/raid1/www/Hosts/bankrupt/TCR_Public/201215.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, December 15, 2020, Vol. 24, No. 349
Headlines
3301 HO LLC: Case Summary & 8 Unsecured Creditors
AMERICAN BUYITNOW: Hires Maida Clark Law as Counsel
AMERICARE-TENNESSEE: Bid to Appoint Chapter 11 Trustee Withdrawn
ARTISAN BUILDERS: Hires Urban Blue as Real Estate Broker
AVINGER INC: Three Proposals Approved at Annual Meeting
AYTU BIOSCIENCE: Signs Definitive Merger Ageement with Neos
BC HOSPITALITY: By Chloe Chain Files for Chapter 11 Bankruptcy
BC HOSPITALITY: Case Summary & 20 Largest Unsecured Creditors
BLANK ACQUISITION: Royal Buying All Assets for $106K Cash
CAMP RIM ROCK: Seeks to Hire Smith Kane as Counsel
COMMUNITY HEALTH: Unit Plans to Offer $1B Sr. Secured Notes Due 202
CONTURA ENERGY: Closes Transaction Divesting Cumberland Mine
COOPER EXCAVATING: Hires Starner Tax as Accountant
CYTOSORBENTS CORP: Pays Off $15M Loans & Establishes $15M Commitmen
DA VINCI ENGINEERING: Seeks to Tap Murphy Desmond as Counsel
DANI TRANSPORT: May Use Cash Collateral Thru Jan. 31
DIMENSION DESIGN: May Use Cash Collateral on Final Basis
EAST PENN: Seeks to Hire Robert J. Birch as Counsel
EASTMAN KODAK: Insurer's Bid to Halt Asbestos Suit Denied
ECHELON PROPERTY: A.M. Best Lowers Financial Strength Rating to C+
EVCO HOMES: HPA U82 Buying Hutto Property for $230K Cash
EVEREST HOTEL: Hires Marcus & Millichap as Real Estate Broker
EVEREST HOTEL: Seeks to Hire Harris Beach as Counsel
FAITH CATHEDRAL: Hires Jason Ward Law as Counsel
FIBERCORR MILLS: Dec. 28 Auction of Substantially All Assets Set
FIRST FLORIDA: No Decline in Medical Care, 7th PCO Report Says
FLUSHING LANDMARK: Kravit Partners Represents Sanford, 8 Others
GARRETT MOTION: Jones Day 2nd Update on List of Shareholders
GEORGE ANDREW SPRAGUE: Selling 1% Interest in Gas Holdings for $48K
GTT COMMUNICATIONS: Chief Financial Officer Steven Berns Steps Down
HELIUS MEDICAL: To Request a Hearing on Delisting Determination
HENRY FORD: Seeks Approval to Tap FTI, Appoint CRO
HOLLISTER CONSTRUCTION: Dec. 17 Hearing on Cash Collateral Use
INNOVATION PHARMACEUTICALS: Signs $5M Securities Purchase Agreement
INSPIRED CONCEPTS: Seeks to Hire Glassen Rhead as Special Counsel
INTELSAT SA: Taps Wilson as Special Counsel to Special Committee
JAGUAR HEALTH: Inks 5th Amendment to Oasis A/C Purchase Agreement
JTS TRUCKING: Albertville Property Sale Withdrawn Without Prejudice
KHAN AVIATION: Trustee Selling Elkhart Property to LOK for $950K
LAPEER INDUSTRIES: Panel's Challenge Period Extended to Jan. 18
LETTUCE DEVELOP: Hires McDonald & Kindelt as Counsel
LEXARIA BIOSCIENCE: Closes Sale of Non-Pharma THC-Related Assets
LIGHTHOUSE RESOURCES: Sets Bidding Procedures for Millennium Assets
LRGHEALTHCARE: Court Denies Bid for CPO Appointment
LSC COMMUNICATIONS: Paul Weiss Updates List of Loan Parties
MABLETON LLC: May Use Cash Collateral Thru March 31
MARKPOL DISTRIBUTORS: May Use Cash Collateral Thru January 2
MIDWEST BRICKPAVING: Case Summary & 10 Unsecured Creditors
MOHEGAN TRIBAL: MGE Niagara Amends Waivers Under Credit Facilities
MOMBO LLC: $150K Cash Sale of All Assets to Lent Approved
MOUNT JOY BAPTIST CHURCH: May Use Cash Collateral Thru Jan. 2021
NEOVASC INC: Closes $6.1M Direct Offering Priced At-the-Market
PAPPY'S SAND: Seeks to Hire Joyce W. Lindauer as Counsel
PIEDMONT POLYMERS: Case Summary & 20 Largest Unsecured Creditors
PORTLAND WINTER: Foreign Rep. Selling All U.S. Assets for $5.85M
RAYONIER ADVANCED: Unit Prices Private Offering of $500M Sr. Notes
REISINGER HOLDINGS: Key Auction Sale of All Assets Approved
RENNOVA HEALTH: Discusses Business Update With the Stock Day Podcas
SEADRILL PARTNERS: Hires Baker & Hostetler as Special Counsel
SEMBLANCE MEDSPA: PCO Received No Complaints in 1st Report
SNL BALDWIN REALTY: Hires Michael G. Mc Auliffe as Counsel
SOUNDVIEW PREPARATORY: Assets Sold to Unicorn Contracting
SOUTH COAST: Meets Standard of Care, PCO's 12th Report Says
SOUTH COAST: Patient Care Ombudsman Files 10th Interim Report
SOUTH COAST: Patient Care Ombudsman Files 11th Interim Report
STEWART STREET: Seeks to Use Cash Collateral Thru End of March
SZ COVINA CAPITAL: Case Summary & 20 Largest Unsecured Creditors
TAMARAC 10200: Taps SOLIC Capital as Restructuring Advisor
TARGET DRILLING: Seeks Approval to Hire as Accountant
TIDEWATER ESTATES: Selling 30-Acre Hancock Parcel for $4.2K/Acre
TIDEWATER ESTATES: Selling 5-Acre Hancock Parcel for $4.2K per Acre
TM HEALTHCARE: No Patient Care Issues, PCO's First Report Says
TONY EASTER: Lender May Foreclose on Above-Ground Pool
TUMBLEWEED TINY HOUSE: May Use Cash Collateral Thru Jan. 2021
UNITI GROUP: Signs Seventh Amendment to BofA Credit Agreement
UNIVERSAL TOWERS: Auction Sale of Orlando Hotel Approved
US REAL ESTATE: Eric Johnson Approved as Chapter 11 Trustee
VALLEY ENTERPRISES: Hires Ure Law Firm as Counsel
VENUS CONCEPT: Posts $7.3-Mil. Net Loss for Quarter Ended Sept. 30
VERONI BRANDS: Has $19,000 Net Loss for Quarter Ended Sept. 30
VERUS INTERNATIONAL: Posts $1.3M Net Loss for July 31 Quarter
VICTOR MAIA: Asher Buying Philadelphia Property for $69K Cash
VICTOR MAIA: JDJ Buying Philadelphia Property for $55K Cash
VIDEO RIVER: Discloses Substantial Doubt on Staying Going Concern
VIKING ENERGY: Posts $18.0-Mil. Net Loss for Sept. 30 Quarter
VYCOR MEDICAL: Has $198K Net Loss for Quarter Ended Sept. 30
VYSTAR CORP: Losses Since Inception Cast Going Concern Doubt
WATER NOW: Reports $2.2M Net Loss for Quarter Ended June 30
WAVE COMPUTING: Dec. 16 Videocon on Bid Procedures for All Assets
WAVE COMPUTING: Selling Substantially All Assets for $57.5 Million
WHITE STALLION: Hires Prime Clerk as Claims and Noticing Agent
[^] Large Companies with Insolvent Balance Sheet
*********
3301 HO LLC: Case Summary & 8 Unsecured Creditors
-------------------------------------------------
Debtor: 3301 HO, LLC
5613 Belmont Avenue
Suite 214
Dallas, TX 75206
Chapter 11 Petition Date: December 14, 2020
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 20-43756
Debtor's Counsel: Eric A. Liepins, Esq.
ERIC A. LIEPINS
12770 Coit Road
Suite 1100
Dallas, TX 75251
Tel: 972-991-5591
Fax: 972-991-5788
Email: eric@ealpc.com
Total Assets: $1,402,500
Total Liabilities: $763,550
The petition was signed by C Joseph Gampper, manager.
A copy of the petition containing, among other items, a list of the
Debtor's eight unsecured creditors is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/OMYNP5I/3301_HO_LLC__txnbke-20-43756__0001.0.pdf?mcid=tGE4TAMA
AMERICAN BUYITNOW: Hires Maida Clark Law as Counsel
---------------------------------------------------
American Buyitnow Investments, LLC, seeks authority from the U.S.
Bankruptcy Court for the Eastern District of Texas to employ Maida
Clark Law Firm, P.C., as counsel to the Debtor.
American Buyitnow requires Maida Clark Law to:
(a) give legal advice with respect to its powers and duties as
a in the continued operation of its business and
management of its property;
(b) prepare on behalf of applicant necessary applications,
answers, orders, reports and other legal papers; and
(c) perform all other legal services for debtor which may be
necessary, and it is necessary for debtor to employ an
attorney for professional services.
Maida Clark Law will be paid at these hourly rates:
Frank J. Maida $400
Tagnia Fontana Clark $300
Paralegal $60
Maida Clark Law will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Tagnia F. Clark, a partner of Maida Clark Law Firm, P.C., assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Maida Clark Law can be reached at:
Tagnia F. Clark, Esq.
MAIDA CLARK LAW FIRM, P.C.
4320 Calder Avenue
Beaumont, TX 77706
Tel: (409) 898-8200
Fax: (409) 898-8400
About American Buyitnow Investments
American BuyItNow Investments, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. E.D. Tex. Case No. 20-10486) on Dec. 1, 2020,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by MAIDA CLARK LAW FIRM, P.C.
AMERICARE-TENNESSEE: Bid to Appoint Chapter 11 Trustee Withdrawn
----------------------------------------------------------------
Judge Jennie D. Latta of the U.S. Bankruptcy Court for the Western
District of Tennessee issued an Agreed Order withdrawing the Motion
to Appoint a Chapter 11 Trustee for Americare-Tennessee Property
Group, LLC.
The Order was made in consideration of the agreement among the
Debtor, U.S. Trustee, and the interested parties, Bobby and Rhonda
Westbrooks.
The Motion was deemed withdrawn without prejudice to the ability to
seek the same relief sought in the Motion at a future date.
A copy of the Agreed Order is available at https://bit.ly/381JA36
from PacerMonitor.com for free.
About Americare-Tennessee
Americare-Tennessee Property Group, LLC, operates an assisted
living facility in Memphis, Tenn.
Americare-Tennessee Property Group sought protection under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 20 23683) on
July 22, 2020. At the time of the filing, Debtor had estimated
assets of less than $50,000 and liabilities of between $1 million
and $10 million. Judge Jennie D. Latta oversees the case. The Law
Office of ToniCampbell Parker serves as the Debtor's legal counsel.
ARTISAN BUILDERS: Hires Urban Blue as Real Estate Broker
--------------------------------------------------------
Artisan Builders, LLC, seeks authority from the U.S. Bankruptcy
Court for the District of Arizona to employ Urban Blue Realty, LLC,
as real estate broker to the Debtor.
Artisan Builders requires Urban Blue to market and sell the
Debtor's property located at 4307 North 13 th Place, Phoenix,
Arizona.
Urban Blue will be paid a fixed sales commission of $3,000. The
buyer's agent will receive a sales commission of 3% of the purchase
price.
Bevla Reeves, agent of Urban Blue Realty, LLC, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Urban Blue can be reached at:
Bevla Reeves
URBAN BLUE REALTY, LLC
4455 E Camelback Rd. D-275
Phoenix, AZ 85018
Tel: (480) 688-8904
Fax: (480) 588-6590
E-mail: helloflatfee@gmail.com
About Artisan Builders
Artisan Builders, LLC, located at 17916 N. 93rd Street, Scottsdale,
Arizona, is a full service general contractor specializing in
custom homes. Artisan Builders sought Chapter 11 protection (Bankr.
D. Ariz. Case No. 20-07501) on June 24, 2020. In the petition
signed by James Guajardo, manager, the Debtor was estimated to have
assets and liabilities in the range of $1 million to $10 million.
The Debtor tapped Richard W. Hundley, Esq., at The Kozub Law Group,
PLC as counsel. Urban Blue Realty, LLC, and Nicolas Blue serve as
brokers.
AVINGER INC: Three Proposals Approved at Annual Meeting
-------------------------------------------------------
Avinger, Inc. held its 2020 Annual Meeting of Stockholders on Dec.
10, 2020, at which the stockholders:
(1) elected James B. McElwee as a Class II director to serve
until the 2023 annual meeting of stockholders and until his
successor is duly elected and qualified;
(2) ratified the appointment of Moss Adams LLP as the Company's
independent registered public accounting firm for its fiscal
year ending Dec. 31, 2020; and
(4) approved the adjournment of the Annual Meeting, if
necessary,
to continue to solicit votes in favor of the foregoing
proposals.
At the Annual Meeting, there were insufficient votes to approve
Proposal 3, to approve an amendment to the Company's Amended and
Restated Certificate of Incorporation, as amended, to effect a
reverse stock split at a ratio not less than 1-for-5 and not
greater than 1-for-20, with the exact ratio to be set within that
range at the discretion of the Company's board of directors before
the day prior to the 2021 annual meeting of stockholders without
further approval or authorization of its stockholders. In
accordance with Proposal 4, the Annual Meeting was adjourned to
Dec. 23, 2020, at 1:00 PM Pacific Time. The adjourned meeting will
be held at the Company's offices at 400 Chesapeake Drive, Redwood
City, California 94063. A quorum was present for the authorization
of the meeting of Dec. 10, 2020, as there were present, in person
or by proxy, a majority of all issued and outstanding shares of the
Company's common stock entitled to vote at the Annual Meeting.
At the adjourned Annual Meeting on Dec. 23, 2020, stockholders will
be deemed to be present in person and vote at such adjourned
meeting in the same manner as disclosed in the definitive proxy
statement the Company filed with the Securities and Exchange
Commission on Oct. 26, 2020. Valid proxies submitted prior to the
reconvened Annual Meeting will continue to be valid for the
upcoming reconvened Annual Meeting, unless properly changed or
revoked prior to votes being taken at such reconvened Annual
Meeting.
About Avinger
Headquartered in Redwood City, California, Avinger --
http://www.avinger.com-- is a commercial-stage medical device
company that designs and develops image-guided, catheter-based
system for the diagnosis and treatment of patients with Peripheral
Artery Disease (PAD).
Avinger reported a net loss applicable to common stockholders of
$23.03 million for the year ended Dec. 31, 2019, compared to a net
loss applicable to common stockholders of $35.69 million for the
year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had
$36.95 million in total assets, $22.49 million in total
liabilities, and $14.45 million in total stockholders' equity.
Moss Adams LLP, in San Francisco, California, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated March 5, 2020, citing that the Company's recurring losses
from operations and its need for additional capital raise
substantial doubt about its ability to continue as a going concern.
AYTU BIOSCIENCE: Signs Definitive Merger Ageement with Neos
-----------------------------------------------------------
Aytu BioScience, Inc. and Neos Therapeutics, Inc. have entered into
a definitive merger agreement pursuant to which Neos will merge
with a wholly owned subsidiary of Aytu in an all-stock
transaction.
Transaction Details
Upon the effectiveness of the merger, Neos stockholders will be
entitled to receive 0.1088 shares of common stock of Aytu for each
share of Neos common stock held, after taking into account the
one-for-ten reverse split of Aytu's common stock that was effected
on Dec. 8, 2020. The transaction will result in Neos stockholders
owning approximately 30% of the fully diluted common shares of
Aytu. The all-stock transaction is valued, on a fully diluted
basis, at approximately $44.9 million based on the 10-day volume
weighted average price of Aytu stock for the period ended Dec. 9,
2020.
The boards of directors of both companies have approved the
transaction.
Strategic Rationale and Financial Benefits of the Transaction
The combined entity will have an increased footprint in the
prescription pediatric market, an established, growing multi-brand
ADHD portfolio addressing the $8.5 billion ADHD market and
significant combined revenue scale. For the 12-month period ending
Sept. 30, 2020, Neos generated $57.0 million in revenues. On a
combined pro-forma basis for this same period, Aytu and Neos'
aggregate net revenue is over $100 million. In addition, this
Merger facilitates operational and commercial synergies that can be
harnessed to accelerate the path to profitability for the combined
entity, with estimated annualized cost synergies of approximately
$15.0 million beginning fiscal year 2022.
"This is a truly transformative transaction, elevating the newly
combined company to a $100 million revenue, leading specialty
pharmaceutical company positioned for what we expect to be an
accelerated path to profitability, continued revenue growth and
further business diversification," said Josh Disbrow, chief
executive officer of Aytu BioScience. "The combination of Neos
with the Aytu business further increases our footprint in an
attractive pediatric medicine market, following our acquisition of
the Cerecor pediatric Rx assets late last year. This transaction
is an excellent strategic fit with our market expansion plans and
we believe creates strong stockholder value."
Mr. Disbrow continued, "This transaction increases Aytu's
addressable market, adding the large and growing ADHD market, with
75.1 million scripts written annually. Importantly, and despite
the impact of COVID-19 on this market, Neos' ADHD product growth
significantly outpaced the overall ADHD market in the third quarter
of 2020, with Adzenys XR-ODT prescriptions growing by 9.9 percent
and Cotempla XR-ODT prescriptions growing by 6.5 percent.
Expanding into ADHD with Neos is the ideal embodiment of Aytu's
strategy to build a portfolio of best-in-class prescription
therapeutics and consumer health products competing in large
markets."
Neos' Chief Executive Officer, Jerry McLaughlin, stated, "I firmly
believe Aytu BioScience is the right partner to continue the
exceptional work our team has done to build the ADHD franchise into
what it is today and to continue the development of NT0502 for the
treatment of sialorrhea. By leveraging the respective commercial
infrastructure of Neos and Aytu, including complementary sales call
points and our best-in-class patient support program, Neos
RxConnect, we expect continued growth of the product portfolio.
After a thorough evaluation of strategic alternatives, the Board of
Directors of Neos believes that this merger represents the
highest-potential value creation opportunity for Neos
stockholders."
Additional Information
The combined company will be led by Josh Disbrow, chief executive
officer of Aytu and will be headquartered in Englewood, Colorado.
The board of the combined company will consist of six members
designated by Aytu and two members designated by Neos, including
Neos Chief Executive Officer and Director Jerry McLaughlin and Neos
Director Beth Hecht.
The Merger is currently expected to close by the second quarter of
2021, subject to certain approvals by both Aytu and Neos
stockholders and the satisfaction of other customary closing
conditions.
As part of the transaction, Aytu has agreed to provide Neos with
access to up to $5.0 million cash for working capital needs for the
period prior to the closing of the Merger. In addition, upon
closing of the Merger, $15.0 million in principal of Neos's
existing senior secured debt facility with affiliates of Deerfield
Management will be repaid, and Deerfield has agreed to allow the
remaining debt under the facility to remain outstanding with the
combined company following the Merger. Indebtedness under Neos's
existing ABL agreement with Encina Business Credit will also remain
outstanding.
Cowen is acting as the exclusive financial advisor to Aytu, and
Dorsey & Whitney LLP is acting as its legal counsel. MTS Health
Partners LP is acting as the exclusive financial advisor to Neos,
and Goodwin Procter LLP is acting as its legal counsel.
About Aytu BioScience
Englewood, Colorado-based Aytu BioScience, Inc. (OTCMKTS:AYTU) --
http://www.aytubio.com/-- is a commercial-stage specialty
pharmaceutical company focused on commercializing novel products
that address significant patient needs. The company currently
markets a portfolio of prescription products addressing large
primary care and pediatric markets. The primary care portfolio
includes (i) Natesto, an FDA-approved nasal formulation of
testosterone for men with hypogonadism, (ii) ZolpiMist, an
FDA-approved oral spray prescription sleep aid, and (iii) Tuzistra
XR, an FDA-approved 12-hour codeine-based antitussive syrup.
Aytu Bioscience reported a net loss of $13.62 million for the year
ended June 30, 2020, compared to a net loss of $27.13 million for
the year ended June 30, 2019. As of Sept. 30, 2020, the Company
had $141.27 million in total assets, $50.21 million in total
liabilities, and $91.06 million in total stockholders' equity.
BC HOSPITALITY: By Chloe Chain Files for Chapter 11 Bankruptcy
--------------------------------------------------------------
Lisa Jennings of Nation's Restaurant News reports that blaming the
COVID pandemic, the 14-unit plant-based concept By Chloe filed
Chapter 11 bankruptcy on Monday, December 14, 2020, and its CEO
Jimmy Haber stepped down.
New York-based parent company BC Hospitality Group Inc. also said
it has put the chain up for sale as part of the bankruptcy
proceeding. It has also obtained debtor-in-possession financing to
continue operations from existing investors that includes Bain
Capital Double Impact Fund LP, QOOT International, Kitchen Fund and
Lion Capital.
The company is seeking an auction by mid-February 2021. While the
company searches for a new CEO, Catey Mark Meyers, who is chief of
staff, will serve as CEO in the interim.
Haber is also CEO of ESquared Hospitality, which operates the BLT
Steak concept and affiliated brands. ESquared confirmed that Haber
remains CEO of that company.
The bankruptcy comes after years of legal wrangling over the
plant-based chain, which was founded in 2015 by Chloe Coscarelli as
a vegan concept featuring house-made burgers, sandwiches, pastas,
cold-pressed juices and baked sweets. It was initially developed in
partnership with Samantha Wasser, who is Haber’s daughter.
With interest in plant-based diets rapidly growing, the concept was
a hit and it grew to include locations in Boston, Los Angeles and
Providence, R.I., as well as licensed units in Canada and the U.K.
Initially Coscarelli owned 50% of the company with ESquared
Hospitality, which controlled BC Hospitality Group. But the
relationship “soured,” according to court documents, and
Coscarelli was terminated.
ESquared acquired Coscarelli’s 50% stake and the name was changed
to BC Hospitality Group LLC. ESquared explored opportunities with
outside investors, ultimately taking in $31 million in two tranches
from the group led by Bain Capital and Kitchen Fund, according to
the filing, leading to the current ownership group.
Coscarelli later sued to reclaim her stake, charging ESquared
Hospitality with trademark infringement and other violations. In
that lawsuit, Coscarelli also said her termination was motivated in
part by her rejection of advances by Haber, who she said had become
infatuated with her.
The case went to arbitration in 2019 and Coscarelli was issued a
partial award that, if held up in federal district court, would
reinstate Coscarelli's interests, along with $2.3 million in
attorney’s fees. According to the bankruptcy filing, however, BC
Hospitality Group considers that ruling "unenforceable" and
attempts to negotiate a settlement have reached an impasse.
Coscarelli said in a statement Monday that she had just learned of
the bankruptcy and that her lawsuit against the company is ongoing.
She has filed a motion in the U.S. District Court for the Southern
District of New York to confirm that her ownership in the company
was reinstated.
"In addition, we have a number of other claims still pending in the
lawsuit we filed against the company and related entities," the
statement said. "My attorneys intent to continue vigorously
pursuing my claims, including objecting to this bankruptcy filing
without my consent."
Meanwhile, the pandemic severely disrupted operations and three
restaurants were closed entirely since March, with others operating
at reduced capacity, the company said in the filing. About half of
the company’s staff were furloughed or laid off, and revenues are
down 67% since February 2020, according to the filing.
BC Hospitality obtained $2.7 million in Paycheck Protection Program
loans, and the company expects the debt will be fully forgiven, the
filing said.
Mark Meyers in a statement described the restructuring as a
positive step that would move the company toward its growth goals,
which include more expansion in the Los Angeles market and
internationally in 2021.
"The COVID-19 pandemic hit all sectors of the restaurant industry
especially hard, including the fast-casual category," said Mark
Meyers. "In the face of remarkably challenging conditions to
operate in, we believe that a complete reorganization of the
company is necessary for By Chloe to emerge and thrive long term."
About By Chloe
By Chloe is a fast-casual vegan restaurant chain based in New York
City.
BC Hospitality Group Inc. and its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-13103) on Dec. 14,
2020. BC Hospitality was estimated to have assets of $10 million
to $50 million and liabilities of $1 million to $10 million.
YOUNG CONAWAY STARGATT & TAYLOR, LLP, is the Debtors' counsel.
ANKURA CONSULTING GROUP, LLC
is the financial advisor.
BC HOSPITALITY: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Lead Debtor: BC Hospitality Group Inc.
205 Hudson Street
Suite 1001
New York, NY 10013
Business Description: BC Hospitality Group LLC owns and operates
the vegan restaurant chain "by CHLOE."
Chapter 11 Petition Date: December 14, 2020
Court: United States Bankruptcy Court
District of Delaware
Twenty affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
BC Hospitality Group Inc. (Lead Case) 20-13103
BC Hospitality Group LLC 20-13104
BC International LLC 20-13105
BC Commissary NJ LLC 20-13106
E2 185 Bleecker LLC 20-13107
E2 60 West 22nd Street LLC 20-13108
E2 Lafayette LLC 20-13109
BC Williamsburg LLC 20-13110
BCRC LLC 20-13111
CW SSS LLC 20-13112
BC Union Square LLC 20-13113
BC 1385 Broadway LLC 20-13114
BC 630 Lexington LLC 20-13115
CCSW Fenway LLC 20-13116
E2 Seaport LLC 20-13117
BC Back Bay LLC 20-13118
BC Providence LLC 20-13119
BC Silver Lake LLC 20-13120
BC Century City LLC 20-13121
BC West Hollywood LLC 20-13122
Debtors' Counsel: M. Blake Cleary, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square
1000 N. King Street
Wilmington, DE 19801
Tel: (302) 571-6600
Email: mbcleary@ycst.com
Debtors'
Financial
Advisor &
Investment
Banker: ANKURA CONSULTING GROUP, LLC
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $1 million to $10 million
The petitions were signed by Patrick J. Bartels, Jr., director.
A copy of BC Hospitality Group Inc.'s petition is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/G7HYW6Y/BC_Hospitality_Group_Inc__debke-20-13103__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Blue Ridge Bank, N.A. PPP Loan $2,673,250
17 W. Main St.
Luray, VA 22835
Contact: Chief Financial Officer
Fax: 540-743-5536
2. RCPI Landmark Properties, LLC Landlord $483,469
PO Box 33173
Newark, NJ 07188-31373
3. CFA Management Inc. Landlord $288,693
20 West 22nd Street, Suite 712
New York, NY 10010
Contact: Chief Financial Officer
4. Matthew Adams Properties Landlord $239,330
127 E. 59th St. 3rd Floor
New York, NY 10022
Contact: Chief Financial Officer
Tel: 212-699-8904
Fax: 212-699-8939
5. 241 Bedford Associates, LLC Landlord $236,104
3 Hope Street
Brooklyn, NY 11217
Contact: Chief Financial Officer
6. Boylston West LLC Landlord $207,518
c/o Management Officer
4th FL
1335 Boylston St
Boston, MA 02215
Contact: Jeremy Ouellette
tel: 614-424-1335
Email: jouelette@samuelsre.com
7. Pryor Cashman, LLP Trade Claim $136,496
7 Time Square
New York, NY 10036
Contact: Chief Financial Officer
Tel: 212-421-4100
Fax: 212-326-0806
8. The Hartford Insurance $71,740
301 West Woos Park Dr.
Clinton, NY 13323
Contact: Chief Financial Officer
9. Goodwin Proctor, LLP Professional $67,804
100 Northern Ave. Fees
Boston, MA 02210
Contact: Chief Financial Officer
Fax: 617-523-1231
10. Trinity Hudson Holdings, LLC Landlord $64,573
120 Broadway
38th Floor
New York, NY 10271
Contact: General or Lead Counsel
11. Compeat, Inc. Trade Claim $42,433
11500 Alterra Parkway
Suite 130
Austin, TX 78758
Contact: Chief Financial Officer
Tel: 512-256-8558
Email: info@compeat.com
12. Sysco Boston Trade Claim $37,256
99 Springs St.
Plymton, MA 02367-1701
Contact: Chief Financial Officer
Tel: 888-264-7647
13. Sysco Metro New York Trade Claim $31,050
20 Theodore Conrad Drive
Jersey City, NJ 07305
Contact: Chief Financial Officer
Tel: 888-264-7647
14. American Arbitration Trade Claim $29,752
Association
1301 Atwood Ave, Suite 211N
Johnston, RI 02919
Contact: Chief Financial Officer
Tel: 866-293-4053
Fax: 866-644-0234
15. City of Providence, RI Taxes $20,686
Personal Property Tax
Providence City Hall
25 Dorrance Street
Providence, RI 02903
Contact: Chief Financial Officer
16. New York Sales Tax Taxes $19,900
NYS Tax Department
WA Harriman Campus
Albany, NY 12227
Contact: Chief Financial Officer
17. WB Mason Trade Claim $19,565
59 Centre Street
Brockton, MA 02303
Contact: Paige Peck
Tel: 888-926-2766
Fax: 800-773-4488
Email: customersupport@wbmason.com
18. NYC Department of Finance Taxes $17,345
Commercial Rent Tax
P.O. Box 3931
New York, NY 10008
Contact: Chief Financial Officer
19. City of Boston Taxes $14,172
Personal Property Tax
Office of the Collector-Treasurer
One City Hall Square
Boston, NA 02201
Contact: Chief Financial Officer
Email: mayor@boston.gov
20. Chief Fire Protection & Trade Claim $13,181
Mechanical
10 West Broad Street
Mount Vernon, NY 10552
Contact: Chief Financial Officer
Tel: 914-699-3557
BLANK ACQUISITION: Royal Buying All Assets for $106K Cash
---------------------------------------------------------
Judge William J. Fisher of the U.S. Bankruptcy Court for the
District of Minnesota will convene a hearing on Dec. 15, 2020 to
consider Blank Acquisition, LLC's sale of all assets to Royal
Business Forms and Printing, Inc. for $106,400, cash, on the terms
of their Asset Purchase Agreement, dated Dec. 10, 2020.
The Objection Deadline is Dec. 15, 2020 at 9:00 a.m.
The Assets are being purchased on an "as-is" basis, free and clear
of all liens and encumbrances of any kind. The closing date is
conditioned upon the approval of the sale by the Court.
The Debtor will pay the proceeds received to Bell Bank, the only
entity with a lien and security interest in the Assets proposed to
be sold. In addition, it will enter into a Manufacturing and
Distribution Agreement with Royal to manufacture certain products
for the Debtor.
It is the Debtor's belief that Bell Bank is the only entity holding
a lien and/or security interest in the assets proposed to be sold.
The Debtor believes that Bell Bank will support the Debtor's Motion
and will support its proposed sale.
The Debtor firmly believes that a prompt sale of its assets as
described is in the best interests of creditors because it will
maximize the value of the assets.
The Debtor asks an order from the Court providing a waiver of the
stay period imposed by Bankruptcy Rule 6004(h).
A copy of the Agreement is available at
https://tinyurl.com/yyrug4uc from PacerMonitor.com free of charge.
The Purchaser:
ROYAL BUSINESS FORMS AND PRINTING, INC.
4000 83rd Ave North
Brooklyn Park, MN 55443
Attn: Tim Urness
Telephone: 763-585-8616
E-mail: turness@royalbfp.com
The Purchaser is represented by:
BARNA, GUZY & STEFFEN
200 Coon Rapids Blvd NE Suite 400
Coon Rapids, MN 55433-5894
Attn: Carole Clark Isakson, Esq.
Telephone: 763-783-5140
E-mail: cisakson@bgs.com
About Blank Acquisition
Blank Acquisition, LLC -- https://blanksusa.com -- offers a wide
variety of paper solutions for business and do-it-yourself
projects. Its products include security papers, door hangers,
folders, cardboard easels, business cards, brochures and flyers,
postcards, raffle tickets, and other related products.
Blank Acquisition, LLC, sought Chapter 11 protection (Bankr. D.
Minn. Case No. 20-42096) on Aug. 25, 2020. The case is assigned to
Judge William J. Fisher.
The petition was signed by Andrew R. Ogren, CEO.
As of Aug. 1, 2020, the Debtor had total assets of $4,756,327 and
$4,369,444 in total debt.
The Debtor tapped Linda Thompson, Esq., at MLG Bankruptcy, PLLC, as
counsel.
CAMP RIM ROCK: Seeks to Hire Smith Kane as Counsel
--------------------------------------------------
Camp Rim Rock, LLC, seeks authority from the U.S. Bankruptcy Court
for the Eastern District of Pennsylvania to employ Smith Kane
Holman, LLC, as counsel to the Debtor.
Camp Rim Rock requires Smith Kane to:
a. advise the Debtor with respect to its rights and
obligations pursuant to the Bankruptcy Code;
b. assist the Debtor in the preparation of the schedules and
statement of financial affairs and any amendments thereto;
c. represent the Debtor at its first meeting of creditors and
any and all examinations;
d. prepare any and all necessary applications, motions,
answers, responses, orders, reports, and any other type of
pleading or document regarding any proceeding instituted by
or against the Debtor with respect to the bankruptcy case;
e. assist the Debtor in the formulation and seeking
confirmation of a Chapter 11 plan and disclosure materials;
and
f. perform all other legal services for the Debtor which may
be necessary or desirable in connection with the bankruptcy
case.
Smith Kane will be paid at these hourly rates:
Partners $350 to $450
Associates $225 to $325
Paralegals $75 to $100
Smith Kane will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David B. Smith, partner of Smith Kane Holman, LLC, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their/its
estates.
David B. Smith can be reached at:
David B. Smith, Esq.
SMITH KANE HOLMAN, LLC
112 Moores Road, Suite 300
Malvern, PA 19355
Tel: (610) 407-7215
Fax: (610) 407-7218
E-mail: dsmith@skhlaw.com
About Camp Rim Rock
Camp Rim Rock, LLC -- https://camprimrock.com/ -- is an overnight
camp for girls. The activities include horseback riding, performing
arts, aquatics, arts & crafts, sports, and other camp activities.
Camp Rim Rock, LLC, based in Bryn Mawr, PA, filed a Chapter 11
petition (Bankr. E.D. Pa. Case No. 20-14692) on Dec. 9, 2020. In
its petition, the Debtor was estimated $1 million to $10 million in
both assets and liabilities. The petition was signed by Joseph
Greitzer, sole member. The Hon. Magdeline D. Coleman presides over
the case. SMITH KANE HOLMAN, LLC, serves as bankruptcy counsel to
the Debtor.
COMMUNITY HEALTH: Unit Plans to Offer $1B Sr. Secured Notes Due 202
-------------------------------------------------------------------
Community Health Systems, Inc.'s wholly owned subsidiary,
CHS/Community Health Systems, Inc. intends to offer $1.050 billion
aggregate principal amount of Senior Secured Notes due 2027,
subject to market and other conditions.
The Issuer intends to use the net proceeds of the Notes Offering to
repurchase and/or redeem $1.0 billion aggregate principal amount of
its 6.250% Senior Secured Notes due 2023 and to pay related fees
and expenses. In particular, the Issuer intends to use the net
proceeds from the Notes Offering (i) to purchase the portion of the
Issuer's outstanding 2023 Notes that are validly tendered and
accepted for purchase in the cash tender offer announced on Dec.
11, 2020, and (ii) to the extent the aggregate principal amount of
2023 Notes validly tendered and accepted for purchase in the cash
tender offer is less than the Tender Cap, redeem or repurchase (in
one or more open market repurchases and/or privately negotiated
transactions) an aggregate principal amount of 2023 Notes equal to
the amount by which the Tender Cap exceeds the principal amount of
2023 Notes validly tendered and accepted for purchase in such
tender offer.
The Notes will be offered in the United States to qualified
institutional buyers pursuant to Rule 144A under the Securities Act
of 1933, as amended, and outside the United States pursuant to
Regulation S under the Securities Act. The Notes have not been
registered under the Securities Act and may not be offered or sold
in the United States absent registration or an applicable exemption
from the registration requirements.
About Community Health
Community Health Systems, Inc. -- http://www.chs.net/-- is a
publicly traded hospital company and an operator of general acute
care hospitals in communities across the country. The Company,
through its subsidiaries, owns, leases or operates 99 affiliated
hospitals in 17 states with an aggregate of approximately 16,000
licensed beds. The Company's headquarters are located in Franklin,
Tennessee, a suburb south of Nashville.
Community Health reported a net loss attributable to the Company's
stockholders of $675 million for the year ended Dec. 31, 2019,
following a net loss attributable to the Company's stockholders of
$788 million for the year ended Dec. 31, 2018. As of Sept. 30,
2020, the Company had $16.51 billion in total assets, $17.99
billion in total liabilities, $481 million in redeemable
noncontrolling interests in equity of consolidated subsidiaries,
and a total stockholders' deficit of $1.95 billion.
* * *
As reported by the TCR on Dec. 11, 2020, S&P Global Ratings lowered
the issuer credit rating on Community Health Systems to 'SD'
(selective default) from 'CC'. The downgrade follows Community's
exchange of $700 million of the $1.476 billion outstanding on its
senior unsecured notes due in 2028 for $400 million cash and 10
million in new common shares.
In November 2020, Fitch Ratings affirmed the Long-Term Issuer
Default Ratings (IDR) of Community Health Systems, Inc. (CHS) and
subsidiary CHS/Community Health Systems, Inc. at 'CCC'.
CONTURA ENERGY: Closes Transaction Divesting Cumberland Mine
------------------------------------------------------------
Contura Energy, Inc. has closed its transaction with Iron Senergy
Holding, LLC for the divestment of the Cumberland Mine and related
assets in Greene County, Pennsylvania.
The subsidiaries that hold the Cumberland and Emerald mines and the
associated coal reserves, mining permits and operations,
infrastructure, equipment and transloading facilities have
transferred to Iron Senergy, effective Dec. 10, 2020. According to
the terms of the transaction, Iron Senergy has acquired all of the
equity of the following subsidiaries previously owned by Contura:
Emerald Contura, LLC; Cumberland Contura, LLC; Contura Coal
Resources, LLC; Contura Pennsylvania Land, LLC; and Contura
Pennsylvania Terminal, LLC (together, the Pennsylvania Entities).
Iron Senergy has also posted replacement reclamation bonds for the
Pennsylvania Entities and assumed their UMWA collective bargaining
agreements.
Additionally, the closing of this transaction released Contura from
all reclamation obligations associated with the Pennsylvania
Entities, which are estimated to be approximately $169 million of
undiscounted future cash outflows. These obligations have been
assumed by Iron Senergy.
"This mutually beneficial transaction with Iron Senergy extends the
runway for Cumberland under its new ownership, and today's closing
is the culmination of many months of hard work from our respective
teams," said David Stetson, Contura's chairman and chief executive
officer. "I commend everyone who worked on this project for their
efforts to bring this to fruition. The transaction is a
transformational milestone in Contura's history, fulfilling our
vision of moving swiftly to sharpen our company's focus on
producing metallurgical products used in steelmaking. At the same
time, dramatically reducing our portfolio's thermal coal production
will yield financial benefits to Contura by significantly reducing
our asset retirement obligations and collateralization
requirements. Today marks a big step forward for our company."
As previously announced, Iron Senergy has expressed its intention
to continue operating the Cumberland Mine beyond 2022, thereby
extending employment opportunities for the Cumberland workforce,
providing a continued tax base for the local community and
sustaining business opportunities for Cumberland's vendors and a
reliable fuel supply for customers. "Our team is excited about
taking over mining operations at Cumberland and extending the
operation's expected lifespan," said Mike Castle, Iron Senergy's
chief financial officer. "We plan to keep the mine running and
continue providing employment opportunities for the talented
workforce at the mine." Cumberland's mine management and sales
agent will remain with the Cumberland operations under Iron
Senergy's new structure.
Upon the transaction's closing, Contura provided $20 million in
cash consideration to Iron Senergy and transferred $30 million in
existing cash collateral to Iron Senergy's surety provider as
collateral for Iron Senergy's replacement reclamation bonds.
Contura retained a large block of Freeport seam metallurgical-grade
coal reserves, located near the Cumberland and Emerald properties
for potential future development.
2021 Full-Year Guidance
The Company is updating 2021 guidance to reflect the divestiture of
Cumberland Mine and the Northern Appalachian (NAPP) reporting
segment.
The following changes to the Company's 2021 guidance reflect the
exclusion of the NAPP segment:
* SG&A reduced by $1 million to a range of $44 million to $49
million
* Capital expenditures lowered by $5 million to a range of $75
million to $95 million
* Depreciation, depletion and amortization are now anticipated
to
be $5 million lower, in the range of $155 million to $170
million
* The company lowered its idle operations expense by $3 million
to a range of $24 million to $30 million
About Contura Energy
Contura Energy (NYSE: CTRA) -- http://www.conturaenergy.com/-- is
a Tennessee-based coal supplier with affiliate mining operations
across major coal basins in Pennsylvania, Virginia and West
Virginia. With customers across the globe, high-quality reserves
and significant port capacity, Contura Energy reliably supplies
both metallurgical coal to produce steel and thermal coal to
generate power.
Contura Energy reported a net loss of $316.32 million for the year
ended Dec. 31, 2019. As of Sept. 30, 2020, the Company had $1.92
billion in total assets, $1.58 billion in total liabilities, and
$342.96 million in total stockholders' equity.
* * *
As reported by the TCR on June 5, 2020, S&P Global Ratings lowered
its issuer credit rating on U.S.-based coal producer Contura Energy
Inc. to 'CCC+' from 'B-'. S&P expects earnings to deteriorate due
to continued weakness in coal markets further accelerated by the
COVID-19 pandemic.
In April 2020, Moody's Investors Service downgraded all long-term
ratings for Contura Energy, Inc., including the Corporate Family
Rating to Caa1 from B3. "Contura has idled the majority of its
mines due to weak market conditions. Moody's expects that demand
for metallurgical coal will weaken further in the near-term as
blast furnace steel producers adjust to reduced demand due to the
Coronavirus," said Ben Nelson, Moody's vice president -- senior
credit officer and lead analyst for Contura Energy, Inc. "The
rating action is entirely driven by macro-level concerns resulting
from the global outbreak of coronavirus."
COOPER EXCAVATING: Hires Starner Tax as Accountant
--------------------------------------------------
Cooper Excavating, Inc., seeks authority from the U.S. Bankruptcy
Court for the Western District of Arkansas to employ Starner Tax
Group, as accountant to the Debtor.
Cooper Excavating requires Starner Tax to provide accounting
services, preparation of annual tax returns, preparation of monthly
operating reports, general financial consulting and for them to
serve as an expert witness at the confirmation hearing if
necessary.
Starner Tax will be paid at these hourly rates:
Partners $300
Paraprofessionals $100
Starner Tax will also be reimbursed for reasonable out-of-pocket
expenses incurred.
To the best of the Debtor's knowledge the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.
Starner Tax can be reached at:
Starner Tax Group
2718 W Walnut St.
Rogers, AR 72756
Tel: (479) 926-1040
About Cooper Excavating
Cooper Excavating, Inc., sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Ark. Case No. 20-71773) on
August 11, 2020, listing under $1 million in both assets and
liabilities. Judge Ben T. Barry oversees the case. Bond Law
Office and Starner Tax Group serve as the Debtor's legal counsel
and accountant, respectively.
CYTOSORBENTS CORP: Pays Off $15M Loans & Establishes $15M Commitmen
-------------------------------------------------------------------
CytoSorbents Corporation has closed on the Third Amendment of its
Amended Loan and Security Agreement with Bridge Bank. Under the
terms of the Amendment, which closed on Dec. 4, 2020, the Company
repaid the outstanding principal balance of its existing $15
million term loans and simultaneously received a commitment from
Bridge Bank to provide a new term loan of $15 million, if needed.
"As a result of the $57.5 million equity raise that the Company
completed in July 2020, the Company has enough cash to meet our
needs for the foreseeable future. Following a thorough review of
different options, we concluded it was prudent to repay our
outstanding term loan to avoid the payment of interest expense.
Bridge Bank was simultaneously able to provide us with an
additional $15 million term loan commitment, which is exercisable
at our sole discretion over the next 12 months, should we need
additional funding for expansion," stated Ms. Kathleen P. Bloch,
CPA, MBA, chief financial officer of CytoSorbents. "We are pleased
to continue to build on our excellent relationship with Bridge
Bank, a premier lending institution with a broad scope of financial
services."
"We have been working with CytoSorbents for the past five years and
are excited to continue our partnership with this rapidly growing
and dynamic company that is helping to save lives," said Ms.
Lindsay Fouty, vice president of Portfolio Management in Bridge
Bank's Life Sciences Group. "We are pleased to be a part of the
success and evolution of the Company by providing attractive growth
capital and flexible payment terms."
Under the terms of the Amendment, the Company may, at its sole
discretion, draw down the New Term Loan at any time over the next
twelve months. The New Term Loan, if drawn, shall bear interest at
the Index Rate (defined in the Amendment as the greater of 3.25% or
the Prime Rate as published by the Wall Street Journal on the last
business date of the month the immediately preceding the month in
which the interest will accrue) plus 1.25%. In addition, the
Company would be required to make payments of interest-only
commencing on the first day of the month after the New Term Loan
was made until January 2023. The interest-only period may be
further extended through July 2023 if the Company maintains
compliance certain conditions as outlined in the Amendment.
Following the interest-only period, the Company will be required to
make equal monthly payments of principal and interest until
maturity of the New Term Loan. The maturity date of the New Term
Loan is Dec. 1, 2024.
About CytoSorbents
Based in Monmouth Junction, New Jersey, CytoSorbents Corporation is
engaged in critical care immunotherapy, specializing in blood
purification. Its flagship product, CytoSorb is approved in the
European Union with distribution in 66 countries around the world,
as an extracorporeal cytokine adsorber designed to reduce the
"cytokine storm" or "cytokine release syndrome" that could
otherwise cause massive inflammation, organ failure and death in
common critical illnesses. These are conditions where the risk of
death is extremely high, yet no effective treatments exist.
As of Sept. 30, 2020, the Company had $104.28 million in total
assets, $24.05 million in total liabilities, and $80.23 million in
total stockholders' equity.
WithumSmith+Brown, PC, in East Brunswick, New Jersey, the Company's
auditor since 2004, issued a "going concern" qualification in its
report dated March 5, 2020 citing that the Company sustained net
losses for the years ended Dec. 31, 2019, 2018 and 2017 of
approximately $19.3 million, $17.2 million and $8.5 million,
respectively. Further, the Company believes it will have to raise
additional capital to fund its planned operations for the 12 month
period through March 2021. These matters raise substantial doubt
regarding the Company's ability to continue as a going concern.
DA VINCI ENGINEERING: Seeks to Tap Murphy Desmond as Counsel
------------------------------------------------------------
Da Vinci Engineering & Consulting, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Wisconsin to employ Murphy
Desmond S.C. as its legal counsel.
Murphy Desmond will render these legal services:
(a) advise and assist the Debtor regarding its duties and
powers under the Bankruptcy Code and in this Chapter 11, Subchapter
V case;
(b) advise and assist the Debtor regarding administration of
the case;
(c) attend meetings and negotiation with representatives of
creditors and other parties-in-interest;
(d) prepare appropriate pleadings and filings in the case;
(e) advise the Debtor with respect to any proposed sale, lease
or use of any assets of the Debtor's estates;
(f) prosecute actions on behalf of the Debtor as
debtor-in-possession, defend actions or contested matters commences
against the Debtor, and otherwise represent the Debtor's interest
in this case;
(g) represent and appear on behalf of the Debtor in any
proceedings before the Bankruptcy Court; and
(h) perform all other necessary and appropriate legal services
for the Debtor in connection with this case.
Murphy Desmond's attorneys and paraprofessionals expected to work
on this case and their respective rates are:
Jane F. (Ginger) Zimmerman, Attorney $420
Nicole I. Pellerin, Attorney $320
Roy B. Fine, Attorney $310
Kristin Beilke, Attorney $295
Kelly J. Bostedt, Paralegal $215
As of the petition date, Murphy Desmond was owed $1,934 by the
Debtor for prepetition work.
Nicole I. Pellerin, Esq., an attorney at Murphy Desmond S.C.,
disclosed in court filings that the firm is a "disinterested
person" within the meaning of section 101(14) of the Bankruptcy
Code and does not hold or represent an interest adverse to the
Debtor's estate.
The firm can be reached through:
Nicole I. Pellerin, Esq.
MURPHY DESMOND S.C.
33 East Main St., Suite 500
Madison, WI 53703
Telephone: (608) 999-4238
Facsimile: (608) 257-2508
E-mail: npellerin@murphydesmond.com
About Da Vinci Engineering & Consulting
Founded in 2011, Da Vinci Engineering -- https://davinciec.com --
is a product design firm specializing in contract-based engineering
services.
Da Vinci Engineering & Consulting, LLC filed its voluntary petition
for relief under Chapter 11, Subchapter V (Bankr. E.D. Wis. Case
No. 20- 27785) on December 3, 2020. The petition was signed by
David Gruenwald, co-managing member. At the time of the filing, the
Debtor disclosed total assets of $243,976 and total liabilities of
$1,104,736 as of July 31, 2020. Murphy Desmond S.C. serves as the
Debtor's counsel.
DANI TRANSPORT: May Use Cash Collateral Thru Jan. 31
----------------------------------------------------
Judge Wayne Johnson of the U.S. Bankrutpcy Court for the Central
District of California, Riverside Division, has authorized Dani
Transport Service, Inc. to continue using cash collateral through
January 31, 2021, or plan confirmation, whichever occurs first.
The Debtor may increase expenditures by up to 20% for any
particular line item in the budget and 15% in the aggregate and use
cash collateral to pay professionals’ fees previously approved by
the Court.
To the extent of any diminution of cash collateral, all creditors
secured by cash collateral are granted replacement liens on all
proceeds of cash collateral with the same priority, extent and
validity (if any) as their pre-petition liens.
The Debtor said seven creditors have blanket security interests in
its assets:
1. FC Marketplace, LLC, which asserts a $71,361 secured
claim. In November 2016, the lien was assigned to
Wilmington Savings Fund Society, FSB d/b/a Christina
Trust as trustee of Alternative Lending Holdings Trust;
2. Libertas, which, according to the Debtor's books and
records, is owed $38,300 as balance of a loan as of the
Petition Date;
3. Diesel Funding, LLC, which filed an amended proof of
claim in the unsecured amount of $83,415. On June 5,
2020, the Debtor and Diesel entered into a settlement
agreement to resolve the claim amount, security of the
claim, and treatment under the Plan. An order approving
compromise of controversy between the Debtor and Diesel
was entered on July 28, 2020;
4. World Business Lenders aka Axos Bank, which filed a
proof of claim in the secured amount of $60,176. On
July 27, 2020, the Debtor and Axos Bank entered into a
settlement agreement to resolve the claim;
5. CapCall, LLC, which is owed $29,015 as of the Petition
Date. On June 17, 2020, the Debtor and CapCall entered
into a settlement agreement to resolve the claim amount,
security of the claim, and treatment under the Plan.
An order approving compromise of controversy between the
Debtor and CapCall was entered on July 28, 2020;
6. Global Funding Experts, which filed a proof of claim in
the secured amount of $60,928. The balance of the loan
on the Petition Date is $61,018. On June 19, 2020, the
Debtor and Global entered into a settlement agreement
to resolve the claim amount, security of the claim, and
treatment under the Plan. An order approving compromise
of controversy between the Debtor and Global was entered
on July 28, 2020; and
7. Kabbage Funding, which, according to the Debtor's books
and records, is owed a balance of $19,683. On May 19,
2020, the Debtor filed a Motion to Value Personal
Property and Extinguish the secured lien of Kabage. The
motion to value was granted in June 2020.
The Debtor filed its Chapter 11 Small Business Plan and Disclosure
Statement on December 1, 2020.
A copy of the cash collateral order is available at
https://bit.ly/2HYtApl from PacerMonitor.com.
About Dani Transport Service
Dani Transport Service, Inc., is a privately held company in the
general freight trucking industry. The company sought Chapter 11
protection (Bankr. C.D. Cal. Case No. 20-11234) on Feb. 19, 2020.
In the petition signed by CEO Abraham Gutierrez, the Debtor listed
assets aggregating $1,308,308 and liabilities totaling $2,593,241.
Judge Wayne E. Johnson is assigned to the case.
Todd Turoci, Esq., of The Turoci Firm, is the Debtor's counsel.
DIMENSION DESIGN: May Use Cash Collateral on Final Basis
--------------------------------------------------------
The U.S Bankruptcy Court for the Northern District of Illinois,
Eastern Division, has authorized Dimension Design Inc. to, among
other things, use cash collateral on final basis.
The Debtor has requested entry of the Order pursuant to Bankruptcy
Rule 4001(b)(2) and the Local Rules, saying it has an immediate
need to obtain use of Cash Collateral in the amount and in the
manner set forth in the Budget in order to, among other things,
preserve and maintain the value of its assets and business and
maximize the return to all creditors.
As of the petition date, the Debtor is indebted to JPMorgan Chase
Bank, N.A under these loan documents:
(i) On May 14,2019, the Debtor executed a Term Note dated May
14, 2019 in favor of Chase in the original principal amount of
$2,500,000. As of the Petition Date, the outstanding principal
balance on the Term Note was S1,875,000. As of November 10, 2020,
the amount due and owing on the Term Note is $1,867,897.86. The
Term Note matures on July 22, 2022.
(ii) On May 14, 2019, the Debtor executed a Line of Credit Note
dated May 14, 2019 in favor of Chase in the original principal
amount of $1,500,000. The maturity date of the LOC Note was
September 30, 2020. As of the Petition Date, the outstanding
principal balance on the LOC Note was S754.652.
(iii) On May 14, 2019, the Debtor also executed a Continuing
Security Agreement in favor of Chase and entered into a Credit
Agreement by and between itself and Chase. Pursuant to the
Security Agreement, the Debtor granted Chase a security interest in
substantially all of the Debtor's personal property assets and on
May 28, 2019, Chase filed a UCC-I financing statement in connection
therewith. Chase holds a valid, enforceable, perfected
first-priority lien in all of the collateral noted in the Loan and
on the UCC-1 financing statement.
(iv) On April 5, 2020, the Debtor executed a Note dated as
April 5, 2020 in favor of Chase under the Paycheck Protection
Program in the principal amount of $3,236,585. As of the Petition
Date, the outstanding principal balance on the PPP Note was
$3,236,585.
(v) On May 14,2019, Mike J. Rogers and Dimension Design JV,
LLC each executed a Continuing Guaranty, pursuant to which Mike J.
Rogers and Dimension Design JV, LLC, among other things, jointly
and severally guaranteed all obligations of the Debtor to Chase.
The Debtor is permitted to use cash collateral in accordance with
the budget, with a 10% variance permissible on a line item basis.
The Debtor will provide an explanation to Chase for any line item
variance greater than 10%.
The Debtor will also provide to Chase: (1) weekly aging of accounts
receivable and accounts payable by Tuesday of the following week,
(2) monthly inventory reports and sales reports by the 20th of each
month, and (3) monthly financial statements (including balance
sheet) showing actual results for each calendar month and
year-to-date by the 20th of each month. The Debtor will also
provide Chase an updated budget forecast every other week, by
Wednesday of the following week starting on November 25, 2020.
As adequate protection, Chase is granted replacement liens and
security interests in the Debtor's post-petition proceeds,
products, offspring, or profits of the Prepetition Collateral.
In addition to all existing security interests and liens granted to
and held by Chase in and to the Prepetition Collateral, as further
adequate protection for the Debtor's use of the Cash Collateral,
but only to secure an amount equal to the Collateral Diminution,
the Debtor grants to Chase, automatically and retroactively
effective as of the Petition Date, valid, binding, and properly
perfected first-position post-petition security interests and
replacement liens on the presently owned and hereafter-acquired
Prepetition Collateral.
As further adequate protection to Chase, the Debtor will make
monthly payments to Chase consisting of: (i) principal payment in
the amount of $35,000 and (ii) interest payment in the amount of
$8,765.50.
Chase's liens on and security interests in the Collateral is
subordinate and subject only to any unpaid fees payable to the
Clerk of the Court or the U.S. Trustee and any fees owed to
Debtor's counsel or the Subchapter V Trustee.
The Debtor is also directed to maintain insurance coverage on all
of the assets of the bankruptcy estate which will name Chase as
additional insured and loss payee and will provide Chase ongoing
evidence that insurance is in place in an amount sufficient to
cover the replacement value of the Debtor's assets.
About Dimension Design Inc.
Based in Glenview, Ill., Dimension Design, Inc. --
http://www.dimensiondesign.com/-- is an event and experience
agency that delivers custom environments to support the
face-to-face marketing activities of exhibit houses & brands and
turns visions into reality. With three U.S. locations, Dimension
Design offers designs, graphics, marketing agencies and
fabrication, on site set up installation and dismantle and asset
maintenance.
Dimension Design sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 20-17920) on Sept. 30,
2020. The petition was signed by Michael J. Rogers, president.
At the time of the filing, the Debtor had estimated assets of
between $1 million and $10 million and liabilities of the same
range.
Judge Lashonda A. Hunt oversees the case.
Levenfeld Pearlstein, LLC, is the Debtor's legal counsel.
EAST PENN: Seeks to Hire Robert J. Birch as Counsel
---------------------------------------------------
East Penn Children's Learning Academy, LLC, seeks authority from
the U.S. Bankruptcy Court for the Eastern District of Pennsylvania
to employ The Law Office of Robert J. Birch, as counsel to the
Debtor.
East Penn requires Robert J. Birch to:
a) give the Debtor-In-Possession legal advice with respect to
its powers and duties as debtor and debtor-in-possession;
b) prepare on behalf of the Debtor-In-Possession necessary
applications, answers, orders, reports and other legal
papers;
c) represent Debtor-In-Possession in defense of any
proceedings instituted to reclaim property or to obtain
relief from the automatic stay under the Bankruptcy Code;
d) assist the Debtor-In-Possession in the preparation of
schedules, statements of financial affairs, and any
amendments thereto, which Debtor-In-Possession may
be required to file in this case;
e) assist the Debtor-In-Possession in the preparation of a
plan of reorganization and disclosure statement;
f) assist the Debtor-In-Possession with any potential sales of
its assets pursuant to the Bankruptcy Code; and
g) perform all other legal services for the Debtor-In-
Possession which may be necessary herein.
Robert J. Birch will be paid at the hourly rate of $250.
Robert J. Birch will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Robert J. Birch, a partner of The Law Office of Robert J. Birch,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Robert J. Birch can be reached at:
Robert J. Birch, Esq.
THE LAW OFFICE OF ROBERT J. BIRCH
617 Swede St.
Norristown, PA 19401
Tel: (610) 277-9700
About East Penn Children's Learning Academy
East Penn Children's Learning Academy, LLC, filed a Chapter 11
bankruptcy petition (Bankr. E.D. Pa. Case No. 20-14646) on Dec. 4,
2020. The Debtor hired The Law Office of Robert J. Birch, as
counsel.
EASTMAN KODAK: Insurer's Bid to Halt Asbestos Suit Denied
---------------------------------------------------------
In the case captioned In re EASTMAN KODAK COMPANY, Chapter 11,
Debtor, Case No. 12-10202 (MEW)(Bankr. S.D.N.Y.), Judge Michael E.
Wiles issued a decision:
(1) granting the motion to reopen the Chapter 11 case of
Eastman Kodak Company;
(2) denying the motion to enjoin certain state court
proceedings against Ridge Construction Corporation; and
(3) directing that the case be re-closed.
Certain Underwriters at Lloyd's, London have filed motions dated
August 24, 2020, seeking to reopen Kodak's chapter 11 case and to
enjoin the continuation of New York State Court lawsuits against
Ridge. Ridge was a subsidiary of Kodak until September 30, 1971,
when Ridge was dissolved.
Lloyd's contended that:
(1) the dissolution of Ridge actually was a de facto merger;
(2) Ridge thereby became a part of Kodak; and
(3) the prosecution of the state court lawsuits against Ridge
therefore violates the discharge of Kodak and the injunctions set
forth in the Order confirming Kodak's First Amended Joint Chapter
11 Plan of Reorganization.
Plaintiffs in the pending state court lawsuits opposed the
requested relief, alleging that they were exposed to asbestos
originating from a Ridge construction site.
Judge Wiles granted the motion to reopen the chapter 11 case for
the purpose of considering the relief that Lloyd's sought. However,
the judge denied Lloyd's separate motion to enjoin the continuation
of the state court lawsuits against Ridge. The judge held that
Ridge's obligations were not discharged and that the de facto
merger theories cannot be invoked to sneak Ridge under Kodak's
discharge shield.
According to Judge Wiles, Lloyd's does not seek to recharacterize
the dissolution of Ridge for the purpose of protecting Ridge's
creditors and for the purpose of providing them with an additional
remedy. Instead, Lloyd's wishes to use equitable de facto merger
theories to cut off the claims that Ridge's creditors have asserted
against Ridge itself, and to do so even though there are assets
(insurance policies) that are available to cover Ridge's
liabilities. Lloyd's has not identified any cases where de facto
merger theories have been used in this way, the judge said.
One of the state court cases -- the one filed by Wayne and Jill
Meissner -- has proceeded to judgment, and a judgment has been
entered in favor of the Meissners in the amount of $6.49 million.
Lloyd's issued "excess" liability policies for the period May 1,
1969 through May 1, 1972, under which Ridge was named as one of the
insureds, and the Tort Claimants apparently are now seeking
recovery of the Meissner judgment under those policies. Lloyd's
disclaimed coverage when it first learned of the Meissner
litigation, and it appears that Lloyd's did not get involved in the
state court litigations until after efforts began to collect the
Meissner judgment from Lloyd's.
A full-text copy of the Court's decision dated December 4, 2020 is
available at https://tinyurl.com/yyj5bcua from Leagle.com.
About Eastman Kodak
Rochester, New York-based Eastman Kodak Company and its U.S.
subsidiaries on Jan. 19, 2012, filed voluntarily Chapter 11
petitions (Bankr. S.D.N.Y. Lead Case No. 12-10202) in Manhattan.
Subsidiaries outside of the U.S. were not included in the filing
and are expected to continue to operate as usual.
Kodak, founded in 1880 by George Eastman, was once the world's
leading producer of film and cameras. Kodak sought bankruptcy
protection amid near-term liquidity issues brought about by
steeper-than-expected declines in Kodak's historically profitable
traditional businesses, and cash flow from the licensing and sale
of intellectual property being delayed due to litigation tactics
employed by a small number of infringing technology companies
with strong balance sheets and an awareness of Kodak's liquidity
challenges.
Attorneys at Sullivan & Cromwell LLP and Young Conaway Stargatt &
Taylor, LLP, served as counsel to the Debtors. FTI Consulting,
Inc., was the restructuring advisor; and Lazard Freres & Co. LLC,
the investment banker. Kurtzman Carson Consultants LLC was the
claims agent.
The Official Committee of Unsecured Creditors tapped Milbank,
Tweed, Hadley & McCloy LLP, as its bankruptcy counsel.
Akin Gump Strauss Hauer & Feld LLP, represented the
Unofficial Second Lien Noteholders Committee.
The Retirees Committee hired Haskell Slaughter Young &
Rediker, LLC, and Arent Fox, LLC as Co-Counsel; Zolfo Cooper,
LLC, as Bankruptcy Consultants and Financial Advisors; and the
Segal Company, as Actuarial Advisors.
Brown Rudnick LLP, represented Greywolf Capital Partners
II; Greywolf Capital Overseas Master Fund; Richard Katz, Kenneth
S. Grossman; and Paul Martin.
Kodak completed the $527 million sale of digital-imaging
technology on Feb. 1, 2013.
U.S. Bankruptcy Judge Allan Gropper confirmed the plan on August
20, 2013. Kodak and its affiliated debtors officially emerged
from bankruptcy protection on Sept. 3, 2013.
ECHELON PROPERTY: A.M. Best Lowers Financial Strength Rating to C+
------------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating to C+
(Marginal) from B- (Fair) and the Long-Term Issuer Credit Rating to
"b-" from "bb-" of Echelon Property & Casualty Insurance Company
(Echelon) (Chicago, IL). The outlook of these Credit Ratings
(ratings) is negative.
The ratings of Echelon, reflect its balance sheet strength, which
AM Best categorizes as very weak, as well as its marginal operating
performance, limited business profile, and appropriate enterprise
risk management.
The downgrade of the ratings follows a deterioration in balance
sheet strength in the third quarter of 2020 and a change in AM
Best's assessment from weak to very weak. While the company
received a capital infusion from its parent - Guardian Insurance
Group - in the second quarter of this year, which favorably
impacted overall capitalization, operating losses, and an increase
in non-admitted assets in the third quarter of 2020 eroded
policyholder surplus. Premium volume declined as a result of the
COVID-19 pandemic, caused by a decrease in demand in the commercial
auto program, Echelon's primary line of business. Subsequently, the
company has stopped writing commercial auto in Illinois in an
effort to improve profitability. While the parent continues to
support the company with the aforementioned capital contribution
and on-going operational support, AM Best expects Echelon's results
to remain volatile, which will continue to place pressure on
balance sheet strength.
EVCO HOMES: HPA U82 Buying Hutto Property for $230K Cash
--------------------------------------------------------
Evco Homes, LLC, asks the U.S. Bankruptcy Court for the Western
District of Texas to authorize the sale of the real property and
improvements described as 100 Hague Street, Hutto, Texas to HPA
U82, LLC for $230,000, cash, on the terms of their Residential
Contract.
The real property is subject to mortgage lien to Housemax Funding,
LLC in the approximate amount of $153,000. The Debtor scheduled
the real property with a value in the amount of $205,000.
The Debtor believes that the proposed sale of the real property to
the Buyer for the cash sales price in the amount of $230,000
represents a fair price for the real property. It has been using
its best efforts to sell the real property, which will generate
cash it needs going forward with its confirmed Plan (Subchapter V).
The sale is scheduled to close by Dec. 31, 2002.
The Debtor believes that the proposed sale of the real property
generates a reasonable value based upon the asset proposed to be
sold and its marketability under the circumstances of the case. It
has filed the Motion to Sell in good faith, and such sale is in the
best interest of the Debtor and its creditors.
The Debtor plans on using the sales proceeds to assist it with
compliance of the terms of its recently confirmed (Dec. 7, 2020)
Plan.
The Debtor is asking that the sale of the real property to the
Buyer be free and clear of all liens, claims and encumbrances. The
existing liens of creditors (ad valorem taxes, Housemax, etc.) will
automatically attach to the sale proceeds based upon existing
pre-petition lien priority.
The Debtor owes ad valorem taxes up to the date of closing, as well
as other normal closing costs (including real estate commissions),
all of which are authorized to be paid in full directly from
closing. The mortgage lien to Housemax will also be paid in full
directly at closing. All excess sales proceeds will be forwarded
to the Debtor for future use under the terms of its Plan.
A copy of the Contract is available at https://tinyurl.com/y4rsssv6
from PacerMonitor.com free of charge.
About Evco Homes
EVCO Homes LLC sought Chapter 11 protection (Bankr. W.D. Tex. Case
No. 20-51049) on June 1, 2020. The petition was signed by Misha
McCauley, the Debtor's managing member. At the time of the filing,
Debtor disclosed assets of $1 million to $10 million and
liabilities of the same range. Judge Ronald B. King oversees the
case. Langley & Banack, Inc., is the Debtor's counsel. Guerra
Days Law Group, PLLC, is special counsel.
EVEREST HOTEL: Hires Marcus & Millichap as Real Estate Broker
-------------------------------------------------------------
The Everest Hotel Group, LLC, seeks authority from the U.S.
Bankruptcy Court for the Northern District of New York to employ
Marcus & Millichap, Inc., as real estate broker to the Debtor.
Everest Hotel requires Marcus & Millichap to assist in marketing
the Debtor's two (2) hotels and one (1) Perkins restaurant. The
Firm will also assist in negotiating the terms and conditions of
the sale with the purchaser, and in facilitating the sale of the
Property.
Marcus & Millichap will be paid a commission of 5% of the sales
price.
Alex K. Fifner, partner of Marcus & Millichap, Inc., assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Marcus & Millichap can be reached at:
Alex K. Fifner
Marcus & Millichap, Inc.
5005 Rockside Road, Suite 800
Independence, OH 44131
Tel: (216) 264-2000
About The Everest Hotel Group
The Everest Hotel Group, LLC, is a part of the motels, hotels, and
resort industry.
The Everest Hotel Group, based in Apalachin, NY, filed a Chapter 11
petition (Bankr. N.D.N.Y. Case No. 20-31222) on Dec. 1, 2020. In
its petition, the Debtor disclosed $2,550,265 in assets and
$7,472,633 in liabilities. The petition was signed by Khanzada
Amin Khan, sole & managing member.
HARRIS BEACH PLLC, serves as bankruptcy counsel to the Debtor.
EVEREST HOTEL: Seeks to Hire Harris Beach as Counsel
----------------------------------------------------
The Everest Hotel Group, LLC, seeks authority from the U.S.
Bankruptcy Court for the Northern District of New York to employ
Harris Beach PLLC, as counsel to the Debtor.
Everest Hotel requires Harris Beach to:
a. assist in the negotiations with all creditors, including
secured creditors;
b. assist in the examination of liens against real and
personal property;
c. advise the Debtor of its powers and duties as debtor-in-
possession;
d. advise the Debtor regarding matters of bankruptcy law;
e. negotiate with creditors;
f. advise and assist the Debtor with preparing a plan
contemplating the sale of the Property, and obtaining
confirmation of the same;
g. prepare and file on behalf of the Debtor all necessary
applications, motions, orders, reports, complaints, answers
and other pleadings and documents in the administration of
the estates herein;
h. take all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on
the Debtor's behalf, the defense of any actions commenced
against the Debtor, negotiations in connection with any
litigation in which the Debtor is involved, and objections
to claims filed against the Debtor's estate;
i. advise the Debtor concerning and assisting in the
negotiation and documentation of, cash collateral orders
and related transactions;
j. provide counseling and representation with respect to
assumption or rejection of executory contracts and leases,
sales of assets and other bankruptcy-related matters
arising from these Bankruptcy Case;
k. render advice with respect to general corporate and
litigation issues relating to this case, including, but not
limited to, securities, corporate finance, labor,
intellectual property, tax and commercial matters; and
l. perform all other pertinent and required representation in
connection with the provisions of the Bankruptcy Code.
Harris Beach will be paid at these hourly rates:
Attorneys $300 to $375
Paralegals $125
Harris Beach had $6,000 in trust that would be applied to the
$1,717 filing fee and $4,283 toward the fees incurred in the time
leading up to the filing. In order to facilitate the filing and
subsequent sale and/or plan process, Harris Beach has agreed to
reduce the balance of the Debtor's pre-petition fees to $9,999 in
accordance with the Small Business Reorganization Act of 2019,
which that will be paid from the Harris Beach Carve Out. The
balance of $30,001 of the Harris Beach Carve Out will be available
to apply to post-petition court approved fees. The balance of the
pre-petition attorneys' fees owed from the Debtor will be waived.
Harris Beach will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Wendy A Kinsella, partner of Harris Beach PLLC, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Harris Beach can be reached at:
Wendy A Kinsella, Esq.
HARRIS BEACH PLLC
333 W. Washington Street
Syracuse, NY 13202
Tel: (315) 214-2012
E-mail: wkinsella@harrisbeach.com
About The Everest Hotel Group
The Everest Hotel Group, LLC, is a part of the motels, hotels, and
resort industry.
The Everest Hotel Group, based in Apalachin, NY, filed a Chapter 11
petition (Bankr. N.D.N.Y. Case No. 20-31222) on Dec. 1, 2020. In
its petition, the Debtor disclosed $2,550,265 in assets and
$7,472,633 in liabilities. The petition was signed by Khanzada
Amin Khan, sole & managing member.
HARRIS BEACH PLLC, serves as bankruptcy counsel to the Debtor.
FAITH CATHEDRAL: Hires Jason Ward Law as Counsel
------------------------------------------------
Faith Cathedral Look Up and Live Ministries, Inc., seeks authority
from the U.S. Bankruptcy Court for the District of South Carolina
to employ Jason Ward Law, LLC, as counsel to the Debtor.
On August 24, 2020, the law firm of Pohl, P.A., filed an
application for employment. On September 3, 2020, the U.S. Trustee
filed an objection to the Phol, P.A.'s application for employment.
A hearing was held on the matter on October 6, 2020. By Order
entered on October 8, 2020, the Court denied Pohl P.A.'s
application to be employed as the Debtor's Counsel. The Court's
Order required the Debtor to find new counsel. The Debtor hires
Jason Ward Law, as counsel.
Faith Cathedral requires Jason Ward Law to:
(a) assist in the preparation or amendment of schedules and
representation in contested matters and adversary
proceedings;
(b) assist in the preparation of a plan of reorganization and
disclosure statement; and
(c) perform other matters which may arise during the
administration of Debtor's Chapter 11 case.
The firm's standard hourly rates are as follows:
Attorneys $250
Paralegals $80
The Debtor has previously paid Pohl, P.A. the amount of $10,00 as
retainer. The parties have agreed that Pohl, P.A. will forward that
$10,000 retainer to Jason Ward Law will.
Jason Ward Law will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jason M. Ward, partner of Jason Ward Law, LLC, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Jason Ward Law can be reached at:
Jason M. Ward, Esq.
JASON WARD LAW, LLC
217 E. Park Avenue
Greenville, SC 29601
Tel: (864) 233-4566
E-mail: Jason@wardlawsc.com
About Faith Cathedral Look Up
and Live Ministries
Faith Cathedral Look Up and Live Ministries, Inc., a tax-exempt
religious organization based in Piedmont, S.C., filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D.S.C. Case No. 20-03333) on Aug. 24, 2020. Jenette Cureton,
assistant administrator, signed the petition. At the time of the
filing, the Debtor disclosed $1 million to $10 million in both
assets and liabilities. Judge Helen E. Burris oversees the case.
Robert Pohl, Esq., at POHL, P.A., serves as Debtor's legal counsel
which was substituted by Jason Ward Law, LLC, as counsel.
FIBERCORR MILLS: Dec. 28 Auction of Substantially All Assets Set
----------------------------------------------------------------
Judge Russ Kendig of the U.S. Bankruptcy Court for the Northern
District of Ohio authorized the bidding procedures proposed by
Fibercorr Mills, LLC and its affiliates in connection with the sale
of substantially all assets of Fibercorr and Cherry Springs of
Massillon II, LLC to Green Shield Limited, L.L.C. or its designee
for $5.1 million, subject to higher and better offers.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: No later than noon (EST) on Dec. 23, 2020
b. Initial Bid: At least $150,000 greater than the Stalking
Horse Bid
c. Deposit: $100,000
d. Auction: The Auction Sale will be conducted virtually by
video conference commencing at 10:00 a.m. (EST) on Dec. 28, 2020.
e. Bid Increments: $25,000. Any successive bid by the
Stalking Horse Bidder may include a credit bid of $95,000,
reflecting the amount of the Breakup Fee
f. Sale Hearing: Dec. 30, 2020 at 10:00 a.m. (ET)
g. Break-Up Fee: $95,000
h. Any secured party wishing to credit bid its claim must file
a notice of its intent to credit bid, and serve such notice so as
to be received by the Debtors' counsel, no later than noon, Dec.
23, 2020.
The sale will be free and clear of liens, claims, encumbrances, and
interests.
The form of notice is approved.
A copy of the Bidding Procedures is available at
https://tinyurl.com/y6oqvvr7 from PacerMonitor.com free of charge.
About Fibercorr Mills
FiberCorr Mills is a Massillon-based manufacturer of corrugated
cardboard products. The Shew family bought the FiberCorr business
from Georgia-Pacific in February 2000. Cherry Springs of
Massillon
II is the owner of real property consisting of FiberCorr's business
premises. Shew Industries, LLC is the parent company of the other
debtors. Visit http://www.fibercorr.comfor more information.
Fibercorr Mills and its affiliates filed Chapter 11 petitions
(Bankr. N.D. Ohio Lead Case No. 20-61029) on June 17, 2020. At the
time of the filing, Fibercorr Mills had estimated assets of between
$1 million and $10 million and liabilities of between $1 million
and $10 million.
Judge Russ Kendig oversees the case.
The Debtors tapped Anthony J. Degirolamo, Attorney At Law as their
bankruptcy counsel; and The Phillips Organization as their
financial advisor.
The U.S. Trustee for Region 9 appointed a committee to represent
unsecured creditors in Debtors' Chapter 11 cases. The committee is
represented by Lewis Brisbois Bisgaard & Smith, LLP.
FIRST FLORIDA: No Decline in Medical Care, 7th PCO Report Says
--------------------------------------------------------------
Michael Phillips, patient care ombudsman for First Florida Living
Options, LLC, filed a seventh report for the period of October 7,
2020, through December 1, 2020, concerning the quality of resident
care provided to the Debtor's residents.
During the observation period, the PCO conducted remote or
telephonic interviews with the administrators, directors of
nursing, financial officer, and residents of the Debtor's
facilities due to the Coronavirus (COVID-19) pandemic.
According to the PCO, there is no indication that the residents'
medical care is being neglected at either the nursing home or
nursing facility.
The PCO further disclosed that the nursing facility's personal
protective equipment (PPE) is stable and that the nursing home
plans to use its own pharmacy when COVID vaccines are available.
A full-text copy of the Seventh Report is available at
https://bit.ly/2W8FnVR from PacerMonitor.com for free.
About First Florida Living Options
First Florida Living Options LLC, formerly known as Surrey Place of
Ocala, conducts its business under the names Hawthorne Health and
Rehab of Ocala, Hawthorne Village of Ocala and Hawthorne Inn of
Ocala. The company is based in Ocala, Fla.
First Florida Living Options filed a Chapter 11 petition (Bankr.
M.D. Fla. Case No. 19-02764) on July 22, 2019. The petition was
signed by John M. Crock, vice president of Florida Living Options.
The Debtor was estimated to have $1 million to $10 million in both
assets and liabilities as of the bankruptcy filing.
Judge Jerry A. Funk oversees the case.
Johnson Pope Bokor Ruppel & Burns, LLP, is the Debtor's bankruptcy
counsel.
Michael Phillips has been appointed as patient care ombudsman.
FLUSHING LANDMARK: Kravit Partners Represents Sanford, 8 Others
---------------------------------------------------------------
In the Chapter 11 cases of MYINT KYAW a/k/a Jeffrey Wu, Victoria
Towers Development Corp., Victoria Towers Development Mezz Corp.,
Flushing Landmark Realty Mezz LLC, Lucky Star-Deer Park Mezz LLC,
Lucky Star-Deer Park LLC, Flushing Landmark Realty LLC and Queen
Elizabeth Realty Corp., the law firm of Kravit Partners, LLC
submitted a verified statement under Rule 2019 of the Federal Rules
of Bankruptcy Procedure, to disclose that it is representing the
following parties:
a. Sanford Avenue Partner LLC, 34-30 Collins Place, Flushing,
NY 11354;
b. Xizhu Bai, 2 Arbor Fields Ct., Old Westbury, NY 11568;
c. W & L Group Construction Inc., 34-28 Collins Place,
Flushing, New York 11354;
d. Meng Hua Wang, 10 St. Andrews Court, Old Westbury, NY
11568;
e. Zhen En Lin, 133-38 Sanford Avenue, 5F, Flushing, New York
11355;
f. Xing Mei Ni, 133-38 Sanford Avenue, 6F, Flushing, New York
11355;
g. Liang Wen Pan, 133-38 Sanford Avenue, 15D, Flushing, New
York 11355;
h. Hui Lin, 133-38 Sanford Avenue, 15B, Flushing, New York
11355; and
i. Qui Hui Lin, 133-38 Sanford Avenue, 15E, Flushing, New
York 11355.
The Parties may hold claims against the Debtors arising out of
certain agreements, law, or equity specific to the respective
Parties and their relationships with the Debtors. The claims of the
Parties may include, but are not necessarily limited to, secured
claims, unsecured claims, and administrative claims. Each Party is
preparing to state the nature and amount of their claim against the
Debtors in their respective proof of claim, to be filed by the
applicable deadline.
Based upon information provided to KPL by each of Sanford Avenue
Partner LLC, Xizhu Bai, W & L Group Construction Inc., Meng Hua
Wang, Zhen En Lin, Xing Mei Ni, Liang Wen Pan, Hui Lin, and Qui Hui
Lin, attached hereto as Exhibit A is a brief description of the
nature and amount of currently understood disclosable economic
interests of each of the Parties in relation to the Debtors.
Sanford Avenue Partner, LLC
34-30 Collins Place
Flushing, NY 11354
* Nature of Claim: Purchase of Note/ Mortgage Loan/ Guaranty
* Amount: Approximately $40 Million
Xizhu Bai
2 Arbor Fields Ct.
Old Westbury, NY 11568
* Nature of Claim: Judgments/Purchase Agreements/Settlement
Agreement
* Amount: Unknown at this time
W & L Group Construction Inc.
34-28 Collins Place
Flushing, New York 11354
* Nature of Claim: Work Performed/Loan/Construction Lien/Guaranty
* Amount: Unknown at this time
Meng Hua Wang
10 St. Andrews Court
Old Westbury, NY 11568
* Nature of Claim: Loans to Victoria Towers or affiliated
entity/Purchase of Units
* Amount: Unknown at this time
Zhen En Lin
133-38 Sanford Avenue, 5F
Flushing, New York 11355
* Nature of Claim: Loans to Victoria Towers or affiliated
entity/Purchase of Units
* Amount: Unknown at this time
Xing Mei Ni
133-38 Sanford Avenue, 6F
Flushing, New York 11355
* Nature of Claim: Loans to Victoria Towers or affiliated
entity/Purchase of Units
* Amount: Unknown at this time
Liang Wen Pan
133-38 Sanford Avenue, 15D
Flushing, New York 11355
* Nature of Claim: Loans to Victoria Towers or affiliated
entity/Purchase of Units
* Amount: Unknown at this time
Hui Lin
133-38 Sanford Avenue, 15B
Flushing, New York 11355
* Nature of Claim: Loans to Victoria Towers or affiliated
entity/Purchase of Units
* Amount: Unknown at this time
Qui Hui Lin
133-38 Sanford Avenue, 15E
Flushing, New York 11355
* Nature of Claim: Loans to Victoria Towers or affiliated
entity/Purchase of Units
* Amount: Unknown at this time
The pertinent facts and circumstances in connection with the
engagement of KPL is that each Party has separately requested KPL
to serve as its counsel in connection with these chapter 11 cases.
At the time of the engagement of KPL by the Parties, KPL did not
have any claims against the Debtors or interests in the Debtors.
The information contained herein is based upon information provided
by Sanford Avenue Partner LLC, Xizhu Bai, W & L Group Construction
Inc., Meng Hua Wang, Zhen En Lin, Xing Mei Ni, Liang Wen Pan, Hui
Lin, and/or Qui Hui Lin, respectively, to KPL and is provided for
the purposes of complying with Bankruptcy Rule 2019 and is not
intended for any other use or purpose, and is subject to change.
KPL reserves the right to amend this Verified Statement as may be
necessary in accordance with the requirements set forth in
Bankruptcy Rule 2019. The undersigned hereby verifies that this
Verified Statement is true and accurate to the best of the
undersigned's knowledge and belief.
The Firm can be reached at:
KRAVIT PARTNERS, LLC
Margarita Y. Ginzburg, Esq.
79 Madison Avenue, 2nd Floor
New York, NY 10016
Tel: 212-252-0550
Email: mginzburg@kravit.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3oSHBou
About Flushing Landmark Realty
Flushing Landmark Realty LLC is primarily engaged in renting and
leasing real estate properties. The Company is the owner of fee
simple title to a commercial building located at 41-60 Main
Street,
Flushing, New York.
Flushing Landmark Realty LLC filed a voluntary petition for relief
under chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
20-73302) on Oct. 30, 2020. In the petition signed by Myint J.
Kyaw, principal, the Debtor estimated $353,831 in total assets and
$97,476,811 in total liabilities. Fred S. Kantrow, Esq. at ROSEN &
KANTROW, PLLC. represents the Debtor.
GARRETT MOTION: Jones Day 2nd Update on List of Shareholders
------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Jones Day submitted a second amended verified
statement to update its list of Shareholders that it is
representing in the Chapter 11 cases of Garrett Motion Inc., et
al.
In September 2020, certain Shareholders retained Jones Day to
advise them following Garrett Motion's August 26, 2020 announcement
that it was exploring alternatives for a balance sheet
restructuring. The Shareholders beneficially own, or manage or
advise funds and/or accounts that beneficially own disclosable
economic interests in relation to the Debtors. On September 28,
2020, Jones Day filed its Verified Statement of Jones Day Pursuant
to Federal Rule of Bankruptcy Procedure 2019 [ECF 97]. On October
22, 2020, Jones Day filed its First Amended Verified Statement of
Jones Day Pursuant to Federal Rule of Bankruptcy Procedure 2019
[ECF 266].
As of Dec. 9, 2020, each Shareholder and their disclosable economic
interests are:
Attestor Value Master Fund LP
PO Box 309
Ugland House
Grand Cayman
KY1-1104
Cayman Islands
* Equity Interests: 3,147,970 shares
The Baupost Group, L.L.C.
10 St. James Ave., Suite 1700
Boston, MA 02116
* Equity Interests: 3,575,000 shares
Cyrus Capital Partners, L.P.
65 East 55th Street, Floor 35
New York, NY 10022
* Term Loan B Obligations: $7,000,000
* Senior Note Obligations: €15,379,000
* Equity Interests: 10,220,254 shares
Hawk Ridge Master Fund, LP
12121 Wilshire Blvd., Suite 900
Los Angeles, CA 90025
* Equity Interests: 2,336,564 shares
IngleSea Capital
7800 Red Rd., #308
Miami, FL 33143
* Senior Note Obligations: €2,185,000
* Equity Interests: 300,000 shares
Keyframe Capital Partners, L.P.
65 East 55th Street, Floor 35
New York, NY 10022
* Senior Note Obligations: €6,621,000
* Equity Interests: 1,506,050 shares
Newtyn Management, LLC
60 East 42nd Street, 9th Floor
New York, NY 10165
* Equity Interests: 1,655,000 shares
Sessa Capital (Master), L.P.
888 7th Ave 30th floor
New York, NY 10106
* Equity Interests: 6,912,204 shares
Whitebox Multi-Strategy Partners, L.P.
3033 Excelsior Blvd., Suite 500
Minneapolis, MN 55416
* Equity Interests: 750,000 shares
Jones Day submits this Second Amended Statement in an abundance of
caution and without conceding that Bankruptcy Rule 2019 applies.
Jones Day does not represent the Shareholders as a "committee" and
does not undertake to represent the interests of, and is not a
fiduciary for, any other creditor, party in interest or other
entity. In addition, as of the date of this Second Amended
Statement, no Shareholder represents or purports to represent any
other entity in connection with these chapter 11 cases.
Jones Day reserves the right to amend or supplement this Second
Amended Statement in accordance with the requirements of Bankruptcy
Rule 2019 with any additional information that may become
available.
Counsel for Certain Shareholders of Garrett Motion Inc. can be
reached at:
JONES DAY
Anna Kordas, Esq.
250 Vesey Street
New York, NY 10281
Telephone: (212) 326-3939
Facsimile: (212) 755-7306
E-mail: akordas@jonesday.com
- and -
JONES DAY
Bruce Bennett, Esq.
Joshua M. Mester, Esq.
James O. Johnston, Esq.
555 S. Flower St., 50th Floor
Los Angeles, CA 90071
Telephone: (213) 489-3939
E-mail: bbennett@jonesday.com
jmester@jonesday.com
jjohnston@jonesday.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/37YcxNw
About Garrett Motion
Based in Switzerland, Garrett Motion Inc. (NYSE: GTX) designs,
manufactures and sells highly engineered turbocharger and
electric-boosting technologies for light and commercial vehicle
original equipment manufacturers ("OEMs") and the global vehicle
and independent aftermarket.
Garrett Motion and its affiliates sought Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 20-12212) on Sept. 20, 2020.
Garrett disclosed $2,066,000,000 in assets and $4,169,000,000 in
liabilities as of June 30, 2020.
The Debtors tapped SULLIVAN & CROMWELL LLP as counsel; QUINN
EMANUEL URQUHART & SULLIVAN LLP as co-counsel; PERELLA WEINBERG
PARTNERS as investment banker; MORGAN STANLEY & CO. LLC as
investment banker; and ALIXPARTNERS LLP as restructuring advisor.
KURTZMAN CARSON CONSULTANTS LLC is the claims agent.
GEORGE ANDREW SPRAGUE: Selling 1% Interest in Gas Holdings for $48K
-------------------------------------------------------------------
George Andrew Sprague asks the U.S. Bankruptcy Court for the
Western District of Kentucky to authorize the sale of his 1%
membership interest in GAS holdings, LLC to GAS Holdings for
$48,000, free and clear of all liens, claims, interest and
encumbrances.
The Debtor is a farmer and surveyor with his residence and
principal place of business in Morganfield, Union County, Kentucky.
Prepetition, he owned a 1% membership interest in GAS Holdings
which was organized in February 2011. Prepetition, the Debtor was
also the manager of GAS Holdings. The other 99% interest in GAS
Holdings were owned by the Debtor's three children in equal shares
of 33 1/3% each.
Upon filing of the petition, the Debtor resigned and was removed as
manager of GAS Holdings. John Miller was appointed the manager by
the remaining members. The Debtor then entered into a contract
with GAS Holdings to provide services to the Company including
continuing with the farming operations which are part of Sprague
Brothers Farms.
GAS Holdings owns interest in other limited liability companies and
partnerships, specifically:
a. A 48% interest in William Sprague holdings, LLC, a Georgia
limited liability originally organized by the Debtor's father in
1997.
b. A 33.33% interest in Sprague Brothers Farms, a Kentucky
general partnership acquitted on Jan. 1, 2015;
c. A 50% interest in Sprague & Miller Holdings, LLC, a
Kentucky limited liability company organized in 1998;
d. A 50% interest in Peabody Properties, LLC, a Kentucky
limited liability company organized in 2001; and
e. 100% interest in real estate located at 311 S. Morgan St.,
Morganfield Kentucky, acquired in May 2018.
Exhibit A is a balance sheet prepared by the Debtor and his counsel
with a list of the holdings of GAS Holdings and an estimate as to
the value of the assets held by each of the individual entities.
The Debtor has not obtained appraisals of these assets other than
the real estate located at 311 S. Morgan Street which was appraised
for $310,500.
GAS Holdings adopted an Operating Agreement. A number of the
provisions of the Operating Agreement impact the management and
transferability of a membership interest in the Company.
On Nov. 30, 2020, the Debtor received a proposal to purchase his
interest in GAS Holdings from the company for the sum of $48,000.
As the Proposal states, the Company has taken into consideration
the lack of control, marketability and transferability of the
Debtor's interest in discounting the proposed purchase price from
the balance sheet amount listed in Exhibit A. Pursuant to the
Operating Agreement, the Company has the right to purchase for
"fair market value" which would entitle to the offeror to take
discounts for lack of marketability and lack of control.
Any third-party purchaser of the Debtor's interest would not have
any assurance that it would be admitted as a member of the Company;
would be subject to the restrictions on the transfer of the
Company; would not have any right to manage the Company and would
not necessarily be entitled to any distributions which are left in
the sole discretion of the Manager.
The sale of the Debtor's membership interest will allow him to
receive cash value of his interest which the Debtor will proposed
paid to the creditors under the proposed Plan of Reorganization.
He believes that the purchase price expressed in the Proposal
represents a fair value for the Membership Interest.
Finally, Federal Rule of Bankruptcy Procedure 6004(h) provides that
any order approving a sale of property other than cash collateral
is stayed for a period of 14 days.
The Debtor respectfully ask that the Court enters an order
authorizing a sale of his 1% membership interest in gas holdings,
with the proceeds to be distributed pursuant to a confirmed Plan of
Reorganization or as otherwise ordered by the Court.
A copy of the Exhibit A and the Agreement is available at
https://tinyurl.com/y6hdsvru from PacerMonitor.com free of charge.
George Andrew Sprague sought Chapter 11 protection (Bankr. W.D. Ky.
Case No. 20-40566) on Sept. 13, 2017. The Debtor chose to proceed
as a small business debtor pursuant to Subchapter V of Chapter 11.
Elizabeth Zachem Woodward has been appointed as the Subchapter V
Trustee.
GTT COMMUNICATIONS: Chief Financial Officer Steven Berns Steps Down
-------------------------------------------------------------------
Steven Berns has stepped down from his role as chief financial
officer of GTT Communications, Inc. The company has appointed
Donna Granato, previously senior vice president of finance, as
interim chief financial officer.
Mr. Berns has agreed to remain available as a resource for the
company through Jan. 31, 2021.
GTT Interim CEO Ernie Ortega said, "We greatly appreciate Steven's
partnership, expertise, leadership and many contributions
navigating GTT through this critical time. We thank Steven for his
dedication to GTT and his support through the transition. I wish
him the best in his future endeavors.
"We are very fortunate and pleased to have Donna provide her
expertise and leadership in the role of interim Chief Financial
Officer. Having worked with Mr. Berns for many years, Donna has
been an integral member of GTT's finance team since her arrival in
June 2020. Her appointment will ensure that we continue to provide
exceptional service to our valued customers, employees, vendors and
investors.
"We are confident that Donna's leadership will be invaluable as we
work towards closing the sale of GTT's infrastructure division to I
Squared Capital. We remain in ongoing advanced discussions
regarding incremental financing to satisfy our liquidity needs."
Ms. Granato will report to Mr. Ortega.
In connection with Ms. Granato's appointment, the Company entered
into an employment agreement with Ms. Granato on Dec. 6, 2020,
effective Dec. 7, 2020, relating to her services with the Company.
The Employment Agreement provides for an initial base salary of
$460,000 per annum, which is subject to review and adjustment not
less than annually and provides that Ms. Granato will be eligible
for certain employee benefits. Ms. Granato's previously granted
equity award will remain outstanding and vest in accordance with
its original terms. For the 2020 calendar year, Ms. Granato will
receive an annual bonus equal to $66,543.
About Donna Granato
Donna Granato has held financial and operational roles of
increasing responsibility in such areas as investor relations,
corporate finance and mergers and acquisitions. She has deep media
and communications experience, having worked at CBS, Viacom,
Tribune Company, Interpublic Group, MDC Partners and Omnicom. She
also spent two years as a media investment banker at Salomon Smith
Barney. Ms. Granato is a certified public accountant. She
graduated from Rider University's undergraduate accounting program
and earned an MBA from New York University.
About GTT
GTT Communications operates a Tier 1 internet network and owns a
fiber network that includes an expansive pan-European footprint and
subsea cables. The Company's global network includes over 600
unique points of presence ("PoPs") spanning six continents, and the
Company provides services in more than 140 countries.
GTT reported a net loss of $105.9 million for the year ended Dec.
31, 2019, a net loss of $243.4 million for the year ended Dec. 31,
2018, and a net loss of $71.5 million for the year ended Dec. 31,
2017. As of March 31, 2020, the Company had $4.74 billion in total
assets, $4.54 billion in total liabilities, and $196.8 million in
total stockholders' equity.
* * *
As reported by the TCR on Sept. 22, 2020, S&P Global Ratings
retained all ratings on U.S.-based internet protocol (IP) network
operator GTT Communications Inc. (GTT), including the 'CCC+'
issuer
credit rating, on CreditWatch with negative implications.
Also in September, 2020, Fitch Ratings downgraded the Long-term
Issuer Default Rating (IDR) of GTT Communications, Inc. (GTT) and
GTT Communications BV to 'CCC' from 'B-'. The rating action follows
the company's announcement that it received a notice of default on
Sept. 2, 2020 from holders representing 25% or more of outstanding
principal ($575 million) of the company's senior
unsecured notes, due to its noncompliance with a reporting covenant
under the notes indenture that required the company to file 2Q20
financials within the stated time frame (allowing for extensions).
HELIUS MEDICAL: To Request a Hearing on Delisting Determination
---------------------------------------------------------------
As previously disclosed, on March 23, 2020, Helius Medical
Technologies, Inc., received notice from the Listing Qualifications
Staff of The Nasdaq Stock Market LLC that the bid price for the
Company's common stock had closed below $1.00 per share for the
prior 30-consecutive business day period and that the Company had
been granted a 180-day grace period, through Sept. 21, 2020, to
regain compliance with Nasdaq Marketplace Rule 5550(a)(2).
Thereafter, on April 17, 2020, the Company received an additional
notice from the Staff indicating that Nasdaq had temporarily stayed
enforcement of the Minimum Bid Price Rule through June 30, 2020
and, accordingly, the 180-day grace period applicable to the
Company would not expire until Dec. 3, 2020.
On Dec. 4, 2020, the Company received notice from the Staff
indicating that the Company was not eligible for an additional 180
day extension to meet the Minimum Bid Price Rule. As a result, the
Staff determined that the Company's securities would be subject to
delisting unless the Company timely requests a hearing before the
Nasdaq Hearings Panel. The Company intends to timely request a
hearing before the Panel, which request will stay any further
delisting action by the Staff.
The Company intends to present a detailed plan to evidence
compliance with the Minimum Bid Price Rule for the Panel's
consideration; however, there can be no assurance that the Panel
will grant the Company's request for continued listing or that the
Company will be able to evidence compliance with the Minimum Bid
Price Rule within the period of time that may be granted by the
Panel.
About Helius Medical
Helius Medical Technologies -- http://www.heliusmedical.com/-- is
a neurotech company focused on neurological wellness. The
Company's purpose is to develop, license and acquire unique and
non-invasive platform technologies that amplify the brain's ability
to heal itself. The Company's first product in development is the
Portable Neuromodulation Stimulator (PoNSTM).
Helius Medical reported a net loss of $9.78 million for the year
ended Dec. 31, 2019, compared to a net loss of $28.62 million for
the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company
had $6.03 million in total assets, $2.83 million in total
liabilities, and $3.19 million in total stockholders' equity.
BDO USA, LLP, in Philadelphia, Pennsylvania, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated March 12, 2020 citing that the Company has incurred
substantial net losses since its inception, has an accumulated
deficit of $104.8 million as of Dec. 31, 2019 and the Company
expects to incur further net losses in the development of its
business. These conditions raise substantial doubt about its
ability to continue as a going concern.
HENRY FORD: Seeks Approval to Tap FTI, Appoint CRO
--------------------------------------------------
Henry Ford Village, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Michigan to employ FTI
Consulting, Inc. and designate Chad Shandler as chief restructuring
officer.
Mr. Shandler and other FTI professionals will perform these
services:
(a) Lead efforts to facilitate the Debtor's restructuring
efforts;
(b) Approve all aspects of cash receipts and disbursements;
(c) Direct the preparation of a rolling 13-week cash flow
projection and analyze historical cash disbursements and receipts
and results of operation to determine the reasonableness of
projected cash flows and short-term cash needs;
(d) Direct the preparation of a multi-year financial
projection and analyze historical results of operations to
determine the reasonableness of forecasted results;
(e) Ensure that the Debtor can prepare timely and accurate
monthly or weekly financial and operating data to assist in
improving the visibility of the quantitative results of the
operations of the Debtor in order to assist in improving decision
making;
(f) Develop an action plan and discuss with the board,
counsel, creditors or governmental authorities, as instructed by
the board;
(g) Assist in the assembly of financial information to be
issued relating to the sales of assets and business as required;
(h) Attend meetings with management, the board, counsel,
creditors, governmental authorities and other parties, as
necessary;
(i) Communicate with creditors and governmental authorities
(the general direction for which will be determined by the board);
(j) Develop strategy, including communications, relating to
residents, former residents and vendors;
(k) Determine any debtor-in-possession (DIP) financing
requirements and present cash flows and other diligence information
to potential lenders;
(l) Contingency planning;
(m) Compile and prepare financial information, statements,
schedules and monthly operating reports necessary due to
requirements of the bankruptcy court or Office of the U.S.
Trustee;
(n) Formulate a Chapter 11 plan of reorganization or
liquidation and prepare the corresponding disclosure statement, if
necessary;
(o) Manage and execute reconciliation process involving claims
filed by all creditors;
(p) Provide testimony in the Chapter 11 case as necessary or
appropriate at the Debtor's request; and
(q) Provide other services as directed by the board and
mutually agreed to by FTI.
The Debtor and FTI have agreed to this compensation arrangement:
(i) a monthly, non-refundable advisory fee of $75,000 for the
services of the CRO;
(ii) a completion fee of $200,000 payable; and
(iii) standard hourly rates for the hourly temporary staff
providing services to the Debtor in accordance with these
applicable hourly rates:
Senior Managing Directors $920 - $1,295
Directors/Senior Directors/Managing Directors $690 - $905
Consultants/Senior Consultants $370 - $660
Administrative/Paraprofessionals $150 - $280
In addition, FTI will bill for work-related expenses incurred.
The Debtor forwarded a retainer in the aggregate amount of
$250,000. FTI is currently holding $206,651 of the retainer.
Mr. Shandler, senior managing director at FTI, disclosed in court
filings that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code and does not hold
or represent an interest adverse to the Debtor or its estate.
The firm can be reached through:
Chad J. Shandler
FTI Consulting, Inc.
3 Times Square
New York, NY 10036
Telephone: (212) 841-9349
E-mail: chad.shandler@fticonsulting.com
About Henry Ford Village
Henry Ford Village, Inc. is a non-profit, non-stock corporation
established to operate a continuing care retirement community
located at 15101 Ford Road, Dearborn, Mich. It provides senior
living services comprised of 853 independent living units, 96
assisted living units and 89 skilled nursing beds.
Henry Ford Village sought Chapter 11 protection (Bankr. E.D. Mich.
Case No. 20-51066) on Oct. 28, 2020. In the petition signed by CRO
Chad Shandler, Henry Ford Village was estimated to have $50 million
to $100 million in assets and $100 million to $500 million in
liabilities.
The Hon. Mark A. Randon is the case judge.
The Debtor tapped Dykema Gossett PLLC as its legal counsel and FTI
Consulting, Inc., as its financial advisor. Kurzman Carson
Consultants, LLC is the claims agent.
HOLLISTER CONSTRUCTION: Dec. 17 Hearing on Cash Collateral Use
--------------------------------------------------------------
Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the
District of New Jersey will hold a hearing December 17, 2020, at
10:00 a.m., to consider Hollister Construction Services LLC's
continued use of cash collateral on an interim basis.
In seeking to use cash collateral, the Debtor said it does not have
sufficient unencumbered cash or other assets to continue to operate
its business during the Chapter 11 Case or to effectuate a
reorganization. The Debtor will be immediately and irreparably
harmed if it is not immediately granted the continued authority to
use PNC's Cash Collateral in order to permit, among other things,
the continuation of its business, the ability to fund payroll and
other taxes, the maintenance of their relations with vendors and
suppliers, satisfaction of their working capital needs, as well as
the ability to pay for inventory, supplies, overhead, insurance and
other necessary expenses and pay any statutory fees pursuant to 28
U.S.C. section 1930(a)(6).
As of the Petition Date, the outstanding principal amount of the
obligations owing by the Debtor to PNC under and in connection with
the Prepetition Line of Credit was $14,000,000, together with all
accrued interest, charges, fees, costs and expenses which, in the
aggregate, totaled at least $14,012,345.53 as of the Petition Date.
As of the Petition Date, the outstanding principal amount of the
obligations owing by the Debtor to PNC under and in connection with
the Prepetition Term Loan was $1,306,666.83 together with all
accrued interest, charges, fees, costs and expenses, which, in the
aggregate, totaled at least $1,309,025.57 as of the Petition Date.
In exchange for the Debtor's authorization to use PNC's Cash
Collateral, PNC is entitled to receive adequate protection solely
to the extent of any actual diminution in the value, from and after
the Petition Date, of its interests in the Prepetition PNC
Collateral resulting from the automatic stay and/or from the
Debtor's use, sale or lease of the Prepetition PNC Collateral, or
otherwise during the Chapter 11 Case.
The prior Cash Collateral order provides an aggregate carve-out
from PNC's Pre-Petition Collateral (including Cash Collateral), in
these amounts:
$75,000 Lowenstein Sandler, LLP,
$20,000 for Committee professionals, and
$12,000 for Prime Clerk.
To the extent not already funded, the Carve-Out will be funded into
the applicable professional fee escrow accounts.
The Court's December 10 order provides for an Additional Carve-Out
for the week ending December 18, 2020, which shall be equal to
$25,000 -- $20,000 Lowenstein Sandler, LLP and $5,000 for Committee
professionals.
The Additional Carve-Out is only payable from Settlement Funds
subject to PNC's lien (and not funds payable to Project Creditors
pursuant to a Settlement Agreement). The Additional Carve-Out
shall be paid to the professionals on a pro rata basis simultaneous
with the reduction of the Debtor's obligations to PNC: (a) at the
rate of 67% of amounts available in the Escrow Account to PNC from
time to time; and (b) at the rate of 33% of amounts available in
the Escrow Account to fund the Additional Carve-Out to
professionals from time to time up to the maximum amount of the
Additional Carve-Out.
About Hollister Construction Services LLC
Hollister Construction Services, LLC -- http://www.hollistercs.com/
-- is a full service commercial construction company with a team of
150+ construction professionals. The Company's specialties include
interior and exterior renovations, building additions, and ground
up construction. Hollister's areas of expertise include the
construction of corporate, education, healthcare, industrial,
retail, and residential projects.
Hollister Construction sought Chapter 11 protection (Bankr. D.N.J.
Lead Case No. 19-27439) on Sept. 9, 2019, in Trenton, New Jersey.
In the petition signed by Brendan Murray, president, the Debtor was
estimated to have $100 million to $500 million in assets and
liabilities of the same range.
The Hon. Michael B. Kaplan oversees the case.
The Debtor tapped Lowenstein Sandler as counsel; SM Law PC, as
special counsel; 10X CEO Coaching, LLC, as restructuring counsel;
and The Parkland Group, Inc., as business consultant. Prime Clerk
serves as claims agent.
PNC Bank is represented by:
James J. Holman, Esq.
DUANE MORRIS LLP
30 South 17th Street
Philadelphia, PA 19103-4196
INNOVATION PHARMACEUTICALS: Signs $5M Securities Purchase Agreement
-------------------------------------------------------------------
Innovation Pharmaceuticals Inc. entered into a securities purchase
agreement with an investor for the sale of an aggregate of 5,089
shares of the Company's newly-created Series B-2 5% convertible
preferred stock, for aggregate gross proceeds of approximately $5.0
million. Under the Securities Purchase Agreement, the Company will
also issue to the investor warrants to purchase up to an additional
10,178 shares of preferred stock. An initial closing relating to
the sale of 3,053 shares of preferred stock and accompanying
warrants occurred on Dec. 9, 2020, and a second closing relating to
the sale of 2,036 shares of preferred stock and accompanying
warrants is expected to occur sixty trading days following the date
of the first closing, subject to the trading price for the
Company's common stock being greater than $0.07 per share and the
value of the daily trading volume for the Company's common stock
being greater than $50,000, in each case for each of the ten
trading days prior to the second closing date, and subject to
satisfaction of customary closing conditions as set forth in the
Securities Purchase Agreement.
The rights and preferences of the preferred stock are set forth in
a Certificate of Designation of Preferences, Rights and Limitations
of Series B-2 5% Convertible Preferred Stock filed with the Nevada
Secretary of State on Dec. 7, 2020. Each share of preferred stock
has an initial stated value of $1,080 and may be converted at any
time at the holder's option into shares of the Company's common
stock at a conversion price equal of the lower of (i) $0.35 per
share on or before Aug. 15, 2021, and $0.50 per share thereafter,
and (ii) 85% of the lowest volume weighted average price of the
Company's common stock on a trading day during the ten trading days
prior to and ending on, and including, the conversion date. The
conversion price may be adjusted following certain triggering
events and subsequent equity sales and is subject to appropriate
adjustment in the event of stock splits, stock dividends,
recapitalization or similar events affecting the Company's common
stock.
The holders of the preferred stock are limited in the amount of
stated value of the preferred stock they can convert on any trading
day. The conversion cap limits conversions by the holders to the
greater of $75,000 and an amount equal to 30% of the aggregate
dollar trading volume of the Company's common stock for the five
trading days immediately preceding, and including, the conversion
date. However, the conversion cap will be increased if the trading
volume in the first 30 minutes of any trading session exceeds
certain trailing average daily volume amounts. In addition, the
holders of the preferred stock may not convert shares of preferred
stock if, after giving effect to the conversion, a holder together
with its affiliates would beneficially own in excess of 9.99% of
the outstanding shares of the Company's common stock.
Following 90 days after the second closing, the Company may elect
to redeem the preferred stock for 120% of the aggregate stated
value then outstanding, plus all accrued but unpaid dividends and
all liquidated damages and other amounts due in respect of the
preferred stock. The Company's right to redeem the preferred stock
is contingent upon it having complied with a number of conditions,
including compliance with its obligations under the Certificate of
Designation. Shares of preferred stock will generally have no
voting rights, except as required by law and except that the
Company shall not take certain actions without the consent of the
holders of the preferred stock.
Each share of preferred stock will be sold together with two
warrants: (i) a Series 1 warrant, which will entitle the holder
thereof to purchase one share of preferred stock at $982.50 per
share, or 5,089 shares of preferred stock in the aggregate for
approximately $5.0 million in aggregate exercise price, for a
period of up to 18 months following issuance, and (ii) a Series 2
warrant, which will entitle the holder thereof to purchase one
share of preferred stock at $982.50 per share, or 5,089 shares of
preferred stock in the aggregate for approximately $5.0 million in
aggregate exercise price, for a period of up to 24 months following
issuance.
Subject to the satisfaction of certain circumstances, the Company
may call for cancellation any or all of the warrants following 90
days after their issuance, for a payment in cash equal to 8% of the
aggregate exercise price of the warrants being called. The
warrants subject to any such call notice will be cancelled ten days
following the Company's payment of the call fee, provided that the
warrant holders have not exercised the warrants prior to
cancellation.
The Company intends to use the net proceeds from the offering for
general corporate purposes, including research and development.
About Innovation Pharmaceuticals
Innovation Pharmaceuticals Inc. (IPIX) -- http://www.IPharmInc.com/
-- is a clinical stage biopharmaceutical company developing a
portfolio of innovative therapies addressing multiple areas of
unmet medical need, including inflammatory diseases, cancer,
infectious disease, and dermatologic diseases.
Innovation Pharmaceuticals reported a net loss of $6.65 million for
the year ended June 30, 2020, compared to a net loss of $8.68
million for the year ended June 30, 2019. As of Sept. 30, 2020,
the Company had $11.69 million in total assets, $7.02 million in
total liabilities, and $4.67 million in total stockholders' equity.
INSPIRED CONCEPTS: Seeks to Hire Glassen Rhead as Special Counsel
-----------------------------------------------------------------
Inspired Concepts, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Michigan to employ Glassen Rhead
McLean Campbell & Schumacher as special counsel.
The Debtor needs the firm's assistance to conduct an independent
review of attorney fee applications submitted by legal counsel for
the Debtor and the unsecured creditors' committee.
The hourly rate of Kevin V.B. Schumacher, Esq., the attorney
responsible for this representation, is $350.
Mr. Schumacher disclosed in court filings that his firm neither
holds nor represents any interest adverse to the Debtor and its
estate in the matters upon which it is to be engaged.
The firm can be reached through:
Kevin V.B. Schumacher, Esq.
Glassen Rhead McLean Campbell & Schumacher
533 South Grand Avenue
Lansing, MI 48933
Telephone: (517) 482-3800
Facsimile: (517) 482-8253
Email: schumacher@glassenrhead.com
About Inspired Concepts
Inspired Concepts LLC, a privately held investment and restaurant
management company in Mt. Pleasant, Mich., sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No.
20-20034) on Jan. 10, 2020.
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.
Judge Daniel S. Oppermanbaycity oversees the case.
The Debtor tapped Wernette Heilman PLLC as its bankruptcy counsel
and Glassen Rhead McLean Campbell & Schumacher as its special
counsel.
INTELSAT SA: Taps Wilson as Special Counsel to Special Committee
----------------------------------------------------------------
Intelsat S.A., and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Eastern District of Virginia to
employ Michael Wilson PLC, as local counsel to render independent
services at the sole direction of the special committee of the
board of directors of Intelsat S.A. (the "Special Committee").
Currently, the Board of Directors of Intelsat S.A. (the "Board of
Directors") includes four disinterested directors (the
"Disinterested Directors"). Pursuant to a resolution dated June 18,
2020, as amended by resolution dated November 6, 2020 (the
"Resolution"), three of the Disinterested Directors have been
appointed to the Special Committee.
The Special Committee has been delegated certain authority, which
includes: (a) the tasks of reviewing, negotiating, evaluating, and
approving strategic transactions (a "Transaction"); and (b) certain
rights, authority, and powers in connection with matters pertaining
to a Transaction which the Special Committee determines in whole or
in part may result in Conflict Matters, as defined in the
Resolution (the "Conflict Matters").
To assist the Special Committee in fulfilling its duties under the
Resolution, Intelsat S.A. has retained the firm of McDonald Hopkins
LLC ("McDonald Hopkins") to render independent services at the sole
direction of the Special Committee and to act with respect to
Conflict Matters.
As such, Intelsat S.A. requests authority to retain the Wilson to
provide such independent legal services as are necessary and
requested by the Special Committee and to act as local counsel to
McDonald Hopkins with respect to the Conflict Matters.
Wilson will be paid at the hourly rate of $395.
Wilson will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Michael G. Wilson, partner of Michael Wilson PLC, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.
Wilson can be reached at:
Michael G. Wilson, Esq.
MICHAEL WILSON PLC
12733 Storrow Rd.
Henrico, VA 23233
Tel: (804) 614-8301
E-mail: mike@mgwilsonlaw.com
About Intelsat S.A.
Intelsat S.A. -- http://www.intelsat.com/-- is a publicly held
operator of satellite services businesses, which provides a diverse
array of communications services to a wide variety of clients,
including media companies, telecommunication operators, internet
service providers, and data networking service providers. The
Company is also a provider of commercial satellite communication
services to the U.S. government and other select military
organizations and their contractors. The Company's administrative
headquarters are in McLean, Virginia, and the Company has extensive
operations spanning across the United States, Europe, South
America, Africa, the Middle East, and Asia.
Intelsat S.A. and its debtor affiliates concurrently filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Va. Lead Case No. 20-32299) on May 13, 2020. The
petitions were signed by David Tolley, executive vice president,
chief financial officer, and co-chief restructuring officer. At the
time of the filing, the Debtors disclosed total assets of
$11,651,558,000 and total liabilities of $16,805,844,000 as of
April 1, 2020.
Judge Keith L. Phillips oversees the cases. The Debtors tapped
Kirkland & Ellis LLP and Kutak Rock LLP as legal counsel; Alvarez &
Marsal North America, LLC as restructuring advisor; PJT Partners LP
as financial advisor & investment banker; Deloitte LLP as tax
advisor; and Deloitte Financial Advisory Services LLP as fresh
start accounting services provider. Stretto is the claims and
noticing agent.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors on May 27, 2020. The committee tapped Milbank LLP and
Hunton Andrews Kurth LLP as legal counsel; FTI Consulting, Inc. as
financial advisor; Moelis & Company LLC as investment banker; Bonn
Steichen & Partners as special counsel; and Prime Clerk LLC as
information agent.
JAGUAR HEALTH: Inks 5th Amendment to Oasis A/C Purchase Agreement
-----------------------------------------------------------------
Jaguar Health, Inc. and its wholly owned subsidiary, Napo
Pharmaceuticals, Inc. have jointly entered into a fifth amendment
to the accounts receivable purchase agreement with Oasis Capital,
LLC, dated May 12, 2020, pursuant to which Oasis agreed to purchase
additional accounts receivable of the Company related to the sales
of the Company's Mytesi drug product to Cardinal Health for the
period of October 13, 2020 through Dec. 2, 2020. The Sixth Tranche
Accounts Receivable has a gross value of $3,810,587, representing
customer billings over a 51-day period.
"We are happy to enter into this additional amendment with Oasis.
Based on the success of the previous five tranches of accounts
receivable financing and the strength of our growing sales of
Mytesi, we have been able to further our strategy of bringing in
non-dilutive capital and striving to become a sustainable, cash
flow positive commercial business," said Lisa Conte, Jaguar's
president and CEO.
Per the terms of the agreement, Oasis will receive a fee of 5.45%
of the $3,810,587.04 Sixth Tranche Accounts Receivable following
their purchase of the Sixth Tranche Accounts Receivable for
$1,619,499.49, an increased percentage of the gross accounts
receivable compared to the April 2020 purchase. As with prior
accounts receivable sales to Oasis, Oasis will return to the
Company any amount that exceeds the sum of the Purchase Price and
the Fee. As with all Mytesi gross sales, the Sixth Tranche
Accounts Receivable will be reduced by Medicare, ADAP 340B
chargebacks, returns, and wholesale distribution fees based on
historical trends to determine net sales.
Under the amendment, Oasis is entitled to a one-time transaction
fee of $5,000.
About Jaguar Health
Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial
stage pharmaceuticals company focused on developing novel,
sustainably derived gastrointestinal products on a global basis.
The Company's wholly owned subsidiary, Napo Pharmaceuticals, Inc.,
focuses on developing and commercializing proprietary human
gastrointestinal pharmaceuticals for the global marketplace from
plants used traditionally in rainforest areas. Its Mytesi
(crofelemer) product is approved by the U.S. FDA for the
symptomatic relief of noninfectious diarrhea in adults with
HIV/AIDS on antiretroviral therapy.
Jaguar reported a net loss of $38.54 million for the year ended
Dec. 31, 2019, compared to a net loss of $32.15 million for the
year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had
$36.23 million in total assets, $28.43 million in total
liabilities, and $7.81 million in total stockholders' equity.
Mayer Hoffman McCann P.C., in San Francisco, California, the
Company's auditor since 2019, issued a "going concern"
qualification in its report dated April 2, 2020 citing that the
Company has experienced losses since inception, significant cash
used in operations, and is dependent on future financing to meet
its obligations and fund its planned operations. These conditions
raise substantial doubt about its ability to continue as a going
concern.
JTS TRUCKING: Albertville Property Sale Withdrawn Without Prejudice
-------------------------------------------------------------------
Judge James J. Robinson of the U.S. Bankruptcy Court for the
Northern District of Alabama withdrew without prejudice JTS
Trucking, LLC's proposed private sale of the real property located
at 940 Portwood Drive, Albertville, Alabama to Elite Millwright and
Fabrication, LLC for $325,000, free and clear of all liens,
interests, and encumbrances.
A hearing on the Motion was held on Dec. 10, 2020 at 9:30 a.m.
A copy of the Agreement is available at
https://tinyurl.com/y5wn5k6d from PacerMonitor.com free of charge.
About JTS Trucking
JTS Trucking LLC, a trucking company based in Albertville, Alabama,
sought protection under Chapter 11 of the Bankruptcy Court (Bankr.
N.D. Ala. Case No. 20-40423) on March 6, 2020, listing under $1
million in both assets and liabilities. The petition was signed by
Susan M. Lowden, its member. The Debtor tapped Harry P. Long, Esq.,
at the Law Offices of Harry P. Long, LLC as its counsel; Bill
Massey and MDA Professional Group, PC as its accountants; and Kevin
Lowery and RE/MAX The Real Estate Group as broker and property
manager for the Debtor's estate.
KHAN AVIATION: Trustee Selling Elkhart Property to LOK for $950K
----------------------------------------------------------------
Kelly M. Hagan, the Chapter 11 trustee for Khan Aviation, Inc. and
its affiliates, asks the U.S. Bankruptcy Court for the Western
District of Michigan to authorize the sale of the real estate
located in the City of Elkhart, County of Elkhart, State of
Indiana, commonly known as 1710 Leer Drive, along with adjoining
lots, Parcels Nos. 20-02-21-402-002.000-027 AND
20-02-21-402-003.000-027, to LOK Investments, LLC for $950,000,
subject to higher and better offer.
The Trustee asks approval to sell the Property free and clear of
all liens, interests and encumbrances with liens and encumbrances
attaching to the proceeds of the sale.
The Property, excluding Lot Number 2, is encumbered by a first
priority mortgage granted in favor of Lake City Bank, dated Sept.
20, 2012 and recorded on Oct. 5, 2012, Elkhart County Recorder,
being instrument number 2012-24088, securing an obligation in the
maximum amount of $3 million. Lake City has filed a proof of claim
in the amount of $2,044,840, alleging that such amount is secured
by the Lake City Mortgage and a security interest in the sale
proceeds derived from the sale of 2800 Aeroplex which is being held
by the Trustee. Any amount secured by the Lake City Mortgage will
remain secured by the proceeds of sale to the same extent, priority
and validity that existed on the Petition Date, subject to any and
all claims or causes of action that may be brought by the Trustee,
or her successor and/or assigns. The Trustee disputes the amount,
if any, secured by the Lake City Mortgage.
In addition, the Property is encumbered by a mortgage granted in
favor of KeyBank National Association dated July 19, 2019 securing
obligations in excess of $1.5 million. The KeyBank Mortgage is in
dispute and is subject to an adversary proceeding being prosecuted
by the Trustee, being Adversary Proceeding 19-80119-swd. The
Adversary Proceeding asserts that the Mortgage should be voided on
various grounds including 11 U.S.C. Sections 547 and 548. The
granting of the KeyBank Mortgage was done within the 90 days of the
Petition Date to secure obligations of separate entities referred
to as the Interlogic Borrowers.
To the extent that the Property is also encumbered by real estate
taxes owed to Elkhart County, Indiana, such obligation will be paid
at closing.
Lake City consents to the sale of the Property as set forth in the
Motion. In addition, the amount secured by the Lake City Mortgage,
if any, is in a bonafide dispute.
KeyBank consents to the sale set forth in the Motion. In addition,
the KeyBank Mortgage is in a bonafide dispute as set forth in the
Adversary.
The Trustee has hired Cressy Commercial Real Estate to assist in
the sale of the Property with a commission of 6% of the gross sales
price. She has accepted an offer for the Property in the amount of
$950,000 pursuant to the Real Estate Purchase Contract.
The Trustee has reviewed sales comparisons for similar properties
in the Elkhart, Indiana market as well as a broker's price opinion
and believes that the purchase price for the Property is fair and
reasonable.
She asks approval for the payment of ordinary closing costs
including transfer taxes, title insurance premium, prorated real
property taxes and water bills etc. All valid liens, interests and
encumbrances attaching to the Property will attach to the net
proceeds from the sale. The Trustee will not utilize the net
proceeds from the sale without the consent of KeyBank, Lake City
Bank or further order of the Court. The transfer of the Property
will be "as is, where is" and free and clear of all liens,
interests and encumbrances.
The sale is subject to Court approval and any better offers
submitted to the Trustee up until the deadline to object to the
sale. Better offers may be submitted to Kevin M. Smith, attorney
for the bankruptcy estate by mail or email at ksmith@bbssplc.com.
In the event that there are competing bidders, the Trustee will
establish bidding procedures to obtain the highest purchase price.
The Trustee believes that a sale of the Property is in the best
interest of the estate and creditors.
She also asks the approval of the Broker's commission. The
Broker's commission is 6% of the gross sales price. The Trustee
asks the Court's approval to pay the Broker's commission at
closing.
Finally, the Trustee asks a waiver of the 14-day stay period set
forth in Federal Rules of Bankruptcy Procedure, Rule 6004(h).
A copy of the Agreement is available at
https://tinyurl.com/y322cqwb from PacerMonitor.com free of charge.
About Khan Aviation
Khan Aviation, Inc. and its affiliates, GN Investments LLC, KRW
Investments Inc., NJ Realty LLC, NAK Holdings LLC, and Sarah Air
LLC sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. W.D. Mich. Case Nos. 19-04261, 19-04262, 19-04264,
19-04266, 19-04267 and 19-04268) on Oct. 8, 2019.
The cases are jointly administered with that of Najeeb Ahmed Khan
(Bankr. W.D. Mich. Case No. 19-04258), which is the lead case.
Judge Scott W. Dales presides over the cases.
The Debtors are represented by Robert F. Wardrop, II, Esq., at
Wardrop & Wardrop, P.C.
Kelly Hagan was appointed as Chapter 11 trustee for the Debtors'
bankruptcy estates. The trustee is represented by Hagan Law
Offices, PLC.
At the time of the filing, the Debtors' estimated assets and
liabilities are as follows:
Debtors Assets Liabilities
------- -------------------- ----------------------
Khan Aviation $1-mil. to $10-mil. $1-mil. to $10-mil.
GN Investments $1-mil. to $10-mil. $100-mil. to $500-mil.
KRW Investments $10-mil. to $50-mil. $100-mil. to $500-mil.
NJ Realty $1-mil. to $10-mil. $100-mil. to $500-mil.
NAK Holdings $1-mil. to $10-mil. $100-mil. to $500-mil.
Sarah Air $500,000 to $1-mil. $100-mil. to $500-mil.
LAPEER INDUSTRIES: Panel's Challenge Period Extended to Jan. 18
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Lapeer Industries,
Inc.; Trion Solutions, Inc. and Trion Staffing Solutions, Inc.; and
Lapeer Industries, Inc. have agreed to extend the time to challenge
the findings and determinations made in the final order authorizing
cash collateral use and granting adequate protection with respect
to Trion.
The parties previously agreed to extend the challenge deadline to
December 16, 2020. They have now agreed to further extend the
deadline through and including January 18, 2021.
Judge Phillip J. Shefferly of the U.S. Bankruptcy Court for the
Eastern District of Michigan, Southern Division authorized Lapeer
Industries to, among other things, use cash collateral through
November 27, 2020 in the ordinary course of business and in
accordance with the budget. That deadline was moved to December
5.
The Court previously entered a series of bridge and interim orders
regarding the Debtor's use of cash collateral. The Debtor, the
Committee, Trion, and Commercial Credit Group Inc. a division of
Manufacturers Capital, have resolved all issues with respect to the
cash collateral use.
According to the Cash Collateral Order, as of the Petition Date,
the Debtor was obligated to Manufacturers Capital on two commercial
equipment loans, one of which is evidenced by a Negotiable
Promissory Note and Security Agreement executed by the Debtor and
payable to Manufacturers Capital dated March 11, 2020 in the face
amount of $778,426 -- Note -- and the other of which is evidenced
by a Negotiable Promissory Note and Security Agreement executed by
Schreiber Holdings, LLC and payable to Manufacturers Capital dated
June 16, 2020 in the face amount of $365,696 -- Schreiber Note --
and a Secured Guaranty of the obligations of Schreiber Holdings,
LLC executed by the Debtor in favor of Manufacturers Capital. As
of the Petition Date, the Debtor owed the amount of $448,495 on the
Note and $288,959 on the Guaranty, plus subsequently accruing
interest, and other charges, including legal expenses recoverable
under the Manufacturers Capital Loan Documents.
As of the Petition Date, the Debtor was obligated to Trion pursuant
to a Master Staffing Agreement dated July 10, 2017, and pursuant to
a Security Agreement dated April 25, 2019, in the amount of
$1,247,997.
As adequate protection for the use of Cash Collateral, and solely
to the extent of any diminution in the value of the assets securing
the Debt as of the Petition Date, the Secured Parties are granted a
security interest in and lien upon the Debtor's post-filing cash
collateral, as defined in 11 U.S.C. section 363(a) of the
Bankruptcy Code, and in the Debtor's non-cash collateral assets;
and a replacement lien for the Debtor's use of pre-petition Cash
Collateral to the extent of any diminution in the value of Trion's
or Manufacturers Capital's interest in the prepetition Cash
Collateral resulting from the Debtor's use, sale, or lease of the
prepetition Cash Collateral and the imposition of the automatic
stay.
The court says that the Committee and Trion are entitled to
investigate and challenge the findings pursuant to the Cash
Collateral Order and any pre- or postpetition transfer to
Manufacturers Capital, the alleged prepetition security interests
and other liens and claims of Manufacturers Capital, and nothing
shall be construed as an admission of the Committee with respect to
any claim, security interest or other lien held by Manufacturers
Capital in the Debtor's property or a claim of Manufacturers
Capital against the Debtor.
The Committee, the Debtor, and Manufacturers Capital are entitled
to investigate and challenge each and every finding and
determination in the Cash Collateral Order, any pre- or
postpetition transfers to Trion, the alleged prepetition security
interests and other liens and claims of Trion, and, adequate
protection payments made to Trion.
The Committee is granted standing to commence an adversary
proceeding or other appropriate proceeding with respect to the
investigation and challenge rights involving Trion or Manufacturers
Capital.
About Lapeer Industries, Inc.
Lapeer Industries, Inc., is a design, machining and fabrication
company serving the automotive and defense industries. It provides
fabrication, automated welding, machining, painting, assembly and
kitting services.
Lapeer Industries sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 20-31375) on Aug. 5,
2020. The case was initially assigned to Judge Joel D. Applebaum.
On Aug. 13, 2020, the case was reassigned to Judge Phillip
Shefferly and given a new case number (Case No. 20-48744). At the
time of the filing, the Debtor had estimated assets of less than
$50,000 and liabilities of between $10 million and $50 million.
Winegarden, Haley, Lindholm, Tucker & Himelhoch P.L.C. is the
Debtor's legal counsel.
Counsel for the Official Committee of Unsecured Creditors:
Marc N. Swanson, Esq.
MILLER, CANFIELD, PADDOCK & STONE, P.L.C.
150 West Jefferson, Suite 2500
Detroit, MI 48226
Telephone: (313) 963-6420
E-mail: swansonm@millercanfield.com
Counsel for Trion Solutions, Inc. and Trion Staffing Solutions,
Inc.:
Shannon L. Deeby, Esq.
CLARK HILL, PLC
151 S. Old Woodward Ave., Suite 200
Birmingham, MI 48009
Telephone: (248) 988-5889
E-mail: sdeeby@clarkhill.com
Manufacturers Capital is represented by David Black --
dblack@sommerspc.com -- at Sommers Schwartz.
LETTUCE DEVELOP: Hires McDonald & Kindelt as Counsel
----------------------------------------------------
Lettuce Develop & Prosper, LP, seeks authority from the U.S.
Bankruptcy Court for the Northern District of Oklahoma to employ
McDonald & Kindelt, LLP, as attorney to the Debtor.
Lettuce Develop requires McDonald & Kindelt to:
a. take all necessary or appropriate actions to protect and
preserve Debtor's estate, including (i) commencement of a
Subchapter V bankruptcy case in the United States
Bankruptcy Court for the Northern District of Oklahoma, and
preparation of pleadings therefore, (ii) prosecution of
actions on Debtor's behalf, the defense of any action
commenced against Debtor, (iii) the negotiation of disputes
in which Debtor is involved, and (iv) the preparation
of objections to claims filed against the estate;
b. prepare on behalf of Debtor all necessary and appropriate
motions, applications, answers, orders, reports, and other
papers in connection with the administration of the estate;
c. take all necessary or appropriate actions in connection
with a Subchapter V plan and all related documents, as well
as such further actions as may be required in connection
with the administration of the estate; and
d. perform all other necessary legal services in connection
with this Chapter 11 case.
McDonald & Kindelt will be paid at the hourly rates of $295 to
$365.
Prior to filing of the Debtor's bankruptcy case, the Debtor paid
McDonald & Kindelt a retainer of $20,000.
McDonald & Kindelt will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Gary M. McDonald, partner of McDonald & Kindelt, LLP, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
McDonald & Kindelt can be reached at:
Gary M. McDonald, Esq.
Mary E. Kindelt, Esq.
McDonald & Kindelt, LLP
15 W. Sixth Street, Suite 2606
Tulsa, OK 74119
Tel: (918) 430-3700
Fax: (918) 430-3770
E-mail: gmcdonald@mmmsk.com
mkindlelt@mmmsk.com
About Lettuce Develop & Prosper
Lettuce Develop & Prosper, LP, filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Okla. Case No. 20-11848) on Dec. 9, 2020. The
Debtor hired McDonald & Kindelt, LLP, as attorney.
LEXARIA BIOSCIENCE: Closes Sale of Non-Pharma THC-Related Assets
----------------------------------------------------------------
Lexaria Bioscience Corp. has closed the sale of its
non-pharmaceutical THC-related assets held within Lexaria Canpharm
ULC, a Lexaria wholly-owned subsidiary, to Hill Street Beverage
Company Inc. as first announced on Nov. 19, 2020.
The total agreed-upon purchase price for the Assets is $3,850,000.
Lexaria has received $350,000 in cash (all prices in CDN$),
6,031,363 restricted common shares of Hill Street at a deemed price
of $0.0829 per share as the first required equity-based payment, a
promissory note having a principal amount of $2,000,000 and bearing
interest at the rate of 10% per annum, and a limited license to use
the DehydraTECHTM technology outside of Canada and the US for
certain non-pharmaceutical, therapeutic and medicinal products that
contain 0.3% or greater THC. Pursuant to the terms of the
transaction, Lexaria will receive another $1,000,000 worth of
common shares of Hill Street over the next sixteen months.
Lexaria retains ownership of the DehydraTECH technology (which Hill
Street has acquired the right to use and sublicense for THC-related
purposes) and all pharmaceutical applications of THC and other
psychoactive cannabinoids. This transaction has no relevance on
Lexaria's separate CBD business nor any other Lexaria business
division.
Hill Street intends to begin commercializing the intellectual
property immediately through both licensing and B2B sales, as well
as utilize Lexaria's proprietary DehydraTECH process in its own
brands while continuing to work with the existing THC licensee
contracts it has now assumed from Lexaria. "We believe this
acquisition positions us to become both the taste and experience
leader in Cannabis 2.0 products," said Terry Donnelly, Chairman and
CEO of Hill Street.
"We can't wait to see what Hill Street has up their sleeves with
the full power of DehydraTECH supporting them," said Chris Bunka,
Chairman and CEO of Lexaria. "Lexaria is actively preparing to
focus on working with global leaders in the delivery of drugs and
active ingredients for treatment of conditions such as hypertension
and viral diseases, together with its ongoing programs to develop
superior non-combusted, oral forms of nicotine."
The Asset sale was one of the larger objectives necessary to be met
as Lexaria seeks to list its securities on a national US securities
exchange, and Lexaria will report on developments related to that
objective as they unfold.
About Lexaria
Lexaria Bioscience Corp. -- http://www.lexariabioscience.com/-- is
a global innovator in drug delivery platforms. Its patented
DehydraTECH drug delivery technology changes the way Active
Pharmaceutical Ingredients enter the bloodstream, promoting
healthier ingestion methods, lower overall dosing, and higher
effectiveness for lipophilic active molecules. DehydraTECH
increases bio-absorption, reduces time of onset, and masks unwanted
tastes for orally administered bioactive molecules, including
cannabinoids, vitamins, non-steroidal anti-inflammatory drugs
(NSAIDs), nicotine, and other molecules. Lexaria has licensed
DehydraTECH to multiple companies in the cannabis industry for use
in cannabinoid beverages, edibles and oral products and to a
world-leading tobacco producer for the development of smokeless,
oral-based nicotine products. Lexaria operates a licensed in-house
research laboratory and holds a robust intellectual property
portfolio with 16 patents granted and over 60 patents pending
worldwide.
As of Aug. 31, 2020, the Company had $2.83 million in total assets,
$345,980 in total liabilities, and $2.48 million in total
stockholders' equity.
Davidson & Company LLP, in Vancouver, Canada, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated Oct. 14, 2020, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going concern.
LIGHTHOUSE RESOURCES: Sets Bidding Procedures for Millennium Assets
-------------------------------------------------------------------
Judge John T. Dorsey of the U.S. Bankruptcy Court for the District
of Delaware will convene a hearing on Dec. 22, 2020 at 3:00 p.m.
(ET) to consider the bidding procedures proposed by Lighthouse
Resources, Inc. and affiliates in connection with the sale of
substantially all Millennium Assets, which include a ground lease
and aquatic lease in Longview, Washington, as well as other real
property, buildings, structures, and assets.
The Objection Deadline is Dec. 21, 2020 at 12:00 p.m. (ET).
Lighthouse is the ultimate parent of all Debtor entities and
provides centralized management and administrative services for the
Debtors. Debtor LHR Infrastructure, LLC, a wholly owned subsidiary
of Lighthouse, owns 100% of Debtors Millennium Bulk
Terminals-Longview, LLC ("MBTL") and Gulf States Bulk Terminal,
LLC.
MBTL, in turn, owns certain improvements, leases land and operates
a 540-acre zoned heavy industrial site connected to an aquatic
lease allowing for three docks in Cowlitz County on the Columbia
River in Longview, Washington ("Millennium Facility"). It owns
certain assets, including buildings, improvements, equipment,
rolling stock, and vehicles. It leases land from Northwest Alloys,
Inc. (a wholly owned subsidiary of Alcoa) under a ground lease
executed in 2011, having a 60-year primary term an two 10-year
renewal options ("Land Lease").
MBTL operates on the aquatic lands as the operator for Northwest
Alloys under its Aquatics Land Lease with the Washington Department
of Natural Resources. The Aquatic Lease was issued to Northwest
Alloys in 2008 and has a 30-year term. MBTL operates the upland
facility as a rail transloading facility and leases space to
various tenants. It also has the exclusive right to develop a
business to upload, handle, transship, and store various cargoes,
including as a coal export terminal for the Decker Mine and other
customers.
MBTL is also 100% owner of Barlow Point Land Co., LLC and Columbia
Land Co., LLC. Barlow Point consists of approximately 26.6 acres
of undeveloped shoreline and tidelands on the Columbia River.
Columbia has approximately 100 acres of agricultural land which is
currently leased to tenants for agricultural purposes.
At issue in the Motion is the sale of substantially all of MBTL's,
Barlow Point's, and Columbia Land's ("Millennium Debtors") assets
that comprise the Millennium Facility, which sale, will include,
all: equipment; executory contracts; unexpired leases; real
property; interests in and improvements located on or attached to
any owned or leased real property, including all appurtenances
thereto, and rights in respect thereof; other real property rights,
including easements, rights of way, etc.; licenses; warranties and
licenses received from manufacturers of the equipment,
improvements, or any component thereof; all permits (including
environmental permits) held by any of the Millennium Debtors that
primarily relate to assets being acquired, to the extent
assignable; prepaid expenses; goodwill and other intangible
business assets; books and record; data and software information
related to the assets being acquired; insurance proceeds pertaining
to the acquired assets; employee contract rights, to the extent
transferrable; telephone numbers and directory listings; and any
proceeds and products of any acquired assets ("Millennium Assets").
The Debtors note that Barlow Point owns a parcel of property
(Parcel 107140100) ("ROFR Property") that is subject to a right of
first refusal in favor of the Port of Longview, Washington,
pursuant to the terms and conditions of that certain Right of First
Refusal dated November 2012 ("ROFR"). To the extent the ROFR
applies to the transaction contemplated in a Sale and is timely
exercised, the Debtors will have Potential Bidders acknowledge and
agree that (i) the ROFR will not be grounds to withdraw any Bid,
and (ii) the portion of the Purchase Price attributable to the ROFR
Property, as agreed upon by the Debtors and any Potential Bidder,
will be deducted from the overall Purchase Price and the ROFR
Property will be deemed an excluded asset from any asset purchase
agreement.
Prior to filing these cases, the Debtors initiated efforts to sell
the Millennium Assets by retaining Jones Lang LaSalle Americas,
Inc. ("JLL") to market the Millennium Assets. Heading the JLL team
is Keith Stauber, a Managing Director at JLL and based in Chicago,
Illinois. Just prior to the Petition Date, the Debtors received a
term sheet via JLL from a potential buyer including terms to
purchase some or all of the Millennium Assets.
As part of the Debtors' efforts to maximize value for their estates
and creditors, the Debtors intend to file an application with the
Court to retain JLL as their sale advisor to continue and complete
the marketing and sale of the Millennium Assets. JLL and the
Debtors are actively continuing to engage with several potential
purchasers, one of which may be designated as a Stalking Horse
Bidder.
It is crucial for the Debtors to name a Stalking Horse Bidder by
Dec. 16, 2020. The Debtors do not have sufficient cash collateral
to maintain the Millennium Assets for the duration of a sale
process without the guarantee of a buyer at the end of that
process. Thus, if the Debtors do not have a Stalking Horse Bid by
the Stalking Horse Bid Deadline, the Debtors intend to withdraw the
Motion, reject the leases associated with the Millennium Assets,
and proceed with either a dismissal of the Millennium Debtors or a
conversion of their cases to chapter 7 of the Bankruptcy Code.
The Debtors ask entry of the Bidding Procedures Order: (a)
authorizing and approving the proposed bidding procedures in
connection with one or more sales of the Millennium Assets free and
clear of all Interests; (b) scheduling (i) an auction in connection
with the Sale, (ii) the Sale Hearing"), and (iii) the objection
deadline for the Sale Hearing; (c) approving the Sale Notice; (d)
approving the Assumption and Assignment Procedures, and approving
the form and manner of the Cure Notice; and (e) granting related or
necessary relief.
They further ask entry of the Sale Order, (i) authorizing the Sale
to the Successful Bidder free and clear of all Interests, (ii)
authorizing the assumption and assignment of the Assigned
Contracts, if any, in connection with such Sale, and (iii) granting
related or necessary relief. The Debtors ask temporary relief from
Local Rule 6004-1(b)(ii) to permit them to file a proposed form of
Sale Order no later than Dec. 28, 2020.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: Dec. 30, 2020 at 5:00 p.m. (ET)
b. Initial Bid: A monetary value greater than the sum of (i)
the Purchase Price proposed by the Stalking Horse Bidder, (ii) the
Stalking Horse Bid Protections, and (iii) $100,000
c. Deposit: Each Bid must be accompanied by a cash deposit in
amount set forth in the Stalking Horse Agreement to be filed with
the Court, to be held in a non-interest-bearing escrow account to
be identified and established by the Debtors.
d. Auction: If the Debtors receive two or more Qualified Bids
with respect to All Assets or the same or similar Asset Package, as
applicable, then the Debtors will conduct the Auction to determine
the Successful Bidder(s) with respect to such Assets. The Auction
will take place at 11:00 a.m. (ET) on Jan. 4, 2021 at the offices
of Jackson Kelly PLLC, 100 W. Main Street, Suite 700, Lexington,
Kentucky, or such later date, time, and location, as selected by
the Debtors, in consultation with the Consultation Parties.
e. Bid Increments: $100,000
f. Sale Hearing: Jan. 5, 2021, at 11:00 a.m. (ET)
g. General Objection Deadline: Dec. 30, 2020, at 5:00 p.m.
(ET)
h. Any Qualified Bidder who has a valid and perfected lien on
any assets of the Debtors' estates and the right under applicable
non-bankruptcy law to credit bid claims secured by such liens, will
have the right to credit bid any portion and up to the entire
amount of their outstanding secured claims.
Within one business days of the entry of the Bidding Procedures
Order, the Debtors will serve the Sale Notice upon the Sale Notice
Parties.
To facilitate and effectuate the Sale, the Debtors are asking
approval of the Assumption and Assignment Procedures. Prior to any
hearing on the Bidding Procedures, the Debtors will file the Cure
Notice with the Court and serve the Cure Notice on the Contract
Counterparties, and will include the Assigned Contract Schedule.
The Assigned Contract Objection Deadline is Dec. 30, 2020, at 5:00
p.m. (ET).
The Debtors are asking relief in any Sale Order to provide that any
Sale Proceeds be paid directly to the Debtors or, at minimum,
authorizing the immediate release of any amount necessary to
reimburse the Debtors for the Millennium Expenses following the
closing of any Sale. They also ask relief in the Sale Order to pay
the JLL Success Fee.
In the interest of attracting the best and highest offers, the
Millennium Assets should be sold free and clear of any Interests.
As the Debtors have stated from the beginning of the case, the
costs of maintaining the Millennium Assets exceed any income
generated by those assets. The Debtors cannot maintain such cash
loss over the life of these Chapter 11 Cases. If they do not enter
into a Stalking Horse Bid before Dec. 16, 2020, any leases and
contracts will be rejected and the Millennium Debtors will be
forced to cease any operations or maintenance of their assets.
If, however, a Stalking Horse Bid is achieved in time, in order to
maximize the value of the assets, the Debtors will continue to fund
the minimum amount necessary to maintain the Millennium Assets
through the closing of a Sale. They, however, will need to
immediately reimburse the estate from the Sale Proceeds for the
amounts expended on the Millennium Expenses or risk administrative
insolvency. Accordingly, they ask that any Sale Order provide that
any Sale Proceeds be paid directly to the Debtors, as opposed to
paying them into the Court or otherwise holding said Sale Proceeds
in an escrowed account for a specified amount of time.
At minimum, the Debtors ask that any Sale Order provide that the
amount necessary to reimburse the Debtors for the Millennium
Expenses be released to them immediately following the closing of
any Sale. Any Sales Proceeds exceeding the amount of the
Millennium Expenses will be held by them either to be utilized as
cash collateral or to be distributed pursuant to further order of
the Court.
Pursuant to the Listing Agreement, the Debtors agreed to pay JLL a
monthly fee of $75,000 to list and broker the Millennium Assets,
capped at $250,000. In addition to the Structuring and Advisory
Fee, the Debtors also agreed to pay JLL the Success Fee as follows:
As compensation for a sale of the Millennium Assets, the Success
Fee will be 2% of the first $20 million and 1.5% of any amount in
excess of the $20 million of the Gross Purchase Price.
The Debtors' financial condition necessitated that they ask
approval of the sale of certain of the Millennium Assets and
confirmation of a chapter 11 plan as expeditiously as possible.
The Debtors' available cash and cash collateral will provide them
with liquidity only through March 2021. The financial exigency
necessitates that the proposed Sale Objection Deadline fall on the
day of the Sale Hearing.
The Debtors ask that, upon entry of the Bidding Procedures Order,
the Court waives the 14-day stay requirements of Bankruptcy Rules
6004(h) and 6006(d).
About Lighthouse Resources
Lighthouse Resources Inc., is an owner and operates two coal mines
located in Wyoming and Montana, delivering low sulfur,
subbituminous coal to both domestic and export customers. It also
owns and operates the Millennium Bulk Terminal in Longview,
Washington.The Company is widely recognized for its extraordinary
performance in both safety and environmental stewardship.Its
flagship project is the development of a trade route for coal from
the Rocky Mountain region of the United States to demand centers in
Asia.
Utah-based Lighthouse Resources and 13 subsidiaries, including
Decker Coal Company, filed for Chapter 11 bankruptcy protection
(Bankr. D. Del. Case No. 20-13056) on Dec. 3, 2020.
Lighthouse Resources was estimated to have $100 million to $500
million in assets and liabilities as of the filing.
The Debtors tapped JACKSON KELLY PLLC as general bankruptcy counsel
and BDO USA LLP as restructuring advisor. POTTER ANDERSON &
CORROON LLP is the local bankruptcy counsel. LANG LASALLE
AMERICAS, INC., is the marketer and seller of assets related to the
dock facility owned by Millennium Bulk Terminals-Longview, LLC.
ENERGY VENTURES ANALYSIS is the marketer and seller of Debtors'
coal mining assets. STRETTO is the claims agent.
LRGHEALTHCARE: Court Denies Bid for CPO Appointment
---------------------------------------------------
Judge Michael A. Fagone of the U.S. Bankruptcy Court for the
District of New Hampshire denied the U.S. Trustee's request for the
appointment of a consumer privacy ombudsman in the Chapter 11 case
of LRGHealthcare.
A full-text copy of the Order is available at
https://bit.ly/377QV20 from PacerMonitor.com for free.
About LRGHealthcare
LRGHealthcare -- http://www.lrgh.org/-- is a not-for-profit
healthcare charitable trust operating Lakes Region General
Hospital, Franklin Regional Hospital, and numerous other affiliated
medical practices and service programs.
LRGH is a community based acute care facility with a licensed bed
capacity of 137 beds, and FRH is a 25-bed critical access hospital
with an additional 10-bed inpatient psychiatric unit. In 2002,
Lakes Region Hospital Association and Franklin Regional Hospital
Association merged, with the merged entity renamed LRGHealthcare.
LRGHealthcare offers a wide range of medical, surgical, specialty,
diagnostic, and therapeutic services, wellness education, support
groups, and other community outreach services.
LRGHealthcare filed a Chapter 11 petition (Bankr. D.N.H. Case No.
20-10892) on Oct. 19, 2020. The petition was signed by Kevin W.
Donovan, president and chief executive officer. At the time of the
filing, the Debtor was estimated to have $100 million to $500
million in both assets and liabilities.
Judge Bruce A. Harwood oversees the case.
The Debtor tapped Nixon Peabody LLP as counsel; Deloitte
Transactions and Business Analytics LLP and Kaufman, Hall &
Associates, LLC as financial advisors; and Epiq Corporate
Restructuring, LLC as claims, noticing, solicitation, and
administrative agent.
LSC COMMUNICATIONS: Paul Weiss Updates List of Loan Parties
-----------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Paul, Weiss, Rifkind, Wharton & Garrison LLP
submitted an amended verified statement to update its list of Loan
Parties that it is representing in the Chapter 11 cases of LSC
Communications, Inc., et al.
In February 2020, certain beneficial holders, or investment
advisors, sub-advisers or managers of the account of beneficial
holders of notes issued under the indenture dated as of September
30, 2016, among LSC Communications, Inc., the other Loan Parties
and Wells Fargo Bank, National Association as trustee and
collateral agent, engaged Paul, Weiss, Rifkind, Wharton & Garrison
LLP to represent them in connection with the potential
restructuring of the Debtors.
On May 27, 2020, Counsel filed the Verified Statement Of The Ad Hoc
Group Pursuant To Bankruptcy Rule 2019 [Docket No. 284]. The Ad Hoc
Group submits this Amended Statement to amend information disclosed
in the Original Statement.
Paul, Weiss represents only the Ad Hoc Group and does not represent
or purport to represent any entities other than the Ad Hoc Group in
connection with the Debtors' chapter 11 cases. In addition, the Ad
Hoc Group, both collectively and through its individual members,
does not represent or purport to represent any other entities in
connection with the Debtors' chapter 11 cases.
As of Dec. 11, 2020, the individual members of the Ad Hoc Group and
their disclosable economic interests are:
Capital Research and Management Company
333 South Hope Street 55th Floor
Los Angeles, CA 90071
* Principal amount of Notes: $177,199,000
* Term Loan: $13,392,985
Manulife Investment Management
197 Clarendon St
Boston, MA 02116
* Principal amount of Notes: $45,632,000
* Term Loan: $1,643,000
HPS Investment Partners, LLC
40 West 57th Street 33rd Floor
New York, NY 10019
* Principal amount of Notes: $7,250,000
Mesirow Financial
353 North Clark Street
Chicago, IL 60654
* Principal amount of Notes: $7,430,000
* Term Loan: $1,069,284
TD Asset Management Inc.
P.O. Box 1
Toronto Dominion Centre
12th Floor, TD Bank Tower
66 Wellington Street
West Toronto, ON
M5K1A2 CAN
* Principal amount of Notes: $23,474,000
Paul, Weiss does not own, nor has it ever owned, any claims against
the Debtors except for claims for services rendered to the Ad Hoc
Group. However, Paul, Weiss has sought and may seek to have its
fees and disbursements incurred on behalf of the Ad Hoc Group paid
by the Debtors' estates pursuant to title 11 of the United States
Code or as otherwise permitted in the Debtors' chapter 11 cases.
All of the information contained herein is intended only to comply
with Bankruptcy Rule 2019 and is not intended for any other
purpose. Nothing contained in this Amended Statement should be
construed as a limitation upon, or waiver of, any Ad Hoc Group
member's rights to assert, file and/or amend its claims in
accordance with applicable law and any orders entered in the
Debtors' chapter 11 cases.
The Ad Hoc Group, through its undersigned counsel, further reserves
the right to supplement and/or amend this Amended Statement in
accordance with the requirements set forth in Bankruptcy Rule 2019
at any time in the future.
Counsel to the Ad Hoc Group can be reached at:
Andrew N. Rosenberg, Esq.
Alice Eaton, Esq.
Claudia Tobler, Esq.
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, NY 10019
Tel: (212) 373-3000
Fax: (212) 757-3990
Email: arosenberg@paulweiss.com
aeaton@paulweiss.com
ctobler@paulweiss.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3mds5SF
About LSC Communications
LSC Communications, Inc. -- http://www.lsccom.com/-- is a Delaware
corporation established in 2016 with its headquarters located in
Chicago, Illinois. The Company offers a broad range of traditional
and digital print products, print-related services, and office
products. The Company serves the needs of publishers,
merchandisers, and retailers worldwide, with a service offering
that includes e-services, logistics, warehousing and fulfillment
and supply chain management services. The Company prints
magazines, catalogs, directories, books, and some direct mail
products, and manufactures office products, including filing
products, envelopes, note-taking products, binder products, and
forms. The Company has offices, plants, and other facilities in
28
states, as well as operations in Mexico, Canada, and the United
Kingdom.
LSC Communications, Inc., based in Chicago, IL, and its
debtor-affiliates sought Chapter 11 protection (Bankr. S.D.N.Y.
Lead Case No. 20-10950) on April 13, 2020. In the petition signed
by CFO Andrew B. Coxhead, LSC disclosed $1,649,000,000 in assets
and $1,721,000,000 in liabilities.
The Debtors hired SULLIVAN & CROMWELL LLP as counsel; YOUNG CONAWAY
STARGATT & TAYLOR, LLP, as co-counsel; EVERCORE GROUP L.L.C., as
investment banker; ALIXPARTNERS LLP as restructuring advisor; PRIME
CLERK LLC as notice, claims and balloting agent.
MABLETON LLC: May Use Cash Collateral Thru March 31
---------------------------------------------------
Judge Edward J. Coleman III of the U.S. Bankruptcy Court for the
Southern District of Georgia has authorized Mableton LLC to use
cash collateral on an interim basis and pay adequate protection
through March 31, 2021, while an appeal taken by Rincon Investors
LLC is pending.
As of January 29, 2015, Rincon holds a claim in the total amount of
$2,658,052.68 -- $369,262.68 of which was advanced to pay unpaid ad
valorem taxes. The Debtor reserves the right to object to the
amount Rincon contends it is owed under the Loan Documents.
The Court says the Debtor is authorized to pay a property
management fee of $2,170 per month to Edward and Darnett Coleman.
The Debtor owns the Mableton Subdivision, which consists of 25
duplexes located in Effingham County, Georgia. The Debtor also
owns the roads throughout the Property. Rincon holds a
first-in-priority security interest in the Property, while Darnett
Coleman holds a second-in-priority interest in the Property, as
well as a first-in-priority interest in the Roads.
As adequate protection for any diminution in the value of Rincon's
interest in the Cash Collateral, or the Real Property, including
any diminution resulting from the use of Cash Collateral on or
after the Petition Date pursuant to the Interim Order, the Lender
is granted a lien in all of the Debtor's post-petition assets,
including the DIP Bank Accounts, together with the Real Property
and proceeds thereof to the same extent, validity, and priority as
the Lender's Prepetition Liens.
As further adequate protection, the Debtor will continue to make
minimum adequate protection payments to Rincon in the amount of
$6,000.00 per month on the 15th of each month. An additional
$3,000.00 will be paid to the Lender by the 15th of each month to
reimburse the Lender for payment of prior taxes on the Real
Property. The Debtor will also pay to the Lender as additional
adequate protection by the 15th of each month, beginning as of
March 15 and continuing on the 15th day of each month thereafter,
all excess proceeds from the preceding month after payment of the
foregoing adequate protection payments and other expenses.
A further hearing on the Motion will be set at a later date prior
to March 31, 2021, or such other date as may be requested by the
parties.
Rincon filed an appeal of the Court's June 22, 2017 Order
Confirming Plan to the United States District Court, and the Debtor
has opposed the Appeal. The Appeal is administratively closed at
this time.
Rincon also has filed suit against Edward A. Coleman, individually,
concerning his guaranteed obligations which Coleman has disputed.
That case is Rincon Investors, LLC v. Edward A. Coleman, Superior
Court of Effingham County, Civil Action No. SU15CV014W. Rincon has
obtained a judgment against Mr. Coleman, and currently an appeal in
the Guaranty Litigation is pending in the Georgia Court of
Appeals.
As reported by the Troubled Company Reporter, the Debtor, Rincon,
and Coleman have come to a proposed agreement in which the Debtor
will sell the Property and the Roads to Rincon and settle all
litigation pending among the parties. Mableton has asked the
Bankruptcy Court to authorize the sale for the purchase price of
all amounts owed by the Debtor to Rincon at the time of closing
plus $1,143,500.
Coleman has agreed to dismiss the appeal pending in the Guaranty
Litigation and both Coleman and Rincon will sign the Settlement
Agreement and General Release. Rincon will cancel its note and
Commercial Deed to Secure Debt, Assignment of Rents, and Security
Agreement on the Property, as well as its judgment against Coleman
in the Guaranty Litigation and dismiss with prejudice the Appeal in
the U.S. District Court concerning the bankruptcy case.
The Debtor will continue to make monthly payments to Rincon in
accordance with the Cash Collateral Order until closing.
About Mableton LLC
Mableton, LLC, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S. D. Ga. Case No. 15-40124) on Jan. 29, 2015. The
petition was signed by Edward A. Coleman, member.
The case is assigned to Judge Edward J. Coleman III.
At the time of the filing, the Debtor disclosed $1.66 million in
assets and $3.47 million in liabilities.
Mableton won confirmation of a Chapter 11 exit plan on June 22,
2017.
MARKPOL DISTRIBUTORS: May Use Cash Collateral Thru January 2
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, has authorized Markpol Distributors, Inc. and
affiliates to use cash collateral solely in accordance with the
budget and the other terms and conditions set forth in the interim
order through January 2, 2021.
In return for the Debtors' continued interim use of cash
collateral, Fifth Third Bank, successor by merger to MB Financial,
N.A., as Prepetition Secured Lender, is granted adequate protection
for its asserted secured interests in substantially all of the
Debtors' assets, including cash collateral equivalents and the
Debtors' cash and accounts receivable, among other collateral to
the extent and validity as held prepetition.
Further, the Prepetition Secured Lender is granted replacement
liens, attaching to the Collateral, but only to the extent of their
prepetition liens.
On a weekly basis for the period from the Petition Date through
each week of the Budget Period, the aggregate actual disbursements
by the Debtors from the Petition Date to any report date must be no
greater than 110% of the aggregate amount of projected
disbursements for such period as set forth in the Budget. The
Debtors must also provide the Prepetition Secured Lender with a
weekly financial report.
A continued hearing on the Motion is scheduled before the Court for
December 21 at 10:00 a.m.
The Prepetition Secured Lender is represented by Adam B. Rome --
arome@grg.legal.com
About Markpol Distributors, Inc.
Markpol Distributors, Inc. -- http://markpoldistributors.com/-- is
a food distributor specializing in European grocery merchandise
imported from European exporters. The Company's customers may
select an offering of 4 to 24 feet selection of assorted grocery
merchandise appealing to the American and European consumer.
Markpol is headquartered in Wood Dale, Ill.
Markpol Distributors sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 18-06105) on March 2,
2018. On May 30, 2018, Vistula Development, Incorporated and
Kozyra Holdings, LLC - 955 Lively, LLC each filed Chapter 11
petitions (Bankr. N.D. Ill. Case Nos. 18-15604 and 18-15605).
In the petition signed by CEO Mark Kozyra, Markpol estimated assets
and liabilities at $1 million to $10 million. Judge Benjamin A.
Goldgar is the case judge. Shelly A. DeRousse, Esq., at Freeborn &
Peters LLP, is the Debtors' counsel. Rally Capital Services, LLC
is the financial advisor.
Patrick S. Layng, U.S. Trustee for the Northern District of
Illinois, appointed an official committee of unsecured creditors on
March 15, 2018. The committee retained Goldstein & McClintock LLLP
as its counsel.
MIDWEST BRICKPAVING: Case Summary & 10 Unsecured Creditors
----------------------------------------------------------
Debtor: Midwest Brickpaving, Inc.
18557 State Line Road
Antioch, IL 60002
Business Description: Midwest Brickpaving, Inc. is a paving
contractors based in Illinois.
Chapter 11 Petition Date: December 13, 2020
Court: United States Bankruptcy Court
Northern District of Illinois
Case No.: 20-21435
Judge: Hon. Jacqueline P. Cox
Debtor's Counsel: Jason J. Ben, Esq.
FREEBORN & PETERS LLP
311 South Wacker Drive, Suite 3000
Chicago, IL 60606
Tel: 312-360-6000
Email: jben@freeborn.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Joel Elfering, president.
A copy of the petition containing, among other items, a list of the
Debtor's 10 unsecured creditors is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/BQQYV6I/Midwest_Brickpaving_Inc__ilnbke-20-21435__0001.0.pdf?mcid=tGE4TAMA
MOHEGAN TRIBAL: MGE Niagara Amends Waivers Under Credit Facilities
------------------------------------------------------------------
As previously disclosed, in September 2018, MGE Niagara
Entertainment Inc., an indirect wholly-owned subsidiary of the
Mohegan Tribal Gaming Authority d/b/a Mohegan Gaming &
Entertainment, was selected by the Ontario Lottery and Gaming
Corporation to be the service provider for the Niagara Fallsview
Casino Resort, Casino Niagara and the 5,000-seat Niagara Falls
Entertainment Centre, all in Niagara Falls, Canada. In June 2019,
MGE Niagara completed the acquisition of the MGE Niagara Resorts
and assumed the day-to-day operations of the properties and, in
conjunction therewith, entered into a Credit Agreement with, among
others, Bank of Montreal, as administrative agent, and the lenders
party thereto, providing for senior secured credit facilities in
the aggregate principal amount of C$300,000,000. MGE Niagara is an
"unrestricted subsidiary" under MGE's existing credit facilities
and indenture and the Credit Facilities are non-recourse to MGE and
its "restricted subsidiaries" thereunder.
On March 16, 2020, due to the ongoing COVID-19 global pandemic, the
OLG directed the MGE Niagara Resorts to close, and the MGE Niagara
Resorts have remained closed since that time. Because of the
closure, MGE Niagara has entered into several limited waivers with
respect to the Credit Facilities which have, among other things,
waived the occurrence of an event of default that would have been
caused under the Credit Facilities due to the closure of the MGE
Niagara Resorts.
On Nov. 30, 2020, MGE Niagara entered into a Fifth Amended and
Restated Limited Waiver which, among other things: (i) waived
anticipated breaches of certain financial covenants under the
Credit Facilities as a result of the closure of the MGE Niagara
Resorts until March 31, 2021, (ii) waived the requirement for MGE
Niagara to deliver (a) compliance certificates under the Credit
Facilities for the fiscal quarters ending June 30, 2020, Sept. 30,
2020, Dec. 31, 2020 and March 31, 2021 and (b) an annual business
plan for the year ending March 31, 2020 and (iii) extended the
waiver of the occurrence of an event of default that would have
been caused under the Credit Facilities due to the closure of the
MGE Niagara Resorts, through March 31, 2021.
In connection with the Fifth Waiver, MGE Niagara agreed, among
other things, during the Extended Waiver Period, to: (i) continue
to not make any request for advances under the Credit Facilities,
(ii) continue pricing under the Credit Facilities at pricing level
5, (iii) continue to maintain minimum liquidity of $15.0 million,
(iv) continue to deliver to the administrative agent a weekly
liquidity report and (v) refrain from making certain Distributions
(as defined under the Credit Facilities).
About Mohegan Tribal
Mohegan Tribal -- http://www.mohegangaming.com/-- is primarily
engaged in the ownership, operation and development of integrated
entertainment facilities, both domestically and internationally,
including: (i) Mohegan Sun in Uncasville, Connecticut, (ii) Mohegan
Sun Pocono in Plains Township, Pennsylvania, (iii) Niagara
Fallsview Casino Resort, Casino Niagara and the future 5,000-seat
Niagara Falls Entertainment Centre, all in Niagara Falls, Canada,
(iv) Resorts Casino Hotel in Atlantic City, New Jersey, (v) ilani
Casino Resort in Clark County, Washington, (vi) Paragon Casino
Resort in Marksville, Louisiana and (vii) Project Inspire, a
first-of-its-kind, multi-billion dollar integrated resort and
casino under construction at Incheon International Airport in
South
Korea.
* * *
As reported by the TCR on May 14, 2020, S&P Global Ratings lowered
all of its ratings on casino operator Mohegan Tribal Gaming
Authority (MTGA) and hotel owner Mohegan Tribal Finance Authority
(MTFA), including its issuer credit ratings, by one notch to 'CCC+'
from 'B-' and removed the ratings from CreditWatch, where it placed
them with negative implications on March 20, 2020. "We believe the
spike in MTGA's leverage in 2020 and our expectation for a slow
recovery increase its refinancing risks over the next 12-18 months
given that its $250 million revolver, $257 million term loan A, and
the proposed $100 million incremental term loan A all mature in
October 2021. We anticipate that MTGA may have difficulty
refinancing this debt on favorable terms because we believe it may
take multiple years for its cash flow to return to pre-pandemic
levels," S&P said.
In April 2020, Moody's Investors Service downgraded Mohegan Tribal
Gaming Authority's Corporate Family Rating to Caa2 from B3. The
downgrade reflects that significant pressure on earnings and free
cash flow will increase leverage and elevate default risk.
MOMBO LLC: $150K Cash Sale of All Assets to Lent Approved
---------------------------------------------------------
Judge Bruce A. Harwood of the U.S. Bankruptcy Court for the
District of New Hampshire authorized Mombo, LLC's sale of
substantially all assets to Lent Investments, LLC for $150,000,
cash, all in accordance with the terms and conditions of their
Asset Purchase and Sale Agreement and Assignment of Leases dated
Oct. 6, 2020.
The sale is free and clear of all liens, claims, encumbrances and
interests, with such liens and encumbrances attaching to the
proceeds of the sale.
The performance of the transactions contemplated in the Purchase
and Sale Agreement are approved in all respects, and the Debtor is
authorized, directed, and empowered to perform obligations under
and pursuant to the Successful Bid and to take such action as is
necessary or appropriate to effectuate the terms and conditions of
the Purchase and Sale Agreement and the Order.
The sale of the Assets by the Debtor to the Buyer will be "as is,
where is," with no representations or warranties of any kind of the
Debtor. The Closing will occur on Dec. 31, 2020, time being of the
essence.
Per agreement, American Express agrees to reduce its secured claim
to the maximum amount of $130,000. American Express is authorized
to file a deficiency claim for any outstanding unsecured claim
against the Debtor.
Only the real estate lease is assumed by Debtor and assigned as
provided in section 365(f) of the Bankruptcy Code. The other
executory contract listed in the bankruptcy schedules is not
assigned and the Debtor will pay the cure amount of $4,184 to the
landlord, Strawberry Banke Museum, upon Closing.
For good cause shown, and pursuant to Federal Bankruptcy Rule
6004(h) and 6006(d), the Order will be effective and enforceable
immediately upon entry and no automatic stay of execution will
apply with respect thereto.
In the absence of a stay pending appeal, upon the Buyer's closing
under the Purchase and Sale Agreement after entry the Order, then,
with respect to the Purchase and Sale Agreement approved and
authorized, the Buyer (and its nominee, if any) will be entitled to
the protection of Section 363(m) of the Bankruptcy Code if the
Order or any authorization contained therein is reversed or
modified on appeal.
A certified copy of the Order authorizing the sale of the Assets be
recorded in the appropriate registry of deeds, town office(s) or
Secretary of State's office. A Certified Copy of the Order may
also be presented to any taxing authority or other claimant subject
to this order to establish that the Buyer is a new and distinct
entity from the Debtor, and is not liable for Encumbrances against
the Debtor.
About Mombo LLC
Mombo LLC sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.H. Case No. 20-10868) on Oct. 6, 2020,
listing under $1 million on both assets and liabilities. Steven
M.
Notinger, Esq., at Notinger Law, PLLC, serves as the Debtor's legal
counsel.
MOUNT JOY BAPTIST CHURCH: May Use Cash Collateral Thru Jan. 2021
----------------------------------------------------------------
Mount Joy Baptist Church of Washington, D.C. and the National Loan
Acquisitions Co., by their respective counsel, have entered into a
Consent Order Authorizing Debtor's Interim Use of Cash Collateral.
The Debtor said an immediate need exists for it to use NLAC's Cash
Collateral to fund its critical business operations.
The parties stipulate and agree that prior to the petition date,
SunTrust Bank extended a $1,300,000 commercial Loan to the Debtor,
as evidenced by, among other things, a $1,300,000 Commercial Term
Note dated May 9, 2014 executed and delivered by the Debtor to the
order of SunTrust Bank, as modified by a Forbearance Agreement,
dated January 6, 2016, by and between the Debtor and SunTrust Bank
and as assigned to NLAC pursuant to an Allonge, dated September 14,
2018, executed by SunTrust Bank and delivered to NLAC.
Prior to the Petition Date, SunTrust Bank also extended a $200,000
commercial Loan to the Debtor, as evidenced by, among other things,
a $200,000 Commercial Term Note dated September 9, 2014 executed
and delivered by the Debtor to the order of SunTrust Bank, as
modified by a Forbearance Agreement, dated January 6, 2016, by and
between the Debtor and SunTrust Bank and as assigned to NLAC
pursuant to an Allonge, dated September 14, 2018, executed by
SunTrust Bank and delivered to NLAC.
The indebtedness and obligations owed by the Debtor under the Loans
and the Notes are secured by first-priority duly perfected liens
and security interests in, to and against certain real property and
other assets of the Debtor.
All cash products and proceeds of the Prepetition Collateral
(including all Rents) that come into the possession, custody or
control of the Debtor (both prepetition and post-petition)
constitute NLAC's cash collateral.
The court says the Debtor may use Cash Collateral through January
5, 2021 only in the amounts and category limits set forth in the
Budget subject to a ten percent cumulative variance by line item
category and a ten percent variance in total. The Debtor will not:
(i) loan or advance any money to any person or entity for any
reason; (ii) pay any dividend, distribution or other funds, to any
of the Debtor's shareholders, officers or directors; or (iii)
redeem any stock in the Debtor or make any installment payment,
distribution or other transfer to any shareholder or former
shareholder of the Debtor in connection with a previous stock
redemption.
As adequate protection for the Debtor's use of cash collateral,
NLAC is granted valid, choate, perfected, enforceable and
non-avoidable first-priority security interests and liens in, to
and against all post-petition property and assets of the Debtor
that constitute proceeds and products of NLAC's Prepetition
Collateral and Cash Collateral.
As additional adequate protection for NLAC's interests in the Cash
Collateral, immediately upon the entry of the Order, and continuing
at all times thereafter, the Debtor will use NLAC's Cash Collateral
to pay the ongoing expenses of the Property, as set forth in the
Budget, and will also use such Cash Collateral to pay for adequate
insurance for the Property and for any real estate taxes owed
against the Property. In addition, as further adequate protection
for NLAC's consent to the Debtor's use of Cash Collateral, on
November 1, 2020, and December 1, 2020 the Debtor will tender to
NLAC, in immediately available funds, monthly payments each in the
amount of $5,675.
Commencing on January 1, 2021, the Debtor will tender to NLAC, in
immediately available funds, a monthly payment in the amount of
$10,645.00 provided that the Debtor has obtained a Use and
Occupancy Permit for a medical service provider.
A further hearing to consider the Debtor's use of cash collateral
is scheduled for January 5, 2021 at 10:00 a.m.
About Mount Joy Baptist Church of Washington, D.C.
Mount Joy Baptist Church of Washington, D.C., a Baptist church in
Oxon Hill, Md., filed a Chapter 11 petition (Bankr. D. Md. Case No.
19-11707) on Feb. 8, 2019. In the petition signed by Rev. Bruce
Mitchell, pastor and CEO, the Debtor was estimated to have $1
million to $10 million in both assets and liabilities.
Judge Thomas J. Catliota oversees the case.
Craig M. Palik, Esq., at McNamee Hosea Jernigan Kim Greenan &
Lynch, P.A., serves as bankruptcy counsel to the Debtor. The
Debtor tapped TD Emory, CPA & Associates, as its accountant.
NEOVASC INC: Closes $6.1M Direct Offering Priced At-the-Market
--------------------------------------------------------------
Neovasc, Inc. has closed its previously announced registered direct
offering priced at-the-market under the Nasdaq Capital Market rules
of an aggregate of 6,230,803 common shares at a price of US$0.9801
per common share. Aggregate gross proceeds to the Company were
approximately US$6.1 million, before deducting placement agent's
fees and estimated expenses of the Offering payable by the Company.
H.C. Wainwright & Co. acted as the exclusive placement agent for
the Offering.
Each common share was sold, in a concurrent private placement in
the United States, with one common share purchase warrant. Each
Warrant entitles the holder to acquire one common share of the
Company at an exercise price of US$0.856 per share at any time
prior to the date which is five and one half years following the
date of issuance.
Neovasc intends to use the net proceeds from the Offering for the
development and commercialization of the Neovasc Reducer,
development of the Tiara and general corporate and working capital
purposes.
The common shares (but not the Warrants or the Warrant Shares) were
offered pursuant to a "shelf" registration statement on Form F-3
(File No. 333-245385) previously filed with the Securities and
Exchange Commission (the "SEC") on Aug. 13, 2020 and declared
effective by the SEC on Sept. 14, 2020. A prospectus supplement to
the Company's base shelf prospectus dated Aug. 12, 2020 qualifying
the distribution of the common shares and Warrants was also filed
with the provincial securities regulatory authorities in British
Columbia, Alberta, Saskatchewan, Manitoba and Ontario. Neovasc
offered and sold the common shares in the United States only. No
securities were offered or sold to Canadian purchasers.
A final prospectus supplement and accompanying prospectus relating
to the Offering was filed with the SEC and is available for free on
the SEC's website at www.sec.gov and is also available on the
Company's profile on the SEDAR website at www.sedar.com.
Electronic copies of the final prospectus supplement and the
accompanying prospectus relating to the Offering may be obtained by
contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, or by telephone: (646) 975-6996 or by
e-mail: placements@hcwco.com.
About Neovasc Inc.
Neovasc -- http://www.neovasc.com/-- is a specialty medical device
company that develops, manufactures and markets products for the
rapidly growing cardiovascular marketplace. Its products include
the Reducer, for the treatment of refractory angina, which is not
currently commercially available in the United States (2 U.S.
patients have been treated under Compassionate Use) and has been
commercially available in Europe since 2015, and Tiara, for the
transcatheter treatment of mitral valve disease, which is currently
under clinical investigation in the United States, Canada, Israel
and Europe.
Neovasc recorded a net loss of $35.13 million for the year ended
Dec. 31, 2019, compared to a net loss of $107.98 million for the
year ended Dec. 31, 2018. As at Dec. 31, 2019, the Company had
$10.10 million in total assets, $24.55 million in total
liabilities, and a total deficit of $14.44 million.
Grant Thornton LLP, in Vancouver, Canada, the Company's auditor
since 2002, issued a "going concern" qualification in its report
dated March 30, 2020 citing that the Company incurred a
comprehensive loss of $33,618,494 during the year ended Dec. 31,
2019, and as of that date, the Company's liabilities exceeded its
assets by $14,445,765. These conditions, along with other matters,
raise substantial doubt about the Company's ability to continue as
a going concern.
PAPPY'S SAND: Seeks to Hire Joyce W. Lindauer as Counsel
--------------------------------------------------------
Pappy's Sand & Gravel, Inc., seeks authority from the U.S.
Bankruptcy Court for the Northern District of Texas to employ Joyce
W. Lindauer Attorney, PLLC, as counsel to the Debtor.
Pappy's Sand requires Joyce W. Lindauer to represent and provide
legal services to the Debtor in the Chapter 11 bankruptcy
proceedings.
Joyce W. Lindauer will be paid at these hourly rates:
Attorneys $205 to $395
Paralegal $65 to $125
Joyce W. Lindauer received a retainer of $2,000 paid by Bryan
Huddleston, inclusive of the filing fee of $1,717.
Joyce W. Lindauer will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Joyce W. Lindauer, partner of Joyce W. Lindauer Attorney, PLLC,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Joyce W. Lindauer can be reached at:
Joyce W. Lindauer, Esq.
Kerry S. Alleyne, Esq.
Guy H. Holman, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
12720 Hillcrest Road, Suite 625
Dallas, TX 75202
Tel: (972) 503-4033
Fax: (972) 503-4034
About Pappy's Sand & Gravel
Pappy's Sand & Gravel, filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Tex. Case No. 20-32723) on October 28, 2020,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by JOYCE W. LINDAUER ATTORNEY, PLLC.
PIEDMONT POLYMERS: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Piedmont Polymers & Fabrication, LLC
12210 Vance Davis Drive, Suite 100
Charlotte, NC 28269
Business Description: Piedmont Polymers & Fabrication, LLC
is a plastic fabrication company in
Charlotte, North Carolina. The Company
manufacturers a variety of thermoformed
plastic products with an emphasis on the
aerospace and automotive industries.
Chapter 11 Petition Date: December 13, 2020
Court: United States Bankruptcy Court
Western District of North Carolina
Case No.: 20-31027
Judge: Hon. Laura T. Beyer
Debtor's Counsel: Richard S. Wright, Esq.
MOON WRIGHT & HOUSTON, PLLC
121 West Trade Street
Suite 1950
Charlotte, NC 28202
Tel: 704-944-6560
Fax: 704-944-0380
Email: rwright@mwhattorneys.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by William A. Barbee, receiver.
A copy of the petition containing, among other items, a list of the
Debtor's 20 largest unsecured creditors is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/I6Z42UY/Piedmont_Polymers__Fabrication__ncwbke-20-31027__0001.0.pdf?mcid=tGE4TAMA
PORTLAND WINTER: Foreign Rep. Selling All U.S. Assets for $5.85M
----------------------------------------------------------------
KSV Restructuring, Inc. (formerly KSV Kofman, Inc.), solely in its
capacity as the Court-appointed Receiver and authorized foreign
representative of Audible Capital Corp., Avenir Trading Corp.,
1892244 Alberta Ltd., Avenir Sports Entertainment Ltd., Avenir
Sports Entertainment Corp., and Portland Winter Hawks, Inc.
("PWH"), asks the U.S. Bankruptcy Court for the District of Oregon
to:
a. recognize and give effect in the United States the order
to be entered by the Canadian Court in the Canadian Proceeding
("Approval and Vesting Order"), authorizing the sale of
substantially all of the Debtors' U.S. assets and authorizing the
execution of the Asset Purchase Agreement dated as of Oct. 23, 2020
(as amended by Amendment No. 1 and Amendment No. 2 thereto) by and
among the Receiver, Avenir Ice Sports, LLC ("AIS"), Winterhawks
Junior Hockey, LLC ("WJH") and Winterhawks Sports Group LLC; and
b. approve the sale of the Debtors' right, title, and
interest in and to the Purchased Assets to Winterhawks Hockey, LLC,
Winterhawks Ice Center, LLC, and Winterhawks Youth Hockey, LLC, for
$5.85 million, pursuant to the Asset Purchase Agreement, free and
clear of all liens, claims, encumbrances, and other interests and
the assumption of the Assumed Liabilities by the Purchasers.
PWH is the owner of the Portland Winterhawks, a junior ice hockey
team based in Portland, Oregon, that plays in the Western Hockey
League ("WHL"). The WHL is a major junior hockey league based in
Western Canada and the Northwestern United States. The WHL is one
of three leagues that constitute the Canadian Hockey League, the
highest level of junior hockey in Canada. Although the remainder
of the 2019-2020 WHL season was cancelled due to the COVID-19
pandemic, the Winterhawks remain a successful hockey team, ending
the 2019-2020 season with the best record in the league. The
Winterhawks and their WHL franchise rights are valuable assets to
the Debtors.
On May 7, 2020, an order was entered in the Canadian Proceeding
placing the Debtors into receivership pursuant to section 243(1) of
Canada's Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as
amended, and Courts of Justice Act, R.S.O. 1990, c. C.43, as
amended. The Debtors' receivership is a foreign proceeding, and
the Receiver is a foreign representative.
On June 11, 2020, the Court entered the Recognition Order, which
granted the Debtors' petitions and recognized the Canadian
Proceeding as a foreign main proceeding pursuant to section 1517 of
the Bankruptcy Code, among other relief.
Immediately following entry of the Receivership Order, the Receiver
contacted the WHL to discuss the terms of a potential sale process.
Pursuant to the WHL's league bylaws, no franchise can be sold
without approval from the WHL's Board of Governors. It was
critical to the Receiver that the sale process be expedited in
light of the expectation at the time that the WHL season would
start in September 2020. An orderly transition of the Winterhawks
team is necessary for a successful season.
On June 2, 2020, the Canadian Court entered an order approving
certain procedures to govern the sale process. On June 11, 2020,
the Court entered an order recognizing the Canadian Sale Process
Procedures. The Canadian Sale Process Procedures govern, among
other things, the preparation and dissemination of marketing and
solicitation materials, the solicitation of bids from qualified
bidders and the bidding process, diligence, and sale approval.
Following approval of the Canadian Sale Process Procedures and
recognition thereof by the Court, the Receiver distributed an
interest solicitation letter to potential purchasers detailing the
acquisition opportunity. The bid deadline under the Canadian Sale
Process Procedures was June 30, 2020. Following the Second Round
Bid Deadline, the Receiver retained a broker, 2056684 Alberta Ltd.
The Broker was engaged on a non-exclusive basis and was entitled to
a commission of 3% if it secured the ultimate purchaser.
In addition to the Broker's efforts, the Receiver continued to
market the Winterhawks in accordance with the Canadian Sale Process
Procedures. On Sept. 17, 2020, the Receiver was contacted by the
Purchaser. On Sept. 23, 2020, the Receiver executed a non-binding
letter of intent ("LOI") with the Purchaser. The LOI was
conditional on the Purchaser’s diligence, which was completed on
Oct. 23, 2020. The Receiver consulted with the Agent on all its
dealings with the Purchaser, including accepting the LOI and
negotiating the APA. The APA is the result of an extensive
marketing process and arms'-length, good faith negotiations between
the parties thereto, and the proposed purchase price is the highest
and best actionable offer received to date.
The salient terms of the APA are:
a. Purchase Price: $5.85 million, plus assumption of the
Assumed Liabilities
b. The sale of the Purchased Assets is to be free and clear of
all Encumbrances.
c. The Purchased Assets includes all certain Contracts of the
Business.
d. The sale of the Purchased Assets is the result of a lengthy
and robust marketing process and a court-approved solicitation and
sale process conducted by the Receiver in the Canadian Proceeding.
The Receiver asks approval by the Court of the sale currently set
to be heard by the Canadian Court on Dec. 16, 2020.
e. The Purchaser has submitted a deposit of $312,500.
f. The net proceeds from the sale of the Purchased Assets will
stand in the place and stead of the Purchased Assets, and that from
and after the delivery of the Receiver's Certificate all Claims and
Encumbrances will attach to the net proceeds from the sale. The
net proceeds from the Transaction are to be distributed in
accordance with the Approval and Vesting Order for payment of
closing costs and distribution to the Agent.
The Receiver believes that the sale of the Purchased Assets in
accordance with the terms and conditions of the APA, the Approval
and Vesting Order, and the Sale Order represents the best
realization of value for the Debtors' creditors and other
stakeholders under the circumstances, and the Court's recognition
of the Approval and Vesting Order and entry of the Sale Order
approving the sale is a critical step in achieving that result.
Absent the relief requested herein, the Debtors, their creditors,
and other stakeholders will potentially suffer significant, if not
irreparable, harm due to an inability to close the Transaction.
The APA provides for the assignment of the Debtors' rights,
benefits, and interests in, to and under certain agreements.
Likewise, the proposed Approval and Vesting Order expressly
provides that the rights and obligations of the Debtors under the
Assigned Contracts are assigned to the Purchaser, notwithstanding
any anti-assignment provision contained therein.
The Receiver asks that the Sale Order, once entered, be effective
immediately by providing that, to the extent applicable, the 14-day
stay under Bankruptcy Rules 6004(h) and 6006(d) is waived.
A copy of the APA is available at https://tinyurl.com/yxspz2hu from
PacerMonitor.com free of charge.
Counsel for the Foreign Representative:
Brandy A. Sargent, Esq.
Michael B. Lubic, Esq.
K&L GATES LLP
One SW Columbia Street
Suite 1900
Portland, OR 97204
Telephone: (503) 228-3200
Facsimile: (503) 248-9085
E-mail: Brandy.Sargent@klgates.com
Michael.Lubic@klgates.com
The Purchasers:
AVENIR ICE SPORTS, LLC
WINTERHAWKS JUNIOR HOCKEY, LLC
WINTERHAWKS SPORTS GROUP, LLC
c/o Ducera Partners LLC
11 Times Square, 36th Floor
New York, NY 10036
Attn: Michael A. Kramer
E-mail: mkramer@ducerapartners.com
- and -
41764 N 113th Way
Scottsdale, AZ 85262
Attn: Kerry J. Preete
E-mail: kerrypreete@gmail.com
The Purchasers' Solicitors:
MORRISON & FOERSTER LLP
250 West 55th Street
New York, NY 10019
Attn: Spencer D. Klein, Esq.
E-mail: SpencerKlein@mofo.com
About Portland Winter Hawks
Portland Winter Hawks, Inc. is the owner of the Portland
Winterhawks, a junior ice hockey team based in Portland, Oregon,
that plays in the Western Hockey League. The WHL is a major junior
hockey league based in Western Canada and the Northwestern United
States.
KSV Restructuring, Inc. (formerly KSV Kofman, Inc.) is the
Court-appointed Receiver and authorized foreign representative of
Audible Capital Corp., Avenir Trading Corp., 1892244 Alberta Ltd.,
Avenir Sports Entertainment Ltd., Avenir Sports Entertainment
Corp., and Portland Winter Hawks, Inc. ("PWH"), asks the U.S.
Bankruptcy Court for the District of Oregon. On May 7, 2020, the
Receiver filed voluntary petitions for relief under chapter 15 of
the Bankruptcy Code for each of the Debtors. The cases are jointly
administered under Case No. 20-31519-pcm-15.
RAYONIER ADVANCED: Unit Prices Private Offering of $500M Sr. Notes
------------------------------------------------------------------
Rayonier Advanced Materials's wholly owned subsidiary, Rayonier
A.M. Products Inc. has priced a private offering of $500 million
aggregate principal amount of 7.625% senior secured notes due 2026,
at an offering price of 100% of the principal amount thereof. The
Company intends to use the net proceeds from the sale of the Notes,
together with cash on hand, to repay all outstanding obligations
under its existing senior secured credit agreement (other than the
outstanding letters of credit issued thereunder, which will be
rolled into or in respect of which back-to-back letters of credit
will be issued under the Company's recently entered-into five-year
senior secured asset-based revolving credit facility in an initial
committed amount of $200 million. The closing of the Offering is
expected to occur on or about Dec. 23, 2020, and is contingent on,
and is expected to occur simultaneously with, the repayment of the
existing senior secured credit agreement and the availability of
the ABL Credit Facility, and is subject to other customary
conditions.
The Notes will be guaranteed on a senior secured basis, jointly and
severally, by RYAM and certain of RYAM's wholly owned restricted
subsidiaries organized in the United States and Canada.
The Offering will be made only to persons reasonably believed to be
"qualified institutional buyers" pursuant to Rule 144A under the
Securities Act of 1933, as amended, and to non-U.S. persons outside
the United States pursuant to Regulation S under the Securities
Act. The Notes will be subject to restrictions on transferability
and resale and may not be transferred or resold, except in
compliance with the registration requirements of the Securities Act
or pursuant to an exemption therefrom and in compliance with other
applicable securities laws. The Notes will not be registered under
the Securities Act or any state or other securities laws and may
not be offered or sold in the United States absent registration or
an applicable exemption from the registration requirements of the
Securities Act and applicable state laws.
About Rayonier Advanced
Headquartered in Jacksonville, Florida, Rayonier Advanced Materials
Inc. -- http://www.rayonieram.com/-- is a producer of
cellulose-based technologies, including high purity cellulose
specialties, a natural polymer commonly found in filters, food,
pharmaceuticals and other industrial applications. The Company
also manufactures products for lumber, paper and packaging markets.
The Company has manufacturing operations in the U.S., Canada, and
France.
Rayonier Advanced reported a net loss available to common
stockholders of $31.03 million for the year ended Dec. 31, 2019.
* * *
As reported by the TCR on March 6, 2020 S&P Global Ratings lowered
its issuer credit rating on Rayonier Advanced Materials Inc. (RYAM)
to 'CCC+' from 'B-' and lowered its issue-level rating on its
senior unsecured notes to 'CCC' from 'CCC+'. The downgrade
reflects the severe deterioration in RYAM's margins, which caused
its leverage to rise to more than 10x as of Dec. 31, 2019, from
3.6x as of Dec. 31, 2019 and 7.4x as of Sept. 30, 2019.
As reported by the TCR on Dec. 11, 2020, S&P Global Ratings placed
all of its ratings on Rayonier Advanced Materials Inc.'s (RYAM) on
CreditWatch with positive implications.
REISINGER HOLDINGS: Key Auction Sale of All Assets Approved
-----------------------------------------------------------
Judge Robyn L. Moberly of the U.S. Bankruptcy Court for the
Southern District of Indiana authorized the public auction sale
proposed by Reisinger Holdings, Inc., doing business as SPD Textile
& Drapery Inc., of substantially all assets.
No objections have been filed.
The sale of the Assets is in the best of the estate and the
creditors.
The Debtor will file a Report of Sale within 14 days that the
public action takes place pursuant to Fed. Bankr. R. P. 6004-3(d).
Excluding the Debtor's vehicles, The Huntington National Bank holds
a superior and prior blanket lien on all of the Assets. Huntington
also holds a 507(b) super-priority expense (subject to a $10,000
carve out in favor of the subchapter V trustee) which would be
first paid from all of the Assets including the Debtor's vehicles
granted via the Court's Second Interim Order on Debtor's First Day
Motion to Use Cash Collateral entered on Aug. 31, 2020.
The Debtor intends the Auction to be free and clear of any liens of
any and every kind or nature whatsoever. In turn, Huntington's
lien and 507(b) expense will attach to the proceeds of the Auction.
The Debtor believes the sale of the Assets is in the best interest
of the estate and creditors. Key Auctions, LLC will market the
Auction to its network of potential bidders.
The Auctioneer will be compensated through a commission of 12% of
the proceeds of the sale. Key will also separately charge and
retain an 18% buyer's premium on the gross sales prior to and at
auction. Key will also be entitled to a fee of $2,400 to prepare,
market, conduct, and finalize the auction.
About Reisinger Holdings
Reisinger Holdings, Inc. is a full-service window treatment company
offering a wide range of custom shades, blinds, upholstery and
drapery solutions to meet the needs of residential and commercial
clients. Visit https://spdtextile.com for more information.
Reisinger Holdings filed a Chapter 11 petition (Bankr. S.D. Ind.
Case No. 20-03806) on July 1, 2020. In the petition signed by
Reisinger Holdings President Michael Scott Reisinger, the Debtor
disclosed $822,454 in assets and $2,179,748 in liabilities.
Judge Robyn L. Moberly presides over the case.
The Debtor has tapped the Law Office of Matthew M. Cree, LLC as its
bankruptcy counsel and Key Auctions LLC as its auctioneer.
RENNOVA HEALTH: Discusses Business Update With the Stock Day Podcas
-------------------------------------------------------------------
Rennova Health, Inc., an owner and operator of rural hospitals in
Tennessee, announces that Rennova CEO and President of the Company,
Seamus Lagan, joined Stock Day host Everett Jolly for a business
update.
Jolly began the interview by asking about the difficulties the
rural healthcare industry is facing during the COVID-19 pandemic.
Lagan explained that these difficulties include a reduction in
revenue from scheduled visits and services, as well as increased
costs associated with implementing visitor and staff safety, and
acquiring protective equipment. "More recently, we're seeing a lot
more competition for staff, which is creating an additional strain
on small hospitals," said Lagan, adding that staff illness and the
need for isolation is another difficulty for the rural healthcare
community in the current pandemic.
"Have you made any changes to your business to help you survive
these difficulties?" asked Jolly. "We're always looking at ways to
maintain and improve revenue," said Lagan. "We've adopted a
telehealth technology to support patients and staff when
appropriate," he continued. "We've invested in new equipment
throughout the year at the facilities, particularly in diagnostic
equipment that facilitates point of care testing for key tests in
the emergency rooms," he added. Lagan also shared that the Company
has installed COVID testing equipment that provides a 15 minute
turnaround time for results. "On top of the investments, we
continue to build a very capable healthcare management team in our
Knoxville office to oversee these facilities."
"Do you expect any further financial assistance from the government
or can you manage without it?" asked Jolly. "We sincerely hope
that we will receive some additional financial assistance," shared
Lagan. "Like many others, we have applications submitted and are
hopeful that our facilities qualify to receive some assistance very
shortly," said Lagan. "We're in discussions for additional
capital, but like many small facilities there is a current risk to
an interruption of operations if some immediate assistance is not
received."
"Are you still confident in your business model?" asked Jolly.
"The business model to operate small clusters of rural hospitals
can definitely work. We're starting to see advantages of a
centralized management team and adoption of new technology and
analytical tools to drive decision making," explained Lagan. "We
have to get through the current turmoil first, but we're very
confident that the long-term plan is solid," he added.
Lagan then elaborated on the Company's announcement regarding its
agreement to separate its software and genetic diagnostics
interpretation division into InnovaQor, Inc. "It will provide some
additional opportunity to our shareholders. I'm really hoping that
we have additional information available on this matter for
shareholders in the coming days."
To close the interview, Lagan expressed his confidence in the
Company's long-term goals as they continue to face the challenges
of the pandemic. "We're putting a management team in place that
will be more than capable of growing this company to everything and
more that we have anticipated," said Lagan. "We're still here and
we still feel very confident that we can succeed in the long-term
with our business."
About Rennova Health
Rennova Health, Inc. -- http://www.rennovahealth.com/-- operates
three rural hospitals in Tennessee and provides diagnostics and
supportive software solutions to healthcare providers.
Rennova Health reported a net loss to common shareholders of $171.9
million for the year ended Dec. 31, 2019, compared to a net loss to
common shareholders of $245.87 million for the year ended Dec. 31,
2018. As of Sept. 30, 2020, the Company had $15.09 million in
total assets, $55.63 million in total liabilities, and a total
stockholders' deficit of $40.54 million.
Haynie & Company, in Salt Lake City, Utah, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated June 25, 2020, citing that the Company has recognized
recurring losses, negative cash flows from operations, and
currently has minimal revenue producing activities. This raises
substantial doubt about the Company's ability to continue as a
going concern.
SEADRILL PARTNERS: Hires Baker & Hostetler as Special Counsel
-------------------------------------------------------------
Seadrill Partners, LLC, and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ Baker & Hostetler, LLP, as special counsel to the
Debtor.
Seadrill Partners requires Baker & Hostetler to represent and
provide legal services in the Debtors' pending arbitration
proceeding against BP Exploration & Production, Inc. before the
International Centre for Dispute Resolution ("Arbitration").
Baker & Hostetler will be paid at these hourly rates:
Partners $650 to $990
Associates $415 to $550
Paraprofessionals $235 to $400
Baker & Hostetler is owed $441,541.36 as of the Petition Date for
services performed relating to the Arbitration and related costs.
Baker & Hostetler will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Jeffrey H. Paravano, partner of Baker & Hostetler, LLP, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
Baker & Hostetler can be reached at:
Jeffrey H. Paravano, Esq.
BAKER & HOSTETLER, LLP
1050 Connecticut Avenue, Suite 1100
Washington, DC 20036-5304
Tel: (202) 861-1770
Fax: (202) 861-1783
About Seadrill Partners
Seadrill Partners LLC, an offshore drilling contractor, provides
offshore drilling services to the oil and gas industry. Its primary
business is the ownership and operation of drillships,
semi-submersible rigs and tender rigs for operations in shallow to
ultra-deepwater areas in both benign and harsh environments. The
company was founded in 2012 and is headquartered in London, the
United Kingdom.
Seadrill Partners, set up as an asset-holding unit, owns four
drillships, four semi-submersible rigs and three so-called tender
rigs which are all operated by Seadrill Ltd.
SEMBLANCE MEDSPA: PCO Received No Complaints in 1st Report
----------------------------------------------------------
Joseph J. Tomaino, the Patient Care Ombudsman appointed for
Semblance Medspa LLC, filed a first report for the period of
October 14, 2020, through December 11, 2020.
During the visit, the PCO reported that the use of personal
protective equipment appropriate for COVID prevention was observed
and the supplies were available.
The PCO received no patient or employee complaints during the
reporting period.
A full-text copy of the First Report is available at
https://bit.ly/37WU6sD from PacerMonitor.com for free.
About Semblance Medspa
Semblance Medspa LLC provides medical spa services in Albany, New
York. It offers body sculpting and contouring, skin tightening,
injectables, laser skin rejuvination, aesthetic treatments, PRP
treatments, laser hair removal, laser vein treatment, skin care
products, and IV hydration.
Semblance Medspa filed a Chapter 11 petition (Bankr. N.D.N.Y. Case
No. 20-11110) on Aug. 19, 2020. In the petition signed by Farah
Sajid, owner, the Debtor disclosed $462,553 in assets and
$1,551,854 in liabilities.
Judge Robert E. Littlefield Jr. presides over the case.
Nolan Heller Kauffman LLP, serves as the Debtor's bankruptcy
counsel.
On Oct. 14, 2020, the United States Trustee for Region 2, appointed
Joseph J. Tomaino as patient care ombudsman in the Debtor's Chapter
11 case. The ombudsman tapped Rivkin Radler, LLP as counsel.
SNL BALDWIN REALTY: Hires Michael G. Mc Auliffe as Counsel
----------------------------------------------------------
SNL Baldwin Realty, LLC, seeks authority from the U.S. Bankruptcy
Court for the Eastern District of New York to employ The Law Office
of Michael G. Mc Auliffe, as counsel to the Debtor.
SNL Baldwin Realty requires Michael G. Mc Auliffe to:
a. assist the Debtor in preparing and filing schedules,
statements, monthly financial statements, and other
necessary and appropriate documents;
b. prepare and file, on behalf of the Debtor, all motions,
applications, documents in connections with adversary
proceedings, and proposed orders or other legal papers;
c. appear at all appropriate meetings and before any
appropriate forum in order to represent and protect the
interests of the Debtor and the Estate;
d. explain to the Debtor its responsibilities in a case under
Chapter 11, and ensuring insofar as practicable that it
complies with its responsibilities;
e. represent the Debtor in its negotiations with secured and
unsecured creditors, and Committees who may be appointed in
the case;
f. assist the Debtor in formulating a plan of reorganization
and disclosure statement; and
g. perform such other further legal services for the Debtor
which may be necessary.
Mc Auliffe will be paid at these hourly rates:
Attorneys $350
Paralegal $95
Mc Auliffe will be paid a retainer in the amount of $16,717,
inclusive of $1,717 court filing fee.
Mc Auliffe will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Michael G. Mc Auliffe, member of The Law Office of Michael G. Mc
Auliffe, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.
Mc Auliffe can be reached at:
Michael G. Mc Auliffe, Esq.
THE LAW OFFICE OF MICHAEL G. MC AULIFFE
68 South Service Road, Suite 100
Melville, NY 11747
Tel: (631) 465-0044
About SNL Baldwin Realty
SNL Baldwin Realty, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. E.D.N.Y. Case No. 20-73348) on November 7, 2020, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by the LAW OFFICE OF MICHAEL G. MCAULIFFE.
SOUNDVIEW PREPARATORY: Assets Sold to Unicorn Contracting
---------------------------------------------------------
Brian Marschhauser of TAPinto.net reports that Soundview
Preparatory School, which abruptly closed in January 2020 with four
months left in the school year, has sold its 13.8-acre Underhill
Avenue property to a private developer that plans on building 165
residential units and retail/office space.
According to court documents, Soundview filed for Chapter 11
bankruptcy on Aug. 19, 2020. The $2.85-million court-authorized
sale of Soundview's only remaining asset to Unicorn Contracting
allowed the private school to repay its many creditors, including a
$2.3 million in mortgage expenses and a collective $300,000 refund
to the 17 families that pre-paid full tuition for the 2019-20
school year.
Unicorn paid $2.5 million at closing. The other $350,000 payment is
contingent on the planned residential community—called Underhill
Farms—being approved by the town. A pre-application was filed
with the town on Wednesday, Dec. 9, 2020.
The property is currently zoned for a single-family residential
use. Under normal circumstances, to consider Unicorn's application,
the property would need to be rezoned by the Town Board. However,
just two months ago, the Town Board adopted the framework for
so-called "overlay zones," which would afford the Planning Board
flexibility in reviewing such projects.
The second part of the law involves defining specific areas in town
where these overlay zones could be applied. On Tuesday, Dec. 8,
2020, the Town Board reviewed plans for the Yorktown Heights
district—which includes the property in question.
"In the event the design district is enacted in a manner that would
allow this to be reviewed under it, then that is another path it
may take, provided it is accepted by the Planning Board," Tegeder
told Yorktown News.
Among other things, the proposed Yorktown Heights district would
encourage the development of mixed-use and multi-family
developments while easing density restrictions. It would also
require developers to use high-quality materials.
"We're looking for higher quality design when we are providing
flexibility to the developer to modify some of the existing zoning
in the area," Tegeder told the board. "This is the give and take
and the push and pull that we are trying to embed in the law."
THE END OF SOUNDVIEW
Founded in 1989, Soundview Preparatory School had served students
in grades 6-12 for three decades before closing over financial
troubles on Friday, Jan. 31, 2020. The small private school had 47
students, 13 full- and part-time faculty members, and eight full-
and part-time staff members at the time of its closing.
According to court documents, declining enrollment played a part in
Soundview's stressed financial situation. When the school year
opened in 2019-20, it had increased its enrollment by just one
student. Yearly tuition is about $40,000. Most families of
Soundview students paid tuition monthly, but 17 had paid in full
prior to the start of the 2019-20 school year. The non-profit
school "often had to utilize the payments made by families for the
coming school year to meet expenses in the current school year," an
attorney for Soundview wrote.
The writing was on the wall in September, but administrators and
the Board of Directors hoped that mid-year
admissions—historically a "lifeline" for the school—would
rescue them from insolvency. The school needed eight to fund its
shortfall; it got just one.
Soundview had stopped paying its mortgage in fall 2018. In 2019,
board members collectively donated $594,000 to the school, which
unsuccessfully tried to restructure its mortgage agreement with
Bank of America.
The school soon began an "aggressive" fundraising campaign. The
school needed between $300,000 and $650,000 to stay afloat, but
received just $109,700.
"Unfortunately, despite every possible effort, the Board [of
Directors] was forced to face the reality that [Soundview] simply
could not continue operating, and the families were notified
accordingly," an attorney for Soundview wrote.
SALE OF THE SCHOOL
Soon after closing, Soundview's Board of Directors reached out to
the town of Yorktown to gauge its interest in acquiring the
property, "but the cost exceeded our financial abilities—and that
was before COVID struck," Town Supervisor Matt Slater told Yorktown
News.
As word of the school's closure began to spread, Soundview was
contacted by Unicorn Contracting, a Cold Spring-based company that
recently built the 42,000-square-foot medical building on Kear
Street.
"On or about the same time, certain local town officials introduced
the board to the very same developer as a potential buyer for the
campus," an attorney for Soundview wrote.
The two sides negotiated and reached a deal. Hoping to expedite the
sale and repay its creditors, Soundview filed for Chapter 11
bankruptcy, asking a court to greenlight the sale.
The $2.85 million sale price was in line with the $3 million
appraisal of the property, which was conducted in June. Additional
savings were realized because real-estate agents were not involved,
attorneys said, arguing in support of the deal.
"The likelihood of the property being purchased by a similar end
user is not good," an attorney for Soundview wrote. "In terms of a
sale to another developer, the fact that [Unicorn] is willing to
close prior to the approval of its development, which includes a
zoning change, is a major benefit to [Soundview]. Typically, such a
risk would be borne by the seller as a contingency or condition to
close or would otherwise be reflected in the purchase price."
The court agreed on Sept. 22, 2020 and the sale was completed on
Oct. 15, 2020.
UNDERHILL FARMS
Last week on its website, Unicorn Contracting had listed Underhill
Farms as one of its "future projects." The project had been pulled
from the website by Saturday, Dec. 12, 2020.
Before being taken down, the project's description said it was a
mixed-use site with 165 residential units (80 condominium units and
85 rental apartments) and 20,000 square feet of retail/office
space.
The property at 370 Underhill Ave. currently has 10 buildings
totaling 18,836 square feet, according to the appraisal report.
Many of the buildings were built in the 19th century, according to
Yorktown’s Heritage Preservation Commission.
Renderings for Underhill Farms show only Soundview's main building
remaining, which would be used for retail/office space. Renderings
also show 50 condominium townhouses spread across 10 buildings; 30
condominium flats in one building; 85 rental units in one building;
a clubhouse with a pool; a walkway and sitting areas around an
existing pond; and driveway access to a senior center, which is
proposed to be built by neighboring Beaveridge, an affordable
housing complex. The existing entrance would remain, with another
added farther down Underhill Avenue for the condominium
townhouses.
About Soundview Preparatory School
Soundview is a private school that closed in January 2020 after 30
years in operation. Soundview Preparatory School was an
independent, co-ed day school for grades 6 to 12 that was located
on a 13 acre campus in Yorktown Heights, New York in northern
Westchester County.
Soundview Preparatory School filed a voluntary petition for relief
under chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
20-22948) on August 19, 2020. At the time of filing, the Debtor was
estimated to have $1,000,001 to $10 million in both assets and
liabilities. Erica Feynman Aisner, Esq. at Kirby Aisner & Curley
LLP is the Debtor's counsel.
SOUTH COAST: Meets Standard of Care, PCO's 12th Report Says
-----------------------------------------------------------
Tamar Terzian, the Court-appointed Patient Care Ombudsman for South
Coast Behavioral Health, filed a twelfth interim report for the
period of October 1, 2020, through November 1, 2020.
The PCO reported that his visits to the Debtor's facilities
involved verification of licensing, staffing, and assuring
compliance with the Department of Health Care Services.
As set forth in the Report, the PCO finds that all care provided to
the patients by the Debtor meets the standard of care set by the
California Department of Health Care Services.
A full-text copy of the Twelfth Interim Report is available at
https://bit.ly/37cQbsh from PacerMonitor.com for free.
About South Coast Behavioral Health
South Coast Behavioral Health, Inc. is a healthcare company that
specializes in the in-patient and outpatient treatment of addicts,
alcoholics, and persons dealing with mental health issues. It
offers a clinically supervised residential sub-acute detox
services, therapeutic and residential treatment centers, intensive
outpatient treatment services, and partial hospitalization
programs. Visit https://www.scbh.com for more information.
South Coast Behavioral Health sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-12375) on June
20, 2019. At the time of the filing, Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range. Judge Mark S. Wallace oversees the case.
The Debtor has tapped Nicastro & Associates, P.C., as its
bankruptcy counsel.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors in Debtor's case. The committee tapped Weiland Golden
Goodrich LLP as its legal counsel, and Bryars Tolleson Spires +
Whitton LLP as its financial advisor.
On Feb. 27, 2020, the U.S. Trustee appointed Thomas Casey as the
Debtor's Chapter 11 trustee. Mr. Casey has tapped Ringstad &
Sanders LLP as his bankruptcy counsel; Nicastro & Associates, PC as
special counsel; and Joseph S. Yung & Co. as tax accountant.
SOUTH COAST: Patient Care Ombudsman Files 10th Interim Report
-------------------------------------------------------------
Tamar Terzian, the Court-appointed Patient Care Ombudsman for South
Coast Behavioral Health, filed a tenth interim report for the
period of June 1, 2020, through September 1, 2020.
As set forth in the Report, the PCO finds that all care provided to
the patients by the Debtor meets the standard of care set by the
California Department of Health Care Services.
Moreover, the PCO also recommended that the Debtor should continue
to maintain staff files and provide adequate training for staff.
The Debtor is working on incidental report training, medical
necessity training, and
monthly training with google classroom for the treatment
technicians and clinical staff.
The Debtor was also advised to maintain full disclosure to the PCO
of any patient complaints or operational issues, send PCO the
incident reports when patients are hospitalized, and maintain
patient records.
A full-text copy of the Tenth Report is available at
https://bit.ly/33ZJ3xB from PacerMonitor.com for free.
About South Coast Behavioral Health
South Coast Behavioral Health, Inc. is a healthcare company that
specializes in the in-patient and outpatient treatment of addicts,
alcoholics, and persons dealing with mental health issues. It
offers a clinically supervised residential sub-acute detox
services, therapeutic and residential treatment centers, intensive
outpatient treatment services, and partial hospitalization
programs. Visit https://www.scbh.com for more information.
South Coast Behavioral Health sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19 12375) on June
20, 2019. At the time of the filing, Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range. Judge Mark S. Wallace oversees the case.
The Debtor has tapped Nicastro & Associates, P.C., as its
bankruptcy counsel.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors in Debtor's case. The committee tapped Weiland Golden
Goodrich LLP as its legal counsel, and Bryars Tolleson Spires +
Whitton LLP as its financial advisor.
On Feb. 27, 2020, the U.S. Trustee appointed Thomas Casey as
Debtor's Chapter 11 trustee. Mr. Casey has tapped Ringstad &
Sanders LLP as his bankruptcy counsel; Nicastro & Associates, PC as
special counsel; and Joseph S. Yung & Co. as tax accountant.
SOUTH COAST: Patient Care Ombudsman Files 11th Interim Report
-------------------------------------------------------------
Tamar Terzian, the Court-appointed Patient Care Ombudsman for South
Coast Behavioral Health, filed an eleventh interim report for the
period of September 1, 2020, through October 1, 2020.
The PCO finds that all care provided to the patients by the Debtor
meets the standard of care set by the California Department of
Health Care Services during the reporting period.
A copy of the Eleventh Interim Report is available at
https://bit.ly/2LmKU94 from PacerMonitor.com for free.
About South Coast Behavioral Health
South Coast Behavioral Health, Inc. is a healthcare company that
specializes in the in-patient and outpatient treatment of addicts,
alcoholics, and persons dealing with mental health issues. It
offers a clinically supervised residential sub-acute detox
services, therapeutic and residential treatment centers, intensive
outpatient treatment services, and partial hospitalization
programs. Visit https://www.scbh.com for more information.
South Coast Behavioral Health sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-12375) on June
20, 2019. At the time of the filing, Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range. Judge Mark S. Wallace oversees the case.
The Debtor has tapped Nicastro & Associates, P.C., as its
bankruptcy counsel.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors in Debtor’s case. The committee tapped Weiland Golden
Goodrich LLP as its legal counsel, and Bryars Tolleson Spires +
Whitton LLP as its financial advisor.
On Feb. 27, 2020, the U.S. Trustee appointed Thomas Casey as
Debtor’s Chapter 11 trustee. Mr. Casey has tapped Ringstad &
Sanders LLP as his bankruptcy counsel; Nicastro & Associates, PC as
special counsel; and Joseph S. Yung & Co. as tax accountant.
STEWART STREET: Seeks to Use Cash Collateral Thru End of March
--------------------------------------------------------------
Stewart Street Academy and Child Care, LLC, urges the U.S.
Bankruptcy Court for the Northern District of Georgia to extend the
current order authorizing it to use cash collateral on an interim
basis by an additional three months, or the end of March 2021.
The Debtor said it communicated with Cornerstone Bank's counsel on
December 8, 2020, and suggested the parties request that the
Interim Order be extended another three months. Cornerstone's
counsel stated the bank will not agree to continue the interim
order for a period of three months. The Debtor's counsel has
requested suggestions from Cornerstone's counsel as to what the
bank will agree to, especially considering that pursuant to the
existing order Cornerstone is receiving almost 90% of the Debtor's
monthly income -- on top of a $400,000 equity cushion.
The Debtor believes Cornerstone Bank may assert a security interest
in the accounts and revenues of the Debtor derived from its
operation of non-residential real property located at 204 Stewart
Street, Carrollton, Georgia 30117. The Debtor does not concede
Cornerstone has a valid security interest in cash and accounts at
this time. The Debtor believes the outstanding balance of the
Cornerstone loan is $850,000.
The Debtor has scheduled its real property with a value of
$1,250,000. The Debtor scheduled Cornerstone's secured claim in
the amount of $851,668. Thus, the Debtor said there is a $400,000
equity cushion.
The Debtor disclosed that the sister of the Debtor's owner has
offered to purchase the Debtor's property. As of December 8, the
sister was working through the loan approval process. The Debtor
said if it cannot submit a timely offer from the sister, it will
seek approval to retain a real estate agent to market and sell the
property.
As for adequate protection for the use of cash collateral, the
Debtor offers a post-petition replacement lien to Cornerstone on
cash pursuant to and in accordance with 11 U.S.C. sections 361(2)
and 552(b) to the extent of cash collateral actually expended and
on the same assets and in the same order of priority as currently
exists. The Debtor also offers adequate protection in the same
amount as the regular monthly loan payments, beginning in November
2020.
About Stewart Street Academy and Child Care
Stewart Street Academy and Child Care, LLC is a Georgia limited
liability company that owns non-residential real property located
at 204 Stewart Street, Carrollton, Georgia 30117. The entire
Property is leased to Stewart Street Childcare Services, Inc.,
which operates a child care center on the Property. The center is
owned and operated by the sister of the Debtor's owner, Randall
Kimball.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-11216) on September 1,
2020. In the petition signed by Randall Kimball, managing member,
the Debtor disclosed up to $10 million in assets and liabilities of
the same range.
The Debtor is represented by the Law Office of Scott B. Riddle,
LLC.
The United States Trustee for Region 21 reported that no committee
of creditors holding unsecured claims has been appointed in this
case.
SZ COVINA CAPITAL: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: SZ Covina Capital Partners
DBA Sky Zone Covina
1314 N. Azuza Road
Covina, CA 91722
Chapter 11 Petition Date: December 12, 2020
Court: United States Bankruptcy Court
Central District of California
Case No.: 20-20907
Judge: Hon. Ernest M. Robles
Debtor's Counsel: Ron Bender, Esq.
LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
10250 Constellation Blvd., Suite 1700
Los Angeles, CA 90067
Tel: (310) 229-1234
Email: rb@lnbyb.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by David A. Ruiz, managing member.
A copy of the petition containing, among other items, a list of the
Debtor's 20 largest unsecured creditors is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/5XDNXKA/SZ_Covina_Capital_Partners__cacbke-20-20907__0001.0.pdf?mcid=tGE4TAMA
TAMARAC 10200: Taps SOLIC Capital as Restructuring Advisor
----------------------------------------------------------
Tamarac 10200, LLC and Unipharma, LLC seek approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
SOLIC Capital Advisors, LLC and SOLIC Capital, LLC to provide a
chief restructuring officer and additional support personnel.
SOLIC will work with the Debtors' board, officers, employees, and
professionals to perform these services:
(a) Provision of Neil Luria as CRO, Waite Popejoy as chief
financial officer, Gregory Hagood as executive vice president of
strategy, Robert Annas as EVP of operations, Matthew Caine as vice
president of strategy, and Mary Dressler as the director of
strategy.
(b) The CRO and the CFO will work with the board and its
officers, employees and professionals with respect to these
restructuring services:
(i) manage the working group of professionals who are
assisting the Debtors in the reorganization process to enhance
coordination of their efforts and individual work product
consistent with the Debtors' overall restructuring goals;
(ii) provide the Debtors assistance in connection with the
development of a rolling 13-week cash flow forecast;
(iii) review the Debtors' current financial position,
operation trends, capital needs, financial outlook, standalone
viability and market position;
(iv) assist management in the development of an integrated
financial forecast model;
(v) assist in the preparation of statements of financial
affairs, schedules of assets and liabilities, monthly operating
reports, disclosure statement analyses, or other financial analyses
or reports as may be reasonably necessary in conjunction with such
proceedings;
(vi) at the request of the Debtors, assist management and the
Debtors' legal counsel in the review of any threatened or
unforeseen litigation, contingent liabilities, and regulatory
related or submission requirements;
(vii) review the Debtors' budgets and cash flow forecasts;
(viii) communicate or negotiate with outside constituents;
(ix) consider and identify potential opportunities for a sale,
merger, recapitalization, or reorganization of the Debtors or
assets of the Debtors;
(x) advise the Debtors concerning opportunities for a
transaction or transactions;
(xi) participate with the Debtors' counsel in negotiations
concerning a transaction or transactions; and
(xii) provide oversight and manage the post-sale and
post-bankruptcy wind-down and orderly liquidation of the Debtors'
remaining assets and liabilities through a plan of liquidation or
otherwise.
(c) The EVP of strategy, the VP of strategy, and the director of
strategy will work with the board and its officers, employees and
professionals to provide transactional services.
(d) SOLIC will supplement the interim officers from time to time
as deemed necessary by the CRO to provide the services described in
the agreement.
SOLIC will be paid for restructuring and transaction services a
monthly fee of $275,000 for the first two months, $250,000 for the
next two months, and $225,000 per month thereafter.
For any supplemental support services, SOLIC will be paid at these
rates:
Senior Managing Directors/Senior Advisors $725 - $995 per
hour
Managing Directors $695 - $825 per
hour
Directors $550 - $695 per
hour
Vice President $450 - $550 per
hour
Senior Associate $350 - $450 per
hour
Associates/Analysts $245 - $350 per
hour
Paraprofessionals $95 - $175 per
hour
In addition, the Debtors agree to pay SOLIC a deferred
restructuring fee of $500,000 upon the close or other consummation
of a transaction.
As of the petition date, SOLIC held a retainer from the Debtors in
the amount of $100,000.
The Debtors will reimburse SOLIC for work-related expenses
incurred.
Mr. Luria, senior managing director at SOLIC Capital Advisors,
disclosed in court filings that the firms are "disinterested
persons" as that term is defined in Section 101(14) of the
Bankruptcy Code and do not hold or represent an interest adverse to
the Debtors' estates.
SOLIC can be reached through:
Neil F. Luria
SOLIC Capital Advisors, LLC
425 W. New England Avenue, Suite 300
Winter Park, FL 32789
Telephone: (847) 583-1618
Email: info@soliccapital.com
About Tamarac 10200
Unipharma -- https://www.unipharmausa.com/ -- is a healthcare
packaging company serving the pharmaceutical and nutraceutical
sectors in the development, manufacturing, and packaging of liquid,
disposable, and single-dose units. Tamarac owns a state-of-the-art,
165,000 square foot, FDA-registered, blow-fill-seal and
conventional seal manufacturing facility built in 2018 located in
Tamarac, Florida, that among other things, packages prescription,
over the counter, and nutraceutical and oral ophthalmic solutions.
Tamarac 10200, LLC and Unipharma, LLC filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla.
Case No. 20-23346) on Dec. 7, 2020. The petitions were signed by
Neil F. Luria, chief restructuring officer. At the time of the
filing, Tamarac 10200 disclosed estimated assets of $10 million to
$50 million and estimated liabilities of $50 million to $50
million, while Unipharma estimated to have $50 million to $100
million in assets and $100 million to $500 million in liabilities.
The Hon. Peter D. Russin oversees the cases.
The Debtors tapped Berger Singerman LLP as counsel, SOLIC Capital
Advisors, LLC and SOLIC Capital, LLC as restructuring advisor, and
Kurtzman Carson Consultants LLC as notice and claims agent.
TARGET DRILLING: Seeks Approval to Hire as Accountant
-----------------------------------------------------
Target Drilling, Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of Pennsylvania to employ Bernard
Deverson, a certified public accountant at Deverson, Tanack &
Willison, P.C.
The Debtor needs assistance of an accountant to prepare its
certified year-end financial statements and related corporate tax
matters.
Mr. Deverson has been paid nothing to date for post-petition
services but is listed as a general unsecured creditor of the
Debtor in the amount of $1,005. He agreed to waive his
pre-bankruptcy general unsecured claim as a material element of his
employment as accountant.
The hourly rates charged by Mr. Deverson's firm range from $100 to
$190.
Mr. Deverson disclosed in court filings that he is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The accountant can be reached at:
Bernard A. Deverson, C.P.A.
Deverson, Tanack & Willison, P.C.
1121 Boyce Rd., Ste. 500
Pittsburgh, PA 15241
Telephone: (724) 942-4334
Facsimile: (724) 942-4350
Email: bernie@deversonandtanack.com
About Target Drilling
Headquartered in Southwestern Pennsylvania, Target Drilling, Inc.
provides contract directional drilling services to drill horizontal
boreholes from within underground mines and horizontal, vertical
and vertical-to-horizontal boreholes from the surface. Visit
https://www.targetdrilling.com for more information.
Target Drilling sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Pa. Case No. 20-22899) on Oct. 9,
2020. Stephen J. Kravits, president and chief executive officer,
signed the petition.
At the time of the filing, the Debtor had estimated total assets of
$4,178,464 and total liabilities of $3,014,346.
Judge Thomas P. Agresti oversees the case.
The Debtor tapped William R. Lauer, Esq., as legal counsel and
Bernard A. Deverson, C.P.A., of Deverson, Tanack & Willison, P.C.
as accountant.
TIDEWATER ESTATES: Selling 30-Acre Hancock Parcel for $4.2K/Acre
----------------------------------------------------------------
Tidewater Estates, Inc., asks the U.S. Bankruptcy Court for the
Southern District of Mississippi to authorize the sale of an
approximately 20-acre parcel of real property located in Hancock
County, Mississippi, immediately North of the City of Diamondhead,
Mississippi, to Michael Benson and Vanessa Benson for $4,200 per
acre, free and clear of all liens.
At the time of the filing of the Petition, the Debtor was the owner
of the Property. It entered into a Contract for the Sale and
Purchase of Real Estate, dated Dec. 5, 2020, to sell the Property
to the Buyers.
The Property to be purchased is approximately 5 acres North of
Kiln-Delisle Road and fronting more or less 100' on Ruiny Mead Road
identified on the 2020 Appraisal as part of Parcels 3 & 4. The
Purchase Price would be $4,200 per acre for approximately 20 Acres,
depending on a survey for a total sale price of approximately
$84,000.
If approved by the Court, the sale of the property will be closed
by March 1, 2021.
As set forth in the Contract, the Debtor has agreed to pay the
following expenses only: (i) Real Estate Commission of 10% of the
sale price to Paulette Snyder with Re/Max Coast Delta Realty, as
the listing broker, and to Cynthia Rush with the same firm as the
selling broker; (ii) taxes due for 2020 and prior years; and (iii)
prorated taxes for 2021 to the date of closing. The Purchaser has
agreed to pay all closing costs and to pay for a survey.
A real estate commission will become due on the sale to Paulette
Snyder, Cynthia Rush, and RE/Max Coast Delta Realty, and the Debtor
will apply for authority to employ said Paulette Snyder and Re/Max
Coast Delta Realty for the bankruptcy estate prior to the closing
date.
The sale contemplated by the Motion should release the Property
from all existing liens and transfer such lien to the proceeds of
sale.
Interested party and alleged creditor, Gregory E. Bertucci, filed a
Lis Pendens Notice with the Chancery Clerk of Hancock County,
Mississippi on Dec. 30, 2015, recorded at Lis Pendens Book 2015,
Page 45, which, until cancelled in whole or in part, manifests a
lien on all of the Debtors real property, including the property
proposed to be sold.
Gregory E. Bertucci has filed a claim, (Claim No. 1), in the case
for $364,378, to which the Debtor has objected as barred by the
applicable statutes of limitations, not supported by documentation
and improperly submitted (in part) on behalf of third parties, Via
Adversary Proceeding No. 20-06032-KMS before the Court. Said
Adversary Proceeding also asks that the Court determines its
validity and extent of the alleged lien manifested by the
aforementioned Lis Pendens notice, and find that the lis pendens is
invalid and should be cancelled in its entirety.
After the sale of the 30 acres sought to be sold, the Debtor will
have property of adequate value to pay all of its obligations, and
to protect the claim of Gregory E. Bertucci in the event it is
determined to be valid. The value of the remaining property will
be, according to the Sept. 1, 2020 Appraisal of Allen Purvis &
Associates, jointly commissioned by the Debtor and Gregory E.
Bertucci, in excess of $1.8 million dollars.
The Debtor prays that the Court will enter the Order authorizing
the sale of the Property.
A copy of the Contract is available at https://tinyurl.com/y33cyluz
from PacerMonitor.com free of charge.
About Tidewater Estates
Tidewater Estates, Inc. filed its voluntary petition for relief
under CHapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No.
20-50955) on June 9, 2020. In the petition signed by Emile A.
Bertucci, III, director, secretary/treasurer, the Debtor was
estimated to have $1 million to $10 million in assets and $500,000
to $1 million in liabilities. The Debtor is represented by Patrick
Sheehan, Esq. at SHEEHAN AND RAMSEY, PLLC.
TIDEWATER ESTATES: Selling 5-Acre Hancock Parcel for $4.2K per Acre
-------------------------------------------------------------------
Tidewater Estates, Inc., asks the U.S. Bankruptcy Court for the
Southern District of Mississippi to authorize the sale of a 5-acre
parcel of real property located in Hancock County, Mississippi,
immediately North of the City of Diamondhead, Mississippi, to
Michael Benson and Vanessa Benson for $4,200 per acre, free and
clear of all liens.
At the time of the filing of the Petition, the Debtor was the owner
of the Property. It entered into a Contract for the Sale and
Purchase of Real Estate, dated Dec. 5, 2020, to sell the Property
to the Buyers.
The Property to be purchased is approximately 5 acres North of
Kiln-Delisle Road and fronting more or less 100' on Ruiny Mead Road
identified on the 2020 Appraisal as part of Parcels 3 & 4. The
Purchase Price would be $4,200 per acre for approximately 5 Acres,
depending on a survey for a total sale price of approximately
$21,840.
If approved by the Court, the sale of the property will be closed
by Dec. 18, 2020, or as soon thereafter as an Order from the Court
approving sale is entered.
As set forth in the Contract, the Debtor has agreed to pay the
following expenses only: (i) Real Estate Commission of 10% of the
sale price to Paulette Snyder with Re/Max Coast Delta Realty, as
the listing broker, and to Cynthia Rush with the same firm as the
selling broker; (ii) taxes due for 2020 and prior years; and (iii)
prorated taxes for 2021 to the date of closing. The Purchaser has
agreed to pay all closing costs and to pay for a survey.
A real estate commission will become due on the sale to Paulette
Snyder, Cynthia Rush, and RE/Max Coast Delta Realty, and the Debtor
will apply for authority to employ said Paulette Snyder and Re/Max
Coast Delta Realty for the bankruptcy estate prior to the closing
date.
The sale contemplated by the Motion should release the Property
from all existing liens and transfer such lien to the proceeds of
sale.
Interested party and alleged creditor, Gregory E. Bertucci, filed a
Lis Pendens Notice with the Chancery Clerk of Hancock County,
Mississippi on Dec. 30, 2015, recorded at Lis Pendens Book 2015,
Page 45, which, until cancelled in whole or in part, manifests a
lien on all of the Debtors real property, including the property
proposed to be sold.
Gregory E. Bertucci has filed a claim, (Claim No. 1), in the case
for $364,378, to which the Debtor has objected as barred by the
applicable statutes of limitations, not supported by documentation
and improperly submitted (in part) on behalf of third parties, Via
Adversary Proceeding No. 20-06032-KMS before the Court. Said
Adversary Proceeding also asks that the Court determines its
validity and extent of the alleged lien manifested by the
aforementioned Lis Pendens notice, and find that the lis pendens is
invalid and should be cancelled in its entirety.
After the sale of the 30 acres sought to be sold, the Debtor will
have property of adequate value to pay all of its obligations, and
to protect the claim of Gregory E. Bertucci in the event it is
determined to be valid. The value of the remaining property will
be, according to the Sept. 1, 2020 Appraisal of Allen Purvis &
Associates, jointly commissioned by the Debtor and Gregory E.
Bertucci, in excess of $1.8 million dollars.
The Debtor prays that the Court will enter the Order authorizing
the sale of the Property.
A copy of the Contract is available at https://tinyurl.com/y6bpovmy
from PacerMonitor.com free of charge.
About Tidewater Estates
Tidewater Estates, Inc., filed its voluntary petition for relief
under CHapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No.
20-50955) on June 9, 2020. In the petition signed by Emile A.
Bertucci, III, director, secretary/treasurer, the Debtor was
estimated to have $1 million to $10 million in assets and $500,000
to $1 million in liabilities. The Debtor is represented by Patrick
Sheehan, Esq. at SHEEHAN AND RAMSEY, PLLC.
TM HEALTHCARE: No Patient Care Issues, PCO's First Report Says
--------------------------------------------------------------
Eric M. Huebscher, the Court-appointed Patient Care Ombudsman for
TM Healthcare Holdings, LLC, et al., filed the first report for the
period of October 9, 2020, through December 9, 2020.
The Debtors operate two facilities that provides addiction and
treatment services in both detoxification and residential settings.
Pending the Chapter 11 case, the PCO did not note any issues that
have resulted in the changes of the Debtors' quality of care. The
Debtors' staffing levels and competency have remained consistent
and they appear to strive to meet the needs of their clients.
The PCO strongly encourages the Debtors to remain vigilant with
regard to COVID.
The PCO also recommends that the Debtors continue to refine and
implement a comprehensive systemwide compliance program. The PCO
identified that such effort will both aid in day-to-day activities
as well as preparations for regulatory oversight visits.
A full-text copy of the First Report is available at
https://bit.ly/37YXG5t from PacerMonitor.com for free.
About TM Healthcare Holdings
TM Healthcare Holdings, LLC, a Stuart, Fla.-based company in the
health care business, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-20024) on Sept. 17,
2020. The petition was signed by CFO Paul Kamps. At the time of
the filing, the Debtor had estimated assets of less than $50,000
and liabilities of between $50 million and $100 million. Judge Erik
P. Kimball oversees the case. Shraiberg Landau & Page P.A. is the
Debtor's legal counsel.
TONY EASTER: Lender May Foreclose on Above-Ground Pool
------------------------------------------------------
Judge Selene D. Maddox of the United States Bankruptcy Court for
the Northern District of Mississippi held that First Metropolitan
Financial Services, Inc. had a properly perfected security interest
in Tony and Melisa Easter's above-ground swimming pool.
The subchapter V Debtors secured a loan from First Metropolitan on
June 20, 2018, and used the loan proceeds to purchase a 30-foot
"Round Blue" above-ground swimming pool, a "Luciq" pool liner, and
a "Shark" pool cleaner from Backyard Pools in Tupelo, Mississippi.
According to the security agreement and UCC financing statement,
First Metropolitan was purportedly granted a purchase money
security interest in that collateral. On April 2, 2020, First
Metropolitan moved to terminate the automatic stay and take
possession of its collateral. The Debtors contended that the
above-ground pool had become a fixture and could be secured only
with a real estate deed of trust.
Mrs. Easter said that after they purchased the swimming pool,
Backyard Pools installed it by digging a two-foot hole into the
ground, leveling off the two-foot hole with sand. She also said
that while there was no structure or deck around the swimming pool
to secure it to the land or the Debtors' home, the swimming pool
was secured by several posts or stakes also driven two feet in the
ground. Mrs. Easter contended that the swimming pool was equipped
with a plastic liner and a pump and filter run by an electrical
hook up to their home. She added that they also put gravel around
the pool to enhance the overall look of the area. Mrs. Easter
admitted that the swimming pool could be moved because it was
assembled using prefabricated pieces. She added that moving the
swimming pool, however, would cause damage to the plastic liner and
leave a large hole in the Debtors' backyard.
The Debtors argued that it was their intent for the swimming pool
to be a permanent fixture to the real property because it was
secured two feet in the ground with stakes or posts.
First Metropolitan contended that unlike in-ground swimming pools,
the Debtors' swimming pool was portable in nature. It further
contended that the swimming pool was merely personal property
because the swimming pool was not secured by a deck, cement, or any
type of underground wiring or plumbing.
Judge Maddox noted that the swimming pool was installed in
sections, made of lightweight aluminum, and the only substantive
connection to the real estate was through and electrical line and
gravity. She further noted that the real estate was not
specifically adapted for the swimming pool's installation, as there
was no underground plumbing, concrete walls, or foundation. Judge
Maddox explained that a two-foot hole leveled off with sand and a
few stakes or posts did not constitute a true annexation to the
real property. She said there was simply not enough "attending
evidence" to show the Debtors intended to make the swimming pool a
permanent attachment. Judge Maddox concluded that the swimming
pool is a personal property, as opposed to a fixture.
A full-text copy of the Memorandum Opinion Addressing the Motion
for Relief in Part and Finding the Above-Ground Swimming Pool to be
Personal Property, dated December 7, 2020, is available at
https://tinyurl.com/y5psnk3g from leagle.com.
About Tony and Melisa Easter
Tony Ray Easter and Melisa Fredonia Easter sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No.
19-12063) on May 16, 2019. They are represented by Craig M. Geno,
Esq. of the Law Offices of Craig M. Geno, PLLC.
TUMBLEWEED TINY HOUSE: May Use Cash Collateral Thru Jan. 2021
-------------------------------------------------------------
Tumbleweed Tiny House Company, Inc. sought and obtained authority
from the U.S. Bankruptcy Court for the District of Colorado to use
cash collateral through January 31, 2021.
The Court's order provides that REDI Financial Advance, LLC is
granted replacement lien and security interest upon the Debtor's
postpetition assets with the same priority and validity as REDI's
pre-petition liens to the extent of the Debtor's post-petition use
of the proceeds of REDI's pre-petition collateral.
To the extent that the Adequate Protection Liens prove to be
insufficient, REDI will be granted superpriority administrative
expense claims under section 507(b) of the Bankruptcy Code.
The Debtor is directed to pay REDI $708.33 per month by the last
day of each month during the period unless the payment schedule is
altered by a confirmed plan of reorganization.
Prior to the Petition Date, on January 14, 2020, the Debtor entered
into the Loan Agreement with REDI wherein the Debtor is required to
make interest only payments of $708.33 on the 20th day of each
month. Under the Loan Agreement, the Debtor granted REDI a security
interest in all assets of its business.
REDI asserts a claim in the approximate amount of $100,000 against
the Debtor, and a valid, perfected pre-petition lien and security
interest in all assets of the Debtor. REDI also asserts its
security interest was perfected through the filing of UCC Financing
Statements with the Colorado Secretary of State on January 14, 2020
at validation number 20202004059.
Other creditors have filed UCC Financing Statement against the
Debtor or its assets, and the Debtor said it will attempt to
resolve any additional claims regarding cash collateral through
separate motions or stipulations.
About Tumbleweed Tiny House Company, Inc.
Tumbleweed Tiny House Company, Inc., a manufacturer of tiny house
RVs, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Colo. Case No. 20-11564) on March 4, 2020. 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.
Judge Kimberley H. Tyson oversees the case. Wadsworth Garber Warner
Conrardy, P.C. is the Debtor's legal counsel. The Debtor has hired
Stockman Kast Ryan + Company as its accountant.
UNITI GROUP: Signs Seventh Amendment to BofA Credit Agreement
-------------------------------------------------------------
Uniti Group LP, Uniti Group Finance 2019 Inc. and CSL Capital, LLC
(the "Borrowers"), each a subsidiary of Uniti Group Inc., entered
into Amendment No. 7 to that certain credit agreement, dated as of
April 24, 2015 among the Borrowers, the guarantors party thereto,
Bank of America, N.A., as administrative agent, collateral agent,
swing line lender and an L/C issuer and certain other lenders named
therein.
Pursuant to the Amendment, commitments from new and existing
lenders under the Credit Agreement's revolving credit facility have
increased to $500 million and, subject to certain conditions, the
maturity date of such commitments has been extended to Dec. 10,
2024. As amended, the Revolving Credit Facility provides that (i)
upon receipt of routine regulatory approvals, new and extended
commitments under the Revolving Credit Facility will bear interest
at a rate of LIBOR plus 375 to 450 basis points, with 0% LIBOR
floor, depending on the Company's secured leverage ratio, and (ii)
certain limitations that were included in previous amendments to
our credit agreement have been modified or removed, including
restrictions relating to debt incurrence, restricted payments, and
permitted investments.
The Revolving Credit Facility will be subject to an earlier
maturity date of 91 days prior to the maturity of any outstanding
debt with a principal amount of at least $200 million, unless the
Company's unrestricted cash balance plus remaining revolving credit
facility commitments exceeds the principal amount of such debt at
all times following such 91st day until the maturity of such
indebtedness. Certain non-extending lender commitments of
approximately $60 million will mature on April 24, 2022 and will
continue to bear interest at rates previously in effect. Prior to
the expiration of these commitments, the aggregate size of the
Revolving Credit Facility will be $560 million from all lenders.
About Uniti
Headquartered in Little Rock, Arkansas, Uniti --
http://www.uniti.com-- is an internally managed real estate
investment trust. It is engaged in the acquisition and
construction of mission critical communications infrastructure, and
is a provider of wireless infrastructure solutions for the
communications industry. As of Sept. 30, 2020, Uniti owns 6.7
million fiber strand miles and other communications real estate
throughout the United States.
As of Sept. 30, 2020, the Company had $4.83 billion in total
assets, $6.83 billion in total liabilities, and a total
shareholders' deficit of $1.99 billion.
PricewaterhouseCoopers LLP, in Little Rock, Arkansas, the Company's
auditor since 2014, issued a "going concern" qualification in its
report dated March 12, 2020, citing that the Company's most
significant customer, Windstream Holdings, Inc., which accounts for
approximately 65.0% of consolidated total revenues for the year
ended Dec. 31, 2019, filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code, and uncertainties surrounding
potential impacts to the Company resulting from Windstream
Holdings, Inc.'s bankruptcy filing raise substantial doubt about
the Company's ability to continue as a going concern.
* * *
Also in March 2020, S&P Global Ratings placed all ratings on U.S.
telecom REIT Uniti Group Inc., including the 'CCC-' issuer credit
rating, on CreditWatch with positive implications. The CreditWatch
placement follows the company's announcement it reached an
agreement in principle with its largest tenant Windstream Holdings
Inc. to resolve all legal claims it asserted against Uniti in the
context of Windstream's bankruptcy proceedings.
UNIVERSAL TOWERS: Auction Sale of Orlando Hotel Approved
--------------------------------------------------------
Judge Karen S. Jennemann of the U.S. Bankruptcy Court for the
Middle District of Florida authorized Universal Towers
Construction, Inc.'s bidding procedures in connection with the
auction sale of its interest in the hotel real and personal
property located at 7800 Universal Boulevard, Orlando, Florida,
doing business as the Crowne Plaza Universal Orlando Hotel.
The Stalking Horse Bid Deadline is Feb. 1, 2021 at 5:00 p.m. (ET).
The Debtor is authorized to enter into an agreement for an initial
stalking horse bid for the Hotel in advance of the Stalking Horse
Bid Deadline, which stalking horse bid will be subject to higher
and better bids at the Auction. The Debtor is authorized, but not
required, to provide a break-up fee up to 1% of the Stalking Horse
Bid amount in connection with any Stalking Horse Agreement.
If the Debtor enters into a Stalking Horse Agreement, or the Debtor
designates more than one Qualified Bid and chooses to proceed to
the Auction without a Stalking Horse Agreement, then the Auctioneer
will conduct the Auction through its online platform within 45 days
after the Stalking Horse Bid Deadline. The Auction will be
conducted in accordance with the Bid Procedures.
If the Auction occurs, the Court will conduct a hearing on the
proposed sale of the Hotel and to approve the sale of the Hotel to
the Successful Bidder on March 17, 2021 at 11:00 a.m. (ET); or at
such other date and time as the counsel and the interested parties
may be heard by the Court. The Sale Objection Deadline is 4:00
p.m. (ET) five business days before the Sale Hearing.
The Auction Notice is approved as being appropriate and reasonably
calculated to provide all interested parties with timely and proper
notice of the Auction, the sale of the Hotel, the Stalking Horse
Bid (if any), and the Bid Procedures to be employed in connection
therewith.
No later than 20 days before the Auction, the Debtor will cause the
Auction Notice to be sent to be sent to the Auction Notice Parties.
The Cure Notice is approved as being appropriate and reasonably
calculated to provide all such counterparties with timely and
proper notice under the circumstances of the case of the assumption
and assignment of the Designated Contracts to the Successful Bidder
as well as any Cure Amounts relating thereto.
Twenty 20 days before the Sale Hearing, the Debtor will cause the
Cure Notice to be served on any and all counterparties to executory
contracts and unexpired leases that may be Designated Contracts,
provided, that the Crown Plaza New Development Agreement between
the Debtor and Holiday Hospitality Franchising, Inc. ("HHF"), will
not be a Designated Contract. The Cure Objection Deadline is 4:00
p.m. (ET), within 14 calendar days of the date on which the Cure
Notice is served.
If the Sale closing occurs, the License Agreement will be deemed
rejected by the Debtor and deemed terminated as of 12:01 a.m. on
the closing date, and such rejection and termination will occur
automatically without the requirement of any further action on the
part of HHF. HHF will have 30 days from closing to file any claim
for rejection damages, in accordance with Article V.B. of the
Debtor's Plan. The Debtor will remain responsible for all
de-identification requirements under the License Agreement, and HHF
may enforce its rights with regards to same, including obtaining
injunctive relief in any court that has jurisdiction over the
Debtor, the purchaser, or the Hotel.
The Debtor retains full discretion to reject all Stalking Horse
Bids and to cancel the Auction.
The stay provided for in Bankruptcy Rule 6004(h) is waived and the
Bid Procedures Order will be effective immediately upon its entry.
All time periods set forth in the Bid Procedures Order will be
calculated in accordance with Bankruptcy Rule 9006(a).
A copy of the Bidding Procedures is available at
https://tinyurl.com/y53gk59u from PacerMonitor.com free of charge.
About Universal Towers Construction
Universal Towers Construction, Inc., owns the 400-room Crowne Plaza
Hotel located on Universal Boulevard in Orlando, Florida.
Universal Towers Construction, Inc., filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla.
Case No. 20-03799) on July 3, 2020. The petition was signed by Lis
R. Oliveira-Sommerville, president.
At the time of filing, the Debtor was estimated to have $10 million
to $50 million in both assets and liabilities.
Eric S. Golden, Esq., at BURR & FORMAN LLP, represents the Debtor.
US REAL ESTATE: Eric Johnson Approved as Chapter 11 Trustee
-----------------------------------------------------------
Judge Robert D. Berger of the U.S. Bankruptcy Court for the
District of Texas entered an order approving the appointment of
Eric L. Johnson as the Chapter 11 Trustee for US Real Estate Equity
Builder LLC.
A copy of the Order is available at https://bit.ly/3a5w4hy from
PacerMonitor.com for free.
About US Real Estate Equity Builder
US Real Estate Equity Builder LLC is primarily engaged in renting
and leasing real estate properties. US Real Estate Equity Builder
LLC filed its voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Kan. Case No. 20-21358) on Oct. 2, 2020.
US Real Estate President Sean Tarpenning signed the petition. At
the time of filing, the Debtor disclosed $5,281,000 in assets and
$13,985,020 in liabilities. Judge Robert D. Berger oversees the
case. George J. Thomas, Esq., at Phillips & Thomas LLC, is the
Debtor's counsel.
VALLEY ENTERPRISES: Hires Ure Law Firm as Counsel
-------------------------------------------------
Valley Enterprises T.S., Inc., seeks authority from the U.S.
Bankruptcy Court for the Central District of California to employ
Ure Law Firm, as counsel to the Debtor.
Valley Enterprises requires Ure Law Firm to:
(a) advise the Debtor regarding matters of bankruptcy law and
concerning the requirement of the Bankruptcy Code, and
Bankruptcy Rules relating to the administration of this
case, and the operation of the Debtor's estate as a debtor
in possession;
(b) represent the Debtor in proceedings and hearings in the
court involving matters of bankruptcy law;
(c) assist in compliance with the requirements of the Office
of the U.S. Trustee;
(d) provide the Debtor legal advice and assistance with
respect to the Debtor's powers and duties in the continued
operation of the Debtor's business and management of
property of the estate;
(e) assist the Debtor in the administration of the estate's
assets and liabilities;
(f) prepare necessary applications, answers, motions, orders,
reports and other legal documents on behalf of the Debtor;
(g) assist in the collection of all accounts receivable and
other claims that the Debtor may have and resolve claims
against the Debtor's estate;
(h) provide advice, as counsel, concerning the claims of
secured and unsecured creditors, prosecution and defense
of all actions; and
(i) prepare, negotiate, prosecute and attain confirmation of a
plan of reorganization.
Ure Law Firm will be paid at these hourly rates:
Attorneys $450
Paralegals $95
Prior to the chapter 11 petition date, Ure Law Firm received $7,000
from the President of the Debtor. Ure Law Firm will receive
additional $2,000 per month from the President of the Debtor.
Ure Law Firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Thomas B. Ure, a partner of Ure Law Firm, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Ure Law Firm can be reached at:
Thomas B. Ure, Esq.
URE LAW FIRM
800 West 6 Street, Suite 940
Los Angeles, CA 90017
Tel: (213) 202-6070
Fax: (213) 202-6075
E-mail: tom@urelawfirm.com
About Valley Enterprises
Valley Enterprises T.S. Inc., based in Van Nuys, CA, filed a
Chapter 11 petition (Bankr. C.D. Cal. Case No. 20-11784) on Oct. 5,
2020. The petition was signed by Jose Pasco, president. In its
petition, the Debtor estimated $1 million to $10 million in both
assets and liabilities. The Hon. Martin R. Barash presides over
the case. RESNIK HAYES MORADI, LLP, serves as bankruptcy counsel.
VENUS CONCEPT: Posts $7.3-Mil. Net Loss for Quarter Ended Sept. 30
------------------------------------------------------------------
Venus Concept Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $7,321,000 on $20,680,000 of revenue for
the three months ended Sept. 30, 2020, compared to a net loss of
$8,977,000 on $26,154,000 of revenue for the same period in 2019.
At Sept. 30, 2020, the Company had total assets of $147,015,000,
total liabilities of $110,366,000, and $35,576,000 in total
stockholders' equity.
Venus Concept said, "The Company has had recurring net operating
losses and negative cash flows from operations. As of September
30, 2020 and December 31, 2019, the Company had an accumulated
deficit of US$142,707 thousand and US$75,686 thousand,
respectively. The Company was in compliance with all required
covenants as of September 30, 2020 and as of December 31, 2019.
The Company's recurring losses from operations and negative cash
flows raise substantial doubt about the Company's ability to
continue as a going concern within 12 months from the date that the
condensed consolidated financial statements are issued. In
addition, the coronavirus pandemic ("COVID-19" or "pandemic") has
had a significant negative impact on the Company's condensed
consolidated financial statements as of September 30, 2020 and for
the nine months then ended, and management expects the pandemic to
continue to have a negative impact in the foreseeable future, the
extent of which is uncertain and largely subject to whether the
severity of the pandemic worsens, or duration lengthens. In the
event that the COVID-19 pandemic and the economic disruptions it
has caused continue for an extended period of time the Company
cannot assure that it will remain in compliance with the financial
covenants in its credit facilities.
"In order to continue its operations, the Company must achieve
profitable operations and/or obtain additional equity or debt
financing. Until the Company achieves profitability, management
plans to fund its operations and capital expenditures with cash on
hand, borrowings and issuance of capital stock.
"Given the COVID-19 pandemic, the Company cannot anticipate the
extent to which the current economic turmoil and financial market
conditions will continue to adversely impact the Company's business
and the Company may need additional capital to fund its future
operations and to access the capital markets sooner than planned.
There can be no assurance that the Company will be successful in
raising additional capital or that such capital, if available, will
be on terms that are acceptable to the Company. If the Company is
unable to raise sufficient additional capital, it may be compelled
to reduce the scope of its operations and planned capital
expenditures or sell certain assets, including intellectual
property assets. These condensed consolidated financial statements
do not include any adjustments relating to the recoverability and
classification of recorded asset amounts or amounts and
classification of liabilities that might result from the
uncertainty. Such adjustments could be material."
A copy of the Form 10-Q is available at:
https://bit.ly/3qOeRzo
Venus Concept Inc. operates as a medical aesthetic technology
company worldwide. It is headquartered in Toronto, Canada.
VERONI BRANDS: Has $19,000 Net Loss for Quarter Ended Sept. 30
--------------------------------------------------------------
Veroni Brands Corp. filed its quarterly report on Form 10-Q,
disclosing a net loss of $18,851 on $2,046,846 of net revenue for
the three months ended Sept. 30, 2020, compared to a net income of
$2,404 on $1,899,828 of net revenue for the same period in 2019.
At Sept. 30, 2020, the Company had total assets of $2,109,629,
total liabilities of $1,936,670, and $172,959 in total
stockholders' equity.
Veroni Brands said, "The Company has generated revenue this year of
approximately US$4.8 million and has income of US$117,650 for the
nine months ending September 30, 2020 and has an accumulated
deficit of US$789,350 since its inception. As of September 30,
2020, the Company had a cash balance available of approximately
US$147,346 and working capital of US$315,552 which is not
sufficient to meet its operating requirements for the next twelve
months. Therefore, the Company's ability to continue as a going
concern is dependent on its ability to grow its revenue and
generate sufficient cash flows from operations to meet its
obligations and/or obtaining additional financing from its
shareholders or other sources, as may be required.
"The Company is continuing to evaluate various financing options in
order to continue the funding of the expansion of its operations,
the products being offered and its customer base.
"The accompanying financial statements have been prepared assuming
that the Company will continue as a going concern; however, the
above condition raises substantial doubt about the Company's
ability to continue as a going concern. The financial statements
do not include any adjustments to reflect the possible future
effects on the recoverability and classification of assets or the
amounts and classifications of liabilities that may result should
the Company be unable to continue as a going concern."
A copy of the Form 10-Q is available at:
https://bit.ly/3m3ZgI3
Veroni Brands Corp. imports, sells and distribes premium beverage,
chocolate and snack products produced in Europe, engaging with both
domestic and international well-known retailers so that its
products are sold in thousands of stores in the United States.
Veroni is also a supplier of confectionery and beverage products
for major U.S. retailers under private label brands. Since
adopting its current business plan in late 2017, the Company has
been able to obtain and grow a distribution network, as well as
contract with reliable suppliers. Veroni prides itself on its
extensive market research with premium products, superior customer
service, steady relationships with suppliers and retailers, and its
success in developing private label collaborations and co-branded
chocolate products. The Company was incorporated as "Echo Sound
Acquisition Corporation" on December 7, 2016 under the laws of the
State of Delaware. In September 2017, the Company implemented a
change of control by issuing shares to new stockholders, redeeming
shares of existing stockholders, electing a new officer and
director and accepting the resignations of its then existing
officers and directors. The Company is headquartered in
Bannockburn, Illinois.
VERUS INTERNATIONAL: Posts $1.3M Net Loss for July 31 Quarter
-------------------------------------------------------------
Verus International, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $1,329,914 on $6,173,077 of revenue for
the three months ended July 31, 2020, compared to a net loss of
$1,357,202 on $3,477,494 of revenue for the same period in 2019.
At July 31, 2020, the Company had total assets of $7,234,378, total
liabilities of $6,666,029, and $568,349 in total stockholders'
equity.
Verus International said, "The Company has incurred a net loss of
US$11,146,322 and negative cash flows from operations of
US$1,869,926 for the nine months ended July 31, 2020. At July 31,
2020, the Company had a working capital deficit of US$332,364, and
an accumulated deficit of US$39,640,912. It is management's
opinion that these facts raise substantial doubt about the
Company's ability to continue as a going concern for a period of
twelve months from the date of this report, without additional debt
or equity financing. The unaudited condensed consolidated
financial statements do not include any adjustments relating to the
recoverability and classification of recorded asset amounts nor to
the amounts and classification of liabilities that might be
necessary should the Company be unable to continue as a going
concern.
"In order to meet its working capital needs through the next twelve
months from the date of this report and to fund the growth of the
food business, the Company may consider plans to raise additional
funds through the issuance of equity or debt. Although the Company
intends to obtain additional financing to meet its cash needs, the
Company may be unable to secure any additional financing on terms
that are favorable or acceptable to it, if at all."
A copy of the Form 10-Q is available at:
https://bit.ly/2K6R50t
Verus International, Inc. engages in the supply of consumer food
products in the Middle East, North Africa, sub-Saharan Africa, the
United Arab Emirates, the Sultanate of Oman, Bahrain, Qatar, the
Kingdom of Saudi Arabia, and Kuwait. The Company was formerly
known as RealBiz Media Group, Inc. and changed its name to Verus
International, Inc. in October 2018. Verus International, Inc. was
founded in 2007 and is based in Gaithersburg, Maryland.
VICTOR MAIA: Asher Buying Philadelphia Property for $69K Cash
-------------------------------------------------------------
Judge Ashely M. Chan of the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania will convene a telephonic hearing on Dec.
15, 2020 at 12:00 p.m. to consider Victor H. Maia's private sale of
the real property located at 1403 Sellers Street, Philadelphia,
Pennsylvania to Asher Manuel Design Build, LLC for $69,000, cash.
Using a landline, the parties are to dial (877) 873-8017 and the
access code is 3027681#. Any objection to the Motion must be filed
with the Clerk of the Court.
The Debtor put the Real Property on the market on Oct. 21, 2020 and
negotiated with the Purchaser, for the sale of the Real Property by
private sale. He was able to reach an agreement in principal for
the sale of the Real Property for $69,000 without contingencies as
set forth in greater detail in the Agreement of Sale. The Debtor
asks approval of a sale of the Real Property at a private sale, on
an "as-is" and "where-is" basis, without any warranty, either
express or implied, with all defects, except that the Property is
to be sold free and clear of all liens, claims, and encumbrances,
with liens, if any, tracing to the proceeds. In other words, the
Real Property is being sold subject to all known and unknown
conditions.
Since the petition date, the Debtor made significant improvements
to the Real Property. The Real Property was left in poor condition
by the prior tenant; it was full of personal items and trash,
broken kitchen table and chairs, a refrigerator full of spoiled
food, oxygen tanks, some bedroom furniture, roughly nine full bags
of trash consisting of clothing and all other personal items, trash
cans and trash bags which squirrels and cats had gotten into were
left throughout the backyard, and overgrown weeds covered the Real
Property. The Debtor thoroughly cleaned out the Real Property,
including both the residence and the yard. He repaired windows,
doors, and patched walls, all in order to prepare the Real Property
for sale.
Further, since the Petition Date, the market for the Real Property
significantly increased, as the strong labor market and low
unemployment numbers over the past few years has created an influx
of buyers and investors, which have driven up real estate prices.
The current pandemic has not appeared to significantly affect the
increase in value of the Real Property since the Petition Date.
The Debtor believes that a sale of the Real Property will best
serve the interests of creditors by procuring the almost instant
cash infusion of $69,000, and by preventing the further loss and
diminution in value to the Real Property by continued operation in
an undercapitalized state. He now asks to sell by private sale the
Real Property.
On Oct.27, 2020, the Debtor enter into the Agreement with the
Purchaser for the sale of the Real Property for $69,000 with an
initial down payment of $5,000, and a Settlement Date of Nov. 30,
2020. On Nov. 30, 2020, the parties entered into a Change in Terms
Addendum to Agreement of Sale, whereby the Settlement Date was
changed from Nov. 30, 2020, to Dec. 17, 2020.
The proposed sale of the Real Property will pay all allowed secured
claims on the Real Property in full and will have proceeds left
over which can be used in part to fund the Debtor's Plan. The
Debtor respectfully submits that sale is in the best interest of
the bankruptcy estate and his creditors in that it disposes of the
Real Property and will result in proceeds to fund the Plan. He
believes that a later sale will both increase the costs associated
with the sale and impair his ability to get value for the Real
Property.
The Debtor was his own broker in his capacity as an agent and
employee of Keller Williams Real Estate-Langhorne. The Purchaser
employed Mike McCann and Stuart Cohen of Keller Williams Philly as
brokers to facilitate the sale of the Real Property.
A copy of the Agreement is available at
https://tinyurl.com/y4lfzgsz from PacerMonitor.com free of charge.
Victor H. Maia sought Chapter 11 protection (Bankr. E.D. Pa. Case
No. 18-16907) on Oct. 17, 2018. The Debtor tapped Edmond M.
George, Esq., at Obermayer Rebmann Maxwell & Hippel, LLP, as
counsel.
VICTOR MAIA: JDJ Buying Philadelphia Property for $55K Cash
-----------------------------------------------------------
Judge Ashely M. Chan of the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania will convene a telephonic hearing on Dec.
15, 2020 at 12:00 p.m. to consider Victor H. Maia's private sale of
the real property located at 2051 Wakeling Street, Philadelphia,
Pennsylvania to JDJ Fund D, LLC for $55,000, cash.
Using a landline, the parties are to dial (877) 873-8017 and the
access code is 3027681#. Any objection to the Motion must be filed
with the Clerk of the Court.
The Debtor put the Real Property on the market on Oct. 21. 2020,
and met and negotiated with the Purchaser, for the sale of the Real
Property by private sale. The Debtor was able to reach an
agreement in principal for the sale of the Real Property for
$55,000 without contingencies as set forth in greater detail in the
Agreement of Sale.
Since the Petition Date, the Debtor made significant improvements
to the Real Property. The Real Property was left in poor condition
by the prior tenant; roughly eight bags of loose trash remained on
the Real Property, the residence was extremely dirty, the
refrigerator was filled with spoiled foods, the stove covered in
grease, clothing and many personal items were left throughout the
residence, the residence was heavily infested with pests, the
backyard was overgrown with loose trash items strewn about, the
back door was broken, some windows were broken, and there was
damage to the hardwood floors. The Debtor thoroughly cleaned out
the Real Property, including both the residence and the yard. He
repaired windows, doors, patched walls, hired an exterminator,
replaced items, recoated the roof, and repaired plumbing leaks all
in order to prepare the Real Property for sale.
Further, since the Petition Date, the market for the Real Property
significantly increased, as the strong labor market and low
unemployment numbers over the past few years has created an influx
of buyers and investors, which have driven up real estate prices.
The current pandemic has not appeared to significantly affect the
increase in value of the Real Property since the Petition Date.
The Debtor believes that a sale of the Real Property will best
serve the interests of creditors by procuring the almost instant
cash infusion of $55,000, and by preventing the further loss and
diminution in value to the Real Property by continued operation in
an undercapitalized state. He now proposes to sell by private sale
the Real Property.
The Real Property is in good condition and the Debtor has recently
invested in the Real Property's renovation, but he asls approval of
a sale of the Real Property at a private sale, on an "as-is" and
"where-is" basis, without any warranty, either express or implied,
with all defects, except that the Property is to be sold free and
clear of all liens, claims, and encumbrances, with liens, if any,
tracing to the proceeds. In other words, the Real Property is
being sold subject to all known and unknown conditions.
The proposed sale of the Real Property will pay all allowed secured
claims on the Real Property in full and will have proceeds left
over which can be used in part to fund the Debtor's Plan. The
Debtor respectfully asks that sale is in the best interest of the
bankruptcy estate and the Debtor's creditors in that it disposes of
the Real Property and will result in proceeds to fund the Plan.
The Debtor believes that a later sale will both increase the costs
associated with the sale and impair his ability to get value for
the Real Property.
Upon information and belief, the following secured claims will be
paid in full: (i) PNC Bank - $1,492; and (ii) City of Philadelphia
- $7,801 (taxes) and (iii) $701 (Code 33 Judgments).
A copy of the Agreement is available at
https://tinyurl.com/y4lfzgsz from PacerMonitor.com free of charge.
Victor H. Maia sought Chapter 11 protection (Bankr. E.D. Pa. Case
No. 18-16907) on Oct. 17, 2018. The Debtor tapped Edmond M.
George, Esq., at Obermayer Rebmann Maxwell & Hippel, LLP, as
counsel.
VIDEO RIVER: Discloses Substantial Doubt on Staying Going Concern
-----------------------------------------------------------------
Video River Networks, Inc., filed its quarterly report on Form
10-Q, disclosing a net loss of $42,675 on $19,035 of revenue for
the three months ended Sept. 30, 2020, compared to a net loss of
$5,698 on $0 of revenue for the same period in 2019.
At Sept. 30, 2020, the Company had total assets of $1,011,885,
total liabilities of $1,088,382, and $76,497 in total stockholders'
deficit.
The Company said there are conditions that raise substantial doubt
about its ability to continue as a going concern, citing revenue of
$1,304,877 in revenue for the nine months ended September 30, 2020,
and an accumulated deficit of $19,445,493 as of the end of the
period.
A copy of the Form 10-Q is available at:
https://bit.ly/2KdhYA1
Torrance, California-based Video River Networks, Inc., is a
technology firm that operates and manages a portfolio of Electric
Vehicles, Artificial Intelligence, Machine Learning and Robotics
("EV-AI-ML-R") assets, businesses and operations in North America.
The Company's current and target portfolio businesses and assets
include operations that design, develop, manufacture and sell
high-performance fully electric vehicles and design, manufacture,
install and sell Power Controls, Battery Technology, Wireless
Technology, and Residential utility meters and remote,
mission-critical devices mostly engineered through Artificial
Intelligence, Machine Learning and Robotic technologies. The
Company currently maintains minor equity interest in: (1) Tesla,
Inc. (TSLA), a California based maker of high-performance fully
electric vehicles; (2) Electrameccanica Vehicles Corp. (SOLO), a
British Columbia, Canada headquartered company that designs and
builds the all-electric SOLO and the Tofino all-electric sport
coupe; (3) Lordstown Motors Corp. (RIDE), a Lordstown, Ohio based
company that designs and manufactures electric vehicles; (4) Fisker
Inc. (FSR), a Los Angeles, California headquartered company that
designs and builds all-electric, zero-emissions vehicles; (5)
Nikola Corporation (NKLA), a Phoenix, Arizona company that designs
and manufactures electric components, drivetrains and vehicles
VIKING ENERGY: Posts $18.0-Mil. Net Loss for Sept. 30 Quarter
-------------------------------------------------------------
Viking Energy Group, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $18,034,807 on $10,149,387 of revenue for
the three months ended Sept. 30, 2020, compared to a net income of
$1,419,130 on $9,000,591 of revenue for the same period in 2019.
At Sept. 30, 2020, the Company had total assets of $155,805,667,
total liabilities of $145,784,856, and $10,020,811 in total
stockholders' equity.
The Company generated a net loss of US$15,458,598 for the nine
months ended September 30, 2020 as compared to a net loss of
US$9,220,005 for the nine months ended September 30, 2019. As of
September 30, 2020, the Company has a working capital deficiency of
approximately US$63,000,000.
Viking Energy Group said, "The largest components of current
liabilities creating this deficiency are (a) notes payable with a
face value aggregating approximately US$6.4 million as of September
30, 2020 due in December of 2020, (b) a revolving credit facility
with a balance of US$6,790,000 as of September 30, 2020, due in May
of 2021, (c) a note payable of approximately US$15.6 million as of
September 30, 2020, due in June of 2021, and (d) a term loan
agreement of approximately US$30.7 million as of September 30,
2020.
"Management has evaluated these conditions and has developed a plan
which, in part, address these obligations.
"Additionally, recent oil and gas price volatility as a result of
geopolitical conditions and the global COVID-19 pandemic have
already had, and are expected to continue to have a negative impact
on the Company's financial position and results of operations.
Negative impacts could include but are not limited to: the
Company's ability to sell our oil and gas production, reduction in
the selling price of the Company's oil and gas, failure of a
counterparty to make required hedge payments, possible disruption
of production as a result of worker illness or mandated production
shutdowns, the Company's ability to maintain compliance with loan
covenants and/or refinance existing indebtedness, and access to new
capital and financing.
"These conditions raise substantial doubt regarding the Company's
ability to continue as a going concern. The Company's ability to
continue as a going concern is dependent upon its ability to
utilize the resources in place to generate future profitable
operations, to develop additional acquisition opportunities, and to
obtain the necessary financing to meet its obligations and repay
its liabilities arising from business operations when they come
due. Management believes the Company will be able to continue to
develop new opportunities and will be able to obtain additional
funds through debt and / or equity financings to facilitate its
development strategy; however, there is no assurance of additional
funding being available. These consolidated financial statements
do not include any adjustments to the recorded assets or
liabilities that might be necessary should the Company have to
curtail operations or be unable to continue in existence."
A copy of the Form 10-Q is available at:
https://bit.ly/2IzwyBc
Viking Energy Group, Inc., an independent exploration and
production company, focuses on the acquisition and development of
oil and natural gas properties in North America. The company owns
oil and gas leases in Kansas, Missouri, Texas, Louisiana,
Mississippi, and Alberta. The Company was formerly known as Viking
Investments Group, Inc. and changed its name to Viking Energy
Group, Inc. in March 2017. Viking Energy Group, Inc. was founded
in 1989 and is headquartered in Houston, Texas. Viking Energy
Group, Inc. is a subsidiary of Viking Investments Group, LLC.
VYCOR MEDICAL: Has $198K Net Loss for Quarter Ended Sept. 30
------------------------------------------------------------
Vycor Medical, Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $198,287 on $275,925 of revenue for the
three months ended Sept. 30, 2020, compared to a net loss of
$209,609 on $322,884 of revenue for the same period in 2019.
At Sept. 30, 2020, the Company had total assets of $1,029,396,
total liabilities of $2,936,846, and $1,907,450 in total
stockholders' deficiency.
Vycor Medical said, "The Company has incurred losses since its
inception, including a net loss of US$946,492 for the nine months
ended September 30, 2020 and has not generated sufficient positive
cash flows from operations. As of September 30, 2020 the Company
had a working capital deficiency of US$688,725, excluding related
party liabilities of US$1,675,120. These conditions, among others,
raise substantial doubt regarding our ability to continue as a
going concern. The unaudited consolidated financial statements do
not include any adjustments to reflect the possible future effects
on the recoverability and classification of assets or the amounts
and classification of liabilities that may result from the outcome
of this uncertainty."
A copy of the Form 10-Q is available at:
https://bit.ly/2W3NOlq
Vycor Medical, Inc. designs, develops, and markets neurological
medical devices and therapies in the United States and Europe. The
company provides non-invasive rehabilitation therapies for those
who have vision disorders resulting from neurological brain damage
that caused by a stroke. It operates in two segments, Vycor Medical
and NovaVision. The Vycor Medical segment provides devices for
neurosurgery comprising ViewSite Brain Access System, a retraction
and access system for brain and spine surgeries. The NovaVision
segment offers non-invasive, computer-based rehabilitation targeted
at an un-addressed market of people who have lost their sight as a
result of stroke or other brain injury. It offers therapies that
restore and compensate for lost vision, including VRT that delivers
a series of light stimuli along the border of the patient's visual
field loss; VRT and NeET restoration therapies; and NeuroEyeCoach
compensation or saccadic therapies for those suffering vision loss
as a result of neurological trauma. The company primarily serves
hospitals and medical professionals. Vycor Medical, Inc. was
founded in 2005 and is headquartered in Boca Raton, Florida.
VYSTAR CORP: Losses Since Inception Cast Going Concern Doubt
------------------------------------------------------------
Vystar Corporation filed its quarterly report on Form 10-Q,
disclosing a net loss of $3,963,533 on $5,544,563 of revenue for
the three months ended Sept. 30, 2020, compared to a net loss of
$1,736,362 on $6,040,201 of revenue for the same period in 2019.
At Sept. 30, 2020, the Company had total assets of $21,348,886,
total liabilities of $28,058,374, and $6,709,488 in total
stockholders' deficit.
The Company said, "We have incurred significant losses and
experienced negative cash flow since inception. At September 30,
2020, the Company had cash of US$71,913 and a deficit in working
capital of approximately US$10.2 million. Further, at September
30, 2020, the accumulated deficit amounted to approximately US$47.9
million. We use working capital to finance our ongoing operations,
and since those operations do not currently cover all of our
operating costs, managing working capital is essential to our
Company's future success. Because of this history of losses and
financial condition, there is substantial doubt about the Company's
ability to continue as a going concern."
A copy of the Form 10-Q is available at:
https://bit.ly/37RZRaT
Vystar Corp. (OTCMKTS:VYST) creates natural rubber latex. The
Company's product is used in an extensive range of products
including balloons, textiles, footwear and clothing (threads),
adhesives, foams, furniture, carpet, paints, coatings, protective
equipment, sporting equipment, and especially health care products
such as condoms, surgical and exam gloves.
WATER NOW: Reports $2.2M Net Loss for Quarter Ended June 30
-----------------------------------------------------------
Water Now, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $2,224,191 on $1,670 of net revenues for
the three months ended June 30, 2020, compared to a net loss of
$2,116,573 on $235,749 of net revenues for the same period in
2019.
At June 30, 2020, the Company had total assets of $3,988,509, total
liabilities of $13,938,653, and $9,950,144 in total stockholders'
deficit.
The Company said, "Through June 30, 2020, we have generated
revenues of US$554,000. From February 10, 2016 (inception) through
June 30, 2020, we have incurred losses aggregating US$22.4 million.
As of June 30, 2020, we had cash and cash equivalents of US$9,000.
Our auditors issued a going concern opinion with respect to our
financial statements as of and for the year ended December 31, 2019
due to the incurrence of significant operating losses, which raise
substantial doubt about our ability to continue as a going
concern."
A copy of the Form 10-Q is available at:
https://bit.ly/3n5Jdeo
Water Now, Inc. provides water purification equipment and services.
The Company offers potable machine that turns contaminated water
into clean drinking water. Water Now serves customers in the United
States. The Company is based in Fort Worth, Texas.
WAVE COMPUTING: Dec. 16 Videocon on Bid Procedures for All Assets
-----------------------------------------------------------------
Judge M. Elaine Hammond of the U.S. Bankruptcy Court for the
Northern District of California will hold a video conference on
Dec. 16, 2020 at 10:15 a.m. (PT) to consider Wave Computing, Inc.'s
bidding procedures relating to the sale of substantially all assets
for $57.5 million cash, plus assumption of certain liabilities and
obligations, subject to overbid.
The Objection Deadline is Dec. 15, 2020 at 4:00 p.m. (PT).
Since the commencement of these cases, the Debtors have pursued a
dual-track strategy involving either a refinancing of the company's
current capital structure, as described in more detail in the Plan,
or a sale of substantially all of the Assets to one or more a third
parties. In furtherance of the Sale track of this strategy, the
Debtors retained Armory Securities, LLC as its investment banker in
August 2020 to assist them in continuing to market the Assets and
establish a sale process designed to generate maximum value for all
creditors and other parties in interest.
Since its retention, Armory Securities has worked with the Debtors
to assemble and finalize various marketing materials. In
connection with these efforts, Armory Securities launched an
outreach effort. Although Armory Securities worked closely with
each of the potential purchasers who had submitted an IOI to
increase the offer price above that of the minimum bid threshold,
no revised bids were made. As such, the Debtors decided to move
forward with the Restructuring. On Nov. 20, 2020, the Court held a
hearing to approve the Disclosure Statement.
It was only on Nov. 22, 2020 (i.e., after the Disclosure Statement
Hearing), that Armory Securities began discussions with the
Stalking Horse Bidder. The Stalking Horse Bidder signed a
non-disclosure agreement on Nov. 26, 2020 and submitted its initial
bid to purchase substantially all of the Assets during the first
week of December. The arms'-length negotiations resulted in the
execution of a certain asset purchase agreement dated Dec. 10,
2020.
Pursuant to the Stalking Horse Agreement, the Stalking Horse Bidder
has agreed to purchase substantially all of the Assets for
consideration consisting of (a) payment of $57.5 million in cash to
the Debtors on the Closing Date, plus (b) assumption of certain
liabilities and obligations. The Stalking Horse Agreement further
provided for payment of $5.75 million into an escrow account upon
execution of the Stalking Horse Agreement. The transaction
contemplated by the Stalking Horse Agreement will be subject to
competitive bidding, and approval by the Court.
The Debtors believe that the Bidding Procedures will promote a
transparent, competitive, and expedient sale process.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: Dec. 17, 2020 at 4:00 p.m. (PT)
b. Initial Bid: Greater than or equal to the sum of (i) the
value offered under the Stalking Horse Agreement, plus (ii) cash
(or in the case of the Plan Bid, cash or non-cash value) in the
amount of at least $500,000
c. Deposit: 10% of the stated cash Purchase Price
d. Auction: The Auction will take place on Dec. 18, 2020 at
7:00 a.m. (PT), via teleconference and/or videoconference as
determined by the Debtors.
e. Bid Increments: $500,000
f. Sale Hearing: Jan. 14, 2021 at 10:00 a.m. (PT)
g. Sale Objection Deadline: Jan. 7, 2021 at 11:59 p.m. (PT)
The Debtors also ask approval of the notice of potential assumption
and assignment of certain of their executory contracts and
unexpired leases. As soon as reasonably practicable after the
Court enters the Order, the Debtors will file and serve the
Assumption and Assignment Notice on all non-Debtor parties to the
agreements listed therein.
A copy of the APA and the Bidding Procedures is available at
https://tinyurl.com/y3yzdvnv from PacerMonitor.com free of charge.
About Wave Computing
Wave Computing, Inc. -- https://wavecomp.ai -- is a Santa Clara,
Calif.-based company that revolutionizes artificial intelligence
(AI) with its dataflow-based solutions.
Wave Computing and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Cal. Lead Case No. 20 50682)
on April 27, 2020. At the time of the filing, Debtors had
estimated assets of between $1 million and $10 million and
liabilities of between $50 million and $100 million.
Judge Elaine M. Hammond oversees the cases.
The Debtors have tapped Sidley Austin, LLP as their bankruptcy
counsel, Affeld Grivakes LLP as conflict counsel, Paul Weiss
Rifkind Wharton & Garrison LLP as special counsel. Lawrence
Perkins, chief executive officer of SierraConstellation Partners
LLC, is the Debtors' chief restructuring officer.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors on May 18, 2020. The committee is represented by Hogan
Lovells US, LLP.
WAVE COMPUTING: Selling Substantially All Assets for $57.5 Million
------------------------------------------------------------------
Wave Computing, Inc., asks the U.S. Bankruptcy Court for the
Northern District of California to authorize the sale of
substantially all assets for $57.5 million cash, plus assumption of
certain liabilities and obligations, subject to overbid.
In the months leading up to the commencement of these chapter 11
cases, the Debtors investigated various strategic alternatives,
ranging from raising or financing capital to selling some or all of
their assets. Ultimately, and despite their best marketing
efforts, they did not receive a satisfactory offer prepetition.
Since the commencement of these cases, the Debtors have pursued a
dual-track strategy involving either a refinancing of the company's
current capital structure, as described in more detail in the Plan,
or a sale of substantially all of the Assets to one or more a third
parties. In furtherance of the Sale track of this strategy, the
Debtors retained Armory Securities, LLC as its investment banker in
August 2020 to assist them in continuing to market the Assets and
establish a sale process designed to generate maximum value for all
creditors and other parties in interest.
Since its retention, Armory Securities has worked with the Debtors
to assemble and finalize various marketing materials, including a
teaser and confidential information memorandum, create an initial
outreach plan, and put together a comprehensive data room that
would streamline potential purchaser diligence requests. In
connection with these efforts, Armory Securities launched an
outreach effort. Although Armory Securities worked closely with
each of the potential purchasers who had submitted an IOI to
increase the offer price above that of the minimum bid threshold,
no revised bids were made. As such, the Debtors decided to move
forward with the Restructuring. On Nov. 20, 2020, the Court held a
hearing to approve the Disclosure Statement.
It was only on Nov. 22, 2020 (i.e., after the Disclosure Statement
Hearing), that Armory Securities began discussions with the
Stalking Horse Bidder. The Stalking Horse Bidder signed a
non-disclosure agreement on Nov. 26, 2020 and submitted its initial
bid to purchase substantially all of the Assets during the first
week of December. The arms'-length negotiations resulted in the
execution of a certain asset purchase agreement dated Dec. 10,
2020.
Pursuant to the Stalking Horse Agreement, the Stalking Horse Bidder
has agreed to purchase substantially all of the Assets for
consideration consisting of (a) payment of $57.5 million in cash to
the Debtors on the Closing Date, plus (b) assumption of certain
liabilities and obligations. The Stalking Horse Agreement further
provided for payment of $5.75 million into an escrow account upon
execution of the Stalking Horse Agreement. The transaction
contemplated by the Stalking Horse Agreement will be subject to
competitive bidding, and approval by the Court.
The Debtors believe that the Bidding Procedures will promote a
transparent, competitive, and expedient sale process.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: Dec. 17, 2020 at 4:00 p.m. (PT)
b. Initial Bid: Greater than or equal to the sum of (i) the
value offered under the Stalking Horse Agreement, plus (ii) cash
(or in the case of the Plan Bid, cash or non-cash value) in the
amount of at least $500,000
c. Deposit: 10% of the stated cash Purchase Price
d. Auction: The Auction will take place on Dec. 18, 2020 at
7:00 a.m. (PT), via teleconference and/or videoconference as
determined by the Debtors.
e. Bid Increments: $500,000
f. Sale Hearing: Jan. 14, 2021 at 10:00 a.m. (PT)
g. Sale Objection Deadline: Jan. 7, 2021 at 11:59 p.m. (PT)
The Debtors also ask approval of the notice of potential assumption
and assignment of certain of their executory contracts and
unexpired leases. As soon as reasonably practicable after the
Court enters the Order, the Debtors will file and serve the
Assumption and Assignment Notice on all non-Debtor parties to the
agreements listed therein.
A videoconference on the Motion is set for Dec. 16, 2020 at 10:15
a.m. (PT).
A copy of the APA and the Bidding Procedures is available at
https://tinyurl.com/y3yzdvnv from PacerMonitor.com free of charge.
About Wave Computing
Wave Computing, Inc. -- https://wavecomp.ai -- is a Santa Clara,
Calif.-based company that revolutionizes artificial intelligence
(AI) with its dataflow-based solutions.
Wave Computing and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Cal. Lead Case No. 20 50682)
on April 27, 2020. At the time of the filing, Debtors had
estimated assets of between $1 million and $10 million and
liabilities of between $50 million and $100 million.
Judge Elaine M. Hammond oversees the cases.
The Debtors have tapped Sidley Austin, LLP as their bankruptcy
counsel, Affeld Grivakes LLP as conflict counsel, Paul Weiss
Rifkind Wharton & Garrison LLP as special counsel. Lawrence
Perkins, chief executive officer of SierraConstellation Partners
LLC, is Debtors' chief restructuring officer.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors on May 18, 2020. The committee is represented by Hogan
Lovells US, LLP.
WHITE STALLION: Hires Prime Clerk as Claims and Noticing Agent
--------------------------------------------------------------
White Stallion Energy, LLC, and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Prime Clerk LLC, as claims and noticing agent to
the Debtors.
White Stallion requires Prime Clerk to:
a. prepare and serve required notices and documents in the
bankruptcy case in accordance with the Bankruptcy Code and
the Federal Rules of Bankruptcy Procedure in the form and
manner directed by the Debtor and the Court, including (i)
notice of the commencement of the case and the initial
meeting of creditors under the Bankruptcy Code, (ii) notice
of any claims bar date, (iii) notice of transfer of claims,
(iv) notices of objections to claims and objections to
transfers of claims, (v) notices of any hearings on a
disclosure statement and confirmation of the Debtor's plan
or plans of reorganization, including under Bankruptcy Rule
3017(d), (vi) notice of the effective date of any plan and
(vii) all other notices, orders, pleadings, publications
and other documents as the Debtor or Court may deem
necessary or appropriate for an orderly administration of
the case;
b. maintain an official copy of the Debtor's schedules of
assets and liabilities and statement of financial affairs,
listing the Debtor's known creditors and the amounts owed
thereto;
c. maintain (i) a list of all potential creditors, equity
holders and other parties-in-interest and (ii) a core
mailing list consisting of all parties described in
sections 2002(i), (j) and (k) and those parties that have
filed a notice of appearance pursuant to Bankruptcy Rule
9010; updated said lists and make said lists available upon
request by a party-in-interest or the Clerk;
d. furnish a notice to all potential creditors of the last
date for the filing of proofs of claim and a form for the
filing of a proof of claim, after such notice and form are
approved by the bankruptcy Court, and notify said potential
creditors of the existence, amount and classification of
their respective claims as set forth in the Schedules,
which may be effected by inclusion of such information on a
customized proof of claim form provided to potential
creditors;
e. maintain a post office box or address for the purpose of
receiving claims and returned mail, and process all mail
received;
f. for all notices, motions, orders or other pleadings or
documents served, prepare and file or caused to be filed
with the Clerk an affidavit or certificate of service
within seven (7) business days of service which includes
(i) either a copy of the notice served or the docket number
and title of the pleading served, (ii) a list of persons to
whom it was mailed, in alphabetical order, with their
addresses, (iii) the manner of service ,and (iv) the date
served;
g. process all proofs of claim received, including those
received by the Clerk's Office, and check said processing
for accuracy, and maintain the original proofs of claim in
a secure area;
h. maintain the official claims register for the Debtor on
behalf of the Clerk; upon the Clerk's request, provide the
Clerk with certified, duplicate unofficial Claims Register;
and specify in the Claims Registers the following
information for each claim docketed (i) the claim number
assigned, (ii) the date received, (iii) the name and
address of the claimant and agent, if applicable, who filed
the claim, (iv) the amount asserted, (v) the asserted
classifications of the claim, (vi) the applicable Debtor,
and (vii) any disposition of the claim;
i. provide public access to the Claims Register, including
complete proofs of claim with attachments, if any, without
charge;
j. implement necessary security measures to ensure the
completeness and integrity of the Claims Registers and the
safekeeping of the original claims;
k. record all transfers of claims and provide any notices of
such transfers as required by Bankruptcy Rule 3001(e);
l. relocate, by messenger or overnight delivery, all of the
court-filed proofs of claim to the offices of Prime Clerk,
not less than weekly;
m. upon completion of the docketing process for all claims
received to date for each case, turn over to the Clerk
copies of the claims register for the Clerk's review;
n. monitor the Court's docket for all notices of appearance,
address changes, and claims-related pleadings and orders
filed and make necessary notations on and changes to the
claims register;
o. identify and correct any incomplete or incorrect addresses
in any mailing or service lists;
p. assist in the dissemination of information to the public
and respond to requests for administrative information
regarding these chapter 11 cases as directed by the Debtors
or the Court, including through the use of a case website
and/or call center;
q. Monitor the Court's docket in these chapter 11 cases and,
when filings are made in error or containing errors, alert
the filing party of such error and work with them to
correct any such error;
r. if these chapter 11 cases are converted to cases under
chapter 7 of the Bankruptcy Code, contact the Clerk's
office within three days of notice to Prime Clerk of entry
of the order converting the cases;
s. 30 days prior to the close of the bankruptcy case,
request the Debtor submits to the Court a proposed Order
dismissing Prime Clerk and terminating the services of such
agent upon completion of its duties and responsibilities
and upon the closing of the bankruptcy case;
t. within seven (7) days of notice to Prime Clerk of entry of
an order closing the Chapter 11 case, provide to the
bankruptcy Court the final version of the claims register
as of the date immediately before the close of the case;
and
u. at the close of these chapter 11 cases, (i) box and
transport all original documents, in proper format, as
provided by the Clerk's office, to (A) the Philadelphia
Federal Records Center, 14700 Townsend Road,
Philadelphia, PA 19154-1096 or (B) any other location
requested by the Clerk's office; and (ii) docket a
completed SF-135 Form indicating the accession and location
numbers of the archived claims.
Prime Clerk will be paid at these hourly rates:
Director of Solicitation $215
Solicitation Consultant $195
COO and Executive VP No charge
Director $175-$195
Consultant/Senior Consultant $70-$170
Technology Consultant $35-$95
Analyst $35-$55
Prime Clerk will be paid a retainer in the amount of $5,000.
Prime Clerk will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Benjamin J. Steele, partner of Prime Clerk LLC, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.
Prime Clerk can be reached at:
Benjamin J. Steele
PRIME CLERK LLC
830 3rd Avenue, 9th Floor
New York, NY10022
Tel: (212) 257-5450
E-mail: bsteele@primeclerk.com
About White Stallion Energy
White Stallion Energy was founded in February 2010 for the purpose
of developing and operating surface mining complexes in Indiana and
Illinois and subsequently grew through a series of strategic
acquisitions. White Stallion operates six high-quality, low-cost
thermal surface mines in Indiana and Illinois with approximately
200 million tons of demonstrated reserves.
On Dec. 2, 2020, White Stallion Energy, LLC and 18 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code in the United States
Bankruptcy Court for the District of Delaware. The cases are
pending before the Honorable Laurie Selber Silverstein, and the
Debtors have requested that their cases be jointly administered
under Case No. 20-13037.
White Stallion and its affiliates reported between $100 million and
$500 million in assets and liabilities.
The Hon. Laurie Selber Silverstein is the case judge.
The Debtors tapped PAUL HASTINGS LLP as general bankruptcy counsel;
YOUNG CONAWAY STARGATT & TAYLOR, LLP as local bankruptcy counsel;
and FTI CONSULTING, INC. as financial advisor. PRIME CLERK LLC is
the claims agent.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABSOLUTE SOFTWRE ABST US 136.7 (40.5) (9.7)
ABSOLUTE SOFTWRE ABST CN 136.7 (40.5) (9.7)
ABSOLUTE SOFTWRE OU1 GR 136.7 (40.5) (9.7)
ABSOLUTE SOFTWRE ABT2EUR EU 136.7 (40.5) (9.7)
ACCELERATE DIAGN 1A8 GR 104.2 (49.7) 85.0
ACCELERATE DIAGN AXDX US 104.2 (49.7) 85.0
ACCELERATE DIAGN 1A8 SW 104.2 (49.7) 85.0
ACCELERATE DIAGN AXDX* MM 104.2 (49.7) 85.0
ADAPTHEALTH CORP AHCO US 1,548.8 439.7 169.6
AGENUS INC AGEN US 204.5 (179.4) (21.4)
AGILITI INC AGLY US 745.0 (67.7) 17.3
AMC ENTERTAINMEN AMC US 10,876.2 (2,335.4) (979.6)
AMC ENTERTAINMEN AH9 GR 10,876.2 (2,335.4) (979.6)
AMC ENTERTAINMEN AMC* MM 10,876.2 (2,335.4) (979.6)
AMC ENTERTAINMEN AH9 TH 10,876.2 (2,335.4) (979.6)
AMC ENTERTAINMEN AH9 QT 10,876.2 (2,335.4) (979.6)
AMC ENTERTAINMEN AMC4EUR EU 10,876.2 (2,335.4) (979.6)
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
AMERICAN AIR-BDR AALL34 BZ 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE AAL US 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE AAL* MM 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE A1G GR 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE A1G TH 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE AAL11EUR EU 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE AAL AV 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE AAL TE 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE A1G SW 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE A1G GZ 62,773.0 (5,528.0) (4,244.0)
AMERICAN AIRLINE A1G QT 62,773.0 (5,528.0) (4,244.0)
AMERISOURCEB-BDR A1MB34 BZ 44,274.8 (839.6) (797.4)
AMERISOURCEBERGE ABG TH 44,274.8 (839.6) (797.4)
AMERISOURCEBERGE ABC2EUR EU 44,274.8 (839.6) (797.4)
AMERISOURCEBERGE ABG GR 44,274.8 (839.6) (797.4)
AMERISOURCEBERGE ABC US 44,274.8 (839.6) (797.4)
AMERISOURCEBERGE ABG QT 44,274.8 (839.6) (797.4)
AMERISOURCEBERGE ABG GZ 44,274.8 (839.6) (797.4)
AMYRIS INC AMRS US 205.9 (78.7) 27.7
APACHE CORP APA GR 12,875.0 (37.0) 337.0
APACHE CORP APA* MM 12,875.0 (37.0) 337.0
APACHE CORP APA TH 12,875.0 (37.0) 337.0
APACHE CORP APA US 12,875.0 (37.0) 337.0
APACHE CORP APA GZ 12,875.0 (37.0) 337.0
APACHE CORP APA1 SW 12,875.0 (37.0) 337.0
APACHE CORP APAEUR EU 12,875.0 (37.0) 337.0
APACHE CORP APA QT 12,875.0 (37.0) 337.0
APACHE CORP- BDR A1PA34 BZ 12,875.0 (37.0) 337.0
AQUESTIVE THERAP AQST US 50.4 (36.5) 13.3
ASHFORD HOSPITAL AHT US 3,844.3 (146.1) -
ASHFORD HOSPITAL AHD1 GR 3,844.3 (146.1) -
ASHFORD HOSPITAL AHT1EUR EU 3,844.3 (146.1) -
AURANIA RESOURCE ARU CN 4.4 (0.5) (0.6)
AUTOZONE INC AZO US 14,568.6 (1,027.0) 380.1
AUTOZONE INC AZ5 GR 14,568.6 (1,027.0) 380.1
AUTOZONE INC AZ5 TH 14,568.6 (1,027.0) 380.1
AUTOZONE INC AZ5 GZ 14,568.6 (1,027.0) 380.1
AUTOZONE INC AZO AV 14,568.6 (1,027.0) 380.1
AUTOZONE INC AZ5 TE 14,568.6 (1,027.0) 380.1
AUTOZONE INC AZO* MM 14,568.6 (1,027.0) 380.1
AUTOZONE INC AZOEUR EU 14,568.6 (1,027.0) 380.1
AUTOZONE INC AZ5 QT 14,568.6 (1,027.0) 380.1
AUTOZONE INC-BDR AZOI34 BZ 14,568.6 (1,027.0) 380.1
AVID TECHNOLOGY AVID US 261.4 (144.2) 11.7
AVID TECHNOLOGY AVD GR 261.4 (144.2) 11.7
AVIS BUD-CEDEAR CAR AR 19,596.0 (76.0) 469.0
AVIS BUDGET GROU CUCA GR 19,596.0 (76.0) 469.0
AVIS BUDGET GROU CAR US 19,596.0 (76.0) 469.0
AVIS BUDGET GROU CUCA TH 19,596.0 (76.0) 469.0
AVIS BUDGET GROU CAR* MM 19,596.0 (76.0) 469.0
AVIS BUDGET GROU CUCA QT 19,596.0 (76.0) 469.0
AVIS BUDGET GROU CAR2EUR EU 19,596.0 (76.0) 469.0
BABCOCK & WILCOX BW US 605.8 (320.8) 116.9
BBTV HOLDINGS IN BBTV CN 1.0 (1.2) (0.7)
BELLRING BRAND-A BRBR US 653.5 (161.0) 137.1
BELLRING BRAND-A BR6 TH 653.5 (161.0) 137.1
BELLRING BRAND-A BR6 GR 653.5 (161.0) 137.1
BELLRING BRAND-A BR6 GZ 653.5 (161.0) 137.1
BELLRING BRAND-A BRBR1EUR EU 653.5 (161.0) 137.1
BIGCOMMERCE-1 BIGC US 235.5 158.5 160.4
BIGCOMMERCE-1 BI1 GR 235.5 158.5 160.4
BIGCOMMERCE-1 BI1 GZ 235.5 158.5 160.4
BIGCOMMERCE-1 BI1 TH 235.5 158.5 160.4
BIGCOMMERCE-1 BIGCEUR EU 235.5 158.5 160.4
BIGCOMMERCE-1 BI1 QT 235.5 158.5 160.4
BIODESIX INC BDSX US 46.5 (61.2) (38.4)
BIOHAVEN PHARMAC BHVN US 782.0 (153.8) 491.2
BIOHAVEN PHARMAC 2VN GR 782.0 (153.8) 491.2
BIOHAVEN PHARMAC BHVNEUR EU 782.0 (153.8) 491.2
BIOHAVEN PHARMAC 2VN TH 782.0 (153.8) 491.2
BIONOVATE TECHNO BIIO US - (0.4) (0.4)
BLUE BIRD CORP BLBD US 390.1 (61.9) 39.3
BLUE BIRD CORP 4RB GR 390.1 (61.9) 39.3
BLUE BIRD CORP BLBDEUR EU 390.1 (61.9) 39.3
BLUE BIRD CORP 4RB GZ 390.1 (61.9) 39.3
BOEING CO-BDR BOEI34 BZ 161,261.0 (11,553.0) 38,705.0
BOEING CO-CED BA AR 161,261.0 (11,553.0) 38,705.0
BOEING CO-CED BAD AR 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BCO GR 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BAEUR EU 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BA EU 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BOE LN 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BCO TH 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BA PE 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BOEI BB 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BA US 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BA SW 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BA* MM 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BA TE 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BA AV 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BA CI 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BAUSD SW 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BCO GZ 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE BCO QT 161,261.0 (11,553.0) 38,705.0
BOEING CO/THE TR TCXBOE AU 161,261.0 (11,553.0) 38,705.0
BOMBARDIER INC-B BBDBN MM 24,109.0 (6,448.0) 791.0
BONE BIOLOGICS C BBLG US 0.0 (11.9) (0.5)
BORROWMONEY.COM BWMY US 0.0 (0.6) (0.6)
BRINKER INTL BKJ GR 2,335.3 (465.1) (269.9)
BRINKER INTL EAT US 2,335.3 (465.1) (269.9)
BRINKER INTL BKJ TH 2,335.3 (465.1) (269.9)
BRINKER INTL BKJ QT 2,335.3 (465.1) (269.9)
BRINKER INTL EAT2EUR EU 2,335.3 (465.1) (269.9)
BRP INC/CA-SUB V B15A GR 4,240.0 (666.0) 759.8
BRP INC/CA-SUB V DOOO US 4,240.0 (666.0) 759.8
BRP INC/CA-SUB V B15A GZ 4,240.0 (666.0) 759.8
BRP INC/CA-SUB V DOOEUR EU 4,240.0 (666.0) 759.8
BRP INC/CA-SUB V DOO CN 4,240.0 (666.0) 759.8
CADIZ INC CDZI US 73.4 (22.5) 5.1
CADIZ INC 2ZC GR 73.4 (22.5) 5.1
CADIZ INC CDZIEUR EU 73.4 (22.5) 5.1
CALIFORNIA RESOU CRC US 4,856.0 (1,581.0) (774.0)
CALIFORNIA RESOU 1CLD GR 4,856.0 (1,581.0) (774.0)
CALIFORNIA RESOU 1CLD QT 4,856.0 (1,581.0) (774.0)
CALIFORNIA RESOU CRC1EUR EU 4,856.0 (1,581.0) (774.0)
CALUMET SPECIALT CLMT US 1,807.5 (44.8) 69.3
CDK GLOBAL INC CDK US 2,915.7 (514.5) (88.2)
CDK GLOBAL INC CDK* MM 2,915.7 (514.5) (88.2)
CDK GLOBAL INC C2G QT 2,915.7 (514.5) (88.2)
CDK GLOBAL INC C2G TH 2,915.7 (514.5) (88.2)
CDK GLOBAL INC CDKEUR EU 2,915.7 (514.5) (88.2)
CDK GLOBAL INC C2G GR 2,915.7 (514.5) (88.2)
CEDAR FAIR LP FUN US 2,501.5 (551.3) 43.1
CENGAGE LEARNING CNGO US 2,849.9 (153.0) 161.4
CENTRUS ENERGY-A 4CU GR 468.2 (275.6) 70.5
CENTRUS ENERGY-A LEU US 468.2 (275.6) 70.5
CENTRUS ENERGY-A LEUEUR EU 468.2 (275.6) 70.5
CEREVEL THERAPEU CERE US 150.5 142.6 (1.7)
CHEWY INC- CL A CHWY US 1,643.2 (56.4) (182.2)
CHEWY INC- CL A CHWY* MM 1,643.2 (56.4) (182.2)
CHOICE HOTELS CZH GR 1,570.1 (21.4) 163.2
CHOICE HOTELS CHH US 1,570.1 (21.4) 163.2
CINCINNATI BELL CIB1 GR 2,563.8 (204.5) (88.5)
CINCINNATI BELL CBB US 2,563.8 (204.5) (88.5)
CINCINNATI BELL CBBEUR EU 2,563.8 (204.5) (88.5)
CLOVIS ONCOLOGY C6O GR 593.1 (163.4) 165.3
CLOVIS ONCOLOGY CLVS US 593.1 (163.4) 165.3
CLOVIS ONCOLOGY C6O QT 593.1 (163.4) 165.3
CLOVIS ONCOLOGY CLVSEUR EU 593.1 (163.4) 165.3
CLOVIS ONCOLOGY C6O TH 593.1 (163.4) 165.3
CLOVIS ONCOLOGY C6O GZ 593.1 (163.4) 165.3
CODIAK BIOSCIENC CDAK US 110.4 (44.0) 18.0
CODIAK BIOSCIENC 32W TH 110.4 (44.0) 18.0
CODIAK BIOSCIENC 32W GR 110.4 (44.0) 18.0
CODIAK BIOSCIENC CDAKEUR EU 110.4 (44.0) 18.0
CODIAK BIOSCIENC 32W QT 110.4 (44.0) 18.0
COGENT COMMUNICA CCOI US 1,000.9 (260.7) 380.1
COGENT COMMUNICA OGM1 GR 1,000.9 (260.7) 380.1
COGENT COMMUNICA CCOIEUR EU 1,000.9 (260.7) 380.1
COGENT COMMUNICA CCOI* MM 1,000.9 (260.7) 380.1
COMMUNITY HEALTH CYH US 16,516.0 (1,476.0) 1,063.0
COMMUNITY HEALTH CG5 GR 16,516.0 (1,476.0) 1,063.0
COMMUNITY HEALTH CG5 QT 16,516.0 (1,476.0) 1,063.0
COMMUNITY HEALTH CYH1EUR EU 16,516.0 (1,476.0) 1,063.0
COMMUNITY HEALTH CG5 TH 16,516.0 (1,476.0) 1,063.0
CONVERGE TECHNOL CTS CN 493.1 48.3 (105.8)
CONVERGE TECHNOL CTSDF US 493.1 48.3 (105.8)
CRYPTO CO/THE CRCW US 0.1 (2.2) (2.0)
CURIS INC CUSA GR 45.7 (28.6) 19.2
CURIS INC CRIS US 45.7 (28.6) 19.2
CURIS INC CUSA TH 45.7 (28.6) 19.2
CURIS INC CRISEUR EU 45.7 (28.6) 19.2
DELEK LOGISTICS DKL US 957.6 (111.5) 11.7
DENNY'S CORP DENN US 450.8 (138.4) (15.3)
DENNY'S CORP DE8 TH 450.8 (138.4) (15.3)
DENNY'S CORP DENNEUR EU 450.8 (138.4) (15.3)
DENNY'S CORP DE8 GR 450.8 (138.4) (15.3)
DIEBOLD NIXDORF DBD SW 3,627.8 (811.7) 391.4
DIEBOLD NIXDORF DBD GR 3,627.8 (811.7) 391.4
DIEBOLD NIXDORF DBD US 3,627.8 (811.7) 391.4
DIEBOLD NIXDORF DBDEUR EU 3,627.8 (811.7) 391.4
DIEBOLD NIXDORF DBD TH 3,627.8 (811.7) 391.4
DIEBOLD NIXDORF DBD QT 3,627.8 (811.7) 391.4
DIEBOLD NIXDORF DBD GZ 3,627.8 (811.7) 391.4
DINE BRANDS GLOB IHP TH 2,070.9 (356.4) 203.3
DINE BRANDS GLOB DIN US 2,070.9 (356.4) 203.3
DINE BRANDS GLOB IHP GR 2,070.9 (356.4) 203.3
DOMINO'S PIZZA EZV GR 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA DPZ US 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA EZV TH 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA EZV GZ 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA DPZEUR EU 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA DPZ AV 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA DPZ* MM 1,620.9 (3,211.5) 468.0
DOMINO'S PIZZA EZV QT 1,620.9 (3,211.5) 468.0
DOMO INC- CL B DOMO US 193.1 (78.5) (14.2)
DOMO INC- CL B 1ON GR 193.1 (78.5) (14.2)
DOMO INC- CL B DOMOEUR EU 193.1 (78.5) (14.2)
DOMO INC- CL B 1ON GZ 193.1 (78.5) (14.2)
DOMO INC- CL B 1ON TH 193.1 (78.5) (14.2)
DRAFTKINGS INC-A 8DEA TH 2,566.7 1,994.7 973.0
DRAFTKINGS INC-A 8DEA QT 2,566.7 1,994.7 973.0
DRAFTKINGS INC-A 8DEA GZ 2,566.7 1,994.7 973.0
DRAFTKINGS INC-A DKNG US 2,566.7 1,994.7 973.0
DRAFTKINGS INC-A 8DEA GR 2,566.7 1,994.7 973.0
DRAFTKINGS INC-A DKNG1EUR EU 2,566.7 1,994.7 973.0
DRAFTKINGS INC-A DKNG* MM 2,566.7 1,994.7 973.0
DUNKIN' BRANDS G 2DB GR 3,889.0 (533.3) 348.2
DUNKIN' BRANDS G 2DB TH 3,889.0 (533.3) 348.2
DUNKIN' BRANDS G DNKN US 3,889.0 (533.3) 348.2
DUNKIN' BRANDS G 2DB QT 3,889.0 (533.3) 348.2
DUNKIN' BRANDS G DNKNEUR EU 3,889.0 (533.3) 348.2
DUNKIN' BRANDS G 2DB GZ 3,889.0 (533.3) 348.2
DYE & DURHAM LTD DND CN 271.9 112.3 0.8
DYE & DURHAM LTD DYNDF US 271.9 112.3 0.8
EMISPHERE TECH EMIS US 5.2 (155.3) (1.4)
EOS ENERGY ENTER EOSE US 177.3 175.5 (1.3)
EVERI HOLDINGS I EVRI US 1,458.2 (15.4) 89.9
EVERI HOLDINGS I G2C TH 1,458.2 (15.4) 89.9
EVERI HOLDINGS I G2C GR 1,458.2 (15.4) 89.9
EVERI HOLDINGS I EVRIEUR EU 1,458.2 (15.4) 89.9
FATHOM HOLDINGS FTHM US 35.2 30.3 29.7
FLEXION THERAPEU FLXN US 263.4 (3.1) 186.2
FLEXION THERAPEU F02 GR 263.4 (3.1) 186.2
FLEXION THERAPEU F02 TH 263.4 (3.1) 186.2
FLEXION THERAPEU FLXNEUR EU 263.4 (3.1) 186.2
FLEXION THERAPEU F02 QT 263.4 (3.1) 186.2
FRONTDOOR IN FTDR US 1,407.0 (71.0) 211.0
FRONTDOOR IN 3I5 GR 1,407.0 (71.0) 211.0
FRONTDOOR IN FTDREUR EU 1,407.0 (71.0) 211.0
FTS INTERNAT-A FTSI US 452.2 (84.0) 187.2
FTS INTERNAT-A FT5 GR 452.2 (84.0) 187.2
FTS INTERNAT-A FTSI1EUR EU 452.2 (84.0) 187.2
FTS INTERNATIONA 9992011D US 452.2 (84.0) 187.2
FTS INTERNATIONA FT5A GR 452.2 (84.0) 187.2
FTS INTERNATIONA FTSIEUR EU 452.2 (84.0) 187.2
GCM GROSVENOR-A GCMG US - - -
GODADDY INC-A GDDY US 6,207.8 (163.8) (1,101.8)
GODADDY INC-A 38D TH 6,207.8 (163.8) (1,101.8)
GODADDY INC-A GDDY* MM 6,207.8 (163.8) (1,101.8)
GODADDY INC-A 38D GR 6,207.8 (163.8) (1,101.8)
GODADDY INC-A 38D QT 6,207.8 (163.8) (1,101.8)
GOGO INC GOGO US 984.5 (647.2) 363.1
GOGO INC G0G SW 984.5 (647.2) 363.1
GOGO INC G0G TH 984.5 (647.2) 363.1
GOGO INC G0G GR 984.5 (647.2) 363.1
GOGO INC GOGOEUR EU 984.5 (647.2) 363.1
GOGO INC G0G QT 984.5 (647.2) 363.1
GOGO INC G0G GZ 984.5 (647.2) 363.1
GOOSEHEAD INSU-A 2OX GR 120.0 (49.4) 25.2
GOOSEHEAD INSU-A GSHDEUR EU 120.0 (49.4) 25.2
GOOSEHEAD INSU-A GSHD US 120.0 (49.4) 25.2
GORES HOLDINGS I GHIVU US 425.8 406.4 (4.0)
GORES HOLDINGS-A GHIV US 425.8 406.4 (4.0)
GRAFTECH INTERNA G6G GZ 1,467.6 (472.1) 445.4
GRAFTECH INTERNA EAF US 1,467.6 (472.1) 445.4
GRAFTECH INTERNA G6G GR 1,467.6 (472.1) 445.4
GRAFTECH INTERNA G6G TH 1,467.6 (472.1) 445.4
GRAFTECH INTERNA EAFEUR EU 1,467.6 (472.1) 445.4
GRAFTECH INTERNA G6G QT 1,467.6 (472.1) 445.4
GREEN PLAINS PAR GPP US 103.9 (61.6) (37.0)
GREENSKY INC-A GSKY US 1,461.9 (205.9) 784.2
GURU ORGANIC ENE GURU CN 0.0 (0.0) (0.0)
GURU ORGANIC ENE GUROF US 0.0 (0.0) (0.0)
H&R BLOCK - BDR H1RB34 BZ 2,556.4 (280.0) 40.3
H&R BLOCK INC HRB US 2,556.4 (280.0) 40.3
H&R BLOCK INC HRB GR 2,556.4 (280.0) 40.3
H&R BLOCK INC HRB TH 2,556.4 (280.0) 40.3
H&R BLOCK INC HRBCHF SW 2,556.4 (280.0) 40.3
H&R BLOCK INC HRB QT 2,556.4 (280.0) 40.3
H&R BLOCK INC HRBEUR EU 2,556.4 (280.0) 40.3
HERBALIFE NUTRIT HOO GR 2,921.2 (912.9) 639.4
HERBALIFE NUTRIT HLF US 2,921.2 (912.9) 639.4
HERBALIFE NUTRIT HOO TH 2,921.2 (912.9) 639.4
HERBALIFE NUTRIT HOO GZ 2,921.2 (912.9) 639.4
HERBALIFE NUTRIT HLFEUR EU 2,921.2 (912.9) 639.4
HERBALIFE NUTRIT HOO QT 2,921.2 (912.9) 639.4
HEWLETT-CEDEAR HPQ AR 34,681.0 (2,228.0) (5,572.0)
HEWLETT-CEDEAR HPQC AR 34,681.0 (2,228.0) (5,572.0)
HEWLETT-CEDEAR HPQD AR 34,681.0 (2,228.0) (5,572.0)
HILTON WORLD-BDR H1LT34 BZ 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HI91 TH 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HI91 GR 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HLT US 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HLTW AV 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HLT* MM 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HI91 TE 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HLTEUR EU 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HI91 QT 17,129.0 (1,319.0) 2,285.0
HILTON WORLDWIDE HI91 GZ 17,129.0 (1,319.0) 2,285.0
HORIZON GLOBAL HZN1EUR EU 458.0 (22.1) 91.8
HORIZON GLOBAL HZN US 458.0 (22.1) 91.8
HORIZON GLOBAL 2H6 GR 458.0 (22.1) 91.8
HOVNANIAN ENT-A HOV US 1,827.3 (436.1) 829.0
HOVNANIAN ENT-A HO3A GR 1,827.3 (436.1) 829.0
HOVNANIAN ENT-A HOVEUR EU 1,827.3 (436.1) 829.0
HP COMPANY-BDR HPQB34 BZ 34,681.0 (2,228.0) (5,572.0)
HP INC HPQ TE 34,681.0 (2,228.0) (5,572.0)
HP INC 7HP GR 34,681.0 (2,228.0) (5,572.0)
HP INC HPQ US 34,681.0 (2,228.0) (5,572.0)
HP INC 7HP TH 34,681.0 (2,228.0) (5,572.0)
HP INC HPQ* MM 34,681.0 (2,228.0) (5,572.0)
HP INC HPQ AV 34,681.0 (2,228.0) (5,572.0)
HP INC HPQ CI 34,681.0 (2,228.0) (5,572.0)
HP INC HPQUSD SW 34,681.0 (2,228.0) (5,572.0)
HP INC HPQEUR EU 34,681.0 (2,228.0) (5,572.0)
HP INC 7HP GZ 34,681.0 (2,228.0) (5,572.0)
HP INC HPQ SW 34,681.0 (2,228.0) (5,572.0)
HP INC 7HP QT 34,681.0 (2,228.0) (5,572.0)
IAA INC IAA US 2,388.8 (3.6) 352.4
IAA INC 3NI GR 2,388.8 (3.6) 352.4
IAA INC IAA-WEUR EU 2,388.8 (3.6) 352.4
IDERA PHARMACEUT IDRA US 32.3 (32.4) 24.4
IMMUNOGEN INC IMU TH 248.0 (42.9) 119.5
IMMUNOGEN INC IMU SW 248.0 (42.9) 119.5
IMMUNOGEN INC IMU GR 248.0 (42.9) 119.5
IMMUNOGEN INC IMGN US 248.0 (42.9) 119.5
IMMUNOGEN INC IMGNEUR EU 248.0 (42.9) 119.5
IMMUNOGEN INC IMGN* MM 248.0 (42.9) 119.5
IMMUNOGEN INC IMU GZ 248.0 (42.9) 119.5
IMMUNOGEN INC IMU QT 248.0 (42.9) 119.5
INFRASTRUCTURE A IEA US 722.4 (72.1) 97.1
INFRASTRUCTURE A IEAEUR EU 722.4 (72.1) 97.1
INFRASTRUCTURE A 5YF GR 722.4 (72.1) 97.1
INHIBRX INC INBX US 143.6 91.7 97.1
INHIBRX INC 1RK GR 143.6 91.7 97.1
INHIBRX INC INBXEUR EU 143.6 91.7 97.1
INHIBRX INC 1RK QT 143.6 91.7 97.1
INSEEGO CORP INO TH 223.7 (27.2) 40.7
INSEEGO CORP INO QT 223.7 (27.2) 40.7
INSEEGO CORP INO GZ 223.7 (27.2) 40.7
INSEEGO CORP INSG US 223.7 (27.2) 40.7
INSEEGO CORP INO GR 223.7 (27.2) 40.7
INSEEGO CORP INSGEUR EU 223.7 (27.2) 40.7
INSPIRED ENTERTA INSE US 320.3 (95.0) 10.3
INTERCEPT PHARMA I4P TH 591.4 (130.3) 398.0
INTERCEPT PHARMA ICPT* MM 591.4 (130.3) 398.0
INTERCEPT PHARMA ICPT US 591.4 (130.3) 398.0
INTERCEPT PHARMA I4P GR 591.4 (130.3) 398.0
INTERCEPT PHARMA I4P QT 591.4 (130.3) 398.0
INTERCEPT PHARMA I4P GZ 591.4 (130.3) 398.0
JACK IN THE BOX JBX GR 1,906.5 (793.4) (4.8)
JACK IN THE BOX JACK US 1,906.5 (793.4) (4.8)
JACK IN THE BOX JBX GZ 1,906.5 (793.4) (4.8)
JACK IN THE BOX JBX QT 1,906.5 (793.4) (4.8)
JACK IN THE BOX JACK1EUR EU 1,906.5 (793.4) (4.8)
JOSEMARIA RESOUR JOSE SS 28.8 (9.4) (18.4)
JOSEMARIA RESOUR NGQSEK EU 28.8 (9.4) (18.4)
JOSEMARIA RESOUR JOSES IX 28.8 (9.4) (18.4)
JOSEMARIA RESOUR JOSES EB 28.8 (9.4) (18.4)
JOSEMARIA RESOUR JOSES I2 28.8 (9.4) (18.4)
JUST ENERGY GROU JE US 1,137.7 (170.7) (33.8)
JUST ENERGY GROU JE CN 1,137.7 (170.7) (33.8)
JUST ENERGY GROU 1JE GR 1,137.7 (170.7) (33.8)
JUST ENERGY GROU 1JE1 TH 1,137.7 (170.7) (33.8)
L BRANDS INC LTD GR 11,161.0 (1,564.0) 1,597.0
L BRANDS INC LB US 11,161.0 (1,564.0) 1,597.0
L BRANDS INC LTD TH 11,161.0 (1,564.0) 1,597.0
L BRANDS INC LBRA AV 11,161.0 (1,564.0) 1,597.0
L BRANDS INC LB* MM 11,161.0 (1,564.0) 1,597.0
L BRANDS INC LTD QT 11,161.0 (1,564.0) 1,597.0
L BRANDS INC LBEUR EU 11,161.0 (1,564.0) 1,597.0
L BRANDS INC-BDR LBRN34 BZ 11,161.0 (1,564.0) 1,597.0
LENNOX INTL INC LII US 1,981.2 (115.7) 353.0
LENNOX INTL INC LII* MM 1,981.2 (115.7) 353.0
LENNOX INTL INC LXI GR 1,981.2 (115.7) 353.0
LENNOX INTL INC LXI TH 1,981.2 (115.7) 353.0
LENNOX INTL INC LII1EUR EU 1,981.2 (115.7) 353.0
LESLIE'S INC LESL US 479.7 (887.4) 116.6
LESLIE'S INC LE3 GR 479.7 (887.4) 116.6
LESLIE'S INC LESLEUR EU 479.7 (887.4) 116.6
LESLIE'S INC LE3 TH 479.7 (887.4) 116.6
MADISON SQUARE G MSG1EUR EU 1,219.4 (239.9) (216.3)
MADISON SQUARE G MS8 GR 1,219.4 (239.9) (216.3)
MADISON SQUARE G MSGS US 1,219.4 (239.9) (216.3)
MCAFEE CORP - A MCFE US 5,553.0 (2,323.0) (1,182.0)
MCAFEE CORP - A MC7 GR 5,553.0 (2,323.0) (1,182.0)
MCAFEE CORP - A MCFEEUR EU 5,553.0 (2,323.0) (1,182.0)
MCDONALD'S CORP TCXMCD AU 50,699.3 (8,472.1) 455.9
MCDONALDS - BDR MCDC34 BZ 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MDO TH 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MCD SW 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MCD US 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MDO GR 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MCD* MM 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MCD TE 50,699.3 (8,472.1) 455.9
MCDONALDS CORP 0R16 LN 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MCD AV 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MCD CI 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MCDUSD SW 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MCDEUR EU 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MDO GZ 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MDO QT 50,699.3 (8,472.1) 455.9
MCDONALDS CORP MCD PE 50,699.3 (8,472.1) 455.9
MCDONALDS-CEDEAR MCD AR 50,699.3 (8,472.1) 455.9
MCDONALDS-CEDEAR MCDC AR 50,699.3 (8,472.1) 455.9
MCDONALDS-CEDEAR MCDD AR 50,699.3 (8,472.1) 455.9
MEDIAALPHA INC-A MAX US 133.8 (146.6) (4.0)
MEDLEY MANAGE-A MDLY US 38.7 (132.0) (15.2)
MEDLEY MANAGE-A 731 GR 38.7 (132.0) (15.2)
MERCER PARK BR-A MRCQF US 411.4 (7.6) 2.7
MERCER PARK BR-A BRND/A/U CN 411.4 (7.6) 2.7
MICHAELS COS INC MIK US 4,263.3 (1,389.9) 381.9
MICHAELS COS INC MIM GR 4,263.3 (1,389.9) 381.9
MICHAELS COS INC MIM TH 4,263.3 (1,389.9) 381.9
MICHAELS COS INC MIKEUR EU 4,263.3 (1,389.9) 381.9
MICHAELS COS INC MIM QT 4,263.3 (1,389.9) 381.9
MICHAELS COS INC MIM GZ 4,263.3 (1,389.9) 381.9
MILESTONE MEDICA MMD PW 1.0 (16.3) (16.3)
MILESTONE MEDICA MMDPLN EU 1.0 (16.3) (16.3)
MONEYGRAM INTERN 9M1N GR 4,494.0 (249.1) (94.5)
MONEYGRAM INTERN MGI US 4,494.0 (249.1) (94.5)
MONEYGRAM INTERN 9M1N TH 4,494.0 (249.1) (94.5)
MONEYGRAM INTERN MGIEUR EU 4,494.0 (249.1) (94.5)
MONEYGRAM INTERN 9M1N QT 4,494.0 (249.1) (94.5)
MONTES ARCHIM-A MAAC US 0.5 (0.0) (0.5)
MONTES ARCHIMEDE MAACU US 0.5 (0.0) (0.5)
MOTOROLA SOL-BDR M1SI34 BZ 10,361.0 (740.0) 659.0
MOTOROLA SOL-CED MSI AR 10,361.0 (740.0) 659.0
MOTOROLA SOLUTIO MOT TE 10,361.0 (740.0) 659.0
MOTOROLA SOLUTIO MSI US 10,361.0 (740.0) 659.0
MOTOROLA SOLUTIO MTLA TH 10,361.0 (740.0) 659.0
MOTOROLA SOLUTIO MTLA GR 10,361.0 (740.0) 659.0
MOTOROLA SOLUTIO MOSI AV 10,361.0 (740.0) 659.0
MOTOROLA SOLUTIO MSI1EUR EU 10,361.0 (740.0) 659.0
MOTOROLA SOLUTIO MTLA GZ 10,361.0 (740.0) 659.0
MOTOROLA SOLUTIO MTLA QT 10,361.0 (740.0) 659.0
MSCI INC 3HM GR 4,111.7 (386.6) 1,008.2
MSCI INC MSCI US 4,111.7 (386.6) 1,008.2
MSCI INC 3HM GZ 4,111.7 (386.6) 1,008.2
MSCI INC MSCI* MM 4,111.7 (386.6) 1,008.2
MSCI INC 3HM QT 4,111.7 (386.6) 1,008.2
MSCI INC 3HM TH 4,111.7 (386.6) 1,008.2
MSCI INC-BDR M1SC34 BZ 4,111.7 (386.6) 1,008.2
MSG NETWORKS- A MSGN US 893.6 (515.7) 294.3
MSG NETWORKS- A 1M4 GR 893.6 (515.7) 294.3
MSG NETWORKS- A 1M4 QT 893.6 (515.7) 294.3
MSG NETWORKS- A MSGNEUR EU 893.6 (515.7) 294.3
MSG NETWORKS- A 1M4 TH 893.6 (515.7) 294.3
NANTHEALTH INC NH US 209.0 (92.3) 10.2
NANTHEALTH INC NEL GR 209.0 (92.3) 10.2
NATHANS FAMOUS NATH US 106.3 (63.1) 79.0
NATHANS FAMOUS NFA GR 106.3 (63.1) 79.0
NATHANS FAMOUS NATHEUR EU 106.3 (63.1) 79.0
NATIONAL CINEMED NCMI US 1,097.8 (210.4) 183.0
NATIONAL CINEMED XWM GR 1,097.8 (210.4) 183.0
NATIONAL CINEMED NCMIEUR EU 1,097.8 (210.4) 183.0
NAVISTAR INTL IHR TH 6,675.0 (3,828.0) 1,577.0
NAVISTAR INTL NAVEUR EU 6,675.0 (3,828.0) 1,577.0
NAVISTAR INTL NAV US 6,675.0 (3,828.0) 1,577.0
NAVISTAR INTL IHR GR 6,675.0 (3,828.0) 1,577.0
NAVISTAR INTL IHR QT 6,675.0 (3,828.0) 1,577.0
NAVISTAR INTL IHR GZ 6,675.0 (3,828.0) 1,577.0
NESCO HOLDINGS I NSCO US 769.5 (24.4) 54.0
NEW ENG RLTY-LP NEN US 293.1 (39.3) -
NORTHERN OIL AND 4LT1 GR 1,025.5 (83.7) 13.3
NORTHERN OIL AND NOG US 1,025.5 (83.7) 13.3
NORTHERN OIL AND NOG1EUR EU 1,025.5 (83.7) 13.3
NORTONLIFEL- BDR S1YM34 BZ 6,313.0 (476.0) 44.0
NORTONLIFELOCK I NLOK US 6,313.0 (476.0) 44.0
NORTONLIFELOCK I SYM TH 6,313.0 (476.0) 44.0
NORTONLIFELOCK I SYM GR 6,313.0 (476.0) 44.0
NORTONLIFELOCK I SYMC TE 6,313.0 (476.0) 44.0
NORTONLIFELOCK I SYMC AV 6,313.0 (476.0) 44.0
NORTONLIFELOCK I NLOK* MM 6,313.0 (476.0) 44.0
NORTONLIFELOCK I SYMCEUR EU 6,313.0 (476.0) 44.0
NORTONLIFELOCK I SYM GZ 6,313.0 (476.0) 44.0
NORTONLIFELOCK I SYM QT 6,313.0 (476.0) 44.0
NUNZIA PHARMACEU NUNZ US 0.1 (3.2) (2.5)
NUTANIX INC - A 0NU SW 2,315.9 (557.4) 854.5
NUTANIX INC - A 0NU GZ 2,315.9 (557.4) 854.5
NUTANIX INC - A 0NU GR 2,315.9 (557.4) 854.5
NUTANIX INC - A NTNXEUR EU 2,315.9 (557.4) 854.5
NUTANIX INC - A 0NU TH 2,315.9 (557.4) 854.5
NUTANIX INC - A 0NU QT 2,315.9 (557.4) 854.5
NUTANIX INC - A NTNX US 2,315.9 (557.4) 854.5
OASIS PETROLEUM OAS US 2,506.8 (638.2) (235.9)
OASIS PETROLEUM OS70 GR 2,506.8 (638.2) (235.9)
OASIS PETROLEUM OAS1EUR EU 2,506.8 (638.2) (235.9)
OCULAR THERAPEUT OCUL US 98.2 (4.1) 59.0
OCULAR THERAPEUT 0OT GZ 98.2 (4.1) 59.0
OCULAR THERAPEUT 0OT TH 98.2 (4.1) 59.0
OCULAR THERAPEUT OCULEUR EU 98.2 (4.1) 59.0
OCULAR THERAPEUT 0OT GR 98.2 (4.1) 59.0
OMEROS CORP OMER US 227.1 (87.3) 148.3
OMEROS CORP 3O8 GR 227.1 (87.3) 148.3
OMEROS CORP 3O8 QT 227.1 (87.3) 148.3
OMEROS CORP 3O8 TH 227.1 (87.3) 148.3
OMEROS CORP OMEREUR EU 227.1 (87.3) 148.3
OMNIA WELLNESS I OMWS US - (0.1) (0.1)
ONDAS HOLDINGS I ONDS US 2.6 (16.4) (16.3)
OPTIVA INC OPT CN 84.2 (82.4) 3.3
OPTIVA INC RKNEF US 84.2 (82.4) 3.3
OTIS WORLDWI OTIS US 10,473.0 (3,383.0) (20.0)
OTIS WORLDWI 4PG GR 10,473.0 (3,383.0) (20.0)
OTIS WORLDWI OTISEUR EU 10,473.0 (3,383.0) (20.0)
OTIS WORLDWI 4PG GZ 10,473.0 (3,383.0) (20.0)
OTIS WORLDWI OTIS* MM 10,473.0 (3,383.0) (20.0)
OTIS WORLDWI 4PG TH 10,473.0 (3,383.0) (20.0)
OTIS WORLDWI 4PG QT 10,473.0 (3,383.0) (20.0)
OTIS WORLDWI-BDR O1TI34 BZ 10,473.0 (3,383.0) (20.0)
PAPA JOHN'S INTL PZZA US 816.7 (14.1) 19.4
PAPA JOHN'S INTL PP1 GR 816.7 (14.1) 19.4
PAPA JOHN'S INTL PZZAEUR EU 816.7 (14.1) 19.4
PAPA JOHN'S INTL PP1 GZ 816.7 (14.1) 19.4
PAPA JOHN'S INTL PP1 TH 816.7 (14.1) 19.4
PAPA JOHN'S INTL PP1 QT 816.7 (14.1) 19.4
PARATEK PHARMACE PRTK US 198.7 (79.9) 172.1
PARATEK PHARMACE N4CN GR 198.7 (79.9) 172.1
PARATEK PHARMACE N4CN TH 198.7 (79.9) 172.1
PHILIP MORRI-BDR PHMO34 BZ 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN 4I1 GR 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN PM US 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN PM1CHF EU 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN PM1 TE 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN 4I1 TH 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN PM1EUR EU 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN PMI SW 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN PMIZ IX 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN PMIZ EB 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN 0M8V LN 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN PMOR AV 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN PM* MM 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN 4I1 GZ 39,129.0 (10,245.0) 1,928.0
PHILIP MORRIS IN 4I1 QT 39,129.0 (10,245.0) 1,928.0
PLANET FITNESS-A PLNT1EUR EU 1,801.6 (722.9) 440.8
PLANET FITNESS-A 3PL QT 1,801.6 (722.9) 440.8
PLANET FITNESS-A PLNT US 1,801.6 (722.9) 440.8
PLANET FITNESS-A 3PL TH 1,801.6 (722.9) 440.8
PLANET FITNESS-A 3PL GR 1,801.6 (722.9) 440.8
PLANET FITNESS-A 3PL GZ 1,801.6 (722.9) 440.8
PLANTRONICS INC PLT US 2,201.5 (145.0) 193.1
PLANTRONICS INC PTM GR 2,201.5 (145.0) 193.1
PLANTRONICS INC PLTEUR EU 2,201.5 (145.0) 193.1
PLANTRONICS INC PTM GZ 2,201.5 (145.0) 193.1
PLANTRONICS INC PTM TH 2,201.5 (145.0) 193.1
PLANTRONICS INC PTM QT 2,201.5 (145.0) 193.1
PLATINUM GROUP M P6MB GR 37.4 (4.1) (2.4)
PLATINUM GROUP M PTM CN 37.4 (4.1) (2.4)
PLATINUM GROUP M PLG US 37.4 (4.1) (2.4)
PLATINUM GROUP M P6MB GZ 37.4 (4.1) (2.4)
PLATINUM GROUP M PTMEUR EU 37.4 (4.1) (2.4)
POPULATION HEALT PHICU US 0.3 (0.0) (0.3)
PPD INC PPD US 6,041.5 (915.2) 203.0
PRIORITY TECHNOL PRTHU US 380.4 (98.3) 3.6
PRIORITY TECHNOL PRTH US 380.4 (98.3) 3.6
PRIORITY TECHNOL PRTHEUR EU 380.4 (98.3) 3.6
PRIORITY TECHNOL 60W GR 380.4 (98.3) 3.6
PROGENITY INC 4ZU GR 111.0 (84.8) 9.5
PROGENITY INC 4ZU TH 111.0 (84.8) 9.5
PROGENITY INC PROGEUR EU 111.0 (84.8) 9.5
PROGENITY INC 4ZU QT 111.0 (84.8) 9.5
PROGENITY INC 4ZU GZ 111.0 (84.8) 9.5
PROGENITY INC PROG US 111.0 (84.8) 9.5
PSOMAGEN INC-KDR 950200 KS - - -
PUMA BIOTECHNOLO PBYI US 261.7 (0.5) 41.6
PUMA BIOTECHNOLO 0PB TH 261.7 (0.5) 41.6
PUMA BIOTECHNOLO 0PB GR 261.7 (0.5) 41.6
PUMA BIOTECHNOLO PBYIEUR EU 261.7 (0.5) 41.6
QUANTUM CORP QMCO US 173.3 (196.2) (1.5)
QUANTUM CORP QNT2 GR 173.3 (196.2) (1.5)
QUANTUM CORP QTM1EUR EU 173.3 (196.2) (1.5)
QUANTUM CORP QNT2 TH 173.3 (196.2) (1.5)
RADIUS HEALTH IN RDUS US 196.0 (108.6) 101.7
RADIUS HEALTH IN 1R8 GR 196.0 (108.6) 101.7
RADIUS HEALTH IN 1R8 TH 196.0 (108.6) 101.7
RADIUS HEALTH IN RDUSEUR EU 196.0 (108.6) 101.7
RADIUS HEALTH IN 1R8 QT 196.0 (108.6) 101.7
REC SILICON ASA RECSIO IX 258.4 (19.2) 47.9
REC SILICON ASA RECSIO S1 258.4 (19.2) 47.9
REC SILICON ASA REC SS 258.4 (19.2) 47.9
REC SILICON ASA RECSIO TQ 258.4 (19.2) 47.9
REC SILICON ASA REC EU 258.4 (19.2) 47.9
REC SILICON ASA RECSIO EB 258.4 (19.2) 47.9
REC SILICON ASA RECSIO B3 258.4 (19.2) 47.9
REC SILICON ASA RECSIO QX 258.4 (19.2) 47.9
REC SILICON ASA REC NO 258.4 (19.2) 47.9
REC SILICON ASA RECSIO QE 258.4 (19.2) 47.9
REC SILICON ASA RECSIO I2 258.4 (19.2) 47.9
REC SILICON ASA RECSIO PO 258.4 (19.2) 47.9
REC SILICON ASA RECSIO S2 258.4 (19.2) 47.9
REC SILICON ASA RECO L3 258.4 (19.2) 47.9
REVLON INC-A RVL1 GR 2,973.3 (1,582.9) (38.9)
REVLON INC-A REV* MM 2,973.3 (1,582.9) (38.9)
REVLON INC-A RVL1 TH 2,973.3 (1,582.9) (38.9)
REVLON INC-A REVEUR EU 2,973.3 (1,582.9) (38.9)
REVLON INC-A REV US 2,973.3 (1,582.9) (38.9)
RIMINI STREET IN RMNI US 220.3 (61.5) (64.7)
SBA COMM CORP SBAC* MM 9,034.7 (4,471.2) (92.7)
SBA COMM CORP 4SB TH 9,034.7 (4,471.2) (92.7)
SBA COMM CORP 4SB GZ 9,034.7 (4,471.2) (92.7)
SBA COMM CORP 4SB GR 9,034.7 (4,471.2) (92.7)
SBA COMM CORP SBAC US 9,034.7 (4,471.2) (92.7)
SBA COMM CORP SBACEUR EU 9,034.7 (4,471.2) (92.7)
SBA COMM CORP 4SB QT 9,034.7 (4,471.2) (92.7)
SBA COMMUN - BDR S1BA34 BZ 9,034.7 (4,471.2) (92.7)
SCIENTIFIC GAMES TJW TH 8,102.0 (2,541.0) 1,424.0
SCIENTIFIC GAMES TJW GZ 8,102.0 (2,541.0) 1,424.0
SCIENTIFIC GAMES SGMS US 8,102.0 (2,541.0) 1,424.0
SCIENTIFIC GAMES TJW GR 8,102.0 (2,541.0) 1,424.0
SEAWORLD ENTERTA SEAS US 2,650.2 (66.5) 211.5
SEAWORLD ENTERTA W2L GR 2,650.2 (66.5) 211.5
SEAWORLD ENTERTA W2L TH 2,650.2 (66.5) 211.5
SEAWORLD ENTERTA SEASEUR EU 2,650.2 (66.5) 211.5
SELECTA BIOSCIEN SELB US 181.0 (7.4) 89.5
SHELL MIDSTREAM SHLX US 2,394.0 (414.0) 311.0
SINCLAIR BROAD-A SBTA GR 12,483.0 (1,483.0) 1,567.0
SINCLAIR BROAD-A SBGI US 12,483.0 (1,483.0) 1,567.0
SINCLAIR BROAD-A SBTA TH 12,483.0 (1,483.0) 1,567.0
SINCLAIR BROAD-A SBTA QT 12,483.0 (1,483.0) 1,567.0
SINCLAIR BROAD-A SBTA GZ 12,483.0 (1,483.0) 1,567.0
SINCLAIR BROAD-A SBGIEUR EU 12,483.0 (1,483.0) 1,567.0
SIRIUS XM HO-BDR SRXM34 BZ 10,702.0 (911.0) (2,185.0)
SIRIUS XM HOLDIN RDO GR 10,702.0 (911.0) (2,185.0)
SIRIUS XM HOLDIN RDO TH 10,702.0 (911.0) (2,185.0)
SIRIUS XM HOLDIN SIRI US 10,702.0 (911.0) (2,185.0)
SIRIUS XM HOLDIN SIRI AV 10,702.0 (911.0) (2,185.0)
SIRIUS XM HOLDIN SIRIEUR EU 10,702.0 (911.0) (2,185.0)
SIRIUS XM HOLDIN RDO GZ 10,702.0 (911.0) (2,185.0)
SIRIUS XM HOLDIN RDO QT 10,702.0 (911.0) (2,185.0)
SIX FLAGS ENTERT 6FE GR 2,865.0 (532.7) (46.8)
SIX FLAGS ENTERT 6FE QT 2,865.0 (532.7) (46.8)
SIX FLAGS ENTERT 6FE TH 2,865.0 (532.7) (46.8)
SIX FLAGS ENTERT SIXEUR EU 2,865.0 (532.7) (46.8)
SIX FLAGS ENTERT SIX US 2,865.0 (532.7) (46.8)
SLEEP NUMBER COR SL2 GR 780.1 (102.8) (348.2)
SLEEP NUMBER COR SNBR US 780.1 (102.8) (348.2)
SLEEP NUMBER COR SNBREUR EU 780.1 (102.8) (348.2)
SOCIAL CAPITAL IPOC/U US 828.7 797.9 (1.2)
SOCIAL CAPITAL IPOB/U US 414.7 394.7 (4.9)
SOCIAL CAPITAL-A IPOB US 414.7 394.7 (4.9)
SOCIAL CAPITAL-A IPOC US 828.7 797.9 (1.2)
SOTERA HEALTH CO SHC US 2,580.7 (627.5) 128.4
SOTERA HEALTH CO SH5 GR 2,580.7 (627.5) 128.4
SOTERA HEALTH CO SHCEUR EU 2,580.7 (627.5) 128.4
STARBUCKS CORP SBUX* MM 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SRB GR 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SRB TH 29,374.5 (7,799.4) 459.6
STARBUCKS CORP TCXSBU AU 29,374.5 (7,799.4) 459.6
STARBUCKS CORP USSBUX KZ 29,374.5 (7,799.4) 459.6
STARBUCKS CORP 0QZH LI 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SBUX AV 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SBUXEUR EU 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SBUX TE 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SBUX IM 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SBUX CI 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SBUXUSD SW 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SRB GZ 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SBUX PE 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SBUX US 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SBUX SW 29,374.5 (7,799.4) 459.6
STARBUCKS CORP SRB QT 29,374.5 (7,799.4) 459.6
STARBUCKS-BDR SBUB34 BZ 29,374.5 (7,799.4) 459.6
STARBUCKS-CEDEAR SBUX AR 29,374.5 (7,799.4) 459.6
STARBUCKS-CEDEAR SBUXD AR 29,374.5 (7,799.4) 459.6
SUNPOWER CORP S9P2 TH 1,449.3 (7.1) 107.0
SUNPOWER CORP SPWR US 1,449.3 (7.1) 107.0
SUNPOWER CORP S9P2 GR 1,449.3 (7.1) 107.0
SUNPOWER CORP S9P2 GZ 1,449.3 (7.1) 107.0
SUNPOWER CORP SPWREUR EU 1,449.3 (7.1) 107.0
SUNPOWER CORP S9P2 QT 1,449.3 (7.1) 107.0
SUNPOWER CORP S9P2 SW 1,449.3 (7.1) 107.0
TAUBMAN CENTERS TU8 GR 4,579.6 (298.0) -
TAUBMAN CENTERS TCO US 4,579.6 (298.0) -
TAUBMAN CENTERS TCO2EUR EU 4,579.6 (298.0) -
TENNECO INC-A TEN1EUR EU 11,811.0 (43.0) 1,258.0
TENNECO INC-A TNN GR 11,811.0 (43.0) 1,258.0
TENNECO INC-A TEN US 11,811.0 (43.0) 1,258.0
TENNECO INC-A TNN GZ 11,811.0 (43.0) 1,258.0
TENNECO INC-A TNN TH 11,811.0 (43.0) 1,258.0
TRANSDIGM - BDR T1DG34 BZ 18,395.0 (3,968.0) 5,344.0
TRANSDIGM GROUP TDG US 18,395.0 (3,968.0) 5,344.0
TRANSDIGM GROUP T7D GR 18,395.0 (3,968.0) 5,344.0
TRANSDIGM GROUP TDG* MM 18,395.0 (3,968.0) 5,344.0
TRANSDIGM GROUP T7D TH 18,395.0 (3,968.0) 5,344.0
TRANSDIGM GROUP TDGEUR EU 18,395.0 (3,968.0) 5,344.0
TRANSDIGM GROUP T7D QT 18,395.0 (3,968.0) 5,344.0
TRIUMPH GROUP TGI US 2,533.4 (1,064.4) 790.5
TRIUMPH GROUP TG7 GR 2,533.4 (1,064.4) 790.5
TRIUMPH GROUP TG7 TH 2,533.4 (1,064.4) 790.5
TRIUMPH GROUP TGIEUR EU 2,533.4 (1,064.4) 790.5
TUPPERWARE BRAND TUP US 1,191.4 (244.0) (655.5)
TUPPERWARE BRAND TUP GR 1,191.4 (244.0) (655.5)
TUPPERWARE BRAND TUP SW 1,191.4 (244.0) (655.5)
TUPPERWARE BRAND TUP TH 1,191.4 (244.0) (655.5)
TUPPERWARE BRAND TUP1EUR EU 1,191.4 (244.0) (655.5)
TUPPERWARE BRAND TUP GZ 1,191.4 (244.0) (655.5)
TUPPERWARE BRAND TUP QT 1,191.4 (244.0) (655.5)
UBIQUITI INC UI US 751.9 (261.9) 334.9
UBIQUITI INC 3UB GR 751.9 (261.9) 334.9
UBIQUITI INC 3UB GZ 751.9 (261.9) 334.9
UBIQUITI INC UBNTEUR EU 751.9 (261.9) 334.9
UNISYS CORP UISEUR EU 2,407.4 (200.3) 549.4
UNISYS CORP UISCHF EU 2,407.4 (200.3) 549.4
UNISYS CORP USY1 TH 2,407.4 (200.3) 549.4
UNISYS CORP USY1 GR 2,407.4 (200.3) 549.4
UNISYS CORP UIS US 2,407.4 (200.3) 549.4
UNISYS CORP UIS1 SW 2,407.4 (200.3) 549.4
UNISYS CORP USY1 GZ 2,407.4 (200.3) 549.4
UNISYS CORP USY1 QT 2,407.4 (200.3) 549.4
UNITI GROUP INC 8XC SW 4,838.0 (1,995.1) -
UNITI GROUP INC 8XC TH 4,838.0 (1,995.1) -
UNITI GROUP INC 8XC GR 4,838.0 (1,995.1) -
UNITI GROUP INC UNIT US 4,838.0 (1,995.1) -
VALVOLINE INC 0V4 GR 3,051.0 (76.0) 994.0
VALVOLINE INC 0V4 TH 3,051.0 (76.0) 994.0
VALVOLINE INC VVVEUR EU 3,051.0 (76.0) 994.0
VALVOLINE INC 0V4 QT 3,051.0 (76.0) 994.0
VALVOLINE INC VVV US 3,051.0 (76.0) 994.0
VECTOR GROUP LTD VGR US 1,443.0 (662.1) 360.6
VECTOR GROUP LTD VGR GR 1,443.0 (662.1) 360.6
VECTOR GROUP LTD VGR TH 1,443.0 (662.1) 360.6
VECTOR GROUP LTD VGREUR EU 1,443.0 (662.1) 360.6
VECTOR GROUP LTD VGR QT 1,443.0 (662.1) 360.6
VECTOR GROUP LTD VGR GZ 1,443.0 (662.1) 360.6
VERISIGN INC VRS TH 1,764.3 (1,386.2) 228.1
VERISIGN INC VRS GR 1,764.3 (1,386.2) 228.1
VERISIGN INC VRSN US 1,764.3 (1,386.2) 228.1
VERISIGN INC VRSN* MM 1,764.3 (1,386.2) 228.1
VERISIGN INC VRSNEUR EU 1,764.3 (1,386.2) 228.1
VERISIGN INC VRS GZ 1,764.3 (1,386.2) 228.1
VERISIGN INC VRS QT 1,764.3 (1,386.2) 228.1
VERISIGN INC-BDR VRSN34 BZ 1,764.3 (1,386.2) 228.1
VERISIGN-CEDEAR VRSN AR 1,764.3 (1,386.2) 228.1
VERY GOOD FOOD C 0SI GR 15.8 9.1 8.1
VERY GOOD FOOD C VERY1EUR EU 15.8 9.1 8.1
VERY GOOD FOOD C VERY CN 15.8 9.1 8.1
VERY GOOD FOOD C VRYYF US 15.8 9.1 8.1
VERY GOOD FOOD C 0SI TH 15.8 9.1 8.1
VERY GOOD FOOD C 0SI GZ 15.8 9.1 8.1
VERY GOOD FOOD C 0SI QT 15.8 9.1 8.1
VITASPRING BIOME VSBC US 0.0 (0.1) (0.1)
VIVINT SMART HOM VVNT US 2,924.7 (1,437.3) (300.3)
VTV THERAPEUTI-A VTVT US 7.0 (5.8) (4.6)
WARNER MUSIC-A WMG US 6,410.0 (45.0) (1,042.0)
WARNER MUSIC-A WA4 GZ 6,410.0 (45.0) (1,042.0)
WARNER MUSIC-A WA4 GR 6,410.0 (45.0) (1,042.0)
WARNER MUSIC-A WMGEUR EU 6,410.0 (45.0) (1,042.0)
WARNER MUSIC-A WMG AV 6,410.0 (45.0) (1,042.0)
WARNER MUSIC-A WA4 TH 6,410.0 (45.0) (1,042.0)
WARNER MUSIC-BDR W1MG34 BZ 6,410.0 (45.0) (1,042.0)
WATERS CORP WAZ TH 2,679.3 (41.6) 569.5
WATERS CORP WAT US 2,679.3 (41.6) 569.5
WATERS CORP WAZ GR 2,679.3 (41.6) 569.5
WATERS CORP WAT* MM 2,679.3 (41.6) 569.5
WATERS CORP WAZ QT 2,679.3 (41.6) 569.5
WATERS CORP WATEUR EU 2,679.3 (41.6) 569.5
WATERS CORP-BDR WATC34 BZ 2,679.3 (41.6) 569.5
WAYFAIR INC- A W US 4,558.4 (1,459.6) 826.1
WAYFAIR INC- A W* MM 4,558.4 (1,459.6) 826.1
WAYFAIR INC- A 1WF GZ 4,558.4 (1,459.6) 826.1
WAYFAIR INC- A 1WF QT 4,558.4 (1,459.6) 826.1
WAYFAIR INC- A 1WF GR 4,558.4 (1,459.6) 826.1
WAYFAIR INC- A 1WF TH 4,558.4 (1,459.6) 826.1
WAYFAIR INC- A WEUR EU 4,558.4 (1,459.6) 826.1
WIDEOPENWEST INC WU5 QT 2,499.3 (222.5) (100.6)
WIDEOPENWEST INC WOW1EUR EU 2,499.3 (222.5) (100.6)
WIDEOPENWEST INC WU5 GR 2,499.3 (222.5) (100.6)
WIDEOPENWEST INC WU5 TH 2,499.3 (222.5) (100.6)
WIDEOPENWEST INC WOW US 2,499.3 (222.5) (100.6)
WINGSTOP INC WING1EUR EU 219.7 (183.5) 24.9
WINGSTOP INC WING US 219.7 (183.5) 24.9
WINGSTOP INC EWG GR 219.7 (183.5) 24.9
WINGSTOP INC EWG GZ 219.7 (183.5) 24.9
WINMARK CORP GBZ GR 35.8 (8.8) 10.4
WINMARK CORP WINA US 35.8 (8.8) 10.4
WORKHORSE GROUP WKHSEUR EU 120.4 (12.2) (32.4)
WORKHORSE GROUP 1WO TH 120.4 (12.2) (32.4)
WORKHORSE GROUP 1WO GZ 120.4 (12.2) (32.4)
WORKHORSE GROUP 1WO GR 120.4 (12.2) (32.4)
WORKHORSE GROUP WKHS US 120.4 (12.2) (32.4)
WORKHORSE GROUP 1WO QT 120.4 (12.2) (32.4)
WW INTERNATIONAL WW US 1,503.0 (581.2) (42.9)
WW INTERNATIONAL WW6 GR 1,503.0 (581.2) (42.9)
WW INTERNATIONAL WW6 TH 1,503.0 (581.2) (42.9)
WW INTERNATIONAL WTW AV 1,503.0 (581.2) (42.9)
WW INTERNATIONAL WW6 GZ 1,503.0 (581.2) (42.9)
WW INTERNATIONAL WTWEUR EU 1,503.0 (581.2) (42.9)
WW INTERNATIONAL WW6 QT 1,503.0 (581.2) (42.9)
WYNDHAM DESTINAT WYND US 7,822.0 (993.0) 1,562.0
WYNDHAM DESTINAT WD5 TH 7,822.0 (993.0) 1,562.0
WYNDHAM DESTINAT WD5 GR 7,822.0 (993.0) 1,562.0
WYNDHAM DESTINAT WD5 QT 7,822.0 (993.0) 1,562.0
WYNDHAM DESTINAT WYNEUR EU 7,822.0 (993.0) 1,562.0
WYNN RESORTS LTD WYNN* MM 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYNN US 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYR GR 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYR TH 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYNNEUR EU 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYR GZ 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYNN SW 13,967.1 (546.6) 2,180.8
WYNN RESORTS LTD WYR QT 13,967.1 (546.6) 2,180.8
WYNN RESORTS-BDR W1YN34 BZ 13,967.1 (546.6) 2,180.8
YRC WORLDWIDE IN YEL1 GR 2,108.3 (323.1) 321.6
YRC WORLDWIDE IN YEL1 TH 2,108.3 (323.1) 321.6
YRC WORLDWIDE IN YRCW US 2,108.3 (323.1) 321.6
YRC WORLDWIDE IN YEL1 QT 2,108.3 (323.1) 321.6
YRC WORLDWIDE IN YRCWEUR EU 2,108.3 (323.1) 321.6
YUM! BRANDS -BDR YUMR34 BZ 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC TGR TH 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC TGR GR 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC YUM* MM 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC YUM AV 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC TGR TE 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC YUMUSD SW 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC TGR GZ 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC YUM US 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC YUMEUR EU 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC TGR QT 6,061.0 (7,919.0) 477.0
YUM! BRANDS INC YUM SW 6,061.0 (7,919.0) 477.0
*********
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 2020. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
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