/raid1/www/Hosts/bankrupt/TCR_Public/191021.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Monday, October 21, 2019, Vol. 23, No. 293
Headlines
1800 16TH STREET: Lender Seeks to Prohibit Cash Collateral Use
2671 CENTERVILLE: U.S. Trustee Objects to Case Dismissal Bid
2736 CHAMPA: Seeks to Hire Dennis & Company as Accountant
2736 CHAMPA: Seeks to Hire Wadsworth Garber as Co-Counsel
ADAMIS PHARMACEUTICALS: Receives Noncompliance Notice from Nasdaq
ADVANCED READY: Case Summary & 20 Largest Unasecured Creditors
APRO LLC: Moody's Affirms B2 Corp. Family Rating, Outlook Stable
AQGEN ASCENSUS: Moody's Affirms B3 CFR, Outlook Stable
ARR INVESTMENTS: Taps McDonald & Barnhill as Special Counsel
BERNARD POULIN: Trustee's $1.32M Sale of Miami Condo Unit Approved
BLACKJEWEL LLC: $125K Sale of 30% Interest in Marketing Okayed
BUSY B'S: Exclusivity Period Extended Until Dec. 6
C & F STURM: Seeks to Hire Northcap Commercial as Broker
C. LEWIS ENTERPRISES: DOR to be Paid in Full With 5% Interest
CAD INC: U.S. Trustee Wants Case Dismissed, Converted to Ch. 7
CAH ACQUISITION: Dec. 10 Hearing on Liquidating Plan for Horton
CAH ACQUISITION: Trustee's Nov. 12 Auction of All Assets Set
CAMBER ENERGY: Says Lineal Merger Sets Stage for Increased Growth
CBAK ENERGY: 4 Creditors Cancel $5.2M Debt in Exchange for Equity
CLINTON NURSERIES: Committee Seeks Compensation for G&S Employee
COALINGA REGIONAL: Court Disbands Unsecured Creditors Committee
CUKER INTERACTIVE: Taps Prata & Daley as Special Counsel
CUMBERLAND BEHAVIOR: Cash Collateral Use Continued Until Dec. 31
DEL MONTE FOODS: Moody's Affirms Caa1 CFR, Outlook Stable
DELPHI TECHNOLOGIES: Moody's Alters Outlook on Ba3 CFR to Negative
DORIAN LPG: BW Group Lowers Stake to 8.5% as of Oct. 17
DURA AUTOMOTIVE: Case Summary & 50 Largest Unsecured Creditors
E & J MACON: Lender Found in Contempt Over Botched Financing
EAST BROADWAY: Seeks Approval on Stipulated Cash Collateral Order
ELBAMED INTERNATIONAL: Taps Sanchez-Medina as Special Counsel
ENDO SURGICAL: Taps Serruto Law Firm as Special Counsel
EUROPACORP FILMS: Chapter 15 Case Summary
EVERGREEN PALLET: Seeks to Hire Greg A. Erbert as Consultant
EVIO INC: Incurs $3.83 Million Net Loss in Second Quarter
FALLS EVENT: Trustee's $1.25M Sale of Fresno Property Approved
FRANK INVESTMENTS: Exclusivity Period Extended Until Dec. 10
FXI HOLDINGS: Moody's Rates $775MM Sr. Sec. Notes 'B3'
GATE 3 LIQUIDATION: Objects to Motion to Appoint Trustee
GATE 3 LIQUIDATION: SMC Joins AB&J's Motion to Appoint Trustee
GATEWAY RADIOLOGY: Seeks to Extend Exclusivity Period to Feb. 23
GEK REALTY: Bankr. Court Cuts BHMPW Funding's Claim to $723,000
GLENDALE VALLEY: Moody's Cuts Rating on $7.4MM Revenue Debt to Ba2
GOOD NOODLES: Has Access to Cash Collateral Until Oct. 22
GP RARE EARTH: SEC Seeks Immediate Appointment for Trustee
GTS REAL PROPERTIES: Voluntary Chapter 11 Case Summary
HARBORVIEW TOWERS: Damages Award to Creditors Upheld
HARRAH WHITES: Seeks to Hire Theodore N. Stapleton P.C. as Counsel
HARRY L WRIGHT: $770K Sale of Lincoln Property to Sells Approved
HELIX TCS: Signs New Deal to Sell Note & Warrant for $450,000
HERZ HERZ & REICHLE: Committee Seeks Trustee Appointment
HIGHLAND CAPITAL: Seeks Authorization to Use Cash Collateral
HOUSTON GRANITE: Seeks to Hire Cage Hill as Legal Counsel
IMPACT GLASS: Seeks to Hire L.M. Schneider as Special Counsel
IN MARKETING: Committee Taps Politan Law as Legal Counsel
INPIXON: Iliad Research Swaps Remaining $200K Note for Equity
INSYS THERAPEUTICS: Wants to Maintain Exclusivity for 90 More Days
INTEGRITY BRANDS: Sale of All Assets to S&S Group Approved
INTERRA INNOVATION: Allowed to Use Cash Collateral on Interim Basis
J. ASHTON DEVELOPMENT: Case Summary & Unsecured Creditor
JACK COOPER: Sale of All Assets to JC Buyer Co. Approved
JEROME GOLDEN: Taps Philip B. Harris as Legal Counsel
JJE INC: Plan & Disclosures Deadline Extended to Nov. 8, 2019
JOHN H. SMITH: $590K Sale of All Personal Properties Approved
JOHN HOANG TRIEN: $125K Sale of El Paso Property to Gonzalez Okayed
JUST FOR YOU: Plan Profits to Pay Creditors in Full
KARA HOMES: Dismissal of Karagjozi Suit vs Lawyer, Firm Endorsed
KP ENGINEERING: Committee Says Add'l $1.75M Financing Unnecessary
L. G. STECK: Case Summary & 20 Largest Unsecured Creditors
LAKELAND TOURS: Moody's Alters Outlook on B2 CFR to Negative
LATEX FOAM: Committee Seeks to Hire PwC as Financial Advisor
LYONS CHEVROLET: Seeks to Hire Lefkovitz & Lefkovitz as Counsel
MANUEL PRATS VEGA: Ch. 11 Case Remains Suspended, Court Says
MATUSOW OFFICES: $1.9M Sale of Vineland Property to Watermarq OK'd
MAYFLOWER COMMUNITIES: Court Confirms Liquidating Plan
MCP REAL ESTATE: First Exchange Bank Objects to Plan Outline
MEDICAL DEPOT: S&P Raises ICR to 'CCC+' on Distressed Debt Exchange
MJJW PORTFOLIO: U.S. Trustee Unable to Appoint Committee
MMMT CORPORATION: U.S. Trustee Appoints S. Goodman as PCO
MRS. G'S LOUNGE: Entry Into AFCO Insurance Financing Approved
MS SUPPLY: Proposes IPFS Insurance Premium Financing Pact
MULTICULTURAL COMMUNITY: Nov. 5 Plan Confirmation Hearing Set
NASSAU FINANCIAL: Fitch Affirms BB+ IFS Ratings, Outlook Stable
NAVAHO TOUR: Seeks Authority on Continued Cash Collateral Use
NEAL ELECTRIC: Seeks to Hire Brannen Firm as Legal Counsel
NORPAC FOODS: Committee Taps Alvarez & Marsal as Financial Advisor
O'BENCO IV: Proposes Chapter 11 Plan of Liquidation
ORCHIDS PAPER: SEC Objects to Plan's Releases
PALM BEACH GOLF: Drops Bid for $10K Financing From Travaglini
PALM FROND: Exclusivity Period Extended Until Nov. 24
PALM HEALTHCARE: $305K Delray Beach Property Sale to Trubnikov OK'd
PALM HEALTHCARE: $36K Sale of 3 Vehicles to Coast to Coast Approved
PERSON CENTERED: Bankr. Administrator Objects to PCO Appointment
PES HOLDINGS: Proposes Dual-Track Chapter 11 Plan
PING IDENTITY: Moody's Raises CFR to B1, Outlook Stable
PLAINS ALL: Moody's Alters Outlook on Ba1 CFR to Positive
QUALITY ONE: Seeks to Extend Exclusivity Period to Dec. 31
RADER LODGE: Seeks to Hire Hansen Auction as Realtor
RITE AID: S&P Lowers ICR to 'SD' on Distressed Exchange
SAN JUAN ICE: Dec. 11 Plan Confirmation Hearing Set
SAN LUIS & RIO: Involuntary Chapter 11 Case Summary
SANCHEZ ENERGY: Taps Gibbs & Bruns as Special Counsel
SARAH ZONE: Wants to Continue Cash Collateral Use Thru March 2020
SCHROEDER BROTHERS: Trustee Taps Gavin Bros. as Auctioneer
SGM FOODS: Deadline to File Exit Plan Extended Until Dec. 6
SNEED SHIPBUILDING: Trustee Proposes Liquidating Plan
SOMERVILLE BREWING: Seeks to Hire Parker & Associates as Counsel
SORENSEN FUNERAL: Case Summary & Unsecured Creditors
SPEEDWAY MOTORSPORTS: S&P Rates New Senior Unsecured Notes 'BB+'
SPRINGFIELD MEDICAL: Seeks to Extend Exclusive Period to Feb. 21
ST. CLAIR SD: Moody's Affirms Ba2 Rating on $8.7MM GOULT Debt
STRAIGHT UP ENTERPRISES: Taps Amherst as Consultant
SUNEX INTERNATIONAL: ExWorks Capital Loan Has Interim Approval
TC3 FOUNDATION: S&P Lowers 2013A Revenue Bond Rating to 'D'
TENDER LOVING HOME: Seeks to Hire Myers Patsy as Accountant
TINTRI INC: Court Confirms Committee's Liquidating Plan
TIRAMISU RESTAURANT: Court Rejects Disclosure Statement
TOYS R US: New York Court Dismisses CRG Suit vs Amloid
TRIBECA AESTHETIC: Allowed to Continue Using Cash Collateral
TROP INC: FLSA Creditors Object to Disclosure Statement
UTZ QUALITY: S&P Affirms 'B-' ICR on Kennedy Endeavors Deal
VIRGINIA TRUE: Allowed to Exclusively File Plan Until Oct. 30
WAFTA PROPERTIES: Gets Court Approval to Hire Bankruptcy Attorney
WEATHERFORD INT'L: Gets Approval to Expand Scope of KPMG Services
WEST COAST DISTRIBUTION: Seeks to Hire Fineman West as Accountant
WILLIAMS PLUMBING: May Continue Using BFS Cash Collateral
WILLIAMS PLUMBING: May Continue Using Kabbage Cash Collateral
WILLIAMS PLUMBING: May Continue Using On Deck Cash Collateral
WILLIAMS PLUMBING: May Continue Using Par Funding Cash Collateral
XTL-PA INC: Seeks to Extend Exclusivity Period to Feb. 3
ZEIER REAL ESTATE: Seeks Court Approval to Hire Real Estate Agent
[^] BOND PRICING: For the Week from October 14 to 18, 2019
*********
1800 16TH STREET: Lender Seeks to Prohibit Cash Collateral Use
--------------------------------------------------------------
Wilmington Trust, National Association, as Trustee for the benefit
of the registered holders of JPMBB Commercial Mortgage Securities
Trust 2015-C29, Commercial Mortgage Pass-Through Certificates,
Series 2015-C29 requests the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania to prohibit 1800 16th Street, LLC from
using cash collateral.
Alternatively, Wilmington asks the Court to condition such use on
adequate protection being granted to it as required by 11 U.S.C.
sections 361 & 363. Wilmington also requests the Court to prohibit
the Debtor from continuing to use the Maze Bank Account as part of
its cash management system and, instead, require the Debtor to
direct all funds to the Debtor's debtor in possession bank account,
require the Debtor to segregate and account for all Cash
Collateral.
The Debtor's sole business is to own and operate improved real
property known as the Campus View Apartments, which apartment
building provides housing to students of Temple University. The
Property is managed by Maze Group Development, Inc. -- a non-debtor
affiliate of the Debtor.
As of the Petition Date, the Debtor was indebted to Wilmington
under the Loan Documents in the amount of at least $10,216,513.
Pursuant to the Loan Documents, Wilmington holds a valid,
enforceable, and unavoidable first-priority interest in and lien
against, inter alia, the Property, all leases of the Property, all
rent, revenue, or profits generated from the operation and lease of
the Property, all accounts, certain related personal property, and
the proceeds thereof.
Wilmington has learned that both prepetition and since commencing
this case, the Debtor has caused tenants at the Property to
electronically transfer monthly rent payments into a bank account
maintained at Wells Fargo that is owned by Maze and commingled the
Cash Collateral derived from the Property with cash receipts from
several multi-family or student housing properties owned by
affiliates of the Debtor. The Debtor also has deposited rent checks
received from tenants at the Property into the Maze Bank Account
rather than into the debtor-in-possession account that the Debtor
has established.
Wilmington asserts that the Debtor should be ordered to immediately
cease these practices and required to deposit all cash collateral
into its debtor in possession account and to direct tenants to make
all payments of rent to the debtor in possession account.
Wilmington contends that the Debtor has used the cash collateral
deposited in the Maze Bank Account to pay creditors of Maze and
other non-debtor affiliates and has otherwise failed to safeguard
and protect the cash collateral. Wilmington has requested an
accounting of the Debtor’s misuse of cash collateral since the
Petition Date. However, to date and notwithstanding that one of the
Debtor's principals is an accountant, the Debtor has failed or
refused to provide such an accounting.
As a result of the Debtor's malfeasance or misconduct, Wilmington's
interest in the cash collateral has diminished following the
Petition Date because the Debtor is using the cash collateral to
fund operating expenses and pay indebtedness of non-debtor
affiliates as well as to pay its operating expenses without the
consent of Wilmington or an Order of the Court.
Accordingly, Wilmington objects to any use, consumption, or other
disposition of cash collateral unless it receives adequate
protection of its interest. At the very least, (a) Wilmington
should be granted replacement liens and (b) the Debtor should be
required to:
-- use cash in strict accordance with a budget,
-- maintain adequate insurance on the Property,
-- timely pay all real property taxes related to the Property,
-- provide periodic reports to Wilmington concerning its
operations and the use of cash,
-- make adequate protection payments to Wilmington,
-- stipulate to the validity and enforceability of Wilmington's
liens,
-- stipulate to the amount of the debt owed to the Lender as of
the Petition Date,
-- retain an independent, non-insider, and qualified certified
public accountant to assist the Debtor in preparing reports and
managing Cash Collateral; and
-- waive any claims against the Lender.
Attorneys for Wilmington Trust, National Association
Raymond A. Quaglia, Esq.
Ballard Spahr LLP
1735 Market Street, 51st Floor
Philadelphia, PA 19103
Tel: (215) 665-8500
Email: quaglia@ballardspahr.com
-- and --
Matthew G. Summers, Esq.
Ballard Spahr LLP
919 N. Market Street, 11th Floor
Wilmington, Delaware 19801
Telephone: (302) 252-4428
Facsimile: (410) 361-8930
E-mail: summersm@ballardspahr.com
About 1800 16th Street
1800 16th Street, LLC, based in Philadelphia, PA, filed a Chapter
11 petition (Bankr. E.D. Pa. Case No. 19-15229) on Aug. 21, 2019.
In the petition signed by Herbert F. Reid, Jr., managing member,
the Debtor was estimated to have $1 million to $10 million in both
assets and liabilities. The Hon. Jean K. FitzSimon oversees the
case. Thomas Bielli, Esq., at Bielli & Klauder, LLC, serves as
bankruptcy counsel to the Debtor.
2671 CENTERVILLE: U.S. Trustee Objects to Case Dismissal Bid
------------------------------------------------------------
Nancy J. Gargula, United States Trustee for Region 21, objects to
2671 Centerville Hwy, LLC's Motion for Order Dismissing Chapter 11
Case pursuant to 28 U.S.C. Section 586(a).
On September 20, 2019, the Debtor filed the Motion, which seeks
authority to: a) pay all administrative claims, secured claims, and
priority claims in full; b) pay all remaining funds over to the
Debtor's sole unsecured creditor; and then c) dismiss the case. The
Debtor's Motion states that Debtor has Funds Available for
Distribution in the amount of $342,582.60. However, the Debtor’s
most recent Monthly Operating Report, covering June 2019, shows
cash on hand of $358,130.76.
The U.S. Trustee complains that the Debtor has cited to no
statutory authority to support its position that the proposed
distributions, outside of a confirmed plan of reorganization or
conversion to chapter 7, are authorized. Instead, the Debtor argues
that disbursement of funds, as proposed in the Motion, is
appropriate because the distribution would allow the Debtor to
avoid further costs.
It is anticipated that the trustee will consult with creditors and
other parties in interest in the formulation of a plan, just as the
debtor in possession would. Consultation will be necessary in order
to make more likely the obtaining of the requisite number of
acceptances of the plan that is eventually formulated, the U.S.
Trustee asserts.
In reversing the district court, the Court of Appeals for the
Fourth Circuit held that such pre-confirmation payments to
unsecured creditors are impermissible: The Bankruptcy Code does not
permit a distribution to unsecured creditors in a Chapter 11
proceeding except under and pursuant to a plan of reorganization
that has been properly presented and approved.
While the United States Trustee appreciates the Debtor's desire to
reduce delay and costs, the procedure for paying creditors must
still comply with the bankruptcy code. In the absence of statutory
authority to pay creditors outside of a confirmed chapter 11 plan
or conversion to chapter 7, the Motion should be denied.
Therefore a trustee, like a debtor-in-possession, must negotiate
and cooperate with the creditors who will vote to accept or reject
the plan, the U.S. Trustee further asserts. Accordingly, the
United States Trustee asks the court issue an order denying the
Motion and granting such other and further relief as the court
deems appropriate.
A full-text copy of the U.S. Trustee's Objection is available at
https://tinyurl.com/yxr72bf7 from PacerMonitor.com at no charge.
About 2671 Centerville HWY, LLC
Based in Atlanta, Georgia, 2671 Centerville Hwy, LLC, filed a
voluntary Chapter 11 petition (Bankr. N.D. Ga. Case No.18-71822) on
Dec. 31, 2018, estimating under $50,000 in assets and under $1
million in debt. The petition was signed by SabiVaron, managing
member. Ian M. Falcone, Esq., at The Falcone LawFirm, P.C.,
serves as the Debtor's counsel.
2736 CHAMPA: Seeks to Hire Dennis & Company as Accountant
---------------------------------------------------------
2736 Champa, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Colorado to hire Dennis & Company, P.C. as its
accountant.
The firm will assist the Debtor in the preparation of income tax
returns, financial statements, monthly operating reports and other
periodic bankruptcy court reports.
It is anticipated that Mark Dennis will provide the vast majority
of the work on behalf of the Debtor at a rate of $220 per hour.
David Dennis will provide oversight as necessary at the rate of
$250 per hour. Any administrative support utilized by the firm will
be billed at the rate of $110 per hour.
The Debtor will provide the firm with a $5,000 retainer.
Mark Dennis attests that his firm is a "disinterested person" as
that term is defined in 11 U.S.C. Sec. 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Mark Dennis, CPA
David E. Dennis, CPA
Dennis & Company, P.C.
8400 E. Crescent Pkwy Suite 600
Greenwood Village, CO 80111
Phone: (720) 528-4087
Email: dave@denniscocpa.com
Email: mark@denniscocpa.com
About 2736 Champa
2736 Champa, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 19-17678) on Sept. 5,
2019. At the time of the filing, the Debtor disclosed assets of
between $500,001 and $1 million and liabilities of the same range.
Jane M. Roberson, Esq., at Roberson Law LLC, is the Debtor's
counsel.
2736 CHAMPA: Seeks to Hire Wadsworth Garber as Co-Counsel
---------------------------------------------------------
2736 Champa, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Colorado to employ Wadsworth Garber Warner
Conrardy, P.C.
Wadsworth will serve as co-counsel with Roberson Law, LLC, the
other firm handling the Debtor's Chapter 11 case.
Wadsworth will be paid on an hourly basis and will be reimbursed
for work-related expenses incurred.
The Debtor paid the firm a retainer in the amount of $5,000.
Aaron Garber, Esq., a partner at Wadsworth. disclosed in court
filings that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
Wadsworth Garber can be reached at:
Aaron A. Garber, Esq.
Wadsworth Garber Warner Conrardy, P.C.
2580 West Main Street, Suite 200
Littleton, CO 80120
Tel: (303) 296-1999
Fax: (303) 296-7600
Email: agarber@wgwc-law.com
About 2736 Champa
2736 Champa, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 19-17678) on Sept. 5,
2019. At the time of the filing, the Debtor disclosed assets of
between $500,001 and $1 million and liabilities of the same range.
Jane M. Roberson, Esq., at Roberson Law, LLC, is the Debtor's
counsel.
ADAMIS PHARMACEUTICALS: Receives Noncompliance Notice from Nasdaq
-----------------------------------------------------------------
Adamis Pharmaceuticals Corporation notified The Nasdaq Stock Market
on Oct. 15, 2019, that as a result of the previously disclosed
resignation of William C. Denby, III from the Company's Board of
Directors, the Company was no longer in compliance with Nasdaq
Listing Rule 5605(c)(2)(A), which requires the Company's Audit
Committee to be composed of at least three independent directors.
The resignation of Mr. Denby left the Audit Committee with two
independent directors.
This has no immediate effect on the Company's Nasdaq listing or the
trading of its common stock.
In accordance with Nasdaq Listing Rule 5605(c)(4)(B), the Company
has a cure period to regain compliance with Nasdaq Listing Rule
5605(c)(2)(A), until the earlier to occur of the next annual
shareholders meeting or Sept. 30, 2020; provided, however, that if
the annual shareholders meeting is held before March 30, 2020, then
the Company must evidence compliance no later than March 30, 2020.
On Oct. 16, 2019, Nasdaq issued a letter to the Company confirming
the Company's noncompliance with the audit committee requirements
of Nasdaq Listing Rule 5605 as a result of Mr. Denby's resignation
and the cure period for the Company to regain compliance under
Nasdaq Listing Rule 5605(c)(4).
The Company expects to regain compliance by or before the end of
the cure period.
About Adamis
San Diego, Calif.-based Adamis Pharmaceuticals Corporation
(OTCQB:ADMP) -- http://www.adamispharmaceuticals.com/-- is a
specialty biopharmaceutical company primarily focused on developing
and commercializing products in various therapeutic areas,
including respiratory disease and allergy. The Company's Symjepi
(epinephrine) Injections 0.3mg and 0.15mg were approved for use in
the emergency treatment of acute allergic reactions, including
anaphylaxis. Adamis recently announced a distribution and
commercialization agreement with Sandoz, a division of Novartis
Group, to market Symjepi in the U.S. Adamis is developing
additional products, including the company's ZIMHI naloxone
injection product candidate for the treatment of opioid overdose,
and a metered dose inhaler and dry powder inhaler product
candidates for the treatment of asthma and COPD. The company's
subsidiary, U.S. Compounding, Inc., compounds sterile prescription
drugs and certain nonsterile drugs for human and veterinary use, to
patients, physician clinics, hospitals, surgery centers and other
clients throughout most of the United States.
Adamis incurred a net loss of $39 million in 2018, following a net
loss of $25.53 million in 2017. As of June 30, 2019, the Company
had $47.08 million in total assets, $13.28 million in total
liabilities, and $33.80 million in total stockholders' equity.
Mayer Hoffman McCann P.C., in San Diego, California, the Company's
auditor since 2007, issued a "going concern" qualification in its
report on the Company's consolidated financial statements for the
year ended Dec. 31, 2018. The auditors noted that the Company has
incurred recurring losses from operations, and is dependent on
additional financing to fund operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
ADVANCED READY: Case Summary & 20 Largest Unasecured Creditors
--------------------------------------------------------------
Five affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Advanced Ready Mix Corp. 19-46274
215-40 28th Avenue
Bayside, NY 11360
Advanced Ready Mix Supply Corp. 19-46276
Advanced Transit Mix Corp. 19-46277
Advanced Transit Mix Supply Corp. 19-46278
Rapid Transit Mix Corp. 19-46279
Business Description: Advanced Ready Mix Corp. and its
subsidiaries are suppliers of ready mixed
concrete headquartered in Bayside, New York.
An involuntary Chapter 11 case was filed
against Advanced Ready Mix by creditors
of the Company on March 28, 2013
(Bankr. E.D.N.Y. Case No. 13-41795).
Chapter 11 Petition Date: October 17, 2019
Court: United States Bankruptcy Court
Eastern District of New York (Brooklyn)
Judge: Hon. Carla E. Craig
Debtors' Counsel: Clifford A. Katz, Esq.
PLATZER, SWERGOLD, LEVINE, GOLDBERG, KATZ &
JASLOW, LLP
475 Park Avenue South, 18th Floor
New York, NY 10016
Tel: (212) 593-3000
E-mail: ckatz@platzerlaw.com
Advanced Ready Mix Corp.
Estimated Assets: $0 to $50,000
Advanced Ready Mix Corp.'s
Estimated Liabilities: $500,000 to $1 million
Advanced Ready Mix Supply Corp.'s
Estimated Assets: $0 to $50,000
Advanced Ready Mix Corp.'s
Estimated Liabilities: $500,000 to $1 million
Advanced Transit Mix Corp.'s
Estimated Assets: $0 to $50,000
Advanced Transit Mix Corp.'s
Estimated Liabilities: $1 million to $10 million
Advanced Transit Mix Supply Corp.'s
Estimated Assets: $500,000 to $1 million
Advanced Transit Mix Supply Corp.'s
Estimated Liabilities: $500,000 to $1 million
Rapid Transit Mix Corp.'s
Estimated Assets: $0 to $50,000
Rapid Transit Mix Corp.'s
Estimated Liabilities: $500,000 to $1 million
The petitions were signed by Rocco Manzione, president.
Full-text copies of the petitions are available for free at:
http://bankrupt.com/misc/nyeb19-46274.pdf
http://bankrupt.com/misc/nyeb19-46276.pdf
http://bankrupt.com/misc/nyeb19-46277.pdf
http://bankrupt.com/misc/nyeb19-46278.pdf
http://bankrupt.com/misc/nyeb19-46279.pdf
Copies of the Debtors' list of 20 largest unsecured creditors are
available for free at:
http://bankrupt.com/misc/nyeb19-46277_creditors.pdf
http://bankrupt.com/misc/nyeb19-46279_creditors.pdf
APRO LLC: Moody's Affirms B2 Corp. Family Rating, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Apro, LLC
including its B2 Corporate Family Rating and B3-PD Probability of
Default Rating. At the same time Moody's assigned a B2 rating to
the company's proposed $500 million senior secured bank facility --
consisting of a $50 million 5-year revolver, $350 million 7-year
term loan B, and a $100 million delayed draw term loan. There is no
change to the B1 rating on the company's current bank credit
facilities and these ratings will be withdrawn upon closing on the
contemplated refinancing. The outlook is stable. All ratings are
subject to review of final documentation.
"The affirmation of Apro's ratings reflects our expectation that
the new consignment agreement and the contemplated acquisition will
reduce the company's leverage to below its 6.5x downgrade factor
and the company's financial policy will support leverage being
sustained below this level," stated Pete Trombetta, Moody's
convenience store analyst.
At the same time as the proposed transaction, a diversified oil
company will purchase a 48% equity interest in Apro for $260
million and enter into a new consignment agreement with Apro. The
proceeds of the proposed $350 million term loan B and a $45 million
"true-up" payment on the new consignment agreement between Apro and
the diversified oil company will be used to refinance the company's
existing debt, fund a $30 million dividend, pay fees and expenses,
and put cash on the balance sheet, a portion of which has been
earmarked for a potential acquisition.
Apro's debt levels will initially increase by $120 million as a
part of this transaction. However, Moody's expects the new
consignment agreement will bolster EBITDA such that debt/EBITDA
will be reduced to 5.4x at the end of 2019 from 6.5x currently. The
new consignment agreement allows for a potential 5% change in the
fuel management fee in any given year. As the new consignment
agreement provides Apro with an above market cents per gallon (CPG)
margin, Moody's expects Apro's CPG will be reduced by up to 5% each
year during 2020 and 2021. All else being equal, this has the
potential to increase debt/EBITDA over the next twelve to
twenty-four months but leverage will remain below 6.5x.
Assignments:
Issuer: Apro, LLC
Senior Secured Revolving Credit Facility, Assigned B2 (LGD3)
Senior Secured Term Loan B, Assigned B2 (LGD3)
Senior Secured Delayed Draw Term Loan, Assigned B2 (LGD3)
Affirmations:
Issuer: Apro, LLC
Probability of Default Rating, Affirmed B3-PD
Corporate Family Rating, Affirmed B2
Outlook Actions:
Issuer: Apro, LLC
Outlook, remains stable
RATINGS RATIONALE
Apro's credit profile is constrained by its small scale in terms of
number of stores, its smaller format stores that generate less
gross profit from inside sales relative to larger competitors, and
its earnings concentration in California. California has been a
successful market for Apro and there are some benefits to operating
there including barriers to entry (high real estate costs, strict
permitting and environmental regulations) for new operators, or
operators looking to expand their fuel footprint, and higher gross
profit margins on fuel than other states. However, Apro's
concentration in this state exposes the company to local, regional,
and nationwide economic swings as well as competitors' promotional
activities from the company's larger, more diversified peers.
The company's credit profile benefits from the ownership interest
of the diversified oil company, a large, well- capitalized company
with refining, midstream and chemical businesses, and the new 20
year consignment agreement between this company and Apro. The new
consignment agreement provides Apro a fixed consignment payment
(subject to a +/- 5% volatility cap), which will account for about
50% of the company's reported gross profit in 2019. With
approximately 80% of its gallons sold subject to the hedging
arrangement, Apro is less exposed to the volatility inherent in
fuel retail operations relative to its peers. Also supporting the
rating is Apro's strong gross profit margin on its fuel sales that
are not subject to the hedging agreement and its good liquidity.
The stable rating outlook reflects Moody's expectation that Apro's
financial policies will support maintaining debt/EBITDA below 6.5x
including funding future acquisitions with a mix of equity and debt
such that leverage remains below that threshold.
The B2 rating on the proposed bank credit facility is one notch
below the B1 rating on the existing bank credit facility and in
line with the Corporate Family Rating. The B2 rating reflects the
higher percentage of senior secured debt in the company's capital
structure, relative to lease rejection claims and unsecured
accounts payable as compared to the existing capital structure and
the 65% Family Recovery Rate which is customary per Moody's Loss
Given Default methodology when a company has only secured bank debt
in its capital structure.
Ratings could be upgraded if Apro were to maintain leverage below
5.25x on a sustained basis with EBIT/interest expense above 1.75x.
An upgrade would also require the company maintain at least good
liquidity. A downgrade could occur if it appears the company is
unable to maintain debt/EBITDA below 6.5x and EBIT/interest above
1.25x.
Moody's considers physical risks related to fuel storage to be high
for fuel retailers. Apro, like all fuel retailers, is subject to
numerous federal, state and local environmental laws, regulations
and permit requirements. Violation of such requirements can result
in litigation, increased costs or the imposition of significant
civil and criminal penalties, injunctions or other sanctions.
Compliance with these environmental requirements affects fuel
retailers' overall cost of business, including capital costs to
construct, maintain and upgrade equipment and facilities, and
ongoing operating expenditures. Moody's does not expect the
company's environmental risk to affect the ratings in the near to
medium term.
Apro, LLC is a convenience store operator based in Long Beach,
California. United Pacific, through several acquisitions, owns and
operates about 415 gas stations and convenience stores in southern
California, Washington, Oregon, Colorado and Nevada. The company's
store base is comprised of stores acquired by the company's private
equity owner from United Oil (acquired July 2014) and Pacific
Convenience & Fuels in (June 2015). The company generated annual
revenue of about $1.5 billion for the fiscal year ended December
31, 2018. Pro forma for the proposed transaction, Apro is owned by
Fortress Investment Group (48%), a diversified oil company (48%)
and other members (4%).
The principal methodology used in these ratings was Retail Industry
published in May 2018.
AQGEN ASCENSUS: Moody's Affirms B3 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service affirmed AqGen Ascensus, Inc.'s B3
Corporate Family Rating and B3-PD Probability of Default Rating.
Concurrently, Moody's affirmed the B2 and Caa2 ratings on the
company's senior secured first lien (including the planned $160
million add-on) and second lien credit facilities, respectively.
The outlook is stable.
Proceeds from the proposed $160 million first lien term loan add-on
will be used to fund $86 million of acquisitions, repay $64 million
of recent revolver borrowings which was also used for acquisitions,
prefund earn-out payments, and pay the related fees and expenses.
The acquisitions expand Ascensus' retirement solutions service
offering and are consistent with its strategy of pursuing bolt-on
acquisitions. Pro forma for the transactions, Ascensus' leverage
will stay largely unchanged, albeit at an exceptionally high 8.9x
pro forma debt-to-EBITDA as of the LTM ended 30 June 2019 (as
adjusted by Moody's). This level of leverage weakly positions
Ascensus in the B3 rating level and leaves very limited cushion
should the company experience execution challenges. Nevertheless,
the affirmation of the ratings reflects Moody's view that this
level of leverage is only temporary. The affirmation is supported
by Moody's expectation that Ascensus will improve leverage during
2020 while generating free cash flow of at least $30 million and
maintaining full revolver availability.
Affirmations:
Issuer: AqGen Ascensus, Inc.
Corporate Family Rating, Affirmed B3
Probability of Default Rating, Affirmed B3-PD
Senior Secured First Lien Term Loan, Affirmed B2 (LGD3)
Senior Secured First Lien Revolving Credit Facility, Affirmed B2
(LGD3)
Senior Secured Second Lien Term Loan, Affirmed Caa2 (LGD5)
Outlook Actions:
Issuer: AqGen Ascensus, Inc.
Outlook, Remains Stable
RATINGS RATIONALE
Ascensus' B3 CFR reflects the company's elevated financial risk
given its very high leverage and aggressive acquisition strategy
under private equity ownership, its limited scale and revenue
concentration balanced by an established market position, solid
organic growth, revenue visibility and good liquidity. Ascensus is
a record-keeper and third-party administrator ("TPA") with an
established position in the market for small retirement plans and
state 529 education savings plans. Pro forma for the transaction,
debt-to-EBITDA is very high at around 8.9x (as adjusted by Moody's
and giving some credit for the restructuring costs, around 9.3x if
giving no add back for such costs) for the LTM ended 30 June 2019.
Moody's expects the company's leverage to decline below 7.5x by FYE
2020 given the company's positive organic trends, success at
extracting synergies, and relative revenue stability. While there
is some exposure to securities prices given that 21% of revenue is
derived from assets under administration fees, the company's base
of fixed fees provide good revenue visibility and have held up well
over time. These positive attributes, coupled with Moody's
expectation for the maintenance of good liquidity, support the
rating in spite of such high financial risk.
The stable rating outlook reflects Moody's expectation for Ascensus
to increase revenue and EBITDA, to generate positive free cash flow
of at least $30 million in 2020 and to reduce leverage over the
next 12-18 months. Ascensus' outlook could change to negative
should it fail to demonstrate a sequential improvement in
debt-to-EBITDA throughout 2020 while maintaining positive free cash
flow of at least $30 million.
While unlikely in the near-term, ratings could be upgraded if the
company enacted financial policies that sustain debt-to-EBITDA
under 6.0x, EBITA-to-interest over 1.75x, and FCF-to-debt over 5%.
Given the company's high financial risk, ratings could be
downgraded should operating performance weaken, as evidenced by
deteriorating revenue, earnings, or liquidity. This could be
evidenced by FCF-to-debt below 2% in 2020 or EBITA-to-interest
below 1.1x. Further debt-funded acquisitions or dividends, or a
weakening of the company's equity cushion, could also result in a
downgrade.
The existing first lien credit facility contains incremental
facility capacity of $45 million plus an additional amount subject
to either a 5x pro forma First Lien Leverage Ratio or 7x Total
Leverage Ratio. In addition, Ascensus has the ability to release a
guarantee when a subsidiary is not wholly-owned. Collateral leakage
is permitted through the transfer of assets to unrestricted
subsidiaries, subject to the limitations and baskets in the
negative covenants. There are no leverage-based step-downs to the
requirement that 100% of net asset sale proceeds be used to prepay
the loans with the right to reinvest or commit to reinvest within
365 days.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
Ascensus, headquartered in Dresher, Pennsylvania, is a service
provider primarily focused on record-keeping and administration for
retirement investment plans and college savings programs in the
United States. The company is owned principally by Genstar Capital
and Aquiline Capital Partners. Pro forma revenues for the LTM ended
30 June 2019 were estimated at $627 million.
ARR INVESTMENTS: Taps McDonald & Barnhill as Special Counsel
------------------------------------------------------------
ARR Investments, Inc. and Arista Academy, Inc., received approval
from the U.S. Bankruptcy Court for the Middle District of Florida
to hire McDonald & Barnhill, P.A. as special counsel.
The firm will assist the Debtors in prosecuting their claims for
damage from Hurricane Irma.
McDonald is entitled to a fee equal to the greater of: (i) 40
percent of the gross recovery up to $1 million, plus 30 percent of
the gross recovery between $1 and $2 million, plus 20% of the gross
recovery in excess of $2 million or court-awarded fees; (ii) a fee
based upon the number of hours expended on the Debtors' behalf at
the prevailing hourly rates; or (iii) a separately determined
court-awarded fee.
In addition, in the event Macdonald is required to pursue or defend
an appeal or other action for recovery on a judgment, an additional
5 percent of the gross recovery or court-awarded fees will be
owed.
In the event of an hourly fee calculation, the rate for Andrew
Macdonald, Esq., is $450 per hour. Kaley DeArmond, the firm's
attorney who will be assisting Mr. Macdonald, will charge $150 per
hour.
McDonald does not represent any interest adverse to the Debtors,
according to court filings.
The firm can be reached through:
Andrew Macdonald, Esq.
McDonald & Barnhill, P.A.
12000 N. Dale Mabry Hwy, Suite 270
Tampa, FL 33618
Office : (813) 265-2020
Fax: (813) 200-2030
Email: amcdonald@mcdonaldbarnhill.com
office@mcdonaldbarnhill.com
About ARR Investments
ARR Investments, Inc., and its subsidiaries --
http://www.arr-learningcenters.com/-- offer learning centers for
infants, toddlers, preschoolers and Voluntary Pre-Kindergarten in
Orlando, Florida. The Learning Centers provide computer labs;
dance, yoga, music classes; aerobics; foreign language instruction;
before/after school transportation; certified lifeguard and safety
instructor for swim lessons and play; and mini-camp breaks and
summer camp.
ARR Investments and three of its subsidiaries filed voluntary
seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D.
Fla. Lead Case No. 19-01494) on March 8, 2019. The petitions were
signed by Alejandrino Rodriguez, president. At the time of filing,
the Debtors was estimated to have under $10 million in both assets
and liabilities. Jimmy D. Parrish, Esq., at Baker & Hostetler LLP,
serves as the Debtors' counsel.
BERNARD POULIN: Trustee's $1.32M Sale of Miami Condo Unit Approved
------------------------------------------------------------------
Judge Laurel M. Isicoff of the U.S. Bankruptcy Court for the
Southern District of Florida authorized Raymond Chabot, Inc., the
duly appointed trustee for the estate of Bernard Poulin, to sell
the condominium unit located at 3801 Collins Avenue, Unit No. 901,
Miami Beach, Florida to JJS RH Holdings, LLC and/or assigns for
$1.32 million, pursuant to their "As Is" Residential Contract for
Sale and Purchase, and addendum thereto.
The parties are authorized to enter into non-material amendments or
modifications to the Contract without further order of the Court.
The Purchase Price will be paid in cash, as follows: (i) the
Purchaser has delivered a deposit of $66,000, which sum has been
delivered to the Escrow Agent on the terms set forth in the
Contract; (ii) a second deposit in the amount of $66,000 will be
delivered to the Escrow Agent by Purchaser within two business days
of the entry of the Order; and (iii) the remaining $1.188 million
will be paid to Seller at Closing.
The sale is free and clear of any and all liens, claims, interests
and encumbrances in existence as of the date of closing.
At Closing, the Trustee is authorized to pay the following from the
proceeds of the sale:
(a) usual and customary closings costs borne by the seller in
transactions of this type;
(b) real estate and personal property taxes, if any, prorated
between the Purchaser and the Trustee, as seller and in its
capacity as trustee in bankruptcy of the Debtor, through the date
of closing;
(c) the amount necessary to satisfy the obligations due to
Natbank, N.A., and secured by the Natbank Mortgage pursuant to the
payoff provided on Sept. 30, 2019; and
(d) a commission in the amount of $79,500 to Trustee Realty,
Inc., the sole broker in connection with the sale.
The secured claim asserted by Alternative Capital Group, Inc.
("ACG") is subject to a pending objection filed by the Trustee in
the Canadian Proceeding and is, therefore, subject to bona fide
dispute. Following the making of the payments authorized by
paragraph 6 of the Order, the Trustee is authorized and directed to
retain the remaining proceeds of the sale in escrow as follows:
(a) first, the Trustee will retain an amount equal to 15% of
the gross proceeds of the sale in an interest-bearing account. Any
liens, claims, interests and encumbrances of ACG on account of its
disputed secured claim and any liens, claims, interests and
encumbrances of the Internal Revenue Service on account of any tax
or withholding that may be due pursuant to the Foreign Investment
in Real Property Tax Act of 1980 ("FIRPTA") will attach exclusively
to the FIRPTA Reserve, with the same validity, priority and extent
as such liens, claims, interests and encumbrances, if any, had
with respect to the Property prior to the sale; and
(b) second, the Trustee will retain the remaining net proceeds
of the sale in an interest-bearing account. Any liens, claims,
interests and encumbrances of ACG on account of its disputed
secured claim will attach to the Disputed Claims Reserve with the
same
validity, priority and extent as such liens, claims, interests and
encumbrances, if any, had with respect to the Property prior to the
sale.
The Canadian Court will adjudicate the Trustee's objection to the
ACG Claim. The release and distribution from escrow of the
Disputed Claims Reserve will be triggered by a final order entered
by the Canadian Court on the Trustee's objection to the ACG Claim.
The Canadian Court will also adjudicate the IRS' claim, if any, to
capital gain income taxes that may be owing by the estate on the
sale of the Property, provided, however, that if the Canadian Court
determines that it lacks jurisdiction to do so or that such
adjudication is otherwise not appropriate by the Canadian Court,
this Court will adjudicate the IRS' claim upon motion by the
interested party or parties. The release and distribution from
escrow of the FIRPTA Reserve will be triggered by a final order
entered by the court that adjudicates the IRS' claim, if any. The
Court therefore retains jurisdiction with respect to the FIRPTA
Reserve and to adjudicate the IRS claim, if any.
The IRS will have 14 days from the date of the Order within which
to file an objection to the terms of the Order. If an objection is
filed, the Court will consider the Objections and the Sale Motion
de novo. If no objection is timely filed, the Order will become
final for all purposes.
All liens, claims, interests and encumbrances not satisfied at
closing will attach solely to the proceeds of the sale, with the
same validity, priority, and extent as such liens, claims,
interests and encumbrances, if any, had with respect to the
Property prior to the sale.
Bernard Poulin sought Chapter 11 protection (Bankr. S.D. Fla. Case
No. 19-16421) on May 15, 2019. The Debtor tapped Jordi Guso, Esq.,
as counsel.
On April 18, 2019, the Court approved the appointment of Raymond
Chabot, Inc. as the duly appointed trustee.
BLACKJEWEL LLC: $125K Sale of 30% Interest in Marketing Okayed
--------------------------------------------------------------
Judge Frank W. Volk of the U.S. Bankruptcy Court for the Southern
District of West Virginia authorized the private sale by
Blackjewel, LLC and affiliates of Blackjewel's 30% limited
partnership interest in Blackjewel Marketing and Sales Holdings, LP
to Javelin Global Commodities (US) LP for $125,000 cash.
The Sale Hearing was held on Oct. 2, 2019.
The sale is free and clear of all Liens, Claims and Interests,
except for Assumed Liabilities. All Liens, Claims and Interests
will attach to the net proceeds of the Javelin Transaction.
The Javelin Transaction and specific terms of the Sale Agreement
are authorized and approved
The automatic stay pursuant to section 362 of the Bankruptcy Code
is lifted with respect to the Debtors to the extent necessary,
without further order of the Court, to allow: (a) Javelin to give
the Debtors any notice provided for in the Sale Agreement, and (b)
Javelin to take any and all actions provided under or contemplated
by the Sale Agreement, in accordance with the terms and conditions
thereof.
Notwithstanding the provisions of Bankruptcy Rules 6004(h) and
6006(d) or any provisions of the Local Rules, the Order will not be
stayed for 14 days after its entry, and will be effective
immediately upon entry, and the Debtors and Javelin are authorized
to close and effectuate the Javelin Transaction immediately upon
entry of the Order. Time is of the essence in closing the Javelin
Transaction referenced, and the Debtors and Javelin intend to close
the transaction as soon as practicable. The Order is a final order
and the period in which an appeal must be filed will commence upon
its entry.
All time periods set forth in the Order will be calculated in
accordance with Bankruptcy Rule 9006(a).
A copy of the Agreement attached to the Order is available for free
at:
http://bankrupt.com/misc/Blackjewel_LLC_1218_Order.pdf
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 was
estimated to have $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 bankruptcy
counsel; Supple Law Office, PLLC as local bankruptcy counsel; FTI
Consulting Inc. as financial advisor; Jefferies LLC as investment
banker; and Prime Clerk LLC as the claims agent.
The Office of the U.S. Trustee on July 3, 2019, appointed five
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 case of Blackjewel LLC. WHITEFORD TAYLOR &
PRESTON LLP is the Committee's counsel.
BUSY B'S: Exclusivity Period Extended Until Dec. 6
--------------------------------------------------
Judge Brett H. Ludwig of the U.S. Bankruptcy Court for the Western
District of Wisconsin extended exclusive period for Busy B's, LLC
to file a chapter 11 plan and to solicit acceptances of such plan
to Dec. 6 and Feb. 6, respectively.
During the extended period, Busy B's will continue its efforts to
resolve various cases and controversies with various creditors, and
to work with all deliberate speed in resolving issues necessary to
formulate a confirmable plan in an orderly manner, which will, in
the company's opinion, be of substantial benefit to the estate and
its creditors.
Furthermore, the additional time requested by the company should
allow for more accurate forecasts based on the current year's
production and the improved attention to detail on the part of the
company to the elements of the production of the crop. Given the
time spent in producing the crop and keeping the operation together
during the growing season, Busy B's has been unable to identify,
refurbish and repair or otherwise get such excess equipment ready
for sale. Thus, the extension should allow the company to do that
in order to prepare for a sale of the excess equipment in the
Spring 2020, the likely selling season.
About Busy B's LLC
Busy B's LLC operates a farm known as Busy B's Partnership. Busy
B's filed a Chapter 11 petition (Bankr. W.D. Wis. Case No.
19-10706) on March 15, 2019. In the petition signed by Donald
Borde, member, the Debtor disclosed $255,000 in assets and
$5,941,258 in liabilities.
James A. Borde, member, also filed a Chapter 11 petition on March
15, 2019 and later on June 17, 2019, his brother Donald A. Borde.
The three cases are now jointly administered. Judge Brett H.
Ludwig is the case judge.
Paul Swanson, Esq., at Steinhilber Swanson LLP represents the
Debtors.
C & F STURM: Seeks to Hire Northcap Commercial as Broker
--------------------------------------------------------
C & F Sturm, LLC, seeks approval from the U.S. Bankruptcy Court for
the Central District of California to hire a real estate broker.
In an application filed in court, the Debtor proposes to employ
Northcap Commercial to sell its commercial real estate property in
Las Vegas.
Northcap Commercial will get a commission in an amount equal to 6
percent of the purchase price. The firm may share the compensation
with the purchaser's real estate broker, if any, as is customary in
the real estate industry, subject to disclosure to the bankruptcy
court.
Glenda Shaw, a real estate agent employed with Northcap Commercial,
disclosed in court filings that the firm neither represents nor
holds any interest adverse to the Debtor's bankruptcy estate.
Northcap Commercial can be reached through:
Glenda K. Shaw
Northcap Commercial
400 S. Rampart, Suite 220
Las Vegas NV 89145
Phone: 702-333-4455
Fax: 702-853-4470
E-mail: glendashaw.lv@gmail.com
About C & F Sturm
C & F Sturm LLC classifies its business as single asset real estate
(as defined in 11 U.S.C. Single 101(51B)). It is the 100 percent
owner of property lots 511 and 515 in Las Vegas Blvd., Las Vegas,
with an appraised value of $1.5 million.
C & F Sturm sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Cal. Case No. 19-21593) on Oct. 1, 2019. At the
time of the filing, the Debtor disclosed $1,500,500 in assets and
$126,488 in liabilities. The case is assigned to Judge Ernest M.
Robles. The Debtor is represented by Stella A. Havkin, Esq., at
Havkin & Shrago Attorneys at Law.
C. LEWIS ENTERPRISES: DOR to be Paid in Full With 5% Interest
-------------------------------------------------------------
Debtor C. Lewis Enterprises, LLC and the Missouri Department of
Revenue (DOR) submitted to the Court a proposed agreed order
regarding the Debtor's First Amended Combined Plan and Disclosure
Statement dated Aug. 26, 2019, and propose to agree to the
treatment of DOR's claims as follows:
* DOR will be entitled to an annual interest rate of 5% on its
claims.
* DOR's Claims will be paid in full within 60 months from the
date the Petition for Chapter 11 was filed in this case on March
20, 2019; said claims will be paid in pro rata payments from the
Effective Date until the expiration of 60 months from the Filing
Date.
Judge Cynthia A. Northon signed the Agreed Order.
As reported in the TCR, the Debtor has filed a Chapter 11 plan that
proposes to pay creditors of the Debtor from cash flow from
operations and future income of the Debtor and/or its Member.
Unsecured creditors holding allowed claims will receive
distributions, which the proponent of this Plan has valued at
approximately 90 cents on the dollar. A full-text copy of the
Amended Plan is available at https://tinyurl.com/y5f3tzuy from
PacerMonitor.com at no charge.
C. Lewis Enterprises, LLC, filed a Chapter 11 Petition (Bankr. W.D.
Mo. Case No. 19-60287) on March 20, 2019, and is represented by
James M. Poe, Esq.
CAD INC: U.S. Trustee Wants Case Dismissed, Converted to Ch. 7
--------------------------------------------------------------
The United States Trustee for Region 21 asks the Bankruptcy Court
to enter an order dismissing, or converting to Chapter 7 of the
Bankruptcy Code the Chapter 11 case of CAD Inc.
The Debtor is engaged in the business of designing and rebuilding
residential and commercial air conditioning system and providing
services for such systems.
The Debtor's schedules reflect no real property, personal property
valued at $416,521, secured claims totaling $827,156 and general
unsecured claims totaling $617,895. Pursuant to the Bankruptcy
Code a plan and disclosure statement shall not be filed later than
300 days after the petition date unless extended by order. The
Debtor did not obtain an order extending this deadline. As a
result, the Debtor cannot file a confirmable plan of
reorganization.
The U.S. Trustee asserts that cannot determine the amount of fees
due until the Debtor files monthly operating reports under Section
1112(b)(1) provides that, absent unusual circumstances, the Court
shall dismiss or convert a case to Chapter 7 if the movant
establishes cause Section 1112(b)(4) provides a list of causes that
would meet the requirements of Chapter 11.
The Debtor's unexcused failure to timely file and seek confirmation
of a plan as required by Chapter 11 is cause for dismissal or
conversion, the U.S. Trustee further asserts.
The Debtor's failure to comply with the Bankruptcy Code regarding
timely filing its plan and disclosure statement and timely seeking
confirmation is gross mismanagement of the estate, cause for
dismissal or conversion.
The Debtor's failure to timely file monthly operating reports is
cause for dismissal or conversion pursuant to Chapter 11.
The Debtor's incurrence of bank charges for overdrafts and NSF
charges indicates a continuing loss to or diminution of the estate
and the absence of a reasonable likelihood of rehabilitation, cause
for dismissal or conversion.
The Debtor's failure to pay U.S. Trustee’s fees is cause for
dismissal or conversion.
Therefore, the U.S. Trustee submits that is not in the best
interest of this estate and its creditors to remain in Chapter and
request the Court enter an Order dismissing or converting this case
to Chapter 7 and granting any other or further relief the Court
deems just and appropriate.
About CAD, Inc.
CAD, Inc. sought protection under Chapter 11 of the Bankruptcy Code
(Case No. 18-23754-MAM ) on November 5, 2018. The petition was
signed by Heide A. Feinman, Attorney Trial in Florida.
CAH ACQUISITION: Dec. 10 Hearing on Liquidating Plan for Horton
---------------------------------------------------------------
The Trustee of CAH Acquisition Company 3, LLC, has won conditional
approval of the disclosure statement in support of its Chapter 11
Plan.
Judge Joseph N. Callaway ordered that:
* The hearing on confirmation of the plan is scheduled on
Tuesday, Dec. 10, 2019, at 11:00 a.m., in Randy D. Doub United
States Courthouse, 2nd Floor Courtroom, 150 Reade Circle,
Greenville, NC 27858.
* Dec. 2, 2019 is fixed as the last day for filing and serving
written objections to confirmation of the plan.
* Dec. 2, 2019 is the deadline for written acceptances and
rejections to the Plan.
CAH Acquisition Company 3, LLC, filed a proposed Chapter 11 plan of
liquidation and disclosure statement under Chapter 11 of Title 11
of the United States Code on Sept. 30, 2019 and Oct. 7, 2019.
Pursuant to the Plan, the Trustee proposes an orderly liquidation
of the Debtor's remaining Assets. The Plan provides that all funds
realized from the collection and liquidation of the Debtor's Assets
will be paid to Creditors on account of their Allowed Claims in
accordance with the distributive priorities of the Bankruptcy Code
and the Plan. The Plan will be implemented by establishing a
Litigation Trust that will be administered by the Litigation
Trustee. On the Effective Date, the Debtor's Assets, including the
D&O Claims, Tort Claims, Insurance Policy Claims, and rights in and
proceeds of any related Insurance Policies, will be transferred to
the Litigation Trust for the benefit of Holders of Allowed Claims.
Thereafter, the Litigation Trustee will be responsible for
liquidating the Assets, including the pursuit and resolution of any
Causes of Action and making distributions to Holders of Allowed
Claims in accordance with the terms of the Plan
About Horton Community Hospital
CAH Acquisition Company # 3, LLC d/b/a Horton Community Hospital,
owns a 25 bed critical access hospital in Saint Louis,
Missouri. Services -- http://www.horton-hospital.com/-- include
diagnostic and therapeutic services, 24 hour emergency care,
convenient and specialized outpatient resources, pharmaceutical
services and other services.
The Company previously sought bankruptcy protection on Oct. 10,
2011 (Bankr. W.D. Mo. Case No. 11-44741).
The Company again sought Chapter 11 protection (Bankr. E.D.N.C.
Case No. 19-01180) on March 14, 2019. The Debtor was estimated to
have assets of $0 to $50,000 and liabilities of $1 million to $10
million. The Hon. Joseph N. Callaway is the case judge. SPILMAN
THOMAS & BATTLE, PLLC, is the Debtor's counsel.
On March 15,2019, Thomas W. Waldrep, Jr., was appointed as Chapter
11 Trustee for the Debtor. The Trustee's own firm, WALDREP LLP,
serves as counsel in the Chapter 11 case.
CAH ACQUISITION: Trustee's Nov. 12 Auction of All Assets Set
------------------------------------------------------------
Judge Robert E. Nugent of the U.S. Bankruptcy Court for the
District of Kansas authorized Brent King, the Chapter 11 trustee
for CAH Acquisition Company #5, LLC, doing business as Hillsboro
Community Hospital, to sell substantially all of the Debtor's
assets to Hillsboro Hospital, LLC, for $6.9 million, subject to
overbid.
In regard to the Response filed by the United States Trustee, to
the extent that the Response constitutes a limited objection to the
Trustee's request, the Court overrules the limited objection
without prejudice to the United State Trustee's right to file a
separate request for the appointment of a consumer privacy
ombudsman. No other objection to the relief requested in the
Motion was filed by the deadline for any objection and the deadline
for filing any objection has expired.
If, after the condition of the Proposed Buyer's financing has been
timely satisfied, the Court approves and the Trustee consummates an
alternative sale transaction for a higher cash portion of the
Purchase Price, Trustee will return the Proposed Buyer's Deposit
and the Proposed Buyer will be entitled to a break-up fee of
$100,000 and up to $50,000 for its actual and necessary expenses
related to its Proposed APA. The Break-Up Fee and Expenses will be
an allowed administrative expense and will be paid solely out of
the gross proceeds of the Alternative Transaction, and will be
payable on the second business day following the date that an
alternate sale transaction is closed.
The Trustee may proceed with the Transaction in accordance with the
Bid Procedures. However, the consummation of the sale of the
Debtor's assets will remain subject to the entry of an Order
granting the Sale Motion.
The key dates for the Order and the Bid Procedures are as follows,
with each such date being subject to extension by the Trustee with
the consent of Bank of Hays:
a. Bid and Sale Procedures, Bid Protections Hearing - Oct. 10,
2019, at 10:30 a.m. (CT)
b. Solicitations with Stalking-Horse Bid - Commenced
immediately after entry of bid procedures/bid protection order
c. Notice to Contract/Lease Parties of Potential Assignment or
Rejection - Commenced immediately after entry of bid procedures/bid
protection order
d. Competing Bid Deadline - Nov. 8, 2019, at 10:00 a.m. (CT)
e. Auction, if necessary, and Announce Results - Nov. 12,
2019, at 10:30 a.m. (CT) at the United States Bankruptcy Court, 401
N. Market, Room 150, Wichita, Kansas, or at such later time or
other place as agreed by the Trustee after consultation with Bank
of Hays, or approved by Order of the Bankruptcy Court, and of which
the Trustee will notify all Qualified Bidders
f. Contract/Lease and Sale Hearing Objection Deadline - Nov.
8, 2019, at 5:00 p.m. (CT)
g. Sale Hearing - Nov. 14, 2019, at 10:30 a.m. (CT)
h. Closing Deadline - Dec. 15, 2019
All bids submitted at the Auction must exceed the amount of the
prior offer by $200,000. Minimum bid increments, other than a
credit bid pursuant to the Credit Bid Rights, must consist solely
of cash consideration unless otherwise authorized by the Trustee
after
consultation with the Bank of Hays.
The Transaction Notice is approved. Within three days after the
Court enters the Bid Procedures Order, the Trustee will serve the
Transaction Notice to all Transaction Notice Parties.
The Trustee is authorized to amend the Proposed Cure Schedule in
the Transaction Notice by sending a new or amended Proposed Cure
Schedule at any time prior to the Sale Hearing solely to the
counterparties affected.
For cause shown, notwithstanding Bankruptcy Rules 6004, 6006, or
otherwise, the Order will be effective and enforceable immediately
upon entry and its provisions will be self-executing. To the
extent applicable, the stays described in Bankruptcy Rules 6004(h)
and 6006(d) are waived.
The terms of the Order will control to the extent of any conflict
with the Motion or the Bid Procedures.
The Order will become effective immediately upon its entry.
A copy of the Bidding Procedures attached to the Motion is
available for free at:
http://bankrupt.com/misc/CAH_Acquisition_208_Sales.pdf
About Hillsboro Community Hospital
Hillsboro Community Hospital offers a broad range of services
including emergency, surgery services, radiology, laboratory,
inpatient care, rehabilitation services and swing bed. Also
offered at Hillsboro Community Hospital are EEGs and EKGs,
treadmill, nerve conduction, and sleep apnea studies.
It previously sought bankruptcy protection (Bankr. W.D. Mo. Case
No. 11-44743) on Oct. 10, 2011.
Hillsboro Community Hospital filed a voluntary Chapter 11 petition
under Chapter 11 (Bankr. W.D. Mo. Case No. 19-10359) on March 13,
2019. In the petition signed by Kathy Hammons, CEO of the
court-appointed receiver, the Debtor estimated $10 million to $50
million in both assets and liabilities.
Bruce E. Strauss, Esq., at Merrick, Baker & Strauss, P.C., is
counsel to the Debtor.
On March 26, 2019, Brent King was appointed as Chapter 11 trustee.
CAMBER ENERGY: Says Lineal Merger Sets Stage for Increased Growth
-----------------------------------------------------------------
Camber Energy, Inc., provided a shareholder update highlighting
fundamental developments at its wholly-owned subsidiary Lineal Star
Holdings, LLC and the audited financial statements included with
its recently filed Current Report on Form 8-K/A.
New Chapter Underway
According to Camber, the merger with Lineal, completed in July
2019, began a new chapter in the Company's history. Historically,
Camber's focus was on oil and gas exploration and production, a
business subject to volatility resulting from wide and often
unpredictable swings in commodity prices. Currently, the merged
Company's major asset is Lineal Industries, Inc., a pipeline and
utility service company that was acquired by Lineal in July 2018,
which now positions Camber as an energy infrastructure company.
With the recent acquisition of Evercon Energy, located in College
Station, Texas, Lineal has added additional pipeline services
capabilities, as well as heavy civil infrastructure experience.
Midstream and downstream pipelines, utilities, specialty
construction and civil infrastructure projects are now the expanded
focus of operations. All of Lineal's acquisitions are intended to
develop a more stable and predictable revenue stream. setting the
stage for steady growth, rather than the income booms and busts of
companies solely producing oil and gas.
Audited Financial Statements: Improved Operating Performance
Audited financial statements for Lineal for the years ended March
31, 2019 and 2018, including financial statements prior to Lineal
Star Holdings' acquisition of Lineal Industries and for Lineal
after its acquisition of Lineal Industries, as disclosed in the
Company's Current Report on Form 8-K/A, filed with the Securities
and Exchange Commission on Oct. 7, 2019, show sharply improved
operating performance for Lineal in the more recent period under
current leadership.
A net loss of $7.4 million was recorded by Lineal Industries for
the year ended March 31, 2018, and an additional loss of $2.4
million was recorded for the period from April 1, 2018 through July
28, 2018. In contrast, following Lineal's acquisition of Lineal
Industries on July 29, 2018, financial performance improved
significantly. Net profit (loss) for the period from July 29, 2018
through March 31, 2019 was nearly breakeven, with Lineal recording
a net loss of $0.1 million. Management's priorities continue to be
pursuing profitable, diverse projects ranging from $500,000-$15
million in revenue. Management believes 2020 can bring steady
growth and a positive improvement in operations as a result of the
Company's ability to focus all of its resources on growth, that
will not have the expense and lost time from the merger with Camber
that required both financial and human resources that affected
results. In 2020, Lineal's team will be focused on building the
Lineal future and achieving the Company's long-term goals.
Growth Strategies
A two-pronged approach to growing the Company is being pursued:
organically and through acquisitions. Efforts to grow internally
are being pursed through a focus on top tier Lineal customers and
pipeline integrity projects that were historically profitable over
the company's 64-year-old heritage. "The market for these types of
projects is relatively stable and growing and we believe that we
are gaining market share in projects in the $1-15 million range,
based on recent bids that have been submitted. Lineal has a
history of success in projects of this size and it's a niche part
of the market where we believe that Lineal has a distinct
competitive advantage," said Tim Connolly, CEO of Lineal Star
Holdings, who continued, "We are carefully listening to shareholder
input involving operating performance and we believe that the steps
we are taking will create increased long-term value for all
shareholders."
Growth through acquisitions is another key strategy. Mr. Connolly
noted, "Numerous candidates are being brought to our attention and
we are actively pursuing acquisitions. At the same time, we are
being disciplined and selective in this process. The Company is
primarily seeking smaller, private companies where we can leverage
our industry relationships and financial capabilities to drive
profitable growth, such as the recent acquisition of Evercon Energy
LLC.
Many shareholders of the Company have inquired regarding the number
of common stock shares outstanding which has substantially
increased in recent months, as noted in recent Current Report on
Form 8-K filings. The number has increased from approximately
2,154,998 shares of common stock issued and outstanding on July 8,
2019 to 66,007,701 shares of common stock issued and outstanding on
Oct. 16, 2019. The Company said the cause of this shareholder
dilution is mainly due to shares of Series C Preferred Stock which
have been converted into common stock. Conversions and sales may
have also caused Camber's share price to decline sharply.
About Camber Energy
Based in San Antonio, Texas, Camber Energy, Inc. (NYSE American:
CEI) -- http://www.camber.energy/-- is an independent oil and gas
company engaged in the development of crude oil, natural gas and
natural gas liquids in the Hunton formation in Central Oklahoma in
addition to anticipated project development in the Texas Panhandle.
The Company also provides midstream and downstream pipeline
specialty construction, maintenance and field services via its
recently announced acquisition agreement with Lineal Star Holdings
LLC.
Camber Energy reported net income of $16.64 million for the year
ended March 31, 2019, following a net loss of $24.77 million for
the year ended March 31, 2018. As of June 30, 2019, the Company
had $7.16 million in total assets, $1.97 million in total
liabilities, and $5.19 million in total stockholders' equity.
Camber Energy received on July 2, 2019, a deficiency letter from
NYSE American LLC stating that the Company is not in compliance
with the continued listing standards as set forth in Section
103(f)(v) of the NYSE American Company Guide. The Deficiency
Letter indicated that the Company's securities have been selling
for a low price per share for a substantial period of time.
CBAK ENERGY: 4 Creditors Cancel $5.2M Debt in Exchange for Equity
-----------------------------------------------------------------
CBAK Energy Technology, Inc. entered into a cancellation agreement
with four creditors who loaned an aggregate of approximately $5.16
million to the Company's wholly-owned subsidiary. Pursuant to the
terms of the Cancellation Agreement, the Creditors agreed to cancel
the Debts in exchange for an aggregate of 8,599,717 shares of
common stock of the Company at an exchange price of $0.60 per
share. Upon receipt of the Shares, the creditors will release the
Company from any claims, demands and other obligations relating to
the Debts. The Cancellation Agreement contains customary
representations and warranties of the Company and the creditors.
The creditors do not have registration rights with respect to the
Shares. The closing price of the Company's common stock on Oct.
14, 2019, as reported by the Nasdaq Stock Market, was $0.5595 per
share.
About CBAK Energy
Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.
CBAK Energy reported a net loss of $1.95 million for the year ended
Dec. 31, 2018, compared with a net loss of $21.46 million for the
year ended Dec. 31, 2017. As of June 30, 2019, the Company had
$118.34 million in total assets, $112.16 million in total
liabilities, and $6.17 million in total equity.
Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated April 16, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of Dec. 31, 2018. All these
factors raise substantial doubt about its ability to continue as a
going concern.
CLINTON NURSERIES: Committee Seeks Compensation for G&S Employee
-----------------------------------------------------------------
The official committee of unsecured creditors of Clinton Nurseries,
Inc. and its affiliates filed with the U.S. Bankruptcy Court for
the District of Connecticut a supplemental application to authorize
the compensation of its legal counsel, Green & Sklarz LLC, for
services performed by the firm's employee Susan Lamar.
In the court filing, the committee argued that the firm may seek
compensation for Ms. Lamar, a certified public accountant, without
seeking to have her separately retained as a professional in the
Debtors' Chapter 11 cases.
Ms. Lamar is not an independent professional requiring a separate
retention under Section 1103(b) of the Bankruptcy Code but an
employee of Green & Sklarz, who acts at the direction and control
of the firm's attorneys and who provides accounting services that
enable the attorneys in their representation of the committee,
according to the filing.
About Clinton Nurseries
Founded in 1921, Clinton Nurseries, Inc., operates nurseries that
produce ornamental plants and other nursery products. The company
grows trees, flowering shrubs, roses, ornamental grasses & ground
covers, perennials, annuals, herbs and vegetables. Clinton
Nurseries is based in Westbrook, Connecticut.
Clinton Nurseries and its affiliates sought Chapter 11 protection
(Bankr. D. Conn. Case No. 17-31897) on Dec. 18, 2017. David
Richards, president, signed the petitions. The cases are jointly
administered under Case No. 17-31897. At the time of filing,
Clinton Nurseries estimated its assets and liabilities at $10
million to $50 million.
Judge James J. Tancredi oversees the cases.
Zeisler & Zeisler, P.C., is the Debtors' legal counsel. Cole Scott
& Kissane P.A., is special counsel.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors. The committee retained Green & Sklarz LLC as
its legal counsel.
COALINGA REGIONAL: Court Disbands Unsecured Creditors Committee
---------------------------------------------------------------
Bankruptcy Judge Rene Lastreto, II grants Debtor Coalinga Regional
Medical Center's motion to vacate the appointment of the Official
Unsecured Creditors' Committee and the amended appointment of the
committee in the case captioned In re COALINGA REGIONAL MEDICAL
CENTER, a California local health care district, Debtor, Case No.
18-13677-B-9 (Bankr. E.D. Calif.). The committee will be disbanded.
The U.S. Trustee for Region 17 appointed an official committee of
unsecured creditors on Nov. 27, 2018, pursuant to 11 U.S.C. section
1102(a)(1). The Debtor, a rural hospital district, opposes the
appointment contending UST did not have that authority under that
subsection.
The Debtor contends that the UST lacks authority to appoint
unsecured creditors' committees in chapter 9 cases under 11 U.S.C.
section 1102(a)(1). The Debtor cites three arguments:
1. The plain language of section 1102(a)(1) does not give the
UST authority; it only applies in Chapter 11 cases.
2. The "[UST] has virtually no role in a chapter 9 case due,
in part, to the reservation of rights to the States that are not
delegated to the federal government in accordance with the Tenth
Amendment of the United States Constitution."
3. The statute listing UST's authorized duties omits any
reference to chapter 9.
The Debtor heavily relies on Judge Rhodes' decision in In re City
of Detroit, 519 B.R. 673 (Bankr. E.D. Mich. 2014), the only
published decision the parties or the court found confronting the
UST's authority to appoint committees in Chapter 9 cases.
After reviewing the positions of the characters in this drama, the
court concludes Committee's role was not correctly introduced. 11
U.S.C. section 1102(a)(1) does not authorize Committee's
appointment in this chapter 9 case and Committee should be
disbanded.
Judge Lastreto clarifies, "This decision does not minimize the
valuable effect committees have in Chapter 9 or 11 cases. This
decision does not criticize the parties appointed to Committee
here. The court was asked to examine a relatively uncharted area of
law and apply the statutes at issue as written. The difficulty this
issue presents is born not from the parties' bad faith or poor
choices, but the limits on the ability of Congress to consider
every scenario when a statute is codified or amended."
A copy of the Court's Memorandum Decision dated Oct. 2, 2019 is
available at https://bit.ly/2OJMBNI from Leagle.com.
Coalinga Regional Medical Center, a California Local Health Care
District, Debtor, represented by Riley C. Walter --
rwalter@wjhattorneys.com
Office of the U.S. Trustee, U.S. Trustee, represented by Robin S.
Tubesing.
Tracy Hope Davis, U.S. Trustee, represented by Cameron Gulden.
Beckman Coulter, Inc., Creditor Committee, represented by Don J.
Pool.
About Coalinga Regional Medical Center
Established in 1938, Coalinga Regional Medical Center --
http://coalingamedicalcenter.com/-- provides these health care
services to the community: acute care, emergency department,
licensed laboratory, physical therapy, radiology department,
respiratory therapy, skilled nursing facility, D.O.T. exams and
industrial medicine.
Coalinga Regional Medical Center sought protection under Chapter 9
of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 18-13677) on
Sept. 7, 2018. At the time of the filing, the Debtor estimated
assets of $10 million to $50 million and liabilities of $10 million
to $50 million. The Debtor tapped Riley C. Walter, Esq., at Walter
Wilhelm Law Group as its legal counsel.
CUKER INTERACTIVE: Taps Prata & Daley as Special Counsel
--------------------------------------------------------
Cuker Interactive, LLC seeks authority from the U.S. Bankruptcy
Court for the Southern District of California to employ Prata &
Daley LLP as its special counsel.
The firm will represent the Debtor in litigation matters involving
Wal-Mart Stores, Inc.
The Debtor is currently a judgment creditor holding a claim against
Wal-Mart in the sum of $3.7 Million. That award is memorialized in
an amended judgment entered following trial and post-trial
proceedings in the Wal-Mart lawsuit, and is now on appeal in the
U.S. Court of Appeals for the Eighth Circuit.
The attorneys' fee payable to Prata Daley shall be 40% of the
"total recovery" and the total amount saved to the Debtor from the
current outstanding claims.
Robert Prata, Esq., a partner at Prata & Daley, disclosed in court
filings that the firm is "disinterested" within the meaning of
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Robert J. Prata, Esq.
Prata & Daley LLP
515 South Figueroa Street, Suite 1515
Los Angeles, CA 90071
Phone: 213-622-5600
Fax: 213-622-5623
E-Mail: admin@pratadaley.com
About Cuker Interactive
Cuker Interactive, LLC -- https://www.cukeragency.com/ -- is a
digital marketing, design, and eCommerce agency growing brands in
today's connected world.
Based in Carlsbad, Calif., Cuker Interactive filed a Chapter 11
petition (Bankr. S.D. Cal. Case No. 18-07363) on December 13, 2018.
In the petition signed by CEO Aaron Cuker, the Debtor estimated $10
million to $50 million in assets and $1 million to $10 million in
liabilities. Michael D. Breslauer, Esq., at Solomon Ward
Seidenwurm & Smith, LLP, is the Debtor's bankruptcy counsel.
CUMBERLAND BEHAVIOR: Cash Collateral Use Continued Until Dec. 31
----------------------------------------------------------------
Judge Gregory R. Schaaf of the U.S. Bankruptcy Court for the
Eastern District of Kentucky authorized Cumberland Behavior Group
LLC to use cash collateral in accordance with the Order from Nov.
1, 2019, through Dec. 31, 2019.
Pursuant to and subject to the terms of any orders approving the
employment of DelCotto Law Group PLLC and the Ordinary Course
Professionals and any subsequent employment applications as may be
approved, there is expressly carved out of Cash Collateral the sums
for DLG's legal fees in the monthly amount of $5,000 and up to
$2,500 per month for each Ordinary Course Professional. The Debtor
is authorized and directed to pay the monthly budgeted amounts for
legal and professional fees to the applicable Ordinary Course
Professional pursuant to the terms of the order approving their
employment and to DLG's escrow account, to be held pending further
order of the Court.
Additionally, there is expressly carved out of Cash Collateral the
sums for U.S. Trustee fees as they become due. The Debtor is
further authorized to pay its annual premium for commercial general
liability insurance.
The Cash Collateral Creditors are granted liens in postpetition
collateral, subject only to any valid and enforceable, perfected,
and non-avoidable liens of other secured creditors. Said
Replacement Liens will be deemed effective, valid and perfected as
of the Petition Date without the necessity of filing or lodging by
or with any entity of any documents or instruments otherwise
required to be filed or lodged under applicable nonbankruptcy law.
The Replacement Liens are in addition to, and not in lieu or
substitution of, the rights, obligations, claims, security
interests, and prepetition liens and priorities granted under the
existing agreements between the parties.
As additional adequate protection, the Debtor will continue to
account for all cash use, and the proposed cash use as set forth in
the Budget is being incurred primarily to preserve property of the
Estate.
A copy of the Order is available for free at
http://bankrupt.com/misc/kyeb19-61027-63.pdf
About Cumberland Behavior
Cumberland Behavior Group LLC is a provider of community living
based services to persons with intellectual disabilities.
Cumberland Behavior Group sought Chapter 11 protection (Bankr.
E.D.Kay. Case No. 19-61027) on Aug. 12, 2019. In the petition
signed by Ace R. Jones, II, member, the Debtor was estimated to
have assets of no more than $50,000, and liabilities at $1 million
to $10 million. The Hon. Gregory R. Schaaf is the case judge.
Delcotto Law Group PLLC is the Debtor's counsel.
DEL MONTE FOODS: Moody's Affirms Caa1 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service, Inc. affirmed Del Monte Foods, Inc.'s
Corporate Family Rating at Caa1, Probability of Default Rating at
Caa1-PD, first lien senior secured term loan rating at Caa1, and
second lien senior secured term loan rating at Caa3. In addition,
Moody's downgraded the Speculative Grade Liquidity Rating to SGL-4
from SGL-3. The outlook on all ratings remains stable.
RATINGS RATIONALE
The Caa1 Corporate Family Rating reflects Del Monte's sustained
high financial leverage, declining category sales volume in U.S.
canned fruit and vegetables, and high execution risk related to
restructuring activity. The rating also reflects the company's
deteriorating liquidity profile as the company approaches near-term
maturities of its bank facilities.
The company's ratings are supported by the strength of the Del
Monte™ brand, which holds leading shares in core shelf stable
fruits and vegetables. The ratings are also supported by a history
of liquidity support from parent company Del Monte Pacific Ltd.
(not rated) that Moody's expects will continue.
The downgrade of the Speculative Grade Liquidity rating to SGL-4
reflects approaching maturities of secured debt instruments,
including the November 2020 expiration of the $443 million asset
backed revolving loan facility, followed by maturities of a total
of $940 million in term loans in 2021. This compressed debt
maturity schedule will likely require the company to complete a
full debt recapitalization in the near-term, which, given the
company's high financial leverage, represents significant
refinancing risk.
The stable rating outlook reflects Moody's expectation that Del
Monte will successfully refinance or recapitalize its debt
structure with continued support from the parent company. Del Monte
is reportedly in active discussions with lenders and other
stakeholders to address its near-term financing needs. However, if
the company is not likely to restore an adequate liquidity profile
by early 2020 under acceptable terms, a downgrade could occur.
Del Monte Foods, Inc.
Rating affirmed:
Corporate Family Rating at Caa1;
Probability of Default Rating at Caa1-PD;
$682 million outstanding first-lien senior secured term loan
due 18 Feb 2021 at Caa1 (LGD 4);
$260 million outstanding second-lien senior secured term loan
due 18 Aug 2021 at Caa3 (LGD 5).
Rating downgraded:
Speculative Grade Liquidity Rating to SGL-4 from SGL-3.
The ratings outlook is stable.
Del Monte's very high financial leverage could complicate a debt
refinancing. Debt/EBITDA at the end of fiscal April 2019 was about
13.4x, including the $231 million of second-lien debt that was
purchased by the parent company in 2018, which constituted a
limited debt default according to Moody's. Leverage was roughly
flat to the prior year, reflecting continued weak operating profit
that did not improve in fiscal 2019 due to continued declines in
the packaged fruits and vegetables category, rising input costs,
and reduced plant efficiency.
This fiscal year, Moody's expects that the company will improve
sales and profit margins through dozens of new branded product
launches. Earnings growth will additionally be supported by ongoing
cost reduction programs. Del Monte expects to generate EBITDA in
excess of $100 million in fiscal 2020 and has reported that its
year to date operating performance is in line with budget. However,
because of high execution risk related to restructuring activity
underway, heavy sector competition, and overall weak category
growth prospects, Moody's more cautiously forecasts EBITDA closer
to $95 million this fiscal year, excluding restructuring costs.
Beginning in fiscal 2021, operating profits should benefit further
from a recent shift to a more asset-lite strategy, including the
recently announced closure of four plants. The company expects that
this will generate $23 million of run-rate cost savings.
GOVERNANCE: Moody's expects that the parent company --
Philippines-based, Del Monte Pacific Ltd., or DMPL -- will continue
to be supportive of Del Monte, but within limitations, due partly
to its relatively small scale (approximately $532 million in fiscal
2019 sales, excluding Del Monte's $1.5 billion in sales). DMPL is
not a guarantor of Del Monte debt but has supported the company
through intercompany trade financing that has allowed Del Monte to
reduce its reliance on its ABL facility. As of fiscal year end
2019, based on DMPL's audited financial statements, Del Monte's
intercompany net trade payables with DMPL totaled around $135
million.
Del Monte Foods is a wholly owned subsidiary of DMPL, which is
67%-owned by NutriAsia Pacific Ltd and Bluebell Group Holdings
Limited. Both of these entities are owned by the NutriAsia Group of
Companies, which is majority-owned by the Campos family of the
Philippines. Del Monte Pacific Limited is publicly traded on the
Singapore Stock Exchange under ticker: SGX:D03.
Del Monte's ratings could be downgraded if the company is not
likely to significantly improve its liquidity profile, if operating
performance does not improve, or if debt outstanding is not
expected to decline.
To warrant an upgrade, Del Monte would need to reduce debt/EBITDA
below 8.0x, demonstrate its ability to generate positive operating
cash flow excluding working capital reductions, and improve its
overall liquidity profile.
Headquartered in Walnut Creek, California, Del Monte Foods, Inc. is
a manufacturer and marketer of branded and private label food
products for the US and South American retail market. Its brands
include Del Monte in shelf stable fruit, vegetable and tomatoes;
Contadina in tomato based products; College Inn in broth products;
and S&W in shelf stable fruit, vegetable and tomato products. The
company generates annual sales of approximately $1.5 billion.
The principal methodology used in these ratings was Global Packaged
Goods published in January 2017.
DELPHI TECHNOLOGIES: Moody's Alters Outlook on Ba3 CFR to Negative
------------------------------------------------------------------
Moody's Investors Service revised Delphi Technologies PLC's outlook
to negative from stable; affirmed the Corporate Family Rating and
Probability of Default Ratings at Ba3 and Ba3-PD, respectively;
affirmed the senior unsecured rating at B1; and downgraded the
Speculative Grade Liquidity Rating to SGL-3 from SGL-2.
The following actions were taken on Delphi Technologies PLC:
Rating Outlook:
Revised to Negative from Stable.
Ratings downgraded:
Speculative Grade Liquidity Rating, to SGL-3 from SGL-2.
Ratings affirmed:
Corporate Family Rating, at Ba3;
Probability of Default Rating, at Ba3-PD;
$800 million senior unsecured notes due 2025, at B1(LGD5).
The $1.25 billion bank credit facility is not rated by Moody's.
RATINGS RATIONALE
The affirmation of Delphi ratings reflects the company's
competitive position as a major global automotive supplier of
powertrain products. The company is taking actions to address the
evolving powertrain requirements of its automotive manufacturing
customers as demonstrated by the announced new business win on an
electrical inverter which enables electrified vehicle to
significantly extend range and halve charging times. Delphi also
maintains a strong level of lifetime gross bookings with first half
2019 wins of $5.4 billion compared to $5.6 billion for the first
half of 2018. Yet, Moody's believes internal combustion engines
(ICEs) will remain a large part of vehicle production well through
the 2020's and the company continues to develop technologies to
improve ICE efficiency. Delphi maintains strong diversity in its
customer exposure with no customer representing more than 10% of
revenues.
The revision of Delphi's outlook to negative incorporates the
expectation that the company's profit margins will remain weak over
the coming quarters, pressured by weakening global automotive
production, unfavorable product mix with the elimination of long
running passenger car programs in North America and the shift in
consumer preferences in Europe away from diesel vehicles. Moody's
believes Delphi is also likely to maintain high levels of spending
on research & development, engineering, and maintain high levels of
investment in capital equipment over the intermediate-term to
develop products to meet increasingly stringent regulatory
emissions requirements of company's automotive customer base.
Moody's believes these factors have resulted in a secular shift
down in the company's profitability profile over the
intermediate-term. Further, about 23% of Delphi's revenues are to
the commercial vehicle markets, where North American on-highway
Class 8 build rates are anticipated to decline about 30% in 2020.
Delphi's first half 2019 EBITA margins of about 7.3% (inclusive of
Moody's adjustments) are unlikely to return to prior year period
levels of about 11.8%. Yet, with ongoing restructuring actions,
EBITA margins should improve to the 7.8% range by year-end 2020.
Delphi's SGL-3 Speculative Grade Liquidity Rating anticipates an
adequate liquidity profile over the next 12-15 months, supported by
cash, availability under a new revolving credit facility, balanced
with its expectation of moderately negative free cash flow
generation. As of June 30, 2019, cash on hand was $162 million and
the $500 million revolving credit facility, maturing in 2022, was
unfunded. Moody's estimates that Delphi's free cash flow generation
over next 12-15 months will be in the negative $10-20 million range
on an LTM basis as capital expenditures are likely to remain
elevated to support new product offerings. The term loan A has
approximately $37.5 million of amortization required over the next
12 months. The financial covenant under the senior secured
facilities includes a net leverage ratio test for which the company
is expected to maintain sufficient covenant cushion over the
near-term.
Delphi's role in the automotive industry exposes the company to
material environmental risks arising from increasing regulations on
carbon emissions. As automotive manufacturers seek to introduce
more electrified powertrains, traditional ICEs will become smaller.
Delphi is addressing this risk through the development of engine
components that support this trend.
Delphi maintains positive governance considerations on debt
repayment policies. Yet, in order to support this consideration the
company must continue to invest in R&D and capital equipment to
support its growth which will likely to delay deleveraging until
2021.
The ratings could be upgraded if Moody's expects Delphi to sustain
EBITA margins in the low double digits range, inclusive of
restructuring charges, with Debt/EBITDA sustained below 2.5x,
supported by positive free cash flow generation solidly in the
high-teens as percentage of debt annually, and balanced financial
policies, while maintaining a good liquidity profile.
The ratings could be downgraded with the expectation of further
deterioration of automotive demand or loss of a major customer, if
EBITA margins are anticipated to be sustained below 7%, or
Debt/EBITDA above 4.0x, or a deterioration in liquidity. Debt
funded acquisitions or large shareholder return actions could also
result a lower outlook or rating.
The principal methodology used in these ratings was Global
Automotive Supplier Industry published in June 2016.
Delphi Technologies PLC is a leading global automotive supplier of
engine management systems and aftermarket parts. Components include
advanced fuel injection systems, actuators, valvetrain products,
sensors, electronic control modules and power electronics
technologies. Revenues for the LTM period ending June 30, 2019 were
approximately $4.6 billion.
DORIAN LPG: BW Group Lowers Stake to 8.5% as of Oct. 17
-------------------------------------------------------
In a Schedule 13D/A filed with the Securities and Exchange
Commission, Sohmen Family Foundation and BW Group Limited disclosed
that as of Oct. 17, 2019, they may be deemed to be the beneficial
owners of, and may be deemed to have shared voting and dispositive
power over, 4,657,100 common shares of Dorian LPG Ltd., which
represents 8.5% of the total outstanding Common Shares.
As of Oct. 17, 2019, BW Euroholdings Limited may be deemed to be
the beneficial owner of, and may be deemed to have shared voting
and dispositive power over, 4,657,000 Common Shares, which
represents 8.5% of the total outstanding Common Shares.
As of Oct. 17, 2019, BW LPG Limited and BW LPG Holding Limited may
be deemed to be the beneficial owner of, and may be deemed to have
shared voting and dispositive power over, 100 Common Shares, which
represents 0.0% of the total outstanding Common Shares.
Other than the sales of an aggregate of 1,713,998 Common Shares by
Euroholdings from August 20 through Oct. 16, 2019, no transactions
in Common Shares were effected during the past 60 days by the
Reporting Persons or, to the knowledge of the Reporting Persons.
The calculation assumes that there are a total of 55,063,602 Common
Shares outstanding as of Aug. 1, 2019, which is based on
information provided by the Issuer in its Quarterly Report on Form
10-Q for the quarterly period ended June 30, 2019.
A full-text copy of the regulatory filing is available for free
at:
https://is.gd/KzGxy2
About Dorian LPG
Stamford, Connecticut-based Dorian LPG Ltd. --
http://www.dorianlpg.com/-- is a liquefied petroleum gas shipping
company and an owner and operator of modern very large gas
carriers. Dorian LPG's fleet currently consists of twenty-three
modern VLGCs. Dorian LPG has offices in Stamford, Connecticut,
USA; London, United Kingdom; Copenhagen, Denmark; and Athens,
Greece.
Dorian LPG reported a net loss of $50.94 million for the year ended
March 31, 2019, a net loss of $20.40 million for the year ended
March 31, 2018, and a net loss of $1.44 million for the year ended
March 31, 2017. As of June 30, 2019, the Company had $1.61 billion
in total assets, $700.02 million in total liabilities, and $919.07
million in total shareholders' equity.
DURA AUTOMOTIVE: Case Summary & 50 Largest Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: Dura Automotive Systems, LLC
1780 Pond Run
Auburn Hills, MI 48326
Business Description: Dura Automotive Systems, LLC, together with
its Debtor and non-Debtor affiliates, is an
independent designer and manufacturer of
automotive systems, including mechatronic
systems, exterior systems, and lightweight
structural systems, among others. The
Company is nationally certified in the
United States by the Women's Business
Enterprise Council, and operates 25
facilities in 13 countries throughout North
America, South America, Europe, and Asia.
Headquartered in Auburn Hills, Michigan, the
Company employs approximately 7,400
individuals. For more information, visit
https://www.duraauto.com.
Chapter 11 Petition Date: October 17, 2019
Court: United States Bankruptcy Court
Middle District of Tennessee (Nashville)
Seven affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Dura Automotive Systems, LLC (Lead Case) 19-06741
Dura G.P. 19-06735
NAMP, LLC 19-06736
Dura Automotive Systems Cable Operations, LLC 19-06737
Dura Fremont LLC 19-06738
Dura Mexico Holdings, LLC 19-06739
Dura Operating, LLC 19-06740
Judge: Hon. Randal S. Mashburn
Debtors'
General
Bankruptcy
Counsel: James H.M. Sprayregen, P.C.
Ryan Blaine Bennett, P.C.
Gregory F. Pesce, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
300 North LaSalle Street
Chicago, Illinois 60654
Tel: (312) 862-2000
Fax: (312) 862-2200
E-mail: james.sprayregen@kirkland.com
ryan.bennett@kirkland.com
gregory.pesce@kirkland.com
- and -
Christopher Marcus, P.C.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, New York 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
E-mail: christopher.marcus@kirkland.com
Debtors'
Local
Bankruptcy
Counsel: William L. Norton III, Esq.
BRADLEY ARANT BOULT CUMMINGS LLP
1600 Division Street, Suite 700
Nashville, Tennessee 37203
Tel: (615) 252-2397
Fax: (615) 244-6380
E-mail: bnorton@bradley.com
Debtors'
Restructuring
Advisor: PORTAGE POINT PARTNERS, LLC
Debtors'
Financial
Advisor &
Investment
Banker: JEFFERIES LLC
Debtors'
Notice &
Claims Agent: PRIME CLERK LLC
https://cases.primeclerk.com/DuraAutomotive
Consolidated
Estimated Assets: $100 million to $500 million
Consolidated
Estimated Liabilities: $100 million to $500 million
The petition was signed by Kevin Grady, executive vice president
and chief financial officer.
A full-text copy of Dura Automotive Systems, LLC's petition is
available for free at:
http://bankrupt.com/misc/tnmb19-06741.pdf
List of Debtors' 50 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Advance Freight Traffic Serv Freight/ $2,851,202
50845 Mound Road Shipping
Shelby TWP, MI 48315
Tel: 586-991-0750
Fax: 586-991-0757
Email: sales@advancefrt.com
2. Plsti-Paint Inc. Materials $1,484,080
801 Woodside Drive
P.O. Box 280
St. Louis, MI 48880
Tel: 989-681-5702
Fax: 989-681-2790
3. Young Technology Inc. Materials $1,140,493
900 W. Fullerton Ave
Addison, IL 60101
Tel: 630-690-4320
4. Bowers MFG Materials $1,046,294
6565 S Sprinkle Rd
Portage, MI 49002
Tel: 269-323-2565
Fax: 269-323-1639
5. Steel Technologies De Mexico Materials $1,019,197
Ave. Transformacion #1000
Parque Ind'l Finsa 3A Etapa
Matamoras, Tamaulipas 87316
Mexico
Tel: 11-52-868-810-0210
6. Pacific X Corporation Materials $935,179
500 Carson Plaza Drive, Suite 206
Carson, CA 90746
Tel: 310-771-0591
Fax: 310-771-0535
Email: info@pacificxauto.com
7. PLS GMBH Materials $879,454
Salzstrabe 94
Heilbronn
Baden-Wuerttemberg 74046
Germany
Tel: 49-7131-649870
Fax: 07131-64987-27
8. Lorentson MFG Co SW Inc. Materials $764,539
2101 Amistad Dr
San Benito, TX 78586
Tel: 956-399-8902
Fax: 956-399-8902
Email: jroutt@lorentson.com
9. Alten Technologies USA ADAS Development $750,108
3221 W Big Beaver Road, Suite 116
Troy, MI 48325
Tel: 248-797-4305
10. Ventura Steel De Mexico Materials $669,171
RL De CV
Avenida Jose Vasconcelos
San Pedro Garza G. 66265
Mexico
Tel: 416-798-9396
11. TF-Metal U.S.A., LLC Materials $662,612
70 Precision Dr
Walton, KY 41094
Tel: 859-485-3977
12. AACOA Extrusions Materials $565,079
2005 Mayflower Rd
Niles, MI 49120
Tel: 269-697-6063
Fax: 269-697-6061
Email: info@aacoa.com
13. AFX Industries Materials $484,632
5845 E. 14th St.
Brownsville, TX 78510
Tel: 956-550-8304
Fax: 810-966-9522
Email: jfletcher@afxindustries.com
14. TRW Transp Electron-Mexico Materials $459,601
Transportation Elect. Div
24175 Research Drive
Farmington Hills, MI 28335-9971
Tel: 956-971-5000
Fax: 248-442-8640
15. QAD, Inc. IT $438,556
10000 Midlantic Drive, Suite 100
Mt. Laurel, NJ 8054
Tel: 317-345-6700
Email: info@qad.com
16. Eastern Sintered Alloys Inc. Materials $434,740
126 Access Rd.
P.O. Box 708
St. Marys, PA 15857
Tel: 814-834-1216
Fax: 440-356-5553
Email: dbleitch@cook-leigh.com;
jtleich@cook-leitch.com
17. Vivacqua Law PLLC Legal $430,511
3101 E. Eisenhower Parkway, Suite 1
Ann Arbor, MI 48108
Tel: 734-418-3142
Fax: 734-418-3320
Email: mail@vivacqualaw.com
18. Multitech Industries Materials $420,288
350 Village Drive
Carol Stream, IL 60188
Tel: 630-784-9200
Fax: 630-784-9225
Email: info@multitechind.com
19. Dajaco Industries, Inc. Materials $380,719
49715 Leona Drive
Chesterfield, MI 48051
Tel: 586-949-1590
Fax: 586-949-8407
20. Kenwal/JCI Resale Materials $368,795
8223 W. Warren Ave.
P.O. Box 4359
Dearborn, MI 48126
Tel: 313-739-1000
Fax: 313-739-1001
Email: service@kenwal.com
21. Teknor Apex Company Materials $365,419
505 Central Avenue
Pawtucket, RI 02861-1900
Tel: 401-642-3662
Fax: 401-725-8095
22. Essence Fastening System Materials $364,691
(Shanghai) Co. Ltd.
No. 39, 100 Ln Of Fengshuo Rd
Shanghai 201818
China
Tel: 86-21-5990-7217
23. Metal Systems of Mexico, LLC Related Party $359,195
Kappa #425
Parquo Industrial Finsa
Apodaca, Nuevo Leon 6660
Mexico
Tel: 248-299-7635
24. SEACO Materials $356,824
725 Keystone Dr
Clanton, AL 35046
Tel: 205-755-3084
25. Future Electronics (US) LLC Materials $356,696
237 Hymus Blvd
Pointe-Claire, QC H9R 5C7
Canada
Tel: 248-277-4041
Fax: 514-695-3707
26. MetalKraft Industries Materials $351,970
1944 Shumway Hill Road
P.O. Box 606
Wellsboro, PA 16901
Tel: 570-724-6800
Fax: 570-724-6999
Email: aaron@metalkraftpm.com
27. Bilco Wire Rope & Supply Materials $351,837
1285 Central Avenue
Hillside, NJ 7205
Tel: 908-351-7800
Fax: 908-355-5544
Email: sales@bilcogroup.com
28. Empaques Rio Grande Sa De CV Materials $351,816
Benito Juares
2040 Entre
Prol Gonzalez Y Raul Garate
Matamoros 87340
Mexico
Tel: 868-810-9100
Email: ventasmat@boxes.mx
29. The Bank of New York Mellon Employee Expense $346,000
500 Ross Street
Pittsburgh, PA 15262
Tel: 412-234-5000
30. Perfection Spring & Stamping Materials $343,494
P.O. Box 275
1449 East Algonquin Road
Mount Prospect, IL 60056-0275
Tel: 847-437-3900
Email: 411@pss-corp.com
31. Cooper Container Corp. Materials $336,468
d/b/a Cooper Conrainer Corp.
204 Kirby Drive
Lexington, TN 38351
Tel: 731-968-7300
32. Tata Technologies, Inc. IT $333,101
41050 W. Eleven Mile Rd.
Novi, MI 48375
Tel: 248-426-1775
33. Wright Plastic Products Materials $324,313
201 Condensery Road
Sheridan, MI 4884
Tel: 989-291-3211
Fax: 989-291-5321
Email: wpps@wppllc.com
34. Thompson IG, LLC Materials $311,982
3196 Thompson Road
Fenton, MI 48430
Tel: 810-629-9558
Fax: 810-629-8342
Email: info@thompsonig.com
35. Mentor Graphics Corporation IT $309,087
8005 SW Boeckman Rd.
Wilsonville, OR 97070-7777
Tel: 503-685-7000
Email: sales_info@mentor.com
36. VT Industrial Technology Co. Materials $300,080
#32 Jianhong Road, Wuxi New
Wuxi 214145
China
Tel: 86-510-6856-1027
Email: info@vt-ind.com
37. Sumeeko Ltd. Materials $297,147
CMAI c/o Sumeeko
41400 Executive Dr
Harrison Township, MI 48045
Tel: 313-974-0122
38. Pilkington North America Inc. Materials $290,748
300 Northridge Rd
Shelbyville, IN 46176
Tel: 419-247-3819
39. Randstad Contractor $288,356
P.O. Box 2084
Carol Stream, IL 60132-2084
Tel: 877-601-7453
40. Vitro Automotriz SA De CV Materials $287,913
Carretera A Garcia KM 10.3
Garcia 66000
Mexico
Tel: 52-81-8329-3600
41. Fastco Industries Inc. Materials $272,850
2685 Mullens Avenue
P.O. Box 141427
Grand Rapids, MI 49514
Tel: 616-389-1391
Fax: 616-453-0728
Email: sales@fastcoind.com
42. AOC Metalworks Materials $269,045
2005 Liberty Avenue
P.O. Box 98
Lawrenceburg, TN 38464
Tel: 931-766-7750
Fax: 931-766-7753
43. Bekaert Corporation - AR Materials $264,505
1881 Bekaert Dr
Van Buren, AR 72956
Tel: 479-474-5211
44. Sundaram Industries Materials $262,270
c/o UTI Warehouse
1350 Cheers Blvd.
Brownsville, TX 78521
Tel: 586-515-0012
45. Hella Materials $259,694
43811 Plymouth Oaks Blvd.
Plymouth TWP, MI 48170-2539
Tel: 618-662-0703
Fax: 734-414-5098
Email: info-usa@hella.com
46. Markel Corporation Insurance $256,608
P.O. Box 752
Norristown, PA 19404
Tel: 610-272-8960
47. S&P Global Ratings Financing $255,804
2542 Collection Center Drive
Chicago, IL 60693
Tel: 1-800-767-1896
Fax: 212-438-5178
48. Ernst & Young LLP Advisory $253,000
P.O. Box 640382
Pittsbg Ntnl Bnk-Pitt 640382
Pittsburgh, PA 15264-0382
Tel: 412-644-7800
Fax: 412-644-0477
49. Crown Group Co Materials $240,547
12020 Shelby Tech Dr
Shelby Township, MI 48315
Tel: 586-558-5310
Fax: 586-739-7610
50. Carlex Glass America, LLC Litigation Unliquidated
7200 Centennial Blvd.
Nashville, TN 37209
Tel: 615-350-7500
E & J MACON: Lender Found in Contempt Over Botched Financing
------------------------------------------------------------
In the Chapter 11 cases of E & J Macon LLC, et al., the U.S.
Bankruptcy Court for the Southern District of New York on Oct. 8,
2019, entered an order finding exit lender Ervin Johnson in
contempt of court and the order confirming the Debtors' Chapter 11
plan.
On Feb. 8, 2019, the U.S. Bankruptcy Court for the Eastern District
of New York approved the Third Amended Joint Disclosure Statement
of debtors 1596 Pacific Realty LLC, 1049 Bergen Realty LLC, and 401
Macon Realty LLC and scheduled a confirmation hearing for Feb. 28,
2019.
On Feb. 10, 2019, the Court approved an amendment to the DIP Loan
Financing to increase the maximum DIP Loan by $50,000 to $625,000
in order for the Debtors to pay the fees and expenses associated
with the Plan and the Exit Facility.
On Feb. 11, 2019, the Court approved the Debtors' motion to enter
into Exit Financing pursuant to the terms and conditions set forth
in a commitment letter attached to the motion in order to implement
the Third Amended Plan.
On Feb. 25, 2019, Johnson, by his counsel, filed the only objection
to confirmation of the Third Amended Plan.
On Feb. 28, 2019, the Court conducted conferences in Chambers with
counsel for the Debtors, Johnson, Macon Funding and the United
States Trustee.
As a result of such meetings, on the record of these cases, on Feb.
28, 2019, counsel for Johnson withdrew the Plan Objection and the
Court confirmed the Third Amended Plan.
Following the Feb. 28, 2019 hearing on confirmation of the Debtors'
Third Amended Plan, counsel for Johnson objected to the entry of
the Confirmation Order.
Following several telephonic conferences with counsel for the
Debtors, counsel for Johnson and the Court, the Confirmation Order
was amended and entered on March 4, 2019 without objection.
In pertinent part, the Confirmation Order provides at:
The Debtor and the Debtors' principals shall take any and all
actions, and execute and deliver any and all instruments and
documents necessary and appropriate to effect and consummate the
Final Plan, including but not limited to executing all such
documents as may be required by the lender in connection with the
Exit Facility and carry out this Confirmation Order in accordance
with all applicable non-bankruptcy laws, including, without
limitation, federal and state tax law, securities and corporation
laws, and having the same effect of such authorizations and
approvals under such laws, without any requirement of further order
of this Court. The Debtor's principals, Mr. Nussbaum and Mr.
Johnson, are hereby enjoined from taking any action, or directing
any other person to take any action, or in any way aiding or
assisting any person in the taking of any action which interferes
with the implementation and consummation of the Plan and the
closing of the Exit Facility or which would create an Event of
Default under such Exit Facility. The approvals and authorizations
specifically set forth in this Order and the Final Plan are
nonexclusive and are not intended to limit the authority of the
Debtors or Reorganized Debtors to take any and all actions
necessary or appropriate to implement, effectuate and consummate
any and all documents or transactions contemplated by the Final
Plan or this Confirmation Order.
Johnson had actual notice of the entry of the Confirmation Order.
A closing of the Exit Facility was scheduled for March 19, 2019,
and Mr. Johnson, by his counsel, confirmed that he would attend the
closing without counsel.
Johnson had actual notice and knowledge of the time and place of
the closing of the Exit Facility and of his obligations under the
Confirmation Order to execute the necessary documents or the
Debtors to obtain the funds necessary to implement the Third
Amended Plan.
The Debtors, by Nussbaum and Teitelbaum Law Group, were present at
the offices of the Lender to close on the Exit Facility.
The Exit Lender, the Debtors and counsel waited from 10:00 a.m.
until 2:00 p.m. for Johnson.
Johnson failed to attend the closing on March 19, 2019.
Nussbaum executed all documents requested by the Exit Lender and
paid a fee to adjourn the closing to March 20, 2019.
The closing was adjourned to March 20, 2019 to the offices of Exit
Lender's Counsel.
Johnson was present at the offices of the Exit Lender's counsel but
refused to execute any of the loan documents presented to him.
The Exit Lender terminated the commitment to lend under the Exit
Facility and the Debtors were unable to obtain funds to implement
the Third Amended Plan.
The Court held that Johnson's conduct in connection with the Exit
Facility was a willful and intentional violation of an order of
this Court.
Johnson willfully and intentionally disregarded and violated the
provisions of paragraph 3 of the Confirmation Order.
As a result of Johnson's actions, Johnson violated his fiduciary
duties to the estates and creditors.
Johnson is hereby found in contempt of this Court for failing and
refusing to execute the loan documents and interfering with the
implementation of the Third Amended Plan.
The Court shall conduct an evidentiary hearing to consider the
issue of actual, compensatory, exemplary and punitive damages to be
adjudged against Johnson for his contempt of the Court.
The Debtors have filed the Declaration of Jay Teitelbaum, with
supporting exhibits, and the Supplemental Declaration of Jay
Teitelbaum with supporting exhibits as ECF Docket No. 255 in
support of the Debtors' demand for (i) compensatory damages to be
adjudged against Johnson in the amount of $560,600.40 and (ii)
exemplary and punitive damages in an amount to be determined by the
Court.
The extent of compensatory and punitive damages to be adjudged
against Johnson as a result of Johnson's contempt will be
determined at an evidentiary hearing to be conducted on Dec. 17,
2019 at 2:00 p.m. before the Honorable Nancy Hershey Lord, United
States Bankruptcy Judge, at the United States Bankruptcy Court,
Eastern District of New York, Conrad B. Duberstein Courthouse,
271-C Cadman Plaza East, Brooklyn, New York 11201-1800.
Johnson will file with the Court and serve Teitelbaum Law Group,
LLC, by electronic mail upon jteitelbaum@tblawllp.com and
ewestbrook@tblawllp.com any responsive evidence or objections as to
damages on or before Nov. 29, 2019.
The Court will take testimony as to damages on Dec. 17, 2019. All
parties will have witnesses in Court for the evidentiary hearing on
Dec. 17, 2019.
About E & J Macon
E & J Macon LLC is a closely-held limited liability company in
Brooklyn, New York, engaged in leasing real estate properties. It
does not presently own assets or operate a business, but commonly
owned entities 1049 Bergen Realty LLC, 1596 Pacific Realty LLC, and
401 Macon Realty LLC, own and operate three properties commonly
known as 1596 Pacific St., Brooklyn, N.Y.; 1049 Bergen St.,
Brooklyn, N.Y.; and 401 Macon St., Brooklyn, N.Y., which are
multi-family and mixed-use building.
E & J Macon filed for Chapter 11 bankruptcy protection (Bankr.
E.D.N.Y. Case No. 18-40321) on Jan. 19, 2018. In the petition
signed by Ervin Johnson, Jr., managing member, the Debtor was
estimated to have assets and liabilities at between $1 million and
$10 million. Judge Nancy Hershey Lord oversees the case. Jay
Teitelbaum, Esq., at Teitelbaum Law Group, LLC, serves as the
Debtor's bankruptcy counsel.
EAST BROADWAY: Seeks Approval on Stipulated Cash Collateral Order
-----------------------------------------------------------------
East Broadway Mall, Inc., and Bank of Hope f/k/a BBCN Bank seek
approval from the U.S. Bankruptcy Court for the Southern District
of New York of their Stipulated Order regarding EBM's use of cash
collateral and other security which are subject to the liens of
Bank of Hope.
As of the Petition Date, EBM's indebtedness to Bank of Hope under
the Note was no less than $5,851,940, which is secured by
substantially all of EBM's assets, including but not limited to the
collateral.
Among other things, the proposed Stipulated Order provides that:
(A) EBM's use of Cash Collateral is limited to payment of the
authorized expenses contained in a budget that has been approved by
Bank of Hope. . . only the ordinary and necessary operating
expenses of EBM listed in the Budget. Except for payments to
insiders or the Carey Group, EBM may use Cash Collateral in amounts
up to 5% in excess of any line item in the Budget without the prior
written consent of Bank of Hope, or further order of Court.
(B) Bank of Hope will be granted a valid and perfected first
priority security interest and lien in all of EBM's now owned or
after acquired property (whether owned or existing as of the
Petition Date or thereafter acquired) and proceeds of the
foregoing. The Replacement Liens will have the same validity,
enforceability, and priority of Bank of Hope's prepetition liens
and security interests in the Collateral pursuant to the Loan
Documents, and will be enforceable if and to the extent of any
diminution in the value of Bank of Hope's interest in the
Collateral, as the Collateral existed as of the Petition Date. In
addition, Bank of Hope will retain all of its existing liens and
security interests in all of the Collateral, including, without
limitation, the liens and security interests described above and
any rights of setoff and/or recoupment. The Replacement Liens will
be senior to all other postpetition security interests, liens, and
rights of setoff in the Replacement Collateral. The Replacement
Liens will not attach to any of EBM's claims or causes of action
arising under Sections 502(d), 544, 545, 547, 548, 549, 550 and 553
of the Bankruptcy Code and any other avoidance or similar action
under the Bankruptcy Code.
(C) EBM will make monthly payments on the 29th day of each
month to Bank of Hope in the amount of $50,698.55. A 6% late fee
will be payable for any adequate protection payment made after its
due date.
(D) EBM will respond promptly to any request for accountings,
leases, rent rolls, financial statements, tax returns, or other
business or financial information from Bank of Hope, will permit
inspection of its books and records, or the Business or other
Collateral by Bank of Hope (or its representatives), and will
permit Bank of Hope to interview its subtenants at the Premises
without notice to the company. EBM will provide Bank of Hope with
bi-weekly accounting of rent payments received by each tenant,
which accounting will be due on first and third Monday of each
month for the prior two week period. EBM will provide Bank of Hope
with copies of all bank statements within two business days of
receiving the same from the bank. EBM will provide Bank of Hope
with a copy of a three year account history for each tenant within
seven days of the date of the Order. EBM will provide Bank of Hope
with copies of all invoices, reports, and work product of the Carey
Group, as well as copies of all documents and information provided
to the Carey Group, at the same time as it is received by the
company or the Carey Group, respectively. Bank of Hope will have
the right to communicate with the Carey Group regarding EBM and
will be timely apprised by the Carey Group of the status of the
Carey Group's efforts on behalf of the company.
(E) To the extent the Replacement Liens and other relief
granted to Bank of Hope in the Stipulated Order do not provide Bank
of Hope with adequate protection of its interest in the Bank of
Hope Collateral, Bank of Hope will have a super-priority
administrative expense claim under Bankruptcy Code Section 507(b)
as necessary to compensate Bank of Hope fully for the use of the
Collateral by EBM. The Super-Priority Claim of Bank of Hope will
have priority over all administrative expenses of any kind incurred
in the Bankruptcy Cases, including such administrative expenses of
the kinds specified in, or allowable under Sections 105, 326, 330,
331, 503(b), 506(c), 507(a), 507(b) or 726 of the Bankruptcy Code.
(F) The security interests in and Replacement Liens upon any
of the Collateral or Replacement Collateral securing the
Indebtedness, and to the extent a super-priority administrative
expense claim is granted to Bank of Hope, pursuant to the terms of
the Stipulated Order, will be subordinate only to (i) the fees and
expenses of the Clerk of the Court and the Office of the United
States Trustee pursuant to 28 U.S.C. Section 1930(a) plus
applicable interest on any such fees; (ii) the amount of
outstanding and unpaid allowed professional fees for professionals
retained by EBM up to an aggregate amount not to exceed $15,000,
and reasonable fees and expenses of a hypothetical chapter 7
trustee up to an aggregate amount not to exceed $5,000 if the case
is converted to chapter 7.
A copy of the proposed Stipulate Order is available for free at
http://bankrupt.com/misc/nysb19-12280-21.pdf
East Broadway Mall, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-12280) on July 12,
2019. In the petition signed by its president, Grace Chan, the
Debtor disclosed assets and debts of less than $50,000.
ELBAMED INTERNATIONAL: Taps Sanchez-Medina as Special Counsel
-------------------------------------------------------------
Elbamed International, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to hire Sanchez-Medina,
Gonzalez, Quesada, Lage, Gomez & Machado, LLP as its special
counsel.
The firm will provide legal services in connection with a
pre-bankruptcy litigation pending in Miami-Dade Circuit Court,
styled Jose Guevara v. Jose Manuel Gonzalez (Case No.
2015-003311-CA-01). The scope of the representation is to prepare,
file and argue a motion to vacate the default judgment entered
against the Debtor in the state court case.
The firm's hourly rates are:
Partners $550
Associates $350
Sanchez-Medina received a retainer in the amount of $29,690.
Pedro Gonzalez, Esq., a partner at Sanchez-Medina, disclosed in
court filings that he and his do not represent any interest adverse
to the Debtor and its bankruptcy estate.
Sanchez-Medina can be reached through:
Pedro A. Gonzalez, Esq.
Sanchez-Medina, Gonzalez, Quesada,
Lage, Gomez & Machado, LLP
201 Alhambra Circle, Suite 1205
Coral Gables, FL 33134-5107
Phone: 305.377.1000
Fax: 855.327.0391 / 855.898.2748
E-mail: pgonzalez@smgqlaw.com
About Elbamed International
Elbamed International, Inc., classifies its business as single
asset real estate (as defined in 11 U.S.C. Section 101(51B)).
Elbamed International sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-21149) on Aug. 21,
2019. At the time of the filing, the Debtor was estimated to have
assets of between $1 million and $10 million and liabilities of the
same range. The case is assigned to Judge Jay A. Cristol. The
Debtor is represented by Daniel N. Gonzalez, Esq., at Meland Russin
& Budwick, P.A.
ENDO SURGICAL: Taps Serruto Law Firm as Special Counsel
-------------------------------------------------------
Endo Surgical Center of New Jersey received approval from the U.S.
Bankruptcy Court for the District of New Jersey to hire The Serruto
Law Firm, P.C., as its special counsel.
The firm will represent the Debtor in connection with an insurance
claim against Liberty Mutual Insurance Company. The claim was
against the Debtor's former employee for dishonesty, including
forgery and alteration, in excess of $200,000.
The Debtor will pay the firm $24,570.50 for its services.
Roger Serruto, Esq., at Serruto Law Firm, disclosed in court
filings that the firm and its attorneys neither represent nor hold
any interest adverse to the Debtor and its bankruptcy estate.
Serruto Law Firm can be reached through:
Roger Serruto, Esq.
The Serruto Law Firm, P.C.
60 Northfield Avenue, Suite 2
West Orange, NJ 07052
Tel: (973) 736-7373
Email: info@serrutolaw.com
North Jersey, P.C.
Headquartered in Clifton, N.J., William Focazio, MD, PA, Endo
Surgical Center of North Jersey, and Fenner Ave., LLC, are
privately held companies that operate in the health care industry
specializing in internal medicine and gastroenterology.
William Focazio, MD, PA and its affiliates Endo Surgical Center of
North Jersey and Fenner Ave., LLC sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 18-10752,
18-10753 and 18-10755, respectively) on Jan. 13, 2018. William
Focazio, M.D., principal, signed the petitions.
At the time of filing, William Focazio, MD, PA had $1,130,000 in
total assets and $12,830,000 in total liabilities; and Endo
Surgical Center had $1,170,000 in total assets and $16,490,000 in
total liabilities.
Judge Vincent F. Papalia oversees the case.
Trenk DiPasquale Della Fera & Sodono, P.C., is the Debtor's
counsel.
EUROPACORP FILMS: Chapter 15 Case Summary
-----------------------------------------
Chapter 15 Debtor: EuropaCorp Films USA, Inc.
335-345 N Maple Drive, 103
Beverly Hills, CA 90210
Case No.: 19-13308
Business Description: EuropaCorp Films USA, Inc. -- http://
www.europacorp.com -- is a film
production company in Beverly
Hills, California. The Company's
global activities span the entire
film value chain with expertise in
production, theatrical distribution,
video and VOD sales, partnerships and
licensing, international sales,
soundtrack publishing, and television
sales.
Chapter 15
Petition Date: October 17, 2019
Court: United States Bankruptcy Court
Southern District of New York
(Manhattan)
Foreign
Representative: Kevin Tatum McDonald
2181 Beech Knoll Road
Los Angeles, CA 90046
Foreign Proceeding: Sauvegarde pending before the
Tribunal de Commerce de Bobigny
Foreign
Representative's
Counsel: Matthew K. Kelsey, Esq.
J. Eric Wise, Esq.
Alan Moskowitz, Esq.
Dylan S. Cassidy, Esq.
GIBSON, DUNN & CRUTCHER, LLP
200 Park Avenue
New York, NY 10166
Tel: (212) 351-2615
(212) 351-4000
Fax: (212) 351-6351
(212) 351-4035
E-mail: mkelsey@gibsondunn.com
ewise@gibsondunn.com
amoskowitz@gibsondunn.com
dcassidy@gibsondunn.com
Estimated Assets: Unknown
Estimated Debts: Unknown
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/nysb19-13308.pdf
EVERGREEN PALLET: Seeks to Hire Greg A. Erbert as Consultant
------------------------------------------------------------
Evergreen Pallet LLC filed an amended application seeking authority
from the United States Bankruptcy Court for the District of Kansas
(Kansas City) to hire Greg A. Erbert as consultant for the Debtor.
The Debtor requires the services of Greg A. Erbert to continue its
operations, as Erbert is involved in the operations, management,
budgeting and forecasting, and all financial and business
management of the Debtor.
Debtor requests that the Court allow the Debtor to continue to pay
Erbert at the agreed upon hourly rate of $75 per hour on an ongoing
basis. The Debtor has included this sum in its initial budget that
has been filed with the Court and is part of the interim cash
collateral Order.
Greg A. Erbert assures the Court the he does it have any interest
adverse the Debtor or the bankruptcy estate, and as such, is a
disinterested person within the meaning of 11 U.S.C. Sec. 101(14).
The consultant can be reached at:
Greg A. Erbert
GE Business Solutions-Consulting
13526 E Buckskin
Wichita, KS 67230
About Evergreen Pallet
Evergreen Pallet LLC is a pallet supplier in Wichita, Kansas.
Evergreen Pallet filed a petition seeking relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 19-21983) on
Sept. 17, 2019. In the petition signed by Jeffrey Ralls, member,
the Debtor listed assets at $1,316,600 and liabilities estimated at
$6,624,679. Hon. Robert D. Berger is the case judge. KRIGEL &
KRIGEL, PC, is the Debtor's counsel.
EVIO INC: Incurs $3.83 Million Net Loss in Second Quarter
---------------------------------------------------------
Evio, Inc., filed with the Securities and Exchange Commission its
quarterly report on Form 10-Q reporting a net loss of $3.83 million
on $735,179 of total revenues for the three months ended March 31,
2019, compared to a net loss of $1.68 million on $732,311 of total
revenues for the three months ended March 31, 2018.
For the six months ended March 31, 2019, the Company reported a net
loss of $6.48 million on $1.92 million of total revenues compared
to a net loss of $2.67 million on $1.67 million of total revenues
for the same period during the prior year.
As of March 31, 2019, the Company had $16.97 million in total
assets, $17.26 million in total liabilities, and a total deficit of
$285,165.
During the six months ended March 31, 2019, the Company used
$1,078,049 in operating activities which consisted of a net loss of
$6,489,767, non-cash losses of $3,965,148 and changes in working
capital of $1,446,570.
During the six months ended March 31, 2018, the Company used
$2,148,643 in operating activities which consisted of a net loss of
$2,679,190, non-cash losses of $1,179,338 and changes in working
capital of ($648,791).
During the six months ended March 31, 2019, the Company used
$580,075 in investing activities, all of which related to the
purchase of equipment.
During the six months ended March 31, 2018, the Company used
$791,020 in investing activities which consisted of $571,501 of
cash used to purchase equipment, $39,987 of notes receivable,
$200,000 of related party notes receivable and $20,468 of cash
acquired in acquisitions.
During the six months ended March 31, 2019, the Company used
$1,631,419 in financing activities. The Company received $414,183
from the issuance of convertible debentures, $971,014 from the
issuance of convertible notes, $199,040 from related party
advances, $186,000 from the sale of common stock, made repayments
of $93,050 on capital leases, repayments of $18,617 on loans
payable and $27,151 on related party loans payable.
During the six months ended March 31, 2018, the Company used
$5,839,897 in financing activities. The Company received
$6,136,120 from the issuance of convertible debentures, $508,000
from the sale of common stock, made repayments of $22,347 on
capital leases, repayments of $605,348 on loans payable and
$176,528 on related party loans payable.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/BNx5Zr
About EVIO, Inc.
EVIO, Inc., formerly Signal Bay, Inc. -- http://www.eviolabs.com/
-- provides analytical testing and advisory services to the
emerging legalized cannabis industry. The Company is domiciled in
the State of Colorado, and its corporate headquarters is located in
Bend, Oregon.
BF Borgers CPA PC, in Lakewood, CO, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
Aug. 19, 2019, on the Company's consolidated financial statements
for the year ended Sept. 30, 2018, citing that the Company's
significant operating losses raise substantial doubt about its
ability to continue as a going concern.
EVIO reported a net loss of $11.93 million for the year ended Sept.
30, 2018, following a net loss of $3.59 million for the year ended
Sept. 30, 2017.
FALLS EVENT: Trustee's $1.25M Sale of Fresno Property Approved
--------------------------------------------------------------
Judge R. Kimball Mosier of the U.S. Bankruptcy Court for the
District of Utah authorized Michael F. Thomson, the Chapter 11
Trustee for the bankruptcy estate of The Falls Event Center, LLC
and affiliates, to sell the unimproved land located in Fresno
County, California, APN 491-030-70, more particularly described in
the Agreement, to Clovis Unified School District for $1.25 million,
free and clear of all interests.
The Sale Procedures and the Agreement are approved.
The Trustee is authorized to disburse the proceeds of sale to pay
(a) the costs of sale (including sales commissions), (b) any
outstanding taxes and assessments, and (c) the Liens and
Encumbrances as set forth in the Motion.
The 14-day stay imposed by Federal Rule of Bankruptcy Procedure
6004(h) is waived.
The hearing scheduled for Sept. 4, 2019 at 2:00 p.m. is stricken.
A copy of the Exhibit A and the Purchase Agreement attached to the
Order is available for free at:
http://bankrupt.com/misc/Falls_Event_579_Order.pdf
About The Falls Event Center
The Falls Event Center LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. Utah Case No. 18-25116) on July 11,
2018. At the time of the filing, the Debtor estimated assets of
$50 million to $100 million and liabilities of $100 million to $500
million. Judge R. Kimball Mosier presides over the case. Ray
Quinney & Nebeker P.C. is the Debtor's legal counsel. The Debtor
tapped Gil Miller and his firm Rocky Mountain Advisory, LLC, as
restructuring advisors.
On July 27, 2018, the U.S. Trustee appointed an official committee
of unsecured creditors in the case.
In November 2018, Judge R. Kimball Mosier entered an order
appointing a Chapter 11 trustee. DORSEY & WHITNEY LLP is the
Trustee's counsel.
FRANK INVESTMENTS: Exclusivity Period Extended Until Dec. 10
------------------------------------------------------------
Judge Erik Kimball of the U.S. Bankruptcy Court for the Southern
District of Florida extended the period during which only Frank
Investments, Inc. and its affiliates can file a Chapter 11 plan to
Dec. 10, and the period to solicit acceptances for the plan to Jan.
29, 2020.
The bankruptcy judge also extended the deadline for the companies
to file a plan and disclosure statement to Dec. 10.
The companies needed more time to consult with their real estate
brokers, continue to value and marshal assets, and consummate a
settlement agreement between Las Olas Riverfront, L.P. and Frank
Investments' affiliate, Frank Theatres Management LLC, which was
approved by the court on Oct. 17.
About Frank Investments
Frank Investments Inc., Frank Theatres Management LLC and Frank
Entertainment Companies, LLC are affiliates of Rio Mall, LLC, which
sought bankruptcy protection (Bankr. S.D. Fla. Case No. 18-17840)
on June 28, 2018. Rio Mall, LLC, owns and operates commercial real
property that comprises the shopping center known as Rio Mall
located at 3801 Route 9 South, Rio Grande, N.J.
Frank Investments and its debtor-affiliates sought Chapter 11
protection (Bankr. S.D. Fla. Lead Case No. 18-20019) on Aug. 17,
2018. At the time of the filing, Frank Investments and Frank
Entertainment had estimated assets of between $10 million and $50
million and liabilities of the same range. Frank Theaters had
estimated assets of between $10 million and $50 million and
liabilities of between $50 million and $100 million.
Bradley S. Shraiberg, Esq., at Shraiberg Landau & Page, P.A., is
the Debtors' bankruptcy counsel.
No official committee of unsecured creditors has been appointed.
FXI HOLDINGS: Moody's Rates $775MM Sr. Sec. Notes 'B3'
------------------------------------------------------
Moody's Investors Service assigned a B3 rating to the new $775
million senior secured notes of FXI Holdings, Inc. Proceeds from
the new notes will be used in conjunction with equity and existing
cash on hand to fund the roughly $850 million acquisition of
Comfort Holding, LLC (Caa1 under review for upgrade).
There is no change to FXI's B2 Corporate Family Rating (CFR) under
review for downgrade, its B2-PD Probability of Default rating under
review for downgrade or the B2 rating on its existing $525 million
secured notes under review for downgrade. Absent any material
changes to deal structure or credit profile, Moody's expects the
most likely outcome of its ongoing review on FXI's CFR to be a
one-notch downgrade to B3. Moody's anticipates the Probability of
Default rating will be B3-PD and the $525 million secured notes
rating will be B3.
The proceeds of the new $775 million secured notes will be
deposited into an escrow account pending close of the transaction.
If the transaction does not close, the notes will be subject to a
special mandatory redemption at 100% of issue price plus accrued
and unpaid interest. If this occurs, Moody's would withdraw the
ratings on these notes.
Rating assigned:
$775 million secured notes at B3 (LGD4)
The B3 rating on the secured notes is the same as the most likely
rating on FXI's CFR after close of B3. This is because the secured
notes represent the preponderance of debt in FXI's capital
structure.
FXI's ratings were placed on review for downgrade on March 6, 2019.
Moody's rating review is focusing on FXI's operating strategy for
the combined company, and the company's plan to enhance its
combined manufacturing and R&D capabilities. It is also focusing on
the company's plan to reduce leverage following the acquisition.
Moody's is also assessing possible cost synergies and FXI's plan to
improve Innocor's operating performance.
RATINGS RATIONALE
FXI's credit profile is constrained by its aggressive acquisition
strategy as it expands into the growing direct to consumer (DTC)
bedding market. FXI's pending $850 million acquisition of Innocor,
which is expected to close in the fourth quarter of 2019,
underscores this risk. The acquisition will increase FXI's earnings
volatility and maintain its high financial leverage.
Notwithstanding the ongoing review, FXI's credit profile reflects
its high leverage at almost 6 times debt/EBITDA. FXI's credit
profile is also constrained by the earnings volatility created by
unpredictable chemical prices and by the cyclical demand of its
automotive and bedding & furniture end markets. Being owned by a
private equity firm also constrains FXI's credit profile. FXI's
credit profile benefits from its strong market position in the U.S.
foam manufacturing industry and good end-market diversity through
its automotive, bedding & furniture and medical segments. FXI
partially mitigates gross margin volatility with its 'cost-plus'
and 'pass-through' contracts.
Moody's views FXI as being moderately exposed to environmental,
social and governance risks. The company uses, transports, and
stores chemicals in its manufacturing process. A failure to adhere
to environmental regulations and safe practices could result in
financial penalties and remediation costs. From a governance
standpoint, FXI has historically operated with high leverage and
with the risks associated with being owned by a private equity
firm. The company has recently demonstrated increasingly more
aggressive financial policies with respect to its acquisition
strategy and the financing for this strategy.
The principal methodology used in this rating was Consumer Durables
Industry published in April 2017.
FXI manufactures flexible and rigid foam products for commercial
use in the transportation, bedding, furniture, medical and
technology industries. The company is principally owned by private
equity firm One Rock Capital Partners. Revenue approximates $850
million.
GATE 3 LIQUIDATION: Objects to Motion to Appoint Trustee
--------------------------------------------------------
Gate 3 Liquidation, Inc., objects to the Emergency Motion for Order
Directing Appointment of Chapter 11 Trustee, or, in the
Alternative, Converting case to Chapter 7 filed by former
bankruptcy counsel Allen Barnes & Jones, PLC.
According to the Debtor, shockingly, the Motion to Appoint Trustee
is only based upon two facts that AB&J knew at the time of the
hearing on the Motion to Terminate and AB&J admits in the Motion to
Appoint Trustee are not controlling reasons to appoint a trustee:
(1) the Bondurants' claim -- Ms. Bondurant told Ms. Barnes at the
time the bankruptcy schedules were originally prepared that she had
a significant claim against the bankruptcy estate, and even pointed
out this fact when she testified at the hearing on the Motion to
Terminate, and
(2) the Debtor's counsel having a guarantee from the Bondurants --
the Debtor's substitute counsel filed an application concerning the
proposed retention before the hearing and supplemented that filing
with the actual fee application before the Court executed the Order
authorizing his retention. Subsequent to the hearing, the Debtor
has not been able to do much in advancing the ball in this estate
because AB&J and Shaffer have been playing a game of "hide the
ball" and refusing to turnover documents as ordered by the Court.
The Debtor asserts that there is is simply no basis for the
appointment of a trustee, and it is becoming glaringly obvious that
there is something in the documents that should have been
immediately turned over that AB&J and Shaffer do not want to see
the light of day. Thus, the Court should summarily deny the Motion
to Appoint Trustee and provide the Debtor with its attorneys' fees
and costs for defending the unwarranted Motion.
Gate 3 Liquidation, Inc. filed for protection under Chapter 11 of
the Bankruptcy Code on October 2, 2018. Pat Bondurant is the
President, CEO, and through a trust a 51% owner of Gate 3, which is
formerly known as the Bob Bondurant School of High Performance
Driving.
AB&J was originally the Debtor's bankruptcy counsel and Shaffer was
appointed as the CRO. Mrs. Bondurant provided a separately filed
Declaration in support of the Motion to Terminate Shaffer as chief
restructuring officer of the Debtor and to have AB&J terminated as
bankruptcy counsel and have D Lamar Hawkins, PLLC approved as
substitute bankruptcy counsel employed by the Debtor.
After hearing the testimony, the Court ordered to terminate Shaffer
and put the control of the estate back in the hands of Ms.
Bondurant.
The Debtor notes that Ms. Bondurant even retained separate counsel
so as to assure that the lines between debtor-in-possession and her
individual matters remain unblurred. The Counsel for the Debtor
filed retention documentation before the Court signed the Order
authorizing the retention.
The Debtor asserts that AB&J's Motion Does Not Satisfy the Standard
for the Appointment of a Trustee. The statute states: At any time
after the commencement of the case but before confirmation of a
plan, on request of a party in interest or the United States
trustee, and after notice and a hearing, the court shall order the
appointment of a trustee -- if such appointment is in the interests
of creditors, any equity security holders, and other interests of
the estate, without regard to the number of holders of securities
of the debtor or the amount of assets or liabilities of the
debtor.
First the Court must determine whether AB&J even has standing to
bring this Motion and AB&J was counsel for the Debtor. It is
incredible that it is the one moving for the appointment of a
trustee.
To determine whether appointment of a trustee is in the interests
of the various constituencies of the estate is fact-specific and
requires the court to balance the benefits of such an appointment
against its anticipated costs. In re LHC, LLC, 497 B.R. 281, 293
(N.D. Ill. 2013); Lopez-Munoz, 553 B.R. 179, 195.
The factors that have been considered include: (1) the
trustworthiness of the debtor; (2) the debtor's past and present
performance and prospects for rehabilitation; (3) whether the
business community and creditors of the estate have confidence in
the debtor; and (4) whether the benefits outweigh the costs. Id.
AB&J and Shaffer’s handling of the assets of the estate and
assets of the Bondurants post-sale closing is only now coming to
light. Much discovery may need to be undertaken. But the Bondurants
certainly have the right to pursue their own interests and
undertake that discovery. Importantly, in the Motion the
Bondurants’ filed, they specifically stated that they were not
wanting to impact in any way the benefit achieved by the estate in
the Bancorp resolution.
For these reasons, the Debtor requests that AB&J's Motion for
Appointment of Trustee be denied and the Debtor be awarded its
attorneys' fees and costs in having to defend against AB&J's
Motion.
Counsel for the Debtor is D. Lamar Hawkins, Esq., in Tempe,
Arizona.
About Gate 3 Liquidation, Inc.
Gate 3 Liquidation, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 18-12041) on Oct 2, 2018.
At the time of the filing, the Debtor disclosed assets of between
$1,000,001 and $10 million and liabilities of the same range. The
case has been assigned to Judge Brenda K. Martin. The Debtor is
represented by D. Lamar Hawkins, PLLC.
GATE 3 LIQUIDATION: SMC Joins AB&J's Motion to Appoint Trustee
--------------------------------------------------------------
Semple, Marchal & Cooper, LLP, joins in Allen Barnes & Jones, PLC's
Emergency Motion for Order Directing Appointment of Chapter 11
Trustee or in the Alternative, Converting Case to Chapter 7 of Gate
3 Liquidation Inc., fka, Bob Bondurant School of High Performance
Driving, Inc. SMC also requests the appointment of a Chapter 11
Trustee or, in the alternative and converting case to Chapter 7 of
the Bankruptcy Code.
About Gate 3 Liquidation, Inc.
Gate 3 Liquidation, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 18-12041) on Oct 2, 2018.
At the time of the filing, the Debtor disclosed assets of between
$1,000,001 and $10 million and liabilities of the same range. The
case has been assigned to Judge Brenda K. Martin. The Debtor is
represented by D. Lamar Hawkins, PLLC.
GATEWAY RADIOLOGY: Seeks to Extend Exclusivity Period to Feb. 23
----------------------------------------------------------------
Gateway Radiology Consultants P.A. and PM Radiology, LLC asked the
U.S. Bankruptcy Court for the Middle District of Florida for a 90
days extension of exclusivity period to negotiate with creditors
and amend plan and disclosure statement, and solicit acceptances,
until Feb. 23, 2020.
The Debtors filed a joint plan and disclosure statement Sept. 24,
2019. The Debtor and Creditors have been negotiating a consensual
plan, but additional time is needed, and perhaps additional
mediation.
About Gateway Radiology Consultants
Gateway Radiology Consultants P.A., based in Saint Petersburg,
Florida, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.
19-04971) on May 28, 2019. In the petition signed by Gagandeep
Manget M.D., president, the Debtor disclosed $1,200,000 in assets
and $14,899,135 in liabilities as of the bankruptcy filing. The
Hon. Michael G. Williamson oversees the case. Joel M. Aresty,
P.A., serves as bankruptcy counsel to the Debtor. Beighley Myrick
Udell and Lynne; and Paul C. Jensen, Attorney-At-Law, serve as
special counsel.
GEK REALTY: Bankr. Court Cuts BHMPW Funding's Claim to $723,000
---------------------------------------------------------------
In the case captioned In re: GEK Realty and Home Improvement LLC,
Chapter 11, Debtor, Case No. 17-40228-nhl (Bankr. E.D.N.Y.),
Bankruptcy Judge Nancy Hershey Lord grants, in part, and denies, in
part, the Debtor's motion to expunge or reduce the claim asserted
against it by BHMPW Funding LLC by way of its Proof of Claim No. 3.
Specifically, the Court finds and determines that the total
allowed amount of the Creditor's Claim as of the Petition Date is
$723,499.85.
On July 18, 2017, BHMPW filed a Claim in the Court's Claims
Register, asserting a secured indebtedness in the sum of
$782,351.67 as of the Petition Date. The Claim is broken down as
follows:
Unpaid Principal Balance $700,000;
Interest $105,000;
Default Interest $97,766.67;
Foreclosure Search $875;
Foreclosure Attorneys' Fees $25,955;
Foreclosure Costs $2,230;
Other Fees (Inspection Fees) $525; and
Escrow Funds ($150,000).
On Dec. 15, 2017, the Debtor filed a Motion seeking to expunge or
reduce the Claim on the grounds that it contains multiple
deficiencies, including the failure to:
(i) properly apply a payment of $9,503.05 made on Nov. 30,
2015, and a payment of $150,000 made on Oct. 11, 2016, thereby
accruing an unwarranted default rate of interest;
(ii) attach any support for alleged professional fees of
$25,955 incurred in the underlying state court foreclosure action;
(iii) attach support for the alleged out of pocket expenses
totaling $3,630 constituting: (a) $2,230 for "foreclosure costs,"
(b) $875 for a "foreclosure search," and (c) $525 for "inspection
fees."
The Debtor further asserts that the Claim intentionally overstates
the total amount owed, and that based on BHMPW's filing of an
"unconscionable, deceptive and wrongful claim," it would be
inappropriate to charge the Debtor the contractual default rate of
interest. Instead, the Debtor argues that the Court should exercise
its discretion to determine the appropriate amount of interest, and
the rate and date from which it should be calculated.
The parties' dispute concerning the validity and amount of the
Claim essentially requires a determination as to the appropriate
rate of interest chargeable on the Loan obligation; the manner in
which certain payments should have been applied; and the propriety
of various added fees.
The Creditor contends that, because the Debtor failed to exercise
the extension option under the Note, the Debtor was in default as
of the maturity date of Oct. 20, 2015, and that the appropriate
interest rate that should apply is the default rate of 24% until
the Loan is paid in full. The Creditor asserts that the Debtor made
the $150,000 Payment pursuant to the agreed upon proposed
Forbearance Agreement, which the Debtor failed to execute, and that
the Creditor properly applied the payment in accordance with the
terms thereof, i.e., towards any unpaid accrued interest first,
then to the unpaid principal balance of $700,000. Finally, the
Creditor contends that it met its burden of proof as to the
entirety of the Claim, including the foreclosure related attorneys'
fees and other expenses, and that the Claim should be allowed in
full.
The Court finds that the Creditor has produced sufficient evidence
warranting the payment of expenses in the sum of $2,665.50,
representing the Foreclosure Costs of $2,230 and the Foreclosure
Search of $435.50. The remainder of the expenses sought in the sum
of $964.50 is denied as no supporting evidence of the same has been
shown (i.e., the fees and expenses of reviewing the Foreclosure
Search of $439.50 and the Inspection Fees of $525).
With respect to pre-petition attorneys' fees, witness Alan
Waintraub's invoice for professional services rendered as BHMPW's
counsel in the Foreclosure Action lists entries beginning on
January 18, 2016, and ending on January 8, 2017, together with
foreclosure-related expenses (which are also separately included in
the Claim) for a total sum of $29,092.50. The Waintraub Invoice
reflects that Waintraub billed a total of 69.3 hours at the rate of
$375 an hour, which amounts to $25,987.50.
As an initial matter, the Court recognizes that a request for a
creditor's pre-petition attorneys' fees is not reviewed under the
same strict requirements and standards applied to retained
bankruptcy-related professionals pursuant to § 330 of the
Bankruptcy Code. However, "[t]he law in this circuit is that no
award for attorneys' fees is appropriate where the attorney failed
to maintain contemporaneous time records."
The Waintraub Invoice is seriously deficient in various respects:
The Waintraub Invoice does not include any contemporaneous time
records; instead, each listed entry, whether for a range of dates
or a specific date, is lumped with multiple activities. Moreover,
neither Waintraub nor BHMPW provided any supporting documentation
to supplement the Waintraub Invoice in the admitted absence of
contemporaneous time records. Waintraub explained that instead of
contemporaneous time records, at the end of the day, he has a "list
on a scrap piece of paper," and includes an "approximate[]" amount
of time that he spends on each matter that is "rounded off," and
that he does not bill his clients monthly, but rather, "at the end
of file."
Thus, in the conceded absence of contemporaneous time records or
any further "supporting documentation" that "is detailed enough to
satisfy the Second Circuit's requirement that attorneys' fees must
be based on contemporaneous time records specifying relevant dates,
time spent and work done," BHMPW's request for Waintraub's
attorneys' fees as part of its Claim must be denied. The portion of
the Claim relating to foreclosure-related attorneys' fees and other
expenses is allowed in the sum of: $2,665.50, and the balance of
this portion of the Claim is disallowed.
A copy of the Court's Decision dated Oct. 3, 2019 is available at
https://bit.ly/32ofliI from Leagle.com.
About GEK Realty and Home Improvement
GEK Realty and Home Improvement LLC, based in Saint Albans, New
York, filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No.
17-40228) on Jan. 19, 2017. The Hon. Nancy Hershey Lord presides
over the case. Arlene Gordon-Oliver, Esq., at Arlene Gordon-Oliver
& Associates, PLLC, initially served as bankruptcy counsel when the
petition was filed. In November 2017, the Debtor hired Douglas J.
Pick, Esq., and Eric C. Zabicki, Esq., at Pick & Zabicki LLP, as
substitute counsel.
In its petition, the Debtor estimates $1 million to $10 million in
both assets and liabilities. The petition was signed by Gregory
Carmichael, its managing member.
GLENDALE VALLEY: Moody's Cuts Rating on $7.4MM Revenue Debt to Ba2
------------------------------------------------------------------
Moody's Investors Service downgraded Glendale Valley Municipal
Authority, PA's sewer and water revenue rating to Ba2 from Ba1,
effecting $7.4 million in water and sewer revenue debt outstanding.
The outlook remains stable.
RATINGS RATIONALE
The Ba2 revenue rating reflects the authority's high leverage,
small customer base, narrow cash position, and continued financial
challenges that will persist in the near term, making it difficult
to meet its debt service coverage requirement.
RATING OUTLOOK
The stable outlook reflects its expectation that the system will
continue to operate with very slim margins for the foreseeable
future.
FACTORS THAT COULD LEAD TO AN UPGRADE
- Material, sustained increase in days cash on hand
- Material improvement in debt service coverage
FACTORS THAT COULD LEAD TO A DOWNGRADE
- Additional leverage of system revenues
- Inability to meet sum-sufficient coverage requirement
- Material decline in customer base
LEGAL SECURITY
Debt service on the authority's debt is secured by a senior lien on
the system's net water and sewer revenue.
PROFILE
Glendale Valley Municipal Authority provides sewerage conveyance
and treatment as well as water conveyance services to roughly 1,800
sewer and 1,150 water customers in Chest, Reade and White Townships
in Cambria County, approximately 72 miles east of Pittsburgh (A1
stable).
METHODOLOGY
The principal methodology used in this rating was US Municipal
Utility Revenue Debt published in October 2017.
GOOD NOODLES: Has Access to Cash Collateral Until Oct. 22
---------------------------------------------------------
Judge Cecelia G. Morris granted debtor Good Noodles Inc., d/b/a
Sfoglini LLC, approval to obtain postpetition financing on a final
basis.
Judge Morris also authorized the Debtor, on the same terms and
conditions as existed under and described in detail in the Prior
Order, to use Cash Collateral as set forth in the budget attached
as Exhibit A through October 22, 2019.
A further interim hearing to consider the authorization for the
continued use of Cash Collateral and the granting of adequate
protection as sought in the Motion shall be held by this Court on
October 22, 2019, at 12:00 p.m.
Any objections or responses to the Motion or to entry of a further
or final Order granting the relief requested in the Motion with
respect to the continued use of Cash Collateral and granting of
adequate protection so as to be received no later than October 15,
2019, at 4:00 p.m.
A copy of the Second Interim Order from PacerMonitor.com is
available at https://tinyurl.com/y55nu7m9
About Good Noodles Inc.
Good Noodles Inc., d/b/a Sfoglini LLC, is a producer of classic
Italian style pasta made with organic grains. Good Noodles sought
Chapter 11 protection (Bankr. S.D.N.Y. Case No. 19-36441) in
Poughkeepsie, New York, on Sept. 4, 2019. Judge Cecelia G. Morris
administers the Debtor's case. In the petition signed by Scott
Ketchum, president, the Debtor was estimated to have $500,000 to $1
million in assets, and $1 million to $10 million in liabilities.
KIRBY AISNER & CURLEY LLP is the Debtor's counsel.
GP RARE EARTH: SEC Seeks Immediate Appointment for Trustee
----------------------------------------------------------
The U.S. Securities and Exchange Commission asks the Court for the
immediate appointment of a Chapter 11 trustee over Greenpoint
Tactical Income Fund LLC and its subsidiary, GP Rare Earth Trading
Account LLC, or, in the alternative, to convert the cases to
Chapter 7.
The appointment of a Chapter 11 trustee is required under the
standards set forth in Section 1104(a) of the Bankruptcy Code.
GPTIF is a private investment fund whose managers have engaged in a
scheme to unlawfully enrich themselves at the expense of investors,
many of whom were on fixed incomes, older individuals, and others
for whom risky illiquid investments were not appropriate.
According to the SEC, GPTIF paid over $13.7 million in fees to
entities owned or controlled by Hull or Nohl. Almost all of the
money GPTIF paid to Hull's and Nohl's entities came from funds
invested by investors because less than 5% of GPTIF's returns were
actual realized gains, as opposed to unrealized paper gains.
In this case, cause for dismissal or conversion under Section 1112
exists because, among other grounds, the estate has been grossly
mismanaged Chapter 11. In the event the Court determines that cause
exists under Section 1112, but that the creditors are not best
served by a Chapter 11 trustee, then in the alternative, the
Commission requests that this case be converted to a case under
Chapter 7.
Moreover, the creditors and investors have lost confidence in
existing management and need the appointment of a third party
fiduciary.
Accordingly, the Commission requests that this Court enter an order
appointing a Chapter 11 Trustee in this case or, in the
alternative, conversion of the case to Chapter 7 and granting such
other and further relief as this Court deems just and proper.
About Greenpoint Tactical Income Fund LLC
Greenpoint Tactical Income Fund LLC is Wisconsin limited liability
company with its principal place of business in Madison,
Wisconsin. Greenpoint Tactical Income Fund is a private investment
fund. GP Rare Earth Trading Account LLC is wholly owned subsidiary
of Greenpoint Tactical Income Fund. GP Rare Earth is the entity
that holds the gems and minerals.
Greenpoint Tactical Income Fund LLC, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wis. Case No.
19-29613) on October 4, 2019. The petition was signed by Hon.
Michael G. Halfenger.
At the time of filing, Greenpoint Tactical had estimated assets of
$100 million to $500 million and estimated liabilities of $10
million to $50 million. GP Rare Earth had estimated assets of $100
million to $500 million and estimated liabilities of $10 million to
$50 million.
GTS REAL PROPERTIES: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: GTS Real Properties Inc.
186 Rhododendron Dr.
Brooklyn, NY 11590
Business Description: GTS Real Properties Inc. is a Single Asset
Real Estate debtor (as defined in 11 U.S.C.
Section 101(51B)). The Company previously
sought bankruptcy protection on June 27,
2019 (Bankr. E.D.N.Y. Case No. 19-43966).
Chapter 11 Petition Date: October 17, 2019
Court: United States Bankruptcy Court
Eastern District of New York (Brooklyn)
Case No.: 19-46271
Judge: Hon. Elizabeth S. Stong
Debtor's Counsel: H. Bruce Bronson, Esq.
BRONSON LAW OFFICE, P.C.
480 Mamaroneck Ave.
Harrison, NY 10528
Tel: 877-385-7793
Fax: 888-908-6906
E-mail: ecf@bronsonlaw.net
hbbronson@bronsonlaw.net
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Olga Thomas, by Gareth Thomas, POA,
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/nyeb19-46271.pdf
HARBORVIEW TOWERS: Damages Award to Creditors Upheld
----------------------------------------------------
The U.S. District Court for the District of Maryland affirmed a
decision of the U.S. Bankruptcy Court for the District of Maryland
in the Chapter 11 case of Council of Unit Owners of The 100
Harborview Drive Condominium.
Bankruptcy Judge Michelle Harner awarded certain damages to
creditors Paul C. Clark, Sr., Rebecca Delorme, and Paul C. Clark,
Jr. for their claims during the Chapter 11 reorganization process.
Reorganized Debtor appeals the Bankruptcy Court's Preliminary
Damages Order and Final Damages Order.
Upon review, District Judge Stephanie A. Gallagher noted that the
appeal "is the latest-filed action in a quintet of cases, and
numerous administrative actions relating to a series of disputes
between, who purchased a penthouse condominium in the Harborview
Towers, and [Appellant], who manage[s] or managed Harborview."
The particular case stems from claims filed by Appellees, as part
of Appellant's Chapter 11 reorganization, for damages to their
condominium caused primarily by water leakage.
In its final damages award, the Bankruptcy Court awarded Appellees
$731,000 in "set damages" and $19,552 in "ongoing damages," on Oct.
16, 2018, for a total aggregate amount of $750,552. This aggregate
amount included $6,000 per month in "loss of use" damages, and
$299,000 for repair of the unit. Loss of use damages were awarded
for 72 months, i.e., Feb. 23, 2012 until Feb. 23, 2018, for a total
of $432,000.
The Bankruptcy Court determined that Appellees identified leaks and
damage to Unit PH4A that occurred after Feb. 23, 2012. On appeal,
Appellant contends that "[n]o evidence was presented by Creditors
to show what, if any, damage to the Unit existed as of Feb. 23,
2012." However, the record provides ample support for the
Bankruptcy Court's conclusion that damage occurred after that
date.
The Bankruptcy Court fully acknowledged that the Creditors'
conduct, e.g., leaving wet and contaminated materials in the unit,
also contributed to the overall damage. Thus, Bankruptcy Judge
Harner made significant reductions to the amounts of Appellees'
damages claims. To reach its conclusion, the Court analyzed
evidence, and made credibility determinations about several
witnesses. Credibility assessments merit significant deference when
the bankruptcy court has presided over a trial. Appellant has not
met its burden to show that any of the Bankruptcy Court's factual
findings are clearly erroneous. Judge Harner found that, while
continuing leaks did not cause all of the damage after Feb. 23,
2012, they did cause some. Given these factual findings, the
Bankruptcy Court properly concluded that Appellant had breached its
contractual obligations to Appellees after Feb. 23, 2012, and thus,
awarded an appropriate portion of the damages that Appellees had
sought.
The Bankruptcy Court conducted a thorough and reasoned analysis,
and its methodology for calculating the loss of use damages and
overall damage award finds ample support in case law, and did not
constitute clear error.
A copy of the Court's Memorandum Opinion dated Oct. 2, 2019 is
available at https://bit.ly/32cLNoq from Leagle.com.
Paul C. Clark, Sr., Rebecca Delorme & Paul Clark, Jr., Appellants,
represented by Brennan C. McCarthy -- BMcCarthy@brennanmccarthy.com
-- Brennan McCarthy & Associates.
Council of Unit Owners of the 100 Harborview Drive Condominium,
Appellee, represented by Paul Sweeney -- psweeney@yvslaw.com --
Yumkas, Vidmar, Sweeney & Mulrenin, LLC, James R. Schraf --
jschraf@yvslaw.com -- Yumkas, Vidmar, Sweeney & Mulrenin, LLC &
Lisa Yonka Stevens -- lstevens@yvslaw.com -- Yumkas, Vidmar,
Sweeney & Mulrenin, LLC.
Council of Unit Owners of the 100 Harborview Drive Condominium,
Debtor, represented by Paul Sweeney, Yumkas, Vidmar, Sweeney &
Mulrenin, LLC.
About Council of Unit Owners of
the 100 Harborview Drive Condominium
Council of Unit Owners of the 100 Harborview Drive Condominium, a
condominium association, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 16-13049) on March 9, 2016.
In the petition signed by Dr. Reuben Mezrich, president, the
Debtor estimated assets and liabilities at $10 million to $50
million. Judge James F. Schneider is assigned to the case. The
Debtor is represented by Paul Sweeny, Esq., at Yumkas, Vidmar,
Sweeney & Mulrenin, LLC.
The Debtor won confirmation of its Fifth Amended Plan of
Reorganization on April 10, 2018.
HARRAH WHITES: Seeks to Hire Theodore N. Stapleton P.C. as Counsel
------------------------------------------------------------------
Harrah Whites Meadows Nursing LLC seeks authority from the U.S.
Bankruptcy Court for the Northern District of Georgia to hire
Theodore N. Stapleton P.C. as its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
(a) represent the Debtor with respect to the "first day"
motions;
(b) advise the Debtor generally regarding matters of
bankruptcy law, including, but not limited to, the rights, each,
obligations, and remedies of the Debtor as Debtor-in-Possession,
both with regard to its assets and with respect to the claims of
its creditors;
(c) prepare and assist in the preparation of pleadings,
exhibits, applications, reports, and accounting in connection with
the Debtor's schedules, and other documents necessary to the
administration of these proceedings as required by the Bankruptcy
Code, the Federal Rules of Bankruptcy Procedure, the local rules of
this Court, in the requirements of the United States Trustee's
Office;
(d) investigate, analyze and evaluate potential claims of the
estate, including claims for recovery of avoidable transfers under
the Bankruptcy Code;
(e) advise the Debtor concerning Chapter 11 plans and
alternatives thereto;
(f) represent the Debtor at hearings and conferences with
regard to administration of this case and any of the foregoing
matters and prepare pleadings and papers in connection therewith;
and
(g) represent and assist the Debtor with regard to any and all
other matters relating to the administration of the case.
The hourly rates range from $200 to $500 for attorneys and from $50
to $150 for paralegals and project assistants.
Theodore Stapleton, Esq., the lead attorney, charges an hourly fee
of $500.
The firm received a $9,800 fee retainer and $1,717.00 filing fee
from the Debtor.
Mr. Stapleton disclosed in court filings that his firm is
"disinterested" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Theodore N. Stapleton, Esq.
Theodore N. Stapleton, P.C.
Suite 100-B
2802 Paces Ferry Road
Atlanta, GA 30339
Tel: (678) 361-6211
Fax: (404) 935-5344
Email: tstaple@tstaple.com
About Harrah Whites Meadows Nursing LLC
Harrah Whites Meadows Nursing LLC owns and operates a skilled
nursing facility in Harrah, Okla.
Harrah Whites Meadows Nursing LLC filed its voluntary petition
initiating this Chapter 11 case (Bankr. N.D. Ga. Case No. 19-65376)
on September 27, 2019. In the petition signed by Chistopher F.
Brogdon, manager, the Debtor estimated $100,000 to $500,000 in
assets and $1 million to $10 million in liabilities.
HARRY L WRIGHT: $770K Sale of Lincoln Property to Sells Approved
----------------------------------------------------------------
Judge Thomas L. Saladino of the U.S. Bankruptcy Court for the
District of Nebraska authorized Harry L. Wright Revocable Trust's
private sale of the real property located 2510 South 48th Street,
Lincoln, Nebraska to Dennis Sell and Stacey Sell for $770,000.
The sale price of $770,000 will be allocated to Debtor of $680,000
and the remainder of $90,000 will be allocated to the sale of
assets of Wright Way Fuel, LLC in a traditional closing or at
auction; In the event of sale by auction, $90,000 will be allocated
to the personal property sale of Wright Way Fuel, LLC with the
remainder of the proceeds from the auction being attributed to the
real estate.
The Debtor will sell by traditional closing by Oct. 15, 2019, or
will conduct a public auction of its asset by Oct. 29, 2019 by 1:00
p.m.
The proceeds of the sale attributable to the Debtor will be held in
escrow, subject to further order of the Court as to distribution.
The proceeds of the sale for non-debtor Wright Way Fuel, LLC will
be first applied to any tax liabilities of Wright Way Fuel, LLC to
Nebraska Department of Revenue and all other liens and encumbrances
against said LLC.
The property of Wright Way Fuel, LLC is not property of the
bankruptcy estate of the Debtor and the Debtor has no interest in
the property of Wright Way Fuel. The 11 U.S.C. Section 363(f) is
not applicable to the sale of property by Wright Way Fuel.
For cause shown, the 14-day stay under 6004(h) is waived.
The Debtor will immediately provide notice of the Order to all
parties in interest.
About Harry L. Wright Revocable Trust
Harry L. Wright Revocable Trust sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Neb. Case No. 19-40551) on April
4, 2019. The case is assigned to Judge Shon Hastings. Lepant &
Lentz, PC, LLO, is the Debtor's counsel.
HELIX TCS: Signs New Deal to Sell Note & Warrant for $450,000
-------------------------------------------------------------
Helix TCS, Inc., entered into a securities purchase agreement
pursuant to which the Company agreed to sell a secured convertible
promissory note and common stock purchase warrant in reliance on
the exemption from registration provided by Section 4(a)(2) of the
Securities Act and/or Rule 506(b) thereunder, for an aggregate cash
purchase price of $450,000.
The Convertible Note has an initial aggregate principal balance of
$450,000 and bears interest at a rate of 10% per annum. The
Convertible Note matures on July 11, 2020. Upon certain events,
the Convertible Note will convert into shares of the Company's
common stock at a per share conversion price equal to $0.90 for the
first six months and thereafter the lesser of (a) $0.90 and (b) a
30% discount to the Company's weighted average listed price per
share for the five lowest days of the 15 consecutive trading days
immediately before the conversion election. The Convertible Note
has other features, including, but not limited to, a prepayment
penalty, an increased interest rate upon default and adjustments to
the conversion price under certain circumstances.
The Warrant is exercisable for five years to purchase up to an
aggregate of 25,000 shares of the Company's common stock at a price
of $1.00 per share. The Warrant has anti-dilution provisions that
provide for an adjustment to the exercise price in the event of a
future sale of the company's common stock at a lower price, subject
to certain exceptions.
About Helix TCS
Helix TCS, Inc. (OTCQB: HLIX) -- http://www.helixtcs.com/-- is a
provider of critical infrastructure services, helping owners and
operators of licensed cannabis businesses stay competitive and
compliant while mitigating risk. Through its proprietary
technology suite and security services, Helix TCS provides
comprehensive supply chain management, compliance tools, and asset
protection for any license type in any regulated cannabis market.
Helix incurred a net loss of $8.18 million in 2018 following a net
loss of $10.66 million in 2017. As of June 30, 2019, the Company
had $62.07 million in total assets, $7.71 million in total
liabilities, and $54.36 million in total shareholders' equity.
BF Borgers CPA PC, in Lakewood, CO, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
March 29, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company has
suffered recurring losses from operations and has a significant
accumulated deficit. In addition, the Company continues to
experience negative cash flows from operations. These factors
raise substantial doubt about the Company's ability to continue as
a going concern.
HERZ HERZ & REICHLE: Committee Seeks Trustee Appointment
--------------------------------------------------------
The committee of unsecured creditors appointed in the Chapter 11
case of Herz, Herz and Reichle, Inc., moves for an order appointing
a trustee pursuant to Section 1104 of the Bankruptcy Code.
On April 30, 2019, the Debtors in these jointly administered cases
filed voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code with the Court. Together, the Debtors own and at
least until March 2019 operated the Timberline Four Seasons Ski
Resort and a related real estate development near Davis, West
Virginia (the "Timberline Resort").
On June 14, 2019, the United States Trustee appointed the Committee
in this case pursuant to section 1102 of the Bankruptcy Code. Sale
of the Resort from its inception, this case has centered on an
expeditious sale of the Timberline Resort.
With the Committee's consent, the Trustee has repeatedly agreed to
hold its motion in abeyance for more than two months as the sale
process has proceeded under the Debtors' professionals' competent
management and the Committee's watchful eye.
The Debtors' management having decided to stand in the way of the
agreed-upon sale process for its own self-interest, the Committee
believes the time has come: it joins in the United States Trustee's
motion, but asks that, in lieu of the dismissal or conversion of
the Debtors' Chapter 11 case, the Court shall appoint a Chapter 11
trustee as comporting best with the interests of the Debtors’
estates, creditors, and other parties in interest.
Accordingly, cause exists to divest the Debtors' management from
the management of the properties and affairs of the Debtors and
appoint in their place a Chapter 11 trustee who will provide
disinterested and competent management of the Debtors' properties
and affairs and the sale process and the appointment of such a
trustee is in the best interests of the Debtors' estates,
creditors, and other interested parties.
The Committee requests an expedited hearing to consider this
Motion. The expeditious granting of the relief requested in this
Motion is critical to maintaining the current process and schedule
for the sale of the Debtors' assets and properties, which process
and schedule seeks to ensure that the Debtors realize the maximum
value for the Timberline Resort.
The Committee believes it critical that the Court hear this Motion
at the same time, as the Committee firmly believes the appointment
of a Chapter 11 trustee better comports with the interests of
creditors and the estate than the dismissal or conversion of the
Debtors’ case.
Accordingly, the Committee asks that the Court enter an order
scheduling an expedited hearing on, and an order appointing a
Chapter 11 trustee.
The Creditors' Committee is represented by:
Kevin W. Barrett, Esq.
Marc R. Weintraub, Esq.
Maggie B. Burrus, Esq.
BAILEY & GLASSER LLP
209 Capitol Street
Charleston, West Virginia 25301
Telephone: (304) 345-6555
Facsimile: (304) 342-1110
Email: kbarrett@baileyglasser.com
mweintraub@baileyglasser.com
mburrus@baileyglasser.com
About Herz, Herz & Reichle Inc.
Herz, Herz & Reichle, Inc and its subsidiaries are privately held
companies in Davis, W.Va. that operate in the real estate
development industry.
Herz, Herz & Reichle Inc., Long Run Realty, Inc. and Timberline
Four Seasons Resort sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Pa. Case Nos. 19-12771, 19-12773 and
19-12775) on April 30, 2019.
At the time of the filing, Herz disclosed assets of between $1
million and $10 million and liabilities of the same range. Long
Run Realty and Timberline Four each had estimated assets of between
$1 million and $10 million and liabilities of between $1 million
and $10 million.
The cases have been assigned to Judge Jean K. FitzSimon. The
Debtors are represented by Ciardi Ciardi & Astin, P.C.
HIGHLAND CAPITAL: Seeks Authorization to Use Cash Collateral
------------------------------------------------------------
Highland Capital Management LP seeks authorization from the U.S.
Bankruptcy Court for the District of Delaware to use cash
collateral and to continue to liquidate its securities or those
owned by its non-debtor subsidiaries in the ordinary course of
business, as necessary to fund its operations.
Specifically, the Debtor needs access to cash to, among other
things, (a) satisfy postpetition operating expenses of the Debtor
as more fully described in the Budget, (b) pay certain prepetition
obligations of the Debtor, and (c) pay reorganization expenses,
including but not limited to allowed fees and expenses incurred by
the professionals retained under sections 327, 328, 363, and 1102
of the Bankruptcy Code by the Debtor and any statutory committees
appointed in the Debtor's chapter 11 case, which reorganization
expenses would be funded to a trust account of the Debtor's general
bankruptcy counsel or other segregated account in accordance with
the Budget.
The Debtor has a prime brokerage account with Jefferies that
contains approximately $87 million of the Debtor's liquid and
illiquid securities. Through such account, the Debtor has borrowed
approximately $30 million on margin from Jefferies. Such margin
balance is secured by the Debtor's securities in the account and
any proceeds thereof.
The Debtor submits that the collateral pledged to secure the margin
debt to Jefferies far exceeds the amount due. Nonetheless, the
Debtor anticipates that Jefferies may assert an interest in any
cash in the account.
The Debtor proposes to provide adequate protection to Jefferies as
follows:
(i) A continuing security interest in and lien on all
collateral of the Debtor of the same type and nature that exists as
of the Petition Date with the same validity (or invalidity) and
priority as exists as of the Petition Date, including the income
and proceeds thereof.
(ii) Solely to the extent of any Diminution in Value, an
additional and replacement security interest in and lien on all
property and assets of the Debtor's estate. However, (a) such
security interest and lien will be junior to any existing, valid,
senior, enforceable and unavoidable prior perfected security
interests and liens, (b) in the event that the Debtor obtains
postpetition financing in the Chapter 11 Case, such security
interest and lien may be junior to any valid, senior, enforceable
security interests and liens granted to the postpetition lenders
and authorized by the Court in connection with such postpetition
financing, and (c) such security interest and lien will not attach
to any claims, defenses, causes of action, or rights of the Debtor
arising under chapter 5 of the Bankruptcy Code or applicable state
fraudulent transfer law (including all proceeds thereof).
(iii) Solely to the extent of any Diminution in Value, to the
extent provided by sections 503(b) and 507(b) of the Bankruptcy
Code, an allowed administrative claim in the Chapter 11 Case.
However, such claim will not extend to any Avoidance Actions, and
in the event that the Debtor obtains post-petition financing in the
Chapter 11 Case, such administrative claim, if any, may be junior
to the administrative claim granted to such post-petition lenders
and authorized by the Court in connection with such post-petition
financing.
About Highland Capital
Highland Capital Management LP was founded by James Dondero and
Mark Okada in Dallas in 1993. Highland Capital is the world's
largest non-bank buyer of leveraged loans in 2007. It also manages
collateralized loan obligations. In March 2007, it raised $1
billion to buy distressed loans. Collateralized loan obligations
are created by bundling together loans and repackaging them into
new securities.
Highland Capital Management, L.P., sought Chapter 11 protection
(Bank. D. Del. Case No. 1:19-bk-12239) on Oct. 16, 2019. The Hon.
Christopher S. Sontchi is the case judge. Highland was estimated
to have $100 million to $500 million in assets and liabilities.
The Debtor's counsel:
James E O'Neill
Pachulski Stang Ziehl & Jones LLP
Tel: 302-652-4100
E-mail: joneill@pszjlaw.com
HOUSTON GRANITE: Seeks to Hire Cage Hill as Legal Counsel
---------------------------------------------------------
Houston Granite and Marble Center LLC, seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ Cage,
Hill & Niehaus, L.L.P. as its counsel effective September 24,
2019.
The Debtor requires CHN:
a. provide the Debtor legal advice with respect to its powers
and duties as a debtor-in-possession in the continued operation of
its business and management of its property;
b. prepare all pleadings on behalf of the Debtor which may be
necessary, including motions to retain special counsel to prosecute
pending litigation;
c. negotiate and submit a plan of reorganization, if
necessary, satisfactory to the Debtor, its estate and the creditors
at large; and
d. perform all other legal services for the Debtor which may
become necessary to the proceedings.
CHN's current hourly rates for matters related to this Chapter 11
case range from $395 to $450 per hour for attorneys and $110 per
hour for paraprofessionals and other time keepers.
The Debtor paid CHN a cash retainer in the sum of $10,003.00 plus a
filing fee cost of $1,717.00.
Theresa D. Mobley, Esq., senior associate of the law firm of Cage,
Hill & Niehaus LLP, attests that his firm does not represent, and
does not hold, any interest adverse to the Debtor's estate; and is
a "disinterested person" within the meaning of section 101(14) of
the Bankruptcy Code and has no connection to the Debtor, its
creditors, or other parties in interest.
The firm can be reached at:
Theresa D. Mobley, Esq.
Cage, Hill & Niehaus, L.L.P.
5851 San Felipe Street, Suite 950
Houston, TX 77057
Phone: 713-789-0500
Fax: 713-974-0344
Email: cagehill@cagehill.com
About Houston Granite and Marble Center
Houston Granite and Marble Center LLC, is a family owned and
operated company that supplies granite, marble, and other natural
stone products. The Company previously filed a petition under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
16-31994) on April 16, 2016.
Recently, the Debtor sought Chapter 11 protection (Bankr. S.D. Tex.
Case No. 19-35315) on Sept. 24, 2019. In the petition signed by
John Sykoudis, member, the Debtor was estimated to have assets
between $1 million and $10 million, and liabilities of the same
range.
CAGE, HILL NIEHAUS LLP is the Debtor's counsel.
IMPACT GLASS: Seeks to Hire L.M. Schneider as Special Counsel
-------------------------------------------------------------
Impact Glass Services, LLC, seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to hire L.M. Schneider
Law, P.A. as its special counsel.
The firm will assist in the collection of outstanding obligations
owed to the Debtor. As compenstation, the firm will get 25 percent
of the gross amount recovered.
Leslie Schneider, Esq., at L.M. Schneider, disclosed in court
filings that the firm does not represent any interest adverse to
the Debtor and its bankruptcy estate.
The firm can be reached through:
Leslie M. Schneider, Esq.
L.M. Schneider Law, P.A.
100 S.E. 3rd Avenue, 10th Floor
Fort Lauderdale, FL 33394
Phone: 954-300-2440
Fax: 954-300-2495
Email: info@lmschneiderlaw.com
About Impact Glass Services
Impact Glass Services, LLC -- https://www.impactglassmiami.com/ --
specializes in commercial and residential glass services. It has
been serving the glass needs for homeowners, condo associations,
property managers, business owners and high-end construction
companies of South Florida since 2009.
Impact Glass Services sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-22046) on Sept. 9,
2019. At the time of the filing, the Debtor was estimated to have
assets of between $500,000 and $1 million and liabilities of
between $1 million and $10 million. The case is assigned to Judge
John K. Olson. The Debtor is represented by the Law Offices of
Richard R. Robles, P.A.
IN MARKETING: Committee Taps Politan Law as Legal Counsel
---------------------------------------------------------
The official committee of unsecured creditors of Inmarketing Group,
Inc. seeks authority from the U.S. Bankruptcy Court for the
District of New Jersey to retain Politan Law, LLC as its legal
counsel.
Politan Law will provide legal advice to the committee regarding
the Debtor's Chapter 11 case, review and prepare pleadings, attend
hearings, and negotiate with the Debtor and its creditors.
Mark Politan, Esq., the firm's attorney who will bear primary
responsibility for the case, charges an hourly fee of $425. The
hourly rate for paralegals is $100.
The firm will also seek reimbursement for work-related expenses.
Mr. Politan disclosed in court filings that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Mark J. Politan, Esq.
Politan Law, LLC
88 East Main Street, #502
Mendham, NJ 07945
Phone: 973-768-6072
Email: mpolitan@politanlaw.com
About IN Marketing Group
IN Marketing Group -- http://www.inmarketinggroup.com-- is an
advertising agency that helps companies grow by providing corporate
gifts and customized incentive programs to their clients. It helps
businesses penetrate new markets, reward their loyal customers and
upsell to existing clients while retaining their top sales
performers.
IN Marketing Group sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 19-25754) on Aug. 14, 2019.
In the petition signed by Alan Traiger, president, the Debtor
estimated $2,206,521 in assets and $4,513,541 in liabilities.
The case is assigned to Judge Stacey L. Meisel. The Debtor is
represented by Shapiro Croland Reiser Apfel & Di Iorio, LLP and
Wilk Auslander LLP.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors in the Debtor's bankruptcy case.
INPIXON: Iliad Research Swaps Remaining $200K Note for Equity
-------------------------------------------------------------
Inpixon and Iliad Research and Trading, L.P., the holder of that
certain outstanding promissory note, issued on Dec. 21, 2018, with
an outstanding balance of $2,113,219 as of Oct. 18, 2019, entered
into an exchange agreement, pursuant to which the Company and Iliad
agreed to (i) partition a new promissory note in the form of the
Original Note in the original principal amount equal to $200,000
and then cause the outstanding balance to be reduced by $200,000;
and (ii) exchange the partitioned note for the delivery of
2,000,000 shares of the Company's common stock, par value $0.001
per share, at an effective price per share equal to $0.10. The
shares of Common Stock will be delivered to Iliad on or before Oct.
21, 2019 and the exchange will occur with Iliad surrendering the
partitioned note to the Company on the date when the shares of
Common Stock are approved and held by Iliad's brokerage firm for
public resale.
Iliad is also the holder of that certain promissory note, issued on
Sept. 17, 2019, with an outstanding balance of approximately $0.958
million as of Oct. 9, 2019. Chicago Venture Partners, L.P., an
affiliate of Iliad, is the holder of other promissory notes of the
Company, with an aggregate outstanding balance of approximately
$8.014 million as of Oct. 9, 2019.
About Inpixon
Headquartered in Palo Alto, California, Inpixon is a technology
company that helps to secure, digitize and optimize any premises
with Indoor Positioning Analytics (IPA) for businesses and
governments in the connected world. Inpixon Indoor Positioning
Analytics is based on new sensor technology that finds all
accessible cellular, Wi-Fi, Bluetooth and RFID signals anonymously.
Paired with a high-performance, data analytics platform, this
technology delivers visibility, security and business intelligence
on any commercial or government premises worldwide. Inpixon's
products, infrastructure solutions and professional services group
help customers take advantage of mobile, big data, analytics and
the Internet of Things (IoT).
Inpixon reported a net loss of $24.56 million for the year ended
Dec. 31, 2018, compared to a net loss of $35.03 million for the
year ended Dec. 31, 2017. As of June 30, 2019, the Company had
$23.88 million in total assets, $12.14 million in total
liabilities, and $11.74 million in total stockholders' equity.
Marcum LLP, in New York, the Company's auditor since 2012, issued a
"going concern" qualification in its report dated March 28, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, citing that the Company has a significant
working capital deficiency, has incurred significant losses and
needs to raise additional funds to meet its obligations and sustain
its operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
INSYS THERAPEUTICS: Wants to Maintain Exclusivity for 90 More Days
------------------------------------------------------------------
Insys Therapeutics, Inc. and its affiliated debtors request the
U.S. Bankruptcy Court for the District of Delaware for a 90-day
extension of the exclusive filing period and the exclusive period
to solicit acceptances of a chapter 11 plan.
The requested extension, if granted, will enable the Debtors to
carry out the chapter 11 plan process in an atmosphere where a
level playing field will be maintained and the dynamics of a
complicated and multi-faceted negotiation process will not be upset
or undermined. Most importantly, the requested extensions will
promote the optimal conditions to achieve a consensual plan and to
avoid the costs, expenses, and loss of value necessarily attendant
to a competing plan process.
Only three months after the Petition Date, the Debtors filed a
chapter 11 plan and accompanying disclosure statement. The Plan is
the product of (a) the implementation of a multi-pronged
comprehensive case protocol that documented a schedule and a path
forward to resolve issues regarding claim estimation, plan
classification, allocation, and related issues, and (b) a
Court-approved mediation facilitated by Judge Kevin Carey and
involving the Debtors, the Creditors' Committee, and
representatives of most of the Debtors' key creditor constituent
groups.
The hearing on confirmation of the Plan is currently scheduled for
Dec. 6, which is after the expiration of the Debtors' initial
120-day period afforded under section 1121(b) of title 11 of the
Bankruptcy Code during which they have the exclusive right to file
a chapter 11 plan.
Although the Plan is not reflective of a complete consensus among
the parties, it does represent a settlement reached with the
majority of the Debtors' creditors, and the Debtors have not given
up on their goal of a fully consensual plan. Consistent with the
intent and purpose of chapter 11, the Debtors are dedicated to
continue the comprehensive and inclusive plan process involving all
of their creditor constituencies in an effort to achieve a
consensus. The Debtors believe that maintaining a constructive and
cooperative environment for negotiations -- free of competing plans
-- is important to these efforts.
About Insys Therapeutics
Headquartered in Chandler, Ariz., Insys Therapeutics, Inc. --
http://www.insysrx.com/-- is a specialty pharmaceutical company
that develops and commercializes innovative drugs and novel drug
delivery systems of therapeutic molecules that improve patients'
quality of life. Using proprietary spray technology and
capabilities to develop pharmaceutical cannabinoids, Insys is
developing a pipeline of products intended to address unmet medical
needs and the clinical shortcomings of existing commercial
products. Insys is committed to developing medications for
potentially treating anaphylaxis, epilepsy, Prader-Willi syndrome,
opioid addiction and overdose, and other disease areas with a
significant unmet need.
As of March 31, 2019, Insys had $172.6 million in total assets,
$336.3 million in total liabilities, and a total stockholders'
deficit of $163.7 million.
On June 10, 2019, Insys Therapeutics and six affiliated companies
filed petitions seeking relief under Chapter 11 of the Bankruptcy
Code (D. Del. Lead Case No. 19-11292). Insys intends to conduct
the asset sales in accordance with Section 363 of the U.S.
Bankruptcy Code.
The Debtors' cases are assigned to Judge Kevin Gross.
The Debtors tapped Weil, Gotshal & Manges LLP and Richards, Layton
& Finger, P.A., as legal counsel; Lazard Freres & Co. LLC as
investment banker; FTI Consulting, Inc. as financial advisor; and
Epiq Corporate Restructuring, LLC as claims agent.
Andrew Vara, acting U.S. trustee for Region 3, on June 20, 2019,
appointed nine creditors to serve on an official committee of
unsecured creditors in the Chapter 11 cases. Akin Gump Strauss
Hauer & Feld LLP, and Bayard, P.A., serve as the Committee's
attorneys; and Province, Inc., is the financial advisor.
INTEGRITY BRANDS: Sale of All Assets to S&S Group Approved
----------------------------------------------------------
Judge Paul W. Bonapfel of the U.S. Bankruptcy Court for the
Northern District of Georgia authorized Integrity Brands, LLC's
sale of substantially all assets to S&S Group, LLC. In exchange,
S&S Group will pay the purchase price through a credit bid by
reducing the amount of the S&S Group Claim by $1.25 million.
The Final Sale Hearing was held on Oct. 11, 2019 at 11:30 a.m.
Notwithstanding anything in the Sale Order to the contrary, with
respect to the objections filed by the Objecting Parties, the
following will apply:
(a) On Oct. 18, 2019, S&S Group will file a notice in the
bankruptcy case identifying any contracts or unexpired leases
between the Debtor and any of the Objecting Parties that S&S Group
wishes the Debtor to assume and assign to S&S Group, and in such
event the Court may determine the rights of S&S Group and such
Objecting Parties upon no less than seven days' notice and hearing
thereon.
(b) Notwithstanding any other provisions and terms of this
Sale Order, all rights and objections of the Objecting Parties and
those of the Debtor and S&S Group respecting the Objecting Parties
and the Objecting Parties' Contracts are preserved, not waived and
not affected by the provisions of the Sale Order.
The Credit Bid Sale and all of the terms and conditions thereof and
all related transactions are approved in all respects.
The Credit Bid Sale to S&S Group pursuant to the terms of the Sale
Order and the Credit Bid Sale Documents must close no later than
the date that falls 21 days after entry of the Sale Order.
The Debtor is authorized in accordance with Sections 105(a), 363,
and 365 of the Bankruptcy Code to (a) assume and assign to S&S
Group, conditioned and effective upon the Closing, the Contracts
and Leases free and clear of all Interests of any kind or nature
whatsoever and (b) execute and deliver to S&S Group such documents
or other instruments as may be necessary to assign and transfer the
Contracts and Leases to S&S Group.
The stay of orders authorizing the (i) use, sale, or lease of
property as provided for in Bankruptcy Rule 6004(g) and (ii)
assignment of an executory contract or unexpired lease as provided
for in Bankruptcy Rule 6006(d) will not apply to this Sale Order,
and the Sale Order is immediately effective and enforceable.
As provided by Bankruptcy Rule 7062, the Order will be effective
and enforceable immediately upon entry. Time is of the essence in
closing the transactions contemplated by the Credit Bid Sale
Documents, and the Debtor and S&S Group intend to close the Sale
and related transactions as soon as possible (but in any event, no
later than 21 days after the date of entry of the Sale Order).
Therefore, any party objecting to the Sale Order must exercise due
diligence in filing an appeal and pursuing a stay or risk their
appeal being foreclosed as moot.
Notwithstanding anything to the contrary herein or otherwise, S&S
Group will carve out and pay post-closing the following: (A) at
Closing, $25,000 representing the Carve Out to Katz Partners, LLC,
pursuant to the Employment Order regarding the agreement of the
Funding Creditors to a $25,000 carve-out for payment of Katz
Partners, LLC's fees; (B) the Debtor's counsel's (Jones & Walden,
LLC) unpaid fees in the amounts of (i) $3,115 at Closing, (ii)
$9,000 during the week of Oct. 20, 2019, (iii) (up to) $17,500 the
week of Nov. 1, 2019, and (iv) reasonable fees to close the case
and effectuate any continuing obligations of the Debtor under the
Sale Order, provided the Debtor moves expeditiously to close the
Case; (C) any accrued unpaid payroll for the pay period immediately
leading up to the Closing and (D) the amount necessary to pay any
U.S. Trustee fees due by Debtor to the extent any U.S. Trustee are
due for 3rd or 4th Quarter 2019.
About Integrity Brands
Integrity Brands, LLC, owns and operates a chain of pizza
restaurants in Georgia.
Integrity Brands, based in Atlanta, GA, filed a Chapter 11 petition
(Bankr. N.D. Ga. Case No. 19-55832) on April 13, 2019. In the
petition signed by Matthew Andrew, CEO, the Debtor estimated $0 to
$50,000 in assets and $1 million to $10 million in liabilities.
Leslie M. Pineyro, Esq., at Jones & Walden, LLC, serves as
bankruptcy counsel to the Debtor.
INTERRA INNOVATION: Allowed to Use Cash Collateral on Interim Basis
-------------------------------------------------------------------
Judge Frank J. Bailey of the U.S. Bankruptcy Court for the District
of Massachusetts authorized InTerra Innovation, Inc., on an interim
basis, to use cash collateral necessary to fund the insurance
payment due on Oct. 16, 2019 and any wage, salary, and other
benefits payable on or before Oct. 18, 2019.
The Court will hold a final hearing on the Debtor's Cash Collateral
Motion Nov. 4, 2019 at 2:00 p.m. Any supplement to the motion will
be filed by 12:00 noon on Oct. 28 and any further objection to the
motion will be filed by 4:30 p.m. on Oct. 31.
A copy of the Order is available for free at
http://bankrupt.com/misc/mab19-13469-29.pdf
About InTerra Innovation
InTerra Innovation, Inc. -- http://www.interra-innovation.com/--
is a specialty construction materials company focused on providing
innovative solutions for the design, manufacture, delivery and
installation of products for the construction industry throughout
the United States. The Company offers mobile mixing, specialty
grouting, thermal grouting, lightweight cellular concrete, and
concrete & specialty pumping.
InTerra sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Mass. Case No. 19-13469) on Oct. 11, 2019. In the
petition signed by Frederick P. Hooper, president, the Debtor was
estimated to have assets ranging between $1 million to $10 million
and debts of the same range. The Hon. Frank J. Bailey is the case
judge. InTerra tapped RUBERTO, ISRAEL & WEINER, P.C. to serve as
its counsel.
J. ASHTON DEVELOPMENT: Case Summary & Unsecured Creditor
--------------------------------------------------------
Debtor: J. Ashton Development LLC
229 Main Street
North Easton, MA 02356
Business Description: J. Ashton Development LLC is a Single Asset
Real Estate debtor (as defined in 11 U.S.C.
Section 101(51B)). It is the fee simple
owner of a property located at 776 Belmont
Street, Brockton, MA valued by the Company
at $1 million.
Chapter 11 Petition Date: October 17, 2019
Court: United States Bankruptcy Court
District of Massachusetts (Boston)
Case No.: 19-13529
Judge: Hon. Melvin S. Hoffman
Debtor's Counsel: David B. Madoff, Esq.
MADOFF & KHOURY LLP
124 Washington Street, Suite 202
Foxborough, MA 02035
Tel: 508-543-0040
Fax: 508-543-0020
E-mail: madoff@mandkllp.com
alston@mandkllp.com
Total Assets: $1,231,777
Total Liabilities: $1,669,572
The petition was signed by Richard R. Cohen, manager.
The Debtor lists Rockland Trust Company as its sole unsecured
creditor holding a claim of $669,572.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/mab19-13529.pdf
JACK COOPER: Sale of All Assets to JC Buyer Co. Approved
--------------------------------------------------------
Judge Paul W. Bonapfel of the U.S. Bankruptcy Court for the
Northern District of Georgia authorized Jack Cooper Ventures, Inc.,
and its debtor-affiliates to sell substantially all assets to JC
Buyer Co., Inc.
The Purchase Price for the purchase, sale, assignment and
conveyance of the Acquired Assets will consist of:
a. The Cash Consideration in an aggregate amount equal to (i)
the Professional Fees Amount, plus (ii) the Wind Down Amount, plus
(iii) to the extent not covered by the foregoing, an additional
amount that will be sufficient to pay for any assets that cannot be
acquired through a credit bid, provided that such additional amount
will not exceed $1 million;
b. the assumption by Buyer or a Buyer Designee, as applicable,
of the Assumed Liabilities from Sellers, including the assumption
of (i) all obligations under the Exit Facilities and (ii) the
obligation to pay to the applicable counterparties of the
applicable Assumed Contracts the Cure Costs payable by Buyer under
the Stalking Horse APA; and
c. the release of Sellers that are borrowers or guarantors
under the Junior Credit Agreements and/or the DIP Term Loan
Facility of the obligations arising thereunder or otherwise
relating thereto, in an aggregate amount not less than (i) $425
million, minus (ii) the Cash Consideration, minus (iii) the
aggregate outstanding principal amount under the (x) U.S. Revolver
Facility, (y) Canadian Sub-Facility and (z) First Lien Term Loan
Facility, pursuant to Section 363(k) of the Bankruptcy Code.
The Sale Hearing was held on Oct. 11, 2019.
The sale is free and clear of all claims, liens, interests, and
encumbrances of any kind or nature whatsoever, with any such
claims, liens, interests, and encumbrances attaching to the net
available proceeds.
Pursuant to Bankruptcy Code sections 105, 363, 364, 365 and 503 and
the Stalking Horse APA, the Credit Bid and Release, the Sale
Transaction, and the Committee Settlement are approved and the
Debtors are authorized to enter into and perform under the Stalking
Horse APA, the Committee Settlement and the other Transaction
Documents.
The Buyer will have assumed the Assumed Contracts (including the
Key Employment Agreements), and pursuant to section 365(f) of the
Bankruptcy Code, the assignment by the Debtors of such Assumed
Contracts will not be a default thereunder. After the payment of
the relevant Cure Amount (if applicable), neither the Debtors,
their bankruptcy estates nor the Buyer will have any further
liabilities to the non-Debtor counterparties to the Assumed
Contracts, other than the Buyer's obligations under the Assumed
Contracts that accrue or become due and payable on or after the
Closing Date.
Notwithstanding anything to the contrary in the Motion, any Notices
related thereto, or the Order, the Cigna Employee Benefits
Agreements will be assumed and assigned to the Buyer as of the
Closing Date.
Notwithstanding anything to the contrary in the Motion, any Notices
related thereto, or the Order, the Leases will be assumed and
assigned to the Buyer as of the Closing Date.
Notwithstanding anything in the Order or the Stalking Horse APA to
the contrary, with respect to certain commercial automobile
liability, general liability and workers' compensation insurance
programs of the Debtors with National Interstate Insurance Co. and
its affiliates, including National Interstate Insurance Co. of
Hawaii, Inc., Triumphe Casualty Company, Vanliner Insurance Co.,
Hudson Indemnity, Ltd. and American Money Management Corp.), the
executory contracts related thereto, as are identified and agreed
among the Debtors, Buyer and NIIC at or prior to Closing, will be
assumed by the Debtors and assigned to the Buyer with such
amendments and modifications and/or commutation as may be mutually
agreed among the Debtors, the Buyer and NIIC at or prior to
Closing.
Notwithstanding anything in the Order or the Stalking Horse APA to
the contrary, all of the issued surety bonds referenced in the
Limited Objection of the Surety to the Stalking Horse APA will be
assumed by the Buyer, on the conditions that: (a) prior to the
Closing, the Buyer and Surety will execute a general indemnity
agreement, acceptable to the Surety and the Buyer, regarding all of
the assumed Bonds; and (b) the Buyer will provide the Surety with a
replacement irrevocable letter of credit issued by Wells Fargo, in
its capacity as letter of credit issuer under the Exit Revolving
Facility, in the amount of $250,000 in favor of the Surety to
secure the Bonds and Buyer’s obligations under the Indemnity
Agreement, after which the Surety will execute appropriate
documents with the Debtors and Wells Fargo to effect a release and
cancellation of that certain irrevocable letter of credit issued by
Wells
Fargo, No. IS009842U (as amended), in the amount of $250,000,
obtained by one or more of the Debtors in favor of the Surety to
collateralize the Bonds prior to the Petition Date. The issuance
of the New L/C will comply in all respects with the terms and
conditions of the Exit Revolving Facility. As part of the
assumption of the Bonds, the Cure Amount will be an amount equal to
the Surety's reasonable and documented legal fees and costs in an
amount not to exceed $10,000, to be paid either at the Closing, or
thereafter by a draw on the New L/C.
Upon the Closing, the Transferred Permits, including, but not
limited to the Debtors' interstate motor carrier and property
broker authorities, United States Department of Transportation
numbers, and International Registration Plan accounts, vehicle
registrations and license plates, may be transferred to the Buyer
without further consent or approval of any governmental agency or
any other person.
Notwithstanding anything in the Order to the contrary, upon the
payment to the applicable mortgagee under the DSJL Mortgage and
Westside Bank Mortgage of a cure payment in the amount of $0 and
$33,147 respectively, the Buyer will be deemed to assume on the
Closing Date the DSJL Mortgage and Westside Bank Mortgage, and in
each case, to have cured all existing defaults thereunder, and the
liens and security interests thereunder will attached to the same
property such liens and security interests encumbered prior to the
Petition Date, with the same priority in interest, and such claims,
liens and security interests as against the Buyer and the
applicable collateral will otherwise be unaffected by the Sale
Transaction.
The Order constitutes a final order within the meaning of 28 U.S.C.
Section 158(a). Notwithstanding any provision in the Bankruptcy
Rules to the contrary, including but not limited to Bankruptcy Rule
6004(h), the Court expressly finds there is no reason for delay in
the implementation of the Order and, accordingly: (a) the terms of
the Order will be immediately effective and enforceable upon its
entry; (b) the Debtors are not subject to any stay of the Order or
in the implementation, enforcement, or realization of the relief
granted in the Order; and (c) the Debtors may, in their discretion
and without further delay, take any action and perform any act
authorized under the Order.
About Jack Cooper Ventures
Jack Cooper Ventures, Inc., is a specialty transportation and other
logistics provider and one of the largest over-the-road finished
vehicle logistics companies in North America. The company provides
premium asset-heavy and asset-light based solutions to the global
new and previously-owned vehicle markets, specializing in finished
vehicle transportation and other logistics services for major
automotive original equipment manufacturers and for fleet ownership
companies, remarketers, dealers and auctions. The company is a
certified Woman-Owned Business Enterprise by the Woman's Business
Enterprise Council.
Jack Cooper Ventures and 18 affiliates and subsidiaries sought
Chapter 11 protection (Bankr. N.D. Ga. Lead Case No. 19-62393).
The Hon. Paul W. Bonapfel is the case judge.
Paul, Weiss, Rifkind, Wharton & Garrison LLP and King & Spalding
LLP are serving as legal counsel to Jack Cooper, Houlihan Lokey,
Inc., is serving as investment banker and financial advisor, and
AlixPartners LLP is serving as restructuring advisor. The Debtors
also tapped Ogletree, Deakins, Nash, Smoak & Stewart, P.C., as
labor counsel, and Osler, Hoskin & Harcourt LLP, as Canadian
restructuring counsel. Prime Clerk LLC is the claims agent.
JEROME GOLDEN: Taps Philip B. Harris as Legal Counsel
-----------------------------------------------------
Jerome Golden Center for Behavioral Health, Inc. received approval
from the U.S. Bankruptcy Court for the Southern District of Florida
to hire Philip B. Harris, P.A. as its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
a. advise the Debtor of the requirements of the Bankruptcy
Code, the Federal Rules of the Bankruptcy Prodecure, applicable
local rules pertaining to the administration of the case and U.S.
Trustee Guidelines related to the daily operation of its business
and administration of the bankruptcy estate;
b. represent the Debtor in all proceedings before the court;
and
c. negotiate with creditors, prepare a plan of reorganization
and related documents, and assist the Debtor in the implementation
of the plan.
Philip Harris, Esq., the firm's attorney who will be handling the
case, charges an hourly fee of $400. His firm received a retainer
in the amount of $17,000, of which $1,717 was used to pay the
filing fee.
Mr. Harris disclosed in court filings that the firm is a
"disinterested person" within the scope of Section 101(14) of the
Bankruptcy Code.
The counsel can be reached through:
Philip B. Harris, Esq.
Philip B. Harris, P.A.
685 Royal Palm Beach Blvd., Ste. 205
Royal Palm Beach, FL 33411
Tel: (561) 543-7963
Fax: 561-793-1020
Email: philip@philipbharris.com
About Jerome Golden Center for
Behavioral Health, Inc.
Based in West Palm Beach, Fla., Jerome Golden Center for Behavioral
Health, Inc. -- http://goldenctr.org/-- offers psychiatric,
behavioral healthcare, adult and child treatment, recovery, and
substance abuse services.
Jerome Golden Center filed a Chapter 11 petition (Bankr. S.D. Fla.
Case No. 19-22704) on September 24, 2019. At the time of filing,
the Debtor had estimated assets of between $10 million and $50
million and estimated liabilities of between $1 million and $10
million.
The case is assigned to Hon. Mindy A. Mora. The Debtor's legal
counsel is Philip B. Harris, P.A.
JJE INC: Plan & Disclosures Deadline Extended to Nov. 8, 2019
-------------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico granted JJE Inc. a 30-day extension, until
Nov. 8, 2019, to file a disclosure statement and a plan of
reorganization. In seeking an a extension, the Debtor explained
that the Plan depends on trying to reach an agreement with the
Debtor's biggest creditor. The parties have been in communication
and Debtor believes that an agreement may be reached.
About JJE Inc.
JJE, Inc., is a home health care services provider based in Manati,
Puerto Rico.
JJE, Inc., filed a Chapter 11 petition (Bankr. D.P.R. Case
No.19-02034) on April 12, 2019, and is represented by Victor
Gratacos Diaz, Esq., in Caguas, Puerto Rico. In the petition
signed by Jenny Olivo, president, the Debtor disclosed $295,244 in
total assets and $1,953,718 in total liabilities.
JOHN H. SMITH: $590K Sale of All Personal Properties Approved
-------------------------------------------------------------
Judge Jimmy L. Croom of the U.S. Bankruptcy Court for the Western
District of Tennessee authorized John H. Smith's sale of (i) all of
the personal property listed on Exhibit A to Paul Herbert or his
assignee for $399,500; (ii) all of the personal property listed on
Exhibit B to Robert Smith or his assignee for $60,500; (iii) all of
the personal property listed on Exhibit C to Steve Smith or his
assignee or his assignee for 107,200; and (iv) all of the personal
property listed on Exhibit D to David Copeland or his assignee for
$22,750.
The sale is free and clear of all liens, claims and encumbrances.
The Debtor's counsel will release the aforesaid funds as soon as
practically possible following entry of the Order by wire transfer
to IberiaBank and/or its counsel which sum will be credited toward
the secured claim of Iberia in the cause, the Court having found
that Iberia hold a first-priority security interest in the proceeds
from the Purchased Assets.
That Iberia is in possession of, and noted as First Lienholder upon
the face of, the Certificates of Title as to the following
purchased assets: No. 39 on Exhibit B; Nos. 1, 23, 38, and 67 on
Exhibit C; and Nos. 40 and 55 on Exhibit D. Within five business
days following receipt of all proceeds referenced, Iberia will sign
each of the Titles, inserting a Release Date upon each to be the
day it receives all proceeds referenced herein, and will deliver
same to counsel for the Debtor.
The Titles also each note Farm Credit Mid America FLCA as Second
Lienholder upon their faces. Farm Credit will execute a limited
power of attorney in favor of the Iberia and deliver same to Iberia
immediately following the entry of the Order, allowing Iberia to
sign each of the Titles on behalf of Farm Credit, inserting the
Release Date to be the day Iberia receives all proceeds
referenced.
The 14-day stay on the Order approving the sale or transfer of the
Purchased Assets is waived pursuant to Fed. R. Bankr. P. 6004(h),
and the Order will become final immediately upon entry.
John H. Smith cought Chapter 11 protection (Bankr. W.D. Tenn. Case
No. 19-10939) on April 26, 2019. The Debtor tapped Justin T.
Campbell, Esq., at Thompson Burton, LLC, as counsel.
JOHN HOANG TRIEN: $125K Sale of El Paso Property to Gonzalez Okayed
-------------------------------------------------------------------
Judge H. Christopher Mott of the U.S. Bankruptcy Court for the
Western District of Texas denied John Hoang Trien's sale of the
real property known as 716 Ramsgate, El Paso, Texas to Eric
Gonzalez for $125,000.
The sale is free and clear of liens and interests.
From the title company closing of the sale there will be paid
transactional expenses, in this sequence:
a. An owner's title policy, paid for by the seller;
b. Escrow fees and tax certificates;
c. Other routine closing expenses, as adjusted between buyer
and seller in the earnest money contract;
d. Up to $2,000 to defray the fees and expenses of the
Debtor's attorney E.P. Bud Kirk for handling the sale, the exact
amount to be stated in an invoice sent to the title company.
Next there will be paid from the closing liens of record, in this
sequence:
a. Ad valorem taxes owed to the City of El Paso Tax Collector.
These will be pro-rated to date of closing;
b. A first lien contractual mortgage held by Uprising, LLC
upon which the approximate balance, with interest, is $83,000;
c. If there are sufficient proceeds of sale to pay Uprising,
LLC's lien in full, any excess will go to the Debtor.
It will not be necessary for releases of liens to be obtained, to
enable the closing. To the extent a lien is not paid in full
through the closing, it will be extinguished by the closing in
combination with the operation of the Order.
Following the closing, the Debtor will file with the Court and
provide to the United States Trustee the statements of sale
proceeds required by F. R. Bankr. P. 6004 (i) and will include in
the disbursements for the pertinent Monthly Operating Report the
liens and expenses paid from the closing.
If a Chapter 11 Trustee is appointed by the Court in the bankruptcy
case prior to the closing of the sale transaction contemplated by
the Order, then (1) the Debtor will no longer be authorized to
close the sale transaction; and (2) the Trustee may, if the Trustee
chooses, close the sale transaction on the terms set forth in the
Order.
The Order does not require the Buyers to close the sale transaction
if the Buyers choose not to close the sale transaction, and this
Order will not constitute an assumption of the sales contract as an
executory contract under Section 365 of the Bankruptcy Code.
The ad valorem tax lien for tax years 2018 and prior pertaining to
the subject property will attach to the sales proceeds and that the
closing agent will pay all ad valorem tax debt owed incident to the
subject property immediately upon closing and prior to any
disbursement of proceeds to any other person or entity.
The ad valorem taxes for year 2019 pertaining to the subject
property will be prorated in accordance with the Earnest Money
Contract and, if not paid in full at closing, will become the
responsibility of the Purchaser and the year 2019 ad valorem tax
lien will be retained against the subject property until said taxes
are paid in full.
The case is In re John Hoang Trien (Banks. W.D. Tex. Case No.
19-31300-hcm).
JUST FOR YOU: Plan Profits to Pay Creditors in Full
---------------------------------------------------
According to an Amended Disclosure Statement dated Oct. 9, 2019,
Just For You Coach, Inc., has a Chapter 11 plan that says cost
savings alone provided for by the Plan, a net $15,642.33 per year,
will be more than sufficient to fund the Plan.
The bankruptcy Court has allowed the Debtor to surrender two coach
buses to CIT Bank, N.A., streamlining its fleet to lead to regain
profitability.
The Plan provides that:
* Class 1 – Secured Claims. Classes 1(a), 1(b) and 1(c) shall
consist of the Allowed Secured Claims Nos. 3, 4 and 5 of Bank
Independent, in the amount of $64,031.34, $28,528.96 and
$11,803.42. Classes shall be amortized over 60 months and will
accrue interest at 5.25%. Class 1(a) will be paid per month in
equal monthly installments commencing 60 days after the Effective
Date of the Plan. Such payments will be $1,215.70, $541.65 and
$224.10 per month until paid. This payment will be paid direct by
the Debtor.
* Class 2 – Allowed Unsecured Claims. The Allowed Unsecured
Claims of the unsecured creditors will be paid from 50% of the Net
Plan Profits (as defined in the Plan) of Debtor for three years or
until paid in full.
* Class 3 – Equity Interest Holders. Class 3 shall consist of
the equity position of Dwight Conway in the Debtor. Mr. Conway
will retain his interest in the Debtor.
A full-text copy of the Amended Disclosure Statement dated Oct. 9,
2019, is available at https://tinyurl.com/y3fevk7b from
PacerMonitor.com at no charge.
About Just For You Coach
Just For You Coach, Inc., operates a commercial charter bus
company. The company is owned by Dwight Conway.
Just For You Coach sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ala. Case No. 19-81116) on April 11,
2019. At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of less than $1 million. The
case is assigned to Judge Clifton R. Jessup Jr. Maples Law Firm,
PC, is the Debtor's counsel.
KARA HOMES: Dismissal of Karagjozi Suit vs Lawyer, Firm Endorsed
----------------------------------------------------------------
Bankruptcy Judge Michael B. Kaplan grants Defendants David Bruck,
Esq. and Greenbaum, Rowe, Smith & Davis LLP's motion for
reconsideration of a ruling in the case captioned ZUDHI KARAGJOZI,
Plaintiff, v. DAVID BRUCK, ESQ., et al., Defendants, Adversary Case
No. 12-01185, Case No. 06-19626 (Bankr. D.N.J.).
Defendants sought reconsideration of the Court's July 26, 2019
Opinion and Order which denied Defendants' Motion seeking dismissal
of the Amended Complaint under Federal Rule of Civil Procedure
12(c).
In addressing this motion, the Court again considers the pleadings
in the adversary proceeding, the submissions and arguments of the
parties submitted in connection with this motion, as well as the
Confirmation Order entered in the Kara Homes, Inc. bankruptcy case.
Furthermore, the Court has the benefit of oral argument made and
clarification provided during the hearing on this motion held on
August 29, 2019.
The Defendants assert that, in light of Plaintiff's acknowledgment
that he will not raise any issues related to the Kara Homes
bankruptcy, Plaintiff has no sustainable causation theory and the
Amended Complaint should be dismissed in its entirety. Plaintiff's
submission in opposition to the motion did not provide a
substantive response to the motion and instead was limited to
language concerns regarding the Order at issue. To the extent that
Plaintiff's responsive submission was, itself, a request for this
Court to reconsider the language of its Order, the Court notes that
Plaintiff has presented no argument or legal support for this
request; therefore, such motion is denied.
The Court concedes also that it initially erred on the side of
being too cautious. In the Opinion denying Defendants' Motion to
Dismiss, the Court specifically noted that it was "unclear to this
Court how Plaintiff can establish that his injuries were caused by
Defendants' alleged misconduct without introducing into evidence
any facts relative to the bankruptcy filing on Oct. 5, 2006 or
events which transpired thereafter; however, Plaintiff has
voluntarily accepted this burden and the Court will permit the
matter to proceed to trial as such." Thus, although the Court
doubted that Plaintiff's claims could succeed as pleaded, the Court
chose to afford Plaintiff the opportunity to prove his case at
trial.
In reaching this determination, the Court explains it was
influenced by dicta in controlling case law which cautions against
considering a plaintiff's chances of success at the motion to
dismiss stage. However, in exhibiting caution and permitting the
matter to proceed, the Court admits it failed to abide by the
well-settled principle that "only a complaint that states a
plausible claim for relief survives a motion to dismiss. The Court
is persuaded by the arguments raised by Defendants during oral
argument and has re-evaluated its responsibility as a gate-keeper
of claims.
The Court says it would be a disservice to both the litigants and
the federal district court, which currently faces a crisis-level
shortage of judges, to simply "shrug-off" legitimate concerns, out
of an abundance of caution, in favor of allowing the matter to
proceed to trial or additional substantive motion practice before
the district court. In fulfilling this responsibility, the Court
must be mindful that "when the allegations in a complaint, however
true, could not raise a claim of entitlement to relief, `this basic
deficiency should . . . be exposed at the point of minimum
expenditure of time and money by the parties and the court.'" The
deficiencies of the Amended Complaint in this case should have
outweighed the Court's hesitance to dismiss claims before allowing
them to go before a jury.
According to the Court, a re-evaluation of the claims of the
Amended Complaint, with consideration given to the limitations on
Plaintiff's ability to introduce evidence as to what occurred in
the underlying bankruptcy case, leads to the inescapable conclusion
that Plaintiff cannot establish an entitlement to relief.
Therefore, controlling case law and principles of judicial
efficiency demand dismissal of the Amended Complaint in its
entirety.
Plaintiff's Amended Complaint alleges five causes of action: (1)
Negligence; (2) Negligent Failure to Disclose Conflict of Interest;
(3) Intentional Failure to Disclose Conflict of Interest; (4)
Breach of Fiduciary Duty; and (5) Fraud. All of the claims in the
Amended Complaint fall under one of two broader categories --
claims for either negligence or fraud.
According to the Court, the Amended Complaint does not adequately
plead the element of causation. More specifically, the Amended
Complaint's causation theory is entirely dependent on the
underlying bankruptcy--which Plaintiff is explicitly forbidden from
implicating in this case.
For these reasons, Defendant's Motion for Reconsideration is
granted. In reconsidering its prior Order denying Defendants'
Motion to Dismiss, the Court determines that the necessary element
of proximate cause is absent from the Amended Complaint; therefore,
none of Plaintiff's claims are plausible on their face.
Accordingly, the Court recommends dismissal of the Amended
Complaint in its entirety and submit proposed findings of fact and
conclusions of law to the district court.
A copy of the Bankruptcy Court's Memorandum Opinion dated Oct. 3,
2019 is available at https://bit.ly/2OPRBjA from Leagle.com.
Zudhi Karagjozi, Plaintiff, represented by Bruce J. Duke , Bruce J.
Duke, LLC.
Greenbaum, Rowe, Smith & Davis LLP, Defendant, represented by
Darren C. Barreiro -- dbarreiro@greenbaumlaw.com -- Greenbaum Rowe
Smith & Davis LLP., William D. Grand -- wgrand@greenbaumlaw.com --
Greenbaum, Rowe, Smith & Davis, LLP, Maja M. Obradovic --
mobradovic@greenbaumlaw.com -- Greenbaum, Rowe, Smith & Davis,
Shalom D. Stone , Stone Conroy LLC & Justin Perry Walder , Pashman
Stein Walder Hayden, P.C.
David L. Bruck. Esq., Defendant, represented by Shalom D. Stone ,
Stone Conroy LLC.
About Kara Homes Inc.
Headquartered in East Brunswick, New Jersey, Kara Homes Inc., aka
Kara Homes Development LLC, builds single-family homes,
condominiums, town homes, and active-adult communities. The
company filed for chapter 11 protection on Oct. 5, 2006 (Bankr.
D.N.J. Case No. 06-19626). On Oct. 9, 2006, nine affiliates filed
separate chapter 11 petitions in the same Bankruptcy Court. On
Oct. 10, 2006, 12 more affiliates filed chapter 11 petitions. On
June 8, 2007, 20 more affiliates filed separate chapter 11
petitions.
David L. Bruck, Esq., at Greenbaum, Rowe, Smith, et al.,
represented the Debtors. Michael D. Sirota, Esq., at Cole, Schotz,
Meisel, Forman & Leonard represented the Official Committee of
Unsecured Creditors. Traxi LLC served as the Debtors' crisis
manager. The Debtors engaged Perry M. Mandarino as chief
restructuring officer, and Anthony Pacchia as chief financial
officer. When Kara Homes filed for protection from its creditors,
it listed total assets of $350,179,841 and total debts of
$296,840,591.
As reported by the Troubled Company Reporter on October 5, 2007,
the Hon. Michael B. Kaplan confirmed Kara Homes Inc. and its
debtor-affiliates' Amended Chapter 11 Plan of Reorganization.
Kenneth Baum, Esq., at Cole, Schotz, Meisel, Forman & Leonard,
P.A., represents Bernard A. Katz, the Liquidating Trustee under the
Plan.
KP ENGINEERING: Committee Says Add'l $1.75M Financing Unnecessary
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors of KP Engineering, LP
and KP Engineering, LLC, objects to the Debtors' emergency motion
of the Debtors to obtain financing on a secured, super-priority
basis.
The Committee continues to appreciate the Debtors' need for cash
and other funding to operate during their Chapter 11 cases. At the
same time, the Debtors must exercise their fiduciary duties to
ensure that the amount needed as well as the terms under which the
debtor-in-possession financing is obtained is in the best interests
of all creditors.
The Committee points out that though the Debtors have requested
total DIP financing of $3.25 million, the revised budget
demonstrates that this request does not comport with the reality of
the Debtors' cash needs. Accordingly, the Debtors' revised budget
does not illustrate that they have an imminent need for, or reasons
to justify, an additional $1.75 million draw during the week ending
October 18, 2019.
The Committee objects to the final DIP financing request of an
additional $1.75 million as unnecessary, given the current cash
position and budgeted cash needs of the Debtors. At most, the
Debtors require minimal cash infusions of no more than $500,000
during the weeks ending Nov. 1, Nov. 29 and Dec. 27 to continue to
maintain an adequate liquidity position to operate its business.
The Committee avers that unless the final DIP financing order
carries forth the agreed aspects of the second and third interim
orders, limits the cash draws, and modifies the last remaining
objectionable aspects of the Debtors' requested relief, the DIP
Financing Motion should be denied.
The Committee is represented by:
FOLEY GARDERE
FOLEY & LARDNER LLP
John P. Melko
Telephone: 713-276-5727
E-mail: jmelko@foley.com
Sharon M. Beausoleil
Telephone: 713-276-5086
E-mail: sbeausoleil@foley.com
Sean T. Wilson
Telephone: 713-276-5619
E-mail: swilson@foley.com
About KP Engineering
KP Engineering, LP and KP Engineering, LLC -- https://www.kpe.com/
-- are primarily engaged in the business of designing and executing
customized engineering, procurement, and construction projects for
the refining, midstream, and chemical industries. As an EPC
contractor, the companies generally enter into agreements with
owners pursuant to which they will design a facility, procure the
needed equipment and materials, and supervise construction of the
facility.
KP Engineering, LP and KP Engineering, LLC sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No.
19-34698) on Aug. 22, 2019.
At the time of the filing, KP Engineering was estimated to have
assets of between $10 million and $50 million and liabilities of
between $50 million and $100 million.
Judge David R. Jones oversees the cases.
KP Engineering tapped Hunton Andrews Kurth LLP and Okin Adams LLC
as legal counsel; Claro Group LLC as restructuring advisor; and
Omni Management Group, Inc. as claims and noticing agent.
The Official Committee of Unsecured Creditors tapped FOLEY GARDERE
as counsel.
L. G. STECK: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: L. G. Steck Memorial Clinic, P.S.
dba Steck Medical Group
POB 1267
Chehalis, WA 98532
Business Description: L. G. Steck Memorial Clinic, P.S.
is a professional service corporation that
provides health care services. The Company
was incorporated in 1977 and does business
as The Steck Medical Group.
Chapter 11 Petition Date: October 17, 2019
Court: United States Bankruptcy Court
Western District of Washington (Tacoma)
Case No.: 19-43334
Judge: Hon. Mary Jo Heston
Debtor's Counsel: J. Todd Tracy, Esq.
THE TRACY LAW GROUP PLLC
1601 5th Ave, Suite 610
Seattle, WA 98101
Tel: 206-624-9894
E-mail: todd@thetracylawgroup.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Hugo DeOliveira, chief administrative
officer.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/wawb19-43334.pdf
LAKELAND TOURS: Moody's Alters Outlook on B2 CFR to Negative
------------------------------------------------------------
Moody's Investors Service changed the outlook for Lakeland Tours,
LLC's to negative from stable. At the same time, Moody's affirmed
WorldStrides' B2 Corporate Family Rating, B2-PD Probability of
Default Rating and the B1 ratings on the first lien senior secured
revolver, term loan and delayed draw term loan.
The company is raising a $50 million incremental term loan to fund
an acquisition.
The negative outlook reflects that the incremental acquisition debt
is occurring at a time when WorldStrides' leverage and free cash
flow weakly position the company in the rating category. Proforma
for the transaction adjusted debt-to-EBITDA is slightly above 8.0x
and free cash to debt is roughly 4% (adjusting for the $19 million
share repurchase recorded in working capital) for the twelve months
to June 2019. Leverage and free cash flow based on reported results
are considerably weaker than these levels, and the large
adjustments on the existing business and for the proposed
acquisition limit the visibility into sustainable profitability
levels.
Moody's is nevertheless affirming the ratings because WorldStrides
continues to generate positive free cash flow, reinvest in the
business, and has good liquidity that provides flexibility to
execute the growth strategy and realize cost savings that should
lead to lower leverage and stronger free cash flow in the June 2020
fiscal year.
Affirmations:
Issuer: Lakeland Tours, LLC
Corporate Family Rating, Affirmed B2
Probability of Default Rating, Affirmed B2-PD
Senior Secured First Lien Term Loan (including
proposed upsize), Affirmed B1 (LGD3)
Senior Secured First Lien Delayed Draw Term Loan,
Affirmed B1 (LGD3)
Senior Secured First Lien Revolving Credit Facility,
Affirmed B1 (LGD3)
Outlook Actions:
Issuer: Lakeland Tours, LLC
Outlook, Changed to Negative from Stable
RATINGS RATIONALE
WorldStrides' B2 CFR is constrained by the company's weak credit
metrics, mature demand for its core K-12 domestic business and
continued weakness in the individual higher education services
business. WorldStrides has limited flexibility for any earnings
misses or execution missteps within Moody's credit metric
expectations for the rating category. Moody's estimates modest
improvement in the company's credit metrics primarily driven by
realization of cost synergies and modest growth in the company's
core business. However, WorldStrides' financial policy is viewed as
aggressive, with high leverage from the November 2017 LBO followed
by debt-funded acquisitions. These actions along with slower than
anticipated growth has translated into less improvement in leverage
and free cash flow than expected at the time of the LBO. The rating
benefits from the company's leading position as a provider of full
service domestic and international travel and education services,
revenue growth, track record of success in integrating acquired
businesses and good liquidity. WorldStrides also collects deposits
on travel itineraries well in advance of service provision, which
provides visibility into free cash flow generation.
The ratings could be upgraded if the company's organic revenue
growth is within a mid-single digit percentage range,
debt-to-EBITDA leverage is sustained below 6.0x and free cash flow
approaches 10% of debt. The rating could be downgraded if execution
challenges, competitive pressures or customer losses result in
earnings erosion, or the company completes debt-funded acquisitions
or shareholder distributions, such that free cash flow-to debt is
below 5% or debt-to-EBITDA leverage is sustained above 8.0x.
The first lien credit agreement contains provisions for incremental
debt capacity of greater than $85 million and trailing twelve
months consolidated EBITDA minus all outstanding on the incremental
facilities plus additional amounts subject to 5.60x pro forma first
lien net leverage (if pari passu secured) or 5.85x pro forma
secured net leverage (if junior secured, unsecured or
subordinated); subject to pro forma net leverage of 6.1x and
interest coverage of 2.0x. Terms allow for the release of
guarantees when any subsidiary ceases to be wholly owned and there
are no "blocker" provisions providing additional restrictions on
top of the covenant carve-outs to limit collateral leakage through
transfers of assets to unrestricted subsidiaries. There are no
leverage-based step-downs to the asset sales proceeds prepayment
requirement.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
Lakeland Tours, LLC, an accredited educational institution
headquartered in Charlottesville, Virginia, is a leading provider
of full service educational travel programs to K-12, undergraduate
and post graduate students both domestically and internationally.
WorldStrides reported revenues of approximately $650 million in the
fiscal year ended June 30, 2019. The company is owned by Eurazeo
and minority investor Primavera Capital Group.
LATEX FOAM: Committee Seeks to Hire PwC as Financial Advisor
------------------------------------------------------------
The official committee of Latex Foam International, LLC and its
debtor-affiliates seeks authority from U.S. Bankruptcy Court for
the District of Connecticut to hire PricewaterhouseCoopers LLP as
its financial advisor.
The firm will provide these services to the committee in connection
with the Debtors' Chapter 11 cases:
a. assist the committee in its analysis of any proposed
debtor-in-possession financing or use of cash collateral;
b. assist the committee in monitoring the Debtors' short-term
cash flow, liquidity and operating results;
c. assist the committee in its review of financial-related
disclosures of the Debtors, including schedules of assets and
liabilities, statements of financial affairs and monthly operating
reports;
d. assist the committee in its review of other financial
information prepared by the Debtors, including cash flow
projections and budgets, business plans, cash receipts and
disbursement analysis, asset and liability analysis, and the
economic analysis of proposed transactions for which court approval
is sought;
e. assist the committee in its review of key employee
retention programs and other employee benefit programs that may be
proposed by the Debtors;
f. assist the committee in its review of the Debtors' analysis
with respect to the assumption or rejection of various executory
contracts and leases;
g. assist the committee in its review of the claims
reconciliation and estimation process;
h. attend meetings and assist in discussions with the Debtors,
the committee, the Office of the U.S. Trustee and any
party-in-interest;
i. assist the committee in its assessment of restructuring
alternatives and estimated recoveries, including the review of any
plan of reorganization and related disclosure statement and sale
transactions proposed by the Debtors; and
j. as requested, testify as a "fact or percipient witness" in
the Debtors' bankruptcy court proceedings based on PwC's direct
knowledge of the estate arising from or relating to the services
performed.
PwC will be paid at these hourly rates:
Partner/Principal/Managing Director $715 - $840
Director/Senior Manager $650 - $750
Manager $525 - $585
Senior Associate $395 - $481
Associate $193 - $405
The firm will also be reimbursed for work-related expenses
incurred.
Steven Fleming, principal of PwC, disclosed in court filings that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
PwC can be reached at:
Steven Fleming
PricewaterhouseCoopers LLP
90 Park Avenue
New York City, NY 10016
Tel: +1 (646) 818-6000
About Latex Foam International
Latex Foam International, LLC, which conducts business under the
name Talalay Global, provides textile furnishing products. It
offers house furnishings such as blankets, bedspreads, sheets,
table clothes, towels and shower curtains.
Latex Foam International and four affiliates filed voluntary
petitions seeking relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Conn. Lead Case No. 19-51064) on Aug. 8, 2019. The
petitions were signed by CEO Marc Navarre. At the time of the
filing, Latex Foam estimated assets between $10 million and $50
million and liabilities of the same range. Judge Julie A. Manning
oversees the cases. James Berman, Esq. at Zeisler & Zeisler, P.C.
is the Debtors' counsel.
LYONS CHEVROLET: Seeks to Hire Lefkovitz & Lefkovitz as Counsel
---------------------------------------------------------------
Lyons Chevrolet Buick GMC, Inc. seeks authority from the U.S.
Bankruptcy Court for the Middle District of Tennessee to hire
Lefkovitz & Lefkovitz as its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
a. advise the Debtor regarding its rights, duties and powers
under the Bankruptcy Code;
b. prepare and file statements, schedules, plans and other
documents and pleadings; and
c. represent the Debtor at hearings, meetings of creditors,
conferences, trials and any other proceedings in its bankruptcy
case.
Lefkovitz & Lefkovitz will be paid at these hourly rates:
Steven Lefkovitz, Partner $555
Associates $350
Paralegals $125
Lefkovitz & Lefkovitz will be paid a retainer in the amount of
$10,000 and will be reimbursed for work-related expenses incurred.
Steven Lefkovitz, Esq., a partner at Lefkovitz & Lefkovitz,
disclosed in court filings that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
Lefkovitz & Lefkovitz can be reached at:
Steven L. Lefkovitz, Esq.
Lefkovitz & Lefkovitz
618 Church St Ste 410
Nashville, TN 37219
Tel: (615) 256-8300
Fax: (615) 255-4516
E-mail: slefkovitz@lefkovitz.com
About Lyons Chevrolet Buick GMC
Lyons Chevrolet Buick GMC, Inc. is a privately held Tennessee
corporation, which owns and operates an automotive dealership in
Marshall County, Tenn., selling new Chevrolet, Buick and GMC
vehicles and a variety of pre-owned vehicles. It also provides
automotive repair service as a component of its dealership
operation.
Lyons Chevrolet Buick GMC sought Chapter 11 protection (Bankr. M.D.
Tenn. Case No. 19-06264) on Sept. 26, 2019 in Columbia, Tenn. The
Debtor tapped Lefkovitz & Lefkovitz as its legal counsel.
MANUEL PRATS VEGA: Ch. 11 Case Remains Suspended, Court Says
------------------------------------------------------------
In the bankruptcy case captioned IN RE: MANUEL RAMON PRATS VEGA Dba
RADIOLOGIA Y MEDICINA INTEGRAL, Chapter 11, Debtor(s), Case No.
18-00295 BKT (Bankr. D.P.R.), Bankruptcy Judge Brian K. Tester
denies DSO Claimant Branda Cruz Diaz's motion for reconsideration.
This controversy stems from the Bankruptcy Court's Order which held
that pursuant to 11 U.S.C. section 305(a) of the Bankruptcy Code,
this case was suspended until a final resolution is reached
regarding Proof of Claim Number 7-4 in the Puerto Rico Court of
First Instance. The Bankruptcy Court made this determination
following a hearing held Oct. 18, 2018, where it ruled that the
monetary controversy between the Debtor and Cruz would be held in
abeyance pending the final resolution from the state court
proceeding.
Cruz had asked the Bankruptcy Court to vacate and set aside its
Order. In support of her motion for reconsideration, Cruz argues
that the Debtor failed to meet his burden to demonstrate how the
suspension of this case benefits the Debtor and his creditors. The
Debtor provided no facts, evidence or legal support for the
far-fetched allegation that suspending the case would result in
benefit to the Debtor and his creditors. In short, the Debtor
failed his test by failing to prove or even allege how both the
Debtor and creditors would be "better served" by suspension than
they would by the continuation of this case.
The Debtor asserts that "[i]t is settled that a motion for
reconsideration does not provide a vehicle for a party to undo its
own procedural failures and it certainly does not allow a party to
introduce new evidence or advance arguments that could or should
have been presented to the [Bankruptcy] court prior to the
judgment." The Debtor says Cruz did not address Section 305 in her
Opposition to Motion to Close Case. It is settled law that a motion
for reconsideration cannot be used to advance arguments that could
or should have been presented prior to the judgment. Therefore, for
these reasons the motion for reconsideration should be summarily
denied.
The Bankruptcy Court says that, in conformity with Fed. R. Civ. P.
59(e), a party seeking reconsideration "must either clearly
establish a manifest error of law or must present newly discovered
evidence." Marie v. Allied Home Mortgage Corp., 402 F. 3rd 1, 7 n.
2 (1st Cir. 2005). In Marie, the First Circuit also cited a leading
treatise, noting four grounds for granting a motion for
reconsideration under Fed. R. Civ. P. 59(e). The grounds are
"manifest errors of law or fact, newly discovered or previously
unavailable evidence, manifest injustice, and an intervening change
in controlling law."
After considering the arguments raised by both parties, the
Bankruptcy Court finds that Cruz's motion neither provides the
Court with genuine reasons why it should revisit the Order, nor
compelling facts or law in support of reversing the prior decision.
Cruz fails to establish any of the required legal factors. Her
motion contains new legal arguments that were not previously made
when the matter was adjudicated by the Court in its Order, in clear
contravention of First Circuit jurisprudence.
Cruz's Opposition Motion, which formed part of the Bankruptcy
Court's review prior to the entry of the Order, focused exclusively
on the requirements needed for the closing of a case under Sec.
350, which with the closing of a case once the estate has been
fully administered. However, the relief requested by the Debtor in
his Sec. 305 Motion relied solely on Sec. 305 -- not Sec. 350.
Sec. 305 encompasses the Court's ability to suspend all proceedings
in a case under Title 11. In determining the Debtor's request for
relief pursuant to Sec. 305, the Court says it considered the legal
conclusions provided and found them to be sound. As such, Cruz has
failed to establish the legal requirements for reconsideration and
is therefore not entitled to that relief.
A copy of the Court's Opinion and Order dated Oct. 3, 2019 is
available at https://bit.ly/2OFh9A6 from Leagle.com.
Manuel R. Prats Vega filed for chapter 11 bankruptcy protection
(Bankr. D.P.R. Case No. 18-00295) on Jan. 24, 2018, and is
represented by Carmen D. Conde Torres, Esq., at Conde & Associates.
MATUSOW OFFICES: $1.9M Sale of Vineland Property to Watermarq OK'd
------------------------------------------------------------------
Judge Andrew B. Altenburg, Jr. of the U.S. Bankruptcy Court for the
District of New Jersey authorized Matusow Offices, LLC's sale of
the land and premises located at 602 West Sherman Avenue, Vineland,
New Jersey, designated as Lot 21, Block 6104 on the Tax Map of the
City of Vineland, New Jersey, and Debtor’s rights and interests
in the leases, rents, issues, and profits of the Property, to
Watermarq Capital Partners, LLC for $1,915,000.
The sale is free and clear of all liens and encumbrances
whatsoever, with said liens and encumbrances to attach to the
proceeds of sale.
The terms of the Debtor's Contract with Watermarq for the sale and
purchase of the Property are specifically approved as an Order of
the Court.
The Debtor is authorized to pay at closing from the proceeds of
sale funds necessary to satisfy all taxes due on the Property,
lienable charges, and normal and customary closing costs and
adjustments; provided, however, that Debtor will escrow the sum of
$95,75, representing a 5% commission for the Debtor's realtor whose
retention was approved by prior Order of the Court dated May 8,
2019, with such escrow to be held until further Order of the Court
following its allowance to the Debtor's realtor upon application
and notice.
The Debtor is authorized to and will pay at closing from the
proceeds of sale, net of the foregoing, funds necessary to satisfy
the secured claim(s) of OceanFirst Bank, N.A., to the extent of
remaining available funds.
About Matusow Offices
Matusow Offices, LLC listed its business as Single Asset Real
Estate. It owns in fee simple a professional office building at
602 W. Sherman Avenue, Vineland, New Jersey valued by the Debtor at
$2.6 million.
The Debtor sought Chapter 11 protection (Bankr. D.N.J. Case No.
19-15738) on March 21, 2019. In the petition signed by Gary
Matusow, member, the Debtor disclosed total assets at 2,641,320 and
$2,365,915 in total debt. The case is assigned to Andrew B.
Altenburg Jr. The Debtor tapped Ira Deiches, Esq., at Deiches &
Fershmann as counsel.
MAYFLOWER COMMUNITIES: Court Confirms Liquidating Plan
------------------------------------------------------
Judge Harlin D. Hale of the U.S. Bankruptcy Court for the Northern
District of Texas, Dallas Division, issued an order approving the
First Amended Plan of Liquidation of debtor Mayflower Communities,
Inc.
The effective date of the Plan occurred on Oct. 8, 2019.
The Plan and its provisions are binding on the Debtor, the
Liquidating Trustee, the Liquidating Trust, the Bond Trustee and
any holder of a Claim against or Interest in the Debtor, as
provided in the Plan.
All Proofs of Claim with respect to Claims arising from the
rejection of Executory Contracts or Unexpired Leases, if any, must
be filed with the Bankruptcy Court and served on counsel to the
Debtor and the Liquidating Trustee on or before the date that is 30
days after the date of entry of an order of the Bankruptcy Court
(including the Confirmation Order) approving such rejection.
About Mayflower Communities
Mayflower Communities, Inc. --
https://www.thebarringtonofcarmel.com/ -- operates The Barrington
of Carmel a senior living retirement community in Carmel, Indiana.
Mayflower provides nursing care, memory support, rehabilitation,
retirement home, assisted living, and independent living.
Mayflower Communities sought Chapter 11 relief (Bankr N.D. Tex.
Case No. 19-30283) on Jan. 30, 2019, estimating $50 million to $100
million in assets and $100 million to $500 million in liabilities.
The Hon. Harlin DeWayne Hale oversees the case.
DLA Piper LLP (US), led by Andrew Ball Zollinger and Thomas R.
Califano, and Rachel Nanes, serve as the Debtor's counsel. The
Debtor also tapped Ankura Consulting Group, LLC as restructuring
advisor; Larx Advisors, Inc. as financial advisor; Cushman &
Wakefield U.S., Inc. as investment banker; and Donlin Recano &
Company, Inc., as claims agent.
The Office of the Trustee appointed an official residents'
committee on Feb. 11, 2019. The residents' committee tapped Neligan
LLP as its legal counsel.
MCP REAL ESTATE: First Exchange Bank Objects to Plan Outline
------------------------------------------------------------
First Exchange Bank (“FEB”), files an objection to MCP Real
Estate Holding, LLC's Disclosure Statement and Plan.
FEB asserts that the Plan fails to meet the requirements of a
proper Disclosure Statement under Section 1125 because it provides
no information whatsoever to explain how the Debtor plans to fund
the construction of the townhouses prior to sale. FEB complains
that the obvious problem with this proposal is that there is no
realistic prospect of funding the construction based on the
established assets of the Debtor.
According to FEB, the purported sources of funding for the Plan are
entirely speculative, rendering the Plan unfeasible.
As reported in the TCR, according to the Disclosure Statement, the
Debtor believes that they can sell the six townhomes for $1,040,000
and after lessening the costs to complete the homes pay over to
First Exchange Bank at not less than $700,000 to lessen the
obligation to about $1.2 million. The Debtor will pay First
Exchange Bank the total sum of $1,851,000 with a 4.5% interest rate
over 60 months as the sale of real property takes place at the rate
of up to $20,000 per acre. The Debtor further believes that the
real property can be sold and
generate $3,800,000 to pay off the first Enterprise loan and
secured loan.
A full-text copy of the Disclosure Statement is available at
https://tinyurl.com/y4rl7u84 from PacerMonitor.com at no charge.
Counsel for First Exchange Bank:
Michael R. Proctor
Bowles Rice LLP
Southpointe Town Center
1800 Main Street, Suite 200
Canonsburg, PA 15317
Tel 724-514-8915
Fax 724-514-8954
E-mail: mproctor@bowlesrice.com
- and -
Julia A. Chincheck
Zachary J. Rosencrance
BOWLES RICE LLP
600 Quarrier Street, Post Office Box 1386
Charleston, West Virginia 25325-1386
Telephone: (304) 347-1100
Facsimile: (304) 343-3058
E-mail: jchincheck@bowlesrice.com
E-mail: zrosencrance@bowlesrice.co
MCP Real Estate Holding, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. S.D. W.Va. Case No. 19-30026) on Jan. 23, 2019.
The Debtor hired Pepper & Nason as attorney.
MEDICAL DEPOT: S&P Raises ICR to 'CCC+' on Distressed Debt Exchange
-------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Port
Washington, N.Y.-based medical equipment manufacturer and
distributor Medical Depot Holdings Inc. to 'CCC+' from 'D'.
S&P raised the issue-level rating on the first-lien debt to 'CCC'
and revised the recovery rating to '5' (rounded estimate: 15%) from
'3'. It also raised the issue rating on the second-lien debt to
'CCC-' with no change in recovery rating at '6' (rounded estimate:
0%).
In addition, S&P assigned a 'CCC-' issue-level rating and '6'
recovery rating (rounded estimate: 0%) to the convertible 1.5-lien
term loan. The $35 million new money term loan is not rated.
The rating actions follow Medical Depot's closing of the debt
exchange transaction that extended its revolver maturity, suspended
first-lien debt amortization for six quarters, and exchanged its
second-lien debt for new convertible paid-in-kind (PIK) loans. The
transaction provides temporary relief from certain near-term cash
debt service payments and offers additional liquidity in the form
of the new $35 million new money term loan (not rated).
S&P's 'CCC+' rating reflects its view that, while the recent debt
exchange transaction delays first-lien debt repayment and near-term
cash interest expense and adds $35 million of much needed
liquidity, leverage remains high at above 12x and cash flow
deficits persist. Absent a significant EBITDA margin expansion and
a reversal of negative working capital outflows, the company's cash
flow generation will remain negative, indicating an unsustainable
capital structure. Although S&P expects some improvement in the
company's operating performance in 2020, the negative outlook
reflects the risk that, absent a significant operational
improvement, continued cash flow deficits could lead to
increasingly constrained liquidity sooner than the rating agency
projects in its base-case forecast.
The negative outlook reflects S&P's view that Medical Depot's
operating challenges will remain in 2019 and likely into 2020 as it
continues to execute its turnaround plan. They could pressure
already negative FOCF and weaken its liquidity position, increasing
the risk of another debt restructuring in the near term.
"We could lower the rating if Medical Depot's cash burn
accelerates, leading us to believe it cannot meet its financial
obligations over the next 12 months. We could also lower the rating
if the company completes another transaction that we view as a
distressed exchange or payment default," S&P said.
"An upgrade is unlikely in the next 12 months. We could consider a
higher rating if we see signs of material operational improvement,
leading to sustained positive free cash flow. In this scenario, we
would expect liquidity to improve, giving the company more time to
pursue operational improvements that could make the capital
structure sustainable longer term," S&P said.
MJJW PORTFOLIO: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The U.S. Trustee, until further notice, will not appoint an
official committee of unsecured creditors in the Chapter 11 case of
MJJW Portfolio, Inc., according to court dockets.
About MJJW Portfolio
MJJW Portfolio, Inc., owns in fee simple a night club known as Club
1828 in Tampa, Florida, with an appraised value of $730,000. It
also owns in fee simple a six-unit strip mall with an appraised
value of $540,000, also in Tampa, Fla.
MJJW Portfolio sought Chapter 11 protection (Bankr. M.D. Fla. Case
No. 19-08680) on Sept. 13, 2019. In the petition signed by Marlon
Wright, its president, the Debtor listed total assets at $1,270,420
and total liabilities at $384,207. Buddy D. Ford, P.A., is the
Debtor's legal counsel.
MMMT CORPORATION: U.S. Trustee Appoints S. Goodman as PCO
---------------------------------------------------------
Tracy Hope Davis, the U.S. Trustee for Region 17, appoints Susan N.
Goodman as Patient Care Ombudsman for MMMT Corporation.
MMMT Corporation has self-identified as a health care business on
its petition, as amended and the Court directed the United States
Trustee to appoint a Patient Care Ombudsman no later than October
21, 2019.
Pursuant to Chapter 11 Bankruptcy Court, the United States Trustee
has appointed Susan N. Goodman to serve as Patient Care Ombudsman
in this case.
As part of this approval, the United States Trustee requests the
court to authorize the PCO's access to patient care records in
order to perform her duties. The language of the order approving
this Application in its second paragraph provides for the
appropriate access to patients' medical records and the
corresponding duty to maintain the patients' confidentiality under
current law.
The PCO can be reached at:
Susan N. Goodman, RN JD
PIVOT HEALTH LAW, LLC
P.O. Box 69734
Oro Valley, AZ 85737
Tel: 520.744.7061;
Fax: 520.575.4075
Email: sgoodman@pivothealthaz.com
About MMMT Corporation
MMMT Corporation, a company that operates a skilled nursing
facility in Las Vegas, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 19-16113) on Sept. 21,
2019. At the time of the filing, the Debtor was estimated to
have assets of less than $50,000 and liabilities of between $10
million and $50 million. The case is assigned to Judge Mike K.
Nakagawa. Johnson & Gubler, P.C., is the Debtor's legal counsel.
MRS. G'S LOUNGE: Entry Into AFCO Insurance Financing Approved
-------------------------------------------------------------
Debtor Mrs. G's Lounge & Restaurant, LLC, filed a motion for an
order authorizing to obtain secured postpetition financing pursuant
to 11 U.S.C. Sec. 364(b) and Bankruptcy Rules 4001(c) and 9014.
The purpose of the Debtor's request for postpetition financing is
the ability for Debtor to obtain insurance required and finance the
premiums. Upon Motion, the Debtor is requesting to enter into a
Premium Finance Agreement with AFCO Acceptance Corp., which
Agreement provides for the financing of the insurance premiums to
be paid for the Debtor's insurance policies.
On Oct. 10, 2019, Judge John K. Sherwood of the U.S. Bankruptcy
Court for the District of New Jersey ordered that:
* Pursuant to Section 364(b) of the Bankruptcy Code, the Debtor
is hereby authorized to enter into the Agreement.
* AFCO is hereby granted a first and only priority security
interest.
* The Debtor is directed to pay AFCO all sums due pursuant to the
Agreement.
* in the event that the Debtor defaults upon any of the terms of
the Agreement, AFCO may exercise such rights as it may otherwise
have under state law, but for the pendency of this proceeding and,
without the necessity of further application to this Court, cancel
all insurance policies listed on the Agreement or any amendment
thereto, and receive and apply all unearned insurance premiums to
the account of the Debtor. In the event that, after such
application of unearned premiums, any sums still remain due to AFCO
pursuant to the Agreement, such deficiency shall be deemed an
administrative expense of the estate.
About Mrs. G's Lounge
Mrs. G's Lounge & Restaurant, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. D.N.J. Case No. 19-23883) on July 17, 2019,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by David L. Stevens, Esq., at Scura Wigfield
Heyer & Stevens, LLP.
MS SUPPLY: Proposes IPFS Insurance Premium Financing Pact
---------------------------------------------------------
MS Supply & Home Health Co. requests the entry of an amended order
authorizing the Debtor to enter into an insurance premium financing
agreement with IPFS Corporation.
The Debtor requests authority to enter into a premium financing
agreement with IPFS that would allow the Debtor to pay over time an
insurance premium in the amount of $9,154.01, for the Debtor's
property and professional liability insurance policies. The term
of the Policies are from Sept. 17, 2019, through Sept. 17, 2020.
Under the terms of the New Agreement, the Debtor is required to
provide a cash down payment in the amount of $4,226.87 and finance
the remaining $13,223.34 at 10.760% APR. The amount financed will
be repaid through 10 monthly payments of $1,388.42 each, commencing
on Oct. 17, 2019, and continuing on the 17th day of each month
thereafter until paid in full. The total amount financed,
including fees and finance charges, is $13,884.20.
The New Agreement contains standard terms and conditions, including
the grant of a lien and security interest under Provision 1 on any
and all unearned premiums and dividends which may become payable
under the Policies. As a result, the Debtor seeks the approval of
the New Agreement pursuant to Section 364(c) of the Bankruptcy
Code.
About MS Supply & Home
MS Supply & Home Health Co. is a provider of home health care
services. The Company offers mobility aids, ambulation aids,
sickroom setup, and disposable supplies.
The Company filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-08345) in Tampa,
Fla., on Aug. 30, 2019. In the petition signed by Magdalena
Santos, vice president, the Debtor was estimated to have assets of
no more than $50,000, and liabilities at $1 million to $10 million
as of the bankruptcy filing. The Debtor's counsel is Jennis Law
Firm.
The U.S. Trustee did not appoint an official committee of unsecured
creditors in the Chapter 11 case.
MULTICULTURAL COMMUNITY: Nov. 5 Plan Confirmation Hearing Set
-------------------------------------------------------------
Multicultural Community Mental Health Center, Inc. has won
conditional approval of the disclosure statement explaining its
Chapter 11 plan. On Oct. 10, 2019, Judge Mindy A. Mora approved
the Disclosure Statement on a conditional basis and ordered that:
* Nov. 5, 2019, at 1:30 p.m. is fixed for the hearing on final
approval of disclosure statement, confirmation hearing and hearing
on fee applications.
* Oct. 5, 2019, is fixed as the deadline for objections to
claims.
* Oct. 29, 2019, is fixed as the deadline for ballots accepting
or rejecting the Plan.
* Nov. 1, 2019, is fixed as the deadline for objections to final
approval of the Disclosure Statement and confirmation of the Plan.
About Multicultural Community
Mental Health Center Inc.
Multicultural Community Mental Health Center, Inc. sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Fla. Case No. 19-10207) on Jan. 7, 2019. At the time of the
filing, the Debtor had estimated assets of less than $50,000 and
liabilities of less than $50,000. The case has been assigned to
Judge Mindy A. Mora.
NASSAU FINANCIAL: Fitch Affirms BB+ IFS Ratings, Outlook Stable
---------------------------------------------------------------
Fitch Ratings affirmed the 'BB+' Insurer Financial Strength ratings
of Nassau Financial Group's primary life insurance subsidiaries and
affirmed the related surplus note rating. In addition, Fitch has
affirmed the Issuer Default Ratings for NFG's holding companies and
the senior debt rating. The Rating Outlook is Stable.
The rating action follows NFG's announcement that it will acquire
Foresters Life Insurance and Annuity Company, a New York domiciled
life insurance company, from The Independent Order of Foresters.
The transaction is expected to close in the first quarter of 2020,
subject to customary closing conditions and regulatory approvals.
KEY RATING DRIVERS
Fitch considers the FLIAC acquisition to be within the scope of
NFG's strategy of acquiring and integrating businesses into its mix
of insurance and insurance related businesses. Given this
transaction, Fitch does not expect any further acquisitions by NFG
in the medium term. Fitch considers FLIAC's liability profile to be
well diversified and consist of relatively lower risk life and
annuity products without any living benefit guarantees.
The rating affirmation reflects Fitch's assumption that NFG's
statutory capitalization metrics may fall below rating expectations
during 2020 as the transaction closes but will maintain strong
capitalization metrics, including maintaining the Prism capital
model score within the 'Strong' category by year-end 2020.
Fitch's ratings for NFG continue to reflect the company's less
favorable business profile, moderate statutory capitalization, and
modest debt service and financial flexibility. Also considered, is
the company's relatively moderate earnings profile and Fitch's
moderate view on asset liability management.
RATING SENSITIVITIES
Key rating sensitivities that could lead to an upgrade include:
-- Actions taken by senior management to improve underlying
performance of or to materially de-risk the underperforming legacy
businesses, along with continued growth in new business sales;
-- Consistent fixed charge coverage above 2x;
-- Consistent ROC above 5%.
Key rating sensitivities that could lead to a downgrade include:
-- Material loss from legacy businesses arising from underlying
performance or litigation;
-- Deterioration in business profile caused by a material change
in the company's risk appetite evidenced by growth in higher risk
product lines;
-- Deterioration in capitalization evidenced by a Prism score
below 'Strong' or RBC ratio below 350%;
-- Decline in ROC below 1%.
The surplus notes rating of Nassau Life Insurance Company could be
downgraded if surplus notes account for significantly more than 15%
of NNY's total statutory capital.
NAVAHO TOUR: Seeks Authority on Continued Cash Collateral Use
-------------------------------------------------------------
Navaho Tour, Inc., seeks authorization from the U.S. Bankruptcy
Court for the Central District of California to use the cash
collateral of Engs Commercial Finance Co., Grech Financial Service
Inc., 1st Source Bank.Coach Finance Group LLC, Irizarusa and Trans
Lease.
Specifically, the Debtor must be able to use cash collateral to pay
for all necessary post-petition operating expenses including
postpetition lease payments for the 9 buses, maintenance, supplies,
property taxes, DMV registrations, payroll, utility bills and other
normal and necessary operating expenses of the tour bus business
through Nov. 21.
The Debtor owns 9 commercial touring buses -- encumbered by leases
in favor of Trans Lease, et al. The current balances of Trans
Lease's leases are unknown. Trans Lease alleges that the amounts
due under the Lease Documents as of the Petition Date is $41,000,
secured by substantially all of the Debtor's Property.
The Debtor wishes to commence making adequate protection payment to
Trans Lease. Specifically, without the use of cash collateral, the
Debtor cannot pay the lease payments or pay any of the necessary
expenses required for the upkeep and maintenance of the Debtor's
business.
The Debtor also offers to grant Trans Lease post-petition liens on,
and a security interest in, the Property of the estate in favor of
Trans Lease as adequate protection for its secured claim.
About Navaho Tour Inc.
Navaho Tour Inc. is engaged in the business of arranging and
assembling tours for sale through travel agents. Navaho Tour
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
C.D. Cal. Case No. 19-19798) on Aug. 21, 2019. At the time of the
filing, the Debtor estimated assets of between $1 million and $10
million and liabilities of the same range. The case is assigned to
Judge Sandra R. Klein. Goldbach Law Group, led by founding partner
Marc Aaron Goldbach, is the Debtor's counsel.
NEAL ELECTRIC: Seeks to Hire Brannen Firm as Legal Counsel
----------------------------------------------------------
Neal Electric, Inc. seeks authority from the U.S. Bankruptcy Court
for the Northern District of Georgia to hire The Brannen Firm, LLC
as its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
a. advise the Debtor regarding its rights, powers and duties
in the administration of its case, the operation of its business,
and the management of its property;
b. prepare pleadings and applications, and conduct
examinations incidental to the administration of the case;
c. advise the Debtor in connection with all applications,
motions or complaints for reclamation, adequate protection,
sequestration, relief from stay, appointment of a trustee or
examiner, and other similar matters;
d. develop the relationship of the Debtor's status to the
claims of its creditors; and
e. assist the Debtor in the formulation and presentation of a
Chapter 11 plan.
Brannen Firm will be paid at these hourly rates:
Joseph Chad Brannen $350
Paralegal/Support Staff $75
Joseph Chad Brannen, Esq., a partner at Brannen Firm, disclosed in
court filings that his firm does not represent any interest adverse
to the Debtor and its estate.
Brannen Firm can be reached at:
Joseph Chad Brannen, Esq.
The Brannen Firm, LLC
7147 Jonesboro Road, Suite G
Morrow, GA 30260
Phone: (770)474-0847
About Neal Electric, Inc.
Based in Mcdonough, Georgia, Neal Electric Inc. filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga.
Case No. 19-65232) on September 26, 2019, listing under $1 million
in both assets and liabilities. Joseph Chad Brannen at The Brannen
Firm, LLC is the Debtor's counsel.
NORPAC FOODS: Committee Taps Alvarez & Marsal as Financial Advisor
------------------------------------------------------------------
The official committee of unsecured creditors of NORPAC Foods, Inc.
seeks approval from the U.S. Bankruptcy Court for the District of
Oregon to hire Alvarez & Marsal North America, LLC as its financial
advisor.
The firm will provide these services in connection with the Chapter
11 cases filed by the company and its affiliates:
(a) assist in the assessment and monitoring of cash flow
budgets, liquidity and operating results;
(b) assist in the review of court disclosures, including
schedules of assets and liabilities, statements of financial
affairs, monthly operating reports and periodic rports;
(c) assist in the review of the Debtors' cost/benefit
evaluations with respect to the assumption or rejection of
executory contracts or unexpired leases;
(d) assist in the analysis of any assets and liabilities and
any proposed transactions for which court approval is sought;
(e) assist in the review of the Debtors' proposed key employee
retention plan and key employee incentive plan;
(f) attend meetings as requested;
(g) assist in the review of any tax issues; and
(h) assist in the investigation and pursuit of avoidance
actions.
The firm's hourly rates are:
Managing Directors $875 - $1,100
Directors $675 - $850
Associates $525 - $650
Analysts $400 - $475
Richard Newman, managing director of Alvarez & Marsal, disclosed in
court filings that the firm does not represent any entity having an
interest adverse to the committee in connection with the Debtors'
Chapter 11 cases,.
Alvarez & Marsal can be reached through:
Richard Newman
Alvarez & Marsal North America, LLC
540 West Madison Street, Suite 1800
Chicago, IL 60661
Phone: +1 312 288 4056 / +1 312 601 4220
Fax: +1 312 332 4599
Email: rnewman%40alvarezandmarsal.com
About NORPAC Foods
Founded in 1924 and headquartered in Salem, Ore., NORPAC Foods,
Inc. (www.norpac.com), a farmer-owned cooperative, along with its
wholly-owned subsidiaries Hermiston Foods, LLC and Quincy Foods,
LLC is an independent, standalone processor of organic and
conventional frozen vegetables and fruits in the Pacific Northwest.
NORPAC is a cooperative owned by more than 140 members.
Quincy and Hermiston are single-member limited liability companies
whose sole member is NORPAC. The Debtors own and operate raw
processing plants in Brooks and Stayton, Ore., a packaging plant in
Salem, Ore., and a raw processing, packaging, and roasting facility
in Quincy, Wash. The Debtors have more than 1,125 full-time
employees along with up to 1,100 seasonal employees. The Debtors
have a diverse supplier base built on an extensive network of more
than 220 contract growers made up of family-owned farms (145 farms
in Oregon and 75 farms in Washington) spanning more than 40,000
acres.
NORPAC Foods, Hermiston Foods and Quincy Foods sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Lead Case
No. 19-62584) on Aug. 22, 2019.
At the time of the filing, NORPAC Foods disclosed assets of between
$100 million and $500 million and liabilities of the same range.
The other Debtors had estimated assets of between $10 million and
$50 million and liabilities of between $100 million and $500
million.
The cases have been assigned to Judge Peter C. McKittrick.
The Debtors tapped Tonkon Torp LLP as legal counsel;
SierraConstellation Partners LLC as restructuring advisor; and
Kurtzman Carson Consultants LLC as noticing agent.
O'BENCO IV: Proposes Chapter 11 Plan of Liquidation
---------------------------------------------------
O'Benco IV, LP, filed its Chapter 11 Plan of Liquidation, which
proposes to distribute the Debtor's assets, including proceeds from
the sale of substantially all of its oil and gas assets, to its
creditors and for the Reorganized Debtor to liquidate the Debtor's
remaining assets, and wind-down its affairs.
Pursuant to the terms of the Plan and the Plan Administration
Agreement, a Plan Administrator will distribute the net proceeds
of the sale of substantially all oil and gas assets, as well the
proceeds from any other assets to creditors in order of the
priority of their Claims.
According to the Disclosure Statement, the Plan provides that:
* Class 3 – Prepetition Lenders' Secured Claim. IMPAIRED. In
full and final satisfaction and in exchange for such Allowed
Prepetition Lenders’ Secured Claim, either (i) an amount, in
Cash, equal to the proceeds of the collateral securing the
Prepetition Secured Lenders’ Claim, as held by the estate on the
Effective Date or as received by the Reorganized Debtor after the
Effective Date, or (ii) the return of the applicable collateral in
satisfaction of the Allowed amount of such Prepetition Lenders’
Secured Claim.
* Class 4 – General Unsecured Claims. IMPAIRED. Each holder of
an Allowed General Unsecured Claim, including holders of a
Prepetition Lenders' Deficiency Claim, shall receive, in full
satisfaction and in exchange for all of their respective Allowed
General Unsecured Claim, their Pro Rata share, in Cash, of the
Available Assets remaining after satisfaction in full of other
claims.
* Class 5 – Interests. IMPAIRED. On the Effective Date, all
Interests shall be cancelled and extinguished, and the holders of
Interests shall not receive or retain any property or assets on
account of their Interests.
The Cash necessary to fund the budgeted expenses in the Wind Down
Budget shall initially be funded from the proceeds of the sale any
unencumbered Assets and, if necessary, from the Prepetition
Lenders’ Budget Contribution.
A full-text copy of the Disclosure Statement dated October 9, 2019,
is available at https://tinyurl.com/y66yx2ou from PacerMonitor.com
at no charge.
COUNSEL FOR THE DEBTOR AND
DEBTOR IN POSSESSION:
William A. (Trey) Wood III
Jason G. Cohen
BRACEWELL LLP
711 Louisiana, Suite 2300
Houston, Texas 77002
Telephone: (713) 223-2300
Facsimile: (713) 221-1212
Trey.Wood@bracewell.com
Jason.Cohen@bracewell.com
About O'Benco IV LP
O'Benco IV, LP -- https://www.obrienenergyco.com/ -- is an
exploration and production company based in Shreveport, La.
O'Benco IV sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Texas Case No. 19-60384) on June 3, 2019. At
the
time of the filing, the Debtor disclosed assets of between $100
million and $500 million and liabilities of the same range. The
Debtor is represented by William A. Wood III, Esq., at Bracewell
LLP.
ORCHIDS PAPER: SEC Objects to Plan's Releases
---------------------------------------------
The United States Securities and Exchange Commission objects to the
motion for interim approval of the disclosure in the Combined
Chapter 11 Plan of Liquidation and Disclosure Statement of Orchids
Paper Products Company, et al.
The Plan provides for a third-party release (the "Release") by
holders of claims and interests. Under the Plan, the Class 5
shareholders are receiving no distribution and they are deemed to
reject the Plan and are not entitled to vote. The parties who are
to be released, including the Debtors' officers and directors, are
not providing any consideration for the Release. The Debtors
nonetheless seek to bind the shareholders to the Release unless
they affirmatively opt out. In the SEC's view, requiring Class 5
shareholders to affirmatively opt out of the Release renders the
Release non-consensual and therefore makes Local Bankruptcy Rule
3017-2(c) unavailable to the Debtors.
"In the Commission's view, releases should be considered to be
consensual only if the affected parties provide affirmative
consent. Here, by contrast, the class 5 shareholders must
affirmatively opt out of the Release," the SEC tells the Court.
According to the SEC, simply abstaining from voting or voting to
reject a plan but failing to opt out of the releases does not
constitute "consent."
About Orchids Paper Company
Headquartered in Pryor, Oklahoma, Orchids Paper Products Company --
http://www.orchidspaper.com/-- is a national supplier of consumer
tissue products primarily serving the at home private label
consumer market. The Company produces a full line of tissue
products, including paper towels,bathroom tissue and paper napkins,
to serve the value through ultra-premium quality market segments
from its operations in northeast Oklahoma, Barnwell, South Carolina
and Mexicali, Mexico. The Company provides these products
primarily to retail chains throughout the United States.
As of Feb. 28, 2019, the Debtors posted total assets $322,061,000
and total debt of $260,864,000.
Orchids Paper Products Company and two of its subsidiaries filed
for bankruptcy protection (Bankr. D.Del., Lead Case No. 19-10729)
on April 1, 2019. The petitions were signed by Richard S.
Infantino, interim chief strategy officer.
Hon. Mary F. Walrath oversees the cases.
The Debtors tapped Polsinelli PC as counsel; Deloitte Transactions
and Business Analytics LLP as chief strategy officer; Houlihan
Lokey Capital, Inc., as investment banker; and Prime Clerk LLC as
claims and notice agent.
Andrew Vara, acting U.S. trustee for Region 3, on April 15, 2019,
appointed five creditors to serve on the official committee of
unsecured creditors in the Chapter 11 cases of Orchids Paper
Products Company and its affiliates. The Committee retained
Lowenstein Sandler LLP, as counsel; and CKR Law LLP as its Delaware
counsel.
PALM BEACH GOLF: Drops Bid for $10K Financing From Travaglini
-------------------------------------------------------------
ebtors Palm Beach Golf Center, Inc., Palm Beach Golf Center-Boca,
Inc. and Waltrav, LLC withdrew their motion to obtain postpetititon
financing, without stating a reason..
The Debtors operates two retail stores that specialize in the sale
of golf equipment and apparel and services such as sizing golf
clubs and repairs.
The Debtors had proposed to access from Mark C. Travaglini, as
representative of a soon to be named lender, a postpetition line
of credit to the Debtors in the amount of $10,000, as a revolving
credit line for a term of six months at a rate of 10%.
About Palm Beach Golf Center
Palm Beach Golf Center Inc. and Palm Beach Golf Center - BOCA,
Inc., operate retail stores
--https://www.palmbeachgolfcenter.com/-- that sell golf equipment
and supplies. Waltrav, LLC is a limited liability company which
owns all the shares of Palm Beach Golf Center and Palm Beach BOCA.
On Aug. 22, 2019, Palm Beach Golf Center, Palm Beach BOCA and
Waltrav, LLC, sought Chapter 11 protection (Bankr. S.D. Fla. Case
Nos. 19-21268, 19-21269, and 19-21271). In the petitions signed by
Mark Travaglini, vice president, Palm Beach Golf Center disclosed
total assets of $58,801 and total liabilities of $1,948,566; Palm
Beach BOCA disclosed total assets of $18,990 and total liabilities
of $1,942,402; and Waltrav disclosed $0 in assets and liabilities.
The Hon. Erik P. Kimball oversees the Debtors' cases. KELLEY,
FULTON & KAPLAN, P.L., is the Debtors' counsel.
PALM FROND: Exclusivity Period Extended Until Nov. 24
-----------------------------------------------------
Judge Caryl Delano of the U.S. Bankruptcy Court for the Middle
District of Florida extended the period during which only Palm
Frond Condominium Association, Inc. can file a Chapter 11 plan to
Nov. 24.
PFCA can solicit acceptances for the plan until Jan. 24, 2020.
About Palm Frond Condominium
Association Inc.
Palm Frond Condominium Association, Inc. filed a voluntary Chapter
7 petition (Bankr. M.D. Fla. Case No. 19-04954) on May 25, 2019.
The case was converted to one under Chapter 11 on July 15, 2019.
The case has been assigned to Judge Caryl E. Delano. The Debtor is
represented by David A. Ray, Esq.
The U.S. Trustee, until further notice, will not appoint an
official committee of unsecured creditors in the Chapter 11 case of
Palm Frond Condominium Association, Inc., according to court
dockets.
PALM HEALTHCARE: $305K Delray Beach Property Sale to Trubnikov OK'd
-------------------------------------------------------------------
Judge Erik P. Kimball of the U.S. Bankruptcy Court for the Southern
District of Florida authorized the sale by Interloc Properties, LLC
and Palm Healthcare Co., of the real property located at 15925 SW
8th Ave., Delray Beach, Florida to David Trubnikov for $305,000.
A hearing on the Motion was held on Oct. 3, 2019 at 10:30 a.m.
The sale is free and clear of liens, claims, encumbrances, and
interests, with any liens, claims, and encumbrances to attach to
the sale proceeds.
At the closing, the Debtor is authorized to pay the real estate
brokers their commissions from the sales proceeds.
The stay requirement enumerated in Federal Rule of Bankruptcy
Procedure Rule 6004(h) is expressly waived, and the Order will not
be subject to an automatic 14-day stay. Notwithstanding anything
contained in Federal Rule of Bankruptcy Procedure Rules 6004, 6006
or 6007 to the contrary, the Order will be final, effective and
enforceable immediately upon entry.
About Palm Healthcare Co.
Palm Healthcare Company -- http://palmhealthcare.com-- owns and
operates an addiction treatment center in Delray Beach, Florida.
The Company's treatment programs are structured as a combination of
12-Step model, cognitive therapy, behavioral therapy, holistic
modalities and aftercare services.
Palm Healthcare Company (Bankr. S.D. Fla. Case No. 19-19156) and
affiliates Palm Partners, LLC (Bankr. S.D. Fla. Case No. 19-19161),
Interloc Properties, LLC (Bankr. S.D. Fla. Case No. 19-19163), and
Miami Real Estate Trust, LLC (Bankr. S.D. Fla. Case No. 19-19164),
sought
Chapter 11 protection on July 11, 2019.
In the petitions signed by Peter Harrigan, president, Palm
Healthcare was estimated to have assets and liabilities in the
range of $0 to $50,000; and Palm Partners had estimated assets in
the range of $0 to $50,000, and $1 million to $10 million in debt.
The cases are assigned to Judge Erik P. Kimball.
The Debtors tapped Robert C. Furr, Esq., at Furrcohen P.A. as
counsel.
PALM HEALTHCARE: $36K Sale of 3 Vehicles to Coast to Coast Approved
-------------------------------------------------------------------
Judge Erik P. Kimball of the U.S. Bankruptcy Court for the Southern
District of Florida authorized the sale by Interloc Properties, LLC
and Palm Healthcare Co., of the following vehicles to Coast
Wholesale Sales & Leasing, Inc.: (i) Palm Partners' 2010 White Ford
E-350 Econoline XLT Van, VIN 1FBSS3BL1ADA56992, for $7,000; (ii)
Palm Partners' 2016 Gray/Silver Ford Flex Fuel Explorer, VIN
1FM5K7B83GGB51102, for $8,500; and (iii) Interloc's 2015 Black Land
Rover Range Rover, VIN SALGS3TF6FA226260, for $8,500.
The Debtors are authorized to execute any and all documents
necessary to consummate the sale. They're further authorized to
take the actions necessary to complete the sale.
About Palm Healthcare Co.
Palm Healthcare Company -- http://palmhealthcare.com-- owns and
operates an addiction treatment center in Delray Beach, Florida.
The Company's treatment programs are structured as a combination of
12-Step model, cognitive therapy, behavioral therapy, holistic
modalities and aftercare services.
Palm Healthcare Company (Bankr. S.D. Fla. Case No. 19-19156) and
affiliates Palm Partners, LLC (Bankr. S.D. Fla. Case No. 19-19161),
Interloc Properties, LLC (Bankr. S.D. Fla. Case No. 19-19163), and
Miami Real Estate Trust, LLC (Bankr. S.D. Fla. Case No. 19-19164),
sought
Chapter 11 protection on July 11, 2019.
In the petitions signed by Peter Harrigan, president, Palm
Healthcare was estimated to have assets and liabilities in the
range of $0 to $50,000; and Palm Partners had estimated assets in
the range of $0 to $50,000, and $1 million to $10 million in debt.
The cases are assigned to Judge Erik P. Kimball.
The Debtors tapped Robert C. Furr, Esq., at Furrcohen P.A. as
counsel.
PERSON CENTERED: Bankr. Administrator Objects to PCO Appointment
----------------------------------------------------------------
The Office of the Bankruptcy Administrator for the Western District
of North Carolina objects to the Court's Order Directing Bankruptcy
Administrator to Appoint Ombudsman for Person Centered Partnerships
Inc.
The Chapter 11 proceeding, which is a pro se voluntary petition,
was filed on October 9, 2019. The Debtor's Petition indicates that
the nature of its business is a health care business.
On October 11, 2019, the Court entered an Order Directing
Bankruptcy Administrator to Appoint Ombudsman pursuant to Chapter
11 of the Bankruptcy Code. According to the website for Amara
Wellness -- amarawellness.org -- which is listed as another name
used by the Debtor in the last eight years, the Debtor offers
behavioral health services and outpatient individual and group
therapy.
The Court in In re 7-Hills Radiology, Inc., 350 B.R. 902, 2006
Bankr. LEXIS 2352 at 8 (Bankr. D. Nev. 2006), held that the types
of health care businesses contemplated under the definition of a
health care business are those that involved direct and ongoing
contact with patients and provided shelter and sustenance in
addition to medical treatment.
The Bankruptcy Court in the Middle District of North Carolina
followed the rationale of In re 7-Hills Radiology, Inc. and held
that based on evidence presented at the hearing, the Debtor's
dental practice does not provide patients with shelter and
sustenance in addition to medical treatment, and is plainly not
within the range of health care businesses anticipated by the
statute.
Additionally, even if the Debtor's dental practice did provide
direct and ongoing contact with patients that provided them with
shelter and sustenance, the Debtor is no longer engaged in the
practice of dentistry and thus would not require a patient care
ombudsman.
Wherefore, the Bankruptcy Administrator requests that the Court not
require the Bankruptcy Administrator to appoint an ombudsman
pursuant to 11 U.S.C. Section 333(a) in the Debtor's case and for
such other and further relief as the Court deems just and proper.
About Person Centered Partnership, Inc.
Person Centered Partnership, Inc. sought protection under Chapter
11 of the Bankruptcy Code (Case No. 19-31395) October 9, 2019.
PES HOLDINGS: Proposes Dual-Track Chapter 11 Plan
-------------------------------------------------
PES Holdings, LLC and its debtor affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware a corrected
disclosure statement explaining its chapter 11 plan.
Through the Plan, the Debtors will, among other things, consummate
one of two alternative and mutually exclusive transactions to
maximize the value of the estate, ultimately effectuating the
option that offers the best returns for the Allowed Claims. The
Equitization Restructuring contemplates a transaction and
reorganization under which the New PES Interests are distributed to
certain Holders of Allowed Claims as the primary form of
consideration. Alternatively, the Debtors may consummate an Asset
Sale Restructuring whereby the Debtors would sell all,
substantially all, or certain of their assets.
If an Equitization Restructuring occurs and the Holders of Allowed
General Unsecured Claims are to receive their Pro Rata share of the
GUC Equitization Reserve in accordance with Article III of the
Plan, on the Effective Date, the Reorganized Debtors shall
establish the GUC Equitization Reserve to be administered by the
Reorganized Debtors. As soon as practicable after the Proofs of
Claims with respect to Claims arising from the rejection of
Executory Contracts or Unexpired Leases have been filed, the
Reorganized Debtors shall make a Pro Rata distribution to all
Allowed General Unsecured Claims from the GUC Equitization Reserve
using the amount of the total amount of Allowed and Disputed
General Unsecured Claims as the denominator in calculating such Pro
Rata distribution.
If the Equitization Restructuring occurs, the Reorganized Debtors
will fund distributions under the Plan with Cash on hand on the
Effective Date, the revenues and proceeds of all assets of the
Debtors, including proceeds from all Causes of Action not settled,
released, discharged, enjoined, or exculpated under the Plan or
otherwise on or prior to the Effective Date, the Exit Facility (if
any), the Plan Sponsor Investment (if any), and the New PES
Interests.
If the Asset Sale Restructuring occurs, the Reorganized Debtors
will fund distributions under the Plan with Cash on hand on the
Effective Date and the revenues and proceeds of all assets of the
Debtors, including proceeds from all Causes of Action not settled,
released, discharged, enjoined, or exculpated under the Plan or
otherwise on or prior to the Effective Date.
A full-text copy of the corrected Disclosure Statement dated
October 10, 2019, is available at https://tinyurl.com/y5loqmr8 from
PacerMonitor.com at no charge.
About PES Holdings
Headquartered in Philadelphia, Pennsylvania, PES Holdings LLC and
its subsidiaries are owners and operators of oil refining complex
and have been continuously operating in some form for over 150
years.
PES Energy Inc. is the indirect parent company of Philadelphia
Energy Solutions Refining and Marketing LLC (PESRM). PESRM owns and
operates the Point Breeze and Girard Point oil refineries located
on an integrated, 1,300-acre refining complex in Philadelphia.
On Jan. 21, 2018, the Debtors filed petitions for relief under the
Bankruptcy Code, and emerged from bankruptcy in August the same
year.
On June 21, 2019, the Debtors suffered a historic, large-scale,
catastrophic incident involving an explosion at the alkylation unit
at their Girard Point refining facility. Following the incident,
the refinery has not been operational and will require an extensive
rebuild.
As a result of the explosion, PES Holdings, LLC, along with seven
subsidiaries, including PES Energy, returned to Chapter 11
bankruptcy (Bankr. D. Del. Lead Case No. 19-11626) on July 21,
2019.
PES Holdings was estimated to have $1 billion to $10 billion in
assets and the same range of liabilities as of the bankruptcy
filing.
The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Pachulski Stang Ziehl & Jones LLP as local bankruptcy
counsel; PJT Partners LP as financial advisor; and Alvarez & Marsal
North America, LLC, as restructuring advisor. Omni Management
Group, Inc., is the notice and claims agent.
The Company's proposed DIP financing lenders are represented by
Davis Polk & Wardwell LLP and Houlihan Lokey Capital, Inc. The
Official Committee of Unsecured Creditors formed in the case has
retained Conway MacKenzie, Inc., as financial advisor, Elliott
Greenleaf, P.C., as Delaware counsel, and Brown Rudnick LLP as
bankruptcy counsel.
PING IDENTITY: Moody's Raises CFR to B1, Outlook Stable
-------------------------------------------------------
Moody's Investors Service upgraded Ping Identity Corporation's
Corporate Family Rating to B1, from B2, Probability of Default
rating to B1-PD, from B2-PD, and the rating for its senior secured
credit facilities to B1, from B2. Moody's also assigned an SGL-2
Speculative Grade Liquidity rating reflecting good liquidity over
the next 12 months. The ratings outlook is stable. Ping Identity
Corporation is a wholly-owned subsidiary of Ping Identity Holding
Corp.
Upgrades:
Issuer: Ping Identity Corporation
Corporate Family Rating, Upgraded to B1 from B2
Probability of Default Rating, Upgraded to B1-PD from B2-PD
Gtd Senior Secured 1st lien Term Loan B, Upgraded to
B1 (LGD3) from B2 (LGD3)
Gtd Senior Secured 1st lien Revolving Credit Facility,
Upgraded to B1 (LGD3) from B2 (LGD3)
Assignments:
Issuer: Ping Identity Corporation
Speculative Grade Liquidity Rating, Assigned SGL-2
Outlook Actions:
Issuer: Ping Identity Corporation
Outlook, Remains Stable
RATINGS RATIONALE
The upgrade reflects the substantial reduction in debt levels
following the IPO and Moody's expectation that Ping Identity's
recurring revenue base, as measured by Annual Recurring Revenues
(ARR), will grow in the high teens percentages over the next 2 to 3
years. Ping Identity's credit profile benefits from a large and
growing addressable market for identity-based security solutions
that enable secure access to enterprise networks, applications and
data. In September 2019 Ping Identity closed the initial public
offering of its common stock and used proceeds to repay about $170
million of outstanding term loans. The company has diversified its
sources of capital to fund its growth plans and benefits from the
large equity cushion.
In 2018, Ping Identity accelerated investments to address the large
market opportunity and as a result EBITDA declined in YTD 2Q 2019.
Moody's expects adjusted EBITDA and operating cash flow to continue
to decline over the next 12 to 18 months while revenues grow in the
mid to high teens percentages. However, the company's growing
recurring revenues, strong revenue retention rates and operating
leverage support Moody's expectations for a stronger financial
profile in 2021. The company has good liquidity comprising $83
million of unrestricted cash and an undrawn $25 million revolving
line of credit.
The B1 CFR is constrained by Ping Identity's modest operating
scale, the intensely competitive and fragmented Identity and Access
Management products market and Moody's expectations for breakeven
to modestly positive free cash flow in 2020. Following the IPO,
total debt to EBITDA (Moody's adjusted after expensing capitalized
software costs) declined from 6.7x at quarter ended June 30, 2019,
to about mid 2x. As a growth-oriented pubic company, Moody's
expects Ping Identity to maintain low debt levels. Nevertheless,
Vista Equity continues to own over 80% of Ping Identity's common
stock and the potential for more aggressive financial policies is a
rating constraint. Ping Identity's credit profile is supported by
its high proportion of recurring subscription revenues (92% of
total revenues in the YTD 2Q '19) and its short, but strong track
record of high net revenue retention rates.
As a provider of the critical IAM solutions that secure over 2
billion identities globally, Ping Identity has high reputation risk
from potential cybersecurity breaches in its platform or through
its products in the networks operated by its customers.
The stable outlook reflects Moody's expectations that Ping
Identity's ARR will grow in the mid to high teens percentages and
the company will maintain good liquidity and low debt levels.
Moody's expects free cash flow to improve meaningfully in 2021
after breakeven to modestly positive free cash flow in 2020.
Given Ping Identity's modest revenue base and operating cash flow
and its concentrated ownership, a ratings upgrade is not expected
over the next 12 to 24 months. Moody's could upgrade Ping
Identity's ratings over time if the company maintains strong
revenue growth and generates sizeable free cash flow while
maintaining low debt levels. The rating could be downgraded if ARR
growth decelerates materially, liquidity weakens or financial
policy becomes aggressive.
The principal methodology used in these ratings was Software
Industry published in August 2018.
Ping Identity Corporation is a wholly owned subsidiary of Ping
Identity Holding Corp. Ping Identity's Identity and Access
Management solutions provide secure access to employees, partners
and consumers of its enterprise customers that allows users to
connect to software applications. Funds affiliated to Vista Equity
Partners acquired Ping Identity on June 30, 2016.
PLAINS ALL: Moody's Alters Outlook on Ba1 CFR to Positive
---------------------------------------------------------
Moody's Investors Service affirmed all of Plains All American
Pipeline L.P.'s ratings and changed its outlook to positive from
stable. Ratings affirmed include the Ba1 Corporate Family Rating,
Ba1-PD Probability of Default Rating, Not Prime commercial paper
rating, the Ba1 senior unsecured rating and the Ba3 preferred units
rating. The Speculative Grade Liquidity rating remains SGL-3.
"The positive outlook incorporates our expectation for continued
fee-based earnings growth in 2020-2021 from Plains' transportation
segment led by capacity additions," commented Arvinder Saluja,
Moody's Vice President - Senior Analyst. "It is also supported by
Plains' lower leverage and improved distribution coverage targets,
and limited medium term need for common equity funding for its
capital programs."
Outlook Actions:
Issuer: Plains All American Pipeline L.P.
Outlook, Changed To Positive From Stable
Affirmations:
Issuer: Plains All American Pipeline L.P.
Corporate Family Rating, Affirmed Ba1
Probability of Default Rating, Affirmed Ba1-PD
Senior Unsecured Notes, Affirmed Ba1 (LGD4)
Pref. Stock Preferred Stock, Affirmed Ba3 (LGD6)
Senior Unsecured Commercial Paper, Affirmed NP
Issuer: Plains Midstream Canada ULC
Senior Unsecured Commercial Paper, Affirmed NP
RATINGS RATIONALE
Plains' Ba1 CFR benefits from its large scale and geographic asset
diversification across key North American oil producing regions and
EBITDA growth in the transportation business supporting
deleveraging. The credit challenges include volume risk that
exposes cash flow to changing market dynamics arising from crude
production levels, and the MLP model subject to a high distribution
payout.
Ratings could be upgraded if the company continues demonstrating
maintenance of a balanced approach to capital allocation and if
sustainable growth in EBITDA continues without reliance on its
optimization activities. Specifically, an upgrade will depend on
debt/EBITDA sustainably remaining below 4.5x (including Moody's
standard adjustments, 50% debt treatment for the preferred units
and a normalized level of Supply & Logistics segment EBITDA ) and
distribution coverage consistently above 1.3x despite high capital
spending needs. The ratings could be downgraded if leverage
(excluding S&L EBITDA) increases above 5x, or if distribution
coverage approaches 1x.
Plains has adequate liquidity as indicated by its SGL-3 rating. As
of June 30, Plains had total liquidity sources of about $2 billion,
comprised of cash on hand and availability under its long-term
revolving credit facilities. However, Moody's expects negative free
cash flow in 2019-20 due to a high level of capital spending
related to growth projects which could reduce the revolver
availability meaningfully at least on a temporary basis. Moody's
expects Plains to remain in compliance with its sole financial
covenant of debt to EBITDA
QUALITY ONE: Seeks to Extend Exclusivity Period to Dec. 31
----------------------------------------------------------
Quality One Transport, LLC asked the U.S. Bankruptcy Court for the
Northern District of Ohio to extend the period during which only
the company can file a Chapter 11 plan to Dec. 31.
The company's current exclusivity period expires on Oct. 22.
Quality One Transport is currently seeking for a new accountant
whose services will be necessary to formulate a plan of
reorganization. The accountant currently employed by the company
to assist in the preparation of monthly operating reports has been
performing his tasks in an "unsatisfactory manner" and his
contributions to the operating reports "do not give a clear
picture" of the company's overall cash flow, according to court
filings.
In addition, the company is expecting to receive approximately
$20,000 from the USPS for additional costs incurred under their
contract. At this time, the company has approximately $30,000 in
its accounts. The requested extension, if granted, would give the
company a chance to solidify these numbers, according to court
filings.
About Quality One Transport
Quality One Transport, LLC, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Ohio Case No. 19-50951) on April
25, 2019. At the time of the filing, the Debtor estimated assets
of less than $500,000 and liabilities of less than $1 million. The
case is assigned to Judge Alan M. Koschik. The Debtor is
represented by David A. Mucklow, Esq.
RADER LODGE: Seeks to Hire Hansen Auction as Realtor
----------------------------------------------------
Rader Lodge, Inc. filed an application seeking approval from the
U.S. Bankruptcy Court for the District of Kansas to hire a
realtor.
In its application, the Debtor proposed to employ Hansen Auction &
Realty to sell its real and personal properties on or before Jan.
31, 2020. The firm will be paid a commission of 6 percent of the
sales price.
Josh Miller, a partner at Hansen Auction, disclosed in court
filings that the firm is a "disinterested person" as defined in
Section 101(14) of the Bankruptcy Code.
Hansen Auction can be reached at:
Josh Miller
Hansen Auction & Realty
P.O. Box 237
Beloit, KS 67420
Tel: (785) 738-8932
About Rader Lodge
Rader Lodge, Inc., filed a Chapter 11 bankruptcy petition (Bankr.
D. Kan. Case No. 19-10128) on Jan. 29, 2019, estimating under $1
million in both assets and liabilities. The case is assigned to
Judge Robert E. Nugent. The Debtor is represented by Edward J.
Nazar, Esq., at Hinkle Law Firm, L.L.C.
RITE AID: S&P Lowers ICR to 'SD' on Distressed Exchange
-------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on Rite Aid
Corp. to 'SD' (selective default) from 'B-' and the issue-level
ratings on the 2027 and 2028 unsecured notes to 'D' from 'CCC'. At
the same time, S&P placed the issue-level ratings on the debt not
subject to the repurchase transactions on CreditWatch with negative
implications.
The downgrade follows Rite Aid Corp.'s disclosure that it
repurchased debt at 39% below par and has initiated a tender offer
to repurchase up to $100 million of additional notes at a similar
discount. S&P views the repurchases as distressed and tantamount to
default given the company's weak credit profile and increasing
operating challenges in an intensely competitive industry.
SAN JUAN ICE: Dec. 11 Plan Confirmation Hearing Set
---------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico issued an order granting the motion of
Debtor San Juan Ice Inc. requesting continuance.
The hearing on final approval of the disclosure statement and
confirmation of the plan scheduled for October 16, 2019, at 9:00
a.m., is rescheduled, for cause, for Dec. 11, 2019, at 9:00 a.m.,
at the U.S. Bankruptcy Court, Jose V. Toledo Federal Building and
US Courthouse, 300 Recinto Sur Street, Courtroom 3, Third Floor,
San Juan, Puerto Rico.
About San Juan Ice Inc.
San Juan Ice Inc., based in San Juan, PR, sought Chapter 11
protection (Bankr. D.P.R. Case No. 18-01784) on April 3, 2018. In
the petition signed by Ramiro Rodriguez Pena, president, the Debtor
disclosed $580,495 in assets and $1.17 million in liabilities. The
Hon. Mildred Caban Flores oversees the case. Robert Millan, Esq.,
at Millan Law Offices, serves as bankruptcy counsel to the Debtor.
SAN LUIS & RIO: Involuntary Chapter 11 Case Summary
---------------------------------------------------
Alleged Debtor: San Luis & Rio Grande Railroad, Inc.
610 State Street
Alamosa, CO 81101
Business Description: San Luis & Rio Grande Railroad, Inc.
operates the San Luis & Rio Grande
Railroad. SLRG runs west from a
connection with the Union Pacific
Railroad at Walsenburg, CO, over the
Sangre de Cristo Mountains at La Veta
Pass and into the fertile valley of the
San Luis and Rio Grande Rivers. At
Alamosa, the railroad splits with a
branch extending south to Antonito --
just north of the New Mexico border --
and northwest to South Fork. In
addition to the Union Pacific, the SLRG
connects with the shortline San Luis
Central Railroad (SLC) at Monte Vista
and the Denver and Rio Grande
Historical Foundation at Derrick, just
west of South Fork. The SLRG is under
150 miles long. The highest point on
the SLRG at La Veta Pass, is 9,242 feet
above sea level, the highest rail
freight line in North America. The
primary commodities hauled by the SLRG
are grain, minerals, specialty rock
products and produce. SLRG also
handles substantial bridge traffic to
and from the SLC. Permian Basin
Railways acquired SLRG in December
2005. For more information,
visit https://is.gd/SA25Nk.
Involuntary
Chapter 11
Petition Date: October 16, 2019
Court: United States Bankruptcy Court
District of Colorado (Denver)
Case Number: 19-18905
Judge: Hon. Thomas B. McNamara
Petitioners'
Counsel: Michael J. Pankow, Esq.
BROWNSTEIN HYATT FARBER SCHRECK
410 17th St., 22nd Fl.
Denver, CO 80202
Tel: 303-223-1100
Fax: 303-223-1111
E-mail: mpankow@bhfs.com
- and -
Pieter M. Schenkkan, Esq.
GRAVES DOUGHERTY HEARON & MOODY
401 Congress Ave Ste 2700
Austin, TX 78701
Tel: 512-480-5673
E-mail: pschenkkan@gdhm.com
List of Petitioners:
Name Nature of Claim Claim Amount
---- --------------- ------------
The San Luis Central Railroad Co. Services $123,456
Edward A Burkhardt Provided
9501 W Devon Ave #505
Rosemont, IL 60018
Ralco, LLC Judgment for $824,158
200 S Wacker Drive #3100 Unpaid Lease
Chicago, IL 60606
South Middle Creek Road Judgment for $150,000
Association Breach of Contract
Attn: Judy Fisher
30 South Middle Creek Road
LaVeta, CO 81055
A full-text copy of the Involuntary Petition is available for free
at:
http://bankrupt.com/misc/cob19-18905.pdf
SANCHEZ ENERGY: Taps Gibbs & Bruns as Special Counsel
-----------------------------------------------------
Sanchez Energy Corporation received approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire Gibbs &
Bruns LLP as special counsel.
The firm will provide legal services in connection with two
separate lawsuits styled (i) Gavilan Resources LLC v. SN EF
Maverick, LLC and Sanchez Energy Corporation, American Arbitration
Association (Case No. 01-19-0000-5228) and (ii) Sanchez Oil & Gas
Corporation, Sanchez Energy Corporation and Sanchez Production
Partners LP v. Terra Energy Partners LLC, Benjamin "B.J." Reynolds,
Mark Mewshaw, and Wes Hobbs (Cause No. 201618909)
The firm's hourly rates are:
Partners $445 - $1,250
Counsel $305 - $430
Associates $345 - $425
Paraprofessionals $125 - $210
The Gibbs & Bruns attorneys with primary responsibility for
providing services to the Debtor are:
Robin Gibbs $1,250
Sam Cruse III $565
Brice Wilkinson $445
Jorge Gutierrez $400
Sam Cruse III, Esq., a partner at Gibbs & Bruns, disclosed in court
filings that the firm and its attorneys do not represent any
interest materially adverse to the Debtor and its bankruptcy
estate.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Mr.
Cruse disclosed that the firm has not agreed to a variation of its
standard or customary billing arrangements for its employment with
the Debtor, and that no professional at the firm has varied his
rate based on the geographic location of the Debtor's bankruptcy
case.
Mr. Cruse also disclosed that Gibbs & Bruns expects to develop a
prospective budget and staffing plan to comply with the U.S.
trustee's request for information and additional disclosures as to
which the firm reserves all rights.
Gibbs & Bruns can be reached through:
Sam W. Cruse III, Esq.
Gibbs & Bruns LLP
1100 Louisiana, Suite 5300
Houston, TX 77002
Phone: 713.751.5287
E-mail: scruse@gibbsbruns.com
About Sanchez Energy Corp.
Sanchez Energy Corporation and its affiliates --
https://sanchezenergycorp.com/ -- are independent exploration and
production companies focused on the acquisition and development of
U.S. onshore oil and natural gas resources. Sanchez Energy is
currently focused on the development of significant resource
potential from the Eagle Ford Shale in South Texas, and holds other
producing properties and undeveloped acreage, including in the
Tuscaloosa Marine Shale (TMS) in Mississippi and Louisiana.
As of Dec. 31, 2018, the companies had approximately 325,000 net
acres of oil and natural gas properties with proved reserves of
approximately 380 million barrels of oil equivalent and interests
in approximately 2,400 gross producing wells.
Sanchez Energy and 10 affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 19-34508)
on Aug. 11, 2019. As of June 30, 2019, the companies disclosed
$2,159,915,332 in assets and $2,854,673,930 in liabilities.
The cases have been assigned to Judge Marvin Isgur.
The companies tapped Akin Gump Strauss Hauer & Feld LLP and Jackson
Walker L.L.P. as bankruptcy counsel; Moelis & Company LLC as
financial advisor; Alvarez & Marsal North America LLC as
restructuring advisor; and Prime Clerk LLC as notice and claims
agent.
Henry Hobbs Jr., acting U.S. trustee for Region 7, appointed a
committee of unsecured creditors on Aug. 26, 2019. The committee
tapped Milbank LLP as lead counsel, and Locke Lord LLP as Milbank's
co-counsel.
SARAH ZONE: Wants to Continue Cash Collateral Use Thru March 2020
-----------------------------------------------------------------
Sarah Zone, Inc., seeks authority from the U.S. Bankruptcy Court of
the Central District of California to continue its use of cash
collateral in accordance with its operating budget for the 16-week
period d from Dec. 2, 2019 through and including March 22, 2020
In addition, the Debtor seeks authority to deviate from the line
items contained in the Budget, without the need for any further
Court order, by up to 20%, on both a line item and aggregate basis,
with any unused portions to be carried over into the following
week.
The Debtor's senior secured lender is Open Bank. The Debtor is a
borrower under two separate loans with Open Bank: (a) the Debtor is
currently indebted to Open Bank in the amount of approximately
$1,600,000 under the First Loan, which loan is secured by assets
owned by the Debtor's affiliates who are named as borrowers under
the First Loan, including, without limitation, a commercial
building owned S&Y located at 655 East 30th Street, Los Angeles,
California 90011; and (b) the Debtor is currently indebted to Open
Bank in the amount of approximately $1,500,000 under the Second
Loan which is also secured by the Building owned by S&Y. The
Building was successfully sold by S&Y in April, 2019, resulting in
the full payment and satisfaction of the Second Loan.
Prior to the Petition Date, the Debtor also obtained a loan from
Tae Hyun Yoo (who is the founder and President of the Debtor) and
his wife, Susan Yoo, in the total sum of $350,000, which loan is
secured by substantially all of the Debtor's assets. Prior to the
Petition Date, the Yoos filed a UCC financing statement asserting a
lien against substantially all of the assets of the Debtor.
In August, 2018, the Debtor obtained a loan from an individual
named Chong Taek Lee, in the amount of $10,000, which loan is
secured by substantially all of the Debtor's assets. Prior to the
Petition Date, Lee filed a UCC financing statement asserting a lien
against substantially all of the assets of the Debtor.
Based on the foregoing, the Debtor believes that Lee and the Yoos
are currently the only parties that have a perfected security
interest in its cash.
The Debtor anticipates that it will be holding assets with
aggregate value estimated to be $4,077,690 as of Aug. 18, 2019. The
Debtor believes that the amount currently owed to Lee is
approximately $10,000. Given the aggregate value of the Debtor's
assets, and the total amount estimated to be owed to Lee (i.e.,
$10,000), Lee is adequately protected by a substantial equity
cushion, well above the 20% range that constitutes clear adequate
protection of a secured creditor's interest in cash collateral.
Furthermore, the Debtor submits that the value of Lee's interest in
its cash collateral will be adequately protected by, among other
things, the maintenance and continued operation of its business.
The Debtor also proposes to provide the Secured Parties with
replacement liens and security interests against the Debtor's
post-petition assets, to the extent of any diminution in value of
such Secured Parties' interests in the Debtor's pre-petition
collateral, with such replacement liens to have the same extent,
validity, and priority as the pre-petition liens held by such
Secured Parties. Such replacement liens will provide the Secured
Parties with further adequate protection.
A copy of the Cash Collateral Motion is available at
http://bankrupt.com/misc/cacb18-20836-132.pdf
About Sarah Zone
Sarah Zone, Inc., is a merchant wholesaler of apparel, piece goods,
and notions. The company filed its Articles of Incorporation in
California on Oct. 5, 2004, according to public records filed with
California Secretary of State.
Sarah Zone sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Cal. Case No. 18-20836) on Sept. 17, 2018. In
the petition signed by Tae Hyun Yoo, president, the Debtor
disclosed $3,833,130 in assets and $7,301,855 in liabilities. Judge
Sandra R. Klein presides over the case. The Debtor tapped Levene,
Neale, Bender, Yoo & Brill LLP, as its legal counsel.
SCHROEDER BROTHERS: Trustee Taps Gavin Bros. as Auctioneer
----------------------------------------------------------
The Chapter 11 liquidating trustee for Schroeder Brothers Farms of
Camp Douglas LLP received approval from the U.S. Bankruptcy Court
for the Western District of Wisconsin to hire Gavin Bros.
Auctioneers, LLC.
Jane Zimmerman, the court-appointed liquidating trustee, tapped the
firm to conduct a public auction of the Debtor's 864-acre farmland
located in Juneau County, Wis., and the Debtor's personal
properties, which include vehicles and farm equipment.
Gavin Bros. will be paid a commission from the sale of the farmland
equal to 5 percent of the gross sales price. Meanwhile, the firm
will get a 7 percent commission from the sale of the Debtor's
personal properties.
Robert Gavin, an auctioneer employed with Gavin Bros., disclosed in
court filings that he and his firm do not hold any interest adverse
to the Debtor and its creditors.
Gavin Bros. can be reached through:
Robert J. Gavin
Gavin Bros., Auctioneers, LLC
P.O. Box 267
Reedsburg, WI 53959
Phone: (608) 524-6416
Fax: (608) 524-0292
About Schroeder Brothers
Schroeder Brothers Farm of Camp Douglas LLP sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No.
16-13719) on Nov. 2, 2016. The petition was signed by Rocky
Schroeder, authorized representative. At the time of the filing,
the Debtor estimated its assets at $500 million to $1 billion and
debt at $1 million to $10 million.
The case is assigned to Judge Catherine J. Furay.
The Debtor is represented by Pittman & Pittman Law Offices, LLC.
On Dec. 7, 2016, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. The committee retained
DeWitt Ross & Stevens S.C. as its bankruptcy counsel.
Jane F. Zimmerman was appointed as Chapter 11 liquidating trustee
for the Debtor's bankruptcy estate. She is represented by Murphy
Desmond S.C.
SGM FOODS: Deadline to File Exit Plan Extended Until Dec. 6
-----------------------------------------------------------
Judge Robert Grossman of the U.S. Bankruptcy Court for the Eastern
District of New York extended SGM Foods, LLC's deadline to file a
plan of reorganization to Dec. 6.
The confirmation of SGM's plan of reorganization will be subject
to the 45-day rule as set forth in the Bankruptcy Code Section
1129(e), according to the bankruptcy judge's order.
About SGM Foods LLC
SGM Foods, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-42140) on April 10,
2019. On April 30, 2019, the case was reassigned from Judge
Elizabeth S. Stong to Judge Robert E. Grossman and was assigned a
new case number (Case No. 19-73116). At the time of the filing,
the Debtor had estimated assets of less than $50,000 and
liabilities of less than $1 million. The Law Offices of Kenneth A.
Reynolds, Esq., P.C., is the Debtor's counsel.
SNEED SHIPBUILDING: Trustee Proposes Liquidating Plan
------------------------------------------------------
Allison D. Byman, solely in her capacity as the Chapter 11 Trustee
of the Bankruptcy Estate of Sneed Shipbuilding, Inc., submitted a
proposed Chapter 11 Plan of Liquidation.
The Plan establishes a liquidating trust under which certain
bankruptcy estate assets (including net sale proceeds) will be
distributed to holders of allowed claims by the liquidating
trustee.
A hearing to consider confirmation of the Plan is slated for Dec.
10, 2019 at 10:00 a.m. The deadline to object to confirmation of
the Plan is 5:00 p.m. on Dec. 4, 2019. The deadline to vote to
accept or reject Plan is Dec. 4, 2019
According to the Disclosure Statement, the Plan proposes to treat
claims and interests as follows:
* Class 3 - General Unsecured Claims. IMPAIRED. The Liquidating
Trustee shall distribute Available Cash Pro Rata to holders of
Allowed Claims in Class 3 and/or the Disputed Claims Reserve
pursuant to the Plan, on one or more interim Distribution Dates.
According to its Scheduls, the Debtor estimates its potentially
liability for Class 3 Claims to be approximately $16,691,835.53.
* Class 4 - Equity Interests. IMPAIRED. All equity interests in
the Debtor shall be canceled on the Effective Date and holders of
such Equity Interests shall receive no Distribution under the
Plan.
A full-text copy of the Disclosure Statement dated October 9, 2019,
is available at https://tinyurl.com/y5o7s7dh from PacerMonitor.com
at no charge.
ATTORNEY FOR ALLISON D. BYMAN,
CHAPTER 11 TRUSTEE:
Steven D. Shurn
Alexande Perez
HUGHES WATTERS ASKANASE. L.L.P.
1201 Louisiana 28th Floor
Houston, Texas 77002
Telephone: (713) 759-0818
Facsimile: (713) 759-6834
sshun@hwallp.com
aperex@hwallp.com
About Sneed Shipbuilding
Sneed Shipbuilding, Inc., sought protection under Chapter 11 of
the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 16-60014) on March 4,
2016. The petition was signed by Clyde E. Sneed, president. The
Debtor estimated assets of $1 million to $10 million and debt of
$10 million to $50 million.
The case is assigned to Judge David R. Jones.
The Debtor was represented by Amber Michelle Chambers, Esq., Eric
Michael VanHorn, Esq., and Nicholas Zugaro, Esq., at McCathern,
PLLC.
The Office of the U.S. Trustee appointed five creditors of Sneed
Shipbuilding to serve on an official committee of unsecured
creditors.
On Nov. 3, 2016, the court appointed Allison D. Byman as the
Chapter 11 trustee. The Trustee is represented by Hughes Watters
Askanase, LLP.
SOMERVILLE BREWING: Seeks to Hire Parker & Associates as Counsel
----------------------------------------------------------------
Somerville Brewing Company seeks authority from the U.S. Bankruptcy
Court for the District of Massachusetts to hire Parker & Associates
as its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
a. advise the Debtor regarding its rights, powers and duties
in the continued operation of its business and management of its
assets;
b. advise the Debtor with respect to a plan of reorganization
and related matters;
c. represent the Debtor at hearings, prepare legal documents
and review financial reports;
d. assist in the negotiation and documentation of financing
agreements, debt and cash collateral orders, and related
transactions;
e. analyze the nature and validity of liens asserted against
the Debtor's property and advise the Debtor concerning the
enforceability of such liens;
f. advise the Debtor regarding the ability to initiate
actions to collect and recover property for the benefit of its
estate;
g. assist the Debtor in connection with the potential
disposition of its property;
h. advise the Debtor concerning the assumption, assignment,
rejection, restructuring and recharacterization of its executory
contracts and unexpired leases;
i. analyze claims of creditors and the treatment of such
claims, and assist the Debtor in the preparation, filing or
prosecution of any objections to claims; and
j. commence litigations to assert rights held by the Debtor,
protect assets of the estate and further the goal of completing the
Debtor's successful reorganization.
Parker & Associates will be paid on an hourly basis and will
receive reimbursement for work-related expenses incurred.
Nina Parker, Esq., a partner at Parker & Associates, disclosed in
court filings that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
Parker & Associates can be reached at:
Nina M. Parker, Esq.
Marques C. Lipton, Esq.
Parker & Associates
10 Converse Place, Suite 201
Winchester, MA 01890
Tel: (781) 729-0005
Email: nparker@ninaparker.com
mlipton@ninaparker.com
About Somerville Brewing Co.
Somerville Brewing Company, which conducts business under the name
American Fresh Brewhouse, produces a wide variety of traditional
and experimental Slumbrew brand beer styles.
Somerville Brewing Company filed a Chapter 11 bankruptcy petition
(Bankr. D. Mass. Case No. 19-13300) on Sept. 27, 2019 in Boston.
The petition was signed by Jeffrey Leiter, the Debtor's president
and treasurer.
At the time of the filing, the Debtor disclosed assets of between
$1 million and $10 million and liabilities of the same range.
The Hon. Frank J. Bailey is the case judge.
SORENSEN FUNERAL: Case Summary & Unsecured Creditors
----------------------------------------------------
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Sorensen Funeral Home LLC 19-09877
3180 30th Ave North
Saint Petersburg, FL 33713
Sorensen Real Estate Holdings, LLC 19-09879
3180 30th Ave North
Saint Petersburg, FL 33713
Family Owned Funeral Services, LLC 19-09880
3180 30th Ave North
Saint Petersburg, FL 33713
Business Description: Sorensen Funeral Home LLC --
https://www.sorensenfuneralhome.com/ --
offers a range of personalized funeral
services.
Chapter 11 Petition Date: October 17, 2019
Court: United States Bankruptcy Court
Middle District of Florida (Tampa)
Debtors' Counsel: Laurie L. Blanton, Esq.
BLANTON LAW, P.A.
1100-C South Tamiami Trail
Venice, FL 34285
Tel: 941-493-6577
Fax: 941-493-5377
E-mail: courtnotices@bankruptcyfitzhugh.com
courtnotices@blantonlaw.org
Sorensen Funeral's
Total Assets: $71,412
Sorensen Funeral's
Total Liabilities: $2,473,748
Sorensen Real Estate's
Total Assets: $785,000
Sorensen Real Estate's
Total Liabilities: $2,396,827
Family Owned Funeral's
Total Assets: $116,985
Family Owned Funeral's
Total Liabilities: $2,550,836
The petitions were signed by Brian Buchert, managing member.
A full-text copy of Sorensen Funeral Home's petition containing,
among other items, a list of the Debtor's four unsecured creditors
is available for free at:
http://bankrupt.com/misc/flmb19-09877.pdf
A full-text copy of Sorensen Real Estate's petition containing,
among other items, a list of the Debtor's two unsecured creditors
is available for free at:
http://bankrupt.com/misc/flmb19-09879.pdf
A full-text copy of Family Owned Funeral's petition containing,
among other items, a list of the Debtor's three unsecured creditors
is available for free at:
http://bankrupt.com/misc/flmb19-09880.pdf
SPEEDWAY MOTORSPORTS: S&P Rates New Senior Unsecured Notes 'BB+'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating and '4'
recovery rating to Speedway Motorsports LLC's proposed $300 million
senior unsecured notes due in 2027.
Speedway plans to use the proceeds to repay $90 million of the
company's recently issued term loan A, redeem the existing $200
million unsecured notes due in 2023, and pay the call premium and
fees. S&P said, "The '4' recovery rating reflects S&P's expectation
for average (10%-30%; rounded estimate: 35%) recovery for unsecured
lenders in the event of a payment default. The '4' recovery rating
is higher than S&P's '5' recovery rating on the existing notes due
in 2023 because Speedway plans to use part of the proceeds to
reduce the secured term loan A debt in the capital structure,
improving recovery prospects for unsecured lenders. S&P would
withdraw its rating on the existing unsecured notes due in 2023
following the completion of the new notes issuance and the existing
notes redemption.
S&P also affirmed the 'BBB-' issue-level rating and '1' recovery
rating on the secured debt, which consists of the revolving credit
facility and term loan A, primarily because it expects very high
recovery prospects for secured lenders in a hypothetical default
subsequent to the proposed transaction.
The proposed debt issuance does not materially affect S&P's
leverage forecast, because the transaction is a debt-for-debt
refinancing.
"We continue to forecast adjusted debt to EBITDA in the high-2x
area in 2019 and the mid-2x area in 2020. Therefore, our 'BB+'
issuer credit rating and negative outlook on Speedway are
unchanged," S&P said.
ISSUE RATINGS - RECOVERY ANALYSIS
Key analytical factors
-- S&P is affirming its 'BBB-' issue-level rating on Speedway's
secured debt, which consists of a $100 million revolving credit
facility and $160 million term loan A outstanding, incorporating
the proposed unsecured notes issuance. The '1' recovery rating
indicates the rating agency's expectation for very high recovery
(90%-100%; rounded estimate: 95%) in the event of a payment
default. S&P caps its issue-level ratings on the debt of
speculative-grade issuers at 'BBB-', regardless of its recovery
rating, to de-emphasize the role recovery plays in notching up its
issue-level ratings for issuers near the investment-grade
threshold.
-- S&P assigned its 'BB+' issue-level rating to Speedway's
proposed senior unsecured notes due in 2027. The '4' recovery
rating indicates the rating agency's expectation for average
(10%-30%; rounded estimate: 35%) recovery.
-- S&P's simulated default scenario contemplates a payment default
in 2024, reflecting a precipitous decline in EBITDA. This is
unlikely in the intermediate term given S&P's view of Speedway and
its debt structure. Under the rating agency's default scenario, a
decline of this magnitude would likely result from a widespread
loss of interest in motorsports racing and a prolonged economic
downturn, leading to substantially lower viewership and event
attendance.
-- S&P assumes a reorganization following default using an
emergence EBITDA multiple of 6.5x to value the company.
Simulated default assumptions
-- Year of default: 2024
-- EBITDA at emergence: $52 million
-- EBITDA multiple: 6.5x
-- Cash flow revolver: 85% drawn at default
Simplified waterfall
-- Net enterprise value (after 5% administrative expenses): $321
million
-- Obligor/nonobligor valuation split: 100%/0%
-- Estimated secured debt claims (revolver and term loan A): $199
million
--Recovery expectation: 90%-100% (rounded estimate: 95%)
-- Value available to unsecured claims: $121 million
-- Estimated unsecured claims: $308 million
--Recovery expectation: 30%-50% (rounded estimate: 35%)
All debt amounts include six months of prepetition interest.
SPRINGFIELD MEDICAL: Seeks to Extend Exclusive Period to Feb. 21
----------------------------------------------------------------
Springfield Medical Care Systems, Inc. requests the U.S. Bankruptcy
Court for the District of Vermont to extend the period in which
SMCS has the exclusive right to file a chapter 11 plan and solicit
votes thereon by 120 days through Feb. 21 and April 21,
respectively.
The requested extension, if granted, will provide SMCS ample time
to complete its financial modeling which in turn will aid SMCS in
determining its ability to pay claims.
SMCS' operations were historically performed by Springfield
Hospital, Inc. The Hospital is also currently in chapter 11. As
opposed to the Hospital, SMCS was formed as primary care medical
services and administrative services for the medical system. The
separation of SMCS' business from the Hospital operations has
caused SMCS to rely financially on the Hospital for certain
services (and the Hospital to rely on SMCS for other services). The
Hospital is also currently in chapter 11.
SMCS intends to restructure its operations to become financially
independent. This restructuring is complicated and requires
considerable financial analysis and potential operational changes
for SMCS. Additionally, SMCS operates in the highly regulated
healthcare field -- this regulatory environment causes all levels
of operations to be more complicated than in a typical chapter 11
case.
SMCS has spent substantial time working on financial modeling in an
effort to determine whether it can exist independent of the
Hospital. SMCS claims that only when this financial modeling is
complete will it be positioned to prepare and negotiate a plan of
reorganization.
About Springfield Medical Care Systems
Springfield Medical Care Systems -- https://springfieldmed.org/ --
is a 501(c) non-profit corporation, founded in 2009, as the parent
corporation to its nine-site federally-qualified community health
center network and Springfield Hospital. The Company's healthcare
system integrates primary care, behavioral health, dental, vision,
and hospital care with a broad network of community-based
services.
Springfield Medical Care Systems filed a Chapter 11 bankruptcy
petition (Bankr. D. Vt. Case No. 19-10285) on June 26, 2019.
Springfield Medical estimated $1 million to $10 million in assets
and $10 million to $50 million in liabilities. The Debtor hired
Bernstein Shur Sawyer & Nelson, P.A., as counsel.
ST. CLAIR SD: Moody's Affirms Ba2 Rating on $8.7MM GOULT Debt
-------------------------------------------------------------
Moody's Investors Service affirmed the Ba2 rating on St. Clair
County School District 189, IL's general obligation unlimited tax
debt. The outlook is stable. The rating applies to $8.7 million in
rated debt.
RATING RATIONALE
The Ba2 rating reflects the district's severely stressed tax base
characterized by low resident income, high poverty and weak
property tax collections coupled with outsized leverage stemming
from debt and pensions obligations of the district and overlapping
entities. The rating considers the district's substantially
improved financial position due to ongoing state oversight and an
influx in revenues with the positive trend tempered by financial
risk stemming from dependency on continued growth in distributions
from the State of Illinois (Baa3 stable). The rating also
incorporates contingent risk associated with reliance on state
support for contributions to an underfunded State of Illinois
Teachers Retirement System (TRS).
RATING OUTLOOK
The stable outlook is based on the district's very healthy
financial position that provides a buffer against its high reliance
on the state and weak tax base.
FACTORS THAT COULD LEAD TO AN UPGRADE
- Strengthening of the tax base such as recovery in valuations,
improved tax collections or material improvement in resident income
indices
- Moderation of debt and pension burdens
- Reduced reliance on the state for operating revenue
FACTORS THAT COULD LEAD TO A DOWNGRADE
- Declines in operating reserves or liquidity
- Indications of weakened state support including a
cut state aid or a pension cost shift
- Increased debt or pension burden
LEGAL SECURITY
Debt service on the district's outstanding general obligation bonds
is ultimately secured by its unlimited tax pledge, payable from ad
valorem property taxes unlimited as to rate or amount. The
district's alternate revenue debt is expected to be repaid from
state aid receipts, but is ultimately secured by the district's
GOULT pledge. Once adequate state revenue to cover debt service has
been received, the district may abate that portion of the debt
service levy.
PROFILE
Located across the Mississippi River from St. Louis, St. Clair
County School District 189 (East St. Louis) serves residents of the
City of East St. Louis, as well as the Village of Washington Park
and portions of eight other small communities. The district's
current enrollment has steadily declined in recent years and stood
at 5,495 in fiscal 2015.
METHODOLOGY
The principal methodology used in these ratings was US Local
Government General Obligation Debt published in September 2019.
STRAIGHT UP ENTERPRISES: Taps Amherst as Consultant
---------------------------------------------------
Straight Up Enterprises, Inc., received approval from the U.S.
Bankruptcy Court for the Eastern District of Michigan to hire
Amherst Consulting, LLC as consultant.
The services to be provided by the firm include the preparation and
implementation of an initial sale plan to be used by the Debtor to
describe the process for selling its equity interest in the event
that its Chapter 11 plan of reorganization is not confirmed.
Amherst will receive a flat fee of $2,500 for the preparation of
the sale plan. The firm will charge these hourly fees for the
implementation of the plan:
Partners $450
Managing Directors $400
Directors $350
Associates $250
Analyst $150
Paraprofessional $100
Amherst is "disinterested" within the meaning of Section 101(14) of
the Bankruptcy Code, according to court filings.
The firm can be reached through:
Sheldon L. Stone
Amherst Consulting, LLC
255 East Brown Street, Suite 120
Birmingham, MI 48009
Office: 248-642-5660
Direct: 248-633-2135
Fax: 248-642-9247
Email: sstone@amherstpartners.com
About Straight Up Enterprises
Straight Up Enterprises, Inc., is a retailer of sports apparel and
other miscellaneous sports gear and accessories.
Straight Up Enterprises sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 19-31010) on April 23,
2019. At the time of the filing, the Debtor disclosed $1,985,246
in assets and $5,557,303 in liabilities.
The case is assigned to Judge Daniel S. Opperman.
The Debtor tapped Winegarden, Haley, Lindholm Tucker & Himelhoch,
P.L.C., as its legal counsel.
The U.S. Trustee for Region 9 appointed a committee of unsecured
creditors on May 8, 2019. The committee retained Cooley LLP as
lead counsel, and Miller Canfield Paddock and Stone, P.L.C., as
Michigan counsel.
SUNEX INTERNATIONAL: ExWorks Capital Loan Has Interim Approval
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
Fort Lauderdale Division, held a hearing on Oct. 8, 2019, at 10:30
a.m. on the ex-parte motion for entry of interim and final orders
authorizing postpetition financing of debtor Sunex International,
Inc.
The DIP Terms and Loan are fair and reasonable, represent a prudent
exercise of the Debtor's business judgment and have been negotiated
by and between the Debtor and ExWorks Capital Fund I, L.P. at arms'
length and in good faith. And, the Court having reviewed the file,
having heard the presentations of counsel, it is ordered as
follows:
* The motion is granted.
* The DIP Terms and Loan are ratified, adopted and approved on a
final basis.
* The Debtor and the Lender are authorized to: (a) execute any
and all documents that they deem reasonably necessary in order to
give effect to, and not inconsistent with, the DIP Terms and the
Loan; and (b) to use the proceeds of the Loan in a manner
consistent with the terms and conditions of the Budget approved by
the Court.
* The Term of the Loan authorized will be for a period
commencing on the date hereof and will continue in full force and
effect for a period ending on the earliest of:
(a) Oct. 11, 2019, unless otherwise extended by Lender in
Lender's sole discretion;
(b) the closing of the sale of the Debtor's assets relating to
the Debtor's export business, in which case the Loan shall be paid
in full from the proceeds of such sale subject to further order of
the Court authorizing disbursement of such proceeds; and
(c) an Event of Default.
A copy of the Interim Order from PacerMonitor.com is available at
https://tinyurl.com/y6golhrm.
About Sunex International
Founded in 1985, Sunex International --http://www.sunexintl.com/--
is a supplier of architectural products and complete turn-key
building materials for builders, architects, and designers
throughout the Caribbean and South Florida. The Company specializes
in windows, doors, lumber, framing, roofing, lighting, flooring,
tools, fasteners, underground pipes, pumps, and more.
Sunex International, Inc., based in Pompano Beach, FL, filed a
Chapter 11 petition (Bankr. S.D. Fla. Case No. 19-14372) on April
3, 2019. In the petition signed by Jerry Rand, president, the
Debtor estimated $1 million to $10 million in both assets and
liabilities. The Hon. Raymond B. Ray oversees the case. Michael
D. Seese, Esq., at Seese P.A., serves as the Debtor's bankruptcy
counsel.
TC3 FOUNDATION: S&P Lowers 2013A Revenue Bond Rating to 'D'
-----------------------------------------------------------
S&P Global Ratings lowered its long-term rating on Tompkins
Cortland Community College Foundation (TC3 Foundation Inc.), N.Y.'s
series 2013A tax-exempt revenue bonds to 'D' from 'CC'.
On July 1, 2019, the foundation did not make its scheduled
principal payment, but did pay interest of $903,250. At the
direction of the majority of the bondholders, the trustee declined
to use the debt service reserve fund to make the combined principal
and interest in full when due. The foundation had a 10-day grace
period in which to pay the bonds before the non-payment was
considered an event of default. According to the bond documents,
failure to pay principal when due is an event of default for which
a waiver cannot be obtained.
During the summer of 2019, the bondholders did not enter into a
forbearance agreement with the foundation, as S&P expected, though
they did hire consultants to address demand and coverage at the
project. The foundation continues to work with bondholders into the
fall of 2019 on a possible forbearance agreement. Bondholders will
determine if the foundation will be able to make the scheduled
January debt service payment.
The foundation is a 501(c)(3) organization affiliated with Tompkins
Cortland Community College (TC3; not rated).
TENDER LOVING HOME: Seeks to Hire Myers Patsy as Accountant
-----------------------------------------------------------
Tender Loving Home Health Care, Inc. seeks authority from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to employ
Myers, Patsy & Associates LLC as its accountant.
The Debtor requires the firm to:
a. post and record monthly transactions of the Debtor;
b. perform any necessary bookkeeping;
c. prepare monthly financial reports;
d. assist in the preparation of any reports needed by the
bankruptcy court;
e. reconcile bank accounts;
f. prepare tax returns; and
g. provide general accounting advice.
The firm has agreed to charge the Debtor a flat fee of $3,500 per
month.
Joseph Myers, the firm's accountant who will be providing the
services, disclosed in court filings that he is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Joseph P. Myers, CPA, CVA
150 East Main Street, Suite 201
Carnegie, PA 15106
Phone: 412-276-4150
Fax 412-428-9079
Email: mpa@mpacpas.com
About Tender Loving Home Health Care Inc.
Tender Loving Home Health Care, Inc. operates a home health care
business in which the majority of the revenue comes from operating
group homes for individuals who need assisted living.
Tender Loving Home Health Care filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa.
Case No. 19-22486) on June 21, 2019. It previously sought
bankruptcy protection on Oct. 14, 2015 (Bankr. W.D. Pa. Case No.
15-23759).
In the petition signed by Reid A. Bromwell, chairman of the Board
of Directors, the Debtor estimated $100,000 to $500,000 in assets
and $1 million to $10 million in liabilities.
The case is assigned to Judge Gregory L. Taddonio. Donald R.
Calaiaro, Esq., at Calaiaro Valencik is the Debtor's counsel.
TINTRI INC: Court Confirms Committee's Liquidating Plan
-------------------------------------------------------
On July 10, 2019, the Official Committee of Unsecured Creditors of
Tintri, Inc., filed a Plan of Liquidation Under Chapter 11 of the
Bankruptcy Code and the related Disclosure Statement for Tintri,
Inc.
On Oct. 8, 2019, Judge Laurie Selber Silverstein of the U.S.
Bankruptcy Court for the District of Delaware confirmed the Plan.
As set forth in section 6.5.2 of the Plan, upon the establishment
of the Liquidation Trust pursuant to the Liquidation Trust
Agreement, all remaining assets of Tintri will be deemed
transferred to the Liquidation Trust without any further action of
any of the Debtor or the Committee.
All fees due and payable pursuant to Section 1930 of title 28 of
the U.S. Code prior to the Effective Date shall be paid by the
Debtor. On or after the Effective Date, the Debtor or the
Liquidation Trustee shall pay any and all such fees when due and
payable
A full-text copy of the Plan Confirmation Order dated Oct. 8, 2019,
is available at https://tinyurl.com/yxfywqtu from PacerMonitor.com
at no charge.
A full-text copy of the Disclosure Statement dated July 10, 2019,
is available at https://tinyurl.com/yxcjwdb2 from PacerMonitor.com
at no charge.
About Tintri Inc.
Tintri, Inc. -- http://www.tintri.com/-- is an enterprise cloud
storage company founded in 2008 with the initial objective to solve
the mismatch caused by using old, conventional physical storage
systems with applications in virtual machine environments. The
company provides large organizations and cloud service providers
with an enterprise cloud platform that offers public cloud
capabilities inside their own data centers and that can also
connect to public cloud services. Tintri is headquartered at 303
Ravendale Drive, Mountain View, California 94043. The company has
additional locations in McLean, Virginia; Chicago, Illinois,
London, England; Munich, Germany; Singapore; and Tokyo, Japan.
Tintri Inc. filed for Chapter 11 bankruptcy (Bankr. D. Del. Case
No. 18-11625) on July 10, 2018. Kieran Harty, co-founder and chief
technology officer, filed the petition. As of January 2018, the
Debtor reported total assets of $76.25 million and total debt of
$168 million.
The Hon. Kevin J. Carey oversees the case.
The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy
counsel; Wilson Sonsini Goodrich & Rosati as special corporate
Counsel; Houlihan Lokey as financial advisor; and Kurtzman Carson
Consultants Inc. as claims and noticing agent.
The Office of the U.S. Trustee formed an official committee of
unsecured creditors on July 20, 2018. The Committee tapped Womble
Bond Dickinson (US) LLP as its legal counsel.
TIRAMISU RESTAURANT: Court Rejects Disclosure Statement
-------------------------------------------------------
Tiramisu Restaurant, LLC, filed with the U.S. Bankruptcy Court for
the Southern District of New York a Disclosure Statement with
regard to the Amended Plan of Reorganization under Chapter 11, and
the Court held a hearing on Aug. 21, 2019. On Oct. 10, 2019, Judge
Mary Kay Vyskocil issued an order denying approval of the
Disclosure Statement for reasons stated at the hearing.
The Amended Disclosure Statement filed Sept. 11, 2019, proposed a
Chapter 11 Plan that gives unsecured creditors a 10% recovery and
lets Karen Vedad retain 100% ownership of the Debtor.
About Tiramisu Restaurant
Tiramisu Restaurant, LLC, operator of an Italian restaurant located
on the Upper East Side of Manhattan at 1410 Third Avenue, New York
10028, filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case
No. 17-11346) on May 15, 2017, disclosing under $1 million in both
assets and liabilities. The Debtor is represented by Randy M.
Kornfeld, Esq., at Kornfeld & Associates, PC.
TOYS R US: New York Court Dismisses CRG Suit vs Amloid
------------------------------------------------------
The Supreme Court of the State of New York County grants the
Defendant's motion to dismiss the case captioned CRG FINANCIAL LLC,
Plaintiff, v. AMLOID CORPORATION, Defendant, Docket No. 652552/2018
(N.Y. Sup.). The Court denies the plaintiff's cross-motion for
summary judgment.
This case arises out of a Claim Purchase Agreement, pursuant to
which CRG Financial purchased a bankruptcy claim from Amloid
Corporation, a creditor of Toys R Us, Inc.
The Defendant moved for dismissal of the complaint and the
Plaintiff cross-moved for summary judgment on first and fourth
causes of action asserted in the complaint, or, alternatively, on
the third and fourth causes of action.
Plaintiff alleges in the first cause of action that the
"restitution" provision in paragraph 6 of the Agreement applies
because the Administrative Claim was not listed in the Toys R Us
Bankruptcy. According to plaintiff, that fact alone entitles it to
reimbursement of the Purchase Price, plus interest.
However, the argument that the "not listed on the schedules"
contingency was triggered is squarely defeated as a matter of law
by the Proof of Claim that plaintiff filed because a filed proof of
claim supersedes the bankruptcy schedules, the Court says. A proof
of claim or interest executed and filed in accordance with this
subdivision shall supersede any scheduling of that claim or
interest. The Court explains that the only difference between a
claim holder whose claim is listed on the bankruptcy schedules and
one whose claim is not listed is that the former's claim is deemed
filed while the latter must take an additional step of filing a
proof of claim. Thus, when plaintiff filed its Proof of Claim on
April 6, 2018, the filed Proof of Claim superseded and rendered
moot the earlier-filed Toys R Us schedules, and had the same
effect, by operation of law, as if the Administrative Claim had
been on the schedules all along.
Thus, the Proof of Claim filed by plaintiff conclusively defeats
its assertion that it is entitled to "restitution" because the
purchased claim was not listed on the schedules.
The schedules that Toys R Us filed in the Bankruptcy Case do not
include the $194,530 Administrative Claim, but they do list the
$29,431.58 General Unsecured Claim that was not sold to plaintiff.
In the second and third causes of action, plaintiff alleges that,
in the event the General Unsecured Claim listed on Schedule E/F is
a reclassified or reduced version of the Administrative Claim,
defendant must made immediate restitution of the purchase price.
However, these causes of action must be dismissed because they are
premised mistakenly on confusing the claim that plaintiff purchased
-- the Administrative Claim -- with an unrelated claim that
defendant did not sell to plaintiff -- the General Unsecured
Claim.
In the fourth cause of action, plaintiff seeks to recover its
attorneys' fees and costs for bringing this action because,
"[u]nder the terms of the Agreement, Amloid agreed to indemnify CRG
from all losses, damages and liabilities including attorneys' fees
and expenses which result from, inter alia, CRG's breach of any
representation, warranty or covenant in the agreement or litigation
arising out of or in connection with the enforcement of the
agreement." The Court says the fourth cause of action relies
entirely on plaintiff's success on the first, second and third
causes of action to recover its attorneys' fees and costs. Since
the first, second and third causes of action are being dismissed,
the fourth cause of action likewise fails, and must be dismissed.
In addition, the fourth cause of action should also be dismissed
for the independent reason that the attorney's fee provisions apply
only if the Administrative Claim has been disallowed or impaired,
and the complaint does not allege that the Administrative Claim has
been disallowed or impaired.
A copy of the Court's Decision and Order dated Oct. 3, 2019 is
available at https://bit.ly/2B4WnBQ from Leagle.com.
About Toys "R" Us
Toys "R" Us, Inc., was an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey, in
the New York City metropolitan area. Merchandise was sold in 880
Toys "R" Us and Babies "R" Us stores in the United States, Puerto
Rico and Guam, and in more than 780 international stores and more
than 245 licensed stores in 37 countries and jurisdictions.
Merchandise was also sold at e-commerce sites including Toysrus.com
and Babiesrus.com.
On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the company.
Toys "R" Us became a privately owned entity but still filed with
the U.S. Securities and Exchange Commission as required by its debt
agreements.
Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017. In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice. The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate entities,
were not part of the Chapter 11 filing and CCAA proceedings.
The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.
Judge Keith L. Phillips presides over the Chapter 11 cases.
In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel. Kutak Rock
LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal
North America, LLC as its restructuring advisor; and Lazard Freres
& Co. LLC as its investment banker. It hired Prime Clerk LLC as
claims and noticing agent. Consensus Advisory Services LLC and
Consensus Securities LLC, serve as sale process investment banker.
A&G Realty Partners, LLC, serves as its real estate advisor.
On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors. The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C., as local counsel; FTI Consulting, Inc., as financial
advisor; and Moelis & Company LLC as investment banker.
Grant Thornton is the monitor appointed in the CCAA case.
Toys "R" Us UK
Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores and
3,000 employees, was sent into administration in the United Kingdom
in February 2018.
Arron Kendall and Simon Thomas of Moorfields Advisory Limited were
appointed Joint Administrators on Feb. 28, 2018. The Administrators
now manage the affairs, business and property of the Company. The
Administrators act as agents only and without personal liability.
Liquidation of U.S. Stores
Toys "R" Us, Inc., on March 15, 2018, filed with the U.S.
Bankruptcy Court a motion seeking Bankruptcy Court approval to
start the process of conducting an orderly wind-down of its U.S.
business and liquidation of inventory in all 735 of the Company's
U.S. stores, including stores in Puerto Rico.
Propco I Debtors
Toys "R" Us Property Company I, LLC and its subsidiaries own fee
and leasehold interests in more than 300 properties in the United
States. The Debtors lease the properties on a triple-net basis
under a master lease to Toys-Delaware, the operating entity for all
of TRU's North American businesses, which operates the majority of
the properties as Toys "R" Us stores, Babies "R" Us stores or
side-by-side stores, or subleases them to alternative retailers.
Toys "R" Us Property was founded in 2005 and is headquartered in
Wayne, New Jersey. Toys 'R' Us Property operates as a subsidiary of
Toys "R" Us Inc.
Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE II
Trust, and Wayne Real Estate Company LLC -- Propco I Debtors --
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
E.D. Va. Lead Case No. 18-31429) on March 20, 2018. The Propco I
Debtors sought and obtained procedural consolidation and joint
administration of their Chapter 11 cases, separate from the Toys
"R" Us Debtors' Chapter 11 cases.
The Propco I Debtors estimated assets of $500 million to $1 billion
and liabilities of $500 million to $1 billion.
Judge Keith L. Phillips presides over the Propco I Debtors' cases.
The Propco I Debtors hired Klehr Harrison Harvey Branzburg, LLP;
and Crowley, Liberatore, Ryan & Brogan, P.C., as co-counsel. The
Debtors also tapped Kutak Rock LLP. They hired Goldin Associates,
LLC, as financial advisors.
TRIBECA AESTHETIC: Allowed to Continue Using Cash Collateral
------------------------------------------------------------
Judge Laurel M. Isicoff of the U.S. Bankruptcy Court for the
Southern District of Florida issued a final order authorizing
Tribeca Aesthetic Medical Solutions, LLC to use cash collateral on
a continuing, month-to-month basis.
Tribeca is permitted to use up to $115,265 in cash collateral to
pay all ordinary and necessary expenses in the ordinary course of
its business for the purposes contained in the monthly budget.
Tribeca is also authorized: (a) to exceed any line item on the
Budget by an amount equal to 10% of each such line item; or (b) to
exceed any line item by more than 10% percent so long as the total
of all amounts in excess of all line items for the Budget do not
exceed 10% percent in the aggregate of the total Budget.
As security for all indebtedness that it owed to McKesson
Corporation, Tribeca grants in favor of McKesson a post-petition
security interest and lien in, to and against any and all assets of
Tribeca, to the same extent and priority that McKesson held a
properly perfected pre-petition security interest in such assets,
but only to the extent that McKesson's cash collateral is used by
the company. However, under no circumstances will McKesson have a
lien on any causes of action arising under 11 U.S.C. Sections 542
et seq., 547, 548, 549, 550, 551, or any of the company's assets
that it did not have a right to pre-petition.
A copy of the Final Order is available for free at
http://bankrupt.com/misc/flsb19-20582-43.pdf
About Tribeca Aesthetic Medical Solutions
Tribeca Aesthetic Medical Solutions, LLC, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
19-20582) on Aug. 7, 2019. At the time of the filing, the Debtor
had estimated assets of between $100,001 and $500,000 and
liabilities of between $500,001 and $1 million. The case has been
assigned to Judge Laurel M. Isicoff. The Debtor is represented by
Shraiberg Landau & Page PA.
The U.S. Trustee did not appoint an official committee of unsecured
creditors in the Chapter 11 case.
TROP INC: FLSA Creditors Object to Disclosure Statement
-------------------------------------------------------
Samantha Holdren, Ashley Johnston, Rachel Knonke, Kaci Phillips,
Starr Sullivan, Kimberly Kelly, Andrea Hilley, Rabekah Reschar,
Devonne Washington, Nikki Simmons, et al. filed an objection to the
disclosure statement explaining Trop, Inc.'s Chapter 11 plan.
On Sept. 6, 2019, the Debtor filed its Disclosure Statement for its
proposed Plan of Reorganization.
The Creditors hold claims against the Debtor for asserted
violations of the Fair Labor Standards Act (the "FLSA").
The Creditors complain that the Disclosure Statement fails to
provide adequate information including that, the Disclosure
Statement:
a. Fails to provide a listing of the amounts and holders of
claims, the amounts of such claims and the estimated distribution
to claims.
b. Fails to disclose sufficient information regarding transfers
to or for the benefit of Teri G. Galardi, her affiliates or family
members.
Attorneys for the Creditors:
Ainsworth G. Dudley
DUDLEY LAW, LLC
4200 Northside Parkway
Building 1, Suite 200
Atlanta, Georgia 30327
Tel: (404) 687-8205
E-mail: adudleylaw@gmail.com
Attorneys for Creditor Ainsworth Dudley:
Leslie M. Pineyro
JONES & WALDEN, LLC
21 Eighth Street, NE
Atlanta, Georgia 30309
Tel: (404) 564-9300
E-mail: lpineyro@joneswalden.com
SAMANTHA HOLDREN, ASHLEY JOHNSTON, RACHEL KNONKE, KACI PHILLIPS,
STARR SULLIVAN, KIMBERLY KELLY, ANDREA HILLEY, RABEKAH RESCHAR,
DEVONNE WASHINGTON, NIKKI SIMMONS, et al. (collectively
“Creditors”) and file this “OBJECTION TO DISCLOSURE
STATEMENT”.
On September 6, 2019, Debtor filed its Disclosure Statement (Doc.
No. 252) for his proposed Plan of Reorganization (Doc. No. 251).
Creditors hold claims against the Debtor for asserted violations of
the Fair Labor Standards Act (the “FLSA”
Creditors complains that the Disclosure Statement fails to provide
adequate information including that, the Disclosure Statement:
a. Fails to provide a listing of the amounts and holders of claims,
the amounts of such claims and the estimated distribution to
claims.
b. Fails to disclose sufficient information regarding transfers to
or for the benefit of Teri G. Galardi, her affiliates or family
members.
Attorneys for Movants:
Ainsworth G. Dudley
DUDLEY LAW, LLC
4200 Northside Parkway
Building 1, Suite 200
Atlanta, Georgia 30327
(404) 687-8205
adudleylaw@gmail.com
Attorneys for Creditor Ainsworth Dudley:
Leslie M. Pineyro
JONES & WALDEN, LLC
21 Eighth Street, NE
Atlanta, Georgia 30309
(404) 564-9300
lpineyro@joneswalden.com
About Trop Inc.
Trop, Inc., is a privately held company that owns the Pink Pony, an
adult entertainment club in Atlanta, Georgia. The club began
operations in 1990.
Trop, Inc., filed a Chapter 11 petition (Bankr. N.D. Ga. Case No.
18-65726) on Sept. 19, 2018. In the petition signed by Teri
Galardi, chief executive officer, the Debtor estimated $500,000 to
$1 million in assets and $1 million to $10 million in liabilities.
Louis G. McBryan, Esq., at McBryan, LLC, is the Debtor's bankruptcy
counsel. Schulten Ward Turner & Weiss, LLP, and the Law Offices of
Aubrey T. Villines, Jr., serve as special counsel.
UTZ QUALITY: S&P Affirms 'B-' ICR on Kennedy Endeavors Deal
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on U.S.
based-Utz Quality Foods LLC (operating subsidiary of UM-U
Intermediate LLC) and issue rating on the $535 million first-lien
term loan. The recovery rating remains '3' but S&P revised its
recovery estimate to 50% from 60% to reflect the increase in
first-lien secured debt.
The rating affirmation follows Utz Quality's announcement that it
was acquiring Kennedy Endeavors (includes two primary salty snack
brands, Tim's Cascade and Snyder of Berlin) from Conagra Brands
Inc.
Concurrent with the transaction, the company will issue $125
million private placement notes that are pari passu with existing
first-lien term loan and $125 million preferred equity, which S&P
does not rate. Proceeds, along with over $20 million cash on the
balance sheet, and an approximate $4 million drawn on the ABL,
repaid the company's $125 million second-lien term loan and will
fund the deal.
The stable outlook reflects S&P's expectation that the company will
be able to effectively integrate the new acquisition, improve
performance at its base business, and generate positive free cash
flow.
The affirmation reflects S&P's expectation that the company will
continue to see sequential improvements in its base business and
that it will be able to effectively integrate the new assets. S&P
estimates leverage will remain in the 7x to 8x area, because it
thinks the company will continue to incur sizable restructuring
costs and elevated commodity and freight costs.
The stable outlook reflects S&P's expectation the company will curb
revenue declines and begin seeing sequential quarterly improvements
in the second half of 2019 as investments in turning around
Inventure begin to generate better performance and more
discretionary cash flow. The stable outlook also reflects the
rating agency's expectation that adjusted leverage will remain
between 7x and 8x.
"We could lower our ratings if the company cannot successfully
integrate the new acquisition and improve operating performance of
its core business. Specifically, we would lower the ratings if the
company sustains negative discretionary cash flow, leverage rises
to a level that we view is unsustainable, or EBITDA to cash
interest coverage erodes to less than 1.5x," S&P said.
"While unlikely within the next 12 months, we could raise our
ratings if it can curb top-line declines, improve EBITDA margins,
and effectively integrate and grow its recent acquisition,
resulting in sustained EBITDA and cash flow improvements and cash
interest coverage above 2x," the rating agency said.
VIRGINIA TRUE: Allowed to Exclusively File Plan Until Oct. 30
-------------------------------------------------------------
Judge Nancy Hershey Lord of the U.S. Bankruptcy Court for the
Eastern District of New York extended the period during which only
Virginia True Corporation can file a Chapter 11 plan to Oct. 30.
The company can solicit acceptances for the plan until Dec. 29.
About Virginia True Corporation
Virginia True Corporation, a New York-based golf resort owner and
developer, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 19-42769) on May 3, 2019. At the
time of the filing, the Debtor disclosed assets of between $10
million and $50 million and liabilities of the same range. The
case is assigned to Judge Nancy Hershey Lord. Pick & Zabicki LLP
is the Debtor's legal counsel.
WAFTA PROPERTIES: Gets Court Approval to Hire Bankruptcy Attorney
-----------------------------------------------------------------
Wafta Properties LLC received approval from the U.S. Bankruptcy
Court for the District of New Jersey to hire Noah Burstein, Esq.,
as its legal counsel.
Mr. Burstein will provide services in connection with the Debtor's
Chapter 11 case, which include the preparation of a bankruptcy plan
and review of operating reports.
The Debtor will pay the attorney an hourly fee of $200. The
initial retainer is $5,000.
Mr. Burstein is "disinterested" within the meaning of Section
101(14) of the Bankruptcy Code, according to court filings.
Mr. Burstein maintains an office at:
Noah M. Burstein, Esq.
Noah M. Burstein Attorney at Law
1244 Sussex Road
Teaneck, NJ 07666
Tel: 201-791-4888
Fax: 201-791-9553
Email: bursteinlawyer@aol.com
About Wafta Properties
Based in Lodi, New Jersey, Wafta Properties LLC, a Single Asset
Real Estate (as defined in 11 U.S.C. Section 101(51B)), is the fee
simple owner of a property located in Lodi having a current value
of $1 million. It filed a voluntary Chapter 11 petition (Bankr.
D.N.J. Case No. 19-17709) on April 16, 2019.
At the time of filing, the Debtor had estimated assets of $500,000
to $1 million and estimated liabilities of $1 million to $10
million.
The case is assigned to Hon. Stacey L. Meisel.
The Debtor's counsel is Noah M. Burstein, Esq., in Teaneck, N.J.
WEATHERFORD INT'L: Gets Approval to Expand Scope of KPMG Services
-----------------------------------------------------------------
Weatherford International plc obtained an order from the U.S.
Bankruptcy Court for the Southern District of Texas authorizing its
auditor, KPMG LLP, to provide additional services.
The order authorized KPMG to provide due diligence related to a
potential asset-based credit facility for Weatherford International
with respect to its potential exit financing. Such services will
include preparing analyses and providing KPMG's insight,
observations and recommendations in those areas the company has
identified as important to its proposed financing.
KPMG and Weatherford International have agreed to an hourly fee
structure based on the actual time incurred to complete the
engagement at the standard hourly rates for the individuals
performing the service. The hourly rates for the firm are:
Partner $660
Director $560
Manager $500
Senior $400
Staff $300
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 Debtors tapped Hunton Andrews Kurth LLP and Latham & Watkins
LLP as counsel; Alvarez & Marsal North America LLC as financial
advisor; Lazard Freres & Co. LLC as investment banker; and Prime
Clerk LLC as claims agent.
Henry Hobbs Jr., acting U.S. trustee for Region 7, on July 17,
2019, appointed three creditors to serve on the official committee
of unsecured creditors in the Chapter 11 cases.
WEST COAST DISTRIBUTION: Seeks to Hire Fineman West as Accountant
-----------------------------------------------------------------
West Coast Distribution, Inc. seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire
Fineman West Co. LLP as its accountant effective Aug. 30.
The firm will provide these services:
a. advise the Debtor regarding the requirements of the
Bankruptcy Code, the Bankruptcy Rules and the Office of the U.S.
Trustee as they pertain to its financials and accounting
information requirements;
b. assist the Debtor in the preparation of reports,
applications and orders including monthly operating reports,
quarterly reports, schedules and statement of financial affairs;
c. help the Debtor prepare a plan of reorganization and obtain
approval for its disclosure statement;
d. perform other services related to financial matters;
e. prepare and review projections including cash flow on an
ongoing basis;
f. analyze financial information to aid the Debtor's
profitability and positive cash flow;
g. assist the Debtor in the preparation of corporate income
tax returns and in fulfilling other tax return reporting
requirements, if requested.
The professionals primarily responsible for providing the services
and their hourly rates are:
Hyldahl, Jeffrey Partner $550
West, Harold Partner $550
Lapig, Ronald Audit Director $355
The firm will seek reimbursement for work-related expenses from the
Debtor.
Jeffrey Hyldahl, a partner at Fineman, disclosed in court filings
that the firm is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jeffrey Hyldahl
Fineman West Co. LLP
801 S. Figueroa Street, Suite 1000
Los Angeles, CA 90017
Tel: (213) 688-9898 ext 2602
Cell: (626) 497-3244
Email: jhyldahl@fwllp.com
About West Coast Distribution
West Coast Distribution Inc. is a full-service third party
logistics and supply chain management provider specializing in
apparel, retail and lifestyle brands.
West Coast Distribution sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 19-20332) on Aug. 30,
2019. At the time of the filing, the Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range.
The case is assigned to Judge Sheri Bluebond. The Debtor is
represented by Levene, Neale, Bender, Yoo & Brill L.L.P.
WILLIAMS PLUMBING: May Continue Using BFS Cash Collateral
---------------------------------------------------------
Judge Bess M. Parrish Creswell of the U.S. Bankruptcy Court for the
Middle District of Alabama authorized Williams Plumbing Heating and
Air Conditioning, Inc., to use the cash collateral presently
subject to a first priority security interest of BFS Capital until
Jan. 9, 2020.
The Debtor proposes to use the cash collateral to meet its
post-petition obligations and to pay its expenses, general and
administrative operating expenses, and other necessary costs and
expenses, including taxes and insurance and other expenses incurred
during the pendency of the bankruptcy case.
The Debtor has a secured note with BFS having a balance of
approximately $24,216. As security for its claims, BFS asserts a
lien on all accounts receivable and working capital. The Debtor is
not required to pay adequate protection to BFS Capital.
A copy of the Interim Order is available at
http://bankrupt.com/misc/almb19-30125-79.pdf
About Williams Plumbing
Williams Plumbing, Heating, and Air Conditioning, Inc., operates a
heating, and air conditioning company, specifically installing and
repairing HVAC systems. The company is operated by Michael Coker.
Williams Plumbing sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Ala. Case No. 19-30125) on Jan. 16,
2019. In the petition signed by its president, Michael Coker, the
Debtor disclosed assets under $50,000 and liabilities ranging
between $500,001 and $1 million. The Debtor tapped The Fritz Law
Firm as its legal counsel. No official committee of unsecured
creditors has been appointed in the Chapter 11 case.
WILLIAMS PLUMBING: May Continue Using Kabbage Cash Collateral
-------------------------------------------------------------
Judge Bess M. Parrish Creswell the U.S. Bankruptcy Court for the
Middle District of Alabama authorized Williams Plumbing Heating and
Air Conditioning, Inc., to use the cash collateral presently
subject to a first priority security interest of Kabbage, Inc.
until Jan. 9, 2020.
The Debtor proposes to use the cash collateral to meet its
post-petition obligations and to pay its expenses, general and
administrative operating expenses, and other necessary costs and
expenses, including taxes and insurance and other expenses incurred
during the pendency of the bankruptcy case.
The Debtor has a secured note with Kabbage having a balance of
approximately $30,000. As security for its claims, Kabbage asserts
a lien on all accounts receivable and working capital. The Debtor
is not required to pay adequate protection to Kabbage, Inc.
A copy of the Interim Order is available at
http://bankrupt.com/misc/almb19-30125-82.pdf
About Williams Plumbing
Williams Plumbing, Heating, and Air Conditioning, Inc. operates a
heating, and air conditioning company, specifically installing and
repairing HVAC systems. The company is operated by Michael Coker.
Williams Plumbing sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Ala. Case No. 19-30125) on Jan. 16,
2019. In the petition signed by its president, Michael Coker, the
Debtor was estimated to have assets under $50,000 and liabilities
ranging between $500,001 and $1 million. The Debtor tapped The
Fritz Law Firm as its legal counsel. No official committee of
unsecured creditors has been appointed in the Chapter 11 case.
WILLIAMS PLUMBING: May Continue Using On Deck Cash Collateral
-------------------------------------------------------------
Judge Bess M. Parrish Creswell the U.S. Bankruptcy Court for the
Middle District of Alabama authorized Williams Plumbing Heating and
Air Conditioning, Inc. to use the cash collateral presently subject
to a first priority security interest of On Deck Capital, Inc.
until Jan. 9, 2020.
The Debtor proposes to use the cash collateral to meet its
postpetition obligations and to pay its expenses, general and
administrative operating expenses, and other necessary costs and
expenses, including taxes and insurance and other expenses incurred
during the pendency of the bankruptcy case.
The Debtor has a secured note with On Deck having a balance of
approximately $40,000. As security for its claims, On Deck asserts
a lien on all accounts receivable and working capital. The Debtor
is not required to pay adequate protection to On Deck Capital, Inc.
A copy of the Interim Order is available at
http://bankrupt.com/misc/almb19-30125-81.pdf
About Williams Plumbing
Williams Plumbing, Heating, and Air Conditioning, Inc. operates a
heating, and air conditioning company, specifically installing and
repairing HVAC systems. The company is operated by Michael Coker.
Williams Plumbing sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Ala. Case No. 19-30125) on Jan. 16,
2019. In the petition signed by its president, Michael Coker, the
Debtor disclosed assets under $50,000 and liabilities ranging
between $500,001 and $1 million. The Debtor tapped The Fritz Law
Firm as its legal counsel. No official committee of unsecured
creditors has been appointed in the Chapter 11 case.
WILLIAMS PLUMBING: May Continue Using Par Funding Cash Collateral
-----------------------------------------------------------------
Judge Bess M. Parrish Creswell the U.S. Bankruptcy Court for the
Middle District of Alabama authorized Williams Plumbing Heating and
Air Conditioning, Inc. to use the cash collateral presently subject
to a first priority security interest of Par Funding until Jan. 9,
2020.
The Debtor proposes to use the cash collateral to meet its
post-petition obligations and to pay its expenses, general and
administrative operating expenses, and other necessary costs and
expenses, including taxes and insurance and other expenses incurred
during the pendency of the bankruptcy case.
The Debtor has a secured note with Par Funding having a balance of
approximately $23,559. As security for its claims, Par Funding
asserts a lien on all accounts receivable and working capital. The
Debtor is not required to pay adequate protection to Par Funding.
A copy of the Interim Order is available at
http://bankrupt.com/misc/almb19-30125-80.pdf
About Williams Plumbing
Williams Plumbing, Heating, and Air Conditioning, Inc. operates a
heating, and air conditioning company, specifically installing and
repairing HVAC systems. The company is operated by Michael Coker.
Williams Plumbing sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Ala. Case No. 19-30125) on Jan. 16,
2019. In the petition signed by its president, Michael Coker, the
Debtor disclosed assets under $50,000 and liabilities ranging
between $500,001 and $1 million. The Debtor tapped The Fritz Law
Firm as its legal counsel. No official committee of unsecured
creditors has been appointed in the Chapter 11 case.
XTL-PA INC: Seeks to Extend Exclusivity Period to Feb. 3
--------------------------------------------------------
XTL, Inc. and XTL-PA, Inc. asked the U.S. Bankruptcy Court for the
Eastern District of Pennsylvania to extend the period during which
only the companies can file a Chapter 11 plan to Feb. 3, 2020.
The companies have been diligently working towards a plan of
reorganization and have had numerous discussions in an attempt to
resolve secured claims filed in their Chapter 11 cases. However,
the companies have been unable to consensually resolve the secured
creditor positions and amounts to date, which is the key provision
in any plan they have to file to exit bankruptcy protection,
according to court filings.
About XTL, Inc
XTL, Inc. is a transportation & logistics company that provides
customized logistics solutions for warehousing and inventory
control of commodities and finished goods.
Ootzie Properties classifies itself as a Single Asset Real Estate
(as defined in 11 U.S.C. Section 101(51B)) whose principal assets
are located at South 24th and Hwy. 275 Industrial Council Bluffs,
IA 51501.
XTL, Inc., and its subsidiaries, sought Chapter 11 protection on
Aug. 1, 2019 (Bankr. E. D. Penn. Lead Case No. 19-14843) in
Philadephia, PA.
The petitions were signed by Louis J. Cerone, president.
Hon. Eric L. Frank presides over the case.
The Debtor disclosed $10 million to $50 million in assets and $10
million to $50 million in liabilities.
The Debtor tapped Allen B. Dubroff, Esq. of Allen B. Dubroff, Esq.
& Associates, LLC as counsel.
ZEIER REAL ESTATE: Seeks Court Approval to Hire Real Estate Agent
-----------------------------------------------------------------
Zeier Real Estate, LLC, seeks approval from the U.S. Bankruptcy
Court for the Middle District of Tennessee to hire a real estate
agent and property manager.
In an application filed in court, the Debtor proposes to employ
Core Real Estate, LLC, in connection with the sale of its real
property located at 2001 Glen Echo Road, Nashville, Tenn.
The firm will receive up to a 6 percent commission for the sale and
up to 6 percent monthly rents paid for management of the property.
Jim Evans, owner of Core Real Estate and the real estate agent who
will be providing the services, disclosed in court filings that he
and his firm are "disinterested" within the meaning of Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Jim Evans
Core Real Estate, LLC
133 Holiday Court, Suite 110
Franklin, Tennessee 37067
Office: (615) 614-3700
Mobile: (615) 653-6333
Fax: (615) 538-7858
Email: jimevans@coretn.com
About Zeier Real Estate
Zeier Real Estate, LLC classifies its business as single asset real
estate (as defined in 11 U.S.C. Section 101(51B)). It is the fee
simple owner of a real property located at 2001 Glen Echo Road
Nashville, Tenn., valued at $4.5 million.
Zeier Real Estate sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Tenn. Case No. 19-05324) on Aug. 19,
2019. At the time of the filing, the Debtor disclosed $4.5 million
in assets and $3.59 million in liabilities. The case is assigned
to Judge Marian F. Harrison. The Debtor is represented by Steven
L. Lefkovitz, Esq., at Lefkovitz & Lefkovitz, PLLC.
[^] BOND PRICING: For the Week from October 14 to 18, 2019
----------------------------------------------------------
Company Ticker Coupon Bid Price Maturity
------- ------ ------ --------- --------
Acosta Inc ACOSTA 7.750 4.661 10/1/2022
Acosta Inc ACOSTA 7.750 4.500 10/1/2022
Alta Mesa
Holdings LP /
Alta Mesa Finance
Services Corp ALTMES 7.875 11.500 12/15/2024
Approach
Resources Inc AREX 7.000 31.106 6/15/2021
BPZ Resources Inc BPZR 6.500 3.017 3/1/2049
Bon-Ton Department
Stores Inc/The BONT 8.000 10.375 6/15/2021
Bristow Group Inc BRS 6.250 7.040 10/15/2022
Bristow Group Inc BRS 4.500 9.801 6/1/2023
Buffalo Thunder
Development
Authority BUFLO 11.000 49.523 12/9/2022
California
Resources Corp CRC 8.000 46.335 12/15/2022
California
Resources Corp CRC 5.500 44.366 9/15/2021
California
Resources Corp CRC 8.000 46.958 12/15/2022
Cenveo Corp CVO 8.500 1.346 9/15/2022
Cenveo Corp CVO 8.500 1.346 9/15/2022
Cenveo Corp CVO 6.000 0.894 5/15/2024
Chaparral Energy Inc CHAP 8.750 41.623 7/15/2023
Chaparral Energy Inc CHAP 8.750 41.741 7/15/2023
Chukchansi Economic
Development
Authority CHUKCH 9.750 52.426 5/30/2020
Chukchansi Economic
Development
Authority CHUKCH 10.250 52.375 5/30/2020
Cloud Peak Energy
Resources LLC /
Cloud Peak Energy
Finance Corp CLD 12.000 26.000 11/1/2021
Cloud Peak Energy
Resources LLC /
Cloud Peak Energy
Finance Corp CLD 6.375 1.000 3/15/2024
DFC Finance Corp DLLR 10.500 67.125 6/15/2020
DFC Finance Corp DLLR 10.500 67.125 6/15/2020
Denbury Resources Inc DNR 5.500 48.991 5/1/2022
EP Energy LLC /
Everest Acquisition
Finance Inc EPENEG 9.375 2.673 5/1/2024
EP Energy LLC /
Everest Acquisition
Finance Inc EPENEG 8.000 2.264 2/15/2025
EP Energy LLC /
Everest Acquisition
Finance Inc EPENEG 6.375 0.400 6/15/2023
EP Energy LLC /
Everest Acquisition
Finance Inc EPENEG 7.750 0.400 9/1/2022
EP Energy LLC /
Everest Acquisition
Finance Inc EPENEG 9.375 2.750 5/1/2024
EP Energy LLC /
Everest Acquisition
Finance Inc EPENEG 7.750 0.269 9/1/2022
EP Energy LLC /
Everest Acquisition
Finance Inc EPENEG 8.000 2.358 2/15/2025
EP Energy LLC /
Everest Acquisition
Finance Inc EPENEG 7.750 0.269 9/1/2022
Energy Conversion
Devices Inc ENER 3.000 7.875 6/15/2013
Ferrellgas
Partners LP /
Ferrellgas Partners
Finance Corp FGP 8.625 62.122 6/15/2020
Ferrellgas
Partners LP /
Ferrellgas Partners
Finance Corp FGP 8.625 69.214 6/15/2020
Fleetwood
Enterprises Inc FLTW 14.000 3.557 12/15/2011
Foresight Energy
LLC / Foresight
Energy Finance Corp FELP 11.500 9.386 4/1/2023
Foresight Energy
LLC / Foresight
Energy Finance Corp FELP 11.500 9.384 4/1/2023
Frontier
Communications Corp FTR 8.500 64.927 4/15/2020
Frontier
Communications Corp FTR 10.500 49.374 9/15/2022
Frontier
Communications Corp FTR 8.750 49.403 4/15/2022
Frontier
Communications Corp FTR 6.250 48.722 9/15/2021
Frontier
Communications Corp FTR 8.875 54.910 9/15/2020
Frontier
Communications Corp FTR 9.250 49.196 7/1/2021
Frontier
Communications Corp FTR 10.500 49.385 9/15/2022
Frontier
Communications Corp FTR 10.500 52.500 9/15/2022
Global Eagle
Entertainment Inc ENT 2.750 38.094 2/15/2035
Goodman Networks Inc GOODNT 8.000 50.500 5/11/2022
Grizzly Energy LLC VNR 9.000 6.000 2/15/2024
Grizzly Energy LLC VNR 9.000 6.000 2/15/2024
High Ridge Brands Co HIRIDG 8.875 0.910 3/15/2025
High Ridge Brands Co HIRIDG 8.875 0.910 3/15/2025
Hornbeck Offshore
Services Inc HOS 5.000 40.880 3/1/2021
Hornbeck Offshore
Services Inc HOS 5.875 52.320 4/1/2020
K Hovnanian
Enterprises Inc HOV 8.000 96.215 11/1/2019
Legacy Reserves LP /
Legacy Reserves
Finance Corp LGCY 8.000 3.000 12/1/2020
Legacy Reserves LP /
Legacy Reserves
Finance Corp LGCY 6.625 2.788 12/1/2021
Legacy Reserves LP /
Legacy Reserves
Finance Corp LGCY 8.000 2.858 9/20/2023
Lehman Brothers Inc LEH 7.500 1.847 8/1/2026
LinkedIn Corp LNKD 0.500 98.875 11/1/2019
MAI Holdings Inc MAIHLD 9.500 45.400 6/1/2023
MAI Holdings Inc MAIHLD 9.500 45.625 6/1/2023
MAI Holdings Inc MAIHLD 9.500 45.289 6/1/2023
MF Global
Holdings Ltd MF 6.750 14.750 8/8/2016
MF Global
Holdings Ltd MF 9.000 14.750 6/20/2038
MModal Inc MODL 10.750 6.125 8/15/2020
Mashantucket Western
Pequot Tribe MASHTU 7.350 15.000 7/1/2026
McDermott Technology
Americas Inc /
McDermott
Technology US Inc MDR 10.625 28.410 5/1/2024
McDermott Technology
Americas Inc /
McDermott
Technology US Inc MDR 10.625 28.057 5/1/2024
Murray Energy Corp MURREN 11.250 7.500 4/15/2021
Murray Energy Corp MURREN 12.000 1.147 4/15/2024
Murray Energy Corp MURREN 9.500 5.000 12/5/2020
Murray Energy Corp MURREN 11.250 7.055 4/15/2021
Murray Energy Corp MURREN 9.500 5.000 12/5/2020
NWH Escrow Corp HARDWD 7.500 57.782 8/1/2021
NWH Escrow Corp HARDWD 7.500 57.782 8/1/2021
Neiman Marcus
Group LTD LLC /
Neiman Marcus
Group LLC / Mariposa
Borrower / NMG NMG 8.000 28.234 10/25/2024
Neiman Marcus
Group LTD LLC /
Neiman Marcus
Group LLC / Mariposa
Borrower / NMG NMG 8.750 28.380 10/25/2024
Neiman Marcus
Group LTD LLC /
Neiman Marcus
Group LLC / Mariposa
Borrower / NMG NMG 8.750 28.884 10/25/2024
Neiman Marcus
Group LTD LLC /
Neiman Marcus
Group LLC / Mariposa
Borrower / NMG NMG 8.000 28.372 10/25/2024
New Gulf
Resources LLC/
NGR Finance Corp NGREFN 12.250 4.000 5/15/2019
New WEI Inc WLTG 8.500 0.834 4/15/2021
New York Life
Global Funding NYLIFE 2.673 99.803 10/24/2019
Northwest
Hardwoods Inc HARDWD 7.500 58.751 8/1/2021
Northwest
Hardwoods Inc HARDWD 7.500 58.751 8/1/2021
PHH Corp PHH 6.375 59.148 8/15/2021
Pernix Therapeutics
Holdings Inc PTX 4.250 2.250 4/1/2021
Pernix Therapeutics
Holdings Inc PTX 4.250 2.250 4/1/2021
Pioneer Energy
Services Corp PESX 6.125 39.215 3/15/2022
Powerwave
Technologies Inc PWAV 1.875 0.124 11/15/2024
Powerwave
Technologies Inc PWAV 1.875 0.124 11/15/2024
Renco Metals Inc RENCO 11.500 24.875 7/1/2003
Rolta LLC RLTAIN 10.750 8.142 5/16/2018
Sable Permian
Resources Land
LLC / AEPB
Finance Corp AMEPER 7.125 16.680 11/1/2020
Sable Permian
Resources Land
LLC / AEPB
Finance Corp AMEPER 7.375 14.750 11/1/2021
Sable Permian
Resources Land
LLC / AEPB
Finance Corp AMEPER 7.125 16.194 11/1/2020
Sable Permian
Resources Land
LLC / AEPB
Finance Corp AMEPER 7.375 15.345 11/1/2021
Sanchez Energy Corp SNEC 6.125 5.875 1/15/2023
Sanchez Energy Corp SNEC 7.750 5.875 6/15/2021
SandRidge Energy Inc SD 7.500 0.500 2/15/2023
Sears Holdings Corp SHLD 6.625 15.000 10/15/2018
Sears Holdings Corp SHLD 6.625 13.151 10/15/2018
Sears Roebuck
Acceptance Corp SHLD 7.500 1.153 10/15/2027
Sears Roebuck
Acceptance Corp SHLD 6.500 1.046 12/1/2028
Sears Roebuck
Acceptance Corp SHLD 7.000 1.090 6/1/2032
Sears Roebuck
Acceptance Corp SHLD 6.750 1.073 1/15/2028
Sempra Texas
Holdings Corp TXU 5.550 13.500 11/15/2014
Stearns Holdings LLC STELND 9.375 44.972 8/15/2020
Stearns Holdings LLC STELND 9.375 44.972 8/15/2020
Tapstone Energy LLC /
Tapstone Energy
Finance Corp TAPENE 9.750 26.213 6/1/2022
Tapstone Energy LLC /
Tapstone Energy
Finance Corp TAPENE 9.750 26.213 6/1/2022
Techniplas LLC TECPLS 10.000 85.625 5/1/2020
Techniplas LLC TECPLS 10.000 84.958 5/1/2020
TerraVia
Holdings Inc TVIA 5.000 4.644 10/1/2019
TerraVia
Holdings Inc TVIA 6.000 4.644 2/1/2018
Tesla Energy
Operations Inc/DE TSLAEN 3.600 87.998 3/19/2020
Transworld
Systems Inc TSIACQ 9.500 25.895 8/15/2021
Transworld
Systems Inc TSIACQ 9.500 25.895 8/15/2021
UCI International LLC UCII 8.625 4.780 2/15/2019
Ultra Resources Inc UPL 7.125 8.007 4/15/2025
Ultra Resources Inc UPL 6.875 9.125 4/15/2022
Ultra Resources Inc UPL 6.875 8.122 4/15/2022
Ultra Resources Inc UPL 7.125 8.189 4/15/2025
VIVUS Inc VVUS 4.500 79.262 5/1/2020
Vine Oil & Gas LP /
Vine Oil & Gas
Finance Corp VRI 9.750 44.592 4/15/2023
Vine Oil & Gas LP /
Vine Oil & Gas
Finance Corp VRI 8.750 42.213 4/15/2023
Vine Oil & Gas LP /
Vine Oil & Gas
Finance Corp VRI 9.750 45.119 4/15/2023
Vine Oil & Gas LP /
Vine Oil & Gas
Finance Corp VRI 8.750 44.091 4/15/2023
Weatherford
International LLC WFT 9.875 35.500 3/1/2025
Weatherford
International LLC WFT 9.875 30.599 3/1/2025
Weatherford
International LLC WFT 9.875 30.599 3/1/2025
Windstream Services
LLC / Windstream
Finance Corp WIN 7.500 22.000 6/1/2022
Windstream Services
LLC / Windstream
Finance Corp WIN 6.375 15.187 8/1/2023
Windstream Services
LLC / Windstream
Finance Corp WIN 6.375 15.187 8/1/2023
Windstream Services
LLC / Windstream
Finance Corp WIN 8.750 22.000 12/15/2024
Windstream Services
LLC / Windstream
Finance Corp WIN 7.750 15.722 10/15/2020
Windstream Services
LLC / Windstream
Finance Corp WIN 8.750 16.907 12/15/2024
Windstream Services
LLC / Windstream
Finance Corp WIN 7.750 15.560 10/1/2021
rue21 inc RUE 9.000 1.428 10/15/2021
*********
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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*********
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Troubled Company Reporter is a daily newsletter co-published
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