/raid1/www/Hosts/bankrupt/TCR_Public/191205.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, December 5, 2019, Vol. 23, No. 338
Headlines
360 INT'L: Dec. 17 Plan Hearing Set; Unsecureds Get At Least 40%
5171 CAMPBELLS: Dec. 17 Hearing on Disclosure Statement Set
ABC DEMOLITION: U.S. Trustee Unable to Appoint Committee
BG WILLIAMS: U.S. Trustee Unable to Appoint Committee
BREAD & BUTTER: Judge Issues Interim Cash Collateral Order
BUILDING BLOCKS OF MADISON: Final Cash Collateral Order Entered
BUMBLE BEE: U.S. Trustee Forms 5-Member Committee
BUZZ TEAM: Unsecured Creditors to Get 10% in Plan
CANISTER INTERNATIONAL: S&P Assigns 'B' ICR; Outlook Stable
CARROUSEL THERAPY: U.S. Trustee Unable to Appoint Committee
CELESTIAL CHURCH: U.S. Trustee Unable to Appoint Committee
CHAMPION INTERNATIONAL: Involuntary Chapter 11 Case Summary
CLAIRE'S STORES: S&P Discontinues 'B' Long-Term ICR
CLYDE EVANS: Court Approves Disclosure Statement
COTTAGE CAR: Radius Bank Says Adequate Protection Payment Unpaid
DESIGN REFRIGERATION: U.S. Trustee Unable to Appoint Committee
EMPREQUEKAS LLC: U.S. Trustee Unable to Appoint Committee
FACTORY DIRECT: Unsecured Creditors to Recover 10% Under Plan
GABRIEL INVESTMENT: Ezzell Fleet Removed as Committee Member
GRAMERCY GROUP: New Value Contribution to Satisfy Claims
HOLLYWOOD ONE: Ex-Manager Opposes Proposed Bidding Process
IPIC ENTERTAINMENT: iPic Theaters Acquires Operating Assets
JOY ENTERPRISES: Court Approves Disclosure Statement
JUNO USA: U.S. Trustee Forms 3-Member Committee
KOI DESIGN: Unsecureds to Recover 42% Under Plan
LEGACY RESERVES: Bankruptcy Court Confirms Joint Chapter 11 Plan
LIFESTYLE YACHTS: U.S. Trustee Unable to Appoint Committee
MAGNUM CONSTRUCTION: Core & Main Says Plan Patently Unconfirmable
MAGNUM CONSTRUCTION: Unsecureds to Recover 2.4% to 15.4% Under Plan
MARSHALL BROADCASTING: Case Summary & 20 Top Unsecured Creditors
MCDERMOTT INTERNATIONAL: S&P Lowers Issuer Credit Rating to 'SD'
MOLTO BENE: Dec. 19 Hearing on Plan & Disclosure Statement Set
MONUMENT ACADEMY: S&P Affirms 'BB+' Rating on 2014 Revenue Bonds
MOUNTAIN CREEK: Unsec. Creditors to Recover 4% Under Plan
MTE HOLDINGS: U.S. Trustee Unable to Appoint Committee
OFFICE BARGAIN CENTER: Unsecured Creditors to Get 50% Over 5 Years
OHM HOSPITALITY: Case Summary & 4 Unsecured Creditors
ORCHARD HILLS: Unsecureds to Get 83 Monthly Payments in Plan
P & E HARMONY: Voluntary Chapter 11 Case Summary
P&D INVESTMENTS: Bahamas Island Owners to Pay Unsecureds in 5 Years
PARKINSON SEED: Compeer Says Plan Still Facially Unconfirmable
PINE CREEK MEDICAL: Unsecureds to Have Recovery in Liquidating Plan
SCHRAD LTD: Unsecured Creditors to Recover 50% Under Plan
SFKR LLC: Kashi Buying Tyler Property for $985K
SHAE MANAGEMENT: Case Summary & 12 Unsecured Creditors
SIMMONS FOOD: S&P Alters Outlook to Stable, Affirms 'B' ICR
STORE IT REIT: Files Amended Plan of Liquidation
SUMMIT VIEW: Seeks Authorization to Use Cash Collateral
SWEET WOLVERINE: Allowed to Use Cash Collateral on Interim
TEPA PROPERTIES: Case Summary & 2 Unsecured Creditors
THERXSERVICES INC: U.S. Trustee Unable to Appoint Committee
VAC FUND HOUSTON: Case Summary & 20 Largest Unsecured Creditors
VISCARIA CONSULTING: U.S. Trustee Unable to Appoint Committee
WC 56 EAST AVENUE: Case Summary & 10 Unsecured Creditors
WMI LIQUIDATING: Dec. 19 Hearing Set for Ch.11 Closing Application
WOODARD EVENTS: Court Approves Disclosure Statement
WOODCREST ACE: Unsecured Creditors to Recover 100% in 96 Months
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
360 INT'L: Dec. 17 Plan Hearing Set; Unsecureds Get At Least 40%
----------------------------------------------------------------
360 International, Inc., has won conditional approval of the
disclosure statement in support of its Chapter 11 plan.
Tuesday, Dec. 10, 2019 is fixed as the last day for filing written
acceptances or rejections of the plan.
Tuesday, Dec. 17, 2019 at 10:00 a.m. at 800 Lafayette Street, 3rd
Floor, Courtroom Five, Lafayette, Louisiana is fixed as the hearing
on final approval of the disclosure and for the hearing on
confirmation of the plan.
Tuesday, Dec. 10, 2019 is fixed as the last day for filing and
serving written objections to the disclosure statement and
confirmation of the plan.
The Debtor, a packaging services provider, filed a Chapter 11 case
because a large account was not paid. The Debtor is involved in
litigation in the matter 360 International Inc. v. GoMexEnergy
Services, Ltd., currently pending as docket no. 4:19-cv-02369, STX
-Houston Div. ("GoMex Matter") n the U.S. District Court for the
Southern District of Texas, which has its goal the collection of
the account. The Debtor claims it is owed $2.8 million. Presently
there is pending in the GoMex Matter a motion to transfer the case
to the Western District of Louisiana, Lafayette Division and then
to the Bankruptcy Court. The Debtor contends that it it collects
this account, or reaches a compromise for an agreeable sum, that it
can easily emerge from Chapter 11.
THe Debtor has great confidence that the outcome of the GoMEx
Matter will provide sufficient funds to pay all creditors in the
case in full. It intends to litigate the GoMEx Matter to judgment
or should an acceptable offer be made by the defendant GoMex then
the Debtor will settle the matter.
In the even the Debtor is unsuccessful in the GoMex Matter it will
pay unsecured creditors pro rata 40% of the amount of their allowed
claims over 10 years in monthly installments of $6,819.
A full-text copy of the First Amended Combined Disclosure Statement
and Plan dated November 15, 2019, is available
at https://tinyurl.com/tyk8lzl from PacerMonitor.com at no
charge.
Attorney for 360 International.
Jonathan Mann
H. Kent Aguillard
P.O. Blx 391
Eunice, LA 70535
Tel: 337.457.9331
Fax: 337.457.2317
E-mail: kent@aguillardlaw.com
About 360 International Inc.
360 International Inc. manufactures power generators, vapor
recovery systems, compressors, switch gear & control panels, AFR
systems, catalytic converters, marathon motors/generators, and
load
banks products. The Company also provides engine specific
preventive maintenance services.
360 International sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. La. Case No. 19-51062) on Sept. 10,
2019. In the petition signed by Jonathan Mann, president, the
Debtor disclosed $2,688,803 in assets and $1,784,518 in
liabilities. Judge John W. Kolwe oversees the case. Kent H.
Aguillard, Esq., is the Debtor's counsel.
5171 CAMPBELLS: Dec. 17 Hearing on Disclosure Statement Set
-----------------------------------------------------------
On Dec. 17, 2019 at 1:30 p.m., a hearing to consider the approval
of the Disclosure Statement of 5171 Campbells Land Co., Inc. will
be held in Courtroom B, 54th Floor U.S. Steel Tower, 600 Grant
Street, Pittsburgh, PA 15219.
Dec. 10, 2019, is the last day for filing and serving objections to
the Disclosure Statement.
As reported in the Troubled Company Reporter, 5171 Campbells Land
Co., Inc., owner of 27 shuttered Perkins Restaurants branches, has
filed a Chapter 11 plan that contemplates the liquidation of the
remaining assets. Throughout the course of the instant chapter 11
case, the Debtor has sold the contents (namely, furniture, fixtures
and equipment) of 17 of its 27 restaurants. The remaining 10
restaurants have been closed and the contents have been abandoned
to Store, pursuant to a settlement agreement approved by the Court
on Sept. 5, 2019. According to the Plan, all of the Debtor's
remaining assets will be liquidated by the Plan Administrator.
A full-text copy of the Disclosure Statement is available at
https://tinyurl.com/urvtag7 from PacerMonitor.com at no charge.
Attorney for the Debtor:
Ryan J. Cooney
223 Fourth Avenue, 4th Floor
Pittsburgh, PA 15222
About 5171 Campbells
5171 Campbells Land Co., Inc., operated 27 Perkins Restaurants
pursuant to License Agreements by and between 5171 Campbells and
Perkins & Marie Callender's, LLC ("PMC").
PMC terminated the Debtor's license agreements. Additionally,
Store Capital Acquisitions, LLC and Store Master Funding XIII, LLC,
a primary creditor and landlord for the majority of the Debtor's
restaurant locations, was seeking the appointment of a receiver for
the Debtor's business.
To preserve the assets of the estate, 5171 Campbells Land Co.,
Inc., filed a Chapter 11 petition (Bankr. W.D. Pa. Case No.
19-22715) on July 8, 2019. The petition was signed by William T.
Kane, president. At the time of filing, the Debtor was estimated
to have $1 million to $10 million in assets and $10 million to $50
million in liabilities.
The Debtor is represented by Robert O. Lampl, Esq., in Pittsburgh.
The U.S Trustee for Region 3 appointed a committee of unsecured
creditors on Aug. 1, 2019.
ABC DEMOLITION: 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
ABC Demolition, Inc., according to court dockets.
About ABC Demolition
Based in Deland, Fla., ABC Demolition, Inc. filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla.
Case No. 19-06838) on October 18, 2019, listing under $1 million in
both assets and liabilities. The case is assigned to Judge Cynthia
C. Jackson. Kenneth D Herron Jr., Esq., at Herron Hill Law Group,
PLLC represents the Debtor as counsel.
BG WILLIAMS: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The Office of the U.S. Trustee on Dec. 3 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of B G Williams Farms LLC.
About B G Williams Farms
B G Williams Farms LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Ga. Case No. 19-60436) on Nov. 13,
2019. At the time of the filing, the Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range. The case has been assigned to Judge Edward J. Coleman III.
The Debtor tapped James L. Drake, Jr. PC as its legal counsel.
BREAD & BUTTER: Judge Issues Interim Cash Collateral Order
----------------------------------------------------------
Judge Dale L. Somers of the U.S. Bankruptcy Court for the District
of Kansas authorized Bread & Butter Concepts, LLC and its
debtor-affiliates to use cash collateral pursuant to the terms of
the Interim Order.
The final hearing is scheduled for Dec. 10, 2019 at 3:00 p.m.
Prior to the commencement of the Chapter 11 Cases, Core Bank,
Commercial Capital Company (or NBKC Bank, as assignee to Commercial
Capital Company), and US Foods, Inc. made certain loans and other
financial accommodations to the Debtors. The Debtors' obligations
to these Secured Creditors are secured by a security interest in
all Debtors' personal property.
Core Bank, US Foods and Commercial Capital will be provided
adequate protection as follows:
(a) Core Bank will be granted a validly perfected security
interest in the Core Bank post-petition depository accounts up to
the value as of the Petition Date and a validly perfected security
interest in Debtor Urban Table’s post-petition Cash Collateral up
to the value as of the Petition Date.
(b) Commercial Capital Company, LLC, or NBKC Bank, as assignee
to Commercial Capital Company, will be granted a validly perfected
security interest in the Debtors’ post-petition Cash Collateral
up to the value as of the Petition Date.
(c) US Foods will be granted a validly perfected security
interest in the Debtors’ post-petition Cash Collateral up to the
value as of the Petition Date.
(d) The rights, liens and interests granted to the Secured
Creditors hereunder will be based on their relative rights, liens
and interests in the Debtors’ Cash Collateral pre-petition. Upon
entry of an Order granting this Motion, the post-petition security
interests and liens proposed to be granted hereunder will be valid,
perfected and enforceable and will be deemed effective and
automatically perfected as of the Petition Date without the
necessity of the Secured Creditors taking any further action.
(e) All Collateral will be insured to its full value and
Debtors will otherwise comply with the terms and conditions of the
Secured Creditors.
(f) The Debtors will establish or maintain
Debtor-in-Possession accounts at Mobank, a division of BOKF, NA,
and/or Core Bank and segregate deposits of each Debtor.
A copy of the Interim Order is available for free at
https://is.gd/BbkjJR from Pacermonitor.com
About Bread & Butter Concepts
Bread & Butter Concepts, LLC -- http://breadnbutterconcepts.com/--
was founded in 2011, and owns and operates multiple upscale
restaurants in the Kansas City metropolitan area.
Bread & Butter Concepts and its affiliates Texaz Crossroads LLC,
Texaz Table Restaurant of KS LLC, Texaz South Plaza LLC and Texaz
Plaza Restaurant LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Kan. Lead Case No. 19-22400) on Nov. 9,
2019. At the time of the filing, Bread & Butter disclosed
$4,121,754 in assets and $5,079,795 in liabilities. The cases have
been assigned to Judge Dale L. Somers. Sandberg Phoenix & von
Gontard P.C. is the Debtor's counsel.
BUILDING BLOCKS OF MADISON: Final Cash Collateral Order Entered
---------------------------------------------------------------
Judge Neil P. Olack of the U.S. Bankruptcy Court for the Southern
District of Mississippi inked his approval to an Agreed Final Order
authorizing Building Blocks of Madison Crossing Daycare and
Learning Center, Inc.'s use of cash collateral.
BankPlus is a secured creditor holding liens on Debtor's accounts,
accounts receivable and personal property. BankPlus also holds a
mortgage on real property located at 243 Yandell Road, Canton,
Mississippi. The total amount owed to BankPlus is the approximate
amount of $33,000 for all of the indebtedness for the Debtor.
BankPlus agrees that the Debtor should be authorized to use its
cash collateral under the same terms and conditions contained in
its security documents commencing on the Petition Date and
continuing until further of the Court for the payment of necessary
and normal operating expenses of its business including payments to
BankPlus, paying employee salaries, purchasing food and supplies
for the children and business, paying utilities and paying rent to
Sturdivant Taylor, LLC, etc.
A copy of the Agreed Final Order is available for free at
https://is.gd/g14gxZ from Pacermonitor.com
About Building Blocks of Madison Crossing
Daycare and Learning Center
Building Blocks of Madison Crossing Daycare and Learning Center,
Inc. sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Miss. Case No. 19-03562) on Oct. 7, 2019. At the time
of the filing, the Debtor had estimated assets of less than $50,000
and liabilities of less than $1 million. The case is assigned to
Judge Neil P. Olack. Hood & Bolen, PLLC is the Debtor's legal
counsel.
BUMBLE BEE: U.S. Trustee Forms 5-Member Committee
-------------------------------------------------
Andrew Vara, acting U.S. trustee for Region 3, on Dec. 3 appointed
five creditors to serve on the official committee of unsecured
creditors in the Chapter 11 cases of Bumble Bee Parent, Inc. and
its affiliates.
The committee members are:
(1) SuperValu Inc.
Attn: Laura Daly
11840 Valley View Road
Eden Prairie, MN 55344
Phone: 952-996-8341
Fax: 952-828-4403
(2) Olean Wholesale Grocery Cooperative
Attn: Scott McCann
1587 Haskell Rd.
Olean, NY 14760
Phone: 716-372-2020, Ext. 212
Fax: 716-372-3742
(3) The Kroger Co.
Attn: Toney Matthews
1014 Vine Street
Cincinnati, OH 45202
Phone: 513-762-4000
Fax: 513-762-4935
(4) Capitol Hill Supermarket
Attn: Jin Ho Lim
241 Massachusetts Ave., NE
Washington, DC 20002
Phone: 202-543-7428
(5) Elizabeth Twitchell
(on behalf of End Payor Plaintiff Class)
c/o Thomas Burt, Esq.
Wolf Haldenstein Adler Freeman & Herz LLP
270 Madison Avenue, 13th Floor
New York, NY 10016
Phone: 212-545-4690
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 Bumble Bee Foods
Bumble Bee -- https://www.bumblebee.com -- is a health and wellness
focused company with a full line of seafood and specialty protein
products marketed under certain brands including Bumble Bee(R),
Brunswick, Snow's(R), Wild Selections(R) and Beach Cliff(R).
Canadian affiliate, Connors Bros. Clover Leaf Seafoods Company --
http://www.cloverleaf.ca-- is a supplier of shelf-stable seafood,
producing and marketing its products under several brands,
including Clover Leaf(R), Brunswick(R) and Wild Selections(R).
CBCLS's international business distributes products under the
Brunswick(R) Bumble Bee(R) and Beach Cliff(R) brands to over 40
markets and countries, including Barbados, Jamaica, and Trinidad &
Tobago.
San Diego, California-based Bumble Bee Parent, Inc., and four
affiliates filed for Chapter 11 bankruptcy (Bankr. D. Del. Lead
Case No. 19-12502) on Nov. 21, 2019, before the Hon. Laurie Selber
Silverstein. Bumble Bee Parent estimated $50 million to $100
million in assets and $500 million to $1 billion in liabilities.
The petitions were signed by Kent McNeil, vice president.
Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison, LLP, led by
Alan W. Kornberg, Esq., Kelley A. Cornish, Esq., Claudia R. Tobler,
Esq., and Aaron J. David, Esq., serve as counsel to the Debtors.
Young Conaway Stargatt & Taylor LLP, led by Pauline K. Morgan,
Esq., Ryan M. Bartley, Esq., and Ashley E. Jacobs, Esq., serves as
co-counsel.
The Debtors tapped AlixPartners, LLP as restructuring advisor;
Houlihan Lokey, Inc. as investment banker; and Prime Clerk as
notice, claims, solicitation and balloting agent.
Counsel to affiliates of FCF Co., Ltd., the proposed Stalking Horse
Bidder is:
Sanford Rosen, Esq.
Rosen & Associates, P.C.
747 Third Avenue
New York, NY 10017
Counsel to the ABL Agent and ABL DIP Agent are:
Peter S. Burke, Esq.
Paul Hastings LLP
515 S. Flower St., 25th Floor
Los Angeles, CA 90071
- and -
Andrew V. Tenzer, Esq.
Michael E. Comerford, Esq.
Paul Hastings LLP
200 Park Avenue
New York, NY 10166
- and -
Matthew P. Ward, Esq.
Morgan L. Patterson, Esq.
Womble Bond Dickinson (US) LLP
1313 North Market Street, Suite 1200
Wilmington, DE 19801
Counsel to the Term Loan Agent and Term Loan DIP Agent:
Matthew S. Barr, Esq.
David N. Griffiths, Esq.
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153
- and -
Paul N. Heath, Esq.
Zachary I. Shapiro, Esq.
Richards, Layton & Finger PA, 920
N. King Street
Wilmington, DE 19801
The CCAA Monitor is:
Josh Nevsky
Alvarez & Marsal Canada Inc.
200 Bay Street, Suite 2900
Royal Bank South Tower
Toronto ON M5J 2J1
BUZZ TEAM: Unsecured Creditors to Get 10% in Plan
-------------------------------------------------
Buzz Team Marketing LLC has filed a Chapter 11 plan that proposes
to return 10 cents on the dollar to unsecured creditors.
Class I: PNC BANK, N.A. IMPAIRED. The secured portion of the PNC
claim is stipulated to be $300,000. The Debtor will pay this sum
at the rate of 5% per annum over a term of 60 months, with payments
of $5661.39 per month, to be made commencing on the first day of
the first month following the effective date.
Class II: ADMINISTRATIVE CONVENIENCE CLASS. IMPAIRED. Any
unsecured claim in an amount less than $5000, or any unsecured
creditor who elects treatment in the class, will receive a dividend
representing 30% to be paid in one lump sum within one year of the
effective date of the Plan.
Class III: GENERAL UNSECURED CLAIMS. IMPAIRED. The allowed
general unsecured claims shall be paid pro rata distributions on a
quarterly basis over 30 calendar quarters, on the first day of each
quarter following the date of confirmation, with total
distributions equal to 10% of the claims.
Payments and distributions under the Plan will be funded by the
distribution of cash required under the Plan, from the continuing
operation of the Debtor prior to the Effective Date, by the
reorganization of the Debtor following the Effective Date of the
Plan, from available funds of the Debtor or as may be available for
distribution on or before the Effective Date.
A full-text copy of the First Amended Disclosure Statement dated
Nov. 13, 2019, is available at https://tinyurl.com/twcnpys from
PacerMonitor.com at no charge.
About Buzz Team Marketing
Buzz Team Marketing LLC, a marketing consultant in Riviera Beach,
Fla., sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Fla. Case No. 19-16858) on May 23, 2019. In the
petition signed by Michael Basilicato, manager, the Debtor
disclosed $128,482 in assets and $3,086,690 in liabilities. The
case has been assigned to Judge Mindy A. Mora. The Debtor tapped
Julianne Frank, P.A., as its legal counsel.
The U.S. Trustee, until further notice, will not appoint an
official committee of unsecured creditors in the Chapter 11 case.
CANISTER INTERNATIONAL: S&P Assigns 'B' ICR; Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
Canister International Group Inc. (Canister), a U.S. consumer
packaging company, with a stable outlook.
At the same time, S&P assigned a 'B' issue-level rating and '3'
recovery rating to the proposed $80 million senior secured
revolving credit facility due 2024 and $445 million senior secured
term loan due 2026. The '3' recovery rating indicates S&P's
expectation for meaningful (50%-70%; rounded estimate: 60%)
recovery of principal in the event of a payment default.
S&P's 'B' issuer credit rating on Canister, a U.S. consumer
packaging company which is going to be acquired by an affiliate of
financial sponsor Cerberus Capital Management L.P., reflects the
company's niche position in the caps and closure subsector and
financial sponsor ownership with moderately high leverage.
Following the transaction, S&P expects a pro forma adjusted debt to
EBITDA of about 5x. S&P believes moderate growth in the beverage
markets is likely since the decline in carbonated soft drinks due
to consumer health preferences is partially offset by a shift to
nonsparkling beverages such as teas, coffees, and energy drinks.
Furthermore, the rating agency expects Canister to focus on growth
in adjacent markets, such as the over-the-counter
(OTC)/pharmaceutical market, which uses similar cap and closure
formats in its beverages and provides higher-margin growth
prospects.
The stable outlook on Canister reflects S&P's expectation for
relatively favorable end-market conditions due to stable economic
growth and healthy demand from beverage sales, which will allow the
company to improve profitability and reduce leverage. S&P expects
leverage to be about 5x at the end of 2019 and to improve further
from healthy organic growth, primarily in the non-sparkling
beverage and water end markets, and favorable demand trends
supported by the reduction in packaging sizes, which increases the
number of packages and closures per liter consumed.
"We could lower our rating on Canister if leverage is sustained
above 6.5x. For instance, if margins fall by 600 basis points and
revenues fall by 400 bps, then leverage will remain elevated above
6.5x resulting in a downgrade. We could also lower our rating if
the company pursues debt-financed acquisitions or shareholder
returns that stretch credit measures beyond levels contemplated in
our base case," S&P said.
"We could raise our rating if we expect the company's adjusted debt
to EBITDA will remain well below 5x on a sustained basis and the
sponsor demonstrates a consistent financial policy that will
support this level of leverage through the cycle and inclusive of
acquisitions," the rating agency said.
CARROUSEL THERAPY: 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
Carrousel Therapy Center Corp., according to court dockets.
About Carrousel Therapy Center Corp.
Carrousel Therapy Center Corporation --
https://www.carrouseltherapycenter.com -- offers interdisciplinary
and centralized pediatric therapies and behavioral health services
for children, adults and families.
Carrousel Therapy Center sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-07009) on Oct. 25,
2019. At the time of the filing, the Debtor had estimated assets
of between $100,000 and $500,000 and liabilities of between $1
million and $10 million.
The case has been assigned to Judge Cynthia C. Jackson. The Debtor
tapped Aldo G. Bartolone, Jr., Esq., at Bartolone Law, PLLC as its
legal counsel.
CELESTIAL CHURCH: 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
Celestial Church of Christ, 7 Halleluyah Parish, Inc., according to
court dockets.
About Celestial Church of Christ
7 Halleluyah Parish
Celestial Church of Christ, 7 Halleluyah Parish, Inc. sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Fla. Case No. 19-24118) on Oct. 21, 2019. At the time of the
filing, the Debtor disclosed assets of between $100,001 and
$500,000 and liabilities of the same range. The case has been
assigned to Judge Scott M. Grossman. The Debtor tapped Adelaida A.
Albareda, Esq., at Albareda & Associates, P.A., as its legal
counsel.
CHAMPION INTERNATIONAL: Involuntary Chapter 11 Case Summary
-----------------------------------------------------------
Alleged Debtor: Champion International Construction Corp.
1925 Richmond Terrace
Staten Island, NY 10302
Case Number: 19-47265
Business Description: Champion International is a general
contractor based in Staten Island, New York.
Involuntary Chapter 11 Petition Date: December 3, 2019
Court: United States Bankruptcy Court
Eastern District of New York (Brooklyn)
Judge: Carla E. Craig
Petitioners' Counsel: Dawn Kirby, Esq.
KIRBY AISNER & CURLEY LLP
700 Post Road, Suite 237
Scarsdale, NY 10583
Tel: 9144019500
Email: dkirby@kacllp.com
List of Petitioning Creditors:
Name Nature of Claim Claim Amount
---- --------------- ------------
K-10 Electric Corp Construction $22,800
54 Palmer Avenue Services
Staten Island, NY 10302
Air Masters, Inc. Construction $12,730
1935 Richmond Terrace Services
Staten Island, NY 10302
WMC Management Inc. Construction $37,700
37 Newdop Plaza Services
Staten Island, NY 10310
A full-text copy of the Involuntary Petition is available for free
at:
http://bankrupt.com/misc/nyeb19-47265.pdf
CLAIRE'S STORES: S&P Discontinues 'B' Long-Term ICR
---------------------------------------------------
S&P Global Ratings discontinued its 'B' long-term issuer credit
rating on Claire's Stores Inc. and its 'B' issue-level rating and
'3' recovery rating on the company's senior secured debt because
the rated term loan transaction did not close and it currently has
no rated debt outstanding.
CLYDE EVANS: Court Approves Disclosure Statement
------------------------------------------------
Clyde Evans Land Company, Inc., has won approval of the disclosure
statement in support of its Amended Chapter 11 Plan.
A further hearing on confirmation of the Amended Plan will be held
in this court on Dec. 20, 2019, at 9:30 a.m., in Courtroom No. 2,
Room 103, United States Courthouse, 1716 Spielbusch Avenue, Toledo,
Ohio.
Any objection to confirmation of the Amended Plan must be filed and
served on or before Dec. 18, 2019.
Dec. 18, 2019, is fixed as the deadline by which the holders of
claims and interests against Debtor may accept or reject the Plan.
Ballots indicating acceptance or rejection of the Amended Plan must
be received by counsel for the Debtor on or before December 18,
2019.
About Clyde Evans Land Co.
Clyde Evans Land Company Inc. owns and operates commercial real
estate properties. The company was incorporated in 1976 and is
based in Lima, Ohio.
Clyde Evans Land Company Inc. filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No.
18-33906) on Dec. 18, 2018. In the petition signed by Dave Evans,
president, the Debtor was estimated to have assets of $1 million to
$10 million in assets and liabilities of the same range. The case
is assigned to Judge Mary Ann Whipple. The Debtor is represented
by Steven L. Diller, Esq., at Diller and Rice, LLC.
COTTAGE CAR: Radius Bank Says Adequate Protection Payment Unpaid
----------------------------------------------------------------
Radius Bank, submitted a limited objection to the First Amended
Disclosure Statement in support of Cottage Car Wash, LLC's Chapter
11 Plan.
Radius points out that the Debtor failed to timely make its October
2019 adequate protection payment to Radius, and when Radius
actually received the October 2019 adequate protection payment on
October 25, 2019, it was in the amount of $5,490.00, only
approximately half of the required payment.
According to Radius, the Debtor's First Amended Disclosure
Statement fails to discuss its untimely and partial adequate
protection payment and therefore does not adequately disclose the
Debtor's performance during the pendency of its Chapter 11
proceedings.
Radius Bank's attorneys:
Jonathan M. Hixon
Hackett Feinberg P.C.
155 Federal Street, 9th Floor
Boston, MA 02110
Tel. (617) 422-0200
jmh@bostonbusinesslaw.com
About Cottage Car Wash
Based in Norfolk, Massachusetts, Cottage Car Wash, LLC, filed a
voluntary Chapter 11 petition (Bankr. D. Mass. Case No. 19-11013)
on March 28, 2019. In the petition signed by Michael Brabants,
manager, the Debtor had total assets of $2,200,000 and total
liabilities of $1,674,366. The case is assigned to Hon. Melvin S.
Hoffman. The Debtor's counsel is David B. Madoff, Esq., and
Steffani Pelton Nicholson, Esq., at Madoff & Khoury LLP, in
Foxborough, Massachusetts.
DESIGN REFRIGERATION: 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
Design Refrigeration and Air Conditioning Company, according to
court dockets.
About Design Refrigeration and Air
Conditioning Company
Design Refrigeration and Air Conditioning Company sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
19-23643) on Oct. 11, 2019. At the time of the filing, the Debtor
was estimated to have assets of less than $50,000 and liabilities
of less than $500,000. The case is assigned to Judge John K.
Olson. The Debtor tapped Van Horn Law Group, P.A., as its legal
counsel.
EMPREQUEKAS LLC: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------------
The Office of the U.S. Trustee on Dec. 3 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Emprequekas LLC.
About Emprequekas LLC
Emprequekas, LLC, a privately held company that operates in the
food service industry, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Texas Case No. 19-52513) on Oct. 25,
2019. At the time of the filing, the Debtor had estimated assets
of between $500,000 and $1 million and liabilities of between $1
million and $10 million. The case has been assigned to Judge
Ronald B. King. The Debtor tapped the Law Office of H. Anthony
Hervol as its legal counsel.
FACTORY DIRECT: Unsecured Creditors to Recover 10% Under Plan
-------------------------------------------------------------
According to its Second Amended Disclosure Statement, Factory
Direct Logistics LLC d/b/a FDL Fasteners, LLC, is proposing a
reorganization plan that provides:
* Class 1a Secured Claims - Fully Secured. IMPAIRED. Amount of
claim $800,000. Fully Secured Creditors will receive l00% of their
allowed claims plus prime rate interest and their prepetition
agreements with the Debtor will remain undisturbed with amendments
including that the Debtor shall pay the outstanding balance less
credits for amounts collected from Debtor's customers through
factoring agreement and collection litigation plus agreed upon
monthly installments. The Debtor will surrender the collateral to
the creditor holding a possessory lien upon confirmation of the
Plan and the claim shall be deemed paid in full.
* Class 2 Claims Based on Sale of Receivables - Unsecured.
IMPAIRED. Amount of claims: $93,591. Creditors holding claims
based on undersecured factoring agreements shall receive l0% of
their allowed claims pro rata on a monthly basis beginning on the
first day of the first month beginning in the third calendar year
after the Effective Date of the Plan pro rata over 3 years.
* Class 3a General Unsecured Claims - Allowed Claims over
$1,000. IMPAIRED. Amount of claims $175,609. Holders of general
unsecured claims over $1,000 will receive 10% of their allowed
claims pro rata on a quarterly basis for 3 years beginning on the
first day of the first full quarter in the third calendar year
after the Effective Date of the Plan.
* Class 3b General Unsecured Claims - Allowed Claims of $1,000
or less. IMPAIRED. Amount of claim $6,413. Holders of general
unsecured claims of $1,000 or less shall receive 100% of their
claims without interest on the Initial Distribution Date.
* Class 4 Prepetition Unsecured Loan Claims - Non-Insiders.
IMPAIRED. Amount of claim $49,885. Holders of general unsecured
claims resulting from prepetition non-insider loans will receive
l0% of their allowed claims pro rata on a quarterly basis for 3
years beginning on the first day of the first full quarter in the
third calendar year after the Effective Date of the Plan.
* Class 5 Subrogation Claims. IMPAIRED. Amount of claim
$12,175. Creditors holding subrogation claims shall receive 10% of
their allowed claims pro rata on a quarterly basis beginning on the
first day of the first full quarter in the third calendar year
after the Effective Date of the Plan.
* Class 6 Equity Security Holders. IMPAIRED. Equity security
holders will not receive a distribution.
A full-text copy of the Second Amended Disclosure Statement dated
Nov. 13, 2019, is available at https://tinyurl.com/sz8rzvk from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Robert R. Benjamin
Beverly A. Berneman
Anthony J. D'Agostino
COLAN CHRISTIE TAOLIA LLP
70 W. Madison, Suite 1500
Chicago, IL 69602
Tel: 312-263-2300
Fax: 312-263-0939
About Factory Direct Logistics
Factory Direct Logistics, LLC, which conducts business under the
name FDL Fasteners, LLC, manufactures fasteners, special parts, and
trailer components.
Based in Schaumburg, Illinois, Factory Direct Logistics filed for
Chapter 11 protection (Bankr. N.D. Ill. Case No. 19-05484) on March
1, 2019. At the time of the filing, the Debtor was estimated to
have assets of $1 million to $10 million and liabilities of the
same range. The case is assigned to Judge Lashonda A. Hunt.
Robert R. Benjamin, Esq., Beverly A. Berneman, Esq., and Anthony J.
D'Agostino, Esq., at Golan Christie Taglia LLP, serve as the
Debtor's bankruptcy attorneys.
GABRIEL INVESTMENT: Ezzell Fleet Removed as Committee Member
------------------------------------------------------------
Henry Hobbs Jr., acting U.S. trustee for Region 7, disclosed in a
notice filed with the U.S. Bankruptcy Court for the Western
District of Texas that as of Dec. 3, these companies are the
remaining members of the official committee of unsecured creditors
in the Chapter 11 cases of Gabriel Investment Group, Inc. and its
affiliates:
(1) Mexcor, Inc.
Contact: Scott Kliever
8950 Railwood Dr.
Houston, TX 77078
(713) 979-5093
Email: skliever@mexcor.com
(2) GIMA International
Contact: Tim Jacobi
2210 Oakland
San Antonio, TX 78258
(210) 745-0902
Email: tim@gimainternational.com
Ezzell Fleet Service's name did not appear in the notice. The
company was appointed as committee member on Nov. 21, court filings
show.
About Gabriel Investment Group
Gabriel Investment Group, Inc., founded in 1948, operates a chain
of package stores that sell wines, liquors, and beers. As of the
petition date, Gabriel operates 15 package store locations as
Gabriel's Liquor and 30 package store locations as Don's & Ben's
Liquor.
Gabriel Investment Group sought relief under Chapter 11 of the
Bankruptcy Code (Bank. W.D. Tex. Lead Case No. 19-52298) on Sept.
27, 2019 in San Antonio Texas. The other debtor affiliates are:
Don's & Ben's Inc. (Bankr. W.D. Tex. 19-52299); Gabriel Holdings,
LLC (Bankr. W.D. Tex. 19-52300); SA Discount Liquors, Inc. (Bankr.
W.D. Tex. 19-52301); and Gabriel GP, Inc. (Bankr. W.D. Tex.
19-52302). In the petitions signed by Inez Cindy Gabriel,
president, the Debtors were estimated to have assets at $1 million
to $10 million and liabilities within the same range.
Judge Ronald B. King is assigned the Debtors' cases. The Debtors
tapped Pulman Cappuccio & Pullen, LLP as legal counsel.
The Office of the U.S. Trustee appointed creditors to serve on the
official committee of unsecured creditors in the Debtors' Chapter
11 cases on Nov. 21, 2019.
GRAMERCY GROUP: New Value Contribution to Satisfy Claims
--------------------------------------------------------
Gramercy Group, Inc., filed a Second Amended Disclosure Statement.
Changes and additions to the Disclosure Statement include a
provision that says the Plan as proposed at section 12 provides for
non-consensual third-party releases, such that upon confirmation of
the plan, third-party claims against another third-party will be
extinguished, and holders of a claim will be prohibited from
instituting suit against the released parties, which by definition
includes, but is not limited to, the debtor’s sole owners, Mr.
And Mrs. Parziale, for actions in connection with or relating to
Gramercy.
DAB, an unsecured creditor in the Chapter 11 case (see discussion
at Article IV.C.1), disputes the representations in this subsection
and contends that the subsection does not provide adequate
information. A letter from DAB with its proposed revisions to this
subsection is attached hereto as Exhibit E. Gramercy attaches the
letter in the interest of full disclosure, but does not agree with,
adopt or endorse the contents of the letter, and expressly reserves
its rights with respect to the same.
DAB disputes the representations in this subsection and contends
that the subsection does not provide adequate information. A
letter from DAB with its proposed revisions to this subsection is
attached hereto as Exhibit E. Gramercy attaches the letter in the
interest of full disclosure, but does not agree with, adopt or
endorse the contents of the letter, and expressly reserves its
rights with respect to the same.
DAB disputes the representations in this subsection and contends
that the subsection does not provide adequate information. A
letter from DAB with its proposed revisions to this subsection is
attached hereto as Exhibit E. Gramercy attaches the letter in the
interest of full disclosure, but does not agree with, adopt or
endorse the contents of the letter, and expressly reserves its
rights with respect to the same.
Unless otherwise authorized by the terms of the relevant
subcontract agreement, no such amounts for professional fees,
expenses, expert witness costs, or other litigation costs will be
paid from the proceeds paid to the Debtor that are entitled to
trust fund status under Article 3-A of the New York Lien Law,
including any money received by the Debtor on account of the
Clinton G. Park project or from the litigation between the Debtor
and the Town of North Hempstead. The Debtor represents and
warrants that other than as authorized by the terms of the
respective subcontract agreements: (i) it is currently holding no
monies in trust on account of the Clinton G. Park project; and (ii)
all monies the Debtor has received to date with respect to the
Clinton G. Park project have been paid to the respective
subcontractors and suppliers as appropriate and in accordance with
the terms of their respective subcontract agreements and that no
diversion of such monies has occurred.
DAB disputes the representations in this subsection and contends
that the subsection does not provide adequate information. A
letter from DAB with its proposed revisions to this subsection is
attached hereto as Exhibit E. Gramercy attaches the letter in the
interest of full disclosure, but does not agree with, adopt or
endorse the contents of the letter, and expressly reserves its
rights with respect to the same.
The New Value Contribution will be used to satisfy payments under
the Plan. In addition, for Gramercy's working capital needs, it
has obtained a commitment from Signature Bank for a new facility to
refinance Gramercy's obligations to BOA and provide Gramercy with
working capital for operations. Subject to final documentation, the
working capital facility (the "Working Capital Facility") will
consist of a (1) $2,000,000 working capital line of credit; (2)
$4,400,000 term loan; and (3) $2,650,000 standby letter of credit.
DAB disputes the representations in this subsection and contends
that the subsection does not provide adequate information. A
letter from DAB with its proposed revisions to this subsection is
attached hereto as Exhibit E. Gramercy attaches the letter in the
interest of full disclosure, but does not agree with, adopt or
endorse the contents of the letter, and expressly reserves its
rights with respect to the same.
Notwithstanding the foregoing, nothing herein shall be deemed a
waiver of any creditor's or other party in interest's rights to
seek to obtain documents or information or to examine any party,
including the Debtor, Mr. Parziale, and/or Mrs. Parziale, regarding
potentially avoidable transfers made by the Debtor to any party, or
to seek to obtain an accounting of all Article 3-A monies received
by the Debtor, held by the Debtor, and/or transferred by the
Debtor, or any other topic that is appropriate under Bankruptcy
Rule 2004.
All insider payments made within one year of the Petition Date are
enumerated in Exhibit SOFA 4 to the Statement of Financial Affairs,
filed on July 3, 2019 at Docket Number 130. The Statement of
Financial Affairs are available to be reviewed free of charge on
the Voting Agent's website, http://dm.epiq11.com/gramercy.
DAB disputes the representations in this subsection and contends
that the subsection does not provide adequate information. A letter
from DAB with its proposed revisions to this subsection is attached
hereto as Exhibit E. Gramercy attaches the letter in the interest
of full disclosure, but does not agree with, adopt or endorse the
contents of the letter, and expressly reserves its rights with
respect to the same.
U.S. Trustee's Jurisdictional Objection to the Third Party Release
The U.S. Trustee submits that granting of non-consensual
third-party releases is contrary to applicable law and intends to
object to the confirmation of the Plan. Specifically, the United
States Trustee submits that there is no jurisdictional basis for
the Bankruptcy Court to release from liability, non-debtor parties,
and that, the Debtor will be unable to sustain its evidentiary
burden that the third-party releases are appropriate. Not only
does the Plan not provide for an "opt-in" or "opt-out" provision to
enable the Holders of a Claim to consent to the releases, the
United States Trustee submits this is not a rare case where the
third-party releases are necessary for the success of the case and
the granting of the third-party releases is fair and equitable
under the facts of the case.
Gramercy disputes the U.S. Trustee's contention, however, and
firmly believes that the claims to be released under the Third
Party Release provisions—specifically those related to the
Parziale Action—directly affect the res of the Estate, and
therefore provide a sufficient basis under controlling authority
for the Court to exercise jurisdiction over the Third Party
Releases. See Johns-Manville, 517 F.3d 52, 66 (2d Cir. 2008);
Quigley Co. v. Law Offices of Peter G. Angelos (In re Quigley Co.,
Inc.), 676 F.3d 45, 57 (2d Cir. 2012) (same); see also Marshall v.
Picard (In re Bernard L. Madoff Inv. Sec. LLC), 740 F.3d 81, 88 (2d
Cir. 2014) (“[T]he touchstone for bankruptcy jurisdiction [over a
nondebtor's claim] remains whether its outcome might have any
‘conceivable effect’ on the bankruptcy estate.").
To the extent not resolved, arguments related to the U.S. Trustee's
objection will be heard at the Confirmation Hearing.
A full-text copy of the Second Amended Disclosure Statement dated
Nov. 13, 2019, is available at https://tinyurl.com/yxymgccm from
PacerMonitor.com at no charge.
Counsel to Gramercy Group:
Melanie L. Cyganowski
Robert C. Yan
OTTERBOURG P.C.
230 Park Avenue
New York, New York 10169
Telephone: (212) 661-9100
Facsimile: (212) 682-6104
About Gramercy Group
Gramercy Group, Inc. -- http://gramercyusa.com/-- began operations
in 1989, offering turnkey solutions in environmental remediation
and demolition. It has expanded to provide more services,
including heavy civil and general contracting services. The
company is headquartered in Wantagh, N.Y.
Gramercy Group sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 19-73622) on May 17, 2019. At the
time of the filing, the Debtor had estimated assets of between $10
million and $50 million and liabilities of between $10 million and
$50 million. The case is assigned to Judge Louis A. Scarcella.
The Debtor is represented by Cullen & Dykman LLP and Otterbourg
P.C.
HOLLYWOOD ONE: Ex-Manager Opposes Proposed Bidding Process
----------------------------------------------------------
The former manager of Hollywood One, LLC asked the U.S. Bankruptcy
Court for the Southern District of Florida to deny the company's
motion to approve the bidding process governing the sale of
approximately 900 acres of land in Aberdeen, Md.
In a court filing, Brenda Diana Nestor said the motion "raises
serious questions about the fairness of the $4.3 million purchase
price."
According to Ms. Nestor, the motion does not explain why there was
a "dramatic" decline in value for the property, which appeared to
be worth $28 million in late 2017 but is now being sold for $4.3
million.
"There is no sound business reason why [Hollywood One] does not
have an independent and
current appraisal of the newly configured property to guide the
court, creditors and interested parties in the sale of the
property," Ms. Nestor said.
Hollywood One has proposed to sell the property to the stalking
horse bidder, Miles River Partners LLC, for $4.3 million or to the
winning bidder in an auction. The property up for sale does not
include the 22.72 acres of land sold recently to GVP, LLC.
The property has been marketed for sale by CBRE, Inc., the real
estate broker hired by Hollywood One.
Ms. Nestor is represented by:
Brian S. Dervishi, Esq.
Peter A. Tappert, Esq.
Weissman & Dervishi, P.A.
SunTrust International Center
One Southeast Third Avenue, Suite 1700
Miami, FL 33131
Telephone: (305) 347-4070
Facsimile: (305) 347-4077
Email: bdervishi@wdpalaw.com
ptappert@wdpalaw.com
About Hollywood One
Hollywood One LLC is the owner of multiple parcels of undeveloped
land and two residential condominium units in Harford County, Md.
Hollywood One filed a Chapter 11 bankruptcy petition (Bankr. S.D.
Fla. Case No. 17-13739) on March 28, 2017, estimating less than $1
million in both assets and liabilities.
The Debtor hired Genovese Joblove & Battista. P.A. as legal
counsel, replacing Hoffman Larin & Agnetti, P.A.; Brown Brown and
Young, P.A, as special counsel; and Newpoint Advisors Corporation
as accountant.
IPIC ENTERTAINMENT: iPic Theaters Acquires Operating Assets
-----------------------------------------------------------
iPic Theaters, LLC has acquired substantially all of the operating
assets of the affiliated debtors in the jointly administered
bankruptcy cases styled iPic-Gold Class Entertainment, LLC in the
United States Bankruptcy Court for the District of Delaware.
The financial position of the new Company has been enhanced through
the elimination of debt from the balance sheet and working capital
provided by its investors. Moving forward iPic Theaters will have
a solid financial foundation with an ability to focus on creating
strong operational segments and opportunities for strategic growth
to create value for its members.
iPic Theaters, LLC says, "Our ability to successfully work through
a bankruptcy less than four months after our Chapter 11 filings,
while maintaining and continuing to deliver upon our signature IPIC
guest experience, is a testament to the hard work of our talented
employees, executive management team, key partners and the strength
of our relationship with our IPIC ACCESS members and guests. We
will continue to hit the goals that we set for ourselves at the
beginning of this process -- including a more sustainable debt
structure and a stronger balance sheet. This milestone is just the
beginning of what we plan to achieve together moving forward. IPIC
will continue to be a pioneering brand, leading the frontier of
luxury moviegoing entertainment and unparalleled destination
dining. All decisions moving forward will be strategic milestones
to forward IPIC on this path, while continuing to deliver upon our
brand promise."
About iPic Entertainment
iPic Entertainment Inc. -- http://www.ipic.com/-- operates casual
restaurants, farm-to-glass full-service bars, and theater
auditoriums with in-theater dining. They operate 123 screens at 16
locations in nine states, with an additional two locations under
construction, and have executed leases for an additional nine sites
in California, Georgia, Virginia, Washington, Connecticut, New
York, Texas, and Florida. In addition, they applied for licenses to
operate theaters in Saudi Arabia.
iPic Entertainment Inc. and five affiliates sought Chapter 11
protection on Aug. 5, 2019. The lead case is In re iPic-Gold Class
Entertainment, LLC (Bankr. D. Del. Lead Case No. 19-11739).
iPic Entertainment disclosed $156,969,000 in assets and
$290,860,000 in debt as of May 31, 2019.
PACHULSKI STANG ZIEHL & JONES LLP is the Debtors' bankruptcy
counsel. AURORA MANAGEMENT PARTNERS is the financial advisor.
STRETTO is the claims agent.
JOY ENTERPRISES: Court Approves Disclosure Statement
----------------------------------------------------
Joy Enterprises, Inc., has won court approval of its Amended
Disclosure Statement.
The hearing to consider confirmation of the Plan will be held at
10:00 a.m., on Tuesday, Jan. 7, 2020, at the United States
Bankruptcy Court, Montgomery, Alabama in Courtroom 4D.
Dec. 31, 2019, is fixed as the last day for filing and serving
written objections to confirmation of the Plan.
As reported in the TCR, Joy Enterprises filed a reorganization plan
that proposes payments or amounts to be either paid or escrowed
monthly. The two most significant obligations of the Debtor
involved balances owed People's Bank and 22nd State Bank are
essentially to be addressed thru rents paid to landlords and from
those amounts servicing of mortgages or secured debts would be made
to Peoples Bank and 22nd State Bank.
A full-text copy of the First Amended Disclosure Statement dated
Nov. 6, 2019, is available at https://tinyurl.com/u9y8ty8 from
PacerMonitor.com at no charge.
About Joy Enterprises
Joy Enterprises Inc., a domestic corporation that operates Subway
restaurants in Alabama, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Ala. Case No. 19-10092) on Jan. 17,
2019. At the time of the filing, the Debtor disclosed $384,617 in
assets and $4,684,019 in liabilities. The case has been assigned
to Judge William R. Sawyer. Collier H. Espy, Jr., Esq., at Espy,
Metcalf & Espy, P.C., is the Debtor's legal counsel.
No official committee of unsecured creditors has been appointed in
the Debtor's case.
JUNO USA: U.S. Trustee Forms 3-Member Committee
-----------------------------------------------
Andrew Vara, acting U.S. trustee for Region 3, on Dec. 3 appointed
three creditors to serve on the official committee of unsecured
creditors in the Chapter 11 cases of Juno USA, LP and its
affiliates.
The committee members are:
(1) Mohammad A. Siddique
Attn: Mark J. Held, Esq.
2004 Ralph Avenue
Brooklyn, NY 11234
Phone: 718-531-9700
Fax: 718-444-5768
(2) Mohammad N. Islam
Attn: Mark J. Held, Esq.
2004 Ralph Avenue
Brooklyn, NY 11234
Phone: 718-531-9700
Fax: 718-444-5768
(3) Mohammed Razzak
Attn: Mark J. Held, Esq.
2004 Ralph Avenue
Brooklyn, NY 11234
Phone: 718-531-9700
Fax: 718-444-5768
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 Juno USA
Juno USA, LP also known as 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's website is
https://gojuno.com
Juno 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.
The case has been assigned to Judge Mary F. Walrath.
The Debtprs tapped Chipman Brown Cicero & Cole, LLP as bankruptcy
counsel; Mackinac Partners, LLC as financial advisor; and Omni
Agent Solutions as notice, claims and balloting agent.
KOI DESIGN: Unsecureds to Recover 42% Under Plan
------------------------------------------------
According to its First Amended Disclosure Statement, Koi Design
LLC, filed a Chapter 11 Plan that treats key classes as follows:
* Class 2 Secured claim of Strategic Partners, Inc. IMPAIRED.
$5,921,895 pursuant to SPI's Proof of Claim No. 14. $5,266,380.68
pursuant to the SPI Settlement Agreement. The SPI Secured Claim
will be paid pursuant to the SPI Settlement Agreement as follows:
$3.5 million within five business days of the Effective Date. SPI
will obtain an interest, secured by a first priority lien, in the
net proceeds from the Fiduciary Duty Action.
* Class 3 General Unsecured Claims. IMPAIRED. Amount of claims
approximately $7 million. Estimated recovery: At least 42% of their
Allowed General Unsecured Claim. Holders of Allowed General
Unsecured Claims shall receive their pro rata share of $2 million
on the Effective Date (or as soon as practicable thereafter), and
their pro rata share of $1 million within one year of the Effective
Date. Holders of Allowed General Unsecured Claims will also
receive 25% of any net recovery (net of fees and costs) in
connection with the Fiduciary Duty Action.
* Class 4 Equity Interests of Kathy Peterson. IMPAIRED. Ms.
Peterson will contribute $250,000 and waive her prepetition
unsecured claims of $212,007.34.
The Plan will be funded by the Exit Financing in the aggregate
amount of approximately $12,250,000, plus the Debtor's cfash on
hand of approximately $150,000.
A full-text copy of the First Amended Disclosure Statement dated
Nov. 13, 2019, is available at https://tinyurl.com/rqb7rrp from
PacerMonitor.com at no charge.
Attorneys for the Chapter 11 Debtor:
Nicholas Rozanksy
Susan K. Seflin
Jessica L. Bagdanov
BRUTZKUS GUBNER
21650 Oxnard Street, Suite 500
Woodland Hills, CA 91367
Telephone: (818) 827-9000
Facsimile: (818) 827-9099
E-mail: nrozansky@bg.law
sseflin@bg.law
jbagdanov@bg.law
About Koi Design
Koi Design LLC -- https://www.koihappiness.com/ -- is an
independently-owned, woman-run company engaged in wholesale
distribution of women's and men's clothing and accessories.
Koi Design, a California limited liability company, filed a
voluntary Chapter 11 petition (Bankr. C.D. Cal. Case No. 19-10762)
on Jan. 25, 2019. In the petition signed by Kathy Peterson,
president and managing member, the Debtor was estimated to have $10
million to $50 million in both assets and liabilities. The case is
assigned to Judge Neil W. Bason. The Debtor tapped Brutzkus Gubner
Rozansky Seror Weber LLP as its legal counsel, and Broadway
Advisors, LLC as its financial advisor.
LEGACY RESERVES: Bankruptcy Court Confirms Joint Chapter 11 Plan
----------------------------------------------------------------
Legacy Reserves Inc. and certain of its subsidiaries have disclosed
that the U.S. Bankruptcy Court for the Southern District of Texas
confirmed the Company's Joint Chapter 11 Plan of Reorganization in
November.
Under the terms of the confirmed Plan, at emergence the Company
will receive $256.3 million of new capital from backstopped equity
commitments and a rights offering.
The consummation of the Plan is subject to the satisfaction or
waiver of several conditions. The Company expects to emerge from
Chapter 11 within the next 30 days.
About Legacy Reserves
Legacy Reserves Inc. (NASDAQ: LGCY) --
http://www.legacyreserves.com/-- is an independent energy company
engaged in the development, production and acquisition of oil and
natural gas properties in the United States. Its current
operations are focused on the horizontal development of
unconventional plays in the Permian Basin and the cost-efficient
management of willow-decline oil and natural gas wells in the
Permian Basin, East Texas, Rocky Mountain and Mid-Continent
regions.
Legacy Reserves Inc. and 10 subsidiaries sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 19-33395) on June 18,
2019. At the time of the filing, the Debtors had estimated assets
of between $500 million and $1 billion and liabilities of between
$1 billion and $10 billion.
The Hon. David R. Jones is the case judge.
Perella Weinberg Partners and its affiliate, Tudor Pickering Holt &
Co., is acting as financial advisor for the Company, Sidley Austin
LLP is acting as legal advisor, and Alvarez & Marsal is acting as
restructuring advisor. Kurtzman Carson Consultants LLC
--http://www.kccllc.net/legacyreserves-- is the claims agent.
PJT Partners LP is acting as financial advisor for the Second Lien
Lenders, and Latham & Watkins LLP is acting as legal advisor.
Houlihan Lokey is acting as financial advisor for the Ad Hoc Group
of Senior Noteholders, and Davis Polk & Wardwell LLP is acting as
legal advisor. RPA Advisors, LLC is acting as financial advisor to
Wells Fargo Bank, as administrative agent for the RBL Lenders, and
Orrick Herrington & Sutcliffe LLP is acting as legal advisor.
LIFESTYLE YACHTS: 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
Lifestyle Yachts, Inc., according to court dockets.
About Lifestyle Yachts
Lifestyle Yachts, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-24364) on Oct. 25,
2019. At the time of the filing, the Debtor disclosed assets of
less than $50,000 and liabilities of less than $1 million. Judge
Robert A. Mark is assigned to the case. The Debtor is represented
by Chad Van Horn, Esq. at Van Horn Law Group, P.A.
MAGNUM CONSTRUCTION: Core & Main Says Plan Patently Unconfirmable
-----------------------------------------------------------------
Core & Main objects to the First Amended Disclosure Statement for
Second Amended Chapter 11 Plan of Reorganization proposed by Magnum
Construction Management, LLC, f/k/a Munilla Construction
Management, LLC.
Core & Main is a supplier of water, sewer, storm and fire
protection products. Prior to the Petition Date, it contracted with
the Debtor to provide materials and supplies in connection with a
construction project adjacent to the Biscayne Canal in Miami
Gardens, Florida (the "Biscayne Canal Project"). On information and
belief, the Biscayne Canal Project is complete. The Debtor was the
general contractor on the Biscayne Canal Project. It's obligations
to subcontractors, including Core & Main, were secured by surety
bonds issued by Travelers Casualty and Surety Company of America,
affiliates of Travelers, or co-sureties and fronting companies.
Core & Main points out that the Plan is patently unconfirmable and
the Disclosure Statement lacks adequate information regarding the
treatment of Core & Main's claim, and financial projections
sufficient to show that the Debtor's reorganization is feasible.
"The Third Party Release described in section 12.8(b) of the Plan
is a non-consensual release that forces claimants like Core & Main
to surrender their rights to seek payments from Travelers and BHSI.
The Plan describes a myriad of ways that a creditor "consents" to
the Third Party Release by voting for the Plan, or not voting, or
receiving a Distribution. Practically speaking, however, there is
no clear way for a creditor to "opt out" of section 12.8(b). A
creditor could theoretically vote to reject the Plan and then
refuse to accept a Distribution, but it is unclear whether
creditors holding with claims against bonds issued by Travelers
even get to vote given their treatment as Administrative Claims in
Article II," Core & Main pointed out.
Counsel for Core & Main:
Jeffrey T. Kucera
Javier Roldan Cora
K&L GATES LLP
Southeast Financial Center
200 South Biscayne Boulevard, Suite 3900
Miami, Florida 33131
Telephone: 305-539-3300
Facsimile: 305-359-7095
E-mail: Jeffrey.kucera@klgates.com
Javier.roldancora@klgates.com
About Magnum Construction Management
Magnum Construction Management, LLC -- https://www.mcm-us.com/ --
formerly known as Munilla Construction Management, LLC, is a
construction company specializing in heavy civil construction in
the areas of transportation, airport infrastructure, roads,
bridges, government buildings and schools. It is headquartered in
South Miami, Florida, but also has offices in (i) Broward County,
Florida, and (ii) Irving, Texas. As of the Petition Date, MCM
employs a total of 292 people.
Magnum Construction Management filed a voluntary petition under
Chapter 11 of the U.S. Bankruptcy Code (Bankr S.D. Fla. Case No.
19-12821) on March 1, 2019. In the petition signed by CFO Gilberto
Ruizcalderon, the Debtor estimated $50 million to $100 million in
assets and $10 million to $50 million in liabilities. The Debtor is
represented by Paul A. Avron, Esq., at Berger Singerman LLP.
The U.S. Trustee for Region 21 on March 14, 2019, appointed three
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 case. The Committee retained Wargo & French, LLP,
as its legal counsel.
MAGNUM CONSTRUCTION: Unsecureds to Recover 2.4% to 15.4% Under Plan
-------------------------------------------------------------------
Magnum Construction Management, LLC, f/k/a Munilla Construction
Management, LLC, filed a Second Amended Chapter 11 Plan of
Reorganization and First Amended Disclosure Statement, which
provide:
* Class 2A Travelers DIP Loan Secured Claim. IMPAIRED. Travelers
shall retain all liens granted to it in conjunction with the
Travelers DIP Loan Order and shall be paid by the Reorganized
Debtor in accordance with the terms of the Travelers DIP
Documents., until such time as the Class 2A Claim has been paid in
full.
* Class 2B Travelers Prepetition Secured Claim. IMPAIRED. The
holder of the Class 2B Claim shall receive all proceeds of the
Travelers Collateral, subject to the Intercreditor Agreements,
including proceeds of the Travelers Bonded Contracts and Travelers
Claims, until such time as the Class 2B Claim is paid in full.
* Class 3A BHSI DIP Loan Secured Claim. IMPAIRED. All
obligations of the Debtor under the BHSI DIP Documents and the BHSI
DIP Loan Order shall be treated in accordance with the Equity
Conversion Term Sheet.
* Class 3B BHSI Prepetition Secured Claim. IMPAIRED. The Class
3B Claim shall be treated in accordance with the Equity Conversion
Term Sheet.
* Class 4 Miscellaneous Secured Claims. IMPAIRED. Each holder of
an Allowed Miscellaneous Secured Claim shall receive (i) the full
unpaid amount of such Allowed Miscellaneous Secured Claim, in Cash,
(ii) deferred cash payments with a value, as of the Effective Date
of the Plan, equal to the Allowed amount of such claim, or (iii)
the property securing such Allowed Miscellaneous Secured Claim in
full satisfaction.
* Class 5A Bank of America Line of Credit Loan. IMPAIRED. The
holder of the Allowed Class 5A Secured Claim shall receive all Net
Proceeds of the sale of the collateral securing the Allowed Class
5A Claim until such time as (A) the Allowed Class 5A Claim is paid
in full, in cash, inclusive of interest, costs and attorneys’
fees, or (B) all of the collateral securing the Allowed Class 5A
Claim has been monetized.
* Class 5B Bank of America Equipment Loan. IMPAIRED. The holder
of the Allowed Class 5B Secured Claim shall receive all Net
Proceeds of the collateral securing the Allowed Class 5B Claim
until such time as (A) the Allowed Class 5B Claim is paid in full,
in cash, inclusive of interest, costs and attorneys’ fees, or (B)
all of the collateral securing the Allowed Class 5B Claim has been
monetized.
* Class 6 General Unsecured Claims. IMPAIRED. Estimated
Recovery: 2.4 – 15.4%. Each holder of an Allowed General
Unsecured Claim shall receive its Pro Rata share of the Class 6
Fund. The foregoing distributions shall be made on the later of (i)
the Effective Date or as soon as practicable thereafter, (ii) the
date such General Unsecured Claim becomes Allowed or as soon as
practicable thereafter and (iii) the date such Allowed General
Unsecured Claim is payable under applicable non-bankruptcy law;
provided, however, that neither the Debtor nor the Reorganized
Debtor shall pay any premium, interest or penalty in connection
with such Allowed General Unsecured Claim.
* Class 7 Bridge Collapse Bodily Injury Claims. IMPAIRED.
Estimated Recovery: Allocable Share of $42 Million. Each holder of
a Bridge Collapse Bodily Injury Claim shall receive, in full
satisfaction, settlement, release and discharge of and in exchange
for its claim, a Pro Rata interest in the Trust Assets.
* Class 8 Bridge Collapse Other Damage Claims. IMPAIRED. Each
holder of an Allowed Class 8 Claim shall receive its Pro Rata share
of the Other Damage Claim Fund.
* Class 9 Non-Bridge Collapse Claims. IMPAIRED. Estimated
Recovery: estimated to be $2 Million in total. Each holder of a
Non-Bridge Collapse Claim shall be permitted to pursue its claim
against the Debtor as a nominal party, to liquidate its claim
against the Debtor, and to seek to satisfy any judgment or other
resolution it may obtain solely from the proceeds of applicable
insurance coverage.
* Class 10 Other Insured Damage Claims. IMPAIRED. Each holder of
an Other Insured Damage Claim shall be permitted to pursue its
claim against the Debtor as a nominal party, to liquidate its claim
against the Debtor, and to seek to satisfy any judgment or other
resolution it may obtain solely from the proceeds of applicable
insurance coverage, if any.
* Class 11 FIU Claim. IMPAIRED. Estimated Claim: $9.5 Million.
The holder of the FIU Claim shall receive the FIU Fund in full
satisfaction, release and discharge of the FIU Claim and any other
claim, demand, action or cause of action relating to the Project,
the Bridge Collapse, the Pedestrian Bridge or the Barred Claims.
* Class 12 Subordinated Claims. IMPAIRED. Each holder of a
Subordinated Claim shall receive its Pro Rata share of the net
proceeds of Available Avoidance Actions.
* Class 13 Equity Interests. IMPAIRED. The holders of Equity
Interest shall not receive nor retain any property under the Plan.
The Plan will be implemented through receipt of (a) the Capital
Contribution to be provided by the New Equity Holder and Travelers
as of the Effective Date pursuant to and accordance with the Equity
Conversion Term Sheet; (b) the proceeds of the Travelers Bonded
Contracts and BHSI Bonded Contracts subject to the Travelers DIP
Documents and BHSI DIP Documents, respectively; (c) the proceeds
generated by the sale of collateral, which the Reorganized Debtor
shall use to make the Distributions to Classes 4, 5A and 5B; (d)
the Class 6 Fund, which the Plan Administrator shall use to make
Distributions to Class 6; (e) the Applicable Policy Limit and the
Second Settlement Agreement Proceeds (totaling $102,751,000), which
the Trustee shall use to make Distributions to Class 7 pursuant to
the Trust Agreement and the Trust Distribution Plan; (f) the FIU
Fund; and (g) the Other Damage Claim Fund, if any, which the
Reorganized Debtor shall use to make Distributions to Class 8.
A full-text copy of the First Amended Disclosure Statement dated
Nov. 13, 2019, is available at https://tinyurl.com/rpv9hub from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Jordi Guso
Paul A. Avron
BERGER SINGERMAN LLP
1450 Brickell Avenue, Suite 1900
Miami, Florida 33131
Telephone: (305) 755-9500
Facsimile: (305) 714-4340
About Magnum Construction Management
Magnum Construction Management, LLC -- https://www.mcm-us.com/ --
formerly known as Munilla Construction Management, LLC, is a
construction company specializing in heavy civil construction in
the areas of transportation, airport infrastructure, roads,
bridges, government buildings and schools. It is headquartered in
South Miami, Florida, but also has offices in (i) Broward County,
Florida, and (ii) Irving, Texas. As of the Petition Date, MCM
employs a total of 292 people.
Magnum Construction Management filed a voluntary petition under
Chapter 11 of the U.S. Bankruptcy Code (Bankr S.D. Fla. Case No.
19-12821) on March 1, 2019. In the petition signed by CFO
Gilberto
Ruizcalderon, the Debtor estimated $50 million to $100 million in
assets and $10 million to $50 million in liabilities. The Debtor
is represented by Paul A. Avron, Esq., at Berger Singerman LLP.
The U.S. Trustee for Region 21 on March 14, 2019, appointed three
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 case. The Committee retained Wargo & French,
LLP, as its legal counsel.
MARSHALL BROADCASTING: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Marshall Broadcasting Group, Inc.
8323 Southwest Freeway, Suite 433
Houston, TX 77074
Business Description: Marshall Broadcasting Group, Inc. --
https://mbgroup.tv -- is a minority owned
television broadcasting company that owns
three full power television stations in the
United States. The company was founded in
2014 by Pluria Marshall, Jr. All three of
its television stations are affiliated with
Fox and are operated through shared services
agreements by the Nexstar Media Group.
Chapter 11 Petition Date: December 3, 2019
Court: United States Bankruptcy Court
Southern District of Texas (Houston)
Judge: Hon. Jeffrey P. Norman
Debtor's Local
Bankruptcy
Counsel: Jason S. Brookner, Esq.
GRAY REED & MCGRAW LLP
1300 Post Oak Blvd., Suite 2000
Houston, TX 77056
Tel: (713) 986-7000
Fax: (214) 953-1332
Email: jbrookner@grayreed.com
Debtor's
General
Bankruptcy
Counsel: LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
Estimated Assets: $50 million to $100 million
Estimated Liabilities: $50 million to $100 million
The petition was signed by Pluria Marshall Jr., CEO.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/txsb19-36743.pdf
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. 20th Century Fox TV Syndication Trade $10,850
2121 Avenue of the Stars, 31st Floor
Los Angeles, CA 90067
James Rothbart
Tel: 310-369-2298
2. A.S.C.A.P. Trade $4,800
250 W 57th St
Licensing 14th Flr
New York, NY 10107
800-99-ASCAP
3. American Tower LLC Trade $9,900
10 Presdertial Way
Woburn, MA 01801
Tel: 781-926-7899
4. B.M.I. Trade $5,500
PO Box 637500
Cincinnati, OH
45263-7500
Tel: 615-401-2951
5. Buena Vista Television Trade $4,333
500 South Buena, Vista St
Burbank, CA
56216-9327
Tel: 915-580-0024
6. Crown Castle Trade $25,000
2000 Corporation Dr
Canonburg, PA 15317
Tel: 724-416-2000
7. Entertainment Studios Trade $2,167
1925 Century Park East, Floor 10
Los Angeles, CA 90067
Byron Allen
Tel: 310-277-3500
8. FOX Broadcasting Trade $3,500
2121 Avenue of the Stars, 31st Floor
Los Angeles, CA 90067
Susan Chalfant
Tel: 310-369-2170
9. FOX First Run, LLC Trade $1,842
2121 Avenue of the Stars, 31st Floor
Los Angeles, CA 90067
Patrcia Schned
Tel: 310-584-3342
10. FOX News Network Edge Trade $6,000
1211 Ave of the Americas, 2nd Floor
New York, NY 10036
Tel: 212-301-3545
11. Fremantle - Debmar Mercury Trade $2,208
2700 Colorado Ave
Santa Monica, CA 90404
Jim Kramer
Tel: 310-393-6000
12. Green Mountain Energy Utilities $5,975
PO Box 328
Houston, TX 77001
Accounts Payable
Tel: 866-280-3603
13. Katz Media Group Trade $9,500
125 West 55th St.
New York, NY 10019
Rich Raaf
Tel: 212-373-8285
14. KSHV Trade $3,300
3150 North Market St
Shreveport, LA 71107
Tel: 318-629-6000
15. MidAmerican Energy Co. Utilities $6,350
PO Box 8020
Davenport, IA 52808
Accounts Payable
Tel: 888-427-5632
16. Millenium Sales & Trade $1,750
Marketing Co.
125 W. 55th St
New York, NY
10019-5366
Rich Raaf
Tel: 212-373-8285
17. Mission Broadcasting Inc. Trade $1,700
901 Indiana Ave, Suite 375
Wichita Falls, TX 76301
Dennis Thatcher
Tel: 440-526-2227
18. Nexstar Media Group Inc. SSA and JSA Fees $15,284,158
545 E. Carpenter, Frwy 120
Irving, TX 75062
Tel: (972) 373-8800
19. SESAC Trade $2,500
PO Box 3058
Lafayette, LA 70502
Tel: 866-218-5823
20. Warner Bros Trade $23,177
4000 Warner Blvd
The Triangle Bldg
Burbank, CA 91522
Rick Meril
Tel: 516-801-2059
MCDERMOTT INTERNATIONAL: S&P Lowers Issuer Credit Rating to 'SD'
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on McDermott
International Inc. to 'SD' (selective default) from 'CC'. S&P also
lowered the issue-level ratings on the notes to 'D' from 'C'. The
'CCC' rating on the superpriority term loan due in 2021 and the
'CC' rating on the senior secured credit facility are unchanged.
The downgrade follows McDermott's missed Nov. 1, 2019, interest
payment on its senior unsecured notes due in 2024. The interest
remains unpaid, and the 30-day grace period has elapsed. In S&P's
view, this constitutes a breach of the imputed promise of the
notes. On Dec. 1, 2019, McDermott entered into a forbearance
agreement with approximately 35% of the senior unsecured
noteholders until Jan. 15, 2020.
MOLTO BENE: Dec. 19 Hearing on Plan & Disclosure Statement Set
--------------------------------------------------------------
Molto Bene LLC has won conditional approval of its Disclosure
Statement.
A hearing will be held on Dec. 19, 2019 at 10:00 am (a date within
45 days of the filing of the Plan) for final approval of the
Disclosure Statement (if a written objection has been timely filed)
and for confirmation of the Plan before the Honorable Michael B.
Kaplan, U.S. Bankruptcy Court, District of New Jersey, 402 East
State Street, Trenton, New Jersey 08608 in Courtroom 8.
Dec. 12, 2019, is fixed as the last day for filing and serving
written objections to the Disclosure Statement and confirmation of
the Plan.
Within two days after the entry of the Order, the Plan, the
Disclosure Statement and a ballot conforming to Official Form 14
must be mailed to creditors, equity security holders, and other
parties in interest, and must be transmitted to the United States
Trustee.
As reported in the Troubled Company Reporter, the Debtor filed a
Chapter 11 plan that provides that secured claims will receive
monthly payments, until paid in full in Feb. 28, 2024, with
interest at 8.25%. General unsecured creditors will receive
monthly payments beginning on the 27th month and continuing to the
50th month after the effective date. General unsecured creditors
will recover 8% of their allowed claims. The 100% equity owner,
Peter Adamo, will retain his equity interests.
The Debtor will fund the Plan through operating income. The Debtor
expects to have sufficient cash each month to make the payments
required under the Plan.
A full-text copy of the Disclosure Statement dated Nov. 6, 2019, is
available at https://tinyurl.com/tom9hju from PacerMonitor.com at
no charge.
About Molto Bene
Molto Bene LLC is a NJ limited liability company that's in the
business of operating an Italian restaurant located at 17 N. Main
St., Cranbury, New Jersey. Molto Bene LLC sought Chapter 11
protection (Bankr. D.N.J. Case No. 19-19604) on May 10, 2019.
Darren M. Baldo of the Baldo Law Firm serves as counsel to the
Debtor.
MONUMENT ACADEMY: S&P Affirms 'BB+' Rating on 2014 Revenue Bonds
----------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'BB+' underlying rating on Colorado Educational &
Cultural Facilities Authority's series 2014 revenue bonds, issued
for Monument Academy (MA).
"The negative outlook reflects our view that the risks associated
with Monument's expansion to a second school facility and the
eventual addition of grades 9 through 12 could affect its financial
and enterprise profiles," said S&P Global Ratings credit analyst
Peter Murphy. Specifically, S&P believes the issuance of $29
million of debt in 2019 to fund the facility's construction may
weaken key debt and financial ratios if enrollment growth does not
materialize according to management's forecast.
The 'A+' long-term rating is based on the school's inclusion in the
Colorado Charter School Moral Obligation Program. This report
reflects only the underlying characteristics of the school, and
does not assess the enhancement program or the school's
qualification under that program.
The negative outlook reflects the additional debt, which relies on
significant growth in enrollment for support. The outlook also
reflects S&P's view of the inherent uncertainties associated with
the start-up of a new school and the requirement for it to be
financially sound to support its own debt service. Any potential
operating or financial issues related to the secondary school could
negatively affect the rating.
S&P said it could lower the rating if, as a result of MA's growth
plan, debt service coverage and liquidity levels of its
consolidated operations decline to levels no longer commensurate
with a 'BB+' rating. In addition, if the expected enrollment growth
is not achieved, resulting in failure to generate excess revenues
to adequately cover debt service, the rating would be negatively
affected.
S&P said it could revise its outlook to stable over the outlook
period if the new school successfully opens and combined operations
are positive, generating adequate coverage, and current liquidity
levels continue. However, an upgrade is not likely over the outlook
period, given MA's current debt levels, according to the rating
agency.
MOUNTAIN CREEK: Unsec. Creditors to Recover 4% Under Plan
---------------------------------------------------------
Mountain Creek Resort, Inc., Mountain Creek Services Inc., Mountain
Creek Management, LLC, Mountain Creek Mountainslide, LLC, Mountain
Leasing LLC, and Appalachian Liquors Corporation filed a Second
Amended Joint Plan of Reorganization and a Disclosure Statement.
Class 2: M&T Secured Claim. IMPAIRED. Estimated amount of claim
$22,413,793.12. On the Effective Date, the M&T Loan Facility
Documents shall be reinstated and shall be enforceable in
accordance with their terms subject to the following
modifications.
Class 3A: HSK Adventure Senior Secured Claim. Estimated amount of
claim $3,300,164.38. On the Effective Date, the HSK Adventure
Senior Secured Claim will be reinstated and will be enforceable in
accordance with its terms subject to the following modifications.
Class 3B: HSK Adventure Junior Secured Claim. Estimated amount of
claim $4,400,219.18. On the Effective Date, the HSK Junior
Facility will be reinstated and will be enforceable in accordance
with its terms subject to the following modifications.
Class 4: Kuzari Secured Claims. IMPAIRED. Amount of claim
$2,200,109.59. On the Effective Date, the Kuzari Facility
Documents will be reinstated and shall be enforceable in accordance
with their terms.
Class 6: Sewer Claims. IMPAIRED. The Holders of Allowed Sewer
Claims will be treated in accordance with the Sewer Settlement
Agreement.
Class 7A: Mountain Creek General Unsecured Claims. IMPAIRED.
Estimated amount of the asserted claims approximately $7.2 million.
Estimated recovery approximately 4%. Each Holder of an Allowed
Mountain Creek General Unsecured Claim in Class 7A shall receive
payment, in Cash, of its pro-rata share of $375,000 payable over
four years in equal quarterly installments commencing on the first
day of the third month following the Effective Date.
Class 7B: Appalachian Liquors General Unsecured Claims. IMPAIRED.
Estimated claim is approximately $100,000. Estimated recovery to
5%. Each Holder of an Allowed Appalachian Liquors General
Unsecured Claim that has not been satisfied or extinguished as of
the Effective Date will receive payment equal to five percent (5%)
of such Allowed Claim, without interest, within ten (10) days of
the later of (i) the Effective Date, or (ii) the date on that such
Claim becomes and Allowed Claim.
Class 7C: Convenience Class Claims. IMPAIRED. Estimated claim is
approximately $300,000. Estimated recovery 5%. Each Holder of an
Allowed Convenience Class Claim in Class 7C that has not been
satisfied or extinguished as of the Effective Date shall receive
payment, in Cash.
Class 8: Mountain Creek Litigation Claims. IMPAIRED. Holders of
Allowed Mountain Creek Litigation Claims will be granted relief
from the automatic stay to permit them to pursue their Claims
against the Debtors.
Class 9: HSK Adventure Unsecured Claims. Estimated HSK claims is
$8,264,624.34 and the estimated HMGG claims is $243,403.45.
Estimated recovery is 0%. Holders of Allowed HSK Unsecured Claims
and HMGG Prior Owner Note Claims have agreed to the subordination
of solely the right of payment of the Distributions to be made to
Holders of Allowed Class 7A Claims under the Plan on account of the
Allowed HSK Unsecured Claims and Allowed HMGG Prior Owner Note
Claims, for a total subordination in the amount of approximately
$8.5 million.
Class 10: Intercompany Claims. All Intercompany Claims will be
cancelled and extinguished on the Effective Date and no
Distributions will be made on account of an Allowed Intercompany
Claim.
Class 11A: MCRI Equity Interests. Estimated recovery is 100%.
Holders of Equity Interests in Debtor MCRI and Snow Creek shall
each receive 50% of the equity interests in Reorganized MCRI.
Class 11B: Appalachian Liquors Equity Interests. Estimated
recovery is 100%. The Holder of Appalachian Liquors Equity
Interests will receive and retain its Equity Interests in
Reorganized Appalachian Liquors.
Class 11C: Mountain Creek Subsidiary Equity Interests. Estimated
recovery is 0%. All Mountain Creek Subsidiary Equity Interests
will be cancelled and extinguished on the Effective Date.
The $3,000,000 Cash Contribution pursuant to the HSK/HMGG
Contribution, the $3,000,000 Snow Creek Contribution, existing Cash
balances of the Mountain Creek Debtors, Cash from ongoing
operations of Reorganized Debtor MCRI, and funds advanced under the
Mountain Creek Exit Loan will be the source of Cash for the
payments required to be made under the Plan on behalf of the
Mountain Creek Debtors and their Estates. As of November 11, 2019,
the Mountain Creek Debtors’ cash on hand was $554,008.60.
A full-text copy of the Disclosure Statement dated Nov. 13, 2019,
is available at https://tinyurl.com/tzqrzhf from PacerMonitor.com
at no charge.
Counsel to the Debtors:
Kenneth A. Rosen
Jeffrey D. Prol
Nicole Fulfree
Michael Papandrea
LOWENSTEIN SANDLER LLP
One Lowenstein Drive
Roseland, New Jersey 07068
(973) 597-2500 (Telephone)
(973) 597-2400 (Facsimile)
About Mountain Creek Resort
Mountain Creek Resort, Inc., owns and operates the Mountain Creek
Resort, a four-season resort located in Vernon, New Jersey. The
Resort is the New York/New Jersey Metro area's closest ski resort
with 167 skiable acres on four mountain peaks, 1,040 vertical feet,
46 trails, and 11 lifts. The Resort also operates and manages the
Appalachian Hotel and the Black Creek Sanctuary townhomes.
Mountain Creek Resort, Inc., and five affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D.N.J. Lead Case No. 17-19899) on May 15, 2017. The
cases are pending before the Honorable Judge Stacey L. Meisel, and
jointly administered.
Mountain Creek estimated $10 million to $50 million in assets and
debt.
The Debtors hired Lowenstein Sandler LLP as bankruptcy counsel;
Houlihan Lokey Capital, Inc., as business consultant and investment
banker; and Prime Clerk LLC as claims and noticing agent.
On May 24, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. Trenk, DiPasquale,
Della Fera & Sodono, P.C., is the Committee's bankruptcy counsel.
MTE HOLDINGS: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------
The Office of the U.S. Trustee on Dec. 3 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of MTE Holdings, LLC.
About MTE Holdings
MTE Holdings LLC is a privately held company in the oil and gas
extraction business. MTE sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 19-12269) on Oct. 22,
2019. In the petition signed by its authorized representative,
Mark A. Siffin, the Debtor disclosed assets of less than $50
billion and debts of $500 million.
Judge Karen B. Owens has been assigned to the case.
The Debtor tapped Kasowitz Benson Torres LLP as its bankruptcy
counsel; Morris, Nichols, Arsht & Tunnell, LLP as its local
counsel; and Stretto as its claims and noticing agent.
OFFICE BARGAIN CENTER: Unsecured Creditors to Get 50% Over 5 Years
------------------------------------------------------------------
Office Bargain Center 2011, LLC, filed a Second Amended Disclosure
Statement describing a Reorganization Plan that provides:
* Class 1. Secured Claim of SuntTrust Bank/SBA [Claim #5].
Class 1 consists of the secured claim of Suntrust Bank, as set
forth in Claim #5. SunTrust will receive $5,126.34 per month until
the total of its claim as set forth in Claim #5 is paid in full
($307,580.55) without interest.
* Class 2. General Unsecured Claims. This class will receive a
total of (at least $278,764 or 50% of allowed unsecured claims over
5 years through the tenure of the 60 month Plan as follows:
Months 1-8: total of $8,000 plus Months 9-60 ($1,000 + $4,207) or
$270,764; for a total of $278,764. This class is impaired by the
Plan and its members are entitled to vote.
* Class 3. Interest of Members of the Debtor, LLC. Class 3
consists of the Members’ equity interest in the Debtor. In a
limited liability company, the equity interest holders are the
members. Members of this class will not withdraw capital or
receive Accumulated Adjustment Account distributions.
The Debtor will fund the Plan with funds collected from its
accounts receivables, cash in hand and funds received from its
continued operations.
A full-text copy of the Second Amended Disclosure Statement dated
Nov. 15, 2019, is available at https://tinyurl.com/tyb2umn from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Aleida Martinez Molina
Weiss Serota Helfman Cole Bierman, PL
2525 Ponce de Leon Boulevard, Suite 700
Coral Gables, Florida 33134
Telephone - 305-854-0800
Facsimile - 305-854-2323
E-mail: amartinez@wsh-law.com
About Office Bargain Center 2011
Office Bargain Center 2011, LLC, is a limited liability company
created and existing under the laws of the State of Florida. It
operates a local office furniture sales and service business. It
also resells and supports office furnishings throughout Miami-Dade,
Broward and Palm Beach counties.
Office Bargain Center sought Chapter 11 protection (Bankr. S.D.
Fla. Case No. 19-10226-RAM) on Jan. 7, 2019. At the time of the
filing, the Debtor was estimated to have assets of less than
$50,000 and liabilities of less than $1 million. The case has been
assigned to Judge Robert A. Mark. The Debtor hired Weiss Serota
Helfman Cole & Bierman, P.L., as its legal counsel.
OHM HOSPITALITY: Case Summary & 4 Unsecured Creditors
-----------------------------------------------------
Debtor: OHM Hospitality, Inc.
dba Baymont by Wyndham
15105 Wilden Drive
Urbandale, IA 50323
Case No.: 19-02806
Business Description: OHM Hospitality, Inc. is a privately held
company in the traveler accommodation
industry.
Chapter 11 Petition Date: December 3, 2019
Court: United States Bankruptcy Court
Southern District of Iowa (Des Moines)
Debtor's Counsel: Robert C. Gainer, Esq.
CUTLER LAW FIRM
1307 50th Street
West Des Moines, IA 50266
Tel: (515) 223-6600
Fax: (515) 223-6787
Email: rgainer@cutlerfirm.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $0 to $50,000
The petition was signed by Manish Patel, president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's four unsecured creditors is available for free
at:
http://bankrupt.com/misc/iasb19-02806.pdf
ORCHARD HILLS: Unsecureds to Get 83 Monthly Payments in Plan
------------------------------------------------------------
A hearing will be held on Dec. 18, 2019, at 10:10 a.m., 2nd Floor
Courtroom, Lewis R. Morgan Federal Building, 18 Greenville Street,
Newnan, Georgia 30263 on the question of the approval of the
proposed Disclosure Statement of Orchard Hills Baptist Church, Inc.
Any objections to the proposed Disclosure Statement must be filed
with the Court on or before Dec. 16, 2019.
In summary, the Debtor seeks to continue operations of the church
and to pall all Allowed Claims in its Bankruptcy Case in full
pursuant to the terms of the Plan. Orchard Hills will continue as
a separate legal entity and retain ownership of its assets.
Orchard Hills' leadership will continue in place following
confirmation. Liens securing the payment of each Allowed Secured
Claim will remain intact.
Funds required for implementation of the Plan and distributions
under the Plan shall be provided from the regular operation of the
Debtor's church as projected in the Budget.
The Debtor believes that its Plan is feasible and that its
Confirmation (approval) by the Bankruptcy Court is in the best
interests of all Parties-in-Interest. No alternative will result in
payment of Allowed Claims in full. Therefore, Orchard Hills urges
acceptance of the Plan.
According to the Disclosure Statement, the Plan would treat claims
and interests as follows:
* Class 1 - Non-Tax Priority Claims. IMPAIRED. Holder of an
Allowed Class 1 Claim shall be paid in full within the later of
fourteen (14) days after the Effective Date.
* Class 2 - Allowed Secured Claim of SummitBridge National
Investments VI, LLC. IMPAIRED. The Allowed Secured Claim of
SummitBridge National Investments VI, LLC is alleged to total
$2,756,821.27 as of the Effective Date and shall be paid in full as
follows : The
Reorganized Debtor shall pay the allowed amount of the Class 2
Secured Claim, together with Plan Interest, amortized over 360
months, in 83 equal monthly installments of approximately
$16,036.21 each.
* Class 3 - Allowed Secured Claim of J&A Finance, LLC. IMPAIRED.
Class 3 includes the Allowed Secured Claim, if any, of J&A Finance,
LLC. Such Disputed Claim of J&A is alleged to be $182,782.02 as of
the Petition Date and the Effective Date. The Reorganized Debtor
shall pay the allowed amount of the Class 3 Secured Claim, together
with Plan Interest (which shall accrue from the Effective Date),
amortized over 360 months, in 83 equal monthly installments of
approximately $1,066.67 each.
* Class 4 - Allowed Unsecured Administrative Convenience Class
Claims of $3,000 or Less. IMPAIRED. Class 4 includes the Allowed
Unsecured Administrative Convenience Class Claims of $3,000 or Less
and is estimated to total as much as $6,426 as of the Effective
Date. The Reorganized Debtor will satisfy such Allowed Class 4
Unsecured Claims by paying, within 14 days after the Effective
Date, the holders of Allowed Unsecured Claims in Class 4 the lesser
of (i) the amount of each holder’s Allowed Unsecured Claim and
(ii) $3,000.
* Class 5 - Allowed Claims of General Unsecured Creditors.
IMPAIRED. Class 5 consists of Allowed General Unsecured Claims
(other than Allowed Unsecured Claims included in Classes 4 and 6)
and is estimated to total at least $13,499 as of the Effective
Date. The Reorganized Debtor will pay the allowed amount of the
Class 5 Unsecured Claims, together with Plan Interest (which shall
accrue from the Effective Date), amortized over 360 months, in 83
equal monthly installments of approximately $78.78 each or (b) the
lesser amount or other treatment as the holder of an Allowed Class
5 Unsecured Claim and the Reorganized Debtor might otherwise agree.
* Class 6 - Allowed Unsecured Deficiency Claims. IMPAIRED. The
Reorganized Debtor shall pay the allowed amount of the Class 6
Claims, together with Plan Interest (which shall accrue from the
Effective Date), amortized over 360 months, in 83 equal monthly
installments commencing on the last day of the month following the
month in which the Effective Date occurs or the lesser amount or
other treatment as the holder of an Allowed Class 6 Unsecured Claim
and the Reorganized Debtor might otherwise agree.
* Class 7 - Interests of the Debtor. IMPAIRED. The Debtor will
retain its Interest in all property of the Bankruptcy Estate and
all associated rights.
A full-text copy of the Disclosure Statement dated Nov. 15, 2019,
is available at https://tinyurl.com/uw4ponc from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Ward Stone, Jr.
David L. Bury, Jr.
Stone & Baxter, LLP
Suite 800, 577 Mulberry Street
Macon, Georgia 31201
About Orchard Hills Baptist Church
Orchard Hills Baptist Church, Inc., a religious organization based
in Newnan, Ga., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 19-10897) on May 7, 2019.
At the time of the filing, the Debtor was estimated to have assets
of between $1 million and $10 million and liabilities of between $1
million and $10 million.
P & E HARMONY: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: P & E Harmony LLC
1321 Highway 8 West, Suite 3
Cleveland, MS 38732
Case No.: 19-14880
Business Description: P & E Harmony LLC is a privately held
company in Cleveland, Mississippi.
Chapter 11 Petition Date: December 3, 2019
Court: United States Bankruptcy Court
Northern District of Mississippi (Aberdeen)
Judge: Hon. Selene D. Maddox
Debtor's Counsel: Jeffrey A. Levingston, Esq.
NORQUIST & LEVINGSTON PLLC
P.O. Box 1327
Cleveland, MS 38732
Tel: 662-843-2791
Email: jleving@bellsouth.net
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Edward Gong, managing member.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/msnb19-14880.pdf
P&D INVESTMENTS: Bahamas Island Owners to Pay Unsecureds in 5 Years
-------------------------------------------------------------------
P&D Investments, LLC, PCD Investments, LLC, and Whale Cay Group,
Ltd., owners of most of the island of Great Whale Cay, in the
Bahamas, submitted a First Amended Plan of Reorganization and an
Amended Disclosure Statement.
The primary premise of the Plan is that the Debtor will be able to
pay a substantial dividend to creditors, after secured claims, by
marketing both the collateral and the unpledged properties jointly.
David and Lisa are currently setting up interviews with experts in
this field who are appropriate for marketing a Bahamas island, and
who would be paid from the sale proceeds. This dividend should
represent a fair return to the creditors considering that the
alternative is to allow AIP and its Bahamian nominee to liquidate
most of the debtors' assets to a bargain hunter for AIP's benefit
alone, which could leave the unpledged property diminished in value
by breaking up the whole.
The Plan proposes to treat claims as follows:
* Class 2 (Bahamas Inland Revenue). IMPAIRED. Shall retain its
lien and be paid in full, with interest at the rate required by
Bahamas law.
* Class 3 (AIP). IMPAIRED. Shall retain its lien and be paid in
full, with interest prior to confirmation at the rate determined by
the court and with interest after the Plan confirmation date at the
rate of 5% on the principal balance.
* Class 4 creditor (Lagier). IMPAIRED. Shall be paid in full,
with interest postpetition at the rate of 5% on the principal
balance.
* Class 5 (Estate of Peter Casoria). IMPAIRED. Shall be paid in
full, with interest postpetition at the rate of 5% on the principal
balance.
* Class 6 (Hahner). IMPAIRED. Shall be paid in full, with
interest postpetition at the rate of 5% on the principal balance.
* Class 7 creditor (Colen). IMPAIRED. Shall be paid in full,
with interest postpetition at the rate of 5% on the principal
balance.
* Class 8 (Saavedra Goodwin). IMPAIRED. Shall be paid in full,
with postpetition interest at the rate of 5% on the principal
balance.
* Class 9 administrative convenience class. IMPAIRED. Shall be
paid their Allowed Claim (or $5000 if the claimant elects to reduce
an Allowed Claim larger than $5,000 to that amount), without
interest, in two installments of 50% each on the 90th and 180th day
after the Effective Date.
* Class 10 Unsecured Claims. IMPAIRED. This group will receive a
five-year payout of their entire allowed claims (calculated as of
the bankruptcy petition date) plus interest at 5% on principal
(calculated from the plan confirmation date forward), on a straight
amortization schedule with payments quarterly.
* Class 11 Casoria family claims. IMPAIRED. Allowed Claims shall
accrue interest after the confirmation date at the rate of 5% on
the principal portion of the Allowed Claim, and shall be paid, on a
five-year amortization schedule, 20 quarterly payments.
A full-text copy of the Amended Disclosure Statement dated Nov. 13,
2019, is available at https://tinyurl.com/trea2kg from
PacerMonitor.com at no charge.
Counsel for the Debtors:
Patrick S. Scott
GRAYROBINSON, P.A.
401 E. Las Olas Blvd., Suite 1000
Fort Lauderdale, FL 33301
Tel: (954) 761-8111
E-mail: patrick.scott@gray-robinson.com
About P&D Investments
P&D Investments LLC, PCD Investments LLC, and Whale Cay Group,
Limited were established to acquire and develop real estate
properties in The Bahamas.
WCG was formed as a limited company under the laws of The Bahamas
twenty years ago, to acquire roughly 711 acres of property
representing most of the island of Great Whale Cay, about 150 miles
east of Fort Lauderdale, Florida and 28 miles north of Nassau.
David Casoria has managed the Debtor since 2014.
P&D Investments and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Fla. Case Nos. 19-18740,
19-18744 and 19-18748) on June 28, 2019. At the time of the
filing, P&D Investments and PCD Investments had estimated assets of
between $1 million and $10 million and liabilities of between $10
million and $50 million. Meanwhile, Whale Cay Group disclosed
assets of between $10 million and $50 million and liabilities of
the same range.
PARKINSON SEED: Compeer Says Plan Still Facially Unconfirmable
--------------------------------------------------------------
Compeer Financial, FLCA, formerly known as AgStar Financial
Services, FLCA, filed an objection to the Amended Disclosure
Statement filed by Parkinson Seed Farm, Inc.
Compeer filed its (1) Objection to Disclosure Statement filed on
Aug. 14, 2019; and (2) Supplemental Objection to Disclosure
Statement, filed on Oct. 4, 2019, (collectively "Compeer DS
Objection").
On Nov. 12, 2019, the Debtor filed its Amended Disclosure
Statement.
Compeer states that a significant portion of the Compeer DS
Objection was based upon the facially non-confirmable status of the
Debtor's original Plan of Reorganization ("Plan"). Because the
Debtor has elected not to file an amended Plan, or alter or amend
the original Plan, all of Compeer's contentions based upon the
status of the original Plan as facially non-confirmable continue.
But there is more. Since the date of appointment of the Chapter 11
trustee in this matter, the Debtor has failed to cooperate with the
Trustee, failed to provide critical financial information, and
drastically increased the administrative load to the estate by
these actions. The failure of the Debtor's Amended DS to deal with
any such issue, together with the Debtor's insistence of a rosy
characterization of the Debtor's operation, this lack of disclosure
is not adequate under Section 1125; it is misleading.
Compeer has repeatedly argued, in the Compeer DS Objection and in
this document, that the Debtor has demonstrated bad faith and a
lack of good faith, in the filing of the petition, the
administration of the estate postpetition, and the filing of the
Original DS. The Debtor's failure to work with the Trustee since
the date of his appointment only reinforces those contentions.
According to Compeer, while the Debtor provides a short history of
its post-trustee operations, it fails to provide any adequate
information as to the Debtor's failure to provide financial records
to the Trustee, the Trustee's motion for a turnover, and related
matters. And in the Amended DS the Debtor wrongly alleges that
after the appointment of the Trustee, "the debtor continued to
operate under the Court approved budget shown below." That
statement is less than accurate. Because the Debtor has continued
to demonstrate bad faith and a lack of good faith in the filing of
the Amended DS, Compeer continues to maintain the bad faith and
lack of good faith on the part of the Debtor.
Attorneys for Compeer Financial:
Randall A. Peterman
GIVENS PURSLEY LLP
601 W. Bannock Street
Post Office Box 2720
Boise, Idaho 83701-2720
Telephone (208) 388-1200
Facsimile (208) 388-1300
E-mail: rap@givenspursley.com
About Parkinson Seed Farm
Located in Saint Anthony, Idaho, Parkinson Seed Farm, Inc. --
http://www.parkinsonseedfarm.com/-- farms approximately 7,200
acres of potatoes. It raises seed potatoes, hard red and hard
white wheat, as well as a small amount of alfalfa (mostly to feed
horses for recreational purposes). The company raises 11 of what
it considers to be more mainstream varieties such as the Russet
Burbank, Ranger, three different line selections of Russet
Norkotah, white varieties such as Cal Whites and Atlantics, and
reds like the Dark Red Norland. The company was founded in 1937.
Parkinson Seed Farm sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Idaho Case No. 18-40412) on May 15,
2018. In the petition signed by Dirk Parkinson, president, the
Debtor disclosed $6.11 million in assets and $26.92 million in
liabilities. Judge Joseph M. Meier oversees the case. Parkinson
Seed Farm hired Robinson & Associates as its legal counsel. Henri
LeMoyne of LeMoyne Realty & Appraisals is the Debtor's realtor.
PINE CREEK MEDICAL: Unsecureds to Have Recovery in Liquidating Plan
-------------------------------------------------------------------
Pine Creek Medical Center, LLC, submitted a First Amended
Disclosure Statement Regarding its Chapter 11 Plan of Liquidation
dated Sept. 20, 2019.
The Plan provides for the creation of a Liquidating Trust. The
Plan also provides for the transfer of all of the Debtor's assets
to the Liquidating Trust, including all claims and causes of action
owned by the Debtor. The Liquidating Trust will liquidate all of
the Debtor's assets and litigate (and continue any litigation
commenced by the Debtor) all causes of action, including avoidance
actions, for the benefit of the Debtor's Creditors. Finally, the
Liquidating Trust and will make distributions to such creditors
from (i) the net proceeds of the liquidation of the Debtor's assets
and (ii) the net settlement proceeds or net litigation proceeds,
if any, of any causes of action, including avoidance actions.
Under the Plan, holders of Class 4: Allowed Secured Claims will
each receive an amount equal to the allowed amount of the secured
claim, which will be equal to the value, as of the Effective Date,
of at least the value of such holder's interest in the Debtor's
interest in such property.
Holders of Class 5: Allowed General Unsecured Claims will be paid
on a pro rata basis from the funds generated from the proceeds from
the liquidation of the Debtor's assets and the prosecution of
causes of action, after the payment in full of all Allowed Claims
in Classes 1 through 4.
Class 6: Equity Interests will be extinguished by operation of the
Confirmation Order.
According to the liquidation analysis, assuming that all of the
asset value listed in the Debtor's Schedules was accumulated, such
amount would pay in full all allowed secured claims and the holders
of allowed general unsecured claims would receive a pro rata
distribution of the remaining funds after the payment of priority
claims in full. Accordingly, due to administrative cost savings
and the ability to realize a greater recovery on its medical
accounts receivable, the Debtor's Plan provides a greater recovery
on unsecured claims when compared to a Chapter 7 liquidation.
As of the Petition Date, the Debtor's scheduled assets totaled
$5,392,170.85.
A full-text copy of the Amended Disclosure Statement dated November
15, 2019, is available at https://tinyurl.com/r2zzmwv from
PacerMonitor.com at no charge.
Counsel for the Debtor:
Buffey E. Klein
HUSCH BLACKWELL LLP
1900 N. Pearl Street, Suite 1800
Dallas, Texas 75201
Phone: (214) 999-6100
Fax: (214) 888-6170
Email: buffey.klein@huschblackwell.com
Lynn H. Butler
HUSCH BLACKWELL LLP
111 Congress Avenue, Suite 1400
Austin, Texas 78701
Phone: (512) 479-9758
Fax: (512) 479-1101
Email: lynn.butler@huschblackwell.com
About Pine Creek Medical Center
Pine Creek Medical Center, LLC, owns and operates a general medical
and surgical hospital.
Pine Creek Medical Center filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Tex. Case No. 19-33079) in Dallas, Texas, on Sept. 13,
2019. In the petition signed by CRO Mark D. Shapiro, the Debtor
was estimated to have assets at $1 million to $10 million and
liabilities at $10 million to $50 million. Judge Harlin DeWayne
Hale oversees the case. HUSCH BLACKWELL, LLP, is the Debtor's
counsel.
SCHRAD LTD: Unsecured Creditors to Recover 50% Under Plan
---------------------------------------------------------
Schrad, Ltd., Honey Bee Bakers, LLC and Red Apple Resources of
South Texas, LLC, filed a Chapter 11 Plan that provides:
* Class 4: Schertz Bank & Trust Claims -- composed of the claims
of Schertz Bank & Trust which consist of the following: Claim No.
3-2, in the amount of $908,398.02 for Loan No. 4937218
Claim No. 4-2 in the amount of $208,325.41 for Loan No. 4375128 --
will be paid from the liquidation of the Debtors' assets. The
Debtors' assets will be liquidated and the proceeds will be used to
pay the allowed secured claim of Schertz Bank & Trust in full after
payment of related closing costs, commissions, fees, and ad valorem
taxes.
* As to the Class 5: Claim of Daimler Chrysler, the Debtors own
a 2004 Freightliner which is secured by a purchase money lien held
by Daimler Chrysler. There is equity in the Freightliner and it
will be sold and the first proceeds from its sale will be paid to
Daimler to release the title to the buyer.
* Class 6: Allowed Unsecured Claims are estimated to total
$200,000. Approximately $100,000 will be available to pay unsecured
claims resulting in a dividend to unsecured creditors of 50%.
The proceeds from the asset sales will be distributed to creditors.
A full-text copy of the Joint Disclosure Statement dated November
15, 2019, is available at https://tinyurl.com/rctsfzl from
PacerMonitor.com at no charge.
Attorneys for the Debtors:
Michael J. O'Connor
LAW OFFICES OF MICHAEL J. O'CONNOR
921 Proton Road
San Antonio, Texas 78258
Phone: (210) 729-6009
Fax: (210) 729-6003
oconnorlaw@gmail.com
About Schrad Ltd
Schrad Ltd. and its affiliates, Honey Bee Bakers, LLC and Red Apple
Resources of South Texas, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Tex. Lead Case No. 19-51331) on June
3, 2019. In the petitions signed by James E. Schrad, president,
Schrad estimated assets and liabilities of less than $50,000. The
Debtors are represented by the Law Office of Michael J. O'Connor.
SFKR LLC: Kashi Buying Tyler Property for $985K
-----------------------------------------------
SFKR, LLC asked the U.S. Bankruptcy Court for the Eastern District
of Texas to approve the sale of its property to Kashi Enterprises,
Inc. for $985,000.
In its motion, the company proposed to sell the property "free and
clear of all liens claims and encumbrances" and asked the court to
allow the liens against the property to attach to the sale
proceeds.
The property to be sold is a commercial property located at 15834
FM 2493, Tyler, Texas. The sale closing is set for Dec. 15.
A copy of the sale contract is available for free at
https://tinyurl.com/w6c5vgg from PacerMonitor.com
About SFKR LLC
SFKR, LLC, a privately held company in Tyler, Texas, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.
Texas Case No. 19-60674) on Oct. 1, 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 is assigned to Judge Bill Parker. The Debtor tapped Eric
A. Liepins, P.C. as its legal counsel.
SHAE MANAGEMENT: Case Summary & 12 Unsecured Creditors
------------------------------------------------------
Debtor: Shae Management, Inc.
PO Box 2541
Dalton, GA 30722
Case No.: 19-42833
Business Description: Shae Management, Inc. is a property
management company in Dalton, Georgia.
Chapter 11 Petition Date: December 3, 2019
Court: United States Bankruptcy Court
Northern District of Georgia (Rome)
Judge: Hon. Paul W. Bonapfel
Debtor's Counsel: Cameron M. McCord, Esq.
JONES & WALDEN, LLC
21 Eighth Street, NE
Atlanta, GA 30309
Tel: (404) 564-9300
Fax: (404) 564-9301
Email: cmccord@joneswalden.com
info@joneswalden.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Mark A. Dyer, president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 12 unsecured creditors is available for free
at:
http://bankrupt.com/misc/ganb19-42833.pdf
SIMMONS FOOD: S&P Alters Outlook to Stable, Affirms 'B' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on Simmons Food Inc.
(Simmons) to stable from negative and affirmed all of its ratings
on the company, including its 'B' issuer credit rating.
The outlook revision reflects the improved prospects for Simmons
Food's operating performance over the next two years, which should
allow the company to steadily deleverage. S&P now projects that the
company's leverage will decline to just over 6x in fiscal year 2019
from 7.3x in 2018. It also expects the company to continue to
deleverage over the next several quarters as its EBITDA expands on
improved performance in its poultry segment as well as the roll off
of one-time costs related to the startup of its flex plant, causing
its leverage to decline below 6x by the end of fiscal year 2020."
The stable outlook on Simmons reflects S&P's expectation that the
company will continue to improve its operating performance in 2020
while reducing its debt to EBITDA below 6.0x over the next year.
The rating agency believes mid-single-digit percent consolidated
sales growth from better pricing and volumes in the rebounding
poultry segment and improved capacity utilization in the company's
new flex packaging plant will increase its EBITDA by at least 10%
from 2019 levels and allow it to sustain EBITDA margins of about
8%, resulting in steady deleveraging.
"We could lower our ratings on Simmons if its debt to EBITDA
returns above 6.5x on a sustained basis. We believe this could
occur if the company's profitability declines from an unexpected
increase in costs or revenue declines from a significant operating
setback, such as a large product recall or manufacturing disruption
related to the new facilities," S&P said.
Although less likely over then next year, given S&P's current
favorable outlook for poultry profits, the company's leverage could
also approach 6.5x if the poultry segment faces another severe weak
operating cycle (similar to 2012) during which feed costs
significantly increase or chicken prices decline from over
production leading to a more than a 200 basis point drop in S&P's
base-case gross margin assumption for the company's poultry
business.
"We would consider raising our rating on Simmons if it continues to
expand its EBITDA and repay debt, reduces its debt to EBITDA below
4x, and generates positive free cash flow. We believe this could
occur if the company sustains EBITDA margins of closer to 10% and
repays more than $250 million of debt," the rating agency said. S&P
said it could also raise its rating if the company materially
expands its pet food segment without suffering a significant
decline in the profitability of its poultry segment, leading the
rating agency to more favorably assess the company's operating
execution and competitive position.
STORE IT REIT: Files Amended Plan of Liquidation
------------------------------------------------
Store It REIT, Inc., submitted a First Amended Plan of Liquidation
and a First Amended Disclosure Statement.
Store It seeks to confirm a liquidation plan to pay its prepetition
creditors and make final distribution to shareholders and/or equity
interests. As described in the Disclosure Statement, Store It
believes that the Plan provides the best solution for satisfying
its pre-bankruptcy obligations, by providing for continued
oversight by a liquidating trustee, maximizing recoveries available
to all constituents, and providing for an equitable distribution to
Store It's creditors and stakeholders.
Store It is proposing to transfer all assets, including certain
claims and causes of action described herein, to a liquidating
trustee. The proposed Liquidating Trustee is Marc Schwartz, the
current CRO of Store It.
The Plan provides that:
* Class 1. Secured (Impaired). Amount of claim $13.50. Allowed
Secured Claims will be paid in full without interests from the
proceeds of the Liquidating Trust on a pro rata basis until such
claims are paid in full.
* Class 2. Priority (Impaired). Amount of claim $0.00. Allowed
Tax Claims shall be paid in full without interest from the proceeds
of the Liquidating Trust on a pro rata basis until such claims are
paid in full.
* Class 3. Unsecured (Impaired). Amount of claim Up to $871,884.
The holders of each allowed Class 3 claim shall receive a pro rata
distribution from proceeds of the Liquidating Trust Assets payable
by the Liquidating Trustee until such claims are paid in full.
* Class 4. Unsecured (Impaired). Amount of claim Up to
$1,408,079. The holders of each Allowed Class 4 Claim will receive
a pro rata distribution from proceeds of the Liquidating Trust
Assets payable by the Liquidating Trustee until such claims are
paid in full.
A full-text copy of the First Amended Disclosure Statement dated
Nov. 15, 2019, is available at https://tinyurl.com/vymv4r2 from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Deirdre Carey Brown
Vianey Garza
HOOVER SLOVACEK LLP
5051 Westheimer, Suite 1200
Houston, Texas 77056
Telephone: 713.977.8686
Facsimile: 713.977.5395
E-mail: brown@hooverslovacek.com
garza@hooverslovacek.com
About Store It REIT
Store It REIT, Inc., formerly known as Evergreen Realty REIT, Inc.,
and American Spectrum REIT I, Inc., is a privately held company in
Ketchum, Idaho engaged in activities rela ted to real estate. The
Company has 98.64% equity interest in Evergreen REIT, LP.
Evergreen REIT, LP, is a real estate investment trust owning
interest in entities that own tenant in common, limited
partnership, and/or general partnership interest in three
self-storage facilities.
Store It REIT filed for Chapter 11 bankruptcy protection (Bankr.
S.D. Tex. Case No. 18-32179) on April 27, 2018, listing $13.18
million in total assets and $127,143 in total liabilities. The
petition was signed by William J. Carden, president and director.
Judge Marvin Isgur oversees the case. The Debtor tapped Deirdre
Carey Brown, Esq., at Hoover Slovacek LLP, as its bankruptcy
counsel.
An official committee of unsecured creditors has not been formed.
However, on July 3, 2018, an Official Committee of Equity Security
Holders was created. The Committee is represented by Polsinelli,
PC.
The equity committee has sought appointment of an examiner in the
company's Chapter 11 case.
The Debtor has filed a plan of liquidation and disclosure
statement.
SUMMIT VIEW: Seeks Authorization to Use Cash Collateral
-------------------------------------------------------
Summit View, LLC, seeks authorization from the U.S. Bankruptcy
Court for the Middle District of Florida to use cash collateral to
continue operating its business.
As of the Petition Date, the Debtor was indebted to Standard
Pacific of Florida ("StanPac") in the approximate amount of
$1,149,152, secured by a first mortgage on the Debtor's real estate
and a security interest in personal property, including, but not
limited to, the Debtor's accounts receivable, cash, inventory,
furniture, fixtures and equipment.
The Debtor is also indebted to CWES II, LLC as successor in
interest to WDG Construction, Inc. in the approximate amount of
$1,575,734 with respect to a secured claim of lien. The debt is a
second position lien encumbering the Debtor's real property.
The Debtor is also indebted to Douglas J. Weiland as successor in
interest to Florida Design Consultants, Inc. with respect to a
secured claim of lien -- a third position lien encumbering the
Debtor's real property. Additionally, the Debtor is indebted to
Weaver Aggregate Transport in the approximate amount of $434,000
with respect to a mechanic's lien -- a fourth position lien
encumbering the Debtor’s real property.
The Debtor's continued operations of selling excess fill dirt will
produce required revenue for the Debtor and is one of the funding
mechanisms for the Debtor's reorganization efforts and for the
Debtor to pay its debt service payments and other monthly
obligations.
The Debtor will pay adequate protection interest only payments
based upon 10% of the cash generated in the month immediately
preceding, up to a maximum amount of $7,500. The Debtor seeks to
provide adequate protection to StanPac only to the extent fill dirt
revenue is generated in any given month post-petition. Accordingly,
if no revenue is generated, then no cash collateral will be
available and there will be no requirement to pay adequate
protection in that particular month.
As adequate protection, the Debtor will provide StanPac with a
post-petition replacement lien equal in validity and dignity as it
existed pre-petition. The Debtor will also provide proof of
insurance upon request of same. In addition, the Debtor will escrow
one-twelfth of the anticipated ad valorem tax on a monthly basis
for every month the fill dirt revenue is paid.
About Summit View
Summit View, LLC is a single asset real estate debtor (as defined
in 11 U.S.C. Section 101(51B)).
It previously filed Chapter 11 petition (Bankr. M.D. Fla. Case No.
09-06495) on April 2, 2009.
Summit View sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 19-10111) on Oct. 24, 2019. At the
time of the filing, the Debtor was estimated to have assets of
between $1 million and $10 million and liabilities of the same
range. The Debtor tapped Alberto F. Gomez, Jr., Esq., at Johnson,
Pope, Bokor, Ruppel & Burns, LLP.
SWEET WOLVERINE: Allowed to Use Cash Collateral on Interim
----------------------------------------------------------
Judge Brenda Moody Whinery of the U.S. Bankruptcy Court for the
District of Arizona inked her approval to a Stipulated Interim
Order authorizing Sweet Wolverine Holdings, LLC and Sweet Wolverine
Management, LLC to use cash collateral for a period of thirty
days.
The Debtor will pay to United Community Bank as adequate protection
payments the sum of $1,000 per month for the term of the Interim
Order or upon further order of the Court.
United Community Bank is also granted a replacement lien and
security interest in the cash collateral to secure the debt owed to
the Bank for money used by the Debtor.
A copy of the Stipulated Interim Order is available for free at
https://is.gd/0h7BTP from Pacermonitor.com
About Sweet Wolverine
Sweet Wolverine Management LLC and Sweet Wolverine Holdings LLC
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Ariz. Lead Case No. 19-13670) on Oct. 25, 2019.
At the time of the filing, Sweet Wolverine Management disclosed
assets of between $100,001 to $500,000 and liabilities of the same
range. Meanwhile, Sweet Wolverine Holdings disclosed assets of
between $500,001 and $1 million and liabilities of the same range.
The Debtors tapped John C. Smith, Esq., at Smith and Smith PLLC.
No official committee of unsecured creditors has been appointed in
the Chapter 11 cases.
TEPA PROPERTIES: Case Summary & 2 Unsecured Creditors
-----------------------------------------------------
Debtor: Tepa Properties LLC
8800 SW 56th Street
Miami, FL 33165
Case No.: 19-26228
Business Description: Tepa Properties LLC manages commercial real
estate.
Chapter 11 Petition Date: December 3, 2019
Court: United States Bankruptcy Court
Southern District of Florida (Miami)
Judge: Hon. A. Jay Cristol
Debtor's Counsel: Clara G. Martinez, Esq.
CLARA MARTINEZ LAW PA
1410 SW 119 Ct
Miami, FL 33184
Tel: 786-346-2951
Email: lawcgm@aol.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Gerardo Arquero Pereda, member manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at:
http://bankrupt.com/misc/flsb19-26228.pdf
THERXSERVICES INC: 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
TheRXServices Inc., according to court dockets.
About TherxServices Inc.
TherxServices, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-10307) on Oct. 30,
2019. At the time of the filing, the Debtor disclosed assets of
between $100,001 and $500,000 and liabilities of the same range.
The Debtor tapped Buddy D. Ford, P.A. as its legal counsel, and
Myers & Wright, P.A. as its accountant.
VAC FUND HOUSTON: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: VAC Fund Houston, LLC
1000 N Green Valley
Henderson, NV 89074
Case No.: 19-17670
Business Description: VAC Fund Houston, LLC is engaged in
activities related to real estate.
Chapter 11 Petition Date: December 2, 2019
Court: United States Bankruptcy Court
District of Nevada (Las Vegas)
Judge: Hon. Mike K. Nakagawa
Debtor's Counsel: Christopher R. Kaup, Esq.
TIFFANY & BOSCO, P.A.
2525 E Camelback #300
Phoenix, AZ 85016
Tel: (602) 255-6024
(602) 255-6000
Email: crk@tblaw.com
Total Assets: $15,948,556
Total Liabilities: $17,369,695
The petition was signed by Christopher Shelton, trustee of VAC Fund
Houston Trust, manager of Debtor.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/nvb19-17670.pdf
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. A1 Garage Trade Debt $13,137
3254 E Broadway
Rd, Suite 1
Phoenix, AZ 85040
2. Alumaline $1,365,000
57 E Truman Ave
Salt Lake City, UT 84115
3. Alumaline Corp of America Trade Debt $154,411
603 E. Dutch
Country Ct.
Midway, UT 84049
4. Ann Harris Bennett Unpaid Taxes $26,523
7300 N. Shepherd Dr
Houston, TX 77091
5. Creative Design 4 U $323,709
4660 S Eastern Ave, Suite 103
Las Vegas, NV 89119
6. Expo Granite Marble Trade Debt $22,297
1055 W Sam
Houston Pkwy N, Suite 100
Houston, TX 77043
7. FB Granite & Marble Inc. Trade Debt $12,284
12959 W Hardy Rd
Houston, TX 77043
8. Financial Insurance Unpaid Insurance $17,201
Consultants, LLC
PO Box 2486
Mandeville, LA 70470
9. J Wave Productions, LLC Credit Card $42,761
235 Windsong Dr Purchases
Henderson, NV 89074
10. JC Management Trade Debt $98,001
Consulting, LLC
235 Windsong Dr
Henderson, NV 89074
11. Kelly Gordon $280,000
PO Box 571367
Salt Lake City, UT 84157
12. Klein ISD Unpaid Taxes $19,510
7200 Spring
Cypress Road
Spring, TX 77379
13. Lane Stromberg $445,000
1174 N Spring Valley Dr.
Washington, UT 84780
14. Lumber Liqudators Trade Debt $21,868
GE Money Bank
PO Box 960061
Orlando, FL
32896-0061
15. Marvel Interior Designs Trade Debt $13,666
PO Box 681042
Houston, TX 77268
16. RG-TR 1, LLC $69,230
1716 W Horizon
Ridge Pkwy, Suite 130
Henderson, NV 89012
17. Sunny Cabinets Trade Debt $117,493
3775 W Teco Ave, Suite 1
Las Vegas, NV 89118
18. T & GB Enterprises Inc. $530,000
4660 S Eastern Ave, Suite 103
Las Vegas, NV 89119
19. The Sherwin Trade Debt $26,075
Williams Company
14040 Memorial Drive
Houston, TX 77079
20. VAC Fund 1, LLC $381,822
1000 N Green Valley
Pkwy #440-624
Henderson, NV 89074
VISCARIA CONSULTING: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------------
The Office of the U.S. Trustee on Dec. 3 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Viscaria Consulting and
Services, LLC.
About Viscaria Consulting and Services
Viscaria Consulting and Services, LLC sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
19-35993) on Oct. 28, 2019.
At the time of the filing, the Debtor had estimated assets of
between $50,001 and $100,000 and liabilities of between $100,001
and $500,000.
The case has been assigned to Judge Christopher M. Lopez. The
Debtor tapped Russell Van Beustring, Esq., at The Lane Law Firm,
PLLC as its legal counsel.
WC 56 EAST AVENUE: Case Summary & 10 Unsecured Creditors
--------------------------------------------------------
Debtor: WC 56 East Avenue, LLC
814 Lavaca Street
Austin, TX 78701
Case No.: 19-11649
Business Description: WC 56 East Avenue, LLC is a Single Asset
Real Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: December 2, 2019
Court: United States Bankruptcy Court
Western District of Texas (Austin)
Judge: Hon. Tony M. Davis
Debtor's Counsel: Morris D. Weiss, Esq.
WALLER LANSDEN DORTCH & DAVIS, LLP
100 Congress Ave Suite 1800
Austin, TX 78701-4042
Tel: 512-685-6400
Fax: 512-685-6417
Email: morris.weiss@wallerlaw.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Brian Elliott, corporate counsel.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/txwb19-11649.pdf
List of Debtor's 10 Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Travis County Tax Assessor Taxes $231,699
Attn: Bruce Elfant
5501 Airport Blvd
Austin, TX 78751
2. CBRE, Inc. Services $11,832
500 W. 2nd Street, Suite 1700
Austin, TX 78701
3. The Brandt Companies, LLC Services $9,267
1340 Airport Commerce
Dr Ste 575
Austin, TX 78741
4. AirCo Mechanical, Ltd. Services $5,966
9200 Waterford Centre Blvd
Austin, TX 78758
5. City of Austin Utilities $2,033
P.O. Box 2267
Austin, TX 78783
6. Austin Coatings, Inc. Services $1,571
1617 Ferguson Ln
Austin, TX 78754
7. Jackson Walker LLP Services $1,479
100 Congress Avenue, Suite 1100
Austin, TX 78701
8. Alliance Tax Advisors Services $250
433 E. Las Colinas Blvd.
Ste. 300
Irving, TX 75039
9. Zengistics, Inc. Contract/Lease $0
Attn: Ryan Moore
3330 N. IH 35, Ste. 450
Austin, TX 78750
10. Texas Comptroller of Franchise Tax $0
Public Accounts
Revenue Accounting
Division - Bankruptcy
P.O. Box 13528 Capitol Station
WMI LIQUIDATING: Dec. 19 Hearing Set for Ch.11 Closing Application
------------------------------------------------------------------
WMI Liquidating Trust, formed pursuant to the confirmed Seventh
Amended Joint Plan of Affiliated Debtors under Chapter 11 of the
United States Bankruptcy Code of Washington Mutual, Inc., has filed
with the United States Bankruptcy Court for the District of
Delaware an application for the entry of an order authorizing the
closing of the Debtors' chapter 11 cases.
Among other things, the Application asks the Court to close the
chapter 11 cases; establish a post-closing mechanism with respect
to undelivered and uncashed distributions; and, following a final
distribution to holders of Class 18 Allowed Claims, authorize the
winding-up and dissolution of the Trust, including the making of
one or more charitable contributions of remaining Liquidating Trust
Assets, if any, and the termination of Kurtzman Carson Consultants
LLC as Claims Agent.
The hearing before the Bankruptcy Court for approval of the
Application is currently scheduled for December 19, 2019 at 2:00
p.m Eastern Time.
Further information about WMI Liquidating Trust can be found at
www.wmitrust.com.
WOODARD EVENTS: Court Approves Disclosure Statement
---------------------------------------------------
Woodard Events, LLC, has won approval of the disclosure statement
explaining its Chapter 11 Plan.
Jan. 2, 2020 is fixed as the last day for filing written
acceptances or rejections of the Plan.
Jan. 8, 2020 is fixed for the hearing on confirmation of the Plan.
The hearing will be held at 10:30 a.m. in Courtroom 1201, United
States Courthouse, 75 Ted Turner Dr, SW, Atlanta, Georgia, before
the undersigned.
Jan. 2, 2020 is fixed as the last day for filing and serving
written objections to confirmation of the Plan.
As reported in the TCR, Woodard Events, LLC, is proposing a
reorganization plan that proposes to pay non-priority unsecured
creditors monthly pro rata distributions until they receive 10
cents on the dollar. The Debtor will pay all claims from Debtor's
postpetition income and from the new value contributed by Joe
Woodard.
A full-text copy of the Disclosure Statement dated Sept. 30, 2019,
is available at https://tinyurl.com/yxuykrup from PacerMonitor.com
at no charge.
Attorney for the Debtor:
Paul Reece Marr
300 Galleria Parkway, N.W.
Suite 960
Atlanta, Georgia 30339
Tel: (770) 984-2255
E-mail: paul.marr@marrlegal.com
About Woodard Events
Woodard Events, LLC, provides education, coaching, professional
communities and resources to accounting professionals to equip them
to better manage their practices and to effectively support their
clients. It has 9 employees including Joe Woodard and his wife
Sandra Woodard.
Woodard Events sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Case No. 18-53480) on March 1, 2018. At the
time of the filing, the Debtor was estimated to have assets of less
than $500,000 and liabilities of $1,000,001 to $10 million. PAUL
REECE MARR, P.C., is the Debtor's counsel.
WOODCREST ACE: Unsecured Creditors to Recover 100% in 96 Months
---------------------------------------------------------------
Woodcrest Ace Hardware Inc, et al., have proposed a Chapter 11 plan
that proposes to return 100% to unsecured creditors in 96 months.
Class 3 - California Bank & Trust. IMPAIRED. CB&T shall be paid as
follows: 1. 100% of the allowed claim within 84 months following
the Effective Date.
Class 4 - Ace Hardware Corporation. IMPAIRED. All prepetition
arrearages, amounting to $205,667.48 shall be paid in full as soon
as feasible after the Effective Date but in no event later than 54
months following the Effective Date.
Class 5 - Kabbage, Inc. IMPAIRED. The Debtors believe the asserted
amount of the Class 5 claim approximates $120,000. If Kabbage is
allowed a claim pursuant to a compromise approved by the Court,
such claim shall be paid in accordance with the terms of
compromise. If Kabbage is allowed claim resulting from the outcome
of litigation, it shall be paid in full, with interest on the
unpaid balance starting from the Petition Date, within the earlier
of the following: a. 7 years after the Effective Date or b. June
1, 2027. Kabbage shall receive equal monthly payment on account of
the Kabbage Litigation Claim with monthly payments to commence no
later than the earlier of the following: a. the first date of 44th
month following the Effective Date; or b. Feb. 1, 2024, with
payments continuing the first date of the month of each month
thereafter until paid in full.
Class 6 - Bond Street Serving, LLC. IMPAIRED. Bond Street asserts a
claim in the approximate of $80,242.10. Debtors have reached a
compromise with Bond Street. Pursuant to the compromise, Bond
Street shall be allowed a single proof o claim in the total amount
of $50,000, in full satisfaction of any and all claims Bond Street
has asserted.
Class 7 - On Deck Capital Inc. IMPAIRED. On Deck has asserted that
the amount of its claim approximates $221,419.89. Debtors have
reached a compromise with On Deck. Pursuant to the compromise, On
Deck shall be allowed a single proof of claim in total amount of
$163,745.56 in full satisfaction of any and all claims On Deck.
Class 8 - General Unsecured Claims. IMPAIRED. The known claims in
this class total approximately $580,000. Allowed Class 8 claims
shall be paid 100% of their claims within 96 months following the
Effective Date.
Class 9 - Insider Claims. IMPAIRED. Class 9 consists of all
unsecured claims against the Debtors which are held by insiders.
All claims within this class will be satisfied in full.
Class 10 - Equity Interest of the Debtors. These equity interests
are unaffected by this Plan.
The source of funding for the Plan will come from cash on hand on
the Effective Date and income generated from Debtors' ongoing
business.
A full-text copy of the Disclosure Statement dated Nov. 15, 2019,
is available at https://tinyurl.com/vv7xx7a from PacerMonitor.com
at no charge.
Attorneys for the Debtor:
Robert B. Rosenstein
J Luke Hendrix
ROSENSTEIN & ASSOCIATES
28600 Mercedes Street, Suite 100
Temecula, California 92590
Telephone: (951) 296-3888
Facsimile: (915) 296-3889
About Woodcrest Ace Hardware
Based in Riverside, California, Woodcrest Ace Hardware Inc. filed a
voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr.
C.D. Cal. Case No. 19-13127) on April 12, 2019. In the petition
signed by Paul Douglas Shanabarger, president, the Debtor was
estimated to have $1 million in both assets and liabilities.
Rosenstein & Associates, led by Robert B. Rosenstein, is the
Debtor's counsel.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Magnolia Properties, LLC
Bankr. S.D. Ala. Case No. 19-14180
Chapter 11 Petition filed November 27, 2019
See http://bankrupt.com/misc/alsb19-14180.pdf
represented by: Judson E. Crump, Esq.
JUDSON E CRUMP, PC
E-mail: judson@judsonecrump.com
In re Armen Muradian
Bankr. C.D. Calif. Case No. 19-12970
Chapter 11 Petition filed November 26, 2019
represented by: Robert M. Yaspan, Esq.
LAW OFFICES OF ROBERT M YASPAN
E-mail: court@yaspanlaw.com
In re Ronnie Allen Lyles
Bankr. C.D. Calif. Case No. 19-20376
Chapter 11 Petition filed November 26, 2019
represented by: Arasto Farsad, Esq.
FARSAD LAW OFFICE
E-mail: Farsadecf@gmail.com
In re Doretha Washington
Bankr. M.D. Fla. Case No. 19-04549
Chapter 11 Petition filed November 27, 2019
represented by: Thomas C. Adam, Esq.
ADAM LAW GROUP, P.A.
E-mail: tadam@adamlawgroup.com
In re Yousef Moussa and Mahasen Harch
Bankr. D. N.J. Case No. 19-32322
Chapter 11 Petition filed November 27, 2019
represented by: Leonard S. Singer, Esq.
ZAZELLA & SINGER, ESQS.
E-mail: zsbankruptcy@gmail.com
In re SY811 LLC
Bankr. E.D.N.Y. Case No. 19-78105
Chapter 11 Petition filed November 27, 2019
Filed Pro Se
In re Clarkrange Hunting Lodge LLC
Bankr. M.D. Tenn. Case No. 19-07696
Chapter 11 Petition filed November 27, 2019
See http://bankrupt.com/misc/tnmb19-07696.pdf
represented by: Steven L. Lefkovitz, Esq.
LEFKOVITZ & LEFKOVITZ, PLLC
E-mail: slefkovitz@lefkovitz.com
In re Jerry McClinton
Bankr. W.D. Tenn. Case No. 19-12583
Chapter 11 Petition filed November 27, 2019
represented by: Russell W. Savory, Esq.
Robert B. Vandiver, Jr., Esq.
BEARD & SAVORY, PLLC
E-mail: russ@bsavory.com
bankruptcy@robvandiver.com
In re Sam's Cypress, LLC
Bankr. S.D. Tex. Case No. 19-36607
Chapter 11 Petition filed November 27, 2019
See http://bankrupt.com/misc/txsb19-36607.pdf
represented by: Nelson M. Jones, III, Esq.
LAW OFFICE OF NELSON M. JONES III
E-mail: njoneslawfirm@aol.com
In re Sam's Stonelake, LLC
Bankr. S.D. Tex. Case No. 19-36610
Chapter 11 Petition filed November 27, 2019
See http://bankrupt.com/misc/txsb19-36610.pdf
represented by: Nelson M. Jones, III, Esq.
LAW OFFICE OF NELSON M. JONES III
E-mail: njoneslawfirm@aol.com
In re IL Sette, LLC
Bankr. M.D. Fla. Case No. 19-11393
Chapter 11 Petition filed November 29, 2019
See http://bankrupt.com/misc/flmb19-11393.pdf
represented by: Michael P. Brundage, Esq.
BRUNDAGE LAW, P.A.
E-mail: mpbrundagelaw@gmail.com
In re TK Skokie, LLC
Bankr. N.D. Ill. Case No. 19-33898
Chapter 11 Petition filed November 29, 2019
See http://bankrupt.com/misc/ilnb19-33898.pdf
represented by: Timothy C. Culbertson, Esq.
LAW OFFICES OF TIMOTHY C. CULBERTSON
E-mail: tcculb@yahoo.com
tcculb@gmail.com
In re DJL Builders, Inc.
Bankr. E.D. Mich. Case No. 19-56856
Chapter 11 Petition filed November 29, 2019
See http://bankrupt.com/misc/mieb19-56856.pdf
represented by: Lynn M. Brimer, Esq.
STROBL SHARP PLLC
E-mail: lbrimer@stroblpc.com
In re David J. Latawiec
Bankr. E.D. Mich. Case No. 19-56857
Chapter 11 Petition filed November 29, 2019
represented by: Lynn M. Brimer, Esq.
E-mail: lbrimer@stroblpc.com
In re The Published Page LLC
Bankr. N.D. Tex. Case No. 19-44847
Chapter 11 Petition filed November 29, 2019
See http://bankrupt.com/misc/txnb19-44847.pdf
represented by: Joyce W. Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
E-mail: joyce@joycelindauer.com
In re Jeremy Caleb Gardiner
Bankr. C.D. Calif. Case No. 19-24099
Chapter 11 Petition filed December 2, 2019
represented by: Matthew D. Resnik, Esq.
RESNIK HAYES MORADI LLP
E-mail: matt@rhmfirm.com
In re Vikram Srinivasan
Bankr. N.D. Calif. Case No. 19-42729
Chapter 11 Petition filed December 2, 2019
represented by: Vinod Nichani, Esq.
NICHANI LAW FIRM
E-mail: vinod@nichanilawfirm.com
In re Thomas M. Williams
Bankr. N.D. Calif. Case No. 19-52431
Chapter 11 Petition filed December 2, 2019
represented by: Ralph P. Guenther, Esq.
DOUGHERTY AND GUENTHER
E-mail: courts@tkdougherty.com
In re A R Holdings LLC
Bankr. S.D. Calif. Case No. 19-07304
Chapter 11 Petition filed December 2, 2019
Filed Pro Se
In re Psychamerica Behavioral Services LLC
Bankr. M.D. Fla. Case No. 19-07902
Chapter 11 Petition filed December 2, 2019
See http://bankrupt.com/misc/flmb19-07902.pdf
represented by: Aldo G Bartolone, Jr., Esq.
BARTOLONE LAW, PLLC
E-mail: aldo@bartolonelaw.com
In re Marty Ryan Vaughn and Melanie Kay Golden
Bankr. N.D. Fla. Case No. 19-31281
Chapter 11 Petition filed December 2, 2019
represented by: J. Steven Ford, Esq.
WILSON, HARRELL, FARRINGTON
E-mail: jsf@whsf-law.com
In re Authentic Hospitality Group Corp
Bankr. S.D. Fla. Case No. 19-26119
Chapter 11 Petition filed December 2, 2019
Filed Pro Se
In re Sankore Investment Group Inc.
Bankr. N.D. Ga. Case No. 19-69299
Chapter 11 Petition filed December 2, 2019
Filed Pro Se
In re Gerald Alan Crandall
Bankr. N.D. Ill. Case No. 19-34005
Chapter 11 Petition filed December 2, 2019
represented by: Gina B. Krol, Esq.
COHEN & KROL
E-mail: gkrol@cohenandkrol.com
In re GAC Ventures, LLC
Bankr. N.D. Ill. Case No. 19-34020
Chapter 11 Petition filed December 2, 2019
See http://bankrupt.com/misc/ilnb19-34020.pdf
represented by: Gina B Krol, Esq.
COHEN & KROL
E-mail: gkrol@cohenandkrol.com
In re George Sariotis
Bankr. D. N.J. Case No. 19-32528
Chapter 11 Petition filed December 2, 2019
represented by: Timothy P. Neumann, Esq.
BROEGE, NEUMANN, FISCHER & SHAVER
E-mail: timothy.neumann25@gmail.com
In re Vicmarie Hacking, Corp.
Bankr. E.D.N.Y. Case No. 19-47232
Chapter 11 Petition filed December 2, 2019
See http://bankrupt.com/misc/nyeb19-47232.pdf
represented by: Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
E-mail: alla@kachanlaw.com
In re BC of Queens, Inc.
Bankr. E.D.N.Y. Case No. 19-47234
Chapter 11 Petition filed December 2, 2019
See http://bankrupt.com/misc/nyeb19-47234.pdf
Filed Pro Se
In re Snowstorm Hacking, Corp.
Bankr. E.D.N.Y. Case No. 19-47237
Chapter 11 Petition filed December 2, 2019
See http://bankrupt.com/misc/nyeb19-47237.pdf
represented by: Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
E-mail: alla@kachanlaw.com
In re Paps Cab Corp.
Bankr. E.D.N.Y. Case No. 19-47238
Chapter 11 Petition filed December 2, 2019
See http://bankrupt.com/misc/nyeb19-47238.pdf
represented by: Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
E-mail: alla@kachanlaw.com
In re Matrix Industries Inc.
Bankr. S.D.N.Y. Case No. 19-13835
Chapter 11 Petition filed December 2, 2019
See http://bankrupt.com/misc/nysb19-13835.pdf
represented by: Joel Shafferman, Esq.
SHAFFERMAN & FELDMAN, LLP
E-mail: joel@shafeldlaw.com
In re Benedict A. Versaci
Bankr. S.D.N.Y. Case No. 19-36935
Chapter 11 Petition filed December 2, 2019
represented by: Andrea B. Malin, Esq.
GENOVA & MALIN, ATTORNEYS
E-mail: genmallaw@optonline.net
In re Hoover & Associates, Inc.
Bankr. W.D. Pa. Case No. 19-24661
Chapter 11 Petition filed December 2, 2019
See http://bankrupt.com/misc/pawb19-24661.pdf
represented by: Shawn N. Wright, Esq.
LAW OFFICE OF SHAWN N. WRIGHT
E-mail: shawn@shawnwrightlaw.com
In re Thomas Joseph Klima
Bankr. D.S.C. Case No. 19-06330
Chapter 11 Petition filed December 2, 2019
represented by: Kevin Campbell, Esq.
E-mail: kcampbell@campbell-law-firm.com
In re Gregory Chase Busby and Melissa Jo Busby
Bankr. E.D. Tex. Case No. 19-43274
Chapter 11 Petition filed December 2, 2019
represented by: Robert T. DeMarco, Esq.
DEMARCO-MITCHELL, PLLC
E-mail: robert@demarcomitchell.com
In re Miah Investments, LLC
Bankr. S.D. Tex. Case No. 19-36709
Chapter 11 Petition filed December 2, 2019
See http://bankrupt.com/misc/txsb19-36709.pdf
represented by: Kevin M. Chavez, Esq.
KEVIN M CHAVEZ, PLLC
E-mail: kevin@rhemalegal.com
In re Leo R. Rautins
Bankr. S.D. Fla. Case No. 19-26188
Chapter 15 Petition filed December 3, 2019
See http://bankrupt.com/misc/flsb19-26188.pdf
represented by: Eric J. Silver, Esq.
STEARNS WEAVER MILLER WEISSLER ALHADEFF &
SITTERSON, P.A.
E-mail: esilver@stearnsweaver.com
In re Aggressively Organic, Inc.
Bankr. S.D. Ind. Case No. 19-08908
Chapter 11 Petition filed December 3, 2019
See http://bankrupt.com/misc/insb19-08909.pdf
represented by: KC Cohen
KC COHEN, LAWYER, PC
E-mail: kc@esoft-legal.com
kc@smallbusiness11.com
In re Cindy Foster
Bankr. D. N.J. Case No. 19-32604
Chapter 11 Petition filed December 3, 2019
represented by: James Michael Almasy, Esq.
ALMASY LAW
E-mail: james@almasylaw.com
In re Cela Fresco Market, Inc.
Bankr. D. N.J. Case No. 19-32610
Chapter 11 Petition filed December 3, 2019
See http://bankrupt.com/misc/njb19-32610.pdf
represented by: Steven D. Pertuz, Esq.
LAW OFFICES OF STEVEN D. PERTUZ, LLC
E-mail: pertuzlaw@verizon.net
In re 2125 Flatbush Ave, Inc.
Bankr. E.D.N.Y. Case No. 19-47277
Chapter 11 Petition filed December 3, 2019
See http://bankrupt.com/misc/nyeb19-47277.pdf
represented by: Bruce Weiner, Esq.
ROSENBERG MUSSO & WEINER, LLP
E-mail: courts@nybankruptcy.net
In re Rum Runners Saloon, Inc.
Bankr. W.D. Pa. Case No. 19-24682
Chapter 11 Petition filed December 3, 2019
See http://bankrupt.com/misc/pawb19-24682.pdf
represented by: Brian C. Thompson, Esq.
THOMPSON LAW GROUP, P.C.
E-mail: bthompson@ThompsonAttorney.com
In re Ruth N. Monge Santana
Bankr. D. P.R. Case No. 19-07085
Chapter 11 Petition filed December 3, 2019
represented by: Teresa M. Lube Capo, Esq.
LUBE & SOTO LAW OFFICES PSC
E-mail: lubeysoto@gmail.com
In re Bluestar Commercial Fundings, LLC
Bankr. N.D. Tex. Case No. 19-34031
Chapter 11 Petition filed December 3, 2019
See http://bankrupt.com/misc/txnb19-34031.pdf
represented by: Robert C. Newark, III, Esq.
A NEWARK FIRM
E-mail: office@newarkfirm.com
In re Pestova Holdings, LLC
Bankr. S.D. Tex. Case No. 19-36737
Chapter 11 Petition filed December 3, 2019
See http://bankrupt.com/misc/txsb19-36737.pdf
represented by: Jesse Aguinaga, Esq.
AGUINAGA & ASSOCIATES
E-mail: jfa@aguinagaandassociates.com
In re Mofer Real Estate Investments LLC
Bankr. S.D. Tex. Case No. 19-70476
Chapter 11 Petition filed December 3, 2019
See http://bankrupt.com/misc/txsb19-70476.pdf
represented by: Juan Angel Guerra, Esq.
ATTORNEY AT LAW
E-mail: juanangelguerra1983@gmail.com
In re Jeffrey David Corbett and Helen Christine Corbett
Bankr. E.D. Va. Case No. 19-36309
Chapter 11 Petition filed December 3, 2019
represented by: Paula S. Beran, Esq.
TAVENNER & BERAN, PLC
E-mail: pberan@tb-lawfirm.com
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.
Copyright 2019. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***