/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/191202.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, December 2, 2019, Vol. 23, No. 335 Headlines 10827 STUDEBAKER: Seeks to Extend Exclusivity Period to Feb. 17 110 WEST PROPERTIES: Case Summary & 7 Unsecured Creditors 1934 BEFORD: Parties-in-Interest to Show Cause re Cash Motion 901 STRADA: Case Summary & 7 Unsecured Creditors ABR BUILDERS: To Pay Priority Wage Claimants to Resolve DOL Issue ADAMIS PHARMACEUTICALS: FDA Recommends Resubmission of ZIMHI Drug AGUPLUS LLC: Case Summary & 20 Largest Unsecured Creditors ALPINE 4 TECHNOLOGIES: Posts $2.8MM Net Income for 3rd Quarter AMERICANN INC: Comments on Massachusetts' 1st Year of Cannabis Sale ARETE HEALTHCARE: U.S. Trustee Forms 4-Member Committee AYTU BIOSCIENCE: Posts First Quarter Net Loss of $4.9 Million AYTU BIOSCIENCE: Reschedules Special Meeting to Q1 2020 BLINK CHARGING: Reports $2.6 Million Net Loss for Third Quarter CALIFORNIA PALMS: Case Summary & 2 Unsecured Creditors CAPSON CORP: Seeks to Extend Exclusive Filing Period to March 16 CAREVIEW COMMUNICATIONS: Incurs $3.2 Million Net Loss in Q3 CARLOS H. ORTIZ: Asks Court to Extend Plan Filing Deadline CASCADES OF GROVELAND: Exclusivity Extended to Confirmation Hearing COCRYSTAL PHARMA: Frost Gamma Has 10.4% Stake as of Nov. 8 COCRYSTAL PHARMA: Incurs $1.8 Million Net Loss in Third Quarter CREATIVE LIGHTING: Hires Motschenbacher & Blattner as Counsel CREATIVE LIGHTING: Seeks Cash Collateral Access Until Dec. 22 D & M LOGISTICS: Has Interim OK to Continue Factoring Agreement DANCEL LLC: Seeks Access to Cash Collateral Thru End of March 2020 E MECHANIC: Seeks Court Approval to Use Cash Collateral ELM HEATING: Court Allows Access to Cash Collateral Thru Dec. 5 FIZZ & BUBBLE: Erik Piper Removed as Committee Member FIZZICS GROUP: Seeks a Jan. 23 Confirmation Hearing FORESIGHT ENERGY: Incurs $34.1 Million Net Loss in Third Quarter FURIE OPERATING:Exclusive Plan Filing Period Extended Until March 9 GASPER RICE: Exclusive Plan Fling Period Extended Through Dec. 16 GAUCHO GROUP: Reports $1.5 Million Net Loss for Third Quarter GIGA-TRONICS INC: Posts $44,000 Net Income in Second Quarter GREAT FOOD: Has OK to Use Cash Collateral Thru End of March 2020 HAWKEYE ENTERTAINMENT: Seeks to Move Exclusivity Period to March 20 HENDRICKSON TRUCK: Case Summary & 9 Unsecured Creditors HOVNANIAN ENTERPRISES: Amends Exchange Offers for Old Notes IMPERIAL TOY: U.S. Trustee Forms 7-Member Committee INDUSTRIAL MACHINERY: Needs to Use Cash Collateral Thru January INVENSURE INSURANCE: Given Until March 11 to Exclusively File Plan ISLET SCIENCES: U.S. Trustee Forms 3-Member Committee JUNO USA: Seeks $4.5M of DIP Loans, Gets $1M on Interim Basis KJM CAPITAL: U.S. Trustee Unable to Appoint Committee KRISU HOSPITALITY: Court Grants Interim Cash Access LONGHORN PAVING: Needs Additional Time to Finalize Exit Plan MOBILE ADDICTION: U.S. Trustee Forms 3-Member Committee MURRAY ENERGY: UMWA Trustees Oppose Retiree Committee Appointment NIGHTGALLERIE LLC: Has Final Court Nod on Cash Request NOSCE TE IPSUM: Seeks to Hire San Juan Realty as Appraiser PES HOLDINGS: Needs More Time to Pursue Consensual Plan PNW HEALTHCARE: Gets Interim Approval to Use Cash Thru Dec. 13 PRADHAN AND COMPANY: Seeks to Hire Reputed Brokerage as Broker PROFESSIONAL RESOURCES: Administrator Unable to Appoint Committee PROFLO INDUSTRIES: Has Cash Access Thru End of February 2020 PROFLO INDUSTRIES: May Loan up to $750K of DIP Funds from HNB RODRIGUEZ-CARDONA: Case Summary & 3 Unsecured Creditors SCIENTIFIC GAMES: Posts $18 Million Net Income in Third Quarter SKYVUE LAS VEGAS: Seeks Feb. 20 Disclosure Statement Hearing STONEMOR PARTNERS: Incurs $42.7 Million Net Loss in Third Quarter SUPERMARKETS PLUS: Court Grants Access to Cash on Final Basis TNR HOLDINGS: Increases Loan Request from Hancock Whitney to $375K TWIFORD ENTERPRISES: Seeks to Use Cattle Sales Proceeds URBAN PHILANTHROPIES: U.S. Trustee Unable to Appoint Committee VALLEY ECONOMIC: Has OK to Use Cash Based on December Budget VIRGINIA TRUE: Proposes to Extend Exclusivity Period to Dec. 31 WATERS CAPITAL: Seeks to Hire DeMarco-Mitchell as Counsel ********* 10827 STUDEBAKER: Seeks to Extend Exclusivity Period to Feb. 17 --------------------------------------------------------------- 10827 Studebaker LLC asks the U.S. Bankruptcy Court for the Central District of California to extend the exclusive periods to file a plan of reorganization and seek confirmation of such plan to Feb. 17, 2020. The Debtor has not yet filed a plan of reorganization in this case because it is in the process of marketing the Property for sale and is also investigating its refinancing options. The Debtor is currently communicating with lenders regarding a potential refinance of the Property. Also, Economos DeWolf, Inc. (the Debtor's real estate broker) is marketing the Property. By these efforts, the Debtor hopes to have sufficient information to determine the best course forward. About 10827 Studebaker 10827 Studebaker LLC, which is primarily engaged in renting and leasing real estate properties, sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 19-13242) on Aug. 21, 2019. The Debtor was estimated to have assets and liabilities of $1 million to $10 million as of the bankruptcy filing. The Hon. Erithe A. Smith is the case judge. SULMEYERKUPETZ is the Debtor's counsel. 110 WEST PROPERTIES: Case Summary & 7 Unsecured Creditors --------------------------------------------------------- Debtor: 110 West Properties, LLC 3208 Royal Street, Suite 200 Los Angeles, CA 90007 Case No.: 19-24048 Business Description: 110 West Properties, LLC is a privately held company in Los Angeles, California. Chapter 11 Petition Date: November 29, 2019 Court: United States Bankruptcy Court Central District of California (Los Angeles) Judge: Hon. Neil W. Bason Debtor's Counsel: Gregory K. Jones, Esq. Jeffrey G. Huron, Esq. DYKEMA GOSSETT LLP 333 S. Grand Avenue, Suite 2100 Los Angeles, CA 90071 Tel: (213) 457-1800 Fax: (213) 457-1850 Email: GJones@dykema.com jhuron@dykema.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Richard K. Ullman, Sr., manager of RU, LLC, manager of 110 West Properties. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/cacb19-24048.pdf List of Debtor's Seven Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Lamb & Kawakami Legal Services $371,040 333 South Grand Ave., Suite 4200 Los Angeles, CA 90071 Kevin Lamb, Esq. Tel: (213) 630-5510 Email: klamb@lkfirm.com 2. Ian Hunter Services $53,099 655 Deep Valley Drive, Suite 307 Rolling Hills Estates, CA 90274 Ian Hunter Tel: (310) 265-6670 Email: ian@hunterandco.net 3. 1320, LLC Loan $135,000 655 Deep Valley Drive, Suite 307 Rolling Hills Estates, CA 90274 Ian Hunter Tel: (310) 265-6670 Emal: ian@hunterandco.net 4. Michael Criscione Loan $115,000 c/o Thomas Nowland, Esq. + disputed 20241 SW Birch St., Ste. 203 litigation Newport Beach, CA 92660 Tel: (941) 221-0005 Email: tom@nowlandlaw.com 5. Shamrock Parking Loan $55,000 3208 Royal Street, Ste. 200 Los Angeles, CA 90007 Cathy Ullman Tel: (661) 478-6613 Email: cullman@classicparking.com 6. Classic Parking Loan $45,000 3208 Royal Street, Ste. 200 Los Angeles, CA 90007 Cathy Ullman Tel: (661) 478-6613 Email: cullman@classicparking.com 7. 1330 West 11th Place Loan $30,000 Tenants-in-Common 3208 Royal Street, Ste. 200 Los Angeles, CA 90007 Cathy Ullman Tel: (661) 478-6613 Email: cullman@classicparking.com 1934 BEFORD: Parties-in-Interest to Show Cause re Cash Motion ------------------------------------------------------------- Judge Carla E. Craig ordered all parties-in-interest in the Chapter 11 case of 1934 Bedford, LLC, to show cause at a hearing on Dec. 4, 2019 at 4:30 p.m. why debtor 1934 Bedford's Motion to use the cash collateral of 1930 Bedford Avenue, LLC and Congregation Bnai Jacob, should not be granted. Responsive papers must be filed so as to be received by appropriate parties by 5 p.m. on Dec. 3, 2019. About 1934 Bedford LLC 1934 Bedford LLC is a privately held company in Brooklyn, N.Y. Bedford operates and develops a mutli-unit building in Brooklyn, New York. An involuntary petition for relief under Chapter 11 of the Bankruptcy Code was filed by creditors Simply Brooklyn Realty, HTC Construction Management, Inc., HTC Plumbing, Inc. against Bedford (Bankr. E.D.N.Y. Case No. 19-44751) on Aug. 2, 2019. On Sept. 12, 2019, Bedford consented to the entry of an order for relief under Chapter 11 of the Bankruptcy Code. The creditors are represented by Rosenberg Musso & Weiner LLP. Wayne Greenwald, P.C. is the Debtor's counsel. 901 STRADA: Case Summary & 7 Unsecured Creditors ------------------------------------------------ Debtor: 901 Strada, LLC 11301 W Olympic Blvd, Ste 537 Los Angeles, CA 90064 Business Description: 901 Strada, LLC is a privately held company in the residential building construction industry. 901 Strada is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: November 27, 2019 Court: United States Bankruptcy Court Central District of California (Los Angeles) Case No.: 19-23962 Judge: Hon. Sheri Bluebond Debtor's Counsel: Bruce D. Rudman, Esq. ABDULAZIZ GROSSBART & RUDMAN 6454 Coldwater Canyon Ave North Hollywood, CA 91606 Tel: 818-760-2000 Fax: 818-760-3908 Email: bdr@agrlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Mohamed Hadid, managing member. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/cacb19-23962.pdf List of Debtor's Seven Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. RAL Design and Management, Inc. Services $386,537 9909 Topanga Canyon Blvd., Suite 263 Chatsworth, CA 91311 Attn: Russell Linch 2. Ace Building Materials Suppliers or $201,044 6023 Sepulveda Blvd. Vendors Van Nuys, CA, 91411 Tel: 818-781-1755 3. Shahbaz Law Group Judgment Liens $104,270 14557 Friar Street, # 100 Van Nuys, CA, 91411 4. The Best Demolition Suppliers or $93,147 12000 Blucher Avenue Vendors Granada Hills, CA, 91344 Tel: 818-366-3500 5. Juanes Portable Welding Suppliers or $46,492 12672 Haster Street Vendors Garden Grove, CA, 92840 6. DMC Plumbing $35,191 28100 Bouquet Canyon Rd., # 208 Santa Clarita, CA, 91350 7. Hirsch Pipe Suppliers or $19,610 15025 Oxnard Street, Suite 100 Vendors Van Nuys, CA, 91411 ABR BUILDERS: To Pay Priority Wage Claimants to Resolve DOL Issue ----------------------------------------------------------------- Debtor ABR Builders LLC filed a reply to the objections of Glen and Alison Kunofsky; 112th Street Partners LLC; and the Department of Labor to the proposed Disclosure Statement explaining the Plan. The Debtor proposed that New York State Department of Labor's objection be resolved by including a statement in the Disclosure Statement that all allowed claims of priority wage claimants will be paid and by excepting from the release of all claims given to the principals the allowed priority wage claims to the extent provided for under the New York Labor Law and the FLSA. The Debtor filed with the Court an Affidavit establishing that the claims assert by 112th Street are non-meritorious. 112th Street holds an unliquidated claim. This creditor continues to retain the Debtor as the general contractor on the project. This Creditor filed the objection at the instruction of its managing partner, Dana Luttway, who was given every opportunity to review and monitor the course of the operation of the project and who is about to be removed and replaced by an assignee. On the other hand, the Debtor immediately reached out to Kunofsky to assure that Kunofsky not suffer any loss based on the Debtor's filing. Kunofsky was immediately advised to locate an alternate contractor. By letter dated April 5, 2019, the Debtor advised Kunofsky of the proposed rejection of the contract. The Debtor consented to Kunofsky's motion to reject the Debtor's contract with Kunofsky as conceded by Kunofsky. The order itself provides that the contract was rejected. Despite the order, Kunofsky filed a claim for rejection damages in the amount exceeding $800,000 in the case. A full-text copy to Objection Reply is available at https://tinyurl.com/te3pvhv from PacerMonitor.com at no charge. The Debtor is represented by Leo Fox. ABR Builders -- http://abrbuilders.com-- is a general contractor serving New York City and the adjoining areas. Since its founding in 1995, the Company has constructed high-end residential houses and commercial projects such as private medical clinics. ABR manufactures all custom architectural, structural, and interior components through its in-house resources. At the time of filing, the estimated assets and debts are $1 million to $10 million. ABR Builders LLC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 19-11041) on April 4, 2019. The Debtor was estimated to have $1 million to $10 million in assets and liabilities as of the bankruptcy filing. Leo Fox, Esq., in New York, serves as counsel to the Debtor. ADAMIS PHARMACEUTICALS: FDA Recommends Resubmission of ZIMHI Drug ----------------------------------------------------------------- Adamis Pharmaceuticals Corporation announced that after the close of U.S. markets on November 22nd, it received a Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA) regarding its New Drug Application (NDA) for Adamis' ZIMHI high-dose naloxone injection product for the treatment of opioid overdose. The CRL stated that the FDA determined it cannot approve the NDA in its present form and provided recommendations needed for resubmission. A CRL is issued by the FDA's Center for Drug Evaluation and Research when it has completed its review of a file and questions remain that preclude the approval of the NDA in its current form. The questions raised by the FDA related generally to Chemistry, Manufacturing and Controls (CMC). The plan is to expand on the CMC testing that has already been provided to the FDA to satisfy the CRL items. No other clinical safety or efficacy issues were raised, and the New Drug Application will remain open until the CMC issues are resolved. Dr. Dennis J. Carlo, president and CEO of Adamis, stated, "Obviously, we are very surprised and disappointed. With a growing number of fatal overdoses as a result of more potent opioids like fentanyl, we believe there is an obvious need for higher dose forms of naloxone and we remain committed to bringing ZIMHI to the market. We believe the comments and recommendations stated in the CRL are manageable and plan to fully cooperate with the FDA. We remain committed to this product and our mission to provide physicians and patients access to a higher dose of naloxone. We will take the Agency's suggestion and request a meeting as soon as reasonably possible to discuss our plan to resubmit the NDA." 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 Sept. 30, 2019, the Company had $52.84 million in total assets, $12.54 million in total liabilities, and total stockholders' equity of $40.30 million. 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. AGUPLUS LLC: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Two affiliates that have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- AguPlus, LLC 19-01529 dba Je Rei Hu, LLC dba Buzinkus, LLC dba Agu Ramen dba AGU 925 Isenberg Street Honolulu, HI 96813 Agu-V, Inc. 19-01530 dba Iyo Seimen, USA, Inc. dba AGU 1450 Ala Moana Boulevard Honolulu, HI 96814 Business Description: AGUPlus is a Hawaii-based company that operates ramen restaurants. Chapter 11 Petition Date: November 29, 2019 Court: United States Bankruptcy Court District of Hawaii (Honolulu) Judge: Hon. Robert J. Faris Debtors' Counsel: Jerrold K. Guben, Esq. O'CONNOR PLAYDON GUBEN & INOUYE LLP 733 Bishop St., Fl. 24 Honolulu, HI 96813 Tel: 808.524.8350 Fax: 808.531.8628 Email: jkg@opgilaw.com AguPlus, LLC's Estimated Assets: $500,000 to $1 million AguPlus, LLC's Estimated Liabilities: $10 million to $50 million Agu-V, Inc.'s Estimated Assets: $500,000 to $1 million Agu-V, Inc.'s Estimated Liabilities: $500,000 to $1 million The petitions were signed by Rika Takahashi, manager. A full-text copy of AguPlus, LLC's petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/hib19-01529.pdf AGU-V lists GGP Ala Moana as its sole unsecured creditor holding a claim of $220,000. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/hib19-01530.pdf ALPINE 4 TECHNOLOGIES: Posts $2.8MM Net Income for 3rd Quarter -------------------------------------------------------------- Alpine 4 Technologies Ltd. filed its quarterly report on Form 10-Q, disclosing a net income of $2,805,182 on $7,088,182 of revenue for the three months ended Sept. 30, 2019, compared to a net loss of $2,874,626 on $4,342,203 of revenue for the same period in 2018. At Sept. 30, 2019, the Company had total assets of $26,272,933, total liabilities of $37,478,454, and $11,205,521 in total stockholders' deficit. The Company has recurring losses and a working capital deficit. These factors raise substantial doubt as to the Company's ability to continue as a going concern. The Company requires capital for its operational and marketing activities. The Company's ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Company's plan of operations, and its ultimate transition to the attainment of profitable operations are necessary for the Company to continue operations. In order to mitigate the risk related with the going concern uncertainty, the Company has a three-fold plan to resolve these risks. First, the acquisitions of QCA, APF and Morris have allowed for an increased level of cash flow to the Company. Second, the Company is considering other potential acquisition targets that, like QCA and Morris, should increase income and cash flow to the Company. Third, the Company plans to seek new non-convertible debt agreements to fund any deficits in cash requirements. A copy of the Form 10-Q is available at: https://is.gd/w7lhGT Alpine 4 Technologies Ltd., a technology holding company, provides automotive technologies, electronics manufacturing, software, and energy services in the United States. The Company's product and services include 6th Sense Auto and BrakeActive. The Company was formerly known as Alpine 4 Automotive Technologies Ltd. and changed its name to Alpine 4 Technologies Ltd. in June 2015. Alpine 4 Technologies Ltd. was founded in 2014 and is based in Phoenix, Arizona. AMERICANN INC: Comments on Massachusetts' 1st Year of Cannabis Sale ------------------------------------------------------------------- AmeriCann, Inc. commented on the recent milestone of the one-year anniversary of recreational cannabis sales in the Massachusetts. Since the first adult-use stores opened in Massachusetts one year ago, the state has licensed a total of 33 cannabis stores, which have generated over $394,000,000 in sales. In the last 30 days dispensaries have sold over $42,600,000 in cannabis. Recreational retail sales are expected to increase by over 1 billion dollars annually in the coming years, according to Marijuana Business Daily. "AmeriCann recognized years ago that Massachusetts was positioned to become one of the strongest cannabis markets in the country," stated AmeriCann CEO Tim Keogh. "We expect to play an important role in providing much needed cannabis going forward, with the recent completion of our initial building at our Massachusetts Cannabis Center development." The Massachusetts cannabis market has some of the highest prices in the United States, with retail prices greater than $8,000 per pound and wholesale prices exceeding $4,000 per pound. By year's end, AmeriCann expects operations to begin at the recently completed Building 1 of the Massachusetts Cannabis Center (MCC), a cannabis cultivation and processing development in Freetown, Massachusetts. Building 1 is a 30,000 square foot cultivation and processing facility, 100 percent of which will be occupied by Bask, Inc., an existing Massachusetts licensed vertically integrated cannabis operator. AmeriCann has a 15-year Joint-Venture partnership with Bask which provides AmeriCann with a 15 percent Revenue Participation Fee on all cannabis produced. The MCC project is approved for 1 million square feet, which is being developed in phases and is one of the most technologically advanced facilities in the nation. Building 2 of the center will be more than five times the size of Building 1 and construction is expected to begin in 2020. As the first approved adult-use cannabis market on the Eastern U.S., Massachusetts has the potential to become the epicenter for cannabis innovation and research. About Americann Headquartered in Denver, Colorado, AmeriCann is a cannabis company that is developing cultivation, processing and manufacturing facilities. AmeriCann uses greenhouse technology which is superior to the current industry standard of growing cannabis in warehouse facilities under artificial lights. AmeriCann is designing GMP Certified cannabis extraction and product manufacturing infrastructure. Through a wholly-owned subsidiary, AmeriCann Brands, Inc., the Company intends to secure licenses to produce cannabis infused products including beverages, edibles, topicals, vape cartridges and concentrates. AmeriCann Brands, Inc. plans to operate a Marijuana Product Manufacturing business at MMCC with over 40,000 square feet of state-of-the art extraction and product manufacturing infrastructure. Americann reported a net loss of $4.43 million for the year ended Sept. 30, 2018, compared to a net loss of $2.77 for the year ended Sept. 30, 2017. As of June 30, 2019, the Company had $10.07 million in total assets, $3.03 million in total liabilities, and $7.04 million in total stockholders' equity. MaloneBailey, LLP, in Houston, Texas, the Company's auditor since 2016, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Sept. 30, 2018, stating that the Company has suffered recurring losses from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. ARETE HEALTHCARE: U.S. Trustee Forms 4-Member Committee ------------------------------------------------------- Henry Hobbs Jr., acting U.S. trustee for Region 7, on Nov. 27 appointed four creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of Arete Healthcare, LLC and its affiliates. The committee members are: 1. Blitz Medical Billing Contact: Lillian Garcia 1986 Hidalgo Lane Frisco, TX 75034 (214) 924-7821 Email: Lily@BlitzMedical.com 2. Phoenix Coding & Consulting Services, LLC Contact: Matt Tamez 1314 W. McDermott Drive, Suite 106-603 Allen, TX 75013 (469) 214-5496 Email: Matt.Tamez@phoenixccs.com 3. River City Imaging Associates Contact: Robert Mirabito 700 N. St. Mary's, #1400-50 San Antonio, TX 78205 (210)704-4004 Email: rmirabito@rciaradiology.com 4. Search Construction Contact: Kyle Heitcamp 200 W. Rhapsody Drive San Antonio, TX 78216 (830) 832-8669 Email: kyle@searchconstructionservices.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Arete Healthcare Arete Healthcare, LLC and its affiliates The Emergency Clinic of Floresville LLC, Schertz-Cibolo Emergency Center LLC and Southcross Hospital LLC, provide health care services. Schertz-Cibolo Emergency Center owns and operates the Schertz Cibolo Emergency Clinic -- www.schertzhealth.com -- a free-standing facility that is a fully equipped ER, staffed with board-certified physicians and registered nurses. It has an on-site laboratory and a complete radiology department including CT scanner, ultrasound, and digital X-ray. The Emergency Clinic of Floresville owns and operates Emergency Care of Floresville, an emergency clinic offering a full-service, 24-hour emergency room, an on-site lab, CT, digital x-ray, and ultrasound. Southcross Hospital Llc is a general acute care hospital in San Antonio, Texas, while Arete Healthcare manages the other three debtors. Arete Healthcare and its affiliate sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Lead Case No. 19-52578) on Nov. 3, 2019. At the time of the filing, Southcross Hospital had estimated assets of between $500,000 and $1 million and liabilities of between $1 million and $10 million. The other companies each disclosed assets of between $1 million and $10 million and liabilities of the same range. The cases have been assigned to Judge Craig A. Gargotta. The Debtors tapped Allen M. DeBard, Esq., at Langley & Banack, Inc., as their legal counsel. AYTU BIOSCIENCE: Posts First Quarter Net Loss of $4.9 Million ------------------------------------------------------------- Aytu Bioscience, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $4.93 million on $1.44 million of revenues for the three months ended Sept. 30, 2019, compared to a net loss of $3.45 million on $1.43 million of revenues for the three months ended Sept. 30, 2018. As of Sept. 30, 2019, the Company had $31.02 million in total assets, $28.70 million in total liabilities, and $2.32 million in total stockholders' equity. The Company ended the quarter with cash, cash equivalents and restricted cash of $7.3 million, which does not include $10 million raised in a private placement closed subsequent to quarter end. The Company entered into a definitive agreement to acquire Innovus Pharmaceuticals, Inc, and purchased a portfolio of prescription products from Cerecor, Inc, resulting in Pro Forma revenue of approximately $10.6 million and $42.7 million for the three and twelve months ended Sept. 30, 2019. The Company also raised $10 million (approximately $9.3 million after fees and expenses) through a private placement with healthcare institutional investors, resulting in Pro Forma net cash2, cash equivalents and restricted cash of approximately $16.6 million as of Sept. 30, 2019. Commenting on the first quarter of 2019, Josh Disbrow, chief executive officer of Aytu BioScience, stated, "During and subsequent to the quarter ending September 30 we announced two transformative transactions that increase our scale and are expected to accelerate our path to profitability. Those two transactions were the definitive agreement to acquire Innovus Pharmaceuticals and the acquisition of the portfolio of prescription products from Cerecor, Inc. These transactions significantly bolster the company's product portfolio to now include nine prescription products and, upon the closing of the Innovus acquisition, over thirty consumer health products. The result of this combination with Innovus and the Cerecor commercial portfolio yields trailing twelve-month combined pro forma revenue for the period ending September 30 of approximately $43 million." Mr. Disbrow continued, "While boosting our top line run rate, we also expect these transactions to accelerate the company's path to profitability. Both Innovus and the Cerecor commercial business operate at or near breakeven from a cash standpoint, so we are adding increased revenue scale without a corresponding increase in cash burn. We feel we are well positioned to reach break-even more rapidly as a result of the cost saving synergies the two transactions provide, as well as expected growth in revenue from product cross selling and increased physician reach due to the increased scale across combined sales forces. Additionally, as context, Aytu grew by 100% from fiscal 2018 to 2019, and Innovus has grown over 300% from 2017 to 2019. Through the combination of Aytu and Innovus, coupled with the asset purchase from Cerecor, we expect the consolidated entity to continue on a significant growth path while realizing operational synergies across the new combined organization to potentially achieve profitability sooner than the company would have prior to the consummation of these combinations." A full-text copy of the Form 10-Q is available for free at: https://is.gd/iW42ia About Aytu BioScience Englewood, Colorado-based Aytu BioScience, Inc. (OTCMKTS:AYTU) -- http://www.aytubio.com-- is a commercial-stage specialty pharmaceutical company focused on global commercialization of novel products addressing significant medical needs. The company currently markets Natesto, the only FDA-approved nasal formulation of testosterone for men with hypogonadism, ZolpiMist, an FDA-approved, commercial-stage prescription sleep aid indicated for the short-term treatment of insomnia characterized by difficulties with sleep initiation, and recently acquired Tuzistra XR, the only FDA-approved 12-hour codeine-based antitussive oral suspension. Additionally, Aytu is developing MiOXSYS, a novel, rapid semen analysis system with the potential to become a standard of care for the diagnosis and management of male infertility caused by oxidative stress. MiOXSYS is commercialized outside of the U.S. where it is a CE Marked, Health Canada cleared, Australian TGA approved, Mexican COFEPRAS approved product, and Aytu is planning U.S.-based clinical trials in pursuit of 510k de novo medical device clearance by the FDA. Aytu's strategy is to continue building its portfolio of revenue-generating products, leveraging its focused commercial team and expertise to build leading brands within large, growing markets. Aytu Bioscience reported a net loss of $27.13 million for the year ended June 30, 2019, compared to a net loss of $10.18 million for the year ended June 30, 2018. As of June 30, 2019, Aytu Bioscience had $34.72 million in total assets, $27.63 million in total liabilities, and $7.08 million in total stockholders' equity. Plante & Moran, PLLC, in Denver, CO, the Company's auditor since 2015, issued a "going concern" qualification in its report dated Sept. 26, 2019, the Company's consolidated financial statements for the year ended June 30, 2019, citing that the Company has suffered recurring losses from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. AYTU BIOSCIENCE: Reschedules Special Meeting to Q1 2020 ------------------------------------------------------- Aytu BioScience, Inc. has decided to reschedule the special meeting of stockholders tentatively scheduled for Dec. 13, 2019 until sometime in the first quarter of 2020. The Company will file updated proxy materials with the Securities and Exchange Commission for the special meeting when a new meeting date is set. About Aytu BioScience Englewood, Colorado-based Aytu BioScience, Inc. (OTCMKTS:AYTU) -- http://www.aytubio.com-- is a commercial-stage specialty pharmaceutical company focused on global commercialization of novel products addressing significant medical needs. The company currently markets Natesto, the only FDA-approved nasal formulation of testosterone for men with hypogonadism, ZolpiMist, an FDA-approved, commercial-stage prescription sleep aid indicated for the short-term treatment of insomnia characterized by difficulties with sleep initiation, and recently acquired Tuzistra XR, the only FDA-approved 12-hour codeine-based antitussive oral suspension. Additionally, Aytu is developing MiOXSYS, a novel, rapid semen analysis system with the potential to become a standard of care for the diagnosis and management of male infertility caused by oxidative stress. MiOXSYS is commercialized outside of the U.S. where it is a CE Marked, Health Canada cleared, Australian TGA approved, Mexican COFEPRAS approved product, and Aytu is planning U.S.-based clinical trials in pursuit of 510k de novo medical device clearance by the FDA. Aytu's strategy is to continue building its portfolio of revenue-generating products, leveraging its focused commercial team and expertise to build leading brands within large, growing markets. Aytu Bioscience reported a net loss of $27.13 million for the year ended June 30, 2019, compared to a net loss of $10.18 million for the year ended June 30, 2018. As of Sept. 30, 2019, the Company had $31.02 million in total assets, $28.70 million in total liabilities, and $2.32 million in total stockholders' equity. Plante & Moran, PLLC, in Denver, CO, the Company's auditor since 2015, issued a "going concern" qualification in its report dated Sept. 26, 2019, the Company's consolidated financial statements for the year ended June 30, 2019, citing that the Company has suffered recurring losses from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. BLINK CHARGING: Reports $2.6 Million Net Loss for Third Quarter --------------------------------------------------------------- Blink Charging Co. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss attributable to common shareholders of $2.62 million on $764,486 of total revenues for the three months ended Sept. 30, 2019, compared to a net loss attributable to common shareholders of $2.15 million on $546,844 of total revenues for the three months ended Sept. 30, 2018. For the nine months ended Sept. 30, 2019, the Company reported a net loss attributable to common shareholders of $6.75 million on $2.06 million of total revenues compared to a net loss attributable to common shareholders of $25.23 million on $1.77 million of total revenues for the same period in 2018. As of Sept. 30, 2019, the Company had $14.86 million in total assets, $4.79 million in total liabilities, and $10.06 million in total stockholders' equity. For the nine months ended Sept. 30, 2019 and 2018, the Company used cash of $7,374,412 and $10,584,062, respectively, in operations. The Comany's cash use for the nine months ended Sept. 30, 2019 was primarily attributable to its net loss of $6,753,836, adjusted for net non-cash income in the aggregate amount of $310,486, and $1,120,305 of net cash used in changes in the levels of operating assets and liabilities. The Company's cash used for the nine months ended Sept. 30, 2018 was primarily attributable to its net loss of $1,164,630, adjusted for net non-cash income in the aggregate amount of $4,070,303, and by $5,349,129 of net cash used in changes in the levels of operating assets and liabilities. During the nine months ended Sept. 30, 2019, cash used in investing activities was $177,418 which was used to purchase charging stations and other fixed assets. During the nine months ended Sept. 30, 2018, cash used in investing activities was $37,711, which was used to purchase charging stations and other fixed assets. There was no cash provided by financing activities for the nine months ended Sept. 30, 2019. Through Sept. 30, 2019, the Company incurred an accumulated deficit since inception of $166,610,317. As of Sept. 30, 2019, the Company had cash and working capital of $7,987,019 and $9,026,224 respectively. A full-text copy of the Form 10-Q is available for free at: https://is.gd/LerNGr About Blink Charging Based in Miami Beach, Florida, Blink Charging Co. (OTC: CCGID), formerly known as Car Charging Group, Inc. -- http://www.CarCharging.com,http://www.BlinkNetwork.com/and http://www.BlinkHQ.com-- is a provider of public electric vehicle (EV) charging equipment and services. Blink Charging designs, owns, operates and sells EV charging equipment under the Blink brand, as well as a number of other charging station equipment manufacturers such as Chargepoint, General Electric (GE) and SemaConnect. Blink Charging also offers connectivity to the Blink Network, a cloud-based platform that operates, manages and tracks Blink's EV charging stations and all associated data. As of June 30, 2019, the Company had $16.86 million in total assets, $4.21 million in total liabilities, and $12.64 million in total stockholders' equity. Blink Charging reported a net loss attributable to common shareholders of $26.88 million for the year ended Dec. 31, 2018, compared to a net loss attributable to common shareholders of $79.63 million for the year ended Dec. 31, 2017. CALIFORNIA PALMS: Case Summary & 2 Unsecured Creditors ------------------------------------------------------ Debtor: California Palms, LLC 1051 N. Canfield-Niles Road Youngstown, OH 44515 Case No.: 19-42174 Business Description: California Palms, LLC is an Ohio limited liability company that operates a residential mental health and substance abuse facilities. The Company previously filed for bankruptcy protection on Feb. 27, 2019 (Bankr. N.D. Ohio Case No. 19-40267). Chapter 11 Petition Date: November 29, 2019 Court: United States Bankruptcy Court Northern District of Ohio (Youngstown) Judge: Hon. John P. Gustafson Debtor's Counsel: Richard G. Zellers, Esq. LAW OFFICE OF RICHARD ZELLERS 3695 Boardman-Canfield Road Bldg. B, Suite 300 Canfield, OH 44406 Tel: (330) 702-0780 Fax: (330) 702-0788 Email: zellersesq@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sebastian Rucci, managing member. A copy of the Debtor's list of two unsecured creditors is available for free at: http://bankrupt.com/misc/ohnb19-42174_creditors.pdf A full-text copy of the petition is available for free at: http://bankrupt.com/misc/ohnb19-42174.pdf CAPSON CORP: Seeks to Extend Exclusive Filing Period to March 16 ---------------------------------------------------------------- Capson Corp., and its affiliates requests the U.S. Bankruptcy Court for the Western District of Texas to further extend the periods in which they have the exclusive right to file and solicit acceptances of a chapter 11 plan through and including March 16 and May 13, 2020, respectively. The requested extension is intended to provide the Debtors with sufficient time to determine if a consensual resolution with Granite State Insurance Company can be achieved and a settlement with Special Deputy Receiver finalized. Since the Petition Date, the Debtors have worked diligently on numerous time sensitive matters critical to these Chapter 11 Cases. Specifically, the Debtors and their professionals have focused their attention on, inter alia: (a) Negotiating a resolution of material executory contracts including rejection of some and assumption and assignment of others, resulting in the mitigation of a significant amount of claims; (b) Filing a turnover complaint against Nationwide Life & Annuity Insurance Company, resulting in the deposit of $5,063,655 in an escrow account; (c) Attempting to negotiate a resolution of a downstream guaranty to GSIC, and then filing a motion to estimate GSIC's claim. The Motion to Estimate the claim of GSIC is scheduled for a trial on Feb. 20, 2020; (d) Negotiating a non-binding term sheet with the SDR for Capson Physicians Insurance Company that, subject to certain conditions and the approval of the Court, would address contentious and complicated disputes between the parties including jurisdictional issues. About Capson Corp. Capson Corp., based in Austin, TX, and its affiliates sought Chapter 11 protection (Bankr. W.D. Tex. Lead Case No. 19-10890) on July 3, 2019. In the petitions signed by Matthew Downs, president, Capson Corp. was estimated to have assets of $10 million to $50 million and liabilities of $1 million to $10 million; affiliate Capson Physicians was estimated to have assets and liabilities of less than $50,000; and affiliate Capson Healthcare estimated had assets of up to $50,000 and liabilities of $1 million to $10 million. The Hon. Christopher H. Mott oversees the cases. Morris D. Weiss, Esq., at Waller Lansden Dortch & Davis, LLP, serves as bankruptcy counsel to the Debtors. No request for the appointment of a trustee or examiner has been made in the Chapter 11 cases, and no committees have been appointed or designated. CAREVIEW COMMUNICATIONS: Incurs $3.2 Million Net Loss in Q3 ----------------------------------------------------------- Careview Communications, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $3.16 million on $1.62 million of net revenues for the three months ended Sept. 30, 2019, compared to a net loss of $3.21 million on $1.51 million of net revenues for the three months ended Sept. 30, 2018. For the nine months ended Sept. 30, 2019, the Company reported a net loss of $9.65 million on $4.64 million of net revenues compared to a net loss of $12.56 million on $4.60 million of net revenues for the same period in 2018. As of Sept. 30, 2019, the Company had $6.93 million in total assets, $94.22 million in total liabilities, and a total stockholders' deficit of $87.29 million. The Company's cash position at Sept. 30, 2019 was approximately $926,000. Careview Communications stated, "Accounting standards require management to evaluate our ability to continue as a going concern for a period of one year subsequent to the date of the filing of this Form 10-Q ("evaluation period"). As such, we have evaluated if cash and cash equivalents on hand and cash generated through operating activities would be sufficient to sustain projected operating activities through November 14, 2020. We anticipate that our current resources, along with cash generated from operations, will not be sufficient to meet our cash requirements throughout the evaluation period, including funding anticipated losses and scheduled debt maturities. We expect to seek additional funds from a combination of dilutive and/or non-dilutive financings in the future. Because such transactions have not been finalized, receipt of additional funding is not considered probable under current accounting standards. If we do not generate sufficient cash flows from operations and obtain sufficient funds when needed, we expect that we would scale back our operating plan by deferring or limiting some, or all, of our capital spending, reducing our spending on travel, and/or eliminating planned headcount additions, as well as other cost reductions to be determined. Because such contingency plans have not been finalized (the specifics would depend on the situation at the time), such actions also are not considered probable for purposes of current accounting standards. Because, under current accounting standards, neither future cash generated from operating activities, nor management's contingency plans to mitigate the risk and extend cash resources through the evaluation period, are considered probable, substantial doubt is deemed to exist about the Company's ability to continue as a going concern. As we continue to incur losses, our transition to profitability is dependent upon achieving a level of revenues adequate to support its cost structure. We may never achieve profitability, and unless and until doing so, we intend to fund future operations through additional dilutive or non-dilutive financings. There can be no assurances, however, that additional funding will be available on terms acceptable to us, if at all." A full-text copy of the Form 10-Q is available for free at: https://is.gd/ij5Vrx About CareView Communications CareView Communications, Inc. -- http://www.care-view.com/-- is a provider of products and on-demand application services for the healthcare industry, specializing in bedside video monitoring, software tools to improve hospital communications and operations, and patient education and entertainment packages. Its proprietary, high-speed data network system is the next generation of patient care monitoring that allows real-time bedside and point-of-care video monitoring designed to improve patient safety and overall hospital costs. The entertainment packages and patient education enhance the patient's quality of stay. CareView is dedicated to working with all types of hospitals, nursing homes, adult living centers and selected outpatient care facilities domestically and internationally. The Company's corporate offices are located at 405 State Highway 121 Bypass, Suite B-240, Lewisville, TX 75067. Careview Communications reported a net loss of $16.07 million for the year ended Dec. 31, 2018, compared to a net loss of $20.07 million for the year ended Dec. 31, 2017. As of March 31, 2019, the Company had $8.21 million in total assets, $89.04 million in total liabilities, and a total stockholders' deficit of $80.83 million. BDO USA, LLP, in Dallas, Texas, the Company's auditor since 2010, 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, stating that the Company has suffered recurring losses from operations and has accumulated losses since inception that raise substantial doubt about its ability to continue as a going concern. CARLOS H. ORTIZ: Asks Court to Extend Plan Filing Deadline ---------------------------------------------------------- Debtors Carlos H. Ortiz Colon, his wife, Maribel Rodriguez, and Vaqueria Ortiz Rodriguez Inc. (VOR) ask the Bankruptcy Court to extend the time for them to file a Disclosure Statement and Plan of Reorganization by 60 days. VOR operates a dairy farm under license #3111 as authorized by the Oficina de Reglamentacion de Industria Lechera in 90.0 cuerdas owned by Carlos H Ortiz Colon and Maribel Rodriguez, located at Rd 123, Formed Rd. 10 "Sector Jaguar" in Arecibo PR. VOR has a bi-weekly milk production quota of 93,010 liters. To this date, the Debtors are trying to reorganize their financial affairs and increase income of the dairy farm in order to be able to propose a confirmable Chapter 11 Plan and comply with payments. The Debtors are awaiting funds from the US Dept of Agriculture (specifically the LIP of Livestock Indemnity Program) that will allow them to purchase close to 40-50 heads of cattle. Additionally, the Debtors are waiting for Farm Service Agency (FSA) to evaluate a loan application they submitted for cow purchase. This loan will allow the Debtors to purchase close to 150 heads of cattle. If the Debtors are able to purchase 200 head of cattle, they will significantly increase production and be able to comply with payments of a Plan. The Debtors maintain that the extended time will allow them to finalize the process with the FSA and the LIP program. The Debtors are represented by: Homel A. Mercado Justiniano USDC-PR-229705 Calle Ramirez Silva #8 Ensanche Martínez Mayaguez, PR 00680 Tel: (787)831-2577/805-2945 Fax: (787)805-7350 Email: hmjlaw2@gmail.com hmjlaw@yahoo.com CASCADES OF GROVELAND: Exclusivity Extended to Confirmation Hearing ------------------------------------------------------------------- Judge Karen S Jennemann of the U.S. Bankruptcy Court for the Middle District of Florida extended the period during which The Cascades of Groveland Homeowners' Association, Inc. has the exclusive right to file a plan to the hearing on confirmation of the plan to be set at a future date. About The Cascades of Groveland Homeowners' Association The Cascades of Groveland Homeowners' Association, Inc., is a non-profit homeowner's association operating under Chapter 720, Florida Statute's. The Association's homeowners constitute a community known as "Trilogy Orlando" located in Groveland, Florida. The Association sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-04077) on June 21, 2019. In the petition signed by Brian Feeney, president, the Debtor estimated assets of between $1 million to $10 million and liabilities of the same range. Michael A. Nardella, Esq. at Nardella & Nardella, PLLC serves as the Association's bankruptcy counsel. Weiss Serota Helfman Cole & Bierman, P.L., is serving as special appellate counsel, and Becker & Poliakoff, P.A., is special association counsel. COCRYSTAL PHARMA: Frost Gamma Has 10.4% Stake as of Nov. 8 ---------------------------------------------------------- In a Schedule 13D/A filed with the Securities and Exchange Commission, these entities and individuals reported beneficial ownership of shares of common stock of Cocrystal Pharma, Inc. as of Nov. 8, 2019: Shares Percent Beneficially of Reporting Person Owned Class ---------------- ------------ ------- OPKO Health, Inc. 2,659,685 7.6% Phillip Frost, M.D. 3,682,556 10.5% Frost Gamma Investments Trust 3,655,265 10.4% Steven D. Rubin 51,739 0.1% The percentages are based on (i) 35,150,058 shares of Common Stock outstanding as of Nov. 8, 2019, as reported by the Issuer on Form 10-Q filed with the SEC on Nov. 12, 2019 and (ii) 33,333 shares of Common Stock underlying warrants. The Amended Schedule 13D was filed solely as a result of a change in the Issuer's issued and outstanding Common Stock and amends and supplements the statement on Schedule 13D filed by OPKO Health, Inc., Phillip Frost, M.D., Frost Gamma Investments Trust, and Steven D. Rubin with the SEC on May 9, 2019, which amended and restated the (i) Schedule 13D originally filed on Dec. 5, 2014 filed jointly by OPKO, Dr. Frost, FGIT, Mr. Rubin and certain other persons, as amended with respect to Dr. Frost, FGIT, Mr. Rubin and certain other persons by Amendment No. 1 filed on June 19, 2018 and Amendment No. 2 filed on March 19, 2019, and (ii) Schedule 13G filed by OPKO on May 10, 2017, as amended on Feb. 2, 2018 and Feb. 14, 2019. A full-text copy of the regulatory filing is available for free at: https://is.gd/2LtYhH About Cocrystal Pharma Cocrystal Pharma, Inc., formerly known as Biozone Pharmaceuticals, Inc., is a clinical stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication machinery of hepatitis viruses, influenza viruses, and noroviruses. The company is headquartered in Tucker, Georgia. Cocrystal Pharma incurred a net loss of $49.05 million in 2018, following a net loss of $613,000 in 2017. As of Sept. 30, 2019, the Company had $73.44 million in total assets, $2.69 million in total liabilities, and $70.44 million in total stockholders' equity. BDO USA, LLP, in Miami, Florida, the Company's auditor since 2013, issued a "going concern" qualification in its report dated April 1, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has suffered recurring losses from operations, negative cash flows from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. COCRYSTAL PHARMA: Incurs $1.8 Million Net Loss in Third Quarter --------------------------------------------------------------- Cocrystal Pharma, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $1.78 million on $492,000 of total revenues for the three months ended Sept. 30, 2019, compared to a net loss of $1.87 million on $0 of total revenues for the three months ended Sept. 30, 2018. For the nine months ended Sept. 30, 2019, the Company reported a net loss of $324,000 on $6.16 million of total revenues compared to a net loss of $4.76 million on $0 of total revenues for the same period during the prior year. As of Sept. 30, 2019, the Company had $73.44 million in total assets, $2.69 million in total liabilities, and $70.44 million in total stockholders' equity. Net cash used by operating activities was $317,000 for the nine months ended Sept. 30, 2019 compared to net cash used in operating activities of $6,320,000 for the same period in 2018. This was primarily due to the revenue resulting from the Collaboration Agreement with Merck. Net cash used for investing activities was approximately $144,000 for the nine months ended Sept. 30, 2019 compared to $1,387,000 net cash provided by investing activities for the same period in 2018. For the nine months ended Sept. 30, 2019, net cash used for investing activities consisted primarily of capital spending for computers and lab equipment. For the nine months ended Sept. 30, 2018, net cash provided by investing activities primarily consisted of the proceeds from the sale of the mortgage note asset for $1,400,000. For the nine months ended Sept. 30, 2019, cash provided by financing activities totaled $3,753,000. The Company's 2019 financing activities included approximately $3,928,000 net proceeds from the issuance of common stock, reduced by payments of $175,000 made on the Company's lease liabilities for financed lab equipment. Net cash provided by financing activities was $8,869,000 for the nine months ended Sept. 30, 2018. Net cash provided by financing activities during the nine months ended Sept. 30, 2018 consisted of $7,684,000 net proceeds from the issuance of common stock, $1,000,000 in proceeds from the issuance of convertible notes, and $185,000 in proceeds from the exercise of stock options. Cocrystal said, "To date we have focused our efforts on research and development activities, including through collaborations with suitable partners. We have never been profitable on an annual basis, have no products approved for sale, have not generated any revenues to date from product sales, and has incurred significant operating losses and negative operating cash flows on an annual basis since inception. "The Company has not yet established an ongoing source of revenue sufficient to cover its operating costs and allow it to continue as a going concern. Based on cash on hand as of November 7, 2019 of approximately $7.2 million, the Company may not have the capital to finance its operations including any unforeseen expenses such as higher than anticipated legal costs and uninsured catastrophe to the Company operations for the next 12 months. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund its operations until it becomes profitable. If the Company is unable to obtain adequate capital and/or generate additional revenue under the Merck Collaboration Agreement, it could be forced to cease operations or substantially curtail its drug development activities." A full-text copy of the Form 10-Q is available for free at: https://is.gd/MXOLXK About Cocrystal Pharma Cocrystal Pharma, Inc., formerly known as Biozone Pharmaceuticals, Inc., is a clinical stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication machinery of hepatitis viruses, influenza viruses, and noroviruses. The company is headquartered in Tucker, Georgia. Cocrystal Pharma incurred a net loss of $49.05 million in 2018, following a net loss of $613,000 in 2017. As of March 31, 2019, Cocrystal Pharma had $76.29 million in total assets, $2.47 million in total liabilities, and $73.82 million in total stockholders' equity. BDO USA, LLP, in Miami, Florida, the Company's auditor since 2013, issued a "going concern" qualification in its report dated April 1, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has suffered recurring losses from operations, negative cash flows from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. CREATIVE LIGHTING: Hires Motschenbacher & Blattner as Counsel ------------------------------------------------------------- Creative Lighting Solutions Inc. seeks authority from the US Bankruptcy Court for the District of Oregon to hire Motschenbacher & Blattner LLP as its general bankruptcy counsel. Services Motschenbacher will render include: (i) consulting with it concerning the administration of the case; (ii) advising it with regard to its rights, powers and duties as a debtor in possession; (iii) investigating and, if appropriate, prosecuting on behalf of the estate claims and causes of action belonging to the estate; (iv) advising it concerning alternatives for restructuring its debts and financial affairs pursuant to a plan or, if appropriate, liquidating its assets; and (v) preparing the bankruptcy schedules, statements and lists required to be filed by the Debtor under the Bankruptcy Code and applicable procedural rules. Motschenbacher's current hourly rates are: Nicholas J. Henderson, partner $400 Troy G. Sexton, associate $335 Jeremy Tolchin, associate $315 Sean Glinka, associate $315 Legal Assistants and Paralegals $85 to $150 Nicholas J. Henderson, Esq. of Motschenbacher attests that the firm is a disinterested person within the meaning of section 101(14) of the Bankruptcy Code and does not represent or hold any interest adverse to the interests of the estate or of any class of creditors or equity security holders. The firm can be reached through: Nicholas J. Henderson, Esq. MOTSCHENBACHER & BLATTNER LLP 117 SW Taylor Street, Suite 300 Portland, OR 97204 Phone: 503-417-0500 Fax: 503-417-0501 Email: nhenderson@portlaw.com About Creative Lighting Solutions Inc. Creative Lighting Solutions Inc. offers a wide variety of conventional and LED lighting options and represent over 20 brands for residential, commercial, and industrial applications. Creative Lighting Solutions Inc. filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No. 19-34296) on Nov. 20, 2019. At the time of filing, the Debtor estimates $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Nicholas J. Henderson, Esq. at Motschenbacher & Blattner, LLP, is the Debtor's counsel. CREATIVE LIGHTING: Seeks Cash Collateral Access Until Dec. 22 ------------------------------------------------------------- Creative Lighting Solutions, Inc., seeks Bankruptcy Court approval to use $364,670 of cash collateral for the period from Nov. 21, 2019 through Dec. 22, 2019 to pay for wages, salaries and operating expenses, based on a 120-day operating budget. The budget provides for $84,146 in total expenses for the week-ending Dec. 2, 2019. A copy of the Budget, as contained in the Motion, is available at https://is.gd/2lOkUX from PacerMonitor.com free of charge. The Debtor proposes to grant a replacement lien on all post-petition property in which the secured creditor has pre-petition interest, for the diminution in the value of that secured creditor's interest in cash collateral. Columbia State Bank may claim a lien in the cash collateral, the dockets says. Columbia State Bank Objects, Dec. 3 Hearing Set The Court will continue hearing on the Motion on Dec. 3, 2019 at 2:30 p.m. Columbia State Bank does not consent to the Debtor's use of cash collateral. About Creative Lighting Solutions Creative Lighting Solutions, Inc., f/d/b/a Creative Lighting -- https://gocreativelighting.com/ -- is an LED lighting manufacturer. The Company sought Chapter 11 protection (Bankr. D. Or. Case No. 19-34296) on November 21, 2019 in Portland, Oregon. At the time of filing, the Debtor was estimated to have assets of between $100,000 and $500,000, and liabilities of between $1 million and $10 million. The petition was signed by Michael Bernards, president. MOTSCHENBACHER & BLATTNER, LLP, serves as counsel to the Debtor. Judge Peter C. McKittrick oversees the Debtor's case. D & M LOGISTICS: Has Interim OK to Continue Factoring Agreement --------------------------------------------------------------- Judge Mark X. Mullin granted the request of D & M Logistics, LLC to maintain its pre-petition factoring agreement with Advance Business Capital LLC d/b/a Triumph Business Capital, on an interim basis, nunc pro tunc to the Petition Date. Pursuant to the Order: (a) the Court lifted the automatic stay to allow Triumph to continue to collect from the Debtor on pre-petition accounts under the factoring agreement. The Debtor may sell its accounts to Triumph, and Triumph may make advances and other financial accommodations to the Debtor under the Post-Petition Agreements. (b) Triumph may recover a fully allowed secured claim amounting to $16,717.69 (excluding fees and costs) for advances made to the Debtor pursuant to the Factoring Agreement. (c) Triumph is granted a valid, binding, enforceable and perfected first and senior ownership interest in all post-petition Purchased Accounts as well as a first and senior priority security interest and lien in all of the Debtor's assets acquired or arising on or after the Petition Date, as security for all post-petition obligations. (d) Triumph is granted, a valid, binding, enforceable and perfected first and senior security interest and liens in all of Debtor's assets acquired or arising on or after the Petition Date, including Cash Collateral, as adequate protection to secure Triumph's Prepetition Claim to the extent of diminution in the value of its interest in the Debtor's prepetition assets. A copy of the Order is available at https://is.gd/CbNiDf from PacerMonitor.com free of charge. About D & M Logistics D & M Logistics, LLC, provides long haul trucking services throughout the continental United States. Based in Azle, Texas, D & M filed a voluntary bankruptcy petition under Chapter 11 of Title 11 of the United States Code (Bankr. N.D. Tex. Case No. 19-44476) on Nov. 1, 2019, listing under $1 million in both assets and liabilities. Warren V. Norred at Norred Law, PLLC, is the Debtor's counsel. DANCEL LLC: Seeks Access to Cash Collateral Thru End of March 2020 ------------------------------------------------------------------ Dancel, L.L.C., asks the Bankruptcy Court to authorize use of cash collateral for the period from Dec. 19, 2019 through March 31, 2020, pursuant to the budget. Charles R. Hyde, Esq., attorney for the Debtor, says that timely payment of the expenses included in the Budget is essential for the Debtor to continue in business from Dec. 19, 2019 through March 31, 2020. Mr. Hyde assures the Court that the secured creditors are over-secured so long as the Debtor is able to continue in its business based upon the going concern value of the seven franchises it operates. The Court will consider the Debtor's request on Dec. 17, 2019 at 2:15 p.m. About Dancel L.L.C. Dancel, L.L.C., owns and operates restaurants with multiple locations in Bernalillo County, N.M. Dancel filed a voluntary Chapter 11 petition (Bankr. D. Ariz. Case No. 19-10446) on August 20, 2019. In the petition signed by Laura Olguin, manager, the Debtor was estimated to have $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The case is assigned to Judge Scott H. Gan. Charles R. Hyde, Esq., at The Law Offices of C.R. Hyde, PLC, serves as the Debtor's counsel. E MECHANIC: Seeks Court Approval to Use Cash Collateral ------------------------------------------------------- E Mechanic Plus Inc., asks the Bankruptcy Court for permission to use cash collateral nunc pro tunc to the Petition Date to fund its operating expenses, as well as costs in administering its Chapter 11 case. The Budget submitted in Court provides for $5,000 in total expenses for the month of Dec. 2019, a copy of which is available at https://is.gd/z9mxDb from PacerMonitor.com free of charge. The Debtor relates that its secured creditor, Flagg Financial Services, Inc., may claim a blanket lien on the Debtor's assets by virtue of a clause in its Mortgage and Security Agreement. The Debtor owed the Secured Creditor approximately $249,930.56 as of the Petition Date. As adequate protection for the use of cash collateral, Debtor offers the Secured Creditor (i) post-petition replacement lien(s) to the same extent, validity and priority as existed pre-petition; and (ii) Monthly adequate protection payments equal to the pre-default contractual monthly payment, beginning December 2019. A copy of the Motion is available at https://is.gd/fYtOFV from PacerMonitor.com free of charge. About E Mechanic Plus Inc. Based in Tampa, Fla., E Mechanic Plus Inc. filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-10891) on Nov. 15, 2019. At the time of the filing, the Debtor disclosed assets of between $100,001 and $500,000 and liabilities of the same range. Buddy D. Ford, P.A. is the Debtor's legal counsel. ELM HEATING: Court Allows Access to Cash Collateral Thru Dec. 5 --------------------------------------------------------------- Judge Jack B. Schmetterer authorized Elm Heating & Cooling, Incorporated, to continue using the prepetition collateral, including cash collateral of its Lender, Randall Dellenbach, through Dec. 5, 2019, in order to fund working capital and operating expenses in the ordinary course of business, pursuant to the Budget. Pursuant to the Court order: (a) Lender has a valid, duly perfected, first priority lien on and security interest in all of the cash the Debtor derived from Prepetition Liens. (b) The Lender is granted, as adequate protection, a replacement lien in the pre-petition collateral and in the post-petition property of the Debtor to the extent of the diminution in value of the Lender's interest in the cash collateral, Parties-in-interest are permitted to investigate and challenge the Lender's assertions by filing an adversary proceeding on or before Nov. 12, 2019. The Lender asserts, among others, that the Debtor as of the Petition Date, owes the Lender approximately $2,439,229.26 in principal amount, plus interest, cost, fees and expenses, under the Prepetition Loan Documents. A copy of the Third Interim Order is available at https://is.gd/nKFzhD from PacerMonitor.com free of charge. Final hearing on the Motion is scheduled on Dec. 5, 2019 at 10:30 a.m. About Elm Heating & Cooling Elm Heating & Cooling, Incorporated, is a provider of heating, ventilating and air conditioning services in River Grove, Illinois. Elm Heating & Cooling sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 19-22960) on Aug. 14, 2019 in Chicago, Illinois. In the petition signed by Melanie Powers, owner, the Debtor was estimated to have $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The case is assigned to Judge Benjamin A. Goldgar. BACH LAW OFFICES, INC., represents the Debtor. FIZZ & BUBBLE: Erik Piper Removed as Committee Member ----------------------------------------------------- Gregory Garvin, acting U.S. trustee for Region 18, on Nov. 26 disclosed in a filing with the U.S. Bankruptcy Court for the District of Oregon that Erik Piper was removed as member of the official committee of unsecured creditors in the Chapter 11 case of Fizz & Bubble, LLC. The remaining committee members are Oswego Financial Services, Mike Vanier, Bruce Wood, Lloyd DuBois and Diane Humke. About Fizz & Bubble Fizz & Bubble, LLC -- https://fizzandbubble.com -- is a toiletries wholesaler based in Wilsonville, Oregon offering an array of luxurious bath and shower treats. The company's products include bath fizzies, bubble bath cupcakes, bubble bath elixirs, bath truffles, bath melts, shower steamers, body scrubs, whipped soaps, body frosting lotions, face mask frostings, and lip scrubs. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D. Ore. Case No. 19-34092) on November 4, 2019. The Hon. Trish M. Brown oversees the case. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Kimberly Ann Mitchell, sole member, chief creative officer. The Debtor is represented by Douglas R. Ricks, Esq., at Vanden Bos & Chapman, LLP. FIZZICS GROUP: Seeks a Jan. 23 Confirmation Hearing --------------------------------------------------- Debtor Fizzics Group, Inc. seeks Bankruptcy Court approval of the Disclosure Statement explaining the Plan of Reorganization. The Debtor asserts that the Disclosure Statement contains adequate information regarding the Plan as required by section 1125(a)(1) of the Bankruptcy Code. Accordingly, the Debtor asks the Court to approve the Disclosure Statement to permit the Debtor to use it in the solicitation process. The Debtor asks the Court to approve these plan-related dates: * January 13, 2020, at 4:00 p.m. (prevailing Eastern Time) as the voting deadline, which is ten (10) calendar days before the proposed Confirmation Hearing. * January 13, 2020, at 4:00 p.m. (prevailing Eastern Time) as the deadline by which objections to final approval of the Disclosure Statement and confirmation of the Plan or requests for modifications to the Plan, if any, must be filed and served. * Reply to any objections to the final approval of the Disclosure Statement and confirmation of the Plan should be no later than January 20, 2020. * Confirmation Hearing will be on January 23, 2020, at 10:00 a.m. (ET). A full-text copy of the motion is available at https://tinyurl.com/qowbz25 from PacerMonitor.com at no charge. The Debtor is represented by: BIELLI & KLAUDER, LLC David M. Klauder (No. 5769) 1204 N. King Street Wilmington, DE 19801 Phone: 302-803-4600 Fax: 302-397-2557 dklauder@bk-legal.com About Fizzics Group Inc. Fizzics Group, Inc. -- http://www.fizzics.com-- is a technology platform company that developed portable draft beer systems to improve the flavor and taste of can, bottle or growler of beer to brewery fresh. It utilizes patented sonic wave technology to deliver the fresh taste of draft from any can or bottle of beer. Fizzics Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 19-10545) on March 12, 2019. At the time of the filing, the Debtor had estimated assets of less than $500,000 and liabilities of $1 million to $10 million. David M. Klauder, Esq., at Bielli & Klauder, LLC, is the Debtor's legal counsel. FORESIGHT ENERGY: Incurs $34.1 Million Net Loss in Third Quarter ---------------------------------------------------------------- Foresight Energy LP filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $34.11 million on $183.08 million of total revenues for the three months ended Sept. 30, 2019, compared to a net loss of $27.70 million on $293.94 million of total revenues for the three months ended Sept. 30, 2018. For the nine months ended Sept. 30, 2019, the Company reported a net loss of $84.60 million on $679.07 million of total revenues compared to a net loss of $78.49 million on $806.08 million of total revenues for the nine months ended Sept. 30, 2018. As of Sept. 30, 2019, the Company had $2.38 billion in total assets, $1.87 billion in total liabilities, and $507.93 million in total partners' capital. During the quarter, the Partnership commenced discussions with its creditor constituencies to explore potential restructuring alternatives. On Nov. 12, 2019, the Partnership reached a resolution with its insurers regarding the remaining recoveries under its policies related to the Hillsboro Combustion Event. In consideration for the resolution of all claims, the Partnership expects to receive a final payment of $25.4 million. The final payment is expected to be recognized in the consolidated statement of operations in the fourth quarter of 2019 and is in addition to the $91.0 million of recoveries received in previous years related to the Partnership's mitigation costs, losses on machinery and equipment, and business interruption costs arising from the Hillsboro Combustion Event "The impact of depressed demand and pricing in both domestic and international markets has impacted us significantly in recent months," remarked Mr. Robert D. Moore, chairman, president, and chief executive officer. "As a result, we are revising our financial and operating guidance for 2019, and we are actively exploring potential restructuring alternatives that would provide for an improved cash flow profile necessary to manage the current headwinds being encountered." Third Quarter Consolidated Financial Results Coal sales totaled $181.5 million for the third quarter 2019 compared to nearly $292.0 million for the third quarter 2018, representing a decrease of $110.5 million, or 37.9%. The decrease in coal sales revenue from the prior year period was due to lower coal sales volumes combined with lower coal sales realization per ton sold. Coal sales volumes for the three months ended Sept. 30, 2019 were lower as compared to the prior year period due primarily to lower sales volumes placed into the export market. Declining API2 pricing on export volumes resulted in lower overall coal sales realizations. Cost of coal produced was $93.7 million for the third quarter 2019 compared to $133.7 million for the third quarter 2018. The decrease in cost of coal produced from the prior year period was due to an overall decrease in produced tons sold and a decrease in the cash cost per ton sold. The decrease in cash cost per ton sold was primarily due to efforts to further contain mine supplies expenses owing to the current financial condition of the Partnership. Transportation costs decreased approximately $27.1 million from the third quarter 2018 to the third quarter 2019 because of a decrease in produced tons sold and a larger percentage of the Company's sales going to the export market during the prior year period, which have higher associated transportation and transloading costs. The decrease in selling, general and administrative expense during the third quarter 2019 was primarily due to decreased sales and marketing expenses resulting from lower export sales volumes and legal expenses incurred in the prior year period associated with the Hillsboro and Macoupin litigation matters settled in October of 2018. Interest expense during the third quarter 2019 was comparable to the three months ended Sept. 30, 2018 primarily as a result of lower overall outstanding principal balances on the Company's Term Loan due 2022 and longwall financing arrangements, offset by additional outstanding borrowings on its revolving credit facility. Debt restructuring costs of $1.2 million consist of legal and financial advisor fees related to the Company's efforts to restructure its business for the long term. Adjusted EBITDA was $46.9 million for the third quarter 2019 compared to $57.6 million for the third quarter 2018. The decrease in Adjusted EBITDA was due to overall decreased sales volumes and lower coal sales realization per ton in the current year period. During the third quarter 2019, Foresight generated $22.4 million in cash flows from operations and ended the quarter with over $42 million in cash on hand. Capital expenditures for the third quarter 2019 totaled $18.8 million compared to $18.6 million for the third quarter 2018. Cash provided from financing activities in the third quarter 2019 was $34.9 million, consisting of additional borrowings on the Partnership's revolving credit facility offset by $6.2 million in payments related to the final installment on the Company's longwall financing arrangement and regularly scheduled payments on its finance lease obligations. Guidance for 2019 Based on Foresight's contracted position, recent performance, and its current outlook on pricing and the coal markets in general, the Partnership is updating the following guidance for the remainder of 2019: Sales Volumes - Based on current committed position and expectations for the remainder of 2019, Foresight is projecting sales volumes to be between 19.5 and 20.5 million tons, with approximately 6.0 million tons expected to be sold into the international market. Adjusted EBITDA - Based on the projected sales volumes and operating cost structure, Foresight currently expects to generate Adjusted EBITDA in a range of $190 to $210 million, which includes $25.4 million of insurance recoveries expected to be recognized and received in the fourth quarter 2019. Capital Expenditures - Total 2019 capital expenditures are estimated to be between $83 and $90 million. Liquidity, Capital Resources, Debt Obligations, and Potential Going Concern Considerations The Partnership's primary sources of liquidity consist of cash generated from operations, cash on hand, and a $170.0 million revolving credit facility. As of Sept. 30, 2019, the Partnership had $42.3 million of cash on hand and no meaningful borrowing availability under the Revolving Credit Facility. Outstanding borrowings and letters of credit under the Revolving Credit Facility were $157.0 million and $12.3 million, respectively, as of Sept. 30, 2019. On Oct. 1, 2019, FELLC and Foresight Energy Finance Corporation, wholly owned subsidiaries of the Partnership, elected to exercise the grace period with respect to the interest payment due under the indenture governing the Issuers' 11.50% Second Lien Senior Secured Notes due 2023. The election to exercise the grace period extended the time period the Issuers have to make the approximately $24.4 million interest payment without triggering an event of default under the Indenture. On Oct. 23, 2019, the Issuers sought the consent of the holders of the Second Lien Notes due 2023 to amend the Indenture and sought the consent of the Holders to waive certain Defaults or Events of Defaults arising under the Indenture, in each case. As of Oct. 30, 2019, the Issuers received consents to the amendments from Holders of at least a majority in aggregate principal amount of the outstanding Second Lien Notes due 2023 not owned by the Issuers or their affiliates. As a result, on Oct. 30, 2019, the Issuers, the guarantors party thereto and Wilmington Trust, National Association, the trustee for the Second Lien Notes due 2023, entered into a supplemental indenture providing for the Amendments to the Indenture. The Amendments (i) amend Section 6.01(b) of the Indenture to extend the grace period for payment of interest due on the Second Lien Notes due 2023 from 30 days to 90 days and (ii) amend Section 4.03(d) of the Indenture to exclude the fiscal period ended Sept. 30, 2019 from the requirement that the Issuers hold a publicly accessible conference call to discuss the Issuers' financial information for the relevant fiscal period. As of Oct. 30, 2019, Holders of at least a majority in aggregate principal amount of the outstanding Second Lien Notes due 2023 not owned by the Issuers or their affiliates also delivered Waivers that waived any Default or Event of Default, including under Section 6.01(b) of the Indenture, arising as a result of the Issuers' failure to make the interest payment that was due to be paid by the Issuers on Oct. 1, 2019. The Waivers did not waive any obligation of the Issuers to make such payment of interest, or the right of any Holder to receive such payment (including as contemplated by Section 6.07 of the Indenture). The credit agreement governing the Partnership's Credit Facilities requires that it complies on a quarterly basis with a maximum net first lien secured leverage ratio, currently 3.50:1.00 and stepping down by 0.25x in the first quarter 2021, which financial covenant is solely for the benefit of the lenders under the Revolving Credit Facility. The Partnership was in compliance with the maximum net first lien secured leverage ratio as of Sept. 30, 2019. However, if current economic and market conditions persist, the Partnership can offer no assurance that it will be in compliance with all obligations and covenants measured as of future quarterly periods within the next 12 months or that it will be able to obtain waivers or other relief from the applicable lenders under the Credit Facilities, as necessary. "If we are unable to obtain waivers or other relief, the Partnership would be in default under the Revolving Credit Facility. In such event, the lenders under the Revolving Credit Facility may immediately declare all outstanding indebtedness under the Revolving Credit Facility due and payable. After such declaration, the lenders under the Term Loan due 2022 could immediately declare all indebtedness under the Term Loan due 2022 due and payable. "The Partnership continues to engage in discussions with its creditor constituencies and is exploring potential restructuring alternatives. As a result of these discussions and potential restructuring efforts, it may be necessary for us to file a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in order to implement a restructuring, or our creditors, under certain circumstances, could force us into an involuntary bankruptcy or liquidation. If a plan of reorganization is implemented in a bankruptcy proceeding, it is likely that holders of claims and interests with respect to, or rights to acquire our equity securities, would likely be entitled to little or no recovery, and those claims and interests would likely be canceled for little or no consideration. If that were to occur, we anticipate that all, or substantially all, of the value of all investments in our partnership units would be lost and that our unitholders would lose all or substantially all of their investment. It is also likely that our other stakeholders, including our secured and unsecured creditors, could receive substantially less than the amount of their claims," the Partnership said in the SEC filing. During the three and nine months ended Sept. 30, 2019, the Partneship incurred legal and financial advisor fees of $1.2 million related to the above issues, which have been recorded as debt restructuring costs in the condensed consolidated statements of operations. The Partneship expects legal and financial advisor fees to continue to be substantial until such time as the above issues are remediated, if at all. The Partnership said the conditions and circumstances above raise substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-Q is available for free at: https://is.gd/yDYhnl About Foresight Energy Foresight Energy L.P. -- http://www.foresight.com/-- is a producer and marketer of thermal coal in the Illinois Basin. Foresight currently operates two longwall mining complexes with three longwall mining systems (Williamson (one longwall mining system) and Sugar Camp (two longwall mining systems)), one continuous mining operation (Macoupin) and the Sitran river terminal on the Ohio River. Additionally, Foresight has resumed continuous miner production at its Hillsboro complex and continues to evaluate potential future mining options. Foresight's operations are strategically located near multiple rail and river transportation access points, providing transportation cost certainty and flexibility to direct shipments to the domestic and international markets. Foresight Energy reported a net loss of $61.61 million for the year ended Dec. 31, 2018. The Company also reported a net loss of $104.05 million for the period from April 1, 2017, through Dec. 31, 2017. As of June 30, 2019, Foresight Energy had $7.03 billion in total assets, $610 million in total current liabilities, $5.06 billion in long-term debt, $185 million in deferred gain and issuance costs, $679 million in other long-term liabilities, $777 million in redeemable non-controlling interests, and a total deficit of $279 million. * * * As reported by the TCR on Nov. 5, 2019, S&P Global Ratings lowered the issuer credit rating on U.S.-based coal producer Foresight Energy L.P. to 'SD' (selective default) from 'CCC-' and removed the rating from CreditWatch, where S&P placed it with negative implications on Oct. 2, 2019. The downgrade follows the extension of the 30-day interest payment grace period on the 11.50% second-lien senior secured notes. FURIE OPERATING:Exclusive Plan Filing Period Extended Until March 9 ------------------------------------------------------------------- Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware extended the exclusive periods within which Furie Operating Alaska, LLC and its affiliates can file a chapter 11 plan and solicit acceptances of a plan through and including March 9 and May 5, 2020, respectively. About Furie Operating Alaska Headquartered in Anchorage Alaska, Furie Operating Alaska LLC and its affiliates operate as independent energy companies primarily focused on the acquisition, exploration, production, and development of offshore oil and gas properties in the State of Alaska's Cook Inlet region. They hold a majority working interest in 35 competitive oil and gas leases in the Cook Inlet. Additionally, they wholly own and operate an offshore production platform in the middle of the Cook Inlet to extract natural gas under the oil and gas leases. Furie Operating Alaska and its affiliates, Cornucopia Oil & Gas Company LLC, and Corsair Oil & Gas LLC, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 19-11781 to 19-11783) on Aug. 9, 2019. In the petitions signed by Scott M. Pinsonnault, interim COO, the Debtors were estimated to have $10 million to $50 million in assets and $100 million to $500 million in liabilities. Matthew P. Ward, Esq. at Womble Bond Dickinson (US) LLP and Timothy W. Walsh, Esq., at McDermott Will & Emery LLP, serve as the Debtors' counsel. Seaport Global Securities LLC is the Debtors' investment banker; and Ankura Consulting Group is the financial advisor. Prime Clerk LLC is the claims and noticing agent, and administrative advisor. GASPER RICE: Exclusive Plan Fling Period Extended Through Dec. 16 ----------------------------------------------------------------- Judge Eduardo V. Rodriguez of the U.S. Bankruptcy Court for the Southern District of Texas granted Gasper Rice Resources, Ltd. an extension of time to file its chapter 11 plan of reorganization and disclosure statement through and including Dec. 16, 2019. About Gasper Rice Resources Ltd. Gasper Rice Resources, Ltd. -- http://www.gasperrice.com/-- is a Texas limited partnership in the oil and gas extraction industry. It operates wells primarily located in the Gulf Coast of Texas and participates as a non-operator in properties located in Texas, Louisiana, Oklahoma and Mississippi. Gasper Rice Resources sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 19-31371) on March 11, 2019. At the time of the filing, the Debtor disclosed $2,116,190 in assets and $2,484,425 in liabilities. The case is assigned to Judge Eduardo V. Rodriguez. The Debtor is represented by the Law Office of Margaret M. McClure. GAUCHO GROUP: Reports $1.5 Million Net Loss for Third Quarter ------------------------------------------------------------- Gaucho Group Holdings, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss attributable to common stockholders of $1.50 million on $231,231 of sales for the three months ended Sept. 30, 2019, compared to a net loss attributable to common stockholders of $1.50 million on $439,982 of sales for the same period in 2018. For the nine months ended Sept. 30, 2019, the Company reported a net loss attributable to common stockholders of $5.20 million on $940,459 of sales compared to a net loss attributable to common stockholders of $5.75 million on $2.11 million of sales for the nine months ended Sept. 30, 2018. As of Sept. 30, 2019, Gaucho Group had $7.02 million in total assets, $4.96 million in total liabilities, $9.03 million in series B convertible redeemable preferred stock, and a total stockholders' deficiency of $6.97 million. The Company has an accumulated deficit of $85,886,569 at Sept. 30, 2019. Cash used in operating activities was $5,136,444 and $4,260,572 during the nine months ended Sept. 30, 2019 and 2018, respectively. Based upon projected revenues and expenses, the Company believes that it may not have sufficient funds to operate for the next twelve months. The aforementioned factors raise substantial doubt about the Company's ability to continue as a going concern. The Company said it needs to raise additional capital in order to continue to pursue its business objectives. The Company funded its operations during the nine months ended Sept. 30, 2019 through the proceeds from convertible debt obligations of $786,000 and proceeds from the sale of common stock for proceeds of $4,610,700. The Company repaid loans payable of $163,115 and debt obligations of $95,500, during the nine months ended Sept. 30, 2019. Gaucho Group said, "If the Company is not able to obtain additional sources of capital, it may not have sufficient funds to continue to operate the business for twelve months from the date these financial statements are issued. Historically, the Company has been successful in raising funds to support its capital needs. Management believes that it will be successful in obtaining additional financing; however, no assurance can be provided that the Company will be able to do so. Further, there is no assurance that these funds will be sufficient to enable the Company to attain profitable operations or continue as a going concern. To the extent that the Company is unsuccessful, the Company may need to curtail its operations and implement a plan to extend payables and reduce overhead until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful. Such a plan could have a material adverse effect on the Company's business, financial condition and results of operations, and ultimately the Company could be forced to discontinue its operations, liquidate and/or seek reorganization in bankruptcy." A full-text copy of the Form 10-Q is available for free at: https://is.gd/ho5Lgs About Gaucho Group Headquartered in New York, NY, Gaucho Group Holdings, Inc. -- http://www.algodongroup.com-- was incorporated on April 5, 1999. Effective Oct. 1, 2018, the Company changed its name from Algodon Wines & Luxury Development, Inc. to Algodon Group, Inc., and effective March 11, 2019, the Company changed its name from Algodon Group, Inc. to Gaucho Group Holdings, Inc. Through its wholly-owned subsidiaries, GGH invests in, develops and operates real estate projects in Argentina. GGH operates a hotel, golf and tennis resort, vineyard and producing winery in addition to developing residential lots located near the resort. In 2016, GGH formed a new subsidiary and in 2018, established an e-commerce platform for the manufacture and sale of high-end fashion and accessories. The activities in Argentina are conducted through its operating entities: InvestProperty Group, LLC, Algodon Global Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its wines in Europe through its United Kingdom entity, Algodon Europe, LTD. Gaucho Group reported a net loss attributable to common stockholders of $6.40 million for the year ended Dec. 31, 2018, compared to a net loss attributable to common stockholders of $8.25 million for the year ended Dec. 31, 2017. As of June 30, 2019, Gaucho Group had $6.71 million in total assets, $5.35 million in total liabilities, $9.02 million in series B convertible redeemable preferred stock, and a total stockholders' deficiency of $7.66 million. Marcum LLP, in New York, the Company's auditor since 2013, issued a "going concern" qualification in its report dated April 1, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has 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. GIGA-TRONICS INC: Posts $44,000 Net Income in Second Quarter ------------------------------------------------------------ Giga-Tronics Incorporated filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting net income attributable to common shareholders of $44,000 on $3.03 million of total revenue for the three months ended Sept. 28, 2019, compared to a net loss attributable to common shareholders of $282,000 on $2.68 million of total revenue for the three months ended Sept. 29, 2018. For the six months ended Sept. 28, 2019, the Company reported net income attributable to common shareholders of $59,000 on $6.53 million of total revenue compared to a net loss attributable to common shareholders of $569,000 on $5.73 million of total revenue for the six months ended Sept. 29, 2018. As of Sept. 28, 2019, the Company had $8.75 million in total assets, $6.34 million in total liabilities, and $2.41 million in total shareholders' equity. As of Sept. 28, 2019, Giga-tronics had $704,000 in cash and cash equivalents, compared to $878,000 as of March 30, 2019. The Company had working capital of $1.9 million at Sept. 28, 2019 compared to $1.6 million at March 30, 2019. The current ratio (current assets divided by current liabilities) at Sept. 28, 2019 was 1.39 compared to 1.41 at March 30, 2019. The increase in working capital was primarily due to an increase in accounts receivables of $426,000, an increase in prepaids and other current assets of $510,000 and an increase in inventories of $483,000 all of which resulted from the adoption of ASC 606 during the first six months of fiscal 2020. Cash used by operating activities during the six months ended Sept. 28, 2019 was $587,000. Net cash used in operating activities during this period was primarily attributable to changes in our working capital accounts, partially offset by other non-cash charges of $95,000 for depreciation and amortization and $162,000 for share-based compensation. Cash used in investing activities for the six-month period ended Sept. 28, 2019 was $94,000, primarily due to purchases of equipment for manufacturing and engineering. Cash used in investing activities for the six-month period ended Sept. 29, 2018 was zero. Cash provided by financing activities for the six-month period ended Sept. 28, 2019 was $507,000, primarily due to proceeds from the exercise of warrants of $230,000 and proceeds from financed receivables of $889,000, partially offset by repayments of financed receivables of $49,000 and $375,000 loan repayments on borrowings and $188,000 of capital lease payments. John Regazzi, chief executive officer of the Company said, "I'm pleased to see our RADAR filter business and our RADAR/EW test business, both contributing to the top line revenue and driving the Company to profitability for the third quarter in a row." Lutz Henckels, executive vice president and chief financial officer stated, "The strategic focus has been to move the business to profitability while enhancing our positioning to drive growth in our RADAR/EW testing business. We have improved our financial position through a combination of revenue growth, improved gross margins and cost control, resulting in our third quarter of net profitability. The sole-source RADAR filter business provides a solid foundation for the Company generating between $7 million to $9 million in sales per year." Mr. Henckels continued, "Going forward, we expect to see major growth for the company from the RADAR/EW test solution business. We have enhanced our sales team adding deep industry experience, added a new facility in New Hampshire close to major customers, and invested in key product upgrades. We have built our solution from the ground up to solve our customers' critical testing needs and the technology is unmatched in the industry. With the funding received from the follow-on public offering on November 8, 2019, we are in a strong position to convert our healthy pipeline to backlog and grow our market share and top line." A full-text copy of the Form 10-Q is available for free at: https://is.gd/2jKR8N About Giga-Tronics Headquartered in Dublin, California, Giga-Tronics Incorporated is a publicly held company, traded on the OTCQB Capital Market under the symbol "GIGA". Giga-tronics produces RADAR filters and Microwave Integrated Components for use in military defense applications as well as sophisticated RADAR and Electronic Warfare (RADAR/EW) test products primarily used in electronic warfare test & emulation applications. Giga-Tronics reported a net loss of $1.04 million for the year ended March 30, 2019, a net loss of $3.10 million for the year ended March 31, 2018, and a net loss of $1.54 million for the year ended March 25, 2017. As of June 29, 2019, the Company had $7.89 million in total assets, $5.97 million in total liabilities, and $1.92 million in total shareholders' equity. GREAT FOOD: Has OK to Use Cash Collateral Thru End of March 2020 ---------------------------------------------------------------- Judge Carl L. Bucki authorized (i) Great Food Great Fun, LLC (GFGF), d/b/a Wing City Grille, and (ii) Professional Hospitality, LLC, d/b/a Village Casino Restaurant, to use cash collateral through March 31, 2020, pursuant to the Budget. The Court granted Secured Creditors "rollover" replacement liens in the Debtors' post-petition assets to the extent of cash collateral actually used and not paid by the Debtors. The Court further ruled that Debtor GFGF will provide these creditors with adequate protection as follows: * Cosima Corporation: current rent at $1,500 weekly. Debtor will continue to pay Cosima $1,000.69 monthly for back rental. * U.S. Foods, Inc.: all current purchases will be paid COD, and Debtor will continue to pay $250 weekly towards arrears. * Internal Revenue Service: Debtor will continue to make adequate protection payments of $500 weekly to cover IRS' partially secured claims. As to Debtor Professional Hospitality, no additional adequate protection payments will be made until Debtor's seasonal business is reopened by around April 2020, except for the COD terms on current purchases made with U.S. Foods, Inc. The Court will convene a hearing on March 30, 2020 at 10 a.m. to consider the Debtor's use of the cash collateral after March 31, 2020. A copy of the Order is available at https://is.gd/PloZU1 from PacerMonitor.com free of charge. About Great Food Great Fun and Professional Hospitality Great Food Great Fun LLC is a New York corporation which is doing business as "Wing City Grille" and which operates a restaurant in Fredonia, New York. Professional Hospitality, LLC, is a New York corporation which is doing business as "Village Casino Restaurant" and which operates a restaurant and banquet facilities on the waterfront in Bemus Point, New York. The Village Casino Restaurant is seasonal, generally operating only between May 1 and Sept. 30 each year. Great Food and Professional Hospitality are single member limited liability corporations owned by Andrew C. Carlson, an individual who is not in bankruptcy. Great Food Great Fun and Professional Hospitality sought Chapter 11 protection (Bankr. W.D.N.Y. Case Nos. 17-11557 and 17-11558, respectively) on July 24, 2017. Judge Carl L. Bucki oversees the Debtors' jointly administered cases. Andreozzi Bluestein LLP serves as counsel to the Debtors. HAWKEYE ENTERTAINMENT: Seeks to Move Exclusivity Period to March 20 ------------------------------------------------------------------- Hawkeye Entertainment, LLC asks the U.S. Bankruptcy Court for the Central District of California to extend the exclusive period in which only the Debtor may file its Plan of Reorganization through March 20, 2020 and the exclusivity period in which the Debtor may solicit acceptances of its plan through May 22, 2020. The Debtor's successful reorganization is dependent upon the assumption of the Lease and Sublease for the Premises commonly known as the Pacific Stock Exchange Building, located at 618 South Spring Street, Los Angeles, California. To that end, the Debtor timely filed a motion to assume the Lease and Sublease on Oct. 10. However, the Landlord filed opposition and the hearing on the Assumption Motion has been continued by stipulation because the Debtor accommodated the Landlord's request for time to conduct discovery and to also set the matter down for an evidentiary hearing, which is scheduled to be heard by the Court in February 2020. About Hawkeye Entertainment, LLC Hawkeye Entertainment, LLC's most valuable asset is a written lease agreement, along with its First Amendment, for the first four floors and basement of the real property commonly known as the Pacific Stock Exchange Building located at 618 S. Spring Street, in Los Angeles, California. Hawkeye is a holding company for the Lease, which is sublet to a related entity. The business of the related sublessee operates an event venue in downtown Los Angeles for private parties, corporate events, live entertainment, fashion shows and more. Hawkeye previously filed a Chapter 11 petition on Sept. 30, 2013 (Bankr. C.D. Calif. Case No. 13-16307) due to disputes with its landlord. Hawkeye sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-12102) on Aug. 21, 2019. At the time of the filing, the Debtor disclosed assets ranging between $1 million to $10 million and liabilities of the same range. The petition was signed by Adi McAbian, president of Saybian Gourmet, Inc., member of Hawkeye Ent. Judge Victoria S. Kaufman is assigned to the case. Sandford L. Frey, Esq. at LEECH TISHMAN FUSCALDO & LAMPL, INC. serves as Debtor's counsel. HENDRICKSON TRUCK: Case Summary & 9 Unsecured Creditors ------------------------------------------------------- Debtor: Hendrickson Truck Lines, Inc. fdba Hendrickson Trucking, Inc. 7080 Florin Perkins Road Sacramento, CA 95828 Case No.: 19-27396 Business Description: Hendrickson Truck Lines, Inc. -- http://www.htlines.com-- is a general freight trucking company founded in 1976 with headquarters in Sacramento, California. Its services include dry van truckload, LTL line haul, short & long haul, expedited, general freight, solo & team, and express freight. The Company previously filed for bankruptcy protection on June 19, 2015 (Bankr. E.D. Calif. Case No. 15-24947). Chapter 11 Petition Date: November 27, 2019 Court: United States Bankruptcy Court Eastern District of California (Sacramento) Judge: Hon. Christopher D. Jaime Debtor's Counsel: Gabriel E. Liberman, Esq. LAW OFFICES OF GABRIEL LIBERMAN, APC 2033 Howe Ave #140 Sacramento, CA 95825 Tel: 916-485-1111 Email: attorney@4851111.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Alban Lang, chief financial officer and vice president. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/caeb19-27396.pdf List of Debtor's Nine Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. California State International Fuel $82,216 Board of Equalization Tax Agreement Account Information from 2007-2009 Group, MIC 29 P.O. Box 942879 Sacramento, CA 94279 2. Daimler Chrysler Deficiency Balance $200,533 Financial Services on 17 leased tractors Americas LLC returned in 2011 P.O. Box 2993 Milwaukee, WI 53201 3. Employment Development Payroll taxes from $461,370 Department Bankruptcy Group, 2008-2015 MIC 92E P.O. Box 826880 Sacramento, CA 94280 4. Internal Revenue Service 941 & 940 $240,219 P.O. Box 7346 taxes and penalties Philadelphia, PA 19101-7346 from 2010-2013 5. Kaiser Foundational Employee Health $132,890 Health Plan, Inc. Benefits File 50016 Los Angeles, CA 90074 6. Oregon Department Road Use Tax $438,167 of Transportation from 2008-2015 Collection Unit 550 Capitol St - NE Salem, OR 97301-2530 7. Pitney Bowes Disputed Equipment $7,500 PO Box 856042 Lease Louisville, KY 40285 8. Sylvio St Amand Balance of Stipulated $32,850 c/o Fernandez & Class Action Settlement Lauby LLP 4590 Allstate Drive Riverside, CA 92501 9. Xerox Financial Services Leased Kyocera Unknown 45 Glover Avenue 8052 Copy Machine Norwalk, CT 06856 HOVNANIAN ENTERPRISES: Amends Exchange Offers for Old Notes ----------------------------------------------------------- Hovnanian Enterprises, Inc.'s wholly-owned subsidiary, K. Hovnanian Enterprises, Inc., has amended certain terms of its previously announced offers to exchange its outstanding 10.000% senior secured notes due 2022 and outstanding 10.500% senior secured notes due 2024 for up to $240,000,000 aggregate principal amount of 10.000% 1.75 Lien Notes due 2025 to be issued by the Issuer and guaranteed by the Company and substantially all of its subsidiaries, other than the Issuer, its home mortgage subsidiaries, certain of its title insurance subsidiaries, joint ventures and subsidiaries holding interests in joint ventures and related solicitations of consents from holders of the Old Notes to certain proposed amendments to the indenture governing the Old Notes, which Exchange Offers and Consent Solicitations are being made on the terms and subject to the conditions set forth in the Confidential Offering Memorandum and Consent Solicitation Statement, dated Nov. 4, 2019 (as amended). Additionally, the Company and the Issuer announced that the early participation date had passed and the withdrawal deadline had expired for the Exchange Offers at 5:00 p.m., New York City time, on Nov. 18, 2019. The Exchange Offers and the Consent Solicitations will expire at 11:59 p.m., New York City time, on Dec. 5, 2019, unless extended or earlier terminated by the Issuer. The amendment to the Exchange Offers amends the definition of "Permitted Indebtedness" in the indenture governing the New 2025 Notes to clarify the allocation of New 2025 Notes issued in the Exchange Offers and in exchange for unsecured debt obligations. The amendments to the Consent Solicitations (i) remove all references to the asset dispositions covenant being eliminated as part of the Consent Solicitations for the applicable series of Old Notes, and (ii) clarify that the proposed amendments under each of the Consent Solicitations will not affect the obligation of subsidiaries that are Guarantors on the effective date of the applicable Supplemental Indenture giving effect to the applicable proposed amendments to continue to grant their assets as collateral for the Old Notes. In addition, the Company and the Issuer announced that, if New 2025 Notes are issued in an amount less than the New Notes Cap, then in connection with the completion of the Exchange Offers, the Issuer expects to exchange certain of its outstanding unsecured indebtedness for debt that is secured on a pari passu basis with the New 2025 Notes to be issued or borrowed by the Issuer and guaranteed by the Guarantors in an aggregate principal amount not to exceed the amount equal to the New Notes Cap less the amount of New 2025 Notes issued in the Exchange Offers. The terms of the New Pari Passu Debt may differ from the New 2025 Notes. Other than the amendments, the terms of the Exchange Offers and Consent Solicitations remain the same as set forth in the Offering Memorandum. Global Bondholder Services Corporation is serving as the exchange agent and information agent for the Exchange Offers. Any question regarding the Exchange Offers or the Consent Solicitations or the procedures for tendering Old Notes and requests for copies of the Offering Memorandum may be directed to Global Bondholder Services by phone at 866-470-3800 (toll free) or 212-430-3774. About Hovnanian Enterprises Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian and headquartered in Matawan, New Jersey, designs, constructs, markets, and sells single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes in planned residential developments. The Company is a homebuilder with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company's homes are marketed and sold under the trade names K. Hovnanian Homes, Brighton Homes. Hovnanian Enterprises reported net income of $4.52 million for the year ended Oct. 31, 2018, compared to a net loss of $332.2 million for the year ended Oct. 31, 2017. As of July 31, 2019, the Company had $1.79 billion in total assets, $2.28 billion in total liabilities, and $493.07 million in total deficit. * * * S&P Global Ratings lowered its issuer credit rating on U.S.-based residential homebuilder Hovnanian Enterprises Inc. (HOV) to 'SD' (selective default) from 'CCC+', as reported by the TCR on Nov. 11, 2019. The downgrade of the issuer credit rating follows the disclosure that Hovnanian has completed a partial debt exchange, whereby holders of its 10.5% senior secured notes due 2024 received newly issued $64.2 million 7.75% 1.125-lien notes due 2026 and $103.1 million 11.25% 1.5-lien notes due 2026. As reported by the TCR on Nov. 14, 2019, Moody's Investors Service downgraded Hovnanian Enterprises, Inc.'s Corporate Family Rating to Caa2 from Caa1. The rating action was prompted by a series of refinancing transactions completed and contemplated by Hovnanian that Moody's deems to be distressed exchanges. IMPERIAL TOY: U.S. Trustee Forms 7-Member Committee --------------------------------------------------- The U.S. Trustee for Region 17 on Nov. 27 appointed seven creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Imperial Toy, LLC. The committee members are: (1) Reliable Container Corp. Attn: Maureen Crowley 133 Peachtree Street Atlanta, GA 30303 (404) 652-2635 maureen.crowley@gapac.com Counsel: David Wender Alston & Bird LLP 1201 West Peachtree Street, Suite 4900 Atlanta, GA 30309 (404) 881-7354 david.wender@alston.com (2) Ideal Chemical & Supply Co. Attn: Sam Block 4025 Air Park Street Memphis, TN 38118 (901) 375-5544 sblock@idealchem.com Counsel: Donald H. Cram Severson & Werson One Embarcadero Center, Suite 2600 San Francisco, CA 94111 (415) 677-5536 dhc@severson.com (3) Mode Transportation, LLC Attn: Richard Rossi 6077 Primary Pkwy, Suite 400 Memphis, TN 38119 (901) 390-7560 richard.rossi@modetransportation.com (4) VG Packaging Attn: Brett Verst 13142 St. Thomas Drive Santa Ana, CA 92705 (714) 206-3613 brettv@vgpkg.com Counsel: Donald H. Cram Severson & Werson One Embarcadero Center, Suite 2600 San Francisco, CA 94111 (415) 677-5536 dhc@severson.com (5) Tarimas y Accessorios El Menny S.A. De C.V. Attn: Manuel Gerardo Ramirez Aleman Calle Jose Vasconcelos 9801-C Tijuana, B.C. 92154 (664) 903-8814 tarimaselmenny@gmail.com Counsel: Aristeo Montano PO Box 2434 Chula Vista, CA 91912 (619) 484-1831 arimontano94@gmail.com (6) CBT International, Inc. Attn: Troy Clarke, President 249 E. Ocean Blvd., Suite 650 Long Beach, CA 90802 (562) 983-7211 tc@cbtint.com (7) Peter Anthony Sgromo 32600 Bobcat Dr. Mission, B.C. Canada, V2V 5L1 (604) 287-5676 peter@eurekainnovates.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Imperial Toy Imperial Toy LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 19-52335) on Nov. 18, 2019. The case was filed in order to facilitate a going concern sale of the Debtor's assets. At the time of the filing, the Debtor disclosed assets of between $10,000,001 and $50 million and liabilities of the same range. The Debtor tapped Sheppard, Mullin, Richter & Hampton LLP as its legal counsel, and Arch & Beam Global, LLC as its financial advisor. INDUSTRIAL MACHINERY: Needs to Use Cash Collateral Thru January --------------------------------------------------------------- Industrial Machinery Sales & Services, Inc., asks Judge Benjamin Goldgar for authority to use cash collateral through January 2020 to pay utilities, salaries, wages, rent, and other operating expenses, and to purchase inventory. The Budget filed in Court disclosed, among others, provision for payroll and commission at $11,500, a copy of which is available at https://is.gd/I4DY23 from PacerMonitor.com free of charge. The Debtor believes that Byline Bank, from which the Debtor owed approximately $1,300,000, is not fully secured. Byline Bank holds a lien on substantially all of the Debtor's assets, primarily composed of accounts receivable, but also including office equipment and machinery. As adequate protection, the Debtor proposes to pay Byline Bank $1,338.94/month, which amount is equal to 5% interest per annum, on the secured amount of the Byline Bank claim. The Debtor also proposes to grant Byline Bank a replacement lien on all newly-acquired assets of the type on which Byline Bank currently holds a lien. A copy of the Motion is available at https://is.gd/Mfe3ky from PacerMonitor.com free of charge. The Court will hear the Debtor's request at a hearing on Dec. 2, 2019 at 9:30 a.m. About Industrial Machinery Sales & Services, Inc. Industrial Machinery Sales & Services, Inc., sells industrial machinery, primarily as a manufacturer's representative on a commission basis, and occasionally buys and resells machinery and equipment, as well. The Debtor sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 19-31848) on November 8, 2019 in Chicago, Illinois. Judge Benjamin Goldgar is assigned the case. DAVID P. LLOYD, LTD., represents the Debtor as counsel. INVENSURE INSURANCE: Given Until March 11 to Exclusively File Plan ------------------------------------------------------------------ Judge Scott C. Clarkson of the U.S. Bankruptcy Court for the Central District of California extended the exclusive period during which Invensure Insurance Brokers may file a plan up through and including March 11, 2020. About Invensure Insurance Brokers Invensure Insurance Brokers -- http://www.invensure.com/-- is an insurance brokerage firm in Irvine, Calif., that offers business insurance, personal insurance and employee benefits insurance. Invensure Insurance Brokers filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-11889) on May 16, 2019. In the petition signed by Robert Parent, chief executive officer, the Debtor estimated $1 million to $10 million in both assets and liabilities. Freeman, Freeman & Smiley, LLP represents the Debtor as counsel. ISLET SCIENCES: U.S. Trustee Forms 3-Member Committee ----------------------------------------------------- Tracy Hope Davis, the U.S. trustee for Region 17, on Nov. 26 appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Islet Sciences, Inc. The committee members are: (1) Brighthaven Ventures LLC Attn: Bentley Cheatham P.O. Box 13888 3200 East Hwy. 54 Research Triangle Park, NC 27709 (2) Spring Point Project Attn: Thomas A. Spizzo 121 S. 8th St., Ste. 822 Minneapolis, MN 55402 (3) William Wilkison P.O. Box 13888 3200 East Hwy. 54 Research Triangle Park, NC 27709 Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Islet Sciences Inc. Islet Sciences, Inc., a biotechnology company, is engaged in the research, development and commercialization of new medicines and technologies for the treatment of metabolic diseases and related indications covering unmet medical needs. On May 29, 2019, alleged creditors filed an involuntary petition, seeking to send Islet Sciences, Inc., to a liquidation under Chapter 7 of the Bankruptcy Code (Bankr. D. Nev. 19-13366). On July 19, 2019, the Debtor filed a motion to convert its Chapter 7 case to a Chapter 11 case. The court approved the conversion of the case to Chapter 11 on Sept. 18, 2019. The case is assigned to Judge Mike K. Nakagawa. Brownstein Hyatt Farber Schreck, LLP is the Debtor's legal counsel. JUNO USA: Seeks $4.5M of DIP Loans, Gets $1M on Interim Basis ------------------------------------------------------------- Juno USA, LP, and debtor affiliates asked the Bankruptcy Court for entry of interim and final orders to obtain $4,500,000 in post-petition secured term loan financing from GT Gettaxi Limited, or its affiliate. The Debtors intend to borrow an initial $1,000,000 on an interim basis, with the balance to be made available upon entry of the Final Order. The Material Terms of the DIP Term Loan are summarized as follows: * Borrower: Juno USA, LP * DIP Lender: GT Gettaxi Limited, or its affiliate * DIP Borrowing Limits: The DIP Facility will comprise a term loan in an aggregate principal amount of up to $4.5 million. An initial amount of $1,000,000 will be made available upon entry of an Interim Order. The remainder of the facility will be made available subject to entry of the Final Order. * Interest rate: Fixed rate equivalent to the LIBOR Rate plus 8% per annum, which fixed rate will be determined as of the DIP Closing Date. (Loans bearing interest at the LIBOR Rate will be customary and appropriate for financings of this type; provided that in no event will the LIBOR Rate be less than 1.50%). * Default rate: An additional 1% per annum above the interest rate otherwise applicable. * Maturity Date: On the earliest to occur of: (i) the date that is 45 days after entry of the Interim Order, if Final Order has not been entered by the Bankruptcy Court on or prior to said date, (ii) the date the Bankruptcy Court orders the conversion of the bankruptcy case of any of the Loan Parties to a Chapter 7 liquidation or the dismissal of the bankruptcy case of any Loan Party, (iii) the acceleration of the DIP Loans and the termination of the Commitment under the DIP Facility, (iv) the sale of all or substantially all of the Loan Parties' assets, and (v) the effective date of the joint plans of reorganization and liquidation for the Loan Parties. * DIP Liens/Superpriority administrative claim status: All obligations under the DIP Facility, subject to the Carve-Out, will at all times be: (i) entitled to superpriority claim status having priority over any and all other claims; (ii) secured by a perfected first-priority lien on all unencumbered now-owned or after-acquired Property (as defined below) of the Loan Parties that are not otherwise subject to any lien; and (iii) secured by a perfected junior lien on Property of the Loan Parties that are subject to any valid, perfected and non-avoidable lien in existence on the Filing Date, or any valid lien in existence on the Filing Date that is perfected subsequent to the Filing Date; (iv) secured by a perfected priming lien on Property of the Loan Parties, including Sberbank's first-priority lien against all of GT Forge's assets, subject to any valid, perfected and non-avoidable lien in existence on the Filing Date; or any valid lien in existence on the Filing Date that is perfected subsequent to the Filing Date. * Use of Proceeds: Loan Proceeds will be used to fund the: (i) administration of the Chapter 11 Cases, (ii) orderly winding down of operations and liquidation of the assets of the Liquidating Debtors, (iii) Reorganizing of the Debtor's business in the ordinary course during the Chapter 11 Cases, (iv) payment of the DIP Lenders' fees and expenses, and (v) payment of Administrative Expense Claims (including professional fee claims and 503(b)(9) claims), Priority Tax Claims and Other Priority Claims. * Carve-out: All fees payable to (i) the Clerk of the Bankruptcy Court and to the Office of the U.S. Trustee, plus interest at the statutory rate; (ii) all reasonable fees and expenses incurred by a trustee under Section 726(b) of the Bankruptcy Code; (iii) to the extent allowed at any time, all unpaid fees and expenses incurred by persons or firms retained by the Debtors or the Committee and (iv) Allowed Professional Fees of Retained Professionals in an aggregate amount of up to $50,000 incurred after the first business day following delivery by Lender of the Carve Out Trigger Notice. A copy of the Motion is available at https://is.gd/mOvTdZ from PacerMonitor.com free of charge. Motion Granted on Interim Basis Judge Kevin Gross, subsequently, approved the Debtors' request to borrow up to $1,000,000, on an interim basis. The proceeds of the DIP Facility will be used solely pursuant to the terms of the DIP Term Sheet, the approved budget and this Interim Order, a copy of which is available at https://is.gd/A23G53 from PacerMonitor.com at no charge. Final hearing on the DIP Motion is scheduled on Dec. 18, 2019 at 10:30 a.m. (prevailing Eastern Time). Objections are due by 4 p.m., prevailing Eastern Time, on Dec. 11, 2019. About Juno USA, LP Juno -- https://gojuno.com – aka Juno Lab, L.P., was a ride-hailing, mobile application-based transportation network company that operated in New York, New York, where its headquarters are located. Juno launched its mobile application and began offering its services in early 2016. Prior to the Chapter 11 filing, Juno shut down its US operations. The Company and five debtor affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-12484) on Nov. 19, 2019. In the petition signed by CRO Melissa S. Kibler, the Debtors were each estimated to have $1 million to $10 million in assets, and $100 million to $500 million in liabilities. Judge Mary F. Walrath is assigned the case. CHIPMAN BROWN CICERO & COLE, LLP is the Debtors' general bankruptcy counsel. MACKINAC PARTNERS, LLC, serves as financial advisor to the Debtors. OMNI AGENT SOLUTIONS is the Debtors' notice, claims and balloting agent. KJM CAPITAL: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The Office of the U.S. Trustee on Nov. 26 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of KJM Capital Transportation Fund, LLC. About KJM Capital KJM Capital Transportation Fund, LLC, along with six debtor affiliates which also operate in the general freight trucking business, sought Chapter 11 protection (Bankr. M.D. Fla. Lead Case No. 19-06302) in Orlando, Florida, on Sept. 27, 2019. In the petition signed by Kenneth J. Meister, manager, KJM was estimated to have assets at $10 million to $50 million and liabilities within the same range. The case is assigned to Judge Cynthia C. Jackson. Shuker & Dorris, P.A. is the Debtor's legal counsel. KRISU HOSPITALITY: Court Grants Interim Cash Access --------------------------------------------------- Judge Robert L. Jones granted the Motion to Use Cash Collateral filed by Krisu Hospitality, LLC, on an interim basis pursuant to the budget, until the earlier of (i) the conclusion of a final hearing on the Motion, (ii) a further Court order, or (iii) Dec. 15, 2019. As adequate protection for the use of cash collateral: * the Debtor will maintain insurance coverage as required under Chapter 11 and by the Centennial Bank's loan documents for the related collateral. * Centennial Bank and TexasPanhandle Regional Economic Development Corporation (Lenders) are granted valid, perfected, and enforceable replacement security interests in and liens upon the collateral described in the UCC Financing filed by the Lenders, to the extent of diminution in the value of the Lenders' interest in said collateral. * Lenders are granted a superpriority administrative expense claim to the extent that the post-petition collateral prove inadequate. The final hearing on the Motion is set for Dec. 12, 2019 at 1:30 p.m., prevailing Central Time, at the U.S. District Courthouse, 205 S.E. 5th Avenue, Amarillo, Texas. Objections must be duly filed and served by 5 p.m. of Dec. 9, 2019. A copy of the Interim Order is available at https://is.gd/QqLV3Y from PacerMonitor.com free of charge. About Krisu Hospitality Krisu Hospitality, LLC, is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Krisu Hospitality sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-20347) on Nov. 4, 2019, disclosing assets of less than $50 million and debt under $10 million. Judge Robert L. Jones is assigned to the case. SWINDELL LAW FIRM is the Debtor's counsel. LONGHORN PAVING: Needs Additional Time to Finalize Exit Plan ------------------------------------------------------------ Longhorn Paving & Oilfield Services, Inc. asks the U.S. Bankruptcy Court for the Southern District of Texas to extend the deadline to file a disclosure statement and plan of reorganization is extended to Feb. 4, 2020. Just recently, the Debtor reached a preliminary agreement with secured creditor, Rio Bank. In addition, the Debtor has successfully negotiated with several other creditors, including D. Wilson Construction Company, Bravo Capital, Ford Motor Credit Company, Chrysler Capital and Security Service Federal Credit Union. However, more time is needed because, although the Debtor reached a preliminary agreement with Rio Bank, the process of finalizing the agreement is expected to extend beyond the current plan deadline, particularly given the plethora of moving parts. In short, finalization of the agreement is unlikely to be realized in time to complete a Plan by the current deadline of Dec. 6, 2019. About Longhorn Paving & Oilfield Longhorn Paving & Oilfield Services, Inc. -- http://www.longhornpavingandoilfield.com/-- is a family-owned contractor in Edinburg, Texas that provides services to commercial, residential, site construction, utilities, asphalt and concrete paving clients. In addition, the Company provides site construction for oilfield pad sites, and services to drilling, completion , and production companies. The Company's main yard is located in Edinburg and it has an additional yard located in the Eagle Ford and West Texas. Longhorn Paving & Oilfield Services sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 19-70233) on June 10, 2019. In the petition signed by Melissa Awbrey, vice president, the Debtor disclosed $3,733,262 in assets and $3,131,973 in liabilities. The Hon. Eduardo V. Rodriguez oversees the case. The Debtor hired Villeda Law Group as counsel. MOBILE ADDICTION: U.S. Trustee Forms 3-Member Committee ------------------------------------------------------- The Office of the U.S. Trustee on Nov. 26 appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Mobile Addiction, LLC. The committee members are: (1) Steven Peckar Evergreen Marketplace, LLC 8933 E. Union Ave., Suite 216 Greenwood Village, CO 80111 Phone: 303-741-6343, ext. 105 Fax: 303-220-7899 Email: steve@jandbbuilding.com (2) Ashraf Salman Citywide Wireless 669 Gypsy Lane Youngstown, OH 44505 Phone: 330-979-5292 Email: ash@citywide-wireless.com (3) Terry L. Story TKT Painting, LLC 1636 26th Ave. Ct. Greeley, CO 80634 Phone: 970-301-6058 Email: tktpaintingllc@comcast.net Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Mobile Addiction Mobile Addiction LLC is a wholesaler of gadgets such i-pads, smartphones, tablets computers, and more. Mobile Addiction, based in Wichita, KS, filed a Chapter 11 petition (Bankr. D. Kan. Case No. 19-11449) on July 31, 2019. In the petition signed by Charles R. Thomas, owner, the Debtor estimated $10 million to $50 million in assets and $1 million to $10 million in liabilities. The Hon. Robert E. Nugent oversees the case. Hinkle Law Firm LLC is the Debtor's bankruptcy counsel. MURRAY ENERGY: UMWA Trustees Oppose Retiree Committee Appointment ----------------------------------------------------------------- The trustees for United Mine Workers of America 1992 Benefit Plan asked the U.S. Bankruptcy Court for the Southern District of Ohio to deny the motion filed by Murray Energy Holdings, Co. and its affiliates to appoint a committee to represent retired workers in their Chapter 11 cases. In a court filing, Nick Cavalieri, Esq., at Bailey Cavalieri LLC, argued that a retiree committee should not be appointed to negotiate the companies' liabilities under the Coal Industry Retiree Health Benefit Act of 1992 since Section 1114 of the Bankruptcy Code does not apply to their obligations to comply with the Coal Act. "The debtors' motion presupposes that Section 1114 of the Bankruptcy Code applies to the debtors' obligations under the Coal Act. However, the debtors' may not modify or terminate their statutory Coal Act obligations through the procedures of Section 1114 or otherwise, and thus it is not proper to appoint a retiree committee to negotiate such a proposal," the trustees' attorney argued. Mr. Cavalieri said the UMWA is the appropriate representative if the court determines that an authorized representative is required under Section 1114. The trustees are represented by: Nick V. Cavalieri, Esq. Matthew T. Schaeffer, Esq. Bailey Cavalieri LLC 10 W. Broad Street, Suite 2100 Columbus, OH 43215-3422 Phone: (614) 229-3252 Fax: (614) 221-0479 Email: nick.cavalieri@baileycavalieri.com Email: matthew.schaeffer@baileycavalieri.com - and - Paul A. Green, Esq. John R. Mooney, Esq. Diana M. Bardes, Esq. Mooney, Green, Saindon, Murphy & Welch, PC 1920 L Street, NW, Suite 400 Washington, DC 20036 Phone: (202) 783-0010 Email: pgreen@mooneygreen.com jmooney@mooneygreen.com dbardes@mooneygreen.com - and - Filiberto Agusti, Esq. Joshua Taylor, Esq. Steptoe & Johnson LLP 1330 Connecticut Avenue, NW Washington, DC 20036 Phone: (202) 429-6428 Fax: (202) 429-3902 Email: fagusti@steptoe.com jrtaylor@steptoe.com About Murray Energy Headquartered in St. Clairsville, Ohio, Murray Energy -- http://murrayenergycorp.com/-- is the largest privately owned coal company in the United States, producing approximately 76 million tons of high quality bituminous coal each year, and employing nearly 7,000 people in the United States, Colombia and South America. Murray Energy now operates 15 active mines in five regions in the United States, plus two mines in Colombia, South America. It operates 12 underground longwall mining systems, 42 continuous mining units, 10 transloading facilities, and five mining equipment factory and fabrication facilities. Murray Energy and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 19-56885) on Oct. 29, 2019. At the time of the filing, the Debtors disclosed assets of between $1 billion and $10 billion and liabilities of the same range. The cases have been assigned to Judge John E. Hoffman Jr. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel; Dinsmore & Shohl LLP as local counsel; Evercore Group L.L.C. as investment banker; Alvarez and Marsal L.L.C. as financial advisor; and Prime Clerk LLC as notice and claims agent. The U.S. Trustee for Region 9 appointed creditors to serve on the official committee of unsecured creditors on Nov. 7, 2019. NIGHTGALLERIE LLC: Has Final Court Nod on Cash Request ------------------------------------------------------ Judge Hannah L. Blumenstiel approved on a final basis the Motion to Use Cash Collateral Nunc Pro Tunc to Oct. 28, 2019 filed by Nightgallerie, LLC. A copy of the Order is available at https://is.gd/7Im1lZ from PacerMonitor.com free of charge. About Nightgallerie, LLC Nightgallerie, LLC, owns and operates Mezzanine SF -- http://www.mezzaninesf.com/-- a music and entertainment venue located at 444 Jessie Street San Francisco, CA 94103. Nightgallerie, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 19-31066) on Oct. 9, 2019. The petition was signed by Deborah Jackman, owner/manager. At the time of the filing, the Debtor was estimated to have $1 million to $10 million in assets and $500,000 to $1 million in estimated liabilities. Judge Hannah L. Blumenstiel is assigned to the case. The Law Offices of James Shepherd serves as the Debtor's counsel. NOSCE TE IPSUM: Seeks to Hire San Juan Realty as Appraiser ---------------------------------------------------------- Nosce Te Ipsum, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Keith F. Wolpert and San Juan Realty Advisors as its professional appraiser. Mr. Wolpert will provide an opinion of the current market value of the property located in Metro Office Park, Calle 1 3, Guaynabo, Puerto Rico. Mr. Wolpert has agreed to a flat fee of $4,500 for his services. Mr. Wolpert received a retainer in the amount of $2,500. Mr. Wolpert assures the court that he is a "disinterested person" within the meaning of 1 U.S.C. Sec 101(14) and does not have an interest materially adverse to the estate. The appraiser can be reached through: Keith F. Wolpert San Juan Realty Advisors PO Box 3675533 San Juan, PR 00936-7553 Tel: (787) 810-6990 Email: sjra@sjradvisors.com About Nosce Te Ipsum Nosce Te Ipsum, Inc., classifies its business as Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). The Company owns in fee simple a five-story building with office and commercial spaces for lease, and adjacent parking lot structure in Guaynabo, Puerto Rico valued by the Company at $7 million. Nosce Te Ipsum, Inc., based in San Juan, PR, filed a Chapter 11 petition (Bankr. D.P.R. Case No. 19-05155) on Sept. 9, 2019. In the petition signed by Maria De Los A. Ubarri, general manager, the Debtor disclosed $7,046,991 in assets and $5,210,939 in liabilities. The Hon. Brian K. Tester oversees the case. Andrew Jimenez Cancel, Esq., at Andrew Jimenez Law Offices, serves as bankruptcy counsel. PES HOLDINGS: Needs More Time to Pursue Consensual Plan ------------------------------------------------------- PES Holdings, LLC, and its debtor-affiliates request the U.S. Bankruptcy Court for the District of Delaware to extend by 180 days the periods during which the Debtors have the exclusive right to file a chapter 11 plan and to solicit votes thereon through and including May 18 and July 16, 2020, respectively. The extension of the Exclusivity Periods, if granted, will allow the Debtors to continue to work with the DIP Lenders, the Committee, and other parties in interest to efficiently work towards a confirmable Plan and related Disclosure Statement. The Debtors filed the Joint Chapter 11 Plan, accompanied by the Corrected Disclosure Statement, on Oct. 10, 2019. The Debtors have faced a tumultuous battle in addressing the go-forward status of their operations and estates. Nonetheless, the Debtors have made significant progress in administering these chapter 11 cases, which warrants a further extension of the Exclusivity Periods. The Debtors require additional time provided under the Exclusivity Periods to further negotiate and pursue the Plan and the related Disclosure Statement to advance these chapter 11 cases towards the Debtors' ultimate goal. The Debtors intend to work toward consensus with all their major stakeholders on their plan of reorganization. During the Exclusivity Periods, the Debtors plan to continue to engage with the DIP Lenders and their other constituents in efforts to reach a global resolution amongst all parties in interest and maximize the value of the estate. The Debtors will endeavor to conduct these negotiations as quickly as they reasonably can to maximize efficiency. 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. PNW HEALTHCARE: Gets Interim Approval to Use Cash Thru Dec. 13 -------------------------------------------------------------- Judge Mary Jo Heston authorized PNW Healthcare Holdings, LLC and debtor affiliates to use the Pre-petition Collateral and Landlord Collateral, including cash collateral through and including Dec. 13, 2019. Previously, the Debtors have sought permission from the Bankruptcy Court to use cash collateral on an interim and final basis, to preserve the going-concern value of its business. A copy of the proposed budget then filed in Court is available at https://is.gd/x1zM7R from PacerMonitor.com free of charge. The Court ruled that as adequate protection for the respective interests of (i) the Agent and Prepetition Lenders in the Prepetition Collateral (including Cash Collateral, (ii) Canyon Landlords in the Landlord Collateral (including Cash Collateral), and (iii) Ziegler in the Ziegler Collateral (including Cash Collateral), on account of the Debtors' use of Cash Collateral, the Secured Parties will receive adequate protection replacement liens and adequate protection superpriority claims. Prior to entry of the Interim Order, Midcap Funding IV Trust (Lender to the Debtor), and Canyon Z, LLC, each filed an objection to the Debtors' cash request. Midcap argued that the Debtors were unable to meet the burden of proving adequate protection, and asked the Court to grant the Debtors access to cash collateral only to the extent necessary to avoid irreparable harm, further proposing a one-week interim cash use period. A copy of the Objection is available at https://is.gd/kMMXUC from PacerMonitor.com free of charge. Canyon Z complained that the Debtors' proposed budget does not provide for the timely payment of rent, and that the Debtors have not proposed adequate protection to the Canyon Landlords. The Debtors and Canyon Z are parties to certain Master Leases before the Petition Date. A copy of the Canyon Z Objection is available at https://is.gd/483gIH from PacerMonitor.com at no charge. The Court denied and overruled any objections which were not resolved or withdrawn. A copy of the Interim Order is available at https://is.gd/movAah from PacerMonitor free of charge. The Court will convene a further interim hearing on the Motion on Dec. 13, 2019 at 10:30 a.m. Pacific Time. About PNW Healthcare Aldercrest Health & Rehabilitation Center and its subsidiaries, including PNW Healthcare Holdings, LLC -- http://www.aldercrestskillednursing.com/-- are providers of long-term skilled nursing care and short-term rehabilitation solutions. Aldercrest Health & Rehabilitation Center has been serving North King and Snohomish Counties since 1975. Each of the Debtors filed Chapter 11 petitions (Bankr. W.D. Wa. Lead Case No. 19-43754) on Nov. 22, 2019 in Seattle, Washington. In the petitions signed by Dov E. Jacobs, manager, Aldercrest Health-Edmonds was estimated to have $1 million to $10 million in assets and liabilities. Judge Christopher M. Alston is assigned the cases. F OLEY & LARDNER LLP serves as the Debtors' general bankruptcy counsel, and D. BUGBEE & SCALIA, PLLC, as co-bankruptcy and conflicts counsel. GETZLER HENRICH & ASSOCIATES LLC is the Debtors' financial advisor. OMNI AGENT SOLUTIONS serves as notice, claims & balloting agent, as well as administrative advisor to the Debtors. PRADHAN AND COMPANY: Seeks to Hire Reputed Brokerage as Broker -------------------------------------------------------------- Pradhan and Company, Inc., seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire a broker. The Debtor desires to hire Reputed Brokerage as broker to actively market the real property located at 15151 FAA Blvd., Fort Worth, Texas 76155 for sale along with the inventory. Reputed will receive a fixed commission of $45,000.00 for the sale of the real property and will not receive a commission for the inventory. Reputed is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Rajesh Bhatia Reputed Brokerage 17742 Preston Rd. Dallas, TX 75252 Phone: (240) 643-4444 Fax: (8770 860-3599 About Pradhan and Company Pradhan and Company, Inc., owns and operates a gas station located at 15151 FAA Boulevard, Fort Worth, Texas. Pradhan and Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-40923) on March 4, 2019. At the time of the filing, the Debtor estimated assets of less than $1 million and liabilities of less than $1 million. The case is assigned to Judge Edward L. Morris. The Debtor tapped Areya Holder Aurzada, Esq., at Holder Law, as its legal counsel. PROFESSIONAL RESOURCES: Administrator Unable to Appoint Committee ----------------------------------------------------------------- The U.S. bankruptcy administrator on Nov. 27 disclosed in a filing with the U.S. Bankruptcy Court for the Middle District of Alabama that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Professional Resources Management of Crenshaw, LLC. About Professional Resources Management Founded in 2005, Professional Resources Management of Crenshaw, LLC, provides general medical and surgical hospital services. Crenshaw Community Hospital has 65 beds and offers a range of diagnostic, therapeutic, emergency and surgical services. Professional Resources sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 19-33272) on Nov. 7, 2019. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of between $1 million and $10 million. The case has been assigned to Judge William R. Sawyer. Memory Memory & Causby, LLP, is the Debtor's legal counsel. PROFLO INDUSTRIES: Has Cash Access Thru End of February 2020 ------------------------------------------------------------ Judge Mary Ann Whipple authorized Proflo Industries, Inc., to use cash collateral (in which Huntington National Bank has interest), on an interim basis through Feb. 28, 2020, to pay for its ordinary and necessary operating expenses. The Court ruled that: * the Debtor will make adequate protection payments for $7,702.43 (consisting of the regular payment of $3,945.16 and an extra monthly payment of $3,757.27) for the use of the cash collateral. The former line of credit payments are being applied to the property mortgage loan going forward to Huntington Bank, and in the amount of the continued lease payments to Bosserman Automotive Engineering, LLC, which, in turn, are used by Bosserman Automotive to pay the loan and mortgage with Huntington Bank dated December 15, 2014. * the Debtor is prohibited from drawing from any line of credit with Huntington Bank, and that said line of credit account can remain frozen at Huntington Bank's discretion. A copy of the Order, with the approved budget, is available at https://is.gd/lIHYke from PacerMonitor.com free of charge. A hearing on the Motion will continue on February 26, 2020 at 9:30 a.m. About ProFlo Industries Headquartered in Alvada, Ohio, ProFlo Industries, LLC, is an Ohio LLC engaged in the airline refueling business. The principal customers of the business are multi-national companies providing goods, services and advice in the global aviation industry. ProFlo consists of one shareholder: Terry N. Bosserman who owns 100% of the shares. ProFlo Industries filed a Chapter 11 petition (Bankr. N.D. Ohio Case No. 17-33184) on Oct. 8, 2017. In the petition signed by Terry N. Bosserman, president, the Debtor estimated less than $1 million in assets and less than $500,000 in liabilities. The Debtor is represented by Patricia A. Kovacs, Esq. No official committee of unsecured creditors has been appointed in the Debtor's case. PROFLO INDUSTRIES: May Loan up to $750K of DIP Funds from HNB ------------------------------------------------------------- Proflo Industries, LLC sought and obtained approval from Judge Mary Ann Whipple to (i) borrow up to $750,000 in post-petition financing from Huntington National Bank, and to (ii) use up to $262,500 of HNB's cash collateral on hand for the initial settlement payment on the settlement negotiations among the Debtor, Skymark Refuelers, LLC and First Federal Bank of Midwest, in an action pending in the Court for Common Pleas of Wyandot County, Ohio. A copy of each of the Order at https://is.gd/6eTwdY the Motion at https://is.gd/CpRKRb and the Supplemental Motion at https://is.gd/szeeyE are available from PacerMonitor.com free of charge. About ProFlo Industries Headquartered in Alvada, Ohio, ProFlo Industries, LLC, is an Ohio LLC engaged in the airline refueling business. The principal customers of the business are multi-national companies providing goods, services and advice in the global aviation industry. ProFlo consists of one shareholder: Terry N. Bosserman who owns 100% of the shares. ProFlo Industries filed a Chapter 11 petition (Bankr. N.D. Ohio Case No. 17-33184) on Oct. 8, 2017. In the petition signed by Terry N. Bosserman, president, the Debtor was estimated to have less than $1 million in assets and less than $500,000 in liabilities. The Debtor is represented by Patricia A. Kovacs, Esq. No official committee of unsecured creditors has been appointed in the Debtor's case. RODRIGUEZ-CARDONA: Case Summary & 3 Unsecured Creditors ------------------------------------------------------- Debtor: Rodriguez-Cardona Property Holdings, LLC 1249 Kildaire Farm Road, Unit 361 Cary, NC 27518 Case No.: 19-05486 Business Description: Rodriguez-Cardona Property Holdings is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)), whose principal assets are located at 300 North Ivey Avenue in Siler City, NC. Chapter 11 Petition Date: November 29, 2019 Court: United States Bankruptcy Court Eastern District of North Carolina (Raleigh Division) Debtor's Counsel: Travis Sasser, Esq. SASSER LAW FIRM 2000 Regency Parkway, Suite 230 Cary, NC 27518 Tel: (919) 319-7400 Fax: (919) 657-7400 Email: travis@sasserbankruptcy.com Total Assets: $1,700,180 Total Liabilities: $675,703 The petition was signed by Michael Williams, member manager. A full-text copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at: http://bankrupt.com/misc/nceb19-05486.pdf SCIENTIFIC GAMES: Posts $18 Million Net Income in Third Quarter --------------------------------------------------------------- Scientific Games Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting net income of $18 million on $855 million of total revenue for the three months ended Sept. 30, 2019, compared to a net loss of $352 million on $821 million of total revenue for the three months ended Sept. 30, 2018. Net income was driven by growth in revenue and a $19 million gain on remeasurement of Euro denominated debt versus a $4 million loss in the prior year period. The prior year period included $339 million in restructuring and other charges primarily related to the verdict in the Shuffle Tech legal matter. For the nine months ended Sept. 30, 2019, the Company reported a net loss of $81 million on $2.53 billion of total revenue compared to a net loss of $559 million on $2.48 billion of total revenue for the nine months ended Sept. 30, 2018. As of Sept. 30, 2019, Scientific Games had $7.91 billion in total assets, $10.03 billion in total liabilities, and a total stockholders' deficit of $2.12 billion. Barry Cottle, president and chief executive officer of Scientific Games, said, "Each of our business segments is growing on both the top and bottom line, enabling us to continue on our path to 5.5x net debt leverage by the end of 2020. We showcased our great games and products at G2E which demonstrated our industry leading position as a one-stop solution across platforms and key content. This positioning will allow us to enhance partner operations, grow in existing markets and win in emerging markets." Michael Quartieri, chief financial officer of Scientific Games, added, "Our products grew the top-line, and operating leverage was driven by business improvements. We believe there are a number of avenues for further growth driven by share gains and new market opportunities. We remain firmly committed to maximize cash flows and delever our balance sheet." Net cash provided by operating activities was $141 million compared to $223 million in the year ago period, primarily due to a $48 million change in the timing of interest payments and an increase in receivables driven by higher game sales and the timing of collections throughout the quarter. Free cash flow was $53 million compared to $122 million in the prior year period. The Company made voluntary debt repayments of $45 million and $10 million in mandatory amortization of its term loans. Available liquidity totaled $1,121 million compared to $439 million at year end 2018. In November 2019, the Company received commitments from some of its revolving lenders to extend approximately $600 million of commitments under the existing revolving credit facility for a five-year period. The Company is still in discussions with other lenders regarding potential additional extended revolver commitments. Capital expenditures totaled $75 million, compared to $93 million in the prior year period. For 2019, the Company now expects capital expenditures will be $295-$315 million, which is lower than the prior range of $340-$360 million. A full-text copy of the Form 10-Q is available for free at: https://is.gd/E45jjh About Scientific Games Based in Las Vegas, Nevada, Scientific Games Corporation (NASDAQ:SGMS) -- http://www.scientificgames.com/-- is a developer of technology-based products and services and associated content for the worldwide gaming, lottery, social and digital gaming industries. Its portfolio of revenue-generating activities primarily includes supplying gaming machines and game content, casino-management systems and table game products and services to licensed gaming entities; providing instant and draw-based lottery products, lottery systems and lottery content and services to lottery operators; providing social casino solutions to retail consumers and regulated gaming entities, as applicable; and providing a comprehensive suite of digital RMG and sports wagering solutions, distribution platforms, content, products and services. Scientific Games reported a net loss of $352.4 million for the year ended Dec. 31, 2018, compared to a net loss of $242.3 million on $3.08 for the year ended Dec. 31, 2017. As of June 30, 2019, the Company had $7.93 billion in total assets, $10.05 billion in total liabilities, and $2.11 billion in total stockholders' deficit. SKYVUE LAS VEGAS: Seeks Feb. 20 Disclosure Statement Hearing ------------------------------------------------------------ Kolesar & Leatham, counsel for Compass Investments, LLC and Citation Financial, LLC filed a motion for an order approving the adequacy of proposed Disclosure Statement and setting deadlines in connection with confirmation of Chapter 11 Plan of Reorganization for Debtor Skyvue Las Vegas, LLC. The Debtor seek that it be authorized to distribute to all holders of Claims and Equity Interest entitled to vote to accept or reject the Plan of record as of the date of the entry of the order approving the Disclosure Statement the Solicitation Package described in the Motion, and that such distribution shall constitute full compliance with Fed. R. Bankr. P. 3017(d). The Debtor also ask the Court to consider confirmation of the Plan be fixed to commence on a date certain. The Debtor further seeks that the Disclosure Statement Motion be heard on Feb. 20, 2020, at 9:30 a.m. A full-text copy of the Motion is available at https://tinyurl.com/thaslhs from PacerMonitor.com at no charge. Compass and Citation are represented by: KOLESAR & LEATHAM JAMES PATRICK SHEA, ESQ. Nevada Bar No. 405 BART K. LARSEN, ESQ. Nevada Bar No. 8538 400 S. Rampart Blvd., Ste. 400 Las Vegas, Nevada 89145 STONEMOR PARTNERS: Incurs $42.7 Million Net Loss in Third Quarter ----------------------------------------------------------------- Stonemor Partners L.P. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $42.65 million on $73.15 million of total revenues for the three months ended Sept. 30, 2019, compared to a net loss of $17.22 million on $73.18 million of total revenues for the same period during the prior year. For the nine months ended Sept. 30, 2019, the Company reported a net loss of $99.58 million on $223.11 million of total revenues compared to a net loss of $52.16 million on $232.70 million of total revenues for the nine months ended Sept. 30, 2018. As of Sept. 30, 2019, the Company had $1.73 billion in total assets, $1.77 billion in total liabilities, $57.50 million in total redeemable convertible preferred units, and a total partners' deficit of $104.02 million. Going Concern and Uses and Sources of Liquidity The Partnership's primary sources of liquidity are cash generated from operations and the remaining balance of the proceeds from the sale of senior secured notes. As a master limited partnership, the Partnership's primary cash requirements, in addition to normal operating expenses, are for capital expenditures, net contributions to the merchandise and perpetual care trust funds, debt service and cash distributions. In general, as part of its operating strategy, the Partnership expects to fund: * working capital deficits through available cash, including the remaining balance of the proceeds from the sale of the Senior Secured Notes, cash generated from operations and divestitures of non-core assets; * expansion capital expenditures, net contributions to the merchandise and perpetual care trust funds and debt service obligations through available cash, cash generated from operations or asset sales. Amounts contributed to the merchandise trust funds will be withdrawn at the time of the delivery of the product or service sold to which the contribution relates, which will reduce the amount of additional borrowings or asset sales needed; and * any cash distributions the Partnership is permitted and determines to pay in accordance with its partnership agreement and maintenance capital expenditures through available cash and cash flows from operating activities. While the Partnership relies heavily on its available cash and cash flows from operating activities to execute its operational strategy and meet its financial commitments and other short-term financial needs, the Partnership cannot be certain that sufficient capital will be generated through operations or be available to the Partnership to the extent required and on acceptable terms. The Partnership has experienced negative financial trends, including use of cash in operating activities, which, when considered in the aggregate, raise substantial doubt about the Partnership's ability to continue as a going concern. These negative financial trends include: * the Partnership has continued to incur net losses for the nine months ended Sept. 30, 2019 and has an accumulated deficit and negative cash flows from operating activities as of Sept. 30, 2019, due to an increased competitive environment, increased expenses due to the proposed C- Corporation Conversion and increases in professional fees and compliance costs; and * a decline in billings coupled with the increase in professional, compliance and consulting expenses tightened the Partnership's liquidity position and increased reliance on long-term financial obligations, which, in turn, eliminated the Partnership's ability to pay distributions. During 2018 and 2019, the Partnership implemented (and will continue to implement) various actions to improve profitability and cash flows to fund operations. Based on the Partnership's forecasted operating performance, planned actions to improve profitability, cash flows and projected plans to file financial statements on a timely basis consistent with the debt covenants, the Partnership does not believe it is probable that the Partnership will breach the covenants under the Indenture for the next twelve-month period. However, there is no certainty that the Partnership's actual operating performance and cash flows will not be substantially different from forecasted results and no certainty the Partnership will not need amendments to the Indenture in the future and such amendments will be granted. Factors that could impact the significant assumptions used by the Partnership in assessing its ability to satisfy its financial covenants include the following: * operating performance not meeting reasonably expected forecasts; * failing to generate profitable sales; * failing to achieve cost reduction targets; * inability to achieve and capitalize on its divestiture strategy; * investments in the Partnership's trust funds experiencing significant declines due to factors outside its control; * inability to compete successfully with other cemeteries and funeral homes in the Partnership's markets; * the number of deaths in the Partnership's markets declining; and * the mix of funeral and cemetery revenues between burials and cremations. If the Partnership's planned, implemented and not yet implemented actions are not completed or implemented and cash savings are not realized, or the Partnership fails to improve its operating performance and cash flows or the Partnership is not able to comply with the covenants under the Indenture, the Partnership said it may be forced to limit its business activities, limit its ability to implement further modifications to its operations or limit the effectiveness of some actions that are included in its forecasts, amend its Indenture and/or seek other sources of capital, and the Partnership may be unable to continue as a going concern. Additionally, a failure to generate additional liquidity could negatively impact the Partnership's access to inventory or services that are important to the operation of the Partnership's business. Given the Partnership's level of cash and cash equivalents, to preserve capital resources and liquidity, the Board of Directors of the General Partner concluded that it was not in the best interest of unitholders to pay distributions to unitholders after the first quarter of 2017. In addition, the Indenture effectively prohibits the Partnership from making distributions to unitholders. Any of these events may have a material adverse effect on the Partnership's results of operations and financial condition. The ability of the Partnership to continue as a going concern is dependent upon achieving the action plans noted above. A full-text copy of the Form 10-Q is available for free at: https://is.gd/NTn6kZ About StoneMor Partners StoneMor Partners L.P., headquartered in Trevose, Pennsylvania -- http://www.stonemor.com-- is an owner and operator of cemeteries and funeral homes in the United States, with 321 cemeteries and 89 funeral homes in 27 states and Puerto Rico. StoneMor's cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise. StoneMor reported a net loss of $72.69 million for the year ended Dec. 31, 2018, compared to a net loss of $75.15 million for the year ended Dec. 31, 2017. As of June 30, 2019, the Company had $1.76 billion in total assets, $1.76 billion in total liabilities, $57.50 million in total redeemable convertible preferred units, and a total partners' deficit of $60.94 million. * * * As reported by the TCR on Feb. 14, 2019, Moody's Investors Service downgraded StoneMor Partners L.P.'s Corporate Family rating to Caa2 from Caa1 and Probability of Default rating to Caa3-PD from Caa1-PD. The Caa2 CFR reflects Moody's concern that if pre-need cemetery selling and liquidity pressures do not abate while the senior secured credit facility is being refinanced, a distressed exchange or other default event could become more likely. As reported by the TCR on July 3, 2019, S&P Global Ratings affirmed its 'CCC+' issuer credit rating on StoneMor Partners L.P. The outlook remains negative. S&P said, "The rating affirmation reflects our view that despite the removal of near term maturities and sufficient liquidity over the next twelve months, we continue to view StoneMor's capital structure as unsustainable in the long term given our projection for persistent free cash flow deficits. SUPERMARKETS PLUS: Court Grants Access to Cash on Final Basis ------------------------------------------------------------- Judge Kathryn C. Ferguson authorized Supermarkets Plus LLC, Middlesex Series d/b/a Price Saver Market Place to use cash collateral for the period from Nov. 12, 2019 through Nov. 15, 2019, on a final basis, in order to pay final payroll on Nov. 15, 2019, including payroll taxes; $10,000 in occupancy expense payment to Landlord, among others. As adequate protection, Resnick Supermarket Equipment Corp.; SuperValu, Inc.; and BSF Capital are granted (i) replacement liens, and (ii) a super priority administrative expense claim (to the extent that the adequate protection proves insufficient). The Debtor will cease conducting business on November 15, 2019, and is not authorized to use cash collateral after November 15, 2019, except as may be approved by the Court to facilitate an auction of its assets, if an auction is approved by the Court. A copy of the Final Order is available at https://is.gd/juzO5M from PacerMonitor.com free of charge. About Supermarkets Plus Supermarkets Plus LLC, Middlesex Series, d/b/a Price Saver Market Place, a Delaware limited liability company operates a supermarket business which generally sells groceries and related products. It also operates a hardware store in Middlesex, New Jersey. Supermarkets Plus sought Chapter 11 protection (Bankr. D.N.J. Case No. 19-27772) on Sept. 17, 2019 in New Jersey. Judge Kathryn C. Ferguson is the presiding judge. Ast & Schmidt, P.C., is the Debtor's counsel. TNR HOLDINGS: Increases Loan Request from Hancock Whitney to $375K ------------------------------------------------------------------ TNR Holdings, LLC and debtor affiliates, in a second supplemental and amended motion, asked the Bankruptcy Court to obtain post-petition financing of up to $375,000 from Hancock Whitney Bank. The Debtor initially has sought to borrow up to $150,000 and was granted borrowing, on a final basis, of up to $215,000, pursuant to an approved amended DIP commitment amount. Frederick L. Bunol, Esq., at The Derbes Law Firm, L.L.C., related that the projected cost to repair No. 22 well in the Valentine Field has increased to $201,768, but that the projected production of said well has decreased. Hence, the Debtor needed to increase its borrowing. A copy of the Motion, with the Revised Budget, is available at https://is.gd/mgA6Ek from PacerMonitor.com free of charge. Mr. Bunol assured the Court that all other terms and conditions set forth in the Final Order, other than the budget and the maximum borrowing limit, will remain unchanged. The Court will hear the Debtor's request on Dec. 11, 2019 at 2 p.m. About TNR Holdings TNR Holdings, LLC and its subsidiaries are privately held oil and gas exploration and production companies. TNR Holdings, LLC (Bankr. E.D. La. Case No. 19-12531) is the parent company and sole member of Mesa Gulf Coast, LLC (Case No. 19-12533) and Tchefuncte Natural Resources, LLC (Case No. 19-12532). Tchefuncte is the lessee of certain oil and gas fields located in South Louisiana, and the owner of the oil and gas wells. Mesa is the "Operator" of record for the applicable wells in the fields. Certain wells in a certain field called the Valentine Field, however, are not operating at maximum capacity and need repairs to optimize oil and gas production. On Sept. 20, 2019, the Debtors each filed a Chapter 11 petition with the U.S. Bankruptcy Court for the Eastern District of Louisiana (New Orleans) in an effort to repair and sell the Valentine Field in order to pay down the debt owed to Hancock Whitney Bank. As of the Petition Date, the Debtors owe Hancock Whitney Bank more than $5,158,508. In the petitions signed by John Leonard, CEO, TNR Holdings LLC listed total assets at $620 and total liabilities at $6,340,276; Tchefuncte Natural Resources, LLC recorded total assets at $2,142,249 and total liabilities at $5,445,742; and Mesa Gulf Coast, LLC reported total asset at $856,101 and total liabilities at $8,192,663. Judge Meredith S. Grabill is assigned the Debtors' cases. THE DERBES LAW FIRM, LLC, is counsel to the Debtors. TWIFORD ENTERPRISES: Seeks to Use Cattle Sales Proceeds ------------------------------------------------------- Twiford Enterprises, Inc., asked the Bankruptcy Court for the District of Wyoming to authorize use of Rolling Hills Bank and Trust (RHB) cash collateral, on an emergency basis, with respect to checks from proceeds of cattle sales. Stephen R. Winship, Esq., of Winship & Winship, P.C., disclosed that RHB (a joint payee), refused to endorse a check dated Oct. 25, 2019 from proceeds of cattle sale, for "vague" concerns over reconciling certain figures in the October Monthly Operating Report with the cash collateral reports produced per the Cash Collateral Order. Mr. Winship said that according to communications with RHB counsel, RHB will not willingly endorse checks from the sale of 281 cows and approximately 100 calves, which the Debtor intends to transport beginning Nov. 22, 2019. Mr. Winship asserts that the subject cash collateral will be used to feed, care and maintain RHB's collateral. A copy of the Motion is available at https://is.gd/JGpG4h from PacerMonitor.com free of charge. Subsequently, the Debtor sought and obtained Court approval for an evidentiary hearing on the Motion on Dec. 10, 2019 at 9 a.m., to resolve the dispute. About Twiford Enterprises Twiford Enterprises, Inc., is a privately held company in Glendo, Wyoming in the crop farming industry. The Company owns in fee simple 2870 acres of land and buildings located at 642 Horseshoe Creek Road Glendo, Wyoming having an appraised value of $4.65 million. Its gross revenue amounted to $2.23 million in 2017 and $2.38 million in 2016. Twiford Enterprises filed a Chapter 11 bankruptcy petition (Bankr. D. Wyo. Case No. 18-20120) on March 9, 2018. In its petition signed by its secretary, Jack Twiford, the Debtor disclosed total assets of approximately $7.68 million and $6.49 million in total debt. The Hon. Cathleen D. Parker is the case judge. The Debtor hired Stephen R. Winship, Esq., at Winship & Winship, P.C., as counsel. URBAN PHILANTHROPIES: 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 Urban Philanthropies, Inc., according to court dockets. About Urban Philanthropies Urban Philanthropies, Inc., based in Pompano Beach, FL, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 19-24113) on Oct. 21, 2019. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Philip Bacon, president. The Hon. Scott M. Grossman presides over the case. The Debtor tapped Agentis PLLC as bankruptcy counsel, and Fuerst Ittleman David & Joseph, as special appellate counsel. VALLEY ECONOMIC: Has OK to Use Cash Based on December Budget ------------------------------------------------------------ Judge Deborah J. Saltzman authorized Valley Economic Development Center, Inc., to use cash collateral on an interim basis, to pay the expenses set forth in the December 2019 Cash Collateral Budget. The Court ruled that during the period covered by the December 2019 Cash Collateral Budget, the Debtor will only use post-petition revenues from: (i) lease payments made to the Debtor, (ii) grant and program related funds paid to the Debtor, and (iii) interest and other amounts that the Debtor is entitled to use from payments made by the Debtor's borrowers. The Debtor, however, must not use any borrower payments made on loans that are collateral for the following loans: (1) SBA Loan Number 4617695008; (2) SBA Loan Number 6378485005; and (3) SBA Loan Number 7503135010. The Court also directed the Debtor not to use any U.S. Trust Funds, and will not use any U.S. Capital Funds in a manner inconsistent with the September 21, 2011 Securities Purchase Agreement between the Debtor and the Secretary of the Treasury. The Court granted the Lenders Super-Priority Claims to the extent they are secured creditors on account of any post-petition diminution in the value of the Lenders' respective collateral. A copy of the Interim Order is available at https://is.gd/qg4GWf from PacerMonitor.com free of charge. The Court will continue hearing in the Motion on Dec. 30, 2019 at 11:00 a.m. Any further objection must be filed by Dec. 27, 2019. About Valley Economic Development Center Valley Economic Development Center, Inc., a certified Community Development Financial Institution, is a California tax-exempt non-profit corporation whose mission is to provide financing assistance, management consulting, and training to entrepreneurs and small business owners in and around Los Angeles County and throughout California. Those services include business training for start-up and fledgling small businesses as well as services to more established existing small businesses. Valley Economic Development Center sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-11629) on July 2, 2019. At the time of the filing, the Debtor was estimated to have assets between $10 million and $50 million and liabilities of the same range. The case has been assigned to Judge Deborah J. Saltzman. Levene, Neale, Bender, Yoo & Brill L.L.P. is the Debtor's bankruptcy counsel. VIRGINIA TRUE: Proposes to Extend Exclusivity Period to Dec. 31 --------------------------------------------------------------- Virginia True Corporation submits to the U.S. Bankruptcy Court for the Eastern District of New York a proposed Third Order Extending Debtor's Exclusive Periods. The proposed Order will extend the Debtor's exclusive periods in which to file and solicit acceptances of a plan of reorganization through and including Dec. 31 and Feb. 28, respectively. 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. WATERS CAPITAL: Seeks to Hire DeMarco-Mitchell as Counsel --------------------------------------------------------- Waters Capital, LLC, seeks authority from the United States Bankruptcy Court for the Northern District of Texas (Dallas) to hire DeMarco-Mitchell, PLLC as its counsel. Waters Capital requires DeMarco-Mitchell to: a. take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; c. formulate, negotiate, and propose a plan of reorganization; and d. perform all other necessary legal services in connection with these proceedings. DeMarco-Mitchell's hourly rates are: Attorneys Robert T. DeMarco $350 Michael S. Mitchell $300 Paralegals Barbara Drake $125 The counsel had requested a retainer of $11,717 to represent the Debtor in this chapter 11 case. Robert T. DeMarco, Esq. of DeMarco-Mitchell attests that the firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DeMarco-Mitchell, PLLC 1255 W. 15th Street, 805 Plano, TX 75075 Tel: 972‐578‐1400 Fax: 972‐346‐6791 Email: robert@demarcomitchell.com mike@demarcomitchell.com About Waters Capital, LLC Waters Capital, LLC is engaged in activities related to real estate. The Debtor previously sought bankruptcy protection on Aug. 5, 2019 (Bankr. N.D. Tex. Case No. 19-32586). Waters Capital filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-33702) on Nov 4, 2019. In the petition signed by Edward E. Waters, Jr., managing member, the Debtor estimated $1 million to $10 million in both assets and liabilities. Robert Thomas DeMarco, Esq. at Demarco-Mitchell, PLLC, represents the Debtor as counsel. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. 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