtors entered
into the Merchant Receivables Purchase and Security Agreements with
Azadian, pursuant to which, inter alia, the Debtors granted Azadian
a second priority lien on their accounts receivable, subordinate to
North Mill, in exchange for financing.
In January 2019, the Debtors entered into the Merchant Receivables
Purchase and Security Agreement with Change Capital. Pursuant to
that agreement, inter alia, the Debtors granted Change Capital a
second lien on their accounts receivable, subordinate to North
Mill, in exchange for financing.
In recent months, the Debtors have suffered mounting operating
losses and liquidity issues due, in large part, to the loss of a
significant customer and the costs of obtaining financing. As a
result of those circumstances, the Debtors concluded that their
long-term prospects for viability were dim. Accordingly, in
January 2019, they began searching in earnest for a potential
purchaser or purchasers for their business as a going concern.
After several months of marketing the California Assets for sale,
the Debtors have concluded that QX Logistix is the only entity
willing to become a stalking horse bidder for the California Assets
pursuant to a signed contract, and the only entity willing to
assume responsibility for over $300,000 of operating shortfalls
that the Debtors are estimated to incur during the three-week
period ending on May 31, 2019. In the absence of QX Logistix
bridging these operating shortfalls, the Debtors would have to
immediately shut down all of their operations and terminate all of
their employees.
Accordingly, in an effort to avoid dissipation of the value of the
California Assets and preserve the jobs ofthe Debtors' employees
related to those assets, which would otherwise be lost if sale is
not completed in the very near future, the Debtors entered into a
binding Term Sheet with QX Logistix, which provides, inter alia:
a. The California Assets will be sold to QX Logistix, free and
clear of all liens, claims, interests, and encumbrances, with the
exception of the Debtors’ existing accounts receivable associated
with the California Assets, which will be sold subject to the
existing liens and security interests of North Mill, Azadian, and
Change Capital;
b. The consideration to be paid by QX Logistix for the
California Assets consists of: (i) a non-refundable "hard deposit"
of $125,000, which will be paid into the escrow account of the
Debtor; counsel upon Court approval ofthe Term Sheet and is
earmarked for $25,000 to fund the Debtors' professional fees and
$100,000 to fund operating shortfalls in connection with the
operation of their Vernon, California and Amazon businesses; (ii) a
$125,000 over-advance to the Debtors by North Mill pursuant to the
North Mill Agreement within one week of Court approval of the Term
Sheet, which will be funded by QX Logistix through a joint
participation agreement with North Mill, to fund operating
deficiencies; (iii) a credit bid of Change Capital's and Azadian's
secured claim in the amount of $100,000; (iv) an agreement to pay
over to the Debtors and their estates the first $100,000 received
by Change Capital and Azadian on account of their second priority
lien on the Debtors' accounts receivable; and (v) the release by
Change Capital and Azadian of any guarantors of the Debtors' debt
to them (including, without limitation, Vijay Aggarwal and Ajay
Aggarwal);
c. With the exception ofthe cure ofexisting monetary defaults
under the Debtors' lease for their Vernon, California facility,
which QX Logistix will do as part of a Court-approved assumption
and assignment of such lease, and the assumption ofthe Debtors'
payroll obligations in connection with the California Assets, in an
amount not to exceed $125,000, QX Logistix will not assume any of
the Debtors' liabilities;
d. The bid procedures in connection with the sale of the
California Assets will include a minimum initial overbid increment
of $125,000 and subsequent overbid increments of $25,000;
e. A closing date on or before May 31, 2019; and
f. Azadian and Change Capital may credit bid the maximum
amount of their remaining claims not already contributed under the
"Consideration" section in the Term Sheet, pursuant to Section
363(k) of the Bankruptcy Code.
To facilitate the sale of the California Assets, the Debtors
propose that any liens, claims and encumbrances asserted against
the California Assets be transferred, and attach, to the sale
proceeds received by them.
To facilitate the sale of the California Assets, the Debtors also
ask to assume and assign the Vernon Lease to QX Logistix.
Finally, the Debtors ask a waiver of the 14-day stays imposed by
Bankruptcy Rules 6004(h) and 6006(d).
A copy of the Term Sheet attached to the Motion is availabe for
free at:
http://bankrupt.com/misc/EZ_Mailing_48_Sales.pdf
About E Z Mailing Services
E Z Mailing Services Inc. and United Business Freight Forwarders
are transportation logistics companies whose customers include
Macy's, Walmart, JC Penny and Forever 21.
After primary lender PNC Bank declared a default and demanded
immediate payment of $4.2 million, which resulted to a customer
freezing payment, E Z Mailing and UBFF filed Chapter 11 bankruptcy
petitions (Bankr. D.N.J. Case Nos. 16-10615 and 16-10616,
respectively) on Jan. 13, 2016. Ajay Aggarwal, the president,
signed the petitions. The Debtors each estimated assets and
liabilities in the range of $10 million to $50 million. Judge
Stacey L. Meisel presides over the cases.
Porzio, Bromberg & Newman, PC, serves as counsel to the Debtors.
Bederson LLP's Edward Bond is serving as CRO and crisis manager of
the Debtors.
FC GLOBAL: Adds New Section to Gadsden Purchase Agreement
---------------------------------------------------------
FC Global Realty Incorporated and Gadsden Growth Properties, Inc.
entered into a stock purchase agreement on March 13, 2019, pursuant
to which the Company agreed to acquire all of the Class A limited
partnership interests of Gadsden Growth Properties, L.P. ("OPCO")
and all of the general partnership interests of OPCO in
consideration for the issuance to Gadsden of the Company's Common
Stock, as well as shares of the Company's Series A, Series B, and
Series C securities. On April 5, 2019 and May 2, 2019, the Company
and Gadsden entered into Amendment No. 1 and Amendment No. 2 to the
Stock Purchase Agreement, respectively, to amend certain terms.
The closing under the Purchase Agreement took place on April 4,
2019.
On July 1, 2019, the Company and Gadsden entered into Amendment No.
3, which amends the Purchase Agreement to add a new Section 9.13,
under which the Company assumes all accrued liabilities of Gadsden
and agrees to pay and discharge those liabilities, as well as any
future liabilities which Gadsden may accrue through the date that
Gadsden is merged with and into the Company or a subsidiary of the
Company. Moreover, Gadsden transferred to the Company all of its
right, title and interest, legal or equitable, in and to all of
Gadsden's its assets, other than the securities of the Company held
by Gadsden.
Before entering into the Purchase Agreement, the Company and
Gadsden had intended to consummate a merger pursuant to a Merger
Agreement, and had filed a Registration Statement with the United
States Securities and Exchange Commission to effect that merger.
However, the staff of the SEC was furloughed due to the Federal
Government shutdown which resulted, among other things, in the
review and expected timing for the Registration Statement being
significantly delayed. As a result, the Company and Gadsden
terminated the Merger Agreement and restructured the transaction in
accordance with the Purchase Agreement. However, the two companies
still intend to merge Gadsden with and into the Company as soon as
practical after a new registration statement is filed with and
declared effective by the SEC.
Had the merger taken place as originally intended, all of the
liabilities of Gadsden would have already been assumed by the
Company or its subsidiary, and once the merger does take place, all
of the liabilities of Gadsden will be assumed by the Company or its
subsidiary by operation of law. However, when the transaction was
restructured pursuant to the Purchase Agreement, the two companies
neglected to include a provision in the Purchase Agreement
providing for the assumption of Gadsden's liabilities by the
Company, and the two companies have now amended the Purchase
Agreement to include a new provision providing for the assumption
of those liabilities.
A full-text copy of the Third Amended Purchase Agreement is
available for free at https://is.gd/jTlm3O
About FC Global Realty
Formerly known as PhotoMedex, Inc., FC Global Realty Incorporated
-- http://www.fcglobalrealty.com/-- has recently transitioned to a
company focused on real estate development and asset management,
concentrating primarily on investments in, and the management and
development of, income producing real estate assets. The Company
is headquartered in Scottsdale, Arizona.
FC Global reported a net loss attributable to common stockholders
and participating securities of $4.66 million for the year ended
Dec. 31, 2018, compared to a net loss attributable to common
stockholders and participating securities of $19.38 million for the
year ended Dec. 31, 2017. As of March 31, 2019, the Company had
$4.17 million in total assets, $4.79 million in total liabilities,
and a total stockholders' deficit of $622,000.
Fahn Kanne & Co. Grant Thornton Israel, in Tel Aviv, Israel, issued
a "going concern" opinion in its report dated April 1, 2019, on the
Company's consolidated financial statements for the year ended Dec.
31, 2018, citing that the Company has incurred net losses for each
of the years ended Dec. 31, 2018 and 2017 and has not yet generated
any significant revenues from real estate activities. As of Dec.
31, 2018, there is an accumulated deficit of $139.7 million. These
conditions, along with other matters, raise substantial doubt about
the Company's ability to continue as a going concern.
FCH MCKINNEY: Carnegie Buying 36 McKinney Residential Lots for $3M
------------------------------------------------------------------
FCH McKinney Senior Homes, LLC, asks the U.S. Bankruptcy Court for
the Eastern District of Texas authorized sale of 36 residential
lots in the Fireside Village Addition, McKinney, Collin County,
Texas to Carnegie Properties for $3.24 million ($90,000 per lot).
During a hearing held on May 5, 2019, the Debtor announced that it
was in the process of obtaining a sales contract for the sale of 36
lots to a home builder named Carnegie Properties. The purchase
price will be for $90,000 per lot with a total sales price of $3.24
million and an increase at a rate per annum of 5% beginning after
the Initial Closing. It is anticipated that the DIP lender,
Veritex Community Bank, and Star Creek Co., Inc. will be paid in
full by May 2020.
The parties have entered in to their Contract for Sale and Purchase
of Residential Lots, Fireside Village Addition. The Contract for
Sale provides that the Purchaser will have 30 days to review the
feasibility of the property plus 30 days thereafter to purchase a
minimum of five lots.
Following the initial closing of the first five lots, the Purchaser
has up to 120 days to close the purchase of five more lots.
Thereafter, until all remaining lots under contract have been
closed, the Purchaser will close a minimum of five lots every 90
days.
The sale both accommodates liquidation of inventory, elimination of
personal guaranty on the secured debt, and results in comparable
net proceeds as opposed to a third party sale to reduce debt
obligation. It sale could result in more net proceeds since it is
not known when the home would sell to someone else, nor its sales
price.
The Exhibit B reflects the projected Income, Expenses and Payments
from Operations of the Debtor's sale of the 36 lots and 3 homes it
owned at the date it filed for Chapter 11 protection.
A copy of the Contract attached to the Motion is available for free
at:
http://bankrupt.com/misc/FCH_McKinney_67_Sales.pdf
About FCH McKinney Senior Homes
FCH McKinney Senior Homes, LLC, operates an assisted living
facility in Dallas, Texas. FCH McKinney filed as a Domestic Limited
Liability Company in the State of Texas on April 10, 2013,
according to public records filed with Texas Secretary of State.
FCH McKinney filed a Chapter 11 petition (Bankr. E.D. Tex. Case No.
18-42734) on Dec. 3, 2018. In the petition signed by Kent C.
Conine, manager, the Debtor disclosed less than $50,000 in assets
and less than $10 million in estimated liabilities. The Debtor is
represented by Larry Kent Hercules, Esq., at Larry K Hercules,
Attorney At Law.
FLEXI-VAN LEASING: S&P Cuts ICR to CC on Distressed Debt Exchange
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Flexi-Van
Leasing Inc. to 'CC' from 'B-'. S&P also lowered its issue-level
rating on the company's second-lien notes to 'CC' from 'B-'. The
'3' recovery rating is unchanged. The default scenario in its
recovery analysis, however, is a future cash payment default, not
the current exchange offer.
The downgrade follows the company's announcement of an exchange
offer for its second-lien notes. Although Flexi-Van has offered to
redeem the notes at par value for a time, under the proposed terms
the new notes would give the company an option to redeem them below
par value until April 2020. Under the existing terms, noteholders
would receive 110% of par value during this time if the company
were to raise additional equity. Although the new notes would have
a slightly higher coupon rate and substantially identical covenants
to the existing notes, S&P does not believe this fully compensates
creditors. S&P also believes that the full terms of the exchange
offer represent less than the promise of the original notes.
Therefore, the rating agency views the transaction as a distressed
exchange.
S&P said, "The negative outlook reflects our expectation that we
will lower our ratings on Flexi-Van Leasing to 'SD' upon the
completion of the exchange. Following the transaction, we will
review the ratings based on the company's revised capital
structure."
If the exchange offer results in redemption of any existing notes
for the new notes, S&P would lower its ratings to 'SD'.
S&P said it could raise its 'CC' rating if the company were to
withdraw the exchange offer. Even then, however, the ratings might
not revert to their previous levels, according to the rating
agency.
FRED'S INC: Egan-Jones Lowers Local Currency Unsec. Rating to CC
----------------------------------------------------------------
Egan-Jones Ratings Company, on June 25, 2019, downgraded the local
currency senior unsecured rating on debt issued by Fred's
Incorporated to CC from CCC. EJR also downgraded the rating on LC
commercial paper issued by the Company to D from C.
Fred's Incorporated and subsidiaries operate in 15 states in the
southeastern United States with 304 full-service pharmacy
departments located within Fred's stores, including four franchised
locations.
GREAT SOUTHERN: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Great Southern Golf Club, Inc.
2000 Beach Drive
Gulfport, MS 39507
Business Description: Great Southern Golf Club, Inc. --
https://golfgreatsouthern.com/ --
owns and operates a golf course in Gulfport,
Mississippi. With the infusion of recent
new investment, the golf course has
recently: upgraded the practice green,
putting green, and practice area; upgraded
course equipment and amenities; improved
weed elimination (the KTFW program); re-
sodded 3 greens; repaired and upgraded
landscaping, cart paths, irrigation systems;
repaired all 18 green approaches and
drainage; and re-built 11 sand traps. The
golf course was built in 1908.
Chapter 11 Petition Date: July 3, 2019
Court: United States Bankruptcy Court
Southern District of Mississippi
(Gulfport-6 Divisional Office)
Case No.: 19-51282
Judge: Hon. Katharine M. Samson
Debtor's Counsel: Robert Alan Byrd, Esq.
BYRD & WISER
P.O. Box 1939
Biloxi, MS 39533
Tel: 228 432-8123
Fax: 228 432-7029
E-mail: rab@byrdwiser.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jerry W. Smith, treasurer.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/mssb19-51282.pdf
HARTFORD, CT: S&P Alters Outlook to Positive, Affirms 'BB+' ICR
---------------------------------------------------------------
S&P Global Ratings has revised its outlook to positive from stable
on Hartford, Conn.'s long-term issuer credit rating (ICR), and at
the same time, affirmed its 'BB+' ICR on the city.
S&P Global Ratings has also revised its outlook to positive from
stable on the Hartford Stadium Authority's lease revenue bonds,
which are financial obligations of the city and rated 'BB', one
notch below the ICR.
"The positive outlook reflects Hartford's improving management
environment and financial controls, which have yielded balanced
operations and greater operating flexibility to address capital and
service delivery," said S&P Global Ratings credit analyst Victor
Medeiros. The outlook factors in cost-saving measures taken by the
city through labor contract agreements and tight expenditure
controls, significant state oversight through the Municipal
Accountability Review Board (MARB), and the Contract Assistance
Agreement with the state of Connecticut.
"In our view, the city's underlying credit profile, despite its
economic and taxing challenges, has improved and we believe there
is a one-in-three chance the rating could improve to
investment-grade in two years, provided it continues to produce
balanced operating results in accordance with its financial
recovery plan," said Mr. Medeiros.
In December 2017, the city received a tier III MARB designation and
in 2018 entered into a Contract Assistance Agreement with the
state, where debt service for approximately $540 million of the
city's general obligation (GO) debt would be paid through the state
budget through maturity. Based on the agreement, Hartford's total
direct debt lowered significantly, and eliminated its past
structural imbalance, which was based on escalating debt service
costs. In addition, the agreement provides considerable financial
oversight to the city, and prohibits it from issuing any new debt
through 2023. Although the state assumes the debt service on the
city's GO debt, Hartford remains obligated to support its annual
lease appropriation bonds--previously issued toward the
construction of a minor-league baseball stadium--in the budget.
The 'BB' rating on the Hartford Stadium Authority series 2015 A and
B and 2016 lease revenue bonds reflects the annual appropriation
risk associated with the lease payment. The bonds are secured by
lease-rental payments made by Hartford, as lessee, to the
authority, as lessor.
"The city is projecting a structurally balanced budget underpinned
by significant state oversight," added Mr. Medeiros, "and, in our
view, stronger revenue and expenditure assumptions, coupled with a
significant deleveraging of annual debt obligations, have aligned
recurring revenues and expenditures, eliminating what was a
persistent multiyear budget gap." The outlook reflects the city's
preliminary operating results in fiscal 2019 and projections for
fiscal 2020.
HEXION INC: Completes Balance Sheet De-Leveraging, Exits Ch.11
--------------------------------------------------------------
Hexion Inc. on July 1, 2019, disclosed that it has successfully
completed its balance sheet de-leveraging and emerged from Chapter
11. As a result of this process, Hexion has reduced its debt by
more than $2.0 billion, received an infusion of $300 million in
equity capital through a rights offering and raised approximately
$2.0 billion in exit financing. With a strengthened capital
structure and substantial free cash flow after debt service, Hexion
is now well-positioned to make substantial reinvestments into its
businesses to fuel strategic growth and drive value for its
stakeholders.
Throughout the bankruptcy court-supervised process, Hexion's global
operations continued uninterrupted, providing customers with
high-quality products and service. The de-leveraging plan has
provided for payment in full to the Company's trade creditors.
"We are moving forward with significantly less debt and greater
financial flexibility, which enhances our competitive position and
ability to create long-term value for our stakeholders," said Craig
A. Rogerson, President and CEO. "As an appropriately capitalized
market leader with substantial free cash flow generation
capabilities and a lower interest burden, we will continue to
enhance our value-creating platform by accelerating new product
development. Our growth strategy will be driven by investments in
innovative products using our research and development capabilities
and strategic partnerships, capitalizing on our global
manufacturing footprint and commitment to sustainability. Going
forward, we are well-positioned to take advantage of our
operational momentum."
Mr. Rogerson continued, "Our expedited emergence is a testament to
the hard work and dedication of our associates, as well as the
continued support of our customers and suppliers around the world.
Our entire team is intensely focused on safely and efficiently
delivering high-quality products and service for all of our
customers."
Compelling Value Drivers
Global specialty chemical company with leading market positions
generating strong free cash flow. Hexion is the global leader in
Forest Products and Epoxy, Phenolic and Coatings resins,
maintaining #1 or #2 market positions representing approximately
80% of sales.
Industry-leading Research & Development (R&D) and technical service
capabilities. Through its continued investments in R&D, between
2014 and 2018 Hexion has derived approximately 20% of its total
revenues from new products.
Commitment to developing sustainable solutions. Hexion continues
to further align its product portfolio with leading sustainability
practices. The Company's forest product resins allow natural,
renewable resources to be used in building products instead of
energy intensive steel and concrete, and the use of wood in
building construction allows for the long-term sequestration of
carbon. Specialty epoxy resins enable "green energy" by supplying
composite materials for the wind energy market. Hexion's
waterborne coatings offer a low volatile organic compound (VOC)
solution compared to solvent-borne coatings.
Advisors
Latham & Watkins LLP is serving as legal counsel, Moelis & Company
LLC served as financial advisor, and AlixPartners, LLP served as
restructuring advisor to Hexion.
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.
HFOTCO LLC: S&P Alters Outlook to Negative, Affirms 'BB-' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on HFOTCO LLC to negative
from stable and affirmed its 'BB-' long-term issuer credit and
senior secured debt ratings on the company. The '3' recovery
rating on the secured term loan is unchanged.
S&P said, "The negative outlook reflects that on HFOTCO's parent,
SemGroup Corp., which we revised to negative from stable earlier
this year following the formation of a joint venture (JV) with
Kohlberg Kravis Roberts & Co., called SemCAMS Midstream ULC. The
negative outlook on SemGroup reflects elevated leverage over our
12-month outlook period, with our forecast base-case scenario
debt-to-EBITDA ratio of 6.0x-6.5x. We consider HFOTCO core to
SemGroup's business and strategy under our group rating
methodology. We also view the company as an insulated subsidiary of
SemGroup. Although the lower-rated parent does not constrain the
rating on HFOTCO, there is a maximum one-notch separation between
SemGroup and HFOTCO, so a negative rating action on SemGroup will
translate into a negative rating action on HFOTCO."
The negative outlook reflects the outlook on HFOTCO's parent,
SemGroup Corp. S&P expects that HFOTCO's growth projects under
construction will enter service on time and on budget; and that the
company will fund capital spending such that leverage remains at
6.0x-6.5x through 2021.
S&P said, "We would consider a downgrade during our year-long
outlook period if debt-to-EBITDA persistently remains over 7x. This
could result from debt funded capital spending, cost overruns or
delays on projects under construction, dramatic drop in market
rates for oil storage, or diminishing re-contracting prospects. In
addition, any negative rating action on SemGroup Corp. would likely
have a negative rating impact on HFOTCO, given its status as a core
and insulated subsidiary."
An upgrade is unlikely during the outlook period due to elevated
leverage metrics and its core relationship to a 'B+' rated parent.
However, S&P could consider an upgrade if we raised the rating on
SemGroup Corp. and HFOTCO's stand-alone metrics improve such that
debt-to-EBITDA stays below 5.0x.
HORNBECK OFFSHORE: Egan-Jones Lowers Senior Unsecured Ratings to C
------------------------------------------------------------------
Egan-Jones Ratings Company, on June 27, 2019, downgraded the
foreign commercial and local commercial senior unsecured ratings on
debt issued by Hornbeck Offshore Services Inc. to C from D.
Hornbeck Offshore Services Inc., incorporated on June 2, 1997, is a
provider of marine transportation, subsea installation and
accommodation support services to exploration and production,
oilfield service, offshore construction, and the United States
military customers.
HUDSON'S BAY CO: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
-------------------------------------------------------------------
Egan-Jones Ratings Company, on June 24, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Hudson's Bay Company to CCC+ from B-.
The Hudson's Bay Company is a Canadian retail business group. A fur
trading business for much of its existence, HBC now owns and
operates retail stores in Canada, the United States, and parts of
Europe, including Belgium, the Netherlands, and Germany.
INNOVA GLOBAL: Receiver Selling Braden's Filtration Assets for $55K
-------------------------------------------------------------------
PricewaterhouseCoopers Inc., LIT, the court-appointed receiver of
Innova Global Ltd. and affiliates, asks the U.S. Bankruptcy Court
for the Northern District of Oklahoma to authorize the sale of
Debtor Braden Manufacturing, L.L.C.'s filtration assets to Power
Filters, Inc. for $55,059.
The Seller shall, subject to the terms and conditions of the
Agreement, transfer and sell to the Buyer all of the tangible
assets (including but not limited to all machinery, furniture,
fixtures and equipment, and inventory) that are owned by Braden and
that are located on (within or outside) the premises of the Braden
facility, at 5199 North Mingo, Tulsa, Oklahoma; and all of the
intangible assets that Braden owns (including but not limited to
goodwill, and any interest that Braden owns in the tradenames
"Braden Filtration" and "Bradenfilters," names similar thereto,
technical data and part number data access) and that Braden used in
the Braden
Filtration business. The tangible and intangible assets being
sold, including but are not limited to the vehicles and equipment
listed on Exhibit A, are referred to as the "Assets".
The Filtration Assets do not include the following Canon copiers or
accessories related to those copiers: (i) iRC5255 w/n JME01779;
(ii) iRD5035 s/n GNW56362; (iii) iRC5045 s/n GPQ55713; and (iv)
iRC5051 s/n GQM14234.
As part of the transaction, PFI will be obtaining a lease of that
portion of the Premises that constitutes the Braden filter
manufacturing facility and PFI will ensure that neither Braden nor
the Receiver will have liability for lease or rental payments on
that portion of the Premises after May 31, 2019. PFI's obligation
to purchase is conditioned upon the Court's entry of an order
authorizing the sale free and clear of liens and other
encumbrances. The Buyer is not assuming any of Seller's
liabilities or obligations.
ATB Financial, as agent and lender, asserts priority liens and
security interests in Virtually all assets ofthe Debtors. It has
consented to the sale ofthe Filtration Assets.
As set out in the Application Requesting Expedited Hearing and
Shortened Notice, which the Receiver has filed contemporaneously
with the Motion, it is important that the Receiver reduce the
Debtors' expenses by ceasing use of the Premises in which they are
located
as quickly as possible and without any potential delay in closing
based upon stay of any order approving the sales, for 14 days,
pursuant to Rule 6004(h) of the Federal Rules of Bankruptcy
Procedure.
Accordingly, the Receiver asks the Court to waive the 14-day stay
that would otherwise be applicable pursuant to Rule 6004(h) ofthe
Federal Rules ofBankruptcy Procedure.
A copy of the APA attached to the Motion is available for free at:
http://bankrupt.com/misc/Innova_Global_94_Sales.pdf
The Purchaser:
FILTERS, INC.
7910 S. 101st E. Ave.
Tulsa, OK 74133
Attn: Mark Schaffitzel
About Innova Global Ltd.
Innova Global Ltd. is a full service engineering, fabrication,
procurement and construction company specializing in air and noise
emissions control, acoustic consulting, gas turbine systems, heat
recovery, modular gas compression facilities, and turnkey building
solutions primarily for oil & gas, power generation, and industrial
customers. The Debtors are a group of Canadian-based companies
that have been placed into a receivership proceeding under the
Bankruptcy and Insolvency Act in Canada, which is a foreign
proceeding within the meaning of 11 U.S.C. Section 101(23). The
Debtors' U.S. operations are based in Tulsa, Oklahoma. Visit
www.pwc.com/car/innova for more information.
On April 4, 2019, Innova Global Ltd. (Bankr. N.D. Okla. Case No.
19-10653), and affiliates (i) Innova Global Operating Ltd (Bankr.
N.D. Okla. Case No. 19-10654); (ii) Innova Global Limited
Partnership (Bankr. N.D. Okla. Case No. 19-10655); (iii) 1938247
Alberta Ltd. ((Bankr. N.D. Okla. Case No. 19-10656); (iv) Innova
Global Holdings Limited Partnership ((Bankr. N.D. Okla. Case No.
19-10657); (v) Innova Global, Inc. ((Bankr. N.D. Okla. Case No.
19-10658); (vi) Innova Global, LLC (Bankr. N.D. Okla. Case No.
19-10659);a nd (vii) Braden Manufacturing, L.L.C. ((Bankr. N.D.
Okla. Case No. 19-10660), filed their Chapter 15 Petition. Judge
Dana L. Rasure is assigned to the cases.
On April 1, 2019, the Canadian Court appointed Paul J. Darby at
PricewaterhouseCoopers Inc. LIT, as the Receiver.
The foreign proceeding in which Appointment of the Foreign
Representative Occurred is the Court of Queen's Bench of Alberta in
the Judicial Centre of Calgary, Canada. The Foreign
Representative's Counsel are John E. Howland, Esq., at Rosenstein,
FIst & Ringold; and Steve A. Peirce, Esq., at Norton Rose Fulbright
US LLP.
INSTITUTE OF MGMT: Selling Dayton & Hamilton Properties for $1.3M
-----------------------------------------------------------------
Institute of Management and Resources, Inc., asks the U.S.
Bankruptcy Court for the Southern District of Ohio to authorize the
private sale to Mohr-Phoenix of its interests in (i) the real
property located at 184 Salem Ave, Dayton, Ohio for $800,000; and
(ii) the real property located at 1205-1206 Shuler Ave, Hamilton,
Ohio for $500,000.
Objections, if any, must be filed 21 days from the date set forth
in the Certificate of Service for the Application.
The Declaration of Thomas Wright, the Debtor's real estate broker,
describing the marketing process for the Property and the
circumstances leading to the execution of the Sale Agreement. A
Broker Agreement dated July 17, 2018, by and between Wright Real
Estate Services and the Debtor, provides for a 6% commission upon
the sale of the Property. In the Broker's opinion, the market
value of the Property ranged from $1 million to $1.3 million.
Following over nine months of marketing, a $1.3 million offer from
Mohr-Phoenix was determined to be the best offer for the Property
and was a "strong to high purchase price" given market conditions.
There were several lesser offers/inquiries, however, none came
to fruition. The next highest offer received was for $1.25 million
by Capitulum, LLC for the purchase of both Properties, however,
Capitulum, LLC could not timely satisfy necessary contingencies.
This is the highest and best offer received after over nine months
of marketing.
On May 15, 2019, the Debtor executed a Contract of Sale for the
sale of the Property to the Purchaser. Considering all of the
circumstances as a whole, the Debtor has concluded that entering
into the Sale Agreement is the optimal course to maximize the value
of the Property.
The material terms of the Sale Agreement are:
i. Purchase Price: $1.3 million
ii. Deposit: $13,000, to be collected and held in an escrow
account, and to be applied at the closing.
iii. Assets: The Assets to be transferred under the Purchase
Agreement include: (a) 184 Salem Ave, Dayton, Ohio ($800,000); and
(b) 1205-1206 Shuler Ave, Hamilton Ohio ($500,000)
iv. Mortgage Commitment: The Sale Agreement is contingent on
financing at rates and terms generally prevailing for commercial
mortgages in the Dayton, Ohio area. The Debtor may cancel the Sale
Agreement if the Purchaser does not obtain written approval of the
financing commitment by May 26, 2019.
v. Lease Commitment: The Sale Agreement is contingent upon
current tenant executing a triple net lease with new owner, $5,000
per month for 184 Salem Ave, Dayton, Ohio; and $5,000 per month for
1205-1206 Shuler Ave, Hamilton, Ohio.
vi. Defaults and Remedies: If the Purchaser defaults, the
Seller's sole remedy will be to retain the Deposit.
vii. Commission: The commission provided for in the Broker
Agreement will be paid at closing solely from Sale proceeds, and
will be allocated on a pro-rata basis from the sale proceeds for
the two Properties.
viii. Carve Out: Not to exceed $50,000, and will be paid from
the sale proceeds, and will be allocated on a pro-rata basis from
the sale proceeds for the two Properties.
ix: The Sale of the Property will be free and clear of all
liens, claims, encumbrances, and other interests.
The Debtor submits that the Sale of the Property offers the
greatest benefit to itss estate, and is an exercise of its sound
business judgment. It is sking to transfer its interest in the
Property in a private sale without the need to conduct an auction
process. It is well settled that the sale of assets outside of
the ordinary course of business by means of a private sale can, and
in appropriate cases should, be approved.
The Debtor asks the Court to waive the stay imposed by Bankruptcy
Rule 6004(h).
A copy of the Agreement attached to the Motion is available for
free at:
http://bankrupt.com/misc/Institute_of_Management_107_Sales.pdf
Contemporaneously with the filing of the Motion, the Debtor will
file a Motion for the entry of an administrative order (A)
Shortening Notice/Objection period for Objections to this Motion to
May 28, 2019 at 10:00 A.M., (B) scheduling expedited hearing(s) to
consider the this Motion and (C) approving the manner of notice of
same. He will serve the Motion and any order related to deadlines
to object and expedited hearing date pursuant to subsequent Order
of the Court.
About Institute of Management and Resources
Institute of Management and Resources, Inc., is a tax-exempt,
nonprofit corporation that provides management consulting services
to educational institutions.
Institute of Management and Resources sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Case No.
18-30821) on March 22, 2018. In the petition signed by Katie
Harvey, secretary, the Debtor estimated assets and liabilities of
$1 million to $10 million. Judge Beth A. Buchanan oversees the
case. The Debtor tapped the Law Offices of Ira H. Thomsen as its
legal counsel.
LLCD LLC: Unsecured Creditors to Get $16,000 Over 24 Months
-----------------------------------------------------------
LLCD, LLC, and LA4EVER, LLC, filed a Chapter 11 plan and
accompanying disclosure statement.
Class 5 - Unsecured Nonpriority Claims are unimpaired. Payments
for this class will total $16,000. Payment shall be made on a
monthly basis, without interest over twenty-four (24) months
commencing 60 days after the Effective Date of the Plan, with the
balance in full over twenty-four (24) months, from rental proceeds
generated by the operations of the Properties and the refinance of
the Properties. Under the Plan of Reorganization, the claim is
classified as an allowed unsecured nonpriority claim. Payment on
Class 5 shall be calculated as if it were being paid over five
years and is estimated to be $266.67 per month including interest.
Payment shall be made directly by the Receiver of Rents.
The Debtors will continue in possession of the Properties and
propose to fund payment of the Plan with money earned from the
operation of their businesses.
A full-text copy of the Disclosure Statement dated June 26, 2019,
is available at http://tinyurl.com/yyg4mjdefrom PacerMonitor.com
at no charge.
About LLCD, LLC and LA4EVER, LLC
LLCD, LLC and LA4EVER, LLC are privately held companies engaged in
activities related to real estate. LLCD's principal assets are
located at 23 Brown Steet New Haven, Connecticut. LA4EVER's
principal assets are located at 325-327 Saint John Street New
Haven, Connecticut.
LLCD and LA4EVER sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Conn. Case Nos. 19-30489 and 19-30490)
on March 29, 2019. At the time of the filing, each company had
estimated assets of less than $1 million and liabilities of $1
million to $10 million. The cases have been assigned to Judge Ann
M. Nevins.
LONGHORN JUNCTION: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Longhorn Junction Land and Cattle Company, LLC
160 Lookout Rdg
Georgetown, TX 78626-7501
Business Description: Longhorn Junction Land and Cattle Company,
LLC classifies itself as Single Asset Real
Estate (as defined in 11 U.S.C. Section 101
(51B)).
Chapter 11 Petition Date: July 2, 2019
Court: United States Bankruptcy Court
Western District of Texas (Austin)
Case No.: 19-10883
Judge: Hon. Tony M. Davis
Debtor's Counsel: Herbert C. Shelton, II, Esq.
HAJJAR PETERS
3144 Bee Cave Rd
Austin, TX 78746
Tel: 512-637-4956
Fax: 512-637-4958
E-mail: cshelton@legalstrategy.com
- and -
Ron Satija, Esq.
HAJJAR PETERS LLP
3144 Bee Caves Rd
Austin, TX 78746-5560
Tel: (512) 637-4956
E-mail: rsatija@legalstrategy.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Gregory G. Hall, president.
The Debtor did not file a list of its 20 largest unsecured
creditors together with the petition.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/txwb19-10883.pdf
MARIZYME INC: Incurs $237K Net Loss in Second Quarter
-----------------------------------------------------
Marizume, Inc. filed with the Securities and Exchange Commission on
July 3, 2019, its quarterly report on Form 10-Q reporting a net
loss and comprehensive loss of $237,362 on $0 of total revenue for
the three months ended June 30, 2019, compared to a net loss and
comprehensive loss of $65,944 on $17,107 of total revenue for the
three months ended June 30, 2018.
For the six months ended June 30, 2019, the Company reported a net
loss and comprehensive loss of $305,602 on $0 of total revenue
compared to a net loss and comprehensive loss of $113,915 on
$22,660 of total revenue for the same period a year ago.
As of June 30, 2019, Marizyme had $28.60 million in total assets,
$212,660 in total liabilities, and $28.39 million in total equity.
At June 30, 2019, the Company had $4,382 in cash, compared to $104
at Dec. 31, 2018. At June 30, 2019, the Company's accumulated
stockholders' deficit was $30,228,144 compared to $29,922,542 at
Dec. 31, 2018. The Company admits there is substantial doubt as to
its ability to continue as a going concern.
The Company's cash flow depended on the timely and successful
market entry of its strategic offerings. Future cash flows from
software products and services are expected to be very small as the
company changed its strategic focus to life sciences and
biotechnology.
Operating and Capital Expenditure Requirements
Marizyme said "We believe our cash balance as reported in our
financial statements is not sufficient to fund our growth plan for
any period of time. In order to fully implement our plan of
operations for the next 12-month period, we will need to raise a
significant amount of capital through one or more future offerings.
We will need to raise $1.5 million to fund operations for the next
12 months, including up to $100,000 for governance and
administrative purposes (assuming we hire a new Chief Executive
Officer). After the next 12-month period, we most likely will need
to raise additional financing. We do not currently have any
arrangements for any such financing and there can be no assurances
that we will be able to raise the required capital on acceptable
terms, if at all.
"We have generated minimal revenues to date and, although we expect
to raise significant capital in the future, there can be no
assurances that we will be successful in these endeavors. We
believe that the actions presently being taken to further implement
our business plan and generate revenues will provide the
opportunity for us to develop into a successful business
operation.
"We will be required to raise additional capital within the next
year to continue the development and commercialization of current
product candidates and to continue to fund operations at the
current cash expenditure levels. We cannot be certain that
additional funding will be available on acceptable terms, or at
all. Recently worldwide economic conditions and the international
equity and credit markets have significantly deteriorated and may
remain difficult for the foreseeable future. These developments
will make it more difficult to obtain additional equity or credit
financing, when needed. To the extent that we raise additional
funds by issuing equity securities, our stockholders may experience
significant dilution. Any debt financing, if available, may
involve restrictive covenants that impact our ability to conduct
delay, scale back or discontinue the development and/or
commercialization of one or more product candidates; (ii) seek
collaborators for product candidates at an earlier stage than
otherwise would be desirable and on terms that are less favorable
than might otherwise be available; or (iii) relinquish or otherwise
dispose of rights to technologies, product candidates or products
that we would otherwise seek to develop or commercialize its self
on unfavorable terms."
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/VA6FqZ
About Marizyme
Headquartered in Fort Collins, Colorado, Marizyme, Inc.
(www.marizyme.com), a Nevada corporation formerly known as GBS
Enterprises Incorporated, conducted its primary business through
its minority owned subsidiary, GBS Software AG, or GROUP, a
German-based public-company whose stock trades on the Frankfurt
Exchange. GROUP's software and consulting business was focused on
serving IBM's Lotus Notes and Domino market. On March 21, 2018,
GBS formed a wholly owned subsidiary named Marizyme, Inc., a Nevada
Corporation and merged it with GBS Enterprises and renamed the
Company Marizyme. The Company effectively spun off its legacy
software business with the distribution of the shares of X-Assets
to the Company's stockholders on Sept. 5, 2018, as discussed
elsewhere in this Annual Report. Marizyme currently is focused on
bringing early stage biotechnology assets to market and on Sept.
12, 2018, consummated an asset purchase agreement with ACB Holding
AB, Reg. No. 559119-5762, a Swedish corporation.
Marizime reported a net loss and comprehensive loss of $248,743 for
the year ended Dec. 31, 2018, compared to a net loss and
comprehensive loss of $570,506 for the year ended Dec. 31, 2017.
K. R. Margetson Ltd., in Vancouver, Canada, the Company's auditor
since 2007, issued a "going concern" opinion in its report dated
March 1, 2019, citing that the Company has incurred operating
losses since inception, which raises substantial doubt about its
ability to continue as a going concern.
MARK SIMON: Brother Buying 50% Interest in Sarasota Home for $100K
------------------------------------------------------------------
Mark Simon filed with the U.S. Bankruptcy Court for the Southern
District of New York a notice of his sale of his 1/2 interest in
the home at 1255 Peppertree Drive, Sarasota, Florida to his
brother, Steven Simon, for $100,000, cash.
A hearing on the Motion is set for July 30, 2019 at 10:00 a.m.
Objections, if any, must be filed at least seven days prior to the
return date.
The Debtor filed for bankruptcy relief to enable he and his wife,
Roberta Simon, to reorganize their financial affairs. Roberta's
Chapter 11 plan has been confirmed. The Debtor's case was severed
from Roberta's case and that the filing is no longer joint and each
case is independently administered. Roberta's case bears case
number 15-23634.
The Debtor's primary remaining asset is the FL Home which he
co-owns with the Purchaser, who is his brother. The FL Home had
belonged to their parents, who are both deceased.
The Debtor's interest on the FL Home is not "exempt," although it
is his current homestead. The Debtor claimed a homestead exemption
on a house that he and Roberta owned in Scarsdale, New York, which
was sold with the approval of the Court.
According to an appraisal undertaken by the Debtor in 2016, the FL
Home was worth approximately $365,000 at that time. According to
the Debtor, the FL Home is approximately 1,200 square feet in size.
It has 2 bedrooms and 2 bathrooms. The unit has not been
substantially updated. According to the Debtor, it is in fair to
poor condition. The community where the FL Home is located was
developed in the 1970s. Poor weather in the recent years has
caused an increase in insurance and taxes having a negative impact
on values. Moreover, in selling, new buyers prefer modern units.
There is no mortgage on the FL Home. There are no known judgments
with respect to the FL Home.
The sale is in the best interest of the Debtor and the estate.
First, the asset transferred consists of the Debtor's 1/2 interest
in the FL Home, which will be transferred by Quit Claim Deed to the
Purchaser. Second, the purchase price is $100,000 cash. It is
contemplated that the Debtor and his Wife, Roberta, will continue
to reside in the FL Home and pay expenses relating thereto (taxes,
common charges and insurance) in lieu of rent.
Following the sale, the proceeds will be placed in escrow pending
further Order of the Court. The Debtor hopes to submit a proposed
distribution scheme on the return date of the instant motion.
Counsel for the Debtor:
Anne J. Penachio, Esq.
PENACHIO MALARA, LLP
245 Main Street - Suite 450
White Plains, NY 10601
Telephone: (914) 946-2889
Facsimile: (914) 206—4884
Mark Simon sought Chapter 11 protection (Bankr. S.D. N.Y. Case No.
15-20013) on Nov. 13, 2015.
MILLWASP REALTY: Sets Bid Procedures for Staten Island Properties
-----------------------------------------------------------------
Millwasp Realty, LLC, asks the U.S. Bankruptcy Court for the
Eastern District of New York to authorize the bidding procedures in
connection with the sale of the real properties located at 222 and
224 Bay Street, Staten Island, New York at auction.
The Debtor is the owner of the Real Properties, which consists of
two separate but adjacent properties each one with two residential
units and one commercial unit.
Contemporaneously with the Motion, the Debtor is filing an
Application to Employ MYC & Associates, Inc. as Real Estate
Broker/Auctioneer to the Debtor.
The Real Properties are subject to one mortgage in favor of Antonio
and Kim Attanasio in the amount of $300,000. They also are subject
to a claim filed by NYCTL 1998-2 Trust and the Bank of New York
Mellon in the amount of $486,680. The last day to file proofs of
claim has been set for June 14, 2019.
The Debtor wishes to sell the Real Properties by bankruptcy auction
sale, free and clear of all Liens, which Liens will attach to the
proceeds of the sale with the same validity and priority as such
Liens had prior to the sale, and subject to higher and better
offers.
The Debtor represents that no broker, finder, or similar persons
other than MYC & Associates, Inc. was involved in connection with
the Auction Sale, and although the Debtor previously had a broker
marketing the Real Properties, there was no success in procuring a
sale. The Debtor agrees to indemnify and agree to defend, save and
hold the other harmless of and from all loss, cost, liability and
expense, including without limitation, reasonable attorneys' fees
which may be incurred by the other in connection with any claim for
commission or other compensation, which may be made by any person,
firm or corporation other than MYC who claims to have dealt with
Debtor, as the case may be, in connection with the sale
transaction. MYC's commissions and expenses will only be paid upon
proper application to the Court, after notice and a hearing, and
with the prior consent and approval of the Debtor and its counsel.
The Debtor proposes and asks Court approval of the Bidding
Procedures set forth in the Terms and Conditions of Sale. It is
asking approval of the sale of the Real Properties to be conducted
by MYC & Associates, Inc. on Aug. 1, 2019 at 1:00 p.m. in Room 3554
of the United States Bankruptcy Court, Eastern District of New
York, 271-C Cadman Plaza East, Brooklyn, New York, or at such later
date and time as will be chosen by the Auctioneer in consultation
with the Debtor, as set forth in the annexed Terms and Conditions
of Sale.
As also set forth in the in the Terms and Conditions of Sale, the
opening bid for the Real Properties at the Auction Sale will be no
less than $1 million and the Real Properties will be sold in bulk
only and sold and delivered "as is, where is," and "with all
faults."
The Bidding Procedures also require any prospective bidder to
register with MYC before the Auction Sale and deliver a signed
original of the Terms and Conditions of Sale to MYC along with a
bank check in the amount of $100,000 made payable to Millwasp
Realty, LLC to serve as a good faith deposit against payment of the
purchase price by such bidder. The Debtor will hold the funds
delivered to Debtor for the Qualifying Deposit in its DIP account
maintained at T.D. Bank.
The bidder determined to have made the highest and best bid within
48 hours after conclusion of the Auction Sale will have to deliver
to MYC a bank check which amount must be equal to 10% of the
successful bid minus the Qualifying Deposit.
The Successful Bidder must close title to the Real Properties at a
date that is not more than 30 calendar days after the entry of a
Court Order approving the Sale. Time is of essence as to the
purchaser, although such date may be extended solely by the Debtor.
The Closing will take place at a location that is to be
determined solely by the Debtor.
If the Successful Bidder does not tender the balance of the
Purchase Price on the Closing Date or otherwise fulfill the Terms
and Conditions, the Debtor can, at its sole option, immediately
negotiate the deposit of the Second Bidder and will be further
authorized to sell the Properties to the Second Bidder without
further notice or approval to the Court.
The Debtor asks the Court to waive the 14-day stay provided for in
Bankruptcy Rule 6004(h).
A copy of the Bidding Procedures attached to the Motion is
available for free at:
http://bankrupt.com/misc/Millwasp_Realty_28_Sales.pdf
About Millwasp Realty
Millwasp Realty LLC owns in fee simple mixed use buildings located
at 222 Bay Street Staten Island, NY 10301 and 224 Bay Street Staten
Island, NY 10301 having an aggregate current value of $2 million.
The Company previously sought bankruptcy protection on March 7,
2011 (Bankr. E.D.N.Y. Case No. 11-41783) and June 21, 2013 (Bankr.
E.D.N.Y. Case No. 13-43811).
Millwasp Realty again sought bankruptcy protection (Bankr. E.D.N.Y.
Case No. 18-44034) on July 12, 2018. In the petition signed by
Jill Sorrentino, managing member, the Debtor disclosed $2 million
in assets and $996,807 in liabilities. The case is assigned to
Judge Nancy Hershey Lord. Mark R. Bernstein, Esq., at the Law
Office of Gregory Messer, PLLC, is the Debtor's counsel.
MUSIC CITY: Case Summary & 5 Unsecured Creditors
------------------------------------------------
Debtor: Music City Fire Company
PO Box 6209
Incline Village, NV 89450
Business Description: Music City Fire Company --
https://musiccityfirecompany.com/ --
manufactures the world's first patented,
CSA-approved, sound-reactive fire systems.
Chapter 11 Petition Date: July 3, 2019
Court: United States Bankruptcy Court
District of Nevada (Reno)
Case No.: 19-50783
Judge: Hon. Bruce T. Beesley
Debtor's Counsel: Stephen R. Harris, Esq.
HARRIS LAW PRACTICE LLC
6151 Lakeside Dr, Ste 2100
Reno, NV 89511
Tel: (775) 786-7600
Fax: (775) 786-7764
Email: steve@harrislawreno.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Robert Buckley, secretary/treasurer.
A full-text copy of the petition containing, among other items, a
list of the Debtor's five unsecured creditors is available for free
at:
http://bankrupt.com/misc/nvb19-50783.pdf
NATIONAL NETWORK: Aug. 22 Plan Confirmation Hearing
---------------------------------------------------
The disclosure statement explaining the Chapter 11 plan of National
Network Communications, Inc., is conditionally approved.
The hearing on confirmation of the plan is scheduled on Thursday,
August 22, 2019, at 10:00 AM, in 300 Fayetteville Street, 3rd Floor
Courtroom, Raleigh, NC 27602.
August 15, 2019 is fixed as the last day for filing and serving
written objections to the disclosure statement.
August 15, 2019 is fixed as the last day for filing and serving
written objections to confirmation of the plan.
About National Network
Based in Princeton, North Carolina, National Network
Communications, Inc., a privately held company that owns and
operates an electronics and appliance store, filed a voluntary
Chapter 11 petition (Bankr. E.D.N.C. Case No. 19-00680) on February
15, 2019.
The Debtor's counsel is Danny Bradford, Esq., in Cary, North
Carolina.
At the time of filing, the Debtor had total assets of $199,269 and
total liabilities of $2,551,218.
The petition was signed by Stanley C. Chestnut, president.
PHOEBEN INC: Recovery of Unsecured Creditors Unknown Under Plan
----------------------------------------------------------------
Phoeben, Inc., filed a Combined Joint Disclosure Statement and Plan
of Reorganization proposing that holders of General Unsecured
Claims, classified in Class 1, will be paid by the Plan
Administrator on a pro-rata basis from the Net Available Cash.
The Plan is feasible because it is anticipated that there will be
sufficient cash to fund distributions to holders of Allowed Claims
from the Net Available Cash.
A full-text copy of the Disclosure Statement dated June 26, 2019,
is available at http://tinyurl.com/y5lnu3ngfrom PacerMonitor.com
at no charge.
Counsel for the Debtor is Erin E. Jones, Esq., and Christopher R.
Murray, Esq., at Jones Murray LLP, in Houston, Texas.
About Phoeben, Inc.
Based in Houston, Texas, Phoeben, Inc. --
https://www.armentacollection.com/ -- is manufacturer of
bracelets, rings, necklaces, enhancers, earrings, and handbags.
Phoeben, Inc., sought Chapter 11 protection (Bankr. S.D. Tex. Case
No. 19-31000) on Feb. 26, 2019. The case is assigned to Jeffrey P.
Norman. In the petition signed by CEO Emily Armenta, the Debtor
estimated assets and liabilities in the range of $1 million to $10
million. The Debtor tapped Erin E. Jones, Esq., and Christopher R.
Murray, Esq., at Jones Murphy & Beatty LLP, as counsel.
PORCAO LICENCIAMENTOS: Chapter 15 Case Summary
----------------------------------------------
Chapter 15 Debtor: Porcao Licenciamentos e Participacoes S/A
and Brasil Foodservice Manager S.A.
Avenida Rio Branco
181 29th Floor
Rio de Janeiro
Brazil
Business Description: Porcao owned and operated a chain of
steakhouses targeted to upper and upper
middle-income patrons in Brazil.
The restaurant offers a combination of
typical Brazilian steak and meats,
as well as more healthy dietary options,
served as a buffet of seafood, salads,
and regional food selections. Porcao's
business was founded in 1975.
Chapter 15 Petition Date:July 2, 2019
Court: United States Bankruptcy Court
Southern District of New York
Manhattan)
Chapter 15 Case No.: 19-12191
Foreign Representative: Renan Miguel Saad
Avenida Rio Branco
181 29th Floor
Rio de Janeiro
Brazil
Foreign Proceeding: Cause No. 0411258-46.2014.8.19.0001
7th Commercial Court of Rio de Janeiro
Foreign
Representative's
Counsel: Warren E. Gluck, Esq.
Trisha M. Rich, Esq.
HOLLAND & KNIGHT LLP
31 West 52nd Street
New York, NY 10019
Tel: (212) 573-3396
(212) 513-3200
Fax: (212) 385-9010
E-mail: warren.gluck@hklaw.com
trisha.rich@hklaw.com
Foreign
Representative's
Counsel:
Estimated Assets: Unknown
Estimated Debts: Unknown
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/nysb19-12191.pdf
PROFESSIONAL FLOOR: Unsecureds' Recovery Unknown Under Plan
-----------------------------------------------------------
Professional Floor Covering and Cleaning, Incorporated, filed a
Chapter 11 and accompanying disclosure statement proposing to pay
holders of Allowed General Unsecured Claims, classified in Class 2,
a Pro Rata Share of the Reorganized Debtor's Net After Tax Cash
Flow for years 2019 to 2023.
Class 1: Secured Tax Claims are impaired. Each holder of an Allowed
Secured Tax Claim shall be paid the Allowed Amount of its Allowed
Secured Tax Claim, at the option of the Reorganized Debtor (a) in
full, in Cash, on the Effective Date or as soon as practicable.
Class 2: Allowed Secured Claim of Ally related to a 2014 Chevrolet
van, VIN#1GCWGGBGXE1127915 are impaired. Secured Claim to be paid
in full with post-confirmation interest at the rate of 6.5% per
annum.
Class 3: Allowed Secured Claim of Ally related to a 2013 Chevrolet
Express Cube Van, VIN#1GB3G3BG6D1104971 are impaired. Secured Claim
to be paid in full with post-confirmation interest at the rate of
6.5% per annum.
Class 4: Allowed Secured Claim of Ally related to a 2014 Chevrolet
van, VIN#1GCVKREC9EZ132894 are impaired. Secured Claim to be paid
in full with post confirmation interest at the rate of 6.5% per
annum.
Class 5: Allowed Secured Claim of Ally related to a 2014 Chevrolet
van, VIN#1GCZGUBGXE1124802 are impaired. Secured Claim to be paid
in full with post-confirmation interest at the rate of 6.5% per
annum.
Class 6: Allowed Secured Claim of Ally related to a 2018 Chevrolet
Silverado, VIN#1GC4K0EY0JF141062 are impaired. Secured Claim to be
paid in full with post-confirmation interest at the rate of 6.5%
per annum.
Class 7: Allowed Secured Claim of Ally related to a 2015 Chevrolet
van, VIN#3N63M0YN5FK695348 are impaired. Secured Claim to be paid
in full with post confirmation interest at the rate of 6.5% per
annum.
Class 8: Allowed Secured Claim of Ally related to a 2015 Chevrolet
van, VIN#1GCZGUCGXF1273498 are impaired. Secured Claim to be paid
in full with post-confirmation interest at the rate of 6.5% per
annum.
Class 9: Allowed Secured Claim of Ally related to a 2016 Chevrolet
Tahoe, VIN#1GNSKCKC8GR426091 are impaired. Secured Claim in the
amount of $45,475, to be paid in full with interest from the
Petition Date at 6.5% per annum.
Class 10: Allowed Secured Claim of Ally related to a 2015 Chevrolet
Silverado, VIN#1GC4K0E80FF630259 are impaired. Secured Claim to be
paid in full with post-confirmation interest at the rate of 6.5%
per annum.
Class 11: Allowed Secured Claim of Ally related to a 2014 Chevrolet
van, VIN#1GCZGUBAXE1213832 are impaired. Secured Claim to be paid
in full with post-confirmation interest at the rate of 6.5% per
annum.
Class 12: Allowed Secured Claim of Ally related to a 2013 Chevrolet
van, VIN#1GC4K1E80DF132498 are impaired. Secured Claim to be paid
in full with post-confirmation interest at the rate of 6.5% per
annum.
Class 15: Allowed Secured Claim of Complete Business Solutions
Group are impaired. Payments Secured Claim shall begin in the first
full calendar month following the Effective Date and shall be made
in equal monthly installments of principal and interest, with
interest at 5% per annum, over 120 months with no prepayment
penalty.
Class 16: Allowed Secured Claim of Aztec are impaired. Payments on
account of Aztec’s Secured claim shall begin in the first full
calendar month following the Effective Date and shall be made in
equal monthly installments of principal and interest, with interest
at 5% per annum, over 60 months with no prepayment penalty.
Class 17: Allowed Secured Claim of Ozark are impaired. Payments on
account of Ozark’s Secured claim shall begin in the first full
calendar month following the Effective Date and shall be made in
equal monthly installments of principal and interest at 5% per
annum on the unpaid balance and amortized for 300 months.
Class 18: Allowed Secured Claim of MBFS are impaired. Allowed Class
18 Claim is satisfied as set forth in the Plan. Except as
specifically set forth in the treatment of Class 18, MBFS shall
receive no distributions from the Estate or the Reorganized
Debtor.
Class 19: Allowed Priority Unsecured Claim of Blythe are impaired.
The holder of the Allowed Class 19 Claim will be paid the full
amount of his Allowed Priority Unsecured Claims within ninety days
following the Effective Date of the Plan in full satisfaction of
such Claim.
Class 20: Allowed Unsecured Convenience Claims are impaired.
Holders of Allowed Class 20 Claims will be paid the full amount of
their Allowed Unsecured Claims as of the Petition Date, not to
exceed $1,000.00 each, in a single distribution within ninety days
following the Effective Date.
Class 21: Allowed Unsecured Claims of Necessary Vendors are
impaired. Each holder of an Allowed Unsecured Claim of Necessary
Vendors will be paid the full amount of their Claim as it existed
on the Petition Date.
Class 23: Equity Interests are impaired. In return for a new value
contribution of $5,000 and a waiver of all debts owed to
Stoudenmier by either the Debtor or TMS, Stoudenmier will retain
100% of the Equity Interests in the Reorganized Debtor.
The Debtor is owned and operated by Thomas Stoudenmier who also
owns an entity known as TMS Property Solutions, LLC. TMS has
limited operations. Its only business activity is property
management, and it owns one parcel of real property, a rental home.
In the year prior to the petition date, the Debtor believes some
$532,000 was transferred from the Debtor to TMS, with approximately
$509,000 being returned to the Debtor by TMS through payments of
the Debtor’s expenses and other financial transfers.
A full-text copy of the Disclosure Statement dated June 26, 2019,
is available at http://tinyurl.com/y6sv6lzbfrom PacerMonitor.com
at no charge.
Counsel for the Debtor is Richard S. Wright, Esq., at Moon Wright &
Houston, PLLC, in Charlotte, North Carolina.
About Professional Floor Covering
and Cleaning, Incorporated
Professional Floor Covering and Cleaning, Incorporated operates a
flooring store in Mooresville, North Carolina.
Professional Floor Covering and Cleaning sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. N.C. Case No.
18-50405) on June 26, 2018. In the petition signed by Thomas M.
Stoudenmier II, president, the Debtor disclosed that it had
estimated assets of less than $500,000 and liabilities of $1
million to $10 million.
Judge Laura T. Beyer presides over the case. The Debtor tapped
Richard S. Wright, Esq., at Moon Wright & Houston, PLLC, as its
bankruptcy counsel.
PROMISE HEALTHCARE: Miss Lou & Purchased Interests Sale Consummated
-------------------------------------------------------------------
Promise Healthcare Group, LLC and affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware a notice of the
consummation of sale of Miss Lou Assets and the Purchased Interests
to Sentry Concordia Real Estate, LLC and Sentry Concordia, LLC.
On Jan. 1, 2019, the Debtors filed the Debtors' Motion for Orders
(I)(A) Approving Bidding Procedures and Bid Protections Respecting
the Remaining Assets, (B) Permitting Debtors to Designate Stalking
Horse Purchaser(s) and Grant Bid Protections, (C) Scheduling a
Hearing to Consider Approval of the Sale of Assets, (D) Approving
Form and Manner of Notice of Sale, and (E) Granting Related Relief;
and (II)(A) Authorizing and Approving the Sale of Substantially All
Assets of Certain of the Debtors Free and Clear of Liens, Claims,
Interests, and Encumbrances, (B) Authorizing the Assumption and
Assignment of Certain Executory Contracts and Unexpired Leases, and
(C) Granting Related Relief with the Court. On Feb. 1, 2019, the
Court approved it and entered the Bidding Procedures Order.
On March 1, 2019, the Court entered the Sale Order, authorizing and
approving, among other things, the sale of the Miss Lou Assets and
the Purchased Interests to Sentry Concordia Real Estate, LLC and
Sentry Concordia, LLC.
Effective as of 12:01 a.m. (CT) on May 16, 2019, the Debtors and
the Purchasers consummated the closing on the Sale in accordance
with the terms of the Purchase Agreement.
The copies of the documents filed in these Chapter 11 Cases,
including all public documents related to the Sale, may be obtained
free of charge at
https://cases.primeclerk.com/promisehealthcaregroup.com
About Promise Healthcare
Established in 2003, Promise Healthcare is a specialty post-acute
care health company headquartered in Boca Raton, Florida.
Promise Healthcare Group, LLC, and its affiliates sought bankruptcy
protection on Nov. 4, 2018 (Bankr. D. Del. Lead Case No. 18-12491).
In the petition signed by Andrew Hinkelman, chief restructuring
officer, the Debtors estimated assets of up to $50,000 and
liabilities of $50 million to $100 million.
The Debtors tapped DLA Piper LLP and Waller Lansden Dortch & Davis,
LLP, as general counsel; FTI Consulting, as financial and
restructuring advisor; Houlihan Lokey and MTS Health Partners,
L.P., as investment bankers; and Prime Clerk LLC as claims agent.
QUOTIENT LIMITED: Adds Automatic Renewal Clause to CEO's Contract
-----------------------------------------------------------------
Quotient Limited amended its employment agreement with Franz Walt,
its chief executive officer, dated May 24, 2018, to provide for
automatic renewal of its term for an additional twelve months,
subject to either party giving the other party at least three
months' written notice that the term of the Employment Agreement
will not be extended.
The Company also reported an immaterial amendment to the Employment
Agreement, dated Nov. 20, 2018, whereby the Company agreed, in lieu
of reimbursing Mr. Walt CHF2,500 per month for the rental cost of a
1-bedroom apartment in the Geneva area, to reimburse Mr. Walt for
incremental costs incurred by him when his spouse travels with him
to Eysins, Switzerland. The Nov. 2, 2018 amendment to the
Employment Agreement was inadvertently not included as an exhibit
to the Company's Annual Report on Form 10-K for the year ended
March 31, 2019 (filed with the Securities and Exchange Commission
on May 29, 2019).
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 Limited reported a net loss of $105.4 million for the year
ended March 31, 2019, compared to a net loss of $82.33 million for
the year ended March 31, 2018. As of March 31, 2019, the Company
had $177.8 million in total assets, $176.05 million in total
liabilities, and $1.71 million in total shareholders' equity.
RENAISSANCE PUBLIC SCHOOL: S&P Lowers Revenue Bond Rating to 'BB'
-----------------------------------------------------------------
S&P Global Ratings lowered its rating on Renaissance Public School
Academy (RPSA), Mich.'s revenue bonds to 'BB' from 'BB+'. The
outlook is negative.
"We base the downgrade on our view of the school's weakened
financial profile, namely declining maximum annual debt service
coverage that is below 1x, operational margins, and liquidity, due
to planned drawdowns to expand an additional wing of the campus for
mixed media space, although this space will not result in any
additional enrollment, as communicated to us by management. We
understand the school is planning to take out $1 million in
privately placed debt for this expansion," said S&P Global Ratings
credit analyst Natalie Fakelmann.
The 'BB' rating reflects S&P's view of the academy's:
-- Declining maximum annual debt service (MADS) coverage,
liquidity, and operational performance on a full-accrual basis;
-- Small enrollment, albeit by design, coupled with very modest
waiting lists;
-- Small operating base, with less than $4 million in annual
operating revenues;
-- Moderate debt burden;
-- Expansion risk associated with construction of a new wing,
although somewhat offset since the school owns the campus and
enrollment targets are not dependent on completion of the wing;
and
-- Vulnerability to risk, as with all charter schools, that the
academy can be closed for nonperformance of its charter or for
financial distress, before the final maturity of the bonds.
Offsetting the above weaknesses are what S&P considers RPSA's:
-- Solid enterprise profile, with steady demand, supported by a
long operating history of more than 20 years; and
-- Improving academics relative to the local area and state
metrics.
S&P said, "The negative outlook reflects our expectation that in
fiscal 2020, the school plans to take on additional debt without
corresponding revenue growth, decrease its liquidity position, and
will continue to generate MADS coverage below 1x, which may
pressure the financial profile to levels more commensurate with a
lower rating. We anticipate the academy's demand profile will
continue to reflect acceptable academics and that enrollment will
remain at approximately 400.
"We could lower the rating if cash on hand continues to decline to
levels no longer commensurate with the 'BB' rating or if the
academy experiences variable-to-declining enrollment and demand,
operating deficits, and weakening or variable MADS coverage.
"We could revise the outlook to stable if the school can improve
MADS coverage to above 1x while maintaining or growing cash levels.
We would also expect the school's demand profile to remain stable."
RESURRECTION LIFE: Corrects Plan to Disclose Immaterial Changes
---------------------------------------------------------------
Secured creditors OSK I, LLC and Timothy Landis, PC, in its
capacity as Indentured Trustee for the First Mortgage Bonds, 2007
Series A dated April 18, 2007 in the original amount of $6,110,000
issued by Resurrection Life Ministries, Inc., formerly known as
Grace Christian Fellowship Church, Inc., filed a Corrected Chapter
11 Plan of Reorganization and accompanying disclosure statement to
disclose immaterial modifications.
Class 4 - Allowed General Unsecured Claims are impaired with
estimated claim of $130,718. The holders of Allowed Claims in Class
4 shall not receive any payment on account of his/her/its Allowed
Class 4 Claim.
Class 1 - Allowed Secured Claims of the Secured Lenders are
impaired. $8,825,000, comprised of outstanding principal in the
amount of $6,110,000 and accrued and unpaid interest in the amount
of $2,715,000. The Class 1 Allowed Secured Claims shall be
amortized over a fifteen (15) year period, with interest at the
annual rate of two percent (2%) for years one and two, two and
one-half percent (2.5%) for years three through five and three
percent for years six through fifteen. The payment made by the
Reorganized Debtor each month on account of the Class 1 Allowed
Secured Claims shall be in the total aggregate amount of $20,000.
The Class 1 Allowed Secured Claims shall continue to be secured by
a first priority lien against the Reorganized Debtor’s Real
Property.
Class 3 - Allowed Unsecured Claims of the Series B Bondholders are
impaired with estimated claim of $1,622,230.25. The holders of
Allowed Claims in Class 3 are unsecured pursuant to Section
506(a)(1) of the Bankruptcy Code, as the aggregate amount of
Allowed Class 1 Secured Claims exceeds the value of the Real
Property. The holders of Allowed Class 3 Claims shall not receive
any payment on account of his/her/its Allowed Class 3 Claim.
Class 5 - Allowed Insider Claims are impaired with a estimated
claim of $323,000. The holder of the Allowed Claim in Class 5 shall
not receive any payment on account of his Allowed Class 5 Claim by
agreement with the Debtor.
The Plan shall be funded from Available Cash from weekly offerings,
media sales, and other church operations, after payment of fees and
expenses incurred in the ordinary course of business.
A full-text copy of the Corrected Disclosure Statement dated June
26, 2019, is available at http://tinyurl.com/y6s7968pfrom
PacerMonitor.com at no charge.
A redlined version of the Corrected Disclosure Statement dated June
26, 2019, is available at https://tinyurl.com/y3yn3p5t from
PacerMonitor.com at no charge.
Counsel for OSK I, LLC, and Timothy Landis, PC, is Kristen E.
Burgers, Esq., at Hirschler Fleischer, PC, in Tysons, Virginia.
About Resurrection Life Ministries
Based in Memphis, Tennessee, Resurrection Life Ministries, Inc.,
dba Grace Christian Fellowship Church, Inc., is an
interdenominational, Christ-centered ministry that seeks to apply
New Testament principles to every area of peoples' lives.
The Church filed for chapter 11 protection on (Bankr. W.D. Tenn.
Case No. 18-27490) on Sept. 7, 2018, listing its total assets at
$640,000 and total liabilities at $4,120,718. The petition was
signed by Leo Holt, pastor.
RICKY TUCKER: Kenda Properties Buying Tifton Plant for $1.5 Million
-------------------------------------------------------------------
Ricky Wayne Tucker and Ricky Clay Tucker ask the U.S. Bankruptcy
Court for the Middle District of Georgia to authorize the sale of
the real property located at 3090 Hwy 41 Tifton, Georgia to Kenda
Properties, LP for $1.45 million.
Respondent Summit Bridge National Investments IV, LLC may be served
via David A. Garland, Esq., its attorney of record, at Moore,
Clarke, DuVall & Rodgers, P.C., PO. Drawer 71727, Albany, Georgia
31708-1727. Summit claims an interest in the Property by virtue of
a Deed to Secure Debt between Debtor and Summit, as successor in
interest to Synovus Bank, formerly known as First Community Bank of
Tifton dated Sept. 26, 2018 and recorded in Deed Book 1819, Page
240, Tifi County Superior Court Records on Sept. 28, 2015.
Respondent Tift County Tax Commissioner is an agency of Tift
County, Georgia that may be served with the Motion by serving the
Honorable R. Chad Alexander, Tax Commissioner, Tifi County, at P.O.
Box 930, Tifton, Georgia 31793 and 225 North Tifi Avenue, Charles
Kent Adm. Bldg. Room 105, Tifton, Georgia 31794. Upon information
and belief, Tax Commissioner may claim an interest in the Property
for ad valorem taxes on the Property.
Respondent Metropolitan Communications Group, Inc. is a tenant with
a month-to-month lease on the Property, which Lease is set to
terminate, at the Debtors' request and 30 days' notice, on the
closing date for the sale of the Property. Upon information and
belief Tenant may be served with the Motion at 910 Camaro Run Drive
W, Chester, Pennsylvania 19380, or by service upon its registered
agent Registered Agent Solutions, Inc., 900 Old Roswell Lake
Parkway, Suite 310, Roswell, Georgia 30076.
As part of their internal considerations toward restructuring, the
Debtors have determined to sell the Tifton Plant and use the
proceeds to reduce the secured claim of Summit. They believe that
the benefits of the sale (i.e. the principle reduction to the
Summit seemed claim) outweigh the benefits oftheir continued
ownership of the Tifton Plant.
On Oct. 15, 2018, the Debtors sought and obtained authority of the
Court to retain Weeks Auction Group, Inc. ("WAG") to market the
Property. Since that time WAG has undertaken an expansive
marketing effort.
On May 3, 2019, the Debtors entered into the Purchase and Sale
Agreement with the Purchaser relating to the purchase and sale of
the Property. In pertinent part, the Contract provides that the
Sellers will sell the Property to the Purchaser for a purchase
price of$1.45 million in"“as-is" condition. As more particularly
described in the Contract, the Purchaser will have a 45-day due
diligence and inspection period which runs from date of Court
approval ofthe sale. The Contract calls for $25,000 in earnest
money. Such earnest money will be held in the escrow account of
WAG, the Debtors' real estate broker.
The Debtors ask for the entry of an Order:
(a) authorizing their sale of the Property in accordance with
the Contract, and authorizing and approving the sale free and clear
of liens, claims, and interests, with such liens, claims, and
interests to attach to the net proceeds of such sale;
(b) authorizing disbursal of the proceeds of the sale as
follows:
1. pay liens for unpaid ad valorem taxes assessed against
the Property through the closing of the sale, including taxes, if
any, owing to Tax Commissioner;
2. pay all usual, customary, and reasonable costs
associated with the sale as agreed by the Debtors and the Purchaser
in the Contract;
3. pay usual and customary brokerage fees to WAG in
accordance with the listing agreement, such agreement having been
previously approved by the Court's order dated Oct. 15, 2018;
4. pay the reasonable, necessary costs and expenses of
preserving and disposing of the Property, including, without
limitation, the Debtors' reasonable attorney's fees incurred in
connection with the sale; and
5. pay to Summit at the closing the net due to Seller for
application to the Summit indebtedness.
(c) determining the value of the Property being sold securing
the liens; and
(d) granting the other relief as set forth.
The Debtors believe that time is of the essence in closing the
transaction contemplated in the Motion. Therefore, they ask that
the Court waives the 10-day stay of any order approving the Motion
pursuant to F.R.B.P. 6004(g).
A copy of the Contract attached to the Motion is available for free
at:
http://bankrupt.com/misc/Ricky_Tucker_309_Sales.pdf
Ricky Wayne Tucker and Ricky Clay Tucker sought Chapter 11
protection (Bankr. M.D. Ga. Case No. 18-70448) on April 19, 2018.
The Debtor tapped Christopher W. Terry, Esq., at Stone and Baxter,
LLP, as counsel.
ROBERT MICHELENA: Mission Buying McAllen Tract of Land for $37K
---------------------------------------------------------------
Robert Marcus Michelena asks the U.S. Bankruptcy Court for the
Southern District of Texas to authorize the private sale of 4,767
square foot or 0.1094 of an acre tract of land out of his 7.31-acre
homestead property located in McAllen, Hidalgo County, Texas, to
City of Mission for $36,902.
Objections, if any, must be filed within 21 days of the date the
Motion was served.
The Debtor along with his two brothers, Ronald M. Michelena and
Ronald M. Michelena, are the owners of McAllen property. He
proposes to sell a 4,767 square foot or 0.1094 of an acre tract of
land out of his 7.31-acre homestead property, because of the
necessity of consummating a sale that will benefit the estate. The
homestead owes a significant amount of ad valorem taxes and the
sale will help pay down the taxes owed.
The value of the 4,767 sq. ft. property to be sold and the
unallocated debt owed on the land from which the property is to be
sold are as follows:
Value Debt Lienholder
----- ---- ----------
$8,061 $63,259 Hidalgo County
$13,509 City of McAllen
Hidalgo County and the City of McAllen hold valid first liens on
the property. The proposed sale price of $36, 902, will reduce
significantly the debt from the estate's liabilities to the ad
valorem tax authorities.
The Debtor proposes to sell the property free and clear of any
interest. He believes that the lienholders will consent.
The City of Mission will pay the purchase cost in cash. The
$36,902 proposed sales price for the property is above the county
appraised value which is calculated to be $8,061 ((538,454 county
land value / 318,423 ttl sq ft) x 4,767 sq ft to be sold)).
The sale of the property will prevent any more ad valorem taxes on
the property from accumulating. The City of Mission will be
expanding Taylor Road with the Property.
The sale proceeds will be paid to the tax liens touching and
concerning the 7.31-acre tract of which the Property will be sold
from. The net proceeds of the sale, after closing costs and other
reasonable expenses related to the sale including but not limited
to title policy fees, recording fees, payment of delinquent ad
valorem taxes, tax certificates, attorney’s fees, and other
expenses related to the closing of the sale will be paid to the ad
valorem taxing authorities in exchange for the full release of all
of the ad valorem tax liens on the property. All other junior
liens and encumbrances which are subordinate to the liens of the ad
valorem taxing entities will be divested by the sale.
The property is not necessary to the operation of his homestead as
it represents a very small portion out of the east side of his
homestead property. No remarkable impact will be felt by the
Debtor; on the contrary, the sale of the property and the proposed
payment of taxes is a benefit to him.
A copy of the Offer attached to the Motion is available for free
at:
http://bankrupt.com/misc/Robert_Michelena_58_Sales.pdf
Robert Marcus Michelena sought Chapter 11 protection (Bankr. S.D.
Tex. Case No. 19-70068) on March 4, 2019. The Debtor tapped
Richard O. Habermann, Esq., as counsel.
RUMLEY OIL: Case Summary & 4 Unsecured Creditors
------------------------------------------------
Debtor: Rumley Oil Inc.
P.O. Box 341
Narrows, VA 24124
Business Description: Rumley Oil Inc. is a fuel oil dealer
in Narrows, Virginia.
Chapter 11 Petition Date: July 3, 2019
Court: United States Bankruptcy Court
Southern District of West Virginia (Charleston)
Case No.: 19-20297
Judge: Hon. Frank W. Volk
Debtor's Counsel: Joseph W. Caldwell, Esq.
John J. Balenovich, Esq.
CALDWELL & RIFFEE
3818 MacCorkle Ave. S.E. Suite 101
P.O. Box 4427
Charleston, WV 25364-4427
Tel: 304-925-2100
Fax: (304) 925-2193
E-mail: joecaldwell@frontier.com
chuckriffee@frontier.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Ronald Rumley, president.
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/wvsb19-20297.pdf
SANDS RENTAL: Unsecureds to Get 100% in 60 Monthly Payments
------------------------------------------------------------
The Sands Rental Properties, LLC, filed a Chapter 11 Plan and
accompanying Disclosure Statement.
Class 1 consists of the Claim of Dorothy Blount in the amount of
$339,468.62 as set forth in Claim No. 2, which is secured by a
Mortgage Lien on the Blount Collateral. Payments shall be made as
follows: (a) monthly principal and interest payments in the amount
of $2,240.34 for twenty (20) years commencing on the first day of
the first month following the Effective Date. Class 1 claims are
impaired.
Class 2 consists of Claims of General Unsecured Creditors in excess
of $1,000 and the unsecured portion of the Class 1 Claim. Each
Holder of an Allowed Class 2 Claim shall receive payments totaling
100% of their Allowed Claim in sixty (60) equal monthly pro rata
payments commencing on the first day of the first month following
the Effective Date. Class 2 Claims are Impaired.
Class 3 consists of Claims of General Unsecured Creditors in and
amount of less than $1,000.00. Each Holder of an Allowed Class 3
Claim, shall receive payment in full, no later than 12 months
following the Effective Date of the Plan. Class 3 Claims are
Impaired.
Upon the Effective Date, the Debtor shall utilize any Cash on hand
to satisfy any Allowed Administrative Expense Claims, Allowed
Professional Compensation Claims, Allowed Priority Tax Claims, the
amount of any Cure due to Holders of Allowed Secured Claims, and US
Trustee Fees due on the Effective Date. The Projected Net Monthly
Income and Plan Payments demonstrate Net Available Revenue in the
approximate amount of $463 for the first year (which includes a
$200 per month contribution from the Debtor's principal for the
first 12 months of the Plan) and then $380 annually for each year
thereafter of the Plan.
A full-text copy of the Disclosure Statement dated June 26, 2019,
is available at http://tinyurl.com/y3527wjlfrom PacerMonitor.com
at no charge.
Counsel for the Debtor is Kenneth Revell, Esq., at Zalkin Revell,
PLLC, in Albany, Georgia.
About The Sands Rental Properties
The Sands Rental Properties LLC sought protection under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 18-71039) on Aug.
31, 2018. At the time of the filing, the Debtor estimated assets
of less than $500,000 and liabilities of less than $500,000. Judge
John T. Laney III presides over the case.
SC WILLIAMS: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: SC Williams, LLC
160 Lookout Rdg
Georgetown, TX 78626-7501
Business Description: SC Williams, LLC is primarily engaged in
renting and leasing real estate properties.
Chapter 11 Petition Date: July 2, 2019
Court: United States Bankruptcy Court
Western District of Texas (Austin)
Case No.: 19-10884
Judge: Hon. Tony M. Davis
Debtor's Counsel: Herbert C. Shelton, II, Esq.
HAJJAR PETERS
3144 Bee Cave Rd
Austin, TX 78746
Tel: 512-637-4956
Fax: 512-637-4958
E-mail: cshelton@legalstrategy.com
- and -
Ron Satija, Esq.
HAJJAR PETERS LLP
3144 Bee Caves Rd.
Austin, TX 78746-5560
Tel: (512) 637-4956
E-mail: rsatija@legalstrategy.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Gregory G. Hall, member.
The Debtor did not submit a list of its 20 largest unsecured
creditors together with the petition at the time of the filing.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/txwb19-10884.pdf
SEALED AIR: Egan-Jones Lowers Senior Unsecured Ratings to BB
------------------------------------------------------------
Egan-Jones Ratings Company, on June 26, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Sealed Air Corporation to BB from BB+.
Headquartered in Charlotte, North Carolina, Sealed Air Corporation
is a packaging company known for its brands: Cryovac food packaging
and Bubble Wrap cushioning packaging. Sealed Air Corporation has
two divisions: Food Care & Product Care. It sold off its stake in
Diversey Care in 2017.
STERICYCLE INC: Egan-Jones Lowers Senior Unsecured Ratings to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on June 27, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Stericycle Incorporated to BB+ from BBB-.
Headquartered in Lake Forest, Illinois, Stericycle Incorporated is
a compliance company that specializes in collecting and disposing
of regulated substances, such as medical waste and sharps,
pharmaceuticals, hazardous waste, and providing services for
recalled and expired goods.
SUPERIOR ENERGY: Egan-Jones Lowers Senior Unsecured Ratings to B+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on June 28, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Superior Energy Services, Inc. to B+ from BB-.
Headquartered in Houston, Texas, Superior Energy Services, Inc. is
an oilfield services company. In 2014 it ranked 534 on the Fortune
1000.
TERADATA CORP: Egan-Jones Lowers Sr. Unsec. Ratings to BB+
----------------------------------------------------------
Egan-Jones Ratings Company, on June 25, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Teradata Corporation to BB+ from BBB.
Teradata Corporation is a provider of database and
analytics-related software, products, and services. The company was
formed in 1979 in Brentwood, California, as a collaboration between
researchers at Caltech and Citibank's advanced technology group.
THRESHOLD OF A DREAM: $305K Sale of Property to Schramm Okayed
--------------------------------------------------------------
Judge Rebecca Connelly of the U.S. Bankruptcy Court for the Western
District of Virginia authorized Threshold of a Dream, LLC's sale of
the real estate located in the County of Bedford, Virginia commonly
known as 4217 Wheatland Road, Bedford, Virginia, to John M. Schramm
for $305,000.
The sale is free and clear of all liens, encumbrances, and other
interests, other than validly recorded easements. The Debtor is
authorized to sign any documents necessary to provide the Purchaser
with clean and clear title to the Property. All liens in the
Property will attach to the proceeds of the Property.
Any secured claim for real estate taxes due Bedford County will be
paid in full at the closing of the sale of the Property.
Branch Banking and Trust Co.'s claims secured by the Property will
be paid in full at the closing of the sale of the Property.
Herbert L. Beskin, Chapter 13 trustee for the bankruptcy estate of
Allan L. Cooper, case number 16-61849, and the Debtor's only
creditor other than the secured creditors who are parties to the
Motion, will be paid $10,000 at the closing of the sale of the
Property, which payment will satisfy such claim in full.
The Debtor is authorized to pay the Realtor's commission in the
amount of $12,200 from the proceeds of the Property in accordance
with the terms of the Order, the Motion, and the contract attached
as Exhibit 1 to the Motion.
The counsel for the Debtor will be paid (i) $2,275 from the closing
of the sale of the Property, to be escrowed toward anticipated U.S.
Trustee's fees; and (ii) $9,217 from the proceeds of the sale of
the Property, to be escrowed toward anticipated attorney's fees and
expenses.
In order to allow the debtor to sell the Property as soon as
possible, the Order will be effective and enforceable immediately
upon entry.
The Clerk of Court will send a copy of the Order as entered to the
counsel for the Debtor who will then distribute the Order to all
parties in interest.
Threshold of a Dream, LLC sought Chapter 11 protection (Bankr. W.D.
Va. Case No. 19-61281) on June 16, 2019. The Debtor tapped Andrew
S. Goldstein, Esq., at Magee Goldstein Lasky & Sayers, P.C. as
counsel.
TSC DORSEY RUN: $1.7M Sale of Jessup Parcel 108A to Rosenbaum OK'd
------------------------------------------------------------------
Judge Thomas J. Catliota of the U.S. Bankruptcy Court for the
District of Maryland authorized TSC Dorsey Run Road - Jessup, LLC's
sale of the real property known as Dorsey Run Center Northwest
Parcel, Jessup, Maryland, Parcel 108A, and as more fully described
in a deed recorded in the land records of Howard County at Liber
16140 Folio 371, et. seq. (and specifically at page 4 thereof), to
Eric Rosenbaum or his assigns for $1.7 million.
In the event that the Debtor receives, and elects to accept, a
higher bid for the real property, and that such higher bid results
in an alternative sale which proceeds to closing, the Debtor is
authorized to pay the Purchaser, from proceeds of closing after
payment of secured debt, a "breakup fee" in the amount of $17,000
plus reimbursement for actual and reasonable expenses in
connection with the sale up to the amount of $20,000, which
payments will be in addition to return of the Purchaser's deposit.
The Debtor is authorized to pay closing expenses, including Real
Estate Commissions and recording costs as described in the Motion
together with the Secured Claims of the Respondents therein.
The Debtor will deposit net proceeds into its DIP Account for
administration therein.
It will file a copy of the Settlement sheet within 10 days of
closing.
About TSC Dorsey Run Road-Jessup
TSC Dorsey Run Road - Jessup, LLC, is a privately held company
engaged in activities related to real estate. The Company is the
fee simple owner of a property located at 7869 Dorsey Run Road in
Jessup, Maryland having a current value of $2.45 million.
TSC Dorsey Run Road - Jessup, LLC, based in Columbia, MD, filed a
Chapter 11 petition (Bankr. D. Md. Case No. 18-25597) on Nov. 28,
2018. The Hon. Michelle M. Harner oversees the case. The Law
Offices of David W. Cohen, led by founding partner David W. Cohen,
serves as bankruptcy counsel. In the petition signed by Bruce S.
Jaffe, manager, the Debtor disclosed $2,450,000 in assets and
$2,359,552 in liabilities.
VALLEY ECONOMIC: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Valley Economic Development Center, Inc.
aka VEDC
aka TBOF
dba The Los Angeles Business Development Corporation
dba Chicago Business Opportunity Fund LLC
dba Chicagoland Business Opportunity Fund LLC
dba TRI - State Business Opportunity Fund
aka CBOF
5121 Van Nuys Blvd., 3rd Floor
Van Nuys, CA 91403
Business Description: Valley Economic Development Center, Inc., a
certified Community Development Financial
Institution, is a California tax-exempt
nonprofit corporation whose mission is to
provide financing assistance, management
consulting, and training to entrepreneurs
and small business owners in and around Los
Angeles County and throughout California.
Those services include business training for
start-up and fledgling small businesses as
well as services to more established
existing small businesses.
Chapter 11 Petition Date: July 2, 2019
Court: United States Bankruptcy Court
Central District of California (San Fernando Valley)
Case No.: 19-11629
Judge: Hon. Deborah J. Saltzman
Debtor's Counsel: Ron Bender, Esq.
LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
10250 Constellation Blvd Ste 1700
Los Angeles, CA 90067
Tel: 310-229-1234
E-mail: rb@lnbyb.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Anita Wolman, authorized
representative.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/cacb19-11629.pdf
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. UBS $3,845,367
c/o Stephanie White
299 S. Main St, Suite 2275
Salt Lake City, UT 84111
2. State Bank of India $3,000,000
460 Park Avenue
New York, NY 10022
3. Rabo Bank $2,500,000
c/o Sevag Jierian
618 W. Main Street
Visalia, CA 93291
4. Dignity Health $1,150,000
c/o Pablo Bravo
185 Berry Street, Suite 300
San Francisco, CA 94107
5. Capital One Bank $1,000,000
c/o Theresa Bedeau
299 Park Ave, 14th Floor
New York, NY 10171
6. East West Bank $1,000,000
c/o Henry Kwan
135 N. Los Robles
Ave. 8th Fl.
Pasadena, CA 91101
7. Union Bank $816,100
c/o Sal Lopez
445 South Figueroa
Street, Suite 403
Los Angeles, CA 90071
8. U.S. Department of Treasury $661,000
c/o Steven Davidson
1500 Pennsylvania
Avenue, NW
Washington, DC 20220
9. Citizens Business Bank $396,250
c/o Neal Newman
2800 Hollywood Way
Burbank, CA 91505
10. California Community Foundation $250,000
c/o Christopher Hubbard
221 S. Figueroa
Street Suite 400
Los Angeles, CA 90012
11. Capital Impact Partners $201,477
c/o Mia Oamil
360 22nd Street, Suite 320
Oakland, CA 94612
12. The Burbank Firm L.C. $23,090
2312 West Victory Blvd
Burbank, CA 91506
13. Valley Corporate $19,356
c/o Commercial
Prop. Prof., Inc.
Van Nuys, CA 91409
14. Bohm Wildish & Matsen $15,415
695 Town Center Drive
Costa Mesa, CA 92626
15. LaunchPad Careers $9,600
P.O. Box 52470
Irvine, CA
92619-2470
16. Roselia Melendez $8,171
7841 Allott Avenue
Panorama City, CA 91402
17. Lisa Hartman $5,362
1501 Front Street
Unit #408
San Diego, CA 92101
18. Autumm Associates $1,950
10811 Washington
Blvd #375
Culver City, CA 90232
19. Accounting Principals $1,388
Lockbox: Dept CH 14031
Palatine, IL 60055-4031
20. Star Cleaning Services $1,200
20715 Campania Lane
Porter Ranch, CA 91326
WEATHERFORD INT'L: Files Voluntary Chapter 11 Bankruptcy Petition
-----------------------------------------------------------------
Weatherford International plc, Weatherford International Ltd., and
Weatherford International, LLC, on July 1, 2019, disclosed that the
Company has initiated its previously-announced financial
restructuring by commencing voluntary cases under chapter 11 of the
U.S. Bankruptcy Code to effectuate its "pre-packaged" Plan of
Reorganization. The Company's other entities and affiliates are
not included in the Chapter 11 Cases. Weatherford also expects to
file Bermuda and Irish examinership proceedings (collectively with
the Chapter 11 Cases, the "Cases") in the coming months. The
comprehensive financial restructuring would significantly reduce
the Company's long-term debt and related interest costs, provide
access to additional financing and establish a more sustainable
capital structure.
The Company has received commitments from lenders for $1.75 billion
of debtor-in-possession financing (the "DIP Facility"). The
proceeds of the DIP Facility will be available to fund the
Company's working capital needs throughout the Cases. Additionally,
upon exit from bankruptcy the Company will have access to
additional financing in the form of (a) an undrawn first lien exit
revolving credit facility in the principal amount of up to $1.0
billion, and (b) up to $1.25 billion of new tranche A senior
unsecured notes with a five-year maturity. In addition, on
emergence from bankruptcy the Company will issue $1.25 billion of
new tranche B senior unsecured notes with a seven-year maturity to
holders of the Company's existing unsecured notes.
BUSINESS AS USUAL
The Company has filed "first day" motions to obtain the requisite
court authority for the Company to continue operating its
businesses and facilities in the ordinary course without disruption
to its customers, vendors, partners or employees. The Company is
working to complete all necessary milestones and will disclose
details regarding planned emergence in due course.
Lazard is acting as financial advisor for the Company, Latham &
Watkins, LLP as legal counsel, and Alvarez & Marsal as
restructuring advisor. Evercore is acting as financial advisor for
the group of the Company's senior noteholders and Akin Gump Strauss
Hauer & Feld LLP as legal counsel.
About Weatherford
Weatherford (NYSE: WFT), an Irish public limited company and Swiss
tax resident -- http://www.weatherford.com/-- is a multinational
oilfield service company providing innovative solutions, technology
and services to the oil and gas industry. The Company operates in
over 80 countries and has a network of approximately 650 locations,
including manufacturing, service, research and development and
training facilities and employs approximately 26,000 people.
Weatherford reported a net loss attributable to the company of
$2.81 billion for the year ended Dec. 31, 2018, compared to a net
loss attributable to the company of $2.81 billion for the year
ended Dec. 31, 2017.
As of March 31, 2019, Weatherford had $6.51 billion in total
assets, $10.62 billion in total liabilities, and a total
shareholders' deficiency of $4.10 billion.
On July 1, 2019, Weatherford International plc, Weatherford
International, LLC, and Weatherford International Ltd. sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 19-33694).
Thbe Hon. David R. Jones is the case judge.
The Debtor HUNTON ANDREWS KURTH LLP and LATHAM & WATKINS LLP as
counsel; ALVAREZ & MARSAL NORTH AMERICA LLC as financial advisor;
and LAZARD FRERES & CO. LLC as investment banker.
PRIME CLERK LLC is the claims agent.
WEATHERFORD INT'L: Obtains Court Approval to Access DIP Financing
-----------------------------------------------------------------
Weatherford International plc, Weatherford International Ltd., and
Weatherford International, LLC, one of the largest multinational
oilfield service companies providing innovative solutions,
technology and services to the oil and gas industry, on July 2
disclosed that the Company has completed a successful first day
hearing in the U.S. Bankruptcy Court for the Southern District of
Texas related to the voluntary Chapter 11 petitions filed on July
1, 2019. Notably, the Court granted Weatherford interim approval
to access up to $1.5 billion of debtor-in-possession ("DIP")
financing with the request for approval on a final basis (including
an additional $250 million of financing) to be heard on August 1,
2019. This financing, combined with access to the cash generated
by the Company's ongoing operations, is available to meet the
Company's day-to-day needs during the Chapter 11 cases.
In addition to the approved financing, Weatherford received
approval to continue its customer programs, to maintain its
insurance and insurance-related items and to continue to utilize
its existing cash management system. The Court also granted
additional procedural motion filed by the Company. Employee wages
and benefits are unaffected by the filings and will continue to be
paid in the ordinary course. The Court's approval of the Company's
first day motions coupled with the approval of the proposed DIP
financing will allow Weatherford to operate in the ordinary course
during the pendency of the cases.
ADDITIONAL INFORMATION
Court filings and information about the claims process are
available at https://cases.primeclerk.com/weatherford/ or by
calling the Company's claims agent, Prime Clerk, toll-free in the
U.S. and Canada at 844-233-5155 (or + 917-942-6392 for
international calls) or by sending an email to
Weatherfordinfo@primeclerk.com.
Lazard is acting as financial advisor for the Company, Latham &
Watkins, LLP as legal counsel, and Alvarez & Marsal as
restructuring advisor. Evercore is acting as financial advisor for
the group of the Company's senior noteholders and Akin Gump Strauss
Hauer & Feld LLP as legal counsel.
About Weatherford
Weatherford (NYSE: WFT), an Irish public limited company and Swiss
tax resident -- http://www.weatherford.com/-- is a multinational
oilfield service company providing innovative solutions, technology
and services to the oil and gas industry. The Company operates in
over 80 countries and has a network of approximately 650 locations,
including manufacturing, service, research and development and
training facilities and employs approximately 26,000 people.
Weatherford reported a net loss attributable to the company of
$2.81 billion for the year ended Dec. 31, 2018, compared to a net
loss attributable to the company of $2.81 billion for the year
ended Dec. 31, 2017.
As of March 31, 2019, Weatherford had $6.51 billion in total
assets, $10.62 billion in total liabilities, and a total
shareholders' deficiency of $4.10 billion.
On July 1, 2019, Weatherford International plc, Weatherford
International, LLC, and Weatherford International Ltd. sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 19-33694).
Thbe Hon. David R. Jones is the case judge.
The Debtor HUNTON ANDREWS KURTH LLP and LATHAM & WATKINS LLP as
counsel; ALVAREZ & MARSAL NORTH AMERICA LLC as financial advisor;
and LAZARD FRERES & CO. LLC as investment banker.
PRIME CLERK LLC is the claims agent.
WILLIAM BENKENDORF: Fahy Buying Mine Hill Properties for $685K
--------------------------------------------------------------
William C. Benkendorf filed with the U.S. Bankruptcy Court for the
District of New Jersey a notice of his sale to Gerald Fahy of the
following properties: (i) the land located at Block 808, Lot 9, 11
Scrub Oaks Road, Mine Hill, New Jersey for $515,000; and (ii) the
single family residence at Block 808, Lot 4, 19 Scrub Oak Rd, Mine
Hill, New Jersey for $170,000.
The Buyer's Offer to Purchase offers 10% down upon acceptance of
offer, 10% within 15 days and balance as cash at closing. Both
properties will be close at the same time.
The purchase is subject to an acceptable Phase 2 Environmental Site
Evaluation ("ESA"). It will be known that the Purchaser has
previously performed a Phase 1 ESA which did not clear the property
of contamination without further site investigation and evaluation.
The Purchaser is prepared contract with Environmental Company
within five days of acceptance to perform Phase 2 ESA and close
within 30 days of and acceptable report. The offer if accepted
will follow with a follow with a formal contract of sale to be
drawn by his attorney.
A copy of the Offer to Purchase attached to the Motion is available
for free at:
http://bankrupt.com/misc/William_Benkendorf_144_Sales.pdf
The Buyer:
Gerald Fahy
56 E. Shawnee Trail
Wharton, NJ 07885
Counsel for the Debtor:
Andrea Silverman, Esq.
ANDREA SILVERMAN, PC
150 River Road, Unit O2B
Montville, NJ 07045
Telephone: (973) 794-3960
Facsimile: (973) 794-3962
A hearing on the Motion is set for June 11, 2019 a 10:00 a.m.
Objections, if any, must be filed no less than seven days in
advance of the hearing date.
The Chapter 11 case is In re William C. Benkendorf (Bankr. D.N.J.
Case No. 18-17667).
WORKDAY INC: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B+
------------------------------------------------------------
Egan-Jones Ratings Company, on June 26, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Workday Incorporated to B+ from BB-.
Headquartered in Pleasanton, California, Workday, Incorporated is
an on-demand financial management and human capital management
software, vendor. It was founded by David Duffield, founder and
former CEO of ERP company PeopleSoft, and former PeopleSoft chief
strategist Aneel Bhusri following Oracle's hostile takeover of
PeopleSoft in 2005.
YUMA ENERGY: Signs Letter Agreement with Interim CEO
----------------------------------------------------
Yuma Energy, Inc. has entered into a letter agreement with Anthony
C. Schnur, the interim chief executive officer, interim chief
financial officer and chief restructuring officer of the Company,
that provides for a termination bonus of $300,000 in the event that
Mr. Schnur's employment with the Company is terminated and such
termination is based on a majority vote of the Board of Directors
of the Company where a majority of the members of the Board do not
consist of some or all of Richard K. Stoneburner, James W.
Christmas and Frank A. Lodzinski, Mr. Schnur enters into a
separation agreement and release of claims with the Company.
Bylaws Amendment
On July 2, 2019, the Company filed a Certificate of Amendment to
its Amended and Restated Certificate of Incorporation with the
Delaware Secretary of State to effect the Reverse Split, which
became effective as of 12:01 a.m. Eastern Time on July 3, 2019.
On June 21, 2019, the Board approved a one-for-fifteen reverse
stock split of its issued and outstanding shares of common stock.
About Yuma Energy
Yuma Energy, Inc. -- http://www.yumaenergyinc.com/-- is an
independent Houston-based exploration and production company
focused on acquiring, developing and exploring for conventional and
unconventional oil and natural gas resources. Historically, the
Company's activities have focused on inland and onshore properties,
primarily located in central and southern Louisiana and
southeastern Texas. Its common stock is listed on the NYSE
American under the trading symbol "YUMA."
Yuma Energy reported a net loss attributable to common stockholders
of $17.07 million for the year ended Dec. 31, 2018, compared to a
net loss attributable to common stockholders of $6.80 million for
the year ended Dec. 31, 2017. As of March 31, 2019, Yuma Energy
had $66.53 million in total assets, $45.84 million in total current
liabilities, $14.68 million in total other non-current liabilities,
and $5.99 million in total stockholders' equity.
Going Concern Uncertainty
Moss Adams LLP, in Houston, Texas, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
April 2, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company is in
default on its credit facility, has a substantial working capital
deficit, no available capital to maintain or develop its properties
and all hedging agreements have been terminated by counterparties.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.
ZEBRA TECHNOLOGIES: Egan-Jones Hikes Senior Unsec. Ratings to BB
----------------------------------------------------------------
Egan-Jones Ratings Company, on June 26, 2019, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Zebra Technologies Corporation to BB from B+.
Zebra Technologies Corporation is a public company based in
Lincolnshire, Illinois, USA, that manufactures and sells marking,
tracking and computer printing technologies.
[*] Morin Joins Goodwin's Financial Restructuring Practice
----------------------------------------------------------
Global law firm Goodwin on July 1 disclosed that Celine Domenget
Morin joined the firm as partner, extending its Financial
Restructuring practice to Paris.
Ms. Domenget Morin advises corporations, their shareholders and
creditors through both judicial and out-of-court restructurings and
complex out-of-court and insolvency proceedings. She counsels
investigators seeking opportunities in distressed businesses and
has significant experience in distressed M&A and insolvency
proceedings litigation.
"Bringing Celine on board to lead our restructuring practice in
Paris strengthens our ability to handle complex restructuring and
financing issues in France and around the world," said
Maxence Bloch, Chair of Goodwin's Paris office. "Celine's
expertise complements Goodwin's leading transactional practice in
France and augments our positioning as a major player in private
equity and fund creation, corporate financing and tax
representations."
"Goodwin has a formidable international platform capitalizing on
the synergies between private equity, corporate finance and
restructuring, and where these practices converge with the
technology industry," said Ms. Domenget Morin. "I am thrilled to
join Goodwin at a time of significant momentum in Paris and
globally."
Ms. Domenget Morin sits on the Board of Directors of the
Association pour le Retournement des Entreprises and serves as
co-chair of the France Invest turnaround capital committee. She
has been a member of the Paris Bar since 2004 and holds a dual
degree from ESCP Europe and business law degree from the University
of Paris X Nanterre. She can be reached at
cdomengetmorin@goodwinlaw.com or 33.185.657.180.
Ms. Domenget Morin's arrival is part of the global expansion of
Goodwin's financial restructuring practice, which recently welcomed
partners in London, New York and San Francisco. In Paris, the firm
recently added Real Estate Industry partner Sarah Fleury.
About Goodwin
Goodwin's 1,000-plus lawyers across the United States, Europe and
Asia excel at complex transactions, high-stakes litigation and
world-class advisory services in the technology, life sciences,
real estate, private equity, and financial industries.
*********
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
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public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
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equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
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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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The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
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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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
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