/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/210106.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, January 6, 2021, Vol. 25, No. 5 Headlines 13 MARCUS GARVEY: Chondrite Says It's Owed $3.6M, Opposes Plan 1369 LONDONDERRY: Seeks to Hire Turoci Firm as Legal Counsel 232 SEIGEL: Lenders Object to Second Amended Joint Disclosure ADIO PHARMACY: Hires Basic Business Concepts as Financial Advisor AEPC GROUP: Stelters Refute Ghalib Statements, Insist Claims Valid AFFILIATE SERVICES: Rashid Says Defects Make Plan Unconfirmable AGF MACHINERY: Wants Plan Exclusivity Extended Until April 9 AMERICAN PURCHASING: Seeks to Hire 'Ordinary Course' Professionals APEX PARKS: Seeks Chapter 7 Liquidation After Money Runs Out ARS REI USA: Wins March 17 Plan Exclusivity Extension BAINBRIDGE UINTA: Court Extends Plan Exclusivity Thru Feb. 28 BC HOSPITALITY: Gets OK to Hire Epiq as Administrative Advisor BC HOSPITALITY: Gets OK to Hire Young Conaway as Legal Counsel BLACKROCK INTERNATIONAL: Seeks to Hire Keating Firm as Counsel CALAIS REGIONAL: Comprehensive Pharmacy Appointed to Committee CBL & ASSOCIATES: Committee Taps McDermott Will as Counsel CEDAR HAVEN: Wins February 22 Plan Exclusivity Extension CLEARPOINT NEURO: Petrichor Convertible Note Increased to $7.5M COACHELLA VINEYARD: Jan. 21 Hearing on Disclosure Statement COBRA PIPELINE: Solicitation Exclusivity Extended to February 26 CRED INC: U.S. Trustee Opposes Deal With Creditors, Wants Examiner DESTILERIA NACIONAL: Miramar's Plan Has 90% for Unsecured Creditors DIAMOND OFFSHORE: Plan Exclusivity Extended to January 22 DIOCESE OF CAMDEN: Plan Has 80.6% for Unsecureds, $10M for Victims DLVAMI 302 NORTH: Plan Filing Deadline Extended to Jan. 21 DPW HOLDINGS: Terminates Sales Agreement with Ascendiant EYEPOINT PHARMACEUTICALS: Gets $15.7M Investment from Ocumension FIELDWOOD ENERGY: Unsecureds to Get Share of $5M Cash Pool FRANCESCA'S HOLDINGS: Lines Up Stalking Horse Bid by Deadline GENCANNA GLOBAL: Drops $4.5 Million Adversary Suit vs. Medterra GENERATION ZERO: Plan Exclusivity Extended Until March 13 GEORGE WASHINGTON: Court Extends Plan Exclusivity Until April 7 GL BRANDS: Gray Reed Advises 2 Holders of Promissory Notes GLOBAL ASSET: Court Extends Exclusivity Periods Thru Feb. 26 GLOBAL EAGLE: Court Extends Plan Exclusivity Until Feb. 17 GLOSTATION USA: Committee Taps Dundon as Financial Advisor HSA ENTERPRISES: Voluntary Chapter 11 Case Summary HYTERA COMMUNICATIONS: Plan Exclusivity Extended Thru April 11 ICONIX BRAND: Plans to Appeal Nasdaq's Delisting Decision ISLET SCIENCES: Solicitation Period Extended to March 31 J.C. PENNEY: New Owners Begin Search for CEO KATERRA INC: Gets $200 Million Lifeline to Escape Bankruptcy KING MOUNTAIN: All Classes to Get 100% With Interest in Plan LE TOTE: US Trustee Wants More Information on Wind-Down Plan LONGHORN JUNCTION: Voluntary Chapter 11 Case Summary MARSHALL BROADCASTING: All Classes Unimpaired in Wind-Down Plan MARTIN MIDSTREAM: Sells Mega Lubricants Assets for $22.4 Million MIDTOWN CAMPUS: Court Extends Exclusivity Periods Until Feb. 2 MONARCH GROUP: Ruby Sadler Says Plan Not Filed in Good Faith OCCASION BRANDS: Plan Exclusivity Period Extended Thru March 19 PACIFIC ALLIANCE: Non-Insider Unsecureds to Recover 100% in Plan PATSY MCGIRL: Plan Exclusivity Extended Thru March 7 PERMIAN HOLDCO 1: Wins Feb. 16 Plan Exclusivity Extension PLEASANT POINT: Jan. 21 Hearing on Disclosure Statement Set PROFESSIONAL FINANCIAL: Plan Exclusivity Extended to March 31 REGIONAL VALVE: Plan Exclusivity Period Extended Until Feb. 1 RENOVATE AMERICA: U.S. Trustee Appoints Creditors' Committee RGN-GROUP HOLDINGS: Committee Taps D.Law as Luxembourg Counsel RLCH INC: Wins January 20 Extension of Plan Exclusivity RRNB 1290 LLC: Expects Sale of Property to Pay $2M Claims in Full RRNB 8400 LLC: Expects Sale of Property to Pay $2M Claims in Full RTI HOLDING: Committee Does Not Support Plan Absent Revisions RTI HOLDING: Gets Court Okay to Sell HQ for $2.6 Million RTI HOLDING: Unsecured Creditors to Recover 2.5% to 2.7% Under Plan SCHMUEL ERDE: CA Affirms Dismissal of Bankruptcy Case SPERLING RADIOLOGY: Third Amended Plan Confirmed by Judge SUMMIT MIDSTREAM: Reports Final Results of Cash Tender Offer SUPERIOR ENERGY: No Company Split, No 2% for Equity Holders THOMPSON NAT'L: Confirmed Plan Declared Effective Dec. 31 TUESDAY MORNING: Successfully Completes Restructuring Process UNIVERSITY PLACE: U.S. Trustee Appoints Creditors' Committee VAQUERIA ORTIZ: Unsecured Creditors to Recover 3% Under Plan VILLA TAPIA: Further Fine-Tunes Plan Documents WALL010 LLC: Voluntary Chapter 11 Case Summary YOGAWORKS INC: Hires BMC Group as Administrative Advisor [*] 6 Chain Stores That Shut Locations in Pasadena in 2020 [*] New Stimulus Deal Makes Amendments to Bankruptcy Code [*] U.S. Bankruptcy Filings Hit 11-Year High Due to Pandemic ********* 13 MARCUS GARVEY: Chondrite Says It's Owed $3.6M, Opposes Plan -------------------------------------------------------------- Chondrite Reo, LLC, objects to the Plan of Reorganization and Disclosure Statement of debtor 13 Marcus Garvey, LLC. Prepetition, the Debtor, by Michael Israel, as member, executed a Consolidated and Restated Promissory Note and Mortgage and Security Agreement to Sharestates Investments LLC Series BC2016-00392, in the amount of $2,100,000. The mortgage and note were then assigned by two assignments to Chondrite. The mortgage constitutes as a first lien against the Debtor's real property in Brooklyn, New York. The Debtor defaulted in payment of the mortgaged installments due on or about Jan. 1, 2017 and thereafter. Foreclosure sales pursued by Chondrite were stayed by the Debtor's bankruptcy filing. Chondrite claims that the Plan and the Disclosure Statement, fail to state what Chondrite's full proof of claim is, and incorrectly states that the "approximate principle" is $2,100,000. As indicated in the proof of claim, Chondrite's lien as of the date of filing was $3,509,922, and in that regard both the Plan and Disclosure Statement are misleading. Chondrite asserts that the Debtor's proposed plan fails to meet many of said requirements, including but not limited to: * Sec. 1129(a)(1), given that the plan fails to comply with Sec. 1123(a)(5) requiring adequate means of implementation of plan. * Sec. 1129(a)(3), given that the plan was not filed in good faith, where there is no likelihood of success. Hence, as the debtor's statements in the Plan as to the debt amount are misleading, it was not filed in good faith. * Sec. 1129(a)(7), given that plan fails to meet the "best interest test". 1129(a)(7) requires that the plan provide Chondrite with more than it would receive if the Debtor is liquidated under chapter 7. * Sec. 1129(a)(8), given that Chondrite, classified as Class 2 impaired class, has rejected and not accepted the plan. * Sec. 1129(a)(11), given that based on the debtor's income, and proposed expired refinancing offer, there is no means of implementation of the plan. "The main reason CHONDRITE will not accept a short payoff through debtor's alleged refinancing offer, is that CHONDRITE believes it would receive more upon it's foreclosure sale, which sale was stayed by this bankruptcy filing. The fair market value of the subject property is $2,250,000, according to the broker's price opinion with comparisons, dated September 10, 2020. Given CHONDRITE's lien of now over $3.6 million, there is no question that the property is under water. However, debtor's Plan proposes the following to CHONDRITE: (A) a payback of only $1,500,000 in Cash (which is not even feasible), (B) an assignment of accounts receivable of $100K, which given that they are from non-paying tenants is likely un-collectable," said Doris Barkhordar, counsel for Chondrite. A full-text copy of Chondrite's objection dated Dec. 31, 2020, is available at https://bit.ly/3hQYrSI from PacerMonitor.com at no charge. Attorneys for Chondrite: DEUTSCH & SCHNEIDER, LLP Doris Barkhordar, Esq. 79-37 Myrtle Avenue Glendale, New York 11385 (718) 417-1700 About 13 Marcus Garvey 13 Marcus Garvey LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). It owns property located at 13 Marcus Garvey Boulevard, Brooklyn, New York. To fend off foreclosure, 13 Marcus Garvey filed its first chapter 11 bankruptcy on April 18, 2019, Pro Se. The bankruptcy case was dismissed on July 23, 2019. The corporate debtor once again filed a second Chapter 11 petition, Pro Se, on Sept. 19, 2019 (Bank. E.D.N.Y. Case No. 19-45662). The case was also dismissed by the Court on Dec. 4, 2019. 13 Marcus Garvey again filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 20-42043) on May 13, 2020. At the time of filing, the Debtor estimated $1 million to $10 million in assets and liabilities. The Hon. Carla E. Craig oversees the case. In the recent case, it tapped Vivian Sobers, Esq. of SOBERS LAW, PLLC, as counsel. 1369 LONDONDERRY: Seeks to Hire Turoci Firm as Legal Counsel ------------------------------------------------------------ 1369 Londonderry Estate, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ The Turoci Firm, Inc. as its bankruptcy counsel. The Debtor requires the firm to: (a) assist the Debtor with respect to compliance with the requirements of the U.S. Trustee; (b) advise the Debtor regarding matters of bankruptcy law; (c) represent the Debtor in any court proceedings or hearings; (d) conduct examinations of witnesses, claimants or adverse parties, and prepare legal papers; (e) advise the Debtor concerning the requirements of the Bankruptcy Code and applicable rules; (f) advise the Debtor regarding its powers and duties in the continued operation of its business and management of the property of the estate; (g) assist the Debtor in the administration of the estate's assets and liabilities; (h) prepare a disclosure statement and assist the Debtor in the negotiation, formulation and implementation of a Chapter 11 plan of reorganization; and (i) take such other actions and perform such other services as may be required in the Debtor's Chapter 11 case. The firm will be paid at these hourly rates: Todd Turoci $500 Dustin Nirschl $250 Dana Carmey $210 Treashal Kapadia $210 Daisy Diaz $195 Moreover, the firm will be reimbursed for out-of-pocket expenses. Turoci Firm received a retainer in the amount of $25,000 from Marbella Construction, Inc. Todd Turoci, Esq., at Turoci Firm, disclosed in court filings that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Todd Turoci, Esq. The Turoci Firm, Inc. 3845 Tenth Street Riverside, CA 92501 Tel: 951-784-1678 Fax: 866-762-0618 About 1369 Londonderry 1369 Londonderry Estate, LLC filed for Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 20-20801) on Dec. 9, 2020. At the time of the filing, the Debtor disclosed $30,000,000 in assets and $59,244,349 in liabilities. Judge Sheri Bluebond oversees the case. The Debtor is represented by The Turoci Firm, Inc. 232 SEIGEL: Lenders Object to Second Amended Joint Disclosure ------------------------------------------------------------- Senior lender DB 232 Seigel LLC and mezz lender DB 232 Seigel Mezz LLC filed a limited objection to the approval of the Second Amended Joint Disclosure Statement of debtors 232 Seigel Development LLC and 232 Seigel Acquisition LLC. Prior to the Debtors' bankruptcy filings, the Debtors entered into certain secured lending transactions with lenders DB 232 Seigel LLC and DB 232 Seigel Mezz LLC secured by, among other things, Acquisition's real property located at 232-244 Seigel Street, Brooklyn, New York (the "Mortgaged Property"), and Development's sole, 100% equity ownership interest in Acquisition (the "Senior Borrower Equity Interest"). The Lenders claim that the Amended Plan and its feasibility are based entirely upon the sale of the Mortgaged Property. The Lenders remain concerned that any sale of the Mortgaged Property pursuant to a confirmed plan of reorganization should take place as promptly as is reasonably practicable without unnecessary delay, following a fully transparent process that ensures fairness and the maximization of value for the benefit of the Debtors' estates and creditors. The Lenders point out that it may not be appropriate for the Effective Date to precede the closing of the sale and the distribution of sale proceeds, given that the Amended Plan is nothing without the sale of the Mortgaged Property and that the Amended Plan cannot be substantially consummated before the sale closes. The Lenders state that the Revised Bid Procedures should permit any auction of the Mortgaged Property, and the closing of the sale resulting from any auction, to be conducted via videoconferencing, and should provide adequate provisions for remote participation. The Lenders assert that the Amended Disclosure Statement should be amended to correctly recite the amounts claimed by the Lenders in their filed proofs of claim, as amended as to Development, as described in the Lenders' Claims and the Claim Allowance Motion, including that the Lenders seek allowance of postpetition interest, fees, and expenses in accordance with Sec. 506(b) of the Bankruptcy Code. The Lenders further assert that the Amended Disclosure Statement should disclose the Loan Repayment, and whether the Debtors intend to seek its avoidance and recovery for the benefit of the Debtors' estate and creditors. The Amended Disclosure Statement should also disclose any other Avoidance Actions and the Debtors' intentions as to their prosecution, release, or abandonment. A full-text copy of the Lender's objection dated Dec. 31, 2020, is available at https://bit.ly/3b7AZiM from PacerMonitor.com at no charge. Counsel for DB 232 Seigel LLC & DB 232 Seigel Mezz: HAHN & HESSEN LLP 488 Madison Avenue New York, NY 10022 Tel: (212) 478-7200 (212) 478-7400 Joshua I. Divack Zachary G. Newman Jacob T. Schwartz Jose A. Fernandez About 232 Seigel Acquisition 232 Seigel Acquisition classifies its business as Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). 232 Seigel Acquisition is the owner of fee simple title to certain real property in Brooklyn, New York, having a comparable sale value of $18 million. 232 Seigel Development LLC and 232 Seigel Acquisition LLC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 20-22844 to 20-22845) on July 14, 2020. 232 Seigel Acquisition disclosed total assets of $18,000,000 and total liabilities of $7,112,316. The Hon. Robert D. Drain is the case judge. The Debtors tapped Mark Frankel, Esq., at BACKENROTH FRANKEL & KRINSKY, LLP, as counsel. ADIO PHARMACY: Hires Basic Business Concepts as Financial Advisor ----------------------------------------------------------------- ADiO Pharmacy Distribution Services, PLLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to hire Basic Business Concepts, Inc. as its financial advisor. The firm's services will include: a. developing financial projections, including forecasts to support the Debtor's continued use of cash collateral and its potential use or sale of other estate property, and to support its plan of reorganization; and b. attending meetings and assisting in discussions with creditors concerning the use of cash collateral, banking and insurance relationships, and negotiation of terms of a consensual plan of reorganization. Marilyn Landis, Basic Business' president and chief executive officer, will be paid at $160 per hour. The hourly rates for other professionals at the firm range from $50 to $160. Any third-party independent contractor that BBC may employ to work on the Debtor's matter will be billed at no more than $160 per hour. Ms. Landis disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Basic Business can be reached through: Marilyn D. Landis Basic Business Concepts Inc 700 River Ave. Suite 314 Pittsburgh, PA 15212 Call: 412-231-8441 Fax: 412-325-0446 Toll Free: 800-373-6916 About ADiO Pharmacy Distribution Services Paducah, Ky.-based ADiO Pharmacy Distribution Services, PLLC operates full-service pharmacies. ADiO Pharmacy Distribution Services sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case No. 20-50588) on Nov. 19, 2020. CEO Vivek Swaminathan signed the petition. Judge Alan C. Stout oversees the case. At the time of the filing, the Debtor had total assets of $351,496 and total liabilities of $5,797,269. Seiller Waterman LLC is the Debtor's legal counsel. Michael L. Wheatley is the Chapter 11 Subchapter V trustee appointed in the Debtor's bankruptcy case. AEPC GROUP: Stelters Refute Ghalib Statements, Insist Claims Valid ------------------------------------------------------------------ Terry and Barbara Stelter object to the Original Disclosure Statement Describing Original 11 Plan filed by debtor AEPC Group, LLC. "The Debtor has proposed an earnout plan that does not account for the proof of claim filed by the Stelters on September 18, 2020, assigned claim no. 24, in the amount of $1,335,901. The claim consists of $424,078 loaned to the Debtor, on an unsecured basis, $910,783 for deferred compensation for calendar years 2009-2016, and $1,040 in unreimbursed expenses. Instead, the Debtor has listed the Stelters' claim as disputed and in the amount of $424,078. While the Debtor may dispute the claim, it is considered an allowed claim unless and until such claim is reduced consensually or upon entry of a Court order sustaining an objection to the claim. Recognizing that the claim is deemed allowed unless there is a Court order to the contrary, the Disclosure Statement fails to account for the total amount the Debtor owes to the Stelters," Richard H. Golubow, attorney for the Stelters, points out. The Stelters claim that the Debtor's Disclosure Statement does not contain adequate information regarding the historical operations of the Debtor, and further assert that: * While the Debtor through its principal Ed Ghalib wants to blame Mr. Stelter for the Debtor's financial downfall and Mr. Stelter believes and asserts that all creditors that are entitled to vote on the plan should not rely upon Mr. Ghalib's incorrect statements, halftruths and revisionist history when deciding whether to vote on the proposed plan. * Ed Ghalib, Douglas Basch and Mr. Stelter were the original Managing Members of the Debtor. At all times, Mr. Ghalib was a co-manager of the Debtor with equal rights to make decisions and take actions on behalf of the Debtor. Mr. Stelter never held the title of chief financial officer. * Mr. Stelter requests that the Debtor provide a comprehensive sales analysis as part of an amended Disclosure Statement that reflects a detailed sales and profit analysis attributed to the person responsible for sales, whether it was Mr. Ghalib, Mr. Stelter or others. * The accrued loss, and the need for loans is directly attributable to Mr. Ghalib's failure to generate projected sales coupled with his failure to manage projects under contract. * Mr. Stelter categorically denies any wrongdoing. Mr. Stelter asserts that any allegations or alleged claims for fraudulent transfers or preferential transfers are nothing more than fiction intended to support Mr. Ghalib's narrative and intent to ignore bona fide claims against the Debtor's estate. * Mr. Stelter denies that the Debtor's financial reporting while he was employed by the Debtor was inaccurate or untimely or that he did not provide and promote adequate expense controls. A full-text copy of the Stelters' objection to the disclosure statement and Mr. Stelter's declaration dated Dec. 31, 2020, is available at https://bit.ly/3ofvK3Y from PacerMonitor.com at no charge. Counsel for Terry and Barbara Stelter: RICHARD H. GOLUBOW WINTHROP GOLUBOW HOLLANDER, LLP 1301 Dove Street, Suite 500 Newport Beach, CA 92660 Telephone: (949) 720-4100 Facsimile: (949) 720-4111 E-mail: rgolubow@wghlawyers.com About AEPC Group AEPC Group, LLC is an Irvine, Calif.-based full-service, multi-discipline architectural, engineering and construction services firm with professional, technical and support personnel. AEPC Group sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 20-11611) on June 4, 2020. AEPC Group President Ed Ghalib signed the petition. At the time of the filing, the Debtor disclosed total assets of $953,625 and total liabilities of $1,327,056. Judge Theodor Albert oversees the case. The Debtor has tapped Jeffrey S. Shinbrot, APLC, as its legal counsel and C.Y.G. Financial Advisory Services as its investment banker. AFFILIATE SERVICES: Rashid Says Defects Make Plan Unconfirmable --------------------------------------------------------------- Richard M. Rashid filed an objection to the Disclosure Statement in support of Chapter 11 Plan of Reorganization of Debtor Affiliate Services, LLC. Mr. Rashid has commenced a state court lawsuit against Georgette George and related entities to preserve his ownership interest and management rights in Monarch Holdings, LLC and its subsidiaries, including Affiliate Services. He separately asserts claims against the Debtors for wrongful termination and discrimination based upon Mr. Rashid's disabilities. Mr. Rashid claims that the the Disclosure Statement is built on a foundation of hypotheticals and contingencies that come crashing down under the weight of the Debtor's actual intentions -- to litigate endlessly with Mr. Rashid while obtaining third-party releases to offensively assert against Mr. Rashid's claims in the State Action. Mr. Rashid points out that the Debtor's Plan suffers from numerous insurmountable defects that make it patently unconfirmable and, therefore, the Disclosure Statement accompanying it cannot be approved. The Debtor intends to fund the majority of the distributions in the Plan through the proceeds of an unrelated insurance coverage dispute. This pending litigation cannot serve as a basis for a confirmable plan. Mr. Rashid states that the proposed Plan was not put forth in good faith because (i) it unfairly discriminates against Mr. Rashid's claim by gerrymandering it into a class of its own solely to bar Mr. Rashid from voting on the Plan and to create a class of accepting impaired claims and (ii) provides no feasible and realistic avenue for paying Mr. Rashid's claim in full. Mr. Rashid asserts that the Plan promises to pay Mr. Rashid's claim in full yet fails to provide a realistic avenue of payment based on non-contingent assets of the Debtor if the Debtor fails in the insurance coverage dispute. Mr. Rashid further asserts that the Plan proposes to release not only Monarch Holdings, LLC, but also, among others, its employees, representatives, officers, consultants, and professionals. This unreasonably broad release provision makes the Plan patently unconfirmable. A full-text copy of Mr. Rashid's objection dated Dec. 31, 2020, is available at https://bit.ly/3b5mPi5 from PacerMonitor.com at no charge. Counsel for Richard M. Rashid: Jeffrey G. Wilhelm David B. Fawcett, Esq. REED SMITH LLP Reed Smith Centre 225 Fifth Avenue Pittsburgh, Pennsylvania 15222 Phone: (412) 288-3131 Fax: (421) 288-3063 E-mail: jwilhelm@reedsmith.com dfawcett@reedsmith.com - and - Scott H. Kaminski KAMINSKI LAW PLLC P.O. Box 3548 Charleston, WV 25335-3548 Phone: (304) 344-0444 Fax: (3040 344-4411 E-mail: skaminski@kamlawwv.com About Affiliate Services Affiliate Services, LLC is a limited liability company organized under the laws of the State of West Virginia. Affiliate Services operated from offices at 400 2nd Avenue, South West in South Charleston, West Virginia, owned by affiliate, E & G, Inc. Affiliate Services acts as the administrative entity which provides accounting, payroll, bill payment, and similar and related services to a number of its affiliates, and serves as the employer for entities for which its parent, Monarch Holdings, LLC is the owner. It functions as the single, centralized employer, and administrator of the real estate, retail and hospitality businesses owned by Monarch. Affiliate Services filed a Chapter 11 bankruptcy petition (Bankr. S.D.W.V. Case No. 20-20277) on July 28, 2020. Judge David L. Bissett oversees the case. Stephen L. Thompson, Esq. of BARTH & THOMPSON and W. Bradley Sorrells, Esq. of ROBINSON & McELWEE, PLLC are the Debtor's counsel. AGF MACHINERY: Wants Plan Exclusivity Extended Until April 9 ------------------------------------------------------------ AGF Machinery, LLC requests the U.S. Bankruptcy Court for the Middle District of Alabama to extend the exclusive period during which the Debtor may file a plan of reorganization and disclosure statement and to solicit acceptances through and including April 9, 2021. According to the Debtor, cause exists to extend the plan and disclosure statement filing deadline, as well as the exclusivity period to solicit acceptances of a plan. The Debtor is currently negotiating plan treatment with creditors holding significant claims. Allowing the Debtor to finalize those negotiations will result in fewer plan objections, and therefore, streamline the confirmation process. A copy of the Debtor's Motion to extend is available from PacerMonitor.com at https://bit.ly/36Nu3Vf at no extra charge. About AGF Machinery AGF Machinery, LLC -- https://agfmachinery.com -- is engaged in selling and renting construction equipment, aerial work platforms & heavy-duty equipment. The company offers a full line of construction equipment in its sales and rental inventories from Wacker Neuson, ASV, Skyjack, Toro, and Husqvarna. AGF Machinery filed a Chapter 11 petition (Bankr. M.D. Ala. Case No. 20-11029) on August 12, 2020. The petition was signed by Jeffrey Lee Washington, a member. At the time of the filing, Debtor disclosed $10 million to $50 million in both assets and liabilities. Judge William R. Sawyer oversees the case. The Debtor tapped Stichter, Riedel, Blain & Postler, P.A. as its bankruptcy counsel, Saltmarsh, Cleaveland & Gund as its financial advisor, and Ritchie Bros. Auctioneers as its auctioneer. AMERICAN PURCHASING: Seeks to Hire 'Ordinary Course' Professionals ------------------------------------------------------------------ American Purchasing Services, LLC and its affiliates filed a motion seeking approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire professionals utilized in the ordinary course of their business. The motion, if granted, would allow the Debtors to hire "ordinary course professionals" without filing separate employment applications and fee applications. The OCP's are: (1) Morrison & Foerster LLP 1650 Tysons Blvd. McLean, VA 22102 Legal/Veterans Administration matters (2) Klehr Harrison Harvey Branzburg LLP 1835 Market Street, Suite 1400 Philadelphia, PA 19103 Legal/litigation matters The Debtors regularly employ OCPs to render pre-bankruptcy legal assistance, consulting and other services. The Debtors will continue to require the services of these OCPs while completing their sale and liquidation efforts. About American Purchasing Services American Purchasing Services, LLC, which conducts business under the name American Medical Depot, is a distributor of medical, surgical, dental and laboratory supplies and equipment. It is owned 100% by American Medical Depot Holdings, LLC. American Purchasing Services and its affiliates, including DVSS Acquisition Company, LLC, AMD Pennsylvania, LLC and American Medical Depot Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 20-23495) on Dec. 11, 2020. At the time of the filing, the Debtors had estimated assets of between $10 million and $50 million and liabilities of between $50 million and $100 million. Judge Scott M. Grossman oversees the cases. The Debtors tapped Berger Singerman LLP as their legal counsel, CR3 Partners LLC as restructuring advisor, and Prime Clerk LLC as notice and claims agent. APEX PARKS: Seeks Chapter 7 Liquidation After Money Runs Out ------------------------------------------------------------ Law360 reports that Apex Parks Group has urged a Delaware bankruptcy judge to convert its case into a Chapter 7 liquidation, stating that its already approved $60 million sale won't generate enough funds to sustain a Chapter 11 wind-down. In a motion filed Dec. 31, 2020, the defunct entertainment chain's parent company, TZEW Holdco, argued that its proposed Chapter 11 plan is no longer "feasible," stating that the company had "not been able to identify any potential recoveries that would fund the going-forward expenses. About TZEW Holdco and Apex Parks Group TZEW Holdco, LLC and its affiliates are privately-held owners and operators of amusement parks, resorts, and family entertainment centers across the United States. Founded in 2014, the companies' business strategy focuses on the acquisition, operation, growth, and development of various properties into economical, family-friendly entertainment and amusement venues. Locations include year-round family entertainment centers, water parks, and amusement parks in states across the country, including California, Texas and Florida. On the Web: http://www.apexparksgroup.com/ Big Kahuna's Water and Adventure Park is a water park located in Destin, Florida, which opened in 1986. It is primarily a water park, with more than 40 water attractions like lazy river, water slides, and wave pool. It also has a miniature golf and kids play areas. TZEW Holdco and its affiliates, including Apex Parks Group LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-10910) on April 8, 2020. At the time of the filing, the Debtors estimated assets of between $50 million and $100 million and liabilities of between $100 million and $500 million. The Debtors tapped Pachulski Stang Ziehl & Jones, LLP, as legal counsel; Imperial Capital, LLC, as investment banker and financial advisor; Paladin Management Group, LLC as restructuring advisor; and Kurtzman Carson, LLC, as claims and noticing agent. ARS REI USA: Wins March 17 Plan Exclusivity Extension ----------------------------------------------------- Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York extended the periods within which ARS REI USA Corp. d/b/a UNOde50, the exclusive right to file a Chapter 11 plan through and including March 17, 2021, and to obtain acceptance of the plan through and including May 14, 2021. The Debtor has filed two Operating Reports since the Filing Date both of which provide that it is operating profitably post-petition. The Debtor is in the process of reviewing all of the claims that have been filed as well as working on cash flow projections that will form the basis for its plan of reorganization. The motion to extend the exclusivity periods was submitted in view of the size of the Debtor's business and its intention to file a plan that pays a very substantial payout to all of its creditors. The extended period will further allow the Debtor to accurately assess its post-petition cash flow since it requires additional months of operation prior to completing its projections and also give them additional time to formulate and file and to seek acceptances for a plan of reorganization. A copy of the Debtor's Motion to extend is available from PacerMonitor.com at https://bit.ly/2JUr6tc at no extra charge. A copy of the Court's Extension Order is available from PacerMonitor.com at https://bit.ly/3ocvt1I at no extra charge. About ARS REI USA Corp. ARS REI USA Corp. is in the business of selling handcrafted jewelry manufactured in Madrid, Spain by ARS REI S.L., exclusively in the United States. ARS REI USA Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-11937) on August 19, 2020, In the petition signed by Jason McNary, CEO, the Debtor estimated $4,248,640 in assets and $3,904,607 in liabilities. Judge Martin Glenn presides over the case. Jeffrey A. Reich, Esq. at REICH REICH & REICH, P.C. represents the Debtor as counsel and Raich Ende Malter & Co. LLP as its accountant. BAINBRIDGE UINTA: Court Extends Plan Exclusivity Thru Feb. 28 ------------------------------------------------------------- At the behest of Bainbridge Uinta, LLC and its affiliates, Judge Mark X. Mullin of the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, extended the period in which the Debtors may file a chapter 11 plan through and including February 28, 2021, and to solicit acceptances for a plan through April 29, 2021. The Debtors have worked diligently with their prepetition secured lender, White Oak, and made tremendous progress towards a consensual resolution of these Cases. The Debtors have implemented Bid Procedures, reached a Framework Agreement with White Oak, and taken numerous other measures to ensure a successful Sale/Plan process and a timely and successful resolution of their Cases for the benefit of their estates and creditors. The purpose of the Framework Agreement is to allow the Debtors to pursue either a 363 Sale or Plan, whichever will provide the greatest value for the estates. Under the Framework Agreement and Bid Procedures, the Debtors have until December 17, 2020, to determine whether to seek confirmation of a Plan or move forward with a 363 sale. Moreover, the Debtors have made good faith efforts and significant progress towards resolving these Cases. To support their Plan/Sale process, the Debtors have also sought the employment of a reputable and well-qualified Investment Bank to market their Assets and solicit Qualified Bids and Plan proposals. Additionally, the Debtors' cases have been pending for less than three months, and the Debtors are generally paying their bills as they become due. The steps taken to-date by the Debtors towards Plan confirmation in these Cases include the following: a. October 20, 2020: Debtors file Framework Agreement detailing applicable dates and deadlines for the agreed-upon resolution of these Cases with White Oak, the Debtors prepetition secured lender. b. October 22, 2020: Debtors file applications to employ Investment Banker in connection with the Sale/Plan solicitation process. c. October 30, 2020: Court enters an order approving Debtors' Bid Procedures. d. November 12, 2020: Court enters an order granting Debtors' motion to establish a deadline for filing certain administrative expense claims in order to maximize the likelihood of success under their concurrent Sale/Plan process. The Debtors will use the additional time to negotiate, file, and solicit support for a Chapter 11 Plan (if so elected in accordance with the Bid Procedures and Framework Agreement), that will maximize value to the estates and creditors. A copy of the Debtors' Motion to extend is available from PacerMonitor.com at https://bit.ly/3mUJ25l at no extra charge. A copy of the Court's Extension Order is available from PacerMonitor.com at https://bit.ly/38dpbte at no extra charge. About Bainbridge Uinta Bainbridge Uinta, LLC, develops and operates fields to extract crude oil and natural gas. Bainbridge Uinta sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Tex. Case No. 20-42794) on September 1, 2020. In the petition signed by CEO Paul D. Ching, the Debtor was estimated to have assets of between $50 million and $100 million and liabilities of between $50 million and $100 million. The cases are assigned to Judge Mark X. Mullin. Joseph M. Coleman, Esq. of Kane Russell Coleman Logan PC serves as counsel to the Debtors. Oak Hills Securities Inc. has tapped as a financial advisor to the Debtors. Stretto is the Debtors' claims and noticing agent. BC HOSPITALITY: Gets OK to Hire Epiq as Administrative Advisor -------------------------------------------------------------- BC Hospitality Group Inc. and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to employ Epiq Corporate Restructuring, LLC as administrative advisor. The Debtors require the firm to: (a) assist in the solicitation, balloting and tabulation of votes, and prepare any related reports in support of confirmation of a Chapter 11 plan; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist in the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; (d) provide a confidential data room, if requested; and (e) manage and coordinate any distributions pursuant to the plan. The firm will be paid based on its pricing schedule: Clerical/Administrative Support $35 - $55 per hour IT/Programming $65 - $85 per hour Case Managers $85 - $165 per hour Consultant/Directors/Vice Presidents $165 - $195 per hour Solicitation Consultant $195 per hour Executive Vice President, Solicitation $215 per hour Executives No charge The Debtors agreed to provide Epiq a retainer in the amount of $15,000 and reimburse the firm for work-related expenses. Timothy Conklin, a consultant at Epiq, disclosed in court filings that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Timothy Conklin Epiq Corporate Restructuring, LLC 777 Third Avenue, 12th Floor New York, NY 10017 About BC Hospitality BC Hospitality Group Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-13103) on Dec. 14, 2020. At the time of the filing, the Debtors were estimated to have assets of $10 million to $50 million and liabilities of $1 million to $10 million. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as their legal counsel and Epiq Corporate Restructuring, LLC as their claims and noticing agent and administrative advisor. BC HOSPITALITY: Gets OK to Hire Young Conaway as Legal Counsel -------------------------------------------------------------- BC Hospitality Group Inc. and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to employ Young Conaway Stargatt & Taylor, LLP as their bankruptcy counsel. The Debtors need the firm's services in connection with their Chapter 11 cases, which include: (a) advising the Debtors regarding their powers and duties in the continued operation of their business, management of their property, and the potential sale of their assets; (b) preparing a Chapter 11 plan and seeking confirmation of the plan; (c) preparing legal papers; (d) court appearances; and (e) performing all other legal services for the Debtors that may be necessary and proper in the bankruptcy proceedings. Young Conaway will be paid at these hourly rates: M. Blake Cleary, Esq. $940 Elizabeth S. Justison, Esq. $550 C. Lyons, Esq. $400 Joshua Brooks, Esq. $350 Beth A. Olivere (paralegal) $295 The Debtors will reimburse the firm for work-related expenses. The firm received a retainer in the amount of $180,000. Young Conaway is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, according to a court filing. Young Conaway can be reached at: M. Blake Cleary, Esq. Elizabeth S. Justison, Esq. Young Conaway Stargatt & Taylor, LLP Rodney Square, 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: mbcleary@ycst.com ejustison@ycst.com About BC Hospitality BC Hospitality Group Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-13103) on Dec. 14, 2020. At the time of the filing, the Debtors were estimated to have assets of $10 million to $50 million and liabilities of $1 million to $10 million. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as their legal counsel and Epiq Corporate Restructuring, LLC as their claims and noticing agent and administrative advisor. BLACKROCK INTERNATIONAL: Seeks to Hire Keating Firm as Counsel -------------------------------------------------------------- Blackrock International, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire The Keating Firm, APLC as its legal counsel. The Debtor needs the firm's services in connection with its Chapter 11 case, which include legal advice regarding its powers and duties in the continued management of its business and property. Keating Firm will be paid at its normal and usual hourly rates and will be reimbursed for out-of-pocket expenses incurred. David Patrick Keating, Esq., a partner at Keating Firm, disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Keating Firm can be reached at: David Patrick Keating, Esq. The Keating Firm, APLC P.O. Box 3426 Lafayette, LA 70502 Tel: (337)594-8200 Email: rickkeating@charter.net About Blackrock International Inc. Blackrock International, Inc. is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Blackrock International filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 20-50922) on Dec. 15, 2020. Helen Jean Williams, authorized representative, signed the petition. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of between $100,000 and $500,000. Judge John W. Kolwe oversees the case. The Keating Firm, APLC serves as the Debtor's legal counsel. CALAIS REGIONAL: Comprehensive Pharmacy Appointed to Committee -------------------------------------------------------------- The Office of the U.S. Trustee for Region 1 on Jan. 4 appointed Comprehensive Pharmacy Services, LLC as new member of the official committee of unsecured creditors in the Chapter 11 case of Calais Regional Hospital. The bankruptcy watchdog had earlier appointed Blue Water Emergency Partners of Calais, Navix Diagnostix Inc., and Maine States Nurses Association, National Nurses Organizing Committee and National Nurses United, court filings show. Comprehensive Pharmacy can be reached at: Leanne Murphy Comprehensive Pharmacy Services, LLC 655 Metro Place South #450 Dublin, OH 43017 Tel: (407) 649-4070 E-mail: Leanne.Murphy@cpspharm.com About Calais Regional Hospital Based in Calais, Maine, Calais Regional Hospital -- https://www.calaishospital.org/ -- operates as a non-profit organization offering cardiac rehabilitation, emergency, food and nutrition, home health, inpatient care unit, laboratory, nursing, radiology, respiratory care and stress testing, surgery, and social services. Calais Regional Hospital filed a Chapter 11 petition (Bankr. D. Maine Case No. 19-10486) on Sept. 17, 2019. At the time of the filing, the Debtor disclosed assets of between $10 million and $50 million and liabilities of the same range. Judge Michael A. Fagone oversees the case. The Debtor tapped Murray Plumb & Murray as its bankruptcy counsel, Kelly, Remmel & Zimmerman and Norman Hanson Detroy LLC as special counsel, and Spinglass Management LLC as financial advisor. It also hired Ankura Consulting Group, LLC to conduct a valuation of its business enterprise and real and personal properties. CBL & ASSOCIATES: Committee Taps McDermott Will as Counsel ---------------------------------------------------------- The official committee of unsecured creditors of CBL & Associates Properties, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ McDermott Will & Emery LLP as legal counsel. The firm's services will include: (a) advising the committee with respect to its rights, duties and powers in the Debtors' bankruptcy cases; (b) assisting the committee in its consultations with the Debtors; (c) assisting the committee in its investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors; (d) assisting the committee in connection with the restructuring support agreement and the proposed pre-negotiated plan; (e) advising and representing the committee in connection with the Debtors' relationships with their vendors and suppliers; (f) assisting the committee in analyzing the claims of the Debtors' creditors; (g) advising the committee on matters generally arising in the Debtors' cases, including the Debtors' cash collateral motion; (h) court appearances; and (i) preparing pleadings. McDermott will be paid at these hourly rates: Partners $950 - $1,300 Employee Counsel $890 Associates $545 - $830 Paraprofessionals $385 - $510 McDermott will be reimbursed for expenses incurred. Charles Gibbs, Esq., a partner at McDermott, disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Mr. Gibbs also made the following disclosures in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments for the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference? Answer: McDermott did not represent the committee in the 12 months prepetition. The firm has represented committees in the 12 months prepetition in other bankruptcy cases. Question: Has your client approved your prospective budget and staffing plan and, if so, for what budget period? Answer: The committee and McDermott expect to develop a prospective budget and staffing plan, recognizing that in the course of large Chapter 11 cases, unforeseeable fees and expenses may arise that will need to be addressed by the committee and the firm. The firm can be reached at: Charles R. Gibbs, Esq. McDermott Will & Emery LLP 2501 North Harwood Street, Suite 1900 Dallas, TX 75201 Phone: +1 713 653 1707 About CBL & Associates CBL & Associates Properties, Inc. -- http://www.cblproperties.com/ -- is a self-managed, self-administered, fully integrated real estate investment trust (REIT) that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, open-air and mixed-use centers, outlet centers, associated centers, community centers, and office properties. CBL's portfolio is comprised of 107 properties totaling 66.7 million square feet across 26 states, including 65 high-quality enclosed, outlet and open-air retail centers and 8 properties managed for third parties. It seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. CBL, CBL & Associates Limited Partnership and certain other related entities filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in Houston, Texas, on Nov. 1, 2020 (Bankr. S.D. Texas Lead Case No. 20-35226). At the time of the filing, the Debtors disclosed assets of between $1 billion and $10 billion and liabilities of the same range. The Debtors tapped Weil, Gotshal & Manges LLP as their legal counsel, Moelis & Company as restructuring advisor and Berkeley Research Group, LLC as financial advisor. Epiq Corporate Restructuring, LLC is the claims agent. The U.S. Trustee for Region 7 appointed a committee to represent unsecured creditors in the Debtors' Chapter 11 cases. McDermott Will & Emery LLP and AlixPartners, LLP serve as the committee's legal counsel and financial advisor, respectively. CEDAR HAVEN: Wins February 22 Plan Exclusivity Extension -------------------------------------------------------- Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware extended the periods within which Cedar Haven Acquisition, LLC has the exclusive right to file a Chapter 11 plan through and including February 22, 2021, and to solicit acceptances of the plan through and including April 25, 2021. Since the Petition Date, the Debtor and its advisors have worked diligently to administer this case as efficiently as possible to minimize administrative expenses and maximize the recovery available to all of the Debtor's stakeholders. To that end, the Debtor has, among other things: (i) negotiated and obtained Court approval of the Debtor's post-petition financing credit facility; (ii) conducted a marketing process that ultimately culminated in entry of the Sale Order, authorizing the Sale of the Transferred Assets to the Purchaser (that, unfortunately, did not close); (iii) prepared and filed the Debtor's Schedules of Assets and Liabilities and Statements of Financial Affairs; (iv) prepared and filed the Debtor’s monthly operating reports; (v) established bar dates for creditors to file proofs of claim; (vi) retained Debtor's professionals; (vii) established procedures for the retention of ordinary course professionals; (viii) addressed, and resolved in a timely manner, challenges related to the Debtor's business and the chapter 11 efforts; and (ix) responded to creditor inquiries. During this period, the Debtor has worked diligently to inform and involve the Committee in this Chapter 11 Case, and intends to continue to consult and work cooperatively with the Committee on all major issues, including a new sale process, given Allaire's failure to close on the Sale, and developing a plan. In accordance with the Sale Order, the Debtor was working towards closing on the contemplated sale of certain Transferred Assets to Allaire Health Care Services, LLC or its designated subsidiary or affiliate. Allaire failed to close on the Sale and terminated the Sale agreement on June 3, 2020. Contemporaneously herewith, the Debtor has filed an application to retain SSG Capital Advisors, LLC as the Debtor's investment banker to run a fulsome sale process beginning in January 2021 to locate another buyer for the facility. Given the timing of the new Sale Process, the extension will provide the Debtor and its advisors the opportunity to complete the Sale process and once concluded fully negotiate, confirm and implement the terms of a chapter 11 plan for the distribution of assets to creditors. A copy of the Debtor's Motion to extend is available from stretto.com at https://bit.ly/39X03bk at no extra charge. A copy of the Court's Extension Order is available from stretto.com at https://bit.ly/3ofxiem at no extra charge. About Cedar Haven Acquisition Cedar Haven Acquisition, LLC -- https://cedarhaven.healthcare/ -- is a licensed skilled nursing facility located in Lebanon, Pa., that offers professionally supervised nursing care and related medical and health services to persons whose needs are such that they can only be met in a nursing facility on an inpatient basis because of age, illness, disease, injury, convalescence or physical or mental infirmity. It was formed in 2014 through the sale of Cedar Haven Healthcare Center by the Lebanon County Commissioners to Cedar Haven. Cedar Haven Acquisition and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 19-11736) on August 2, 2019. At the time of the filing, Cedar Haven Acquisition estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. The cases are assigned to Judge Christopher S. Sontchi. William E. Chipman Jr., Esq., at Chipman Brown Cicero & Cole, LLP, represents the Debtors. Andrew Vara, the acting U.S. trustee for Region 3, appointed a committee of unsecured creditors on Aug. 20, 2019. The committee tapped Potter Anderson & Corroon LLP as its legal counsel and Ryniker Consultants LLC as its financial advisor. CLEARPOINT NEURO: Petrichor Convertible Note Increased to $7.5M --------------------------------------------------------------- ClearPoint Neuro, Inc. has amended its January 2020 secured convertible note financing agreement with Petrichor Healthcare Capital Management and PTC Therapeutics, Inc. The amendment, closed on Dec. 29, 2020, provides for an additional $7.5 million strategic investment from Petrichor and improves terms relative to the original conversion price and interest rate. The Company intends to use net proceeds to continue funding global product commercialization, external strategic portfolio partnerships, and internal research and development efforts. "We are thrilled by our continued partnership with the team at Petrichor and the successful closing of this strategic financing," commented Joe Burnett, president and CEO at ClearPoint Neuro. "We have the vision of becoming the premier navigation and delivery partner for our Biologics and Drug Delivery customers, and we believe this funding will bolster our balance sheet ahead of a pivotal year. This important capital increase enables us to seize the opportunities ahead by accelerating our product development efforts, expanding our global footprint, and adding to our pre-clinical capabilities to start these relationships well before the clinical trial stage." The $7.5 million note reflects an increase from the $5.0 million note anticipated in the original January 2020 agreement. The conversion rate was increased from $6.00 per share in the original agreement to $10.14 per share, which represents the volume-weighted average price over the 45-trading day period immediately preceding the closing date. The interest rate on the note is comprised of: (a) cash interest, payable quarterly, of 2% per annum; and (b) payment-in-kind ("PIK") interest of 5% per annum. The PIK interest is computed quarterly and constitutes an addition to the note's principal. The combined interest rate of 7% represents a reduction from the original note's all-cash rate of 9%. As provided in the January 2020 agreement, the Company retains the right, but not the obligation, to issue to Petrichor an additional secured convertible note in the principal amount of $10.0 million on or before Jan. 11, 2022. "Having a long-term growth partner like Petrichor has been a terrific asset for the Company," continued Burnett. "Petrichor recognizes the progress we have made, and the new terms of this note represent a significant improvement as compared to January 2020 terms. We believe this further demonstrates the balance we intend to strike between the pursuit of growth opportunities and the disciplined use of capital. With the close of this funding, ClearPoint Neuro will now enter 2021 with cash balances aggregating more than $20.0 million." Tadd Wessel, managing partner of Petrichor, said, "We are excited to continue our support for ClearPoint Neuro as they accelerate their leadership in delivery of next-generation gene and cell therapies within CNS. We believe 2021 will be a transformative year for the Company, and with this capital the Company is positioned to maximize on those opportunities and expand their offerings and partnerships within the Biologics and Drug Delivery space." The offer and sale of the notes and the shares of common stock issuable upon conversion of the notes, if any, have not been registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction, and the notes and such shares may not be offered or sold absent registration with the U.S. Securities and Exchange Commission or an applicable exemption from registration requirements, or in a transaction not subject to, such registration requirements. About ClearPoint Neuro ClearPoint Neuro formerly MRI Interventions, Inc. -- http://www.clearpointneuro.com-- is a medical device company that develops and commercializes innovative platforms for performing minimally invasive surgical procedures in the brain under direct, intra-procedural magnetic resonance imaging, or MRI, guidance. From its inception in 1998 to 2002, the Company deployed significant resources to fund its efforts to develop the foundational capabilities for enabling MRI-guided interventions and to build an intellectual property portfolio. In 2003, its focus shifted to identifying and building out commercial applications for the technologies it developed in prior years. Clearpoint recorded a net loss of $5.54 million for the year ended Dec. 31, 2019, compared to a net loss of $6.16 million for the year ended Dec. 31, 2018. As of March 31, 2020, the Company had $23.58 million in total assets, $20.82 million in total liabilities, and $2.76 million in total stockholders' equity. As of Sept. 30, 2020, the Company had $21.85 million in total assets, $21.70 million in total liabilities, and $149,100 in total stockholders' equity. COACHELLA VINEYARD: Jan. 21 Hearing on Disclosure Statement ----------------------------------------------------------- A hearing has been set for Jan. 21, 2021, at 1:00 p.m., in Courtroom 301, 21041 Burbank Blvd., Woodland Hills, CA 91367, to determine the adequacy of the Disclosure Statement describing Coachella Vineyard Luxury RV Park, LLC's Chapter 11 Plan of Reorganization. Any response or opposition to the Disclosure Statement must be filed and served at least 14-days prior to the scheduled hearing date on the Disclosure Statement (not excluding Saturdays, Sundays or legal holidays). As reported in the TCR, Coachella Vineyard Luxury RV Park filed a Plan and a Disclosure Statement in December 2020. The Debtor owns a large parcel of vacant land near Indio, California, and intends to develop that land into a luxury RV park. The Debtor is working on a construction loan to do the development at this time. The construction loan will pay the disputed liens in full. The Debtor is also working on getting a refinancing loan to pay off the existing secured claims. To show good faith, the Debtor will choose a real estate broker no later than Jan. 31, 2021 and enter into a listing agreement to sell the property. If the Debtor does not enter into a sale contract with a buyer by June 1, 2021 or have otherwise obtained the new loan commitment, the Debtor will, within 60 days after June 1, 2021, accept any offer it receives at $5 million or more and ask the court to approve that sale subject to overbids. The Debtor will pay the Class 4A general unsecured claims (totaling $35,000) in full upon the sale of the real property or upon a refinance of the real property. A full-text copy of the Disclosure Statement dated Dec. 3, 2020, is available at https://tinyurl.com/yy87kdof from PacerMonitor at no charge. Attorneys for the Debtor: M. Jonathan Hayes Matthew D. Resnik RESNIK HAYES MORADI LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Telephone: (818) 285-0100 Facsimile: (818) 855-7013 E-mail: jhayes@RHMFirm.com matt@RHMFirm.com About Coachella Vineyard Luxury RV Park Coachella Vineyard Luxury RV Park LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 20- 11615) on Sept. 4, 2020. The petition was signed by Abraham Gottlieb, managing member. At the time of the filing, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Victoria S. Kaufman oversees the case. Resnik Hayes Moradi LLP serves as the Debtor's bankruptcy counsel. COBRA PIPELINE: Solicitation Exclusivity Extended to February 26 ---------------------------------------------------------------- At the behest of Cobra Pipeline Co., Ltd., the U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division extended the periods within which the Debtor has the exclusive right to obtain confirmation of a filed plan to February 26, 2021. The Debtor received four objections to the Disclosure Statement, filed, respectively, by the U. S. Trustee, the Chapter 7 Trustee for Richard M. Osborne, the Public Utilities Commission of Ohio, and Zachary Burkons as Receiver for Orwell Trumbull Pipeline. The Debtor determined that the best course of action with respect to the Objections is to negotiate acceptable resolutions, insofar as is possible, with the objecting parties, and to craft revised language as part of that process. It now appears to the Debtor that in addition to filing an amended Disclosure Statement, reaching an agreement with parties in interest will also require filing an Amended Plan. The Disclosure Statement hearing has been continued on December 22, 2020. The objections to disclosure in the Debtor's case reach at least partly into the plan confirmation process, necessitating a revision of the Plan as well as the Disclosure Statement. The Debtor has received informal comments and guidance from certain creditors in addition to the formal objections that were filed and is restructuring certain plan provisions in response. Doing a good job with these provisions requires additional time, especially given the impending holidays and the restrictions on in-person communications imposed by COVID. Among other important amendments, the Debtor is crafting alternatives to the original reorganization proposal into its Amended Plan. This work is somewhat more complex than the ordinary plan process and the extra time will allow the Debtor to finish all the work. A copy of the Debtor's Motion to extend is available from PacerMonitor.com at https://bit.ly/36OgjJZ at no extra charge. A copy of the Court's Extension Order is available from PacerMonitor.com at https://bit.ly/3ocoNko at no extra charge. About Cobra Pipeline Cobra Pipeline Co., Ltd., is an Ohio-based intrastate natural gas pipeline company, which transmits gas throughout the Eastern portion of the state of Ohio. The Debtor filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 19-15961) on September 25, 2019, in Cleveland, Ohio. In the petition signed by Jessica Carothers, general manager, the Debtor was estimated to have assets of at least $50,000, and liabilities of between $10 million and $50 million as of the petition date. Judge Arthur I. Harris oversees the case. Coffey Law LLC is the Debtor's counsel. No official committee of unsecured creditors has been appointed in the Chapter 11 case. CRED INC: U.S. Trustee Opposes Deal With Creditors, Wants Examiner ------------------------------------------------------------------ Law360 reports that the U.S. Trustee's Office has asked a Delaware bankruptcy judge to reject an agreement between cryptocurrency investment platform Cred Inc. and its creditors on a Chapter 11 sale plan, saying the firm's past business deals need to be examined first. In a motion fled Dec. 31, 2020, U.S. Trustee Andrew Vara said the court should approve an examiner to look at Cred's prior business dealings before approving a plan support agreement, or PSA, with the unsecured creditors committee that would set a deadline for approval of a Chapter 11 plan and release the firm's current management and professionals from liability. About Cred Inc. Cred Inc. is a cryptocurrency platform that accepts loans of cryptocurrency from non-U.S. persons and pays interest on those loans. Cred -- https://mycred.io -- is a global financial services platform serving customers in over 100 countries. Cred is a licensed lender and allows some borrowers to earn a yield on cryptocurrency pledged as collateral. Cred Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-12836) on Nov. 7, 2020. Cred was estimated to have assets of $50 million to $100 million and liabilities of $100 million to $500 million as of the bankruptcy filing. The Debtors tapped Paul Hastings LLP as their bankruptcy counsel, Cousins Law LLC as local counsel, and MACCO Restructuring Group, LLC as financial advisor. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on Dec. 3, 2020. McDermott Will & Emery LLP, serves as counsel to the Committee. DESTILERIA NACIONAL: Miramar's Plan Has 90% for Unsecured Creditors ------------------------------------------------------------------- Creditor Miramar Brewing LLC filed a Chapter 11 Small Business Plan and a Disclosure Statement for debtor Destileria Nacional Inc. Under the Plan, Miramar intends to acquire assets of the Debtor, free and clear of liens and encumbrances, for the continued operation of the related business. The primary purpose of the Plan is to provide for payment to all creditors, including administrative and priority claimants, and creditors holding general unsecured claims, in full satisfaction of their claims, on the Effective Date, through the purchase of all of the assets of the Debtor by Miramar. Class 2 consists of general unsecured claims in the aggregate sum of approximately $489,835. Holders of allowed general unsecured claims will receive payment from the sum of $437,901, equivalent to approximately 90 percent of the total amount of claims, to be distributed pro rata, on the Effective Date. The holders of claims in Class 2 are impaired and entitled to vote to accept or reject the Plan. Holders of equity interests on the Debtor will receive no distributions under the Plan on account of their interests. All equity interests will be extinguished on the Effective Date. The holders of Claims in Class 3 are impaired and entitled to vote to accept or reject the Plan. During 2017, 2018 and 2019, as evidenced by copy of the tax returns filed by the Debtor in the Chapter 11 Case, and as reflected in Debtor's Puerto Rico State Department Annual Report for 2019, the Debtor has sustained substantial net operating losses which may create substantial doubts about the Debtor's ability to continue as a going concern and as to the feasibility of any possible plan to be presented by the Debtor. The Plan will be fully funded on the Effective Date by the payment of the purchase price (in the amount of $833,348) by Miramar deriving from an investment of private funds unrelated to the Debtor. Since the Plan will not be funded with revenue from the Debtor, the Plan does not include business projections, as its feasibility does not depend on the success of future operations. Upon the Effective Date, and the consummation of the sale, and after satisfaction of payments on the Effective Date, Miramar will invest in the business, for further growth, resulting in the creation of new business, and the preservation of jobs and the creation of new employment positions. The business plan of the Purchaser for the development of the business will also have a positive effect on trade creditors and service providers, who shall not lose a source of income, but rather will be able to engage in new business. A full-text copy of Miramar's Disclosure Statement dated Dec. 31, 2020, is available at https://bit.ly/2KZR6Ef from PacerMonitor.com at no charge. Attorneys for Miramar Brewing: FERNANDEZ CUYAR ROVIRA & PLA, LLC P.O. Box 9023905 San Juan, Puerto Rico 00902-3905 Telephone: (787) 977-3772 Facsimile: (787) 977-3773 About Destileria Nacional Destileria Nacional, Inc., a beer manufacturer headquartered in Guaynabo, P.R., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 20-01247) on March 6, 2020. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Enrique S. Lamoutte Inclan oversees the case. Debtor hired Isabel Fullana-Fraticelli & Asoc. PSC as its legal counsel. DIAMOND OFFSHORE: Plan Exclusivity Extended to January 22 --------------------------------------------------------- At the behest of Diamond Offshore Drilling, Inc. and its affiliates, the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division extended the periods within which the Debtors have the exclusive rights to file a plan through and including January 22, 2021, and to solicit acceptances of a plan to March 22, 2021. Since the Debtors' first exclusivity extension, they have engaged in extensive good-faith negotiations with key stakeholders, including the RCF Agent, a steering group of RCF Lenders, the steering committee of the Ad Hoc Group of Senior Noteholders, and the Committee. Following these discussions, the Debtors believe they are close to having reached an agreement on a consensual restructuring with the RCF Agent and the SteerCos on the terms of a chapter 11 plan that would be subject to the RCF Lenders' and Ad Hoc Group of Senior Noteholders' internal approval process and definitive documentation. The Debtors also believe this development positions them for a quick and largely consensual confirmation process that will maximize value for the Debtors' estates and most significant stakeholders and allow for an expected exit from chapter 11 in the first quarter of 2021. In addition to negotiating a consensual path to exit from these chapter 11 cases, the Debtors have continued their efforts to maximize value for all stakeholders and since the entry of the first exclusivity order, the Debtors have: (i) addressed multiple issues with vendors and customers to maintain operations and preserve value; (ii) continued to engage with all key stakeholders regarding a possible restructuring transaction, which the Debtors expect will result in an executed plan support agreement and the Debtors' proposal of a chapter 11 plan that would be subject to the RCF Lenders' and Ad Hoc Group of Senior Noteholders' internal approval process and definitive documentation; (iii) sold certain assets and sought authority to establish de minimis asset sale procedures for the future sale of certain unused assets (including a cold stacked rig) and owned real estate; (iv) negotiated lift stay stipulations with certain prepetition litigation counterparties; (v) assumed certain leases of nonresidential real property; and (vi) continued to evaluate claims that have been asserted against their estates and began the claims reconciliation process. The Debtors have fulfilled their duties as estate fiduciaries and advanced plan negotiations to the verge of filing a largely consensual plan, while also taking steps to maximize value for the benefit of all parties-in-interest. The Debtors have continued to pay their post-petition debts in the ordinary course of business or as otherwise provided by Court order, continue to monitor their liquidity closely, and are confident that sufficient funding will be available during the extension of the Exclusive Periods. The extension will provide the Debtors sufficient time to document and solicit the plan they are negotiating with the RCF Agent and the SteerCos, subject to their respective constituents' internal approval process and definitive documentation, to implement a substantially consensual restructuring, and emerge from chapter 11, without the potential disruption or distraction of competing plan proposals not supported by the Debtors' major creditor constituencies, which insures to the benefit of all of the Debtors' respective stakeholders and estates. In addition, the Debtors understand that the RCF Agent and each SteerCo supports the requested extension. A copy of the Debtors' Motion to extend is available from primeclerk.com at https://bit.ly/2J32Hky at no extra charge. A copy of the Court's Extension Order is available from primeclerk.com at https://bit.ly/2M9b9Ag at no extra charge. About Diamond Offshore Drilling Diamond Offshore Drilling, Inc., provides contract drilling services to the energy industry worldwide. The company operates a fleet of 15 offshore drilling rigs, including 4 drillships and 11 semisubmersible rigs. It serves independent oil and gas companies, and government-owned oil companies. The company was founded in 1953 and is headquartered in Houston, Texas. Diamond Offshore Drilling, Inc. is a subsidiary of Loews Corporation. As of Dec. 31, 2019, the Company had $5.83 billion in total assets, against $2.60 billion in total liabilities. Diamond Offshore Drilling, Inc., along with its affiliates filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-32307) on April 26, 2020. The Honorable David R. Jones is the case judge. The Debtors' bankruptcy advisers include investment banker Lazard Freres & Co. LLC.; financial advisor Alvarez & Marshall North America LLC; and attorneys Porter Hedges LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP. Prime Clerk LLC is the claims agent. On May 11, 2020, the Office of the United States Trustee for the Southern District of Texas appointed the Official Committee of Unsecured Creditors. On June 11, 2020, the U.S. Trustee filed the Notice of Reconstituted Committee of Unsecured Creditors. No request for the appointment of a trustee or examiner has been made in these Chapter 11 Cases. On November 5, 2020, Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure, the law firm of Cain & Skarnulis PLLC submitted an amended verified statement to disclose an updated list of Multiple Parties that it is representing in the Chapter 11 cases of Diamond Offshore Drilling, Inc., et al. DIOCESE OF CAMDEN: Plan Has 80.6% for Unsecureds, $10M for Victims ------------------------------------------------------------------ The Diocese of Camden, New Jersey filed with the U.S. Bankruptcy Court for the District of New Jersey a Chapter 11 Plan and a Disclosure Statement on Dec. 31, 2020. The Diocese comes before the Bankruptcy Court for the purpose of reorganizing and maximizing its assets for the benefit of all individuals presenting bona fide claims of abuse while ensuring that the critical mission of the Diocese is accomplished for its congregants and the greater community especially during the global COVID-19 pandemic. Although there has been no claim of abuse having occurred within the past 19 years (since the 2002 Charter for the Protection of Children and Young People, the Essential Norms and the Memorandum of Understanding), that does not diminish the pain of the horrific acts which occurred before then, and which have affected far too many. From Dec. 1, 2019 through the Petition Date, 55 lawsuits were filed against the Diocese by plaintiffs who are seeking damages as a result of alleged abuse, three of which have been voluntarily withdrawn. In addition, demand letters and or notices have been received from other claimants who have not commenced lawsuits against the Diocese. The Diocese publicly released the names of 56 priests (which was reduced to 55 after further review) and one deacon of the Diocese who have been credibly accused of abuse of minors. These 55 priests are a small percentage of the more than 800 priests who have faithfully served the people of South Jersey since the Diocese was founded in 1937. The Diocese does not believe it has insurance coverage for any claims that occurred before Nov. 27, 1969. From Nov. 27, 1969 to Nov. 27, 1972, the Diocese had insurance coverage for sex abuse claims with INA, which is now Chubb. From Nov. 27, 1972 to Nov. 27, 1987 the Diocese had underlying coverage with Lloyd's of London, with a self-insured retention of $50,000 from 1973 to 1975 and $75,000 from 1975 to 1987, and also had excess layers and aggregates. There was no coverage at all for sex abuse claims from Nov. 27, 1987 to Nov. 27, 1988. On Nov. 27, 1988 coverage began with the National Risk Retention Group, which continues to the present, but with a self-insured retention of $250,000. In addition, per a settlement agreement with Lloyds dated April 29, 2010 and May 5, 2010, the Diocese does not have coverage for any abuse claims for which money was demanded before Oct. 22, 2009, or for claims identified in said settlement agreement. However, the settlement agreement does not preclude coverage for claimants who were only receiving payments for therapy, and for claimants who were unknown to the Diocese. The Diocese's gross revenue and support for the current fiscal year (July 1, 2020 through Nov. 30, 2020) is $18.1 million. Gross Revenue for the fiscal year ending on June 30, 2020 was $49.5 million while expenses were approximately $58.2 million. During COVID-19, while government stay-at-home orders were in place, Diocese revenue was reduced by nearly 25%. Moreover, collections have reduced significantly over the past two years. On Oct. 19, 2020, the Debtor filed a motion to sell the following real property: 276 White Horse Pike, Galloway Township, New Jersey; and 1597 Almonesson Road, Deptford, New Jersey. The Galloway Property is under contract with Ark Innovations, LLC, for $3.9 million. The Deptford Property is under contract with Raphael Braschoss and Melissa Fleming for $75,000. On December 23, 2020, the Court entered an order granting the Sale Motion. Treatment of Claims Under the Plan, general unsecured claims in Class 2 with an anticipated $24.8 million total amount of claims will recover 80.6 percent of their claims. Allowed Class 2 Claims will be paid a pro rata portion of a $20 million distribution over 10 years. Payments may be made quarterly. Existing tort claims are classified under Class 4. The Plan creates a Trust to fund payments to Class 4 Claims entitled to such payments under the Plan and Trust Agreement. Holders of unknown tort claims in Class 5 will get distributions from the Trust. The Plan requires that the Reorganized Debtor fund payments to Class 5 Claimants entitled to such payments under the Plan and Trust Distribution Plan. The maximum amount of the Trust's obligation to pay Class 5 Claimants will be $250,000. The Trust will be established for the purposes of assuming liability of Covered Parties for Channeled Claims and receiving, liquidating, and distribution Trust Assets in accordance with this Plan and the Trust Distribution Plan. The Plan will be funded from cash and other assets with an expected value of $10 million will be paid or transferred, as applicable, to the Trust Account as provided in the Plan subject to reversion if any proceeds are not needed to fund the Trust. A full-text copy of the Disclosure Statement dated Dec. 31, 2020, is available at https://bit.ly/3njJxW2 from PacerMonitor.com at no charge. Counsel to the Debtor: McMANIMON, SCOTLAND & BAUMANN, LLC 75 Livingston Avenue, Second Floor Roseland, New Jersey 07068 Tel: (973) 622-1800 Richard D. Trenk, Esq. Robert S. Roglieri, Esq. E-mail: rtrenk@msbnj.com rroglieri@msbnj.com About The Diocese of Camden, NJ The Diocese of Camden, New Jersey is a nonprofit religious corporation organized pursuant to Title 16 of the Revised Statutes of New Jersey. The Diocese is the secular legal embodiment of the Roman Catholic Diocese of Camden, a juridic person recognized under Canon Law. The Diocese of Camden sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020. The petition was signed by Reverend Robert E. Hughes, vicar General and vice president. At the time of the filing, the Debtor had total assets of $53,575,365 and liabilities of $25,727,209. Judge Jerrold N. Poslusny Jr. oversees the case. McManimon, Scotland & Baumann, LLC, is the Debtor's legal counsel. DLVAMI 302 NORTH: Plan Filing Deadline Extended to Jan. 21 ---------------------------------------------------------- Judge Catherine Peek McEwen of the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has granted debtor DLVAMI 302 North Shore, LLC, an extension of the deadline to a plan and disclosure statement through and including Jan. 21, 2021. A full-text copy of the order entered Dec. 31, 2020, is available at: https://bit.ly/3hFfGGp The Debtor is represented by: Edward J. Peterson, Esq. Stichter Riedel Blain & Postler, P.A. 110 East Madison Street, Suite 200 Tampa, FL 33602 Phone: (813) 229-0144 E-mail: epeterson@srbp.com About DLVAMI 302 North Shore DLVAMI 302 North Shore, LLC classifies its business as single asset real estate (as defined in 11 U.S.C. Section 101(51B)). DLVAMI 302 North Shore filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-07105) on Sept. 22, 2020. Denise Valley, Debtor's manager, signed the petition. At the time of filing, the Debtor was estimated to have $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Judge Catherine Peek McEwen oversees the case. Stichter Riedel Blain & Postler, P.A. serves as the Debtor's legal counsel. DPW HOLDINGS: Terminates Sales Agreement with Ascendiant -------------------------------------------------------- DPW Holdings, Inc. and Ascendiant Capital Markets, LLC have mutually agreed to terminate the At-the-Market Issuance Sales Agreement dated Oct. 2, 2020, by and between the parties. The effective date of the termination was Dec. 31, 2020. The Company sold an aggregate of 12,582,000 shares of its common stock and raised gross proceeds of $39,978,350 through the Agreement. Sales of common stock sold pursuant to the Agreement were registered on the Company's shelf registration statement on Form S-3, initially filed with the SEC on Dec. 18, 2017 (File No. 333-222132) and declared effective by the SEC on Jan. 11, 2018. A prospectus supplement relating to the Agreement was filed with the SEC on Oct. 2, 2020 and an amendment to the prospectus supplement was filed with the SEC on Dec. 1, 2020. About DPW Holdings DPW Holdings, Inc. -- http://www.DPWHoldings.com-- is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, the Company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, telecommunications, medical, and textiles. In addition, the Company owns a select portfolio of commercial hospitality properties and extends credit to select entrepreneurial businesses through a licensed lending subsidiary. DPW's headquarters are located at 201 Shipyard Way, Suite E, Newport Beach, CA 92663. DPW Holdings recorded a net loss available to common stockholders of $32.93 million for the year ended Dec. 31, 2019, compared to a net loss available to common stockholders of $32.34 million for the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had $43.64 million in total assets, $39.12 million in total liabilities, and $4.52 million in total stockholders' equity. Ziv Haft., Certified Public Accountants (Isr.) BDO Member Firm, the Company's auditor since 2012, issued a "going concern" qualification in its report dated May 29, 2020 citing that the Company has a working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. EYEPOINT PHARMACEUTICALS: Gets $15.7M Investment from Ocumension ---------------------------------------------------------------- EyePoint Pharmaceuticals, Inc. disclosed that Ocumension Therapeutics, a China-based ophthalmic pharmaceutical company traded on the Stock Exchange of Hong Kong (1477.HK), has made a $15.7 million equity investment in EyePoint. Under the terms of the agreement, Ocumension has purchased approximately 3.01 million shares of EyePoint's common stock at a five-day trailing volume weighted average price as of the close of trading on Dec. 29, 2020 of approximately $5.22 per share. "This investment underscores our continued strong partnership with Ocumension for YUTIQ and DEXYCU in Asia," said Nancy Lurker, president and chief executive officer of EyePoint Pharmaceuticals. "We are excited about the significant potential of these products in both the U.S. and in Asia and for our R&D pipeline, including the Phase 1 trial of EYP-1901 in wet age-related macular degeneration that is expected to commence in the coming months." "We are delighted to support our partnership with EyePoint through this investment, as we prepare for the development and commercialization of YUTIQ and DEXYCU, under Ocumension branded labels, across Asian markets," said Ye Liu, chief executive officer of Ocumension. "We share EyePoint's commitment to rapidly advancing new treatments for ocular disease in attractive markets and look forward to commercial launches in China in the coming year." In conjunction with the investment, Ye Liu, chief executive officer of Ocumension has been appointed to the EyePoint Board of Directors, replacing Kristine Peterson who has stepped down from the board effective Dec. 31, 2020. Cash and cash equivalents are estimated to be approximately $44 million on Dec. 31, 2020, including the net proceeds from the Ocumension equity investment. The cash and cash equivalents estimate as of Dec. 31, 2020 was calculated prior to the completion of a review by the Company's independent registered accounting firm and is therefore subject to adjustment. Cash on hand, combined with cash inflows from anticipated product sales and continued cash conservation activities are expected to fund the Company's operating plan into the second half of 2021, assuming no significant increase in COVID-19-related closures that would considerably decrease the frequency of ophthalmology office visits or the number of cataract surgical procedures performed across the U.S. About EyePoint Pharmaceuticals EyePoint Pharmaceuticals, formerly pSivida Corp. -- http://www.eyepointpharma.com/-- headquartered in Watertown, MA, is a specialty biopharmaceutical company committed to developing and commercializing innovative ophthalmic products in indications with high unmet medical need to help improve the lives of patients with serious eye disorders. The Company currently has two commercial products: DEXYCU, the first approved intraocular product for the treatment of postoperative inflammation, and YUTIQ, a three-year treatment of chronic non-infectious uveitis affecting the posterior segment of the eye. Eyepoint reported a net loss of $56.79 million for the year ended Dec. 31, 2019. For the six months ended Dec. 31, 2018, the Company reported a net loss of $44.72 million. As of Sept. 30, 2020, the Company had $76.79 million in total assets, $69.19 million in total liabilities, and $7.59 million in total stockholders' equity. Deloitte & Touche LLP, in Boston, Massachusetts, the Company's auditor since 2008, issued a "going concern" qualification in its report dated March 13, 2020, citing that the combination of the Company's limited currently available cash, cash equivalents and available borrowings, together with its history of losses, and the uncertainty in timing of cash receipts from its newly launched products raise substantial doubt about the Company's ability to continue as a going concern. FIELDWOOD ENERGY: Unsecureds to Get Share of $5M Cash Pool ---------------------------------------------------------- Fieldwood Energy LLC and its Affiliated Debtors filed with the U.S. Bankruptcy Court for the Southern District of Texas a Joint Chapter 11 Plan of Reorganization and a Disclosure Statement on Jan. 1, 2021. A hearing will be held before the Honorable Marvin Isgur, United States Bankruptcy Judge, on Feb. 3, 2021 at 2:30 p.m. (prevailing Central Time) to consider entry of an order approving the Disclosure Statement and setting a hearing to consider confirmation of the Plan. The Plan is the culmination of extensive arm's length negotiations that have occurred over the last several months with the Debtors' Consenting Creditors and Apache and reflects ongoing discussions the Debtors have had with the official committee of unsecured creditors, the Debtors' regulators, including representatives from the Bureau of Ocean Energy Management, the Bureau of Safety and Environmental Enforcement, the Department of Interior and the Department of Justice, the FLFO Lender, and other key constituencies. The Plan provides for a comprehensive set of restructuring transactions, including consummation of the Credit Bid Transaction and the Apache Transactions, which are collectively designed to (i) recapitalize and preserve the going concern value of specified Debtors' Deepwater Assets and Shelf Assets and the jobs of over 1,000 employees and contractors, (ii) maximize recoveries to the Debtors' stakeholders, and (iii) ensure that all plugging and abandonment and decommissioning obligations are allocated to appropriate parties for performance in a responsible and safe manner. The Plan is supported by several of the Debtors' key stakeholders, including the DIP Lenders, the FLTL Lenders holding approximately 76.75% of the FLTL Claims, the SLTL Lenders holding approximately 28.91% of the SLTL Claims, and Apache Corporation, the predecessor in interest for the vast majority of the Debtors' Shelf Assets. All holders of Allowed SLTL Claims will receive their pro rata Share of a $5 million cash pool, which will also be shared with the holders of Allowed General Unsecured Claims, including the Allowed FLTL Deficiency Claims, if any. In addition to the $5 million cash pool, the holders of Allowed General Unsecured Claims will receive their pro rata Share of any distributable value of the Post-Effective Date Debtors and FWE I after satisfaction of (i) Allowed Administrative Expense Claims, Allowed DIP Claims, Allowed Priority Tax Claims, Allowed Priority Non-Tax Claims, Allowed Other Secured Claims, Allowed FLFO Claims, all Cure Amounts and (ii) all fees, expenses, costs and other amounts pursuant to the Plan and incurred by the Post-Effective Date Debtors in connection with post-Effective Date operations and wind-down. The Disclosure Statement still has blanks as to the projected total amount and the estimated recovery for Class 6 general unsecured claims. The Debtors believe that Fieldwood Energy I LLC will have sufficient funds and resources to meet, or otherwise satisfy, its obligations under the Plan going forward. The Debtors will capitalize FWE I on the Effective Date with $50 million minus the accrual of postpetition decommissioning spend by the Debtors on the Legacy Apache Properties, which the Debtors project shall be approximately $28 million. Additional funds will be available post-Effective Date through cash flows generated from operations of the Legacy Apache Properties. The Debtors further believe that Fieldwood Energy III LLC will have sufficient funds to meet its obligations under the Plan. FWE III will be capitalized with approximately $27 million of capital through a combination of approximately $5 million to 15 million of cash on hand and $12 million to $22 million in future cash commitments from the Credit Bid Purchaser. The Debtors believe that the Credit Bid Purchaser will have sufficient funds to meet its obligations under the Plan, including those obligations related to the Credit Bid Acquired Interests. If the Plan is confirmed, the Credit Bid Purchaser will acquire specified Deepwater Assets and Shelf Assets with a significantly de-levered balance sheet and reduction in annual debt service obligations. Moreover, upon the Effective Date, the Credit Bid Purchaser's capital structure will be comprised of up to approximately $324 million in funded debt, with approximately $224 million of the proceeds used to fund the cash portion of the Credit Bid Consideration and the remaining $100 million used to capitalize Credit Bid Purchaser following emergence. A full-text copy of the Disclosure Statement dated Jan. 1, 2021, is available at https://bit.ly/3nl5nbz from PacerMonitor.com at no charge. Attorneys for the Debtors: WEIL, GOTSHAL & MANGES LLP Alfredo R. Pérez Clifford Carlson 700 Louisiana Street, Suite 1700 Houston, Texas 77002 Telephone: (713) 546-5000 Facsimile: (713) 224-9511 - and – WEIL, GOTSHAL & MANGES LLP Matthew S. Barr Jessica Liou 767 Fifth Avenue New York, New York 10153 Telephone: (212) 310-8000 Facsimile: (212) 310-8007 About Fieldwood Energy Fieldwood Energy is a portfolio company of Riverstone Holdings focused on acquiring and developing conventional assets, primarily in the Gulf of Mexico region. It is the largest operator in the Gulf of Mexico owning an interest in approximately 500 leases covering over two million gross acres with 1,000 wells and 750 employees. Visit https://www.fieldwoodenergy.com for more information. Fieldwood Energy and its 13 affiliates previously sought Chapter 11 protection (Bankr. S.D. Texas Lead Case No. 18-30648) on Feb. 15, 2018, with a prepackaged plan that would deleverage $3.286 billion of funded by $1.626 billion. On Aug. 3, 2020, Fieldwood Energy and its 13 affiliates again filed voluntary Chapter 11 petitions (Bankr. S.D. Tex. Lead Case No. 20-33948). Mike Dane, senior vice president and chief financial officer, signed the petitions. At the time of the filing, the Debtors estimated $1 billion to $10 billion in both assets and liabilities. Judge David R. Jones oversees the cases. The Debtors have tapped Weil, Gotshal & Manges LLP as their legal counsel, Houlihan Lokey Capital, Inc., as investment banker, and AlixPartners, LLP as financial advisor. Prime Clerk LLC is the claims, noticing and solicitation agent. The first lien group has employed O'Melveny & Myers LLP as its legal counsel and Houlihan Lokey Capital, Inc. as its financial advisor. The RBL lenders have employed Willkie Farr & Gallagher LLP as their legal counsel and RPA Advisors, LLC as their financial advisor. The cross-holder group has tapped Davis Polk & Wardwell LLP as its legal counsel and PJT Partners LP as its financial advisor. On Aug. 18, 2020, the Office of the U..S. Trustee appointed a committee of unsecured creditors. Stroock & Stroock & Lavan, LLP and Conway MacKenzie, LLC serve as the committee's legal counsel and financial advisor, respectively. FRANCESCA'S HOLDINGS: Lines Up Stalking Horse Bid by Deadline ------------------------------------------------------------- Francesca's Holdings Corp. might submit a finalized stalking horse purchase agreement to its bankruptcy judge as soon as Wednesday, Maria DiConza of O;Melveny & Myers said in a hearing Monday, Jan. 4, 2021, Jeremy Hill of Bloomberg News reported. The bankrupt retailer has been negotiating with three potential stalking horse bidders in recent weeks, Ms. DiConza said. TerraMar Capital already submitted an offer to buy Francesca's. But Ms. DiConza didn't identify the interested parties in the hearing. U.S. Bankruptcy Judge Brendan Shannon during the hearing said he would approve a bid deadline of Jan. 13, 2021, but added that the approval of a proposed 3% breakup fee should be shelved. According to the court-approved bid procedures, to participate in the auction, initial bids must be submitted by Jan. 13, 2021 at 5:00 p.m. (prevailing ET). An auction is scheduled for Jan. 15, 2021 at 10:00 a.m. virtually. Objections to the conduct of the auction, the successful bidder, or the sale are due Jan. 19. A sale hearing is scheduled for Jan. 21. About Francesca's Holdings Francesca's Holdings Corp. is a specialty retailer that operates a nationwide-chain of boutiques providing a diverse assortment of apparel, jewelry, accessories, and gifts. As of Dec. 1, 2020, Francesca's operates 558 boutiques in 45 states and the District of Columbia and also serves ustomers through www.francescas.com, its e-commerce website, and its recently launched mobile app. Francesca's Holdings Corp. and three affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 20-13076) on Dec. 3, 2020. Francesca's disclosed $264,700,000 in assets and $290,500,000 in liabilities as of Nov. 1, 2020. The Hon. Brendan Linehan Shannon is the case judge. The Debtors tapped O'MELVENY & MYERS LLP as general bankruptcy counsel; and FTI CAPITAL ADVISORS LLC as financial advisor and investment banker. RICHARDS, LAYTON & FINGER, P.A., is the local counsel. A&G REALTY PARTNERS is the real estate advisor. TIGER CAPITAL GROUP, LLC, is the store closure sales consultant. STRETTO is the claims agent. GENCANNA GLOBAL: Drops $4.5 Million Adversary Suit vs. Medterra --------------------------------------------------------------- Law360 reports that bankrupt hemp company GenCanna has dropped its adversary suit against CBD company Medterra over what it said was $4.5 million in unpaid invoices, saying the lawsuit was actually "based on a misconstruction of facts and circumstances." GenCanna, now known as OGGUSA Inc. after the company sold its assets as part of its Chapter 11 bankruptcy, sued Medterra last December 2020, claiming it accepted shipments of CBD extracts and other products without paying in full. But GenCanna dropped the suit Dec. 30, 2020, according to court records. In a statement, GenCanna said it withdrew its complaint and has resolved the dispute with Medterra. About GenCanna Global USA GenCanna Global USA, Inc. -- https://www.gencanna.com/ -- is a vertically-integrated producer of hemp and hemp-derived CBD products with a focus on delivering social, economic and environmental impact through seed-to-scale agricultural production. GenCanna Global USA was the subject of an involuntary Chapter 11 proceeding (Bankr. E.D. Ky. Case No. 20-50133) filed on Jan. 24, 2020. The involuntary petition was signed by alleged creditors Pinnacle, Inc., Crawford Sales, Inc., and integrity/Architecture, PLLC. On Feb. 6, 2020, GenCanna Global USA consented to the involuntary petition and on Feb. 5, 2020, two affiliates, GenCanna Global Inc. and Hemp Kentucky LLC, filed their own voluntary Chapter 11 petitions. Laura Day DelCotto, Esq., at DelCotto Law Group PLLC, represents the petitioners. The Debtors tapped Benesch Friedlander Coplan & Aronoff, LLP and Dentons Bingham Greenebaum, LLP as legal counsel, Huron Consulting Services, LLC as operational advisor, and Jefferies, LLC as financial advisor. Epiq is the claims agent, which maintains the page https://dm.epiq11.com/GenCanna The Office of the U.S. Trustee appointed a committee of unsecured creditors on Feb. 18, 2020. The committee tapped Foley & Lardner LLP as its bankruptcy counsel, DelCotto Law Group PLLC as local counsel, and GlassRatner Advisory & Capital Group, LLC as financial advisor. GENERATION ZERO: Plan Exclusivity Extended Until March 13 --------------------------------------------------------- Judge J. Craig Whitley of the U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division, has extended Generation Zero Group, Inc. and Find.com Url Holding, LLC's exclusivity periods to file a bankruptcy-exit plan and solicit acceptances of that plan through and including March 13, 2021, and May 9, 2021, respectively. There are some purported secured creditors in the form of noteholders that claim to have a lien on all assets of the Debtors. On the Petition Date, the Debtors filed an adversary proceeding against the Secured Noteholders seeking, among other things, a declaration that the purported notes held by the Secured Noteholders should be recharacterized as equity interests in GNZR. Although the Debtors have no active operations, the Debtors believe the Domain Name has substantial value. After ceasing their development efforts, the Debtors began exploring possible transactions that would monetize the Domain Name either through licensing fees or outright sale. Prior to the Petition Date, the Debtors received proposals that would value the Domain Name at an amount greater than the amounts claimed to be owed by the Secured Noteholders. However, the Debtors were unable to finalize any possible transactions given the existence of disputes between the Debtors and the Secured Noteholders. The Debtors commenced these bankruptcy cases with the goal of resolving the disputes with the Secured Noteholders and maximizing the value of the Domain Name through either a plan of liquidation or a plan of reorganization. In addition, the Debtors' case involves complex issues regarding the validity and extent of the purported liens in favor of the Secured Noteholders. The complexity is evidenced by the Motion to Dismiss which was taken under advisement by the Court at the conclusion of the hearing on August 26, 2020. While the Debtors have received some inquiries from third parties regarding the Domain Name since the filing of these bankruptcy cases, no third party has been willing to engage in meaningful discussions while the Motion to Dismiss is outstanding. If the Motion to Dismiss is denied, the extension requested will allow the Debtors some time to solicit interest from third parties without the uncertainty created by the Motion to Dismiss. The Debtors are current on all post-petition obligations, and there can be no suggestion of mismanagement or misconduct by the Debtors. About Generation Zero Generation Zero Group Inc. and Find.Com URL Holding filed a Chapter 11 bankruptcy petition (Bankr. W.D.N.C. Case No. 20-30319) on March 13, 2020. Their primary asset is the internet domain name Find.Com. The Domain Name is owned by URL Holding which is a wholly-owned subsidiary of GNZR. URL Holding is an entity formed for the sole purpose of owning the Domain Name. Richard Morrell is their sole director and chief executive officer. Judge J. Craig Whitley is the case judge. The Debtors tapped BGW CPA, PLLC as its accountants, and Felton Parrish as an attorney. No trustee, examiner, or statutory committee of creditors has been appointed in these chapter 11 cases. GEORGE WASHINGTON: Court Extends Plan Exclusivity Until April 7 --------------------------------------------------------------- At the behest of George Washington Bridge Bus Station Development Venture LLC, Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York extended the period within which the Debtor has the exclusive right to file a plan of reorganization and to solicit acceptances of the plan through and including April 7, 2021, and June 7, 2021, respectively. In the First Day Declaration, the Debtor has a 99-year lease with the Port Authority of New York and New Jersey to operate and maintain the retail portion of the George Washington Bridge Bus Station. The Debtor is responsible for leasing, managing, and maintaining the Retail Space. As set forth in the Houlihan Lokey Declaration, Houlihan Lokey worked to maintain interest among previously interested buyers throughout the spring and summer of 2020 while the Debtor's sales process was placed on hold. In advance of resuming outreach to interested parties regarding the Ground Lease, Houlihan Lokey worked with the Debtor to develop updated marketing materials to aid interested party review of the opportunity, including: (i) summary teaser highlighting the opportunity; (ii) confidential information memorandum; (iii) post-COVID revised financial projections; and (iv) online data room. Houlihan Lokey commenced its outreach efforts on September 16, 2020, to preview the opportunity to potential investors, finalized the CIM for distribution to parties who executed NDAs on September 23, 2020, and provided DR access to such parties on September 25, 2020. Also, based on feedback from the interested parties, Houlihan Lokey anticipates continuing to engage with interested parties through the fourth quarter of 2020, including through the negotiation of definitive documentation, potential selection of a stalking horse bidder, and consummation of a transaction in the first quarter of 2021. For parties that continue in the sale process, Houlihan Lokey anticipates facilitating additional diligence, which will include follow-up legal, operational, and financial diligence, as well as potential discussions with tenants, the on-site manager and engineer, the Port Authority as it pertains to the Ground Lease, and the Debtor's existing lenders regarding potential restructured financing. After approximately six months of litigation and negotiations regarding certain disputes, and on June 2, 2020, the Debtor, the Port Authority, and New York City Regional Center LLC and affiliates entered into a settlement agreement resolving the Cure and Indemnification Disputes as among themselves. Tutor Perini Building Corp. was not a party to the Settlement Agreement. Among other things, pursuant to the Settlement Agreement, the Port Authority agreed to extend the time within which the Debtor had to assume or reject the Ground Lease to December 31, 2020. Thereafter, the Debtor moved for authority to enter into the Settlement Agreement. On July 14, 2020, and after briefing in connection with the 9019 Motion, the Court held a hearing to adjudicate the 9019 Motion and the Cure an Indemnification Disputes. At that hearing, the Court: (i) granted the 9019 Motion, (ii) ruled that Tutor Perini is not a third-party beneficiary of the Ground Lease, and (iii) ruled that Tutor Perini has no cure rights in connection with the Ground Lease. Tutor Perini has since appealed both the cure and indemnification and the 9019 orders. The Debtor's Plan contemplates a restructuring of the Debtor through either (a) an Asset Sale Restructuring or (b) a Plan Investment Restructuring. The Plan includes a "toggle" feature which allows the Debtor to determine which of these two paths to pursue under the Plan. The Debtor's path forward under the Plan will largely depend on the outcome of the ongoing marketing process. The Debtor believes that the assignment of the Ground Lease in connection with a sale and/or chapter 11 plan is ultimately in the best interest of all of the Debtor's creditors. The extension of the Exclusive Periods will allow the Debtor to consummate a sale and confirm a plan will not prejudice the rights of any parties in interest. A copy of the Debtor's Motion to extend is available from PacerMonitor.com at https://bit.ly/3mYnuE0 at no extra charge. A copy of the Court's Extension Order is available from PacerMonitor.com at https://bit.ly/2KNJ6pE at no extra charge. About George Washington Bridge Bus Station Development Venture LLC George Washington Bridge Bus Station Development Venture LLC is the entity contracted to renovate the George Washington Bridge Bus Station in New York. The bus station was reopened in 2016 following a delayed and costly renovation. As part of the deal, the company was granted a 99-year lease to operate and maintain the retail portion of the bus station. George Washington Bridge Bus Station Development Venture LLC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 19-13196) on October 7, 2019. The Debtor's assets are estimated between $50 million and $100 million, and liabilities between $100 million and $500 million, according to bankruptcy documents. Judge Shelley C. Chapman oversees the case. The Debtor has tapped Cole Schotz P.C. as its legal counsel, and BAK Advisors Inc. as its financial advisor. BAK's Bernard A. Katz is Debtor's sole manager. GL BRANDS: Gray Reed Advises 2 Holders of Promissory Notes ---------------------------------------------------------- In the Chapter 11 cases of GL Brands, Inc., f/k/a Freedom Leaf Inc., et al., the law firm of Gray Reed submitted a verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose that it is representing the following creditors: Elgin Allen and Rachel Allen 8144 Walnut Hill Lane, Suite 900 Dallas, TX 75231 * The Allens are owed no less than approximately $701,000 on a promissory note that is past maturity. Chris Fagan 3301 Indian Trail Rowlett, TX 75088 * Mr. Fagan is owed no less than approximately $70,000 on a promissory note that is past maturity. The foregoing have retained Gray Reed as their legal counsel with respect to matters arising in the Bankruptcy Case and for purposes of asserting claims and protecting other rights and security interests against the Debtor. Gray Reed has not filed a proof of claim on its own behalf in the Bankruptcy Case. Counsel for Elgin Allen, Rachel Allen, and Chris Fagan can be reached at: GRAY REED Aaron M. Kaufman, Esq. 1601 Elm Street, Suite 4600 Dallas, TX 75201 Telephone: (214) 954-4135 Facsimile: (214) 953-1332 E-mail: akaufman@grayreed.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://bit.ly/2L2Jjpd About GL Brands GL Brands -- https://www.glbrands.com/ -- formerly d/b/a Freedom Leaf, is a global hemp consumer packaged goods company engaged in the development and sale of cannabis-derived wellness products. Through its premier brands Green Lotus and Irie CBD, GL Brands delivers a full portfolio of hemp-derived CBD products, including tinctures, soft gels, gummies, sparkling beverages, vapes, flower and topical segments to promote greater wellness and balance, in the U.S. and throughout the world. On Dec. 17, 2020, GL Brands, Inc. et al sought Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 20-43800). GL Brands disclosed total assets of $100,000 to $500,000 and total liabilities of $10 million to $50 million. The petition was signed by CEO Carlos Frias. The Debtors tapped Robert A. Simon, Esq., of Whitaker Chalk Swindle and Schwartz, as bankruptcy counsel. GLOBAL ASSET: Court Extends Exclusivity Periods Thru Feb. 26 ------------------------------------------------------------ At the behest of Global Asset Rental, LLC, Judge Karen S. Jennemann extended the Debtor's exclusive right to file and to solicit acceptances of its plan of reorganization through February 26, 2021. During the four months after the Petition Date, the Debtor accomplished a great deal, but as would be expected given the scope of what must be accomplished there is still very much more to be done. A meaningful chapter 11 plan must consider the nature and extent of all claims asserted against the Debtor. It is unlikely that a confirmable plan could be proposed in this case before the Debtor has had an opportunity to assess the full nature, validity, and extent of the claims that may be asserted against them by evaluating claims filed pursuant to the bar date for claims. The exclusivity provides the Debtor with a full and fair opportunity to rehabilitate its business and it will be able to continue its strong track record of progress and move substantially forward toward a successful chapter 11 plan. A copy of the Debtor's Motion to extend is available from PacerMonitor.com at https://bit.ly/398tkiV at no extra charge. A copy of the Court's Extension Order is available from PacerMonitor.com at https://bit.ly/38SHCmk at no extra charge. About Global Asset Rental f/k/a Global Keg Rental Global Asset Rental, LLC -- http://www.globalkeg.com/-- is an asset rental and logistics solutions company engaged in the business of renting plastic pallets and kegs. Global Asset Rental, LLC f/k/a Global Keg Rental, LLC, based in Orlando, FL, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 6:20-bk-04126) on July 23, 2020. In its petition, the Debtor was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities. Judge Karen S. Jennemann oversees the case. Genovese Joblove & Battista, P.A., serves as bankruptcy counsel to the Debtor. KapilaMukamal, LLP's Soneet R. Kapila is the CRO. The U.S. Trustee for Region 21 on Aug. 12, 2020, appointed a committee to represent unsecured creditors in the Chapter 11 case of Global Asset Rental, LLC. The Committee retained Shraiberg Landau & Page, P.A., as counsel. GLOBAL EAGLE: Court Extends Plan Exclusivity Until Feb. 17 ---------------------------------------------------------- At the behest of Global Eagle Entertainment Inc. and its affiliates, Judge John T. Dorsey extended the periods within which the Debtors have the exclusive right to file a plan and to solicit acceptances of the plan through and including February 17 and April 19, 2021, respectively. The Debtors have made good progress in negotiations with their creditors and toward an exit from chapter 11. Among other things, the Sale Order incorporates a settlement between the Debtors, the Ad Hoc DIP and First Lien Lender Group, and the Creditors' Committee that anticipates, pursuant to the terms of the Sale Order and the Plan, among other things: (a) a distribution of up to $8.5 million to holders of allowed unsecured claims pursuant to the Plan; and (b) ensures that the Debtors retain sufficient funds following the closing of the Sale Transaction to satisfy all administrative and priority claims required to be paid pursuant to, and on the terms set forth in, the Sale Order and the Plan. In addition, the Plan reflects the terms of an agreement in principle among the Debtors, the Ad Hoc DIP and First Lien Lender Group, and the Searchlight Parties, in their capacity as holders of Second Lien Note Claims, pursuant to which the Debtors, the Searchlight Parties, and the Ad Hoc DIP and First Lien Lender Group support the treatment of the Second Lien Note Claims as set forth in Article III.B.3(c)(1) of the Plan, and the holders of Convertible Notes Claims and General Unsecured Claims will receive their Pro Rata Share of $4 million. As anticipated pursuant to the Committee Settlement, the Debtors filed the Plan on November 13, 2020, together with the Disclosure Statement. The hearing for approval of the Disclosure Statement and related solicitation procedures was set for December 16, 2020, at 3:00 p.m. The continued exclusivity will allow the Debtors to pursue confirmation of the Plan while maintaining flexibility so that competing plans do not derail the closing of the Sale Transaction and the Plan process. The Debtors are not seeking an extension of the Exclusive Periods to pressure or prejudice any of their stakeholders. A copy of the Debtors' Motion to extend is available from primeclerk.com at https://bit.ly/3oabgJV at no extra charge. A copy of the Court's Extension Order is available from primeclerk.com at https://bit.ly/383y3Se at no extra charge. About Global Eagle Entertainment Headquartered in Los Angeles, -- http://www.GlobalEagle.com/-- Global Eagle Entertainment Inc. is a provider of media, content, connectivity, and data analytics to markets across air, sea, and land. It offers a fully integrated suite of media content and connectivity solutions to airlines, cruise lines, commercial ships, high-end yachts, ferries, and land locations worldwide. Global Eagle Entertainment and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-11835) on July 22, 2020. In the petition signed by CFO Christian M. Mezger, Global Eagle disclosed $630.5 million in assets and $1.086 billion in liabilities. Judge John T. Dorsey oversees the cases. Debtors have tapped Latham & Watkins LLP (CA) and Young Conaway Stargatt & Taylor, LLP as legal counsel; Greenhill & Co., LLC as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and PricewaterhouseCoopers LLP as a tax advisor. Prime Clerk, LLC is the claims and noticing agent. The Office of the U.S. Trustee appointed a committee of unsecured creditors on Aug. 5, 2020. The committee has tapped Akin Gump Strauss Hauer & Feld LLP and Ashby & Geddes, P.A. as its legal counsel, and Perella Weinberg Partners LP as its investment banker. GLOSTATION USA: Committee Taps Dundon as Financial Advisor ---------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 case of Glostation USA, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Central District of California to retain Dundon Advisers, LLC as its financial advisor. The committee needs the firm's services in connection with the Debtors' Chapter 11 cases, which include: -- assisting the committee in the analysis, review and monitoring of the restructuring process including, but not limited to, an assessment of the unsecured claims pool and potential recoveries for unsecured creditors; -- developing a complete understanding of the Debtors' businesses and their valuations; -- determining whether there are viable alternative paths for the disposition of the assets from those being currently proposed by the Debtors; -- monitoring and, to the extent appropriate, assisting the Debtors in efforts to develop and solicit transactions which would support unsecured creditor recovery; -- assisting the committee in identifying, valuing and pursuing estate causes of action; -- assisting the committee to address claims against the Debtors and to identify, preserve, value and monetize tax assets of the Debtors; -- advising the committee in negotiations with the Debtors and third parties; -- assisting the committee in reviewing the Debtors' financial reports; -- reviewing analysis of the Debtors' disclosure statement and Chapter 11 plan; -- attending meetings and participating in discussions; -- presenting at committee meetings as well as meetings of other key stakeholders; and -- providing testimony. The hourly rates of Dundon professionals are: Alex Mazier $700 Ammar Alyemany $400 April Kimm $525 Colin Breeze $630 Demetri Xistris $550 Eric Reubel $600 Harry Tucker $475 HeJing Cui $400 Laurence Pelosi $700 Lee Rooney $400 Matthew Dundon $750 Michael Garbe $525 Peter Hurwitz $700 Phillip Preis $650 Tabish Rizvi $550 Matthew Dundon, a principal at Dundon Advisers, disclosed in court filings that the firm is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew Dundon Dundon Advisers, LLC 440 Mamaroneck Avenue, Fifth Floor Harrison, NY 10528 Phone: +1 (914) 341-1188/ +1 (917) 838-1930 Fax: +1 (212) 202-4437 Email: md@dundon.com About Glostation USA Inc. Glostation USA Inc. is a virtual reality start-up doing business as Sandbox VR. Sandbox is a futuristic VR experience for groups of up to six where they can see and physically interact with everyone inside, just like the real world. Inspired by Star Trek's Holodeck, Sandbox's exclusive worlds let people feel like they're living inside a game or movie, and are built by EA, Sony, and Ubisoft veterans. Visit http://sandboxvr.comfor more information. Glostation USA, Inc., a company based in Woodland Hills, Calif., and its debtor-affiliates sought Chapter 11 protection (Bankr. C.D. Cal. Lead Case No. 20-11435) on Aug. 13, 2020. In its petition, Glostation USA was estimated to have $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by Steven Zhao, manager, president and chief executive officer. Sulmeyerkupetz, APC serves as Debtors' bankruptcy counsel. On Sept. 17, 2020, the Office of the U.S. Trustee appointed the official committee of unsecured creditors. Brinkman Law Group, PC and Dundon Advisers, LLC serve as the committee's legal counsel and financial advisor, respectively. HSA ENTERPRISES: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: HSA Enterprises, LLC 1119 East Brompton Drive c/o Shawn LePorte Pearland, TX 77584 Chapter 11 Petition Date: January 4, 2020 Court: United States Bankruptcy Court Southern District of Texas Case No.: 21-30023 Judge: Hon. Eduardo V. Rodriguez Debtor's Counsel: Reese Baker, Esq. BAKER & ASSOCIATES 950 Echo Ln Ste 300 Houston, TX 77024-2824 Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Shawn LePorte, president. The Debtor did not attach to the petition a list of its 20 largest unsecured creditors. A copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/JBGNQXA/HSA_Enterprises_LLC__txsbke-21-30023__0001.0.pdf?mcid=tGE4TAMA HYTERA COMMUNICATIONS: Plan Exclusivity Extended Thru April 11 -------------------------------------------------------------- At the behest of Hytera Communications America (West), Inc. and its affiliates, Judge Erithe A. Smith of the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, extended the period within which the Debtors have the exclusive right to file a plan of reorganization and to solicit acceptances from creditors for its plan through and including April 11 and June 10, 2021, respectively. The Debtors believe that cause exists that granted the requested relief from the following reasons: (i) the Debtors and their professionals have worked diligently to negotiate the terms of an asset purchase agreement with Hytera US Inc.; (ii) the Debtors have been actively engaging in administering their chapter 11 cases. As the Court is aware, the Debtors and their professionals have been engaged in extensive litigation with Motorola concerning the administration of these chapter 11 cases and the sale of the Debtors' assets, which has consumed the Debtors and their professionals' resources; (iii) at the August 27, 2020 hearing, the Court continued the hearings on the Sale Motion and Motion to Dismiss until December 17, 2020, for the purpose of providing the district court administering the non-bankruptcy intellectual property litigation to rule (or not rule) on a potential preliminary injunction; (iv) the Debtors are paying their debts as they come due and timely filing their monthly operating reports; (v) the Debtors have filed and will continue to file the necessary monthly operating reports to provide parties in interest with the necessary information regarding the administration of the estates; and (vi) on November 18, 2020, the Debtors filed the Notice of Hearing of Third Amendment to Initial Asset Purchase Agreement, which attached the Third Amendment to the Asset Purchase Agreement, dated as of October 28, 2020, by and among the Debtors and Purchaser, as Exhibit A. By the Third Amendment, the Initial APA has been modified for the purpose of narrowing any dispute about the sale of the Debtors' assets to eliminate any argument that assets being sold are subject to Motorola's infringement claims. In summary, under the Third Amendment, the schedules have been revised to reflect: (a) the removal of certain assets that might conceivably be captured by the broadest injunction; (b) the removal of inventory that has been sold in the ordinary course of business that no longer can be sold to the Purchaser; (c) the removal of accounts receivable that has been collected that no longer can be sold to the Purchaser; and (d) the addition of certain accounts receivable that the Purchaser will purchase on the same term of similarly situated accounts receivable. Notwithstanding the delay of the original sale hearing, the Debtors are doing everything possible to resolve the disputes so that they can preserve the sale of certain assets and the distribution operation for the benefit of the Debtors, their estates and creditors, and the various third parties that conduct business with the Debtors. A copy of the Debtors' Motion to extend is available from PacerMonitor.com at https://bit.ly/3gkeIP3 at no extra charge. A copy of the Court's Extension Order is available from PacerMonitor.com at https://bit.ly/3b2skOi at no extra charge. About Hytera Communications America Hytera communications America (West), Inc. -- https://www.hytera.us -- is a global company in the two-way radio communications industry. It has 10 international R&D Innovation Centers and more than 90 regional organizations around the world. Forty percent of Hytera employees are engaged in engineering, research, and product design. Hytera has three manufacturing centers in China and Spain. On May 26, 2020, Hytera sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Lead Case No. 20-11507). At the time of the filing, Debtor had estimated assets of between $10 million and $50 million and liabilities of between $500 million and $1 billion. Judge Erithe A. Smith oversees the cases. The Debtors tapped Pachulski Stang Ziehl & Jones, LLP as bankruptcy counsel; Steptoe & Johnson, LLP as corporate and special counsel; and Imperial Capital, LLC as financial advisor. The Office of the U.S. Trustee appointed a committee of unsecured creditors on June 15, 2020. The committee is represented by Levene Neale Bender Yoo & Brill, LLP. ICONIX BRAND: Plans to Appeal Nasdaq's Delisting Decision --------------------------------------------------------- As previously disclosed, on April 13, 2020, Iconix Brand Group, Inc. received a letter from the Listing Qualifications Department of The Nasdaq Stock Market, LLC notifying the Company that the minimum market value of its publicly held common stock fell below $15,000,000 for a period of 30 consecutive business days and that, therefore, the Company did not meet the minimum market value of publicly held shares requirement set forth in Nasdaq Listing Rule 5450(b)(3)(c). Pursuant to Nasdaq Listing Rule 5810(c)(3)(D), the Company was provided 180 calendar days, or until Oct. 12, 2020, to regain compliance with the Minimum Bid Price Rule. On April 16, 2020, Nasdaq tolled the compliance period for price-based continued listing requirements until June 30, 2020, which extended the Company's compliance deadline from Oct. 12, 2020 to Dec. 24, 2020. As the Company has not regained compliance with the Minimum Market Value Rule within such time period, on Dec. 28, 2020, the Company received a written notice from Nasdaq that the Company's common stock would be delisted from the Nasdaq Global Select Market and suspended at the opening of business on Jan. 6, 2021, unless the Company timely requests a hearing before the Nasdaq Hearings Panel. In accordance with Nasdaq's procedures, the Company intends to appeal Nasdaq's determination by requesting a hearing before the Panel to seek continued listing. This Hearing request will automatically stay Nasdaq's suspension of the Company'S common stock and the filing of a Form 25-NSE (which Form would remove the Company's common stock from listing and registration on the Nasdaq Global Select Market) pending the Panel's decision. The Company expects that Nasdaq will hold the Hearing with the Panel within 45 days of the Company's request for the Hearing, pursuant to the Nasdaq Listing Rules. At or prior to the Hearing, the Company intends to present its plans to Nasdaq to regain compliance with the Minimum Market Value Rule and request an extension of time so that the Company can regain compliance with the Minimum Market Value Rule. The Company intends to continue to monitor the Market Value of Publicly Held Shares of the Company's common stock and will continue considering all available options to resolve the Company's noncompliance with the Minimum Market Value Rule as may be necessary. About Iconix Brand Iconix Brand Group, Inc., owns, licenses and markets a portfolio of consumer brands including: CANDIE'S, BONGO, JOE BOXER, RAMPAGE, MUDD, MOSSIMO, LONDON FOG, OCEAN PACIFIC, DANSKIN, ROCAWEAR, CANNON, ROYAL VELVET, FIELDCREST, CHARISMA, STARTER, WAVERLY, ZOO YORK, UMBRO, LEE COOPER, ECKO UNLTD., MARC ECKO, ARTFUL DODGER, and HYDRAULIC. In addition, Iconix owns interests in the MATERIAL GIRL, ED HARDY, TRUTH OR DARE, MODERN AMUSEMENT BUFFALO and PONY brands. The Company licenses its brands to a network of retailers and manufacturers. Through its in-house business development, merchandising, advertising and public relations departments, Iconix manages its brands to drive greater consumer awareness and brand loyalty. Iconix Brand reported a net loss attributable to the company of $111.5 million for the year ended Dec. 31, 2019, compared to a net loss attributable to the company of $100.52 million for the year ended Dec. 31, 2018. At Sept. 30, 2020, the Company had $445.59 million in total assets, $662.37 million in total liabilities, $25.50 million in redeemable non-controlling interest, and a total stockholders' deficit of $242.27 million. BDO USA, LLP, in New York, NY, the Company's auditor since 1998, issued a "going concern" qualification in its report dated March 30, 2020 citing that the Company has suffered recurring losses and has certain debt agreements which require compliance with financial covenants. The COVID 19 pandemic is expected to have a material adverse effect on the Company's results of operation, cash flows and liquidity, including compliance with future debt covenants. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ISLET SCIENCES: Solicitation Period Extended to March 31 -------------------------------------------------------- The Honorable Mike K. Nakagawa of the U.S. Bankruptcy Court for the District of Nevada extended the period during which Islet Sciences, Inc. has the exclusive right to file a plan of reorganization and to solicit acceptances through and including December 24, 2020, and March 31, 2021, respectively. During the initial stages of this Chapter 11 Case, the Debtor has devoted its resources to successfully assuring a smooth transition into Chapter 11 and attempting to establish a collaborative and working relationship with the U.S. Trustee and the Debtor's largest creditors. And in order to successfully resolve this Chapter 11 Case, the true scope of the Debtor's financial picture in the current market must be determined, and the payment of valid debts must be provided for on a basis that permits the Debtor to profit from core business operations following its restructuring. The Debtor has sought to employ an expert to inter alia analyze the bankruptcy estate and its assets and provide information necessary to determine the value of assets and viability of liabilities of the estate as part of their analyses. The Experts' investigations will culminate in reports, which will provide the necessary information and evidence underpinning the plan of reorganization and disclosure statement. The Experts are currently in the process of producing and revising such necessary Reports. The Reports allowed the Debtor to produce a plan of reorganization for review and comment by the UCC to which the Debtor is currently awaiting completion of the review by the UCC. Also, the Debtor is in advanced negotiations with the UCC. One such report, a valuation of the Debtor's assets, has been completed and circulated to the UCC for review in conjunction with the circulated drafts of the plan and disclosure statement. This circulation demonstrates not only substantial progress toward confirmation but also that the Debtor's path forward in cooperation with the UCC relies on timelines not exclusively within the Debtor's control. As the Debtor's experts required time to prepare the valuation, the UCC requires a reasonable amount of time to review and comment on its concerns outside of the formal plan deadline process to allow for smoother amicable confirmation for all parties involved. The Debtor is administering their Chapter 11 Case expeditiously, but there are still a number of issues that must be addressed before the Chapter 11 plan negotiation and formulation process be finalized. The extensions of the Exclusive Periods will afford the Debtor the opportunity to achieve a full and fair opportunity to negotiate with is various stakeholders and propose a confirmable plan as contemplated by the Bankruptcy Code. A copy of the Debtor's Motion to extend is available from PacerMonitor.com at https://bit.ly/2JZ02Ji at no extra charge. A copy of the Court's Extension Order is available from PacerMonitor.com at https://bit.ly/38YmWJE at no extra charge. About Islet Sciences Inc. Islet Sciences, Inc. is a biotechnology company engaged in the research, development, and commercialization of new medicines and technologies for the treatment of metabolic diseases and related indications covering unmet medical needs. On May 29, 2019, creditors filed an involuntary Chapter 7 petition against Islet Sciences (Bankr. D. Nev. 19-13366). The case was converted to one under Chapter 11 on September 18, 2019. Judge Mike K. Nakagawa oversees the case. The Debtor has tapped Brownstein Hyatt Arber Schreck LLP and Schwartz Law PLLC as its legal counsel, Armstrong Teasdale LLP as special litigation counsel, and Portage Point Partners LLC as financial advisor. The U.S. trustee for Region 17 appointed a committee of unsecured creditors on Nov. 26, 2019. The committee is represented by Andersen Law Firm, Ltd. J.C. PENNEY: New Owners Begin Search for CEO -------------------------------------------- Josh Rivera of USA Today reports that the new owners of J.C. Penney are searching for a new CEO for the retailer as its former CEO, Jill Soltau, bids goodbye in December after two years at the helm. The retailer's new ownership group -- Simon Property Group and Brookfield Asset Management, along with strategic partner Authentic Brands Group -- launched a search for a new chief executive officer. Ms. Soltau, previously the CEO of Joann Fabrics, led J.C. Penney for two years before leaving Dec. 31, 2020. During her tenure, she focused on e-commerce and focused on the amount of merchandise showcased in stores. "The search will seek to identify a leader that is focused on modern retail, the consumer experience, and the goal of creating a sustainable and enduring J.C. Penney," the retailer said in a news release. J.C. Penney filed for Chapter 11 bankruptcy protection in May after its sales collapsed amid temporary store closures. The company was at risk of total liquidation for months as it negotiated with its creditors. After reaching a deal to sell to a consortium of property owners, including mall company Simon Property Group, J.C. Penney emerged from bankruptcy in December having closed more than 150 stores. An additional 15 stores have been added to the chopping block and are scheduled to close by the end of March, and more closings are possible. About J.C. Penney J.C. Penney Company, Inc. -- http://www.jcpenney.com/-- is an apparel and home retailer, offering merchandise from an extensive portfolio of private, exclusive, and national brands at over 850 stores and online. It sells clothing for women, men, juniors, kids, and babies. On May 15, 2020, J.C. Penney announced that it has entered into a restructuring support agreement with lenders holding 70% of its first lien debt. The RSA contemplates agreed-upon terms for a pre-arranged financial restructuring plan that is expected to reduce several billion dollars of indebtedness. To implement the plan, J.C. Penney and its affiliates on May 15, 2020, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-20182). At the time of the filing, J.C. Penney disclosed assets of between $1 billion and $10 billion and liabilities of the same range. Judge David R. Jones oversees the cases. The Debtors tapped Kirkland & Ellis and Jackson Walker, LLP as legal counsel; Katten Muchin Rosenman, LLP as special counsel; Lazard Freres & Co. LLC as investment banker; AlixPartners, LLP as restructuring advisor; and KPMG, LLP as tax consultant. Prime Clerk is the claims agent, maintaining the page http://cases.primeclerk.com/JCPenney A committee of unsecured creditors has been appointed in Debtors' Chapter 11 cases. The committee is represented by Cole Schotz, P.C., and Cooley, LLP. * * * J.C. Penney in November 2020 won approval to sell substantially all of its retail and operating assets ("OpCo") to a group formed by landlords Brookfield Asset Management, Inc. and Simon Property Group and senior lenders through a combination of cash and new term loan debt. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel and BRG Capital Advisors, LLC is serving as financial adviser to Simon and Brookfield. KATERRA INC: Gets $200 Million Lifeline to Escape Bankruptcy ------------------------------------------------------------ Katerra, a start-up that had hoped to remake the construction industry with a vertically reported approach, is reportedly getting a lifeline from SoftBank Group to escape bankruptcy, TechCrunch and The Wall Street Journal reported. SoftBank Group is investing $200 million to bail out Katerra, according to The Journal. Katerra's shareholders reportedly approved the new investment Dec. 30, 2020, with the new lifeline from SoftBank coming on top of roughly $2 billion that the Japanese technology conglomerate had already committed to the venture. Funds for the bailout, which will save Katerra from bankruptcy, will be coming from SoftBank's Vision Fund 1, the Journal quoted Katerra chief executive Paal Kibsgaard as telling company shareholders in a message. As part of the funding, the SoftBank-financed financial services firm, Greensill Capital, is cancelling around $435 million in debt in exchange for a 5% stake in the company, according to the Journal's reporting. This new bailout actually marks the second time that SoftBank has stepped in to dole out $200 million to Katerra this year alone. In May 2020, when Kibsgaard, the former head of oil services developer Schlumberger, was brought in to fix the company's finances, SoftBank poured $200 million into the company so Kibsgaard could right the ship there, according to the Journal's reporting. Katerra has raised multiple hundreds of million dollar rounds from the Japanese technology conglomerate since its launch in 2015. Back in 2018, when the company closed on $865 million in financing, Katerra was claiming bookings for $1.3 billion worth of commercial and residential projects ranging from hospitality to student housing. That's a large number, but a fraction of the $1 trillion spent on construction in the month of November 2018 alone, according to data from the U.S. Census Bureau. Katerra has been hit by delays and cost overruns on some projects, while the COVID-19 pandemic delayed others. And irregularities that the company discovered in accounting practices also added to headaches, according to the Journal. Despite its missteps, Katerra is on track to make serious cash this 2021, with revenue between $1.5 billion and $2 billion, according to details Kibsgaard gave to the Journal. About Katerra Inc. Based in Menlo Park, California, Katerra is a Japanese funded, American technology-driven offsite construction company. It was founded in 2015 by Michael Marks, former CEO of Flextronics and former Tesla interim CEO, along with Fritz Wolff, the executive chairman of The Wolff Co. Katerra offers technology-driven design, manufacturing, and assembly solution for bathroom pods, door and window, furniture, and modular utility systems. KING MOUNTAIN: All Classes to Get 100% With Interest in Plan ------------------------------------------------------------ King Mountain Tobacco Company, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Washington a Chapter 11 Plan and a Disclosure Statement on Dec. 31, 2020. The Debtor recounts that in 2011, the Debtor filed a complaint against the United States for injunctive and other relief, arguing that it was not subject to taxation. The District Court for the Eastern District of Washington ruled in favor of the federal government, upheld the excise taxes imposed by the Alcohol and Tobacco Tax and Trade Bureau (the "TTB"), and entered a judgment against the Debtor of almost $58 million. The Ninth Circuit Court of Appeals affirmed the judgment, and the United States Supreme Court denied a petition for certiorari in June 2019. The amount owed totals about $75 million of principal, interest and penalties. The Debtor is not in a financial position to repay the approximately $75 million owed to TTB, and a levy of the Debtor's assets would likely result in the cessation of the Debtor's operations and the loss of jobs on the Yakama Nation Reservation. The Debtor made the difficult decision to commence the Chapter 11 case, to provide it with an opportunity to address its outstanding obligations in a manner that allows it to remain in operation going forward. On Dec. 29, 2020, the court authorized the Debtor to enter into the Financing Agreement, which includes a security agreement that grants FIRST Insurance Funding, a Division of Lake Forest Bank & Trust Company, N.A., a secured interest in the policies and all rights therein including all dividends, payments on claims, unearned premiums and unearned commissions. In the event that the Debtor defaults upon any of the terms of the Financing Agreement, FIRST may exercise its state law rights, up to and including cancelling the policies and applying all unearned insurance premiums to the Debtor's account. The Debtor, as an Non-Participating Manufacturer, is obligated to comply with the Escrow Statutes established pursuant to the Master Settlement Agreement. In order to comply with the Escrow Statutes, the Debtor established an escrow account in each respective Settling State in which the Debtor sells its products (the "Escrow Accounts"). As of the Petition Date, the Debtor maintained segregated Escrow Accounts with Truist Bank. The Debtor currently has $52 million on deposit in Qualified Escrow Accounts in order to comply with the Escrow Statutes enacted by the states in which the Debtor sells its tobacco products. Under the Plan, each Allowed Claim in Classes 1–8, including Class 8 general unsecured claims, will be paid in full, with interest accruing at the rate specified in the Plan, if any, from income generated from the Debtor's business operations and from the proceeds of its Escrow Accounts, as specified in the Plan. The Debtor has a single class of shares which are owned by Trina A. Wheeler, a member of the Yakama Tribe. Ms. Wheeler owns all rights attendant to the shares, and no other party holds any rights or options with respect to the Debtor's equity. Under the Plan, the equity interest holder will retain her interests following confirmation and will continue to own, manage and operate the Debtor and its property. In its liquidation analysis, the Debtor notes that the asserted secured claim of the TTB far exceeds the value of the Debtor's assets, even including the value of the Escrow Funds. The Debtor projects a liquidation of the Debtor's reversionary rights in the funds in the Escrow Accounts would likely yield approximately $0.14 on the dollar. In this case, that would translate into a total return to TTB of less than $10 million on its $75 million claim. The TTB would also assert that its lien encumbers the balance of the Debtor's assets, the proceeds from the liquidation of which would also be payable to the TTB. The TTB would receive payment on only a fraction of this claim, and all other creditors would receive no distributions whatsoever. In contrast, the Plan provides that all creditors (other than the Class 9 Claims of Affiliates) will be paid 100% of their Allowed Claims. The Plan provides a much more favorable alternative for creditors and therefore satisfies the best interests of creditors test. A full-text copy of the Disclosure Statement dated Dec. 31, 2020, is available at https://bit.ly/3ok2Wrd from PacerMonitor.com at no charge. The Debtor is represented by: James L. Day Richard B. Keeton BUSH KORNFELD LLP 601 UNION STREET, SUITE 5000 SEATTLE, WA 98101 Tel: (206) 292-2110 E-mail: jday@bskd.com E-mail: rkeeton@bskd.com About King Mountain Tobacco King Mountain Tobacco Company, Inc., is a Native American-owned premium tobacco manufacturer. It was founded by Delbert and Trina Wheeler and incorporated in November 2005 under the laws of the Yakama Nation, and registered as a foreign corporation with the State of Washington. Its products are 100% manufactured in the United States. King Mountain has paid Yakama Nation over $10 million in taxes over the past 10 years, which has been used to assist the community in a variety of ways. On the Web: https://www.kingmountaintobacco.com/ King Mountain Tobacco Company sought Chapter 11 protection (Bankr. W.D. Wash. Case No. 20-01808) on Sept. 25, 2020. The Debtor disclosed total assets of $28,586,378 and total liabilities of $92,425,329 as of the bankruptcy filing. The Hon. Whitman L. Holt is the case judge. James L. Day, Esq., at Bush Kornfeld LLP, serves as the Debtor's legal counsel. LE TOTE: US Trustee Wants More Information on Wind-Down Plan ------------------------------------------------------------ Leslie A. Pappas of Bloomberg Law reports that the U.S. Trustee, the DOJ watchdog, has claimed that Le Tote Inc. hasn't provided enough information about its wind-down bankruptcy plan for creditors to decide whether to support it. The company's amended disclosure statement also lacks a liquidation analysis, the U.S. Trustee's Office said in a Dec. 31, 2020 filing with the U.S. Bankruptcy Court for the Eastern District of Virginia. Le Tote, the parent of department store Lord & Taylor, filed the amended Chapter 11 plan and disclosures Dec. 21, 2020 after five months of going-out-of-business sales and a $12 million sale of its e-commerce assets to New York investment firm Saadia Group LLC. About Le Tote Inc. Le Tote, Inc., and its affiliates operate both an online, subscription-based clothing rental service and a full-service fashion retailer with 38 brick-and-mortar locations and a robust e-commerce platform. In response to the COVID-19 pandemic, Le Tote temporarily closed all retail locations in March 2020, although they continue to operate the Le Tote and Lord & Taylor websites. Le Tote and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 20-33332) on Aug. 2, 2020. At the time of the filing, the Debtors disclosed assets of between $100 million and $500 million and liabilities of the same range. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as their legal counsel, Kutak Rock LLP as local counsel, Berkeley Research LLC as financial advisor, and Nfluence Partners as investment banker. Stretto is the notice, claims and balloting agent and administrative advisor. LONGHORN JUNCTION: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Longhorn Junction Land and Cattle Company, LLC 21-10003 160 Lookout Rdg. Georgetown, TX 78626-7501 SC Williams, LLC 21-10004 160 Lookout Rdg. Georgetown, TX 78626-7501 Business Description: The Debtors are primarily engaged in renting and leasing real estate properties. Chapter 11 Petition Date: January 4, 2021 Court: United States Bankruptcy Court Western District of Texas Judge: Hon. Tony M. Davis Debtors' Counsel: Todd Headden, Esq. HAYWARD PLLC 10501 N. Central Expressway Suite 106 Dallas, TX 75231 Tel: 972-755-7100 E-mail: theadden@haywardfirm.com Longhorn Junction's Estimated Assets: $10 million to $50 million Longhorn Junction's Estimated Liabilities: $10 million to $50 million SC Williams' Estimated Assets: $1 million to $10 million SC Williams' Estimated Liabilities: $10 million to $50 million The petitions were signed by Gregory G. Hall, president. The Debtors each did not attach to the petition a list of its 20 largest unsecured creditors. Copies of the petitions are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/23MNR2I/Longhorn_Junction_Land_and_Cattle__txwbke-21-10003__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/3B23XFY/SC_Williams_LLC__txwbke-21-10004__0001.0.pdf?mcid=tGE4TAMA MARSHALL BROADCASTING: All Classes Unimpaired in Wind-Down Plan --------------------------------------------------------------- Marshall Broadcasting Group, Inc. ("MBG") filed with the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, a Combined Disclosure Statement and Chapter 11 Plan dated Dec. 31, 2020. MBG is a Texas corporation that, prior to the closing of the sale, owned and operated three television stations. MBG was formed by its owner and sole shareholder, Pluria Marshall, Jr., for the purpose of acquiring the stations from Nexstar, which stations were purchased by MGB for $43.3 million. In April 2020, the Debtor won approval to sell substantially all of its assets to Mission Broadcasting, Inc., for a credit bid in the amount of $49,013,809, plus the assumption of various liabilities, including cure amounts under contracts to be assumed and assigned to Mission, pursuant to the APA. Mission, which outbid Allen Media Broadcasting Evansville, Inc., closed the sale on Sept. 1, 2020. On Nov. 6, 2020, the Debtor filed motion seeking approval of a settlement of all issues with Nexstar. The principal terms of the settlement called for Nexstar to pay the Estate $2.25 million, full global releases between and among the Estate, Nexstar and Mr. Marshall, and a dismissal of all litigation and all claims filed by Nexstar. In connection with his operation of the stations, Mr. Marshall has been exploring the future of broadcast through digital distribution (streaming). The Reorganized Debtor's intent, after satisfying all allowed claims in full, is to pursue further exploration and development of that model. The Debtor's cash on hand, comprised primarily of the Wind Down Budget, which means the funds provided for under the APA, and Settlement Payment, as defined and set forth more fully in the Settlement Agreement, provides adequate liquidity to fund distributions to be made under the Plan. Under the Plan, General Unsecured Claims in Class 3 will receive, at the option of the Debtor: (i) payment in full in cash plus interest accruing thereon from the Petition Date through the Effective Date at the Federal Judgment Rate; or (ii) reinstatement. Class 3 is unimpaired under the Plan. Holder of equity interests will retain their interests under the Plan, and those interests will remain unaffected. Class 4 is unimpaired under the Plan. A full-text copy of the Combined Plan and Disclosure Statement dated Dec. 31, 2020, is available at https://bit.ly/38aOSdP from PacerMonitor.com at no charge. Co-Counsel to the Debtor: Jason S. Brookner Lydia R. Webb GRAY REED 1300 Post Oak Blvd., Suite 2000 Houston, Texas 77056 Telephone: (713) 986-7000 Facsimile: (713) 986-7100 Email: jbrookner@grayreed.com lwebb@grayreed.com - and - David B. Golubchik Eve H. Karasik LEVENE NEALE BENDER YOO & BRILL L.L.P. 10250 Constellation Boulevard, Suite 1700 Los Angeles, CA 90067 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 E-mail: dbg@lnbyb.com ehk@lnbyb.com About Marshall Broadcasting Group Marshall Broadcasting Group, Inc. -- https://mbgroup.tv/ -- is a minority-owned television broadcasting company that owns three full-power television stations in the United States. Marshall Broadcasting Group filed a voluntary Chapter 11 petition (Bankr. S.D. Tex. Case No. 19-367437) on Dec. 3, 2019. The petition was signed by CEO Pluria Marwill Jr. At the time of the filing, the Debtor estimated assets between $50 million and $100 million and liabilities of the same range. Judge David R. Jones oversees the case. Levene, Neale, Bender, Yoo & Brill L.L.P. is the Debtor's bankruptcy counsel. MARTIN MIDSTREAM: Sells Mega Lubricants Assets for $22.4 Million ---------------------------------------------------------------- Martin Midstream Partners L.P. reported the sale of certain assets used in connection with the Mega Lubricants shore-based terminals business to John W. Stone Oil Distributor, LLC for $22.4 million. Robert Bondurant, executive vice president, chief financial officer and director of the Partnership said, "The announcement today reflects our continued emphasis on debt reduction through the sale of non-core assets allowing MMLP to focus on our commercial strengths and long-term relationships built around our refinery services assets. As I stated in our last earnings call, my vision as I begin my role as CEO on January 1, 2021 is to make our Partnership attractive to investors again. Reducing our leverage is integral to that vision." Mega Lubricants is engaged in the business of blending, manufacturing and delivering various marine application lubricants, sub-sea specialty fluids, and proprietary developed commercial and industrial products. John Stone, Jr., general manager of Stone Oil said, "John W. Stone Oil Distributor has been in the marine fuel and lubricants distribution business for nearly 75 years, plying its trade on the lower Mississippi River and the Gulf of Mexico. With the acquisition of the lubricant formulation, blending, and distribution business, we are excited to expand our offering. Mega Lubricants and John W. Stone Oil Distributor are very complementary businesses that share the same business spirit: a commitment to safety, quality, and service. Mega Lubricant's delivery operations will expand Stone Oil's existing distribution and delivery operations. We look forward to integrating seamlessly because of the similarities in corporate culture and personnel. We are excited about this acquisition and continue to look at growth in the future." About Martin Midstream Martin Midstream Partners L.P. is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership's primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution and transportation services. Martin Midstream reported a net loss of $175.0 million for the year ended Dec. 31, 2019, compared to net income of $55.66 million for the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had $626.34 million in total assets, $670.80 million in total liabilities, and a total partners'deficit of $44.46 million. * * * As reported by the TCR on Aug. 17, 2020, Moody's Investors Service upgraded Martin Midstream Partners L.P.'s Corporate Family Rating to Caa1 from Caa3. "The upgrade of MMLP's ratings reflect the extended debt maturity profile and improved liquidity," said Jonathan Teitel, a Moody's analyst. MIDTOWN CAMPUS: Court Extends Exclusivity Periods Until Feb. 2 -------------------------------------------------------------- At the behest of Midtown Campus Properties, LLC, Judge Robert A. Mark extended the Debtor's exclusive rights to file a plan of reorganization from December 7, 2020, to and including February 2, 2021, and to solicit acceptances of the said plan from February 4, 2021, to and including April 5, 2021. Since the Petition Date, the Debtor has made significant progress in negotiating with its stakeholders and administering its chapter 11 case, which further warrants a further extension of the Exclusivity Period. But even with the significant progress made by the Debtor in their Chapter 11 case to advance the construction to the point of obtaining TCOs for 299 beds, it became apparent several weeks ago that the existing DIP Loan with BMI Financial Group, Inc., in the principal amount of $5,200,000 was not sufficient to cover all of the hard and soft costs necessary to be incurred in order to complete construction of the balance of the Project, including the additional administrative costs of the chapter 11 case. In connection, the Debtor filed on November 4, 2020, the DIP Motion, seeking to borrow a new term loan from the DIP Lender in the aggregate amount of up to $12,925,000 to enable the Debtor: (i) to fund the remaining hard and soft costs necessary to complete the Project in an amount equal to approximately $5,450,000 as contemplated by the Cost to Complete; (ii) to refinance the Existing DIP Loan in the amount of approximately $5,200,000; and (iii) to fund an interest reserve on the DIP Loan herein through the Maturity Date in an amount equal to approximately $2,275,000. Additionally, the Debtor is seeking an extension of the pending maturity date on the Existing DIP Loan beyond May 2021 to December 31, 2022. The Debtor believes that once it has the funds necessary to complete construction of the Project, which completion it expects in the first quarter of 2021, then the Debtor will have positioned the Project to be marketed and substantially rented for the start of the Fall semester at the University of Florida in August 2021. The Debtor would then have the "runway" needed to allow the Project to be substantially rented for one full year, until August 2022, so as to position the Project for a sale prior to the December 2022 maturity date of the DIP Loan. Notwithstanding these achievements and progress, certain contingencies and issues remain before the Debtor will be in a position to propose a feasible plan of reorganization and proceed to emerge from chapter 11. The extension will allow the Debtor to focus its attention on obtaining approval of the new DIP Loan, finalizing construction of the Project, and developing a consensual Plan with its creditor body that will allow it to emerge from bankruptcy. A copy of the Debtor's Motion to extend is available from PacerMonitor.com at https://bit.ly/3giG7B7 at no extra charge. A copy of the Court's Extension Order is available from PacerMonitor.com at https://bit.ly/3ofoh4W at no extra charge. About Midtown Campus Properties Midtown Campus Properties, LLC, is a single asset real estate that owns the Midtown Apartments. The Midtown Apartments is a 310-unit student housing apartment complex currently under construction at 104 NW 17th St in Gainesville Florida, just across from the University of Florida. It consists of a six-story main building, a parking garage for resident and public use, and commercial retail space. Each unit includes a full-size kitchen, carpet, tile, and hardwood floors and be fully furnished. It is located near several Midtown bars and restaurants frequented by students, and just a couple of minutes' walk from Ben Hill Griffin Stadium. On May 8, 2020, Midtown Campus Properties sought Chapter 11 protection (Bankr. S.D. Fla. Case No. 20-15173). The Debtor was estimated to have $50 million to $100 million in assets and liabilities as of the bankruptcy filing. The Honorable Robert A. Mark is the presiding judge. The Debtor tapped Genovese Joblove & Battista, P.A., as bankruptcy counsel; and The Bosch Group, Inc., as construction consultants. No creditors' committee has been appointed in this case. In addition, no trustee or examiner has been appointed. MONARCH GROUP: Ruby Sadler Says Plan Not Filed in Good Faith ------------------------------------------------------------ Ruby Sadler objects to the Disclosure Statement in support of Monarch Group LLC's Chapter 11 Plan of Reorganization. Ruby Sadler is a secured lender of the Debtor by virtue of a Note executed by Debtor for $225,000 dated Aug. 5, 2011. The Note is secured by the Property purchased by the Debtor from the Sadler. Sadler notes that that the Debtor's sole tenant is a related company that provides towing services solely owned by Jason Ward, who is the sole owner of Debtor. The Debtor should be required to provide financial information of this entity and its ability to not only pay current expenses but pay future expenses such as its property taxes. Sadler claims that the totality of the circumstances in this case overwhelmingly indicate that the Plan was not proposed in good faith. Jason Ward, the sole owner of the Debtor, separately classifies his claim, Callas 6, as a subordinated unsecured creditor but is being paid during the same time period as other creditors are being paid. Sadler points out that the Debtor has failed to pay Sadler the December installment due under the Note as of the date of the filing. Because the Debtor has failed to make the December payment to Sadler, it may very well have failed to pay utilities and insurance. Sadler asserts that the Class 6 of the Plan is a claim held by Jason Ward and insider. His claim should be subordinated to the claims of other unsecured creditors and his vote should not be considered as an accepting class. A full-text copy of Sadler's objection to the Disclosure Statement dated Dec. 11, 2020, is available at https://bit.ly/37Ao8Dj from PacerMonitor at no charge. Restructuring Plan Monarch Group filed a Chapter 11 Plan of Reorganization and a Disclosure Statement on Nov. 6, 2020. The Plan provides for the payment in full of all allowed claims against the Debtor and for the Debtor's equity holders to retain 100% of the equity interests in the Reorganized Debtor. The funds to be used for the payment of allowed claims or other distributions to be made under the Plan will come from (a) the Debtor's current cash on hand; (b) rent payments from the Debtor’s affiliates; and (c) the net proceeds of any sale, refinancing or other disposition of the Debtor's assets. A copy of the Disclosure Statement dated Nov. 6, 2020, https://bit.ly/3pPxiSF Attorney for Ruby Sadler: WILLIAM L. SIEGEL COWLES & THOMPSON, P.C. 901 Main Street, Suite 3900 Dallas, TX 75202 Tel: (214) 672-2000 Fax: (214) 672-2020 E-mail: bsiegel@cowlesthompson.com About Monarch Group Monarch Group LLC is a "single asset real estate" as that term is defined in 11 U.S.C. Sec. 101(51B). Monarch Group owns a real property located at 2343 E. University Drive, McKinney, Texas. The property is used by its affiliates Safari Towing and Collin County VSF in their towing and impound businesses. The Debtor is indebted to Donald Sadler and Ruby Sadler, who sold the Property to Monarch back in 2011 under a promissory note in the original principal amount of $225,000. Monarch Group filed a Chapter 11 bankruptcy petition (Bankr. E.D. Tex. Case No. 20-41708) on Aug. 3, 2020, estimating under $1 million in both assets and liabilities. The Debtor is represented by HAYWARD & ASSOCIATES PLLC. OCCASION BRANDS: Plan Exclusivity Period Extended Thru March 19 --------------------------------------------------------------- The Honorable Stuart M. Bernstein granted the request of Occasion Brands, LLC for an extension of their exclusive periods to file a Chapter 11 plan through and including March 19, 2021, and to solicit acceptances through and including May 18, 2021. In its short time in chapter 11, the Debtor has taken significant steps toward implementing a successful reorganization, including: (i) securing post-petition use of cash collateral; (ii) preparing and filing its Schedules and Statements of Financial Affairs; (iii) rejecting burdensome unexpired leases and executory contracts (including the Domain License Agreement with Kleinfeld Bridal Corp.); and (iv) conducting a marketing and sale process that resulted in the Court's entry of the Bidding Procedures Order and approval of the Stalking Horse Bidder (as defined in the Bidding Procedures Order). Moreover, the sale process has yielded an offer for the acquisition of the Debtor's business as a going concern from the Stalking Horse Bidder, which is expected to yield significant recoveries for unsecured creditors and preserve the jobs of the Debtor's remaining employees. A Sale Hearing was scheduled for November 19, 2020. During an unprecedented public health crisis, the Debtor has spent the past several months working tirelessly to manage the extensive requirements of chapter 11, negotiate and obtain post-petition use of cash collateral, maintain operations and important vendor relations, pursue an adversary proceeding with respect to a substantial portion of the Debtor's inventory, and conduct a robust, open and competitive marketing and sale process for substantially all of its assets. The sale process, however, is not yet complete. The extension of the Exclusive Periods will allow the Debtor to complete the sale process and work with key case constituencies to confirm a chapter 11 plan. The said extension will not prejudice any parties in interest and will promote the Debtor's ability to maximize value for all its stakeholders. A copy of the Debtor's Motion to extend is available from PacerMonitor.com at https://bit.ly/3n12bBQ at no extra charge. A copy of the Court's Extension Order is available from PacerMonitor.com at https://bit.ly/3mRdSLu at no extra charge. About Occasion Brands Founded in 1998 -- https://www.occasionbrands.com/ -- Occasion Brands, LLC is a family of e-commerce websites that focuses on the prom, homecoming, bridal, and other special occasion events. It is a pure-play e-commerce platform for prom dresses and operates its business through three web properties: promgirl.com, simplydresses.com, and KleinfeldBridalParty.com. teen events. Occasion Brands sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y., Case No. 20-11684) on July 22, 2020. Robert Nolan, chief restructuring officer, signed the petition. At the time of the filing, the Debtor was estimated to have assets of $1 million to $10 million and liabilities of $10 million to $50 million. The Honorable Stuart M. Bernstein is the case judge. S. Jason Teele, Esq. and Daniel J. Harris, Esq., of Sills Cummins & Gross P.C. serve as Debtor's counsel. Insight Partners, LLC, is the Debtor's Restructuring Advisor, and Omni Agent Solutions is the claims and noticing agent. PACIFIC ALLIANCE: Non-Insider Unsecureds to Recover 100% in Plan ---------------------------------------------------------------- Pacific Alliance Corporation, a Utah corporation, filed with the U.S. Bankruptcy Court for the District of Utah, Central Division, a Chapter 11 Plan of Reorganization and a Disclosure Statement. A hearing on the Debtor's motion for an order approving the Disclosure Statement and setting a hearing to consider confirmation of the Plan is scheduled for Jan. 19, 2021 at 3:00 p.m. Generally, the Plan provides for the Debtor to pursue recovery from a party that the Debtor believes owes significant amounts to the Debtor. While one secured creditor will be paid in full on a compromised claim and an initial distribution will be made under the Plan to the other secured creditor and administrative expense and priority claimants, most creditors and equity holders will receive distributions from recoveries. Upon reorganization, the Debtor will be reorganized and will be referred to in this Disclosure Statement as the "Reorganized Debtor." In December 2014, several holders of Class B preferred stock in the Debtor brought a securities action against the Debtor and certain related parties on a number of claims involving the marketing and sale of the Class B preferred stock, breach of fiduciary duty, negligence, and other claims (the "Johnson/Menscer Lawsuit"). The securities claims were dismissed by the plaintiffs against the Debtor and others and what remains of the Johnson/Menscer Lawsuit are the Debtor's claims against Menscer for breach of fiduciary duty, equitable indemnification, and an accounting. The Debtor believes that this lawsuit is likely to succeed in a judgment against Menscer and recovery of damages from Menscer. The Debtor intends to proceed with this litigation against Menscer in executing the Plan. After satisfaction in full or adequate provision for satisfaction in full of all Allowed Administrative Expense Claims, Allowed Priority Claims, and Allowed Secured Claims, each holder of an Allowed Class 3A Unsecured Claim will receive from the New Litigation Proceeds Fund, payment up to in full of its Allowed Class 3A Claim, without interest. In the event that the amounts remaining in the New Litigation Proceeds Fund after Allowed Administrative Expense Claims, Allowed Priority Claims, and Allowed Secured Claims are satisfied in full and/or adequate provision is made for satisfaction in full of such Claims, are insufficient to satisfy Class 3A Claims in full, each holder of a Class 3A Unsecured Claim will receive its pro rata portion of amounts from amounts remaining in the New Litigation Proceeds Fund. Class 3A is impaired by the Plan. It is estimated that Allowed Class 3A Claims will total $34,000 and will recover 100%. Each holder of an Allowed Class 3B Insider Unsecured Claim will receive from the New Litigation Proceeds Fund payment up to in full of its Allowed Class 3B Claim, without interest. In the event that the amounts remaining in the New Litigation Proceeds Fund after Allowed Administrative Expense Claims, Allowed Priority Claims, and Allowed Secured Claims are satisfied in full and/or adequate provision is made for satisfaction in full of such Claims, are insufficient to satisfy Class 3A Claims in full, each holder of a Class 3A Unsecured Claim will receive its pro rata portion of amounts from amounts remaining in the New Litigation Proceeds Fund. Class 3B is impaired by the Plan. It is estimated that Allowed Class 3A Claims will total $2,700,000 and will recover 25% to 100%. Each holder of an Allowed Class 4C Interest will receive, in full satisfaction of its Class 4C Interest, payment of cash from the New Litigation Proceeds Fund in an amount equal to the holder's percentage interest in all amounts remaining in the New Litigation Proceeds Fund (the "Class 4C Distribution Amount") after Class 1A, 1B, 3A, 3B, 4A, and 4B are satisfied in full and/or adequate provision is made for satisfaction in full of such Claims and Interests, without interest. In the event that any Class 4C Interests are disallowed, the Class 4C percentage interests of Class 4C Interests will be adjusted for distribution. Class 4C Interests are impaired and entitled to vote on the Plan. The funds required for confirmation and performance of the Plan will be provided from existing funds from the North Carolina Settlement and further litigation the Debtor has brought and will continue or will bring. The Debtor projects that the litigation it intends to pursue will result in the recovery of between $1,000,000 and $8,500,000 or more. A full-text copy of the Disclosure Statement dated Dec. 11, 2020, is available at https://bit.ly/2LPdqAt from PacerMonitor at no charge. Attorneys for Pacific Alliance: DENTONS DURHAM JONES PINEGAR P.C. Kenneth L. Cannon II Penrod W. Keith 111 South Main Street, Suite 2400 P.O. Box 4050 Salt Lake City, UT 84110-4050 About Pacific Alliance Pacific Alliance Corporation is the holding company for Superior Filtration Products, LLC, and Star Leasing Inc. Superior is in the business of retail residential and commercial/industrial air filter frame and housing manufacturing for the clean air industry. Star Leasing is in the trucking industry and is a general commodity carrier. Based in North Salt Lake, Utah, Pacific Alliance filed a Chapter 11 petition (Bankr. D. Utah Case No. 17-28911) on Oct. 12, 2017. The petition was signed by Steven K. Clark, its president. At the time of filing, the Debtor disclosed $2.80 million in assets and $3.38 million in liabilities. The Hon. Kimball R. Mosier is the case judge. Kenneth L. Cannon, II, Esq., at Durham Jones & Pinegar, P.C., represents the Debtor. PATSY MCGIRL: Plan Exclusivity Extended Thru March 7 ---------------------------------------------------- Judge Christopher M. Lopez of the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, extended to March 7, 2021, the period within which Patsy McGirl LLC has the exclusive right to file a plan of reorganization. Several of the Debtor's staff along with Patsy have suffered from the Covid-19 during the past few months. But as the restrictions slowly lifted, the Debtor is now able to open and close the store, allowing them to be open seven days a week and back to most of the hours offered before Covid-19. To add, the new staff are slowly trained as the Debtor's business starts to operate again. The Debtor's business sales are steady, but the Debtor is still having difficulty building the business back up and require additional time. The Debtor is focused on delivery as well as curbside. "Additionally, there had been 2 vacant retail spaces that were empty. They have now been rented out, with one as a tire service company and another as a restaurant. Both of these businesses will help pull in new customers. Now we are given more time, we believe we'll continue to grow our sales due to trained staff, more hours open to the public, and expanding our delivery service," the Debtor said. About Patsy McGirl Patsy McGirl LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 20-32981) on June 9, 2020, disclosing under $1 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtor is represented by the Law Office of Margaret M. McClure; and Mueller Pye & Associates CPA, LLC as an accountant to the Debtor. PERMIAN HOLDCO 1: Wins Feb. 16 Plan Exclusivity Extension --------------------------------------------------------- At the behest of Permian Holdco 1, Inc. and its affiliates, Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware extended the period within which the Debtors have the exclusive right to file a plan of reorganization through and including February 16, 2021, and to solicit acceptances through and including April 15, 2021. The Debtors said they have worked diligently to ensure a smooth transition into Chapter 11 and to preserve and maximize the value of the Debtors' estates for the benefit of all stakeholders. To that end, the Debtors have, among other things: (i) closed the All Asset Sale pursuant to the Court-approved bidding procedures and the Sale Order; (ii) received Court approval of and closed the Private Sales; (iii) filed their schedules of assets and liabilities and statements of financial affairs; (iv) pursuant to a Court order, established claims bar dates for pre-petition claims and claims pursuant to section 503(b)(9) of the Bankruptcy Code; (v) commenced the claims reconciliation process and filed the First Omnibus Claim Objection; (vi) obtained entry of interim and final orders approving the Debtors' post-petition financing and use of cash collateral; (vii) retained professionals; (viii) worked with the U.S. Trustee and the official committee of unsecured creditors to resolve a number of their comments with respect to the Bidding Procedures Order and the Financing Orders; (ix) responded to various creditor inquiries and demands; (x) handled the various other tasks related to the administration of the Debtors' estates and these chapter 11 cases; and (xi) engaged in extensive, good faith, and arm's-length negotiations with the Committee and New Mountain Finance Corporation regarding (a) the terms of the Settlement Term Sheet, which was approved by the Settlement Order, and (b) the terms of a chapter 11 plan which are currently ongoing. On October 7, 2020, the Court entered an order authorizing and approving the sale of substantially all of the Debtors' assets -- All Asset Sale -- to New Permian Holdco, Inc. as Purchaser, an affiliate of NMFC, pursuant to an Asset Purchase Agreement, dated July 20, 2020, between the Debtors and the Purchaser. The sale closed on October 30, 2020. The Court also has approved a settlement among the Debtors, the Committee, and NMFC that resolves a number of complex issues and disputes, and the parties are working diligently to incorporate the Settlement Term Sheet into a plan of liquidation that is acceptable to all of the parties. The Debtors have devoted significant time and attention to the Sale process for the Debtors' assets, which was conducted in accordance with the Bidding Procedures Order. During the same time period, the Debtors also began to identify the contracts that the Debtors may reject or assume and assign in connection with the All Asset Sale, as well as the amounts the Debtors believe would be required to cure defaults under such contracts. The Settlement Order provides the framework for a chapter 11 plan of liquidation, which the Debtors, the Committee, and NMFC are close to finalizing (along with the related disclosure statement). The Debtors have also complied with their reporting and disclosure requirements under the Bankruptcy Code, including the preparation and filing of the Schedules and the filing of monthly operating reports. The Debtors have worked extensively with potential bidders and other parties in interest to effectuate the Sales and the assumption and assignment of contracts and leases to the Purchaser. The Debtors, along with the Committee and NMFC, also have been engaged in active settlement discussions with Solace Capital Partners, L.P. in an effort to try to resolve certain issues between the parties and pave the way for a consensual plan process. About Permian Holdco 1 Permian Holdco 1, Inc. and its affiliates are manufacturers of above-ground storage tanks and processing equipment for the oil and natural gas exploration and production industry. Permian Holdco 1, Inc. and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Case No. 20-11822) on July 19, 2020. The petitions were signed by Chris Maier, chief restructuring officer. Holdco estimated under $50,000 in both assets and liabilities. Honorable Mary F. Walrath presides over the cases. M. Blake Cleary, Esq., Robert F. Poppiti, Jr., Esq., Joseph M. Mulvihill, Esq., and Jordan E. Sazant, Esq. of Young Conaway Stargatt & Taylor, LLP serve as counsel to the Debtors. Seaport Gordian Energy LLC serves as an investment banker to the Debtors and Epiq Corporate Restructuring LLC acts as notice and claims agent. Troutman Pepper Hamilton Sanders LLP serves as counsel to the Official Committee of Unsecured Creditors. PLEASANT POINT: Jan. 21 Hearing on Disclosure Statement Set ----------------------------------------------------------- A hearing will be held in Oxford Federal Building, 911 Jackson Avenue, Oxford, MS, on Jan. 21, 2021, at 10:30 a.m., to consider and act upon the Disclosure Statement filed by Craig M. Geno on behalf of Pleasant Point Investment, LLC. Objections are due on Jan. 11, 2021. As reported in the TCR, Pleasant Point Investment with the Court a Plan of Reorganization on Dec. 4, 2020. The Debtor will continue to operate its business in the ordinary course. The Debtor proposes to pay its projected disposable income over the three-year life of the Plan to its unsecured creditors on a pro rata basis. The Debtor's equity security holder will maintain his ownership of the Debtor. A full-text copy of the Disclosure Statement dated Dec. 4, 2020, is available at https://tinyurl.com/y5a4o7as from PacerMonitor.com at no charge. About Pleasant Point Investment Pleasant Point Investment, LLC, owns and operates a convenience store and accompanying gasoline station at 5337 Hwy. 72 in Mount Pleasant, Mississippi. The company was created by Nrupesh Patel and his spouse Tejal Patel. Pleasant Point Investment filed a Chapter 11 petition (Bankr. N.D. Miss. Case No. 20-11595) on April 20, 2020. In the petition signed by Nrupesh Patel, manager, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Craig M. Geno, Esq., at the Law Offices Of Craig M. Geno, PLLC, serves as bankruptcy counsel to the Debtor. PROFESSIONAL FINANCIAL: Plan Exclusivity Extended to March 31 ------------------------------------------------------------- At the behest of Professional Financial Investors, Inc., and Professional Investors Security Fund, Inc., the U.S. Bankruptcy Court for the Northern District of California, San Francisco Division extended the periods within which the Debtors have the exclusive right to file a plan to and including February 26, 2021, and to solicit acceptances to and including April 30, 2021. The Debtors' bankruptcy cases are unusually complex and involve, among other things, unraveling years' worth of fraud by their prior management that affected well over a thousand total creditors, rendered approximately 70 real properties owned directly or indirectly by the Debtors unmarketable, and encompassed at least 41 entities related to the Debtors, all of which the Debtors expect will eventually become debtors in bankruptcy themselves. When that happens, the Debtors will request to be jointly administered with the Debtors' cases. The Related Entities becoming debtors in bankruptcy will be an important step in the Debtors' reorganization efforts. From the beginning, the Debtors' stated goal has been to reach an overall negotiated agreement with all investor classes regarding the manner in which value will be returned to investors and use such an agreement as to the framework for a Chapter 11 plan. In furtherance of this goal, the Debtors sought and obtained approval from this Court to enter into an agreement with the OCUC, Ad Hoc Committee of DOT Noteholders, and Ad Hoc Committee of LLC Members whereby the Debtors agreed that, among other things: (i) the Debtors and Committees would hire one independent forensic accounting/financial advisory firm to investigate the fraud of the Debtors' prior management; (ii) the ad hoc committees would participate in the negotiation and formulation of a plan of reorganization; and (iii) the reasonable and documented expenses of the ad hoc committees' counsel and consultants would be paid as administrative expenses of the estates. Moreover, the Committee Agreement explicitly provides that upon the completion of the FA's forensic investigation and issuance of its report, the Debtors and the Committees would engage in settlement negotiations and may participate in formal mediation. The Debtors have continued to pay their expenses as they come due and preserve their assets for the benefit of creditors. And in collaboration with key creditor constituencies, the Debtors have been diligently working to uncover the full extent of this fraud and make progress toward a comprehensive, mutually agreed-upon resolution of claims. The Debtors now have the time to deal with several significant issues to resolve before they could file a feasible plan of reorganization. A copy of the Debtors' Motion to extend is available from PacerMonitor.com at https://bit.ly/3ouYVQy at no extra charge. A copy of the Court's Extension Order is available from PacerMonitor.com at https://bit.ly/3rLDo8y at no extra charge. About Professional Financial Investors Professional Financial Investors, Inc., and Professional Investors Security Fund, Inc. are both engaged in activities related to real estate. On July 16, 2020, a group of creditors filed an involuntary Chapter 11 petition (Bankr. N.D. Cal. Case No. 20-30579) against Professional Investors. On July 26, 2020, Professional Financial sought Chapter 11 protection (Bankr. N.D. Cal. Case No. 20-30604). The cases are jointly administered under Case No. 20-30604. At the time of the filing, Professional Financial disclosed assets of between $100 million and $500 million and liabilities of the same range. Previously, Judge Dennis Montali oversees the cases, but Judge Hannah L. Blumenstiel now presides over the Debtors' case. Ori Katz, Esq., at Sheppard, Mullin, Richter & Hampton, LLP, is the Debtors' legal counsel. Debtors have also tapped Trodella & Lapping LLP as their conflicts counsel and Ragghianti Freitas LLP, Weinstein & Numbers LLP, Wilson Elser Moskowitz Edelman & Dicker LLP, Nardell Chitsaz & Associates as their special counsel, and Kimball Tirey & St. John, LLP as residential real estate counsel and residential real estate litigation counsel. Michael Hogan of Armanino LLP was appointed as Debtors' chief restructuring officer. FTI Consulting, Inc., is the financial advisor. On Aug. 19, 2020, the Office of the U.S. Trustee appointed a committee of unsecured creditors. The committee is represented by Pachulski Stang Ziehl & Jones, LLP. REGIONAL VALVE: Plan Exclusivity Period Extended Until Feb. 1 ------------------------------------------------------------- At the behest of Regional Valve Corp., Judge Meredith S. Grabill extended the periods by 45 days within which the Debtor has the exclusive right to file the Chapter 11 Small Business Disclosure Statement and Plan of Reorganization until February 1, 2021. On March 13, 2020, the President of the United States declared a national emergency as a result of the COVID-19 outbreak. Subsequently, the State of Louisiana issued a Mandatory Shut Down/Lock Down of Businesses due to the Covid-19 Pandemic, and the Debtor has been heavily and negatively impacted by the said Order. Although Debtor did show minimal income for this Shut Down Period, Debtor's income in its Business Operations was significantly reduced for several months. Due to the impact of the Covid- 19 Pandemic, it left the Debtor without an income and cannot satisfy feasibility to fund its Disclosure Statement and Plan. In addition, although Debtor lost several clients with which Debtor has done business for years, Debtor is in process of acquiring new client sources to increase sales and productivity due to the closure of several client businesses in connection with the Covid-19 Pandemic. The United States and Louisiana were shuttered under mandatory stay-at-home orders and mandatory closures of "nonessential" businesses. As such, Debtor has paid the necessary utilities and insurance obligations and is current on all operating expenses, but is presently unable to show sufficient income to substantiate a feasible Disclosure Statement and Plan, due to its unavoidable and mandatory closure for several months. Now, with the extension, the Debtor will have time to deal with issues caused by the Covid-19 Pandemic. A copy of the Debtor's Motion to extend is available from PacerMonitor.com at https://bit.ly/38Y1xQy at no extra charge. A copy of the Court's Extension Order is available from PacerMonitor.com at https://bit.ly/3b3lwQC at no extra charge. About Regional Valve Corp Regional Valve Corp -- http://www.regionalvalvecorp.com– provides industrial utility, petrochemical, marine, oil field, and commercial equipment. It also offers repair, testing, installation, and maintenance of safety relief valves for air, gas, steam, and liquid services. Regional Valve Corp filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 20-11025) on June 8, 2020. In the petition signed by Donald J. Roth, Jr., president/registered agent, the Debtor estimated $941,080 in assets and $1,212,129 in liabilities. Judge Meredith S. Grabill presides over the case. Phillip K. Wallace, Esq. at PHILLIP K. WALLACE, PLC represents the Debtor as counsel. RENOVATE AMERICA: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 on Jan. 4 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Renovate America Inc. and its affiliates. The committee members are: 1. SF II Rancho Bernardo, LLC Attn: Steve Blue 2445 McCabe Way, Suite 100 Irvine, CA 92614 Tel: (949) 903-3462 E-mail: blue@swiftrp.com 2. Aurelia Millender (on behalf of herself and all others similarly situated) Attn: Stephanie Carroll 610 S. Ardmore Ave. Los Angeles, CA 90005 Tel: (213) 385-2977 Fax: (213) 201-4722 E-mail: scarroll@publiccounsel.org 3. Alma Foster Attn: Stacey L. Tutt UC Irvine Consumer Law Clinic P.O. Box 5479 Irvine, CA 92616-5479 Tel: (217) 649-7187 Fax: (949) 824-2747 E-mail: stutt@law.uci.edu Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Renovate America Renovate America -- http://www.renovateamerica.com/-- is one of the nation's preeminent providers of home improvement financing through its industry-leading home financing product, Benji. It offers a proprietary technology platform that helps Americans improve their homes while giving contractors the tools they need to grow their business. In addition to offering intuitive financing options, Renovate America offers industry-leading education, training and mentoring to contractor teams in the field. Renovate America and two affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-13173) on Dec. 21, 2020. As of its bankruptcy filing, Renovate America was estimated to have $50 million to $100 million in assets and $100 million to $500 million in liabilities. Judge Laurie Selber Silverstein presides over the cases. The Debtors tapped Bryan Cave Leighton Paisner and Culhane Meadows, PLLC as their bankruptcy counsel, Armanino LLP as financial advisor, and GlassRatner Advisory & Capital Group, LLC as restructuring advisor. Stretto is the claims agent. RGN-GROUP HOLDINGS: Committee Taps D.Law as Luxembourg Counsel -------------------------------------------------------------- The official committee of unsecured creditors of RGN-Group Holdings, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain D.Law as its special Luxembourg counsel. The committee requires the firm's legal assistance in connection with Redox Plc S.A.'s insolvency proceeding in Luxembourg. Some of RGN-Group's unsecured creditors hold claims against Redox, a guarantor of certain of the company's leases. D.Law's hourly rates are: Francois Lerusse, Partner EUR620 Julie Prunier, Senior Associate EUR450 Evangelia Akrita, Associate EUR250 Francois Lerusse, a partner at D.Law, disclosed in court filings that the firm is "disinterested" under Section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, D.Law made the following disclosures: -- D.Law has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; -- none of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; -- the firm has not represented the committee in the 12 months prepetition; and -- due to the limited nature of the engagement, D.Law has not provided the committee with a budget and staffing plan but it has discussed an appropriate budget for its limited engagement with the committee and its other retained professionals. D.Law can be reached through: Francois Lerusse D.Law Societe a responsabilite limitee Aerogolf Block A 1, rue Heienhaff L-1736 Senningerberg Grand Duchy of Luxembourg Tel.: +352 270 477 011 Mobile: +352 661 452 626 Email: flerusse@dlaw.lu About RGN-Group Holdings RGN-Group Holdings, LLC and its affiliates are primarily engaged in renting and leasing real estate properties. On Aug. 17, 2020, RGN-Group Holdings and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-11961). At the time of the filing, RGN-Group Holdings disclosed total assets of $1,005,956,000 and total liabilities of $946,016,000. Judge Brendan Linehan Shannon oversees the cases. The Debtors tapped Faegre Drinker Biddle & Reath LLP as their bankruptcy counsel, Alixpartners as financial advisor, Duff & Phelps LLC as restructuring advisor, and Epiq Corporate Restructuring LLC as claims and noticing agent. Natasha Songonuga is the Subchapter V trustee appointed in the Debtors' cases. The trustee is represented by Gibbons P.C. The U.S. Trustee for Region 3 appointed a committee to represent the Debtors' unsecured creditors on Sept. 21, 2020. The committee hired Frost Brown Todd LLC, and Cole Schotz P.C. as its legal counsel and FTI Consulting, Inc. as its financial advisor. RLCH INC: Wins January 20 Extension of Plan Exclusivity ------------------------------------------------------- At the behest of RLCH Inc., Judge Robert E. Grossman of the U.S. Bankruptcy Court for the Eastern District of New York extended the period within which the Debtor may file a chapter 11 plan and solicit acceptances through and including January 20, 2021, and March 21, 2021, respectively. Since the Petition Date, the Debtor has been busy satisfying the general requirements of a chapter 11 case under the Bankruptcy Code, such as preparing and filing the Financing Motion and retention applications, preparing for and attending the meeting of creditors, and performing other administrative tasks. The Debtor's Board of Directors has filed and plans to continue to file all of the Debtor's operating reports on time. The Debtor's strategy for this Chapter 11 Case is to: (i) mediate or litigate to resolve the claims removed by the Debtor to the Bankruptcy Court; (ii) remediate the Barclay Building's construction defects; (iii) obtain approval of an Offering Plan from the New York Attorney General; and (iv) sell condominium units in the Barclay Building. On September 28, 2020, Manuel Roel, one of the Debtor's shareholders, filed the Motion to Dismiss and the Motion for Remand. As a result, the Debtor's principal focus has shifted from the remediation of its property and litigation of the merits of the removed claims to responding to Roel's Motion to Dismiss and Motion for Remand. Before the filing of the motions, the Debtor was in the process of moving towards remediation of the Barclay Building and was planning to begin addressing the claims affecting the Debtor in the Shareholder Litigation. The Debtor has paused its remediation efforts to conserve the estate funds. Once the Court rules on the Motion to Dismiss and Motion for Remand, the Debtor will resume its focus on the remediation of the Barclay Building and the resolution of the removed claims affecting the estate. Once the Debtor completes the remediation of the Barclay Building, the Debtor intends to quickly and efficiently convert the Barclay Building to condominiums pursuant to an Offering Plan to be approved by the New York Attorney General. The Debtor has to overcome Roel's Motion to Dismiss and Motion for Remand, to resolve litigation of the removed claims, and to complete several steps towards the rehabilitation of the Barclay Building before it can sell condominium units and maximize the value of the estate and the returns to all of the stakeholders. The Debtor is current on payment of all of its post-petition obligations and has sufficient liquidity to pay its administrative expenses in the ordinary course. Now with the extension of the Exclusive Periods, this will allow the Debtor to put to rest its involvement in the Shareholder Litigation, obtain approval of the Offering Plan, and proceed to the next stage of the Chapter 11 Case in an orderly and efficient manner. A copy of the Debtor's Motion to extend is available from PacerMonitor.com at https://bit.ly/3oeEWWs at no extra charge. A copy of the Court's Extension Order is available from PacerMonitor.com at https://bit.ly/3aZDLGJ at no extra charge. About RLCH Inc. RLCH Inc. engages in activities related to real estate. It owns real property and building located at 144-69 Barclay Ave., Flushing, N.Y. RLCH sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 20-43052) on Aug. 24, 2020. RLCH president Lisa Lam signed the petition. At the time of the filing, the Debtor was estimated to have assets of between $10 million and $50 million and liabilities of between $1 million and $10 million. Judge Robert E. Grossman presides over the case. The Debtor has tapped Herrick, Feinstein, LLP as its legal counsel and Daniel Scouler of Scouler Kirchhein, LLC as its chief restructuring officer. RRNB 1290 LLC: Expects Sale of Property to Pay $2M Claims in Full ----------------------------------------------------------------- RRNB 1290 LLC filed with the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, a Plan of Reorganization and a Disclosure Statement. The Bankruptcy Court will consider approval of the Disclosure Statement at a hearing scheduled for Jan. 13, 2021 at 9:30 a.m. According to the Disclosure Statement, the Debtor leases its property in Comal County, Texas, to a related entity, RRED Corporation. RRED's business on the real property has not generated sufficient cash flow to make the lease payment to Debtor. Without positive cash flow, the Debtor was unable to make the mortgage payment and the secured creditor initiated foreclosure proceedings. The Debtor believes there is significant equity in the Real Property and filed a Chapter 11 case to prevent the loss of that equity. The Debtor has engaged a real estate broker to sell the Real Property Asset. The Debtor believes the Real Property has a value of $4,000,000. The source of this value is based on recent comparable sales of similar commercial real property. As the total of all claims asserted against the Real Property do not exceed $2,000,000, the Debtor believes the sale or liquidation of the Real Property will generate sale proceeds sufficient to pay all claims and administrative expenses leaving funds available for Debtor's equity holders. The Plan provides that Debtor shall have 180 days from Jan. 1, 2021 to sell the Real Property for an amount sufficient to pay the secured and priority claims asserted against the Debtor. If the Real Property is not sold within the 180 days of filing the Plan, a liquidating trustee shall be appointed. The liquidating trustee will have 180 days to sell the Real Property for an amount sufficient to pay the secured and priority claims asserted against the Debtor. The Debtor does not have any General Unsecured Claims. Robert Kane will retain all equity interest. After the effective date of the order confirming the Plan, the directors, officers, and voting trustees of the Debtor, any affiliate of the Debtor participating in a joint Plan with the Debtor, or successor of the Debtor under the Plan (collectively the "Post Confirmation Managers"), will be Robert Lane. Payments and distributions under the Plan will be funded From the closing of the refinance loan or sale of the Real Property. A full-text copy of the Disclosure Statement dated Dec. 11, 2020, is available at https://bit.ly/3p7pqM6 from PacerMonitor at no charge. The Debtor is represented by: VILLA & WHITE LLP Morris E. "Trey" White III 1100 NW Loop 410 #802 San Antonio, Texas 78213 Tel: (210) 225-4500 Fax: (210) 212-4649 E-mail: treywhite@villawhite.com RRNB 1290 LLC Since 2015, RRNB 1290 LLC has been in the business of a real estate holding company. It has acquired two parcels of commercial real property: (1) 3.03 acres of commercial real property located at the corner of Hwy 46 W at Loop 337in New Braunfels, Comal County, Texas; and (2) 3.58 acres located at 1290 River Rd. New Braunfels, Comal County, Texas. RRNB 1290 LLC filed for Chapter 11 protection (Bankr. W.D. Tex. Case No. 20-50883) on May 4, 2020. In the petition signed by Robert Kane, managing member, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Morris E. "Trey" White III, Esq., at Villa & White LLP, serves as bankruptcy counsel to the Debtor. RRNB 8400 LLC: Expects Sale of Property to Pay $2M Claims in Full ----------------------------------------------------------------- RRNB 8400 LLC filed with the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, a Disclosure Statement describing Plan of Reorganization dated December 11, 2020. The Bankruptcy Court will consider approval of the Disclosure Statement at a hearing scheduled for Jan. 13, 2021 at 9:30 a.m. According to the Disclosure Statement, the Debtor leases its property in Comal County, Texas, to a related entity, RRED Corporation. RRED's business on the real property has not generated sufficient cash flow to make the lease payment to Debtor. Without positive cash flow, the Debtor was unable to make the mortgage payment and the secured creditor initiated foreclosure proceedings. The Debtor believes there is significant equity in the Real Property and filed this chapter 11 case to prevent the loss of that equity. The Debtor has engaged a real estate broker to sell the Real Property Asset. The Debtor believes the Real Property has a value of $4,220,000. The source of this value is based on recent comparable sales of similar commercial real property. As the total of all claims asserted against the Real Property do not exceed $2,000,000, the Debtor believes the sale or liquidation of the Real Property will generate sale proceeds sufficient to pay all claims and administrative expenses leaving funds available for Debtor's equity holders. The Plan provides that Debtor will have 90 days from Feb. 1, 202[1], to sell the Real Property for an amount sufficient to pay the secured and priority claims asserted against the Debtor. If the Real Property is not sold within the 90 days of filing the Plan, a liquidating trustee will be appointed. The liquidating trustee will have 180 days to sell the Real Property for an amount sufficient to pay the secured and priority claims asserted against the Debtor. The Debtor does not have any General Unsecured Claims. Robert Kane will retain all equity interest. After the effective date of the order confirming the Plan, the directors, officers, and voting trustees of the Debtor, any affiliate of the Debtor participating in a joint Plan with the Debtor, or successor of the Debtor under the Plan (collectively the "Post Confirmation Managers"), will be Robert Lane. A full-text copy of the disclosure statement dated Dec. 11, 2020, is available at https://bit.ly/2Kdhg6g from PacerMonitor at no charge. The Debtor is represented by: VILLA & WHITE LLP Morris E. "Trey" White III 1100 NW Loop 410 #802 San Antonio, Texas 78213 E-mail: treywhite@villawhite.com Tel: (210) 225-4500 Fax: (210) 212-4649 About RRNB 8400 LLC Since 2015, RRNB 8400 LLC has been in the business of a real estate holding company. It has acquired four parcels of commercial real property: (1) SCENIC VALLEY ADDITION 1, LOT 4 in New Braunfels, Comal County Texas; (2) SCENIC VALLEY ADDITION 1, LOT 9 and 10 New Braunfels, Comal County Texas; (3) A-488 SUR-271 Y RODRIGUEZ, ACRES .721 New Braunfels, Comal County, Texas; and (4) A-106 SUR-272 G CARRASCO, ACRES 12.1405 New Braunfels, Comal County Texas. RRNB 8400 LLC previously sought bankruptcy protection on Dec. 2, 2019 (Bankr. W.D. Tex. Case No. 19-52855). RRNB 8400 LLC, based in New Braunfels, TX, filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 20-50884) on May 4, 2020. In the petition signed by Robert Kane, managing member, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Morris E. "Trey" White III, Esq., at Villa & White LLP, serves as bankruptcy counsel to the Debtor. RTI HOLDING: Committee Does Not Support Plan Absent Revisions ------------------------------------------------------------- The Official Committee of Unsecured Creditors filed an objection the Disclosure Statement for Chapter 11 Plan of debtor RTI Holding Company, LLC. The Committee claims that the Disclosure Statement manifestly fails to provide adequate information to allow unsecured creditors to understand what they will receive under the Plan and the basis for such treatment and therefore whether to vote for or against it. The Committee points out that the Disclosure Statement should also explain that the Committee is not supportive of a Plan that does not provide an appropriate baseline recovery to unsecured creditors. The Committee states that the Disclosure Statement fails to provide any information regarding the estate claims that the Plan will release, the value of those claims, or the substantial contribution allegedly made by each Related Person, including NRD, in exchange for the release. The Committee asserts that the Disclosure Statement should explain the basis for the consolidation and if any unsecured creditors are detrimentally affected by this provision while the Committee understands that the lion's share of assets and liabilities reside at Ruby Tuesday Inc. The Committee further asserts that there are various other provisions in the Plan that the Committee believes should be revised (e.g., relating to consultation and consent rights and distribution mechanics). The Committee is coordinating with the Debtors to resolve these open issues. "As drafted, the Plan contemplates that, unless there is a Topping Bid, (i) Goldman Sachs (as a holder in Class 3A) will receive a cash payment, adjustment equity in RT Asset Company and 100% of the equity interests in RT Lodge Company and (ii) TCW (as a holder in Class 3B) will receive a cash payment and 100% of the equity interests in RT Asset Company (less adjustment equity to Goldman Sachs and subject to dilution on account of warrants (that also would go to TCW as an exit lender) and the MIP. The Plan provides a stated value for RT Lodge (that is a factor in the calculation of the adjustment equity to Goldman Sachs) and amount for the respective cash payments. However, the Disclosure Statement does not explain the basis for these values. The Plan also provides for warrants up to 25% of the new common stock to TCW as equity lender and a MIP for up to 15% of the new common stock. The Disclosure Statement does not explain the basis for these awards or underlying value of these amounts, which -- unless a consensual resolution is reached -- could be a source of consideration for general unsecured creditors." "The Plan also contemplates substantive consolidation for Plan purposes. While the Committee understands that the lion's share of assets and liabilities reside at Ruby Tuesday Inc., the Disclosure Statement should explain the basis for this consolidation and if any unsecured creditors are detrimentally affected by this provision." A full-text copy of the Committee's objection dated Dec. 11, 2020, is available at https://bit.ly/37xrdUQ from PacerMonitor at no charge. Counsel to the Official Committee of Unsecured Creditors: COLE SCHOTZ P.C. G. David Dean Justin R. Alberto Andrew J. Roth-Moore 500 Delaware Avenue, Suite 1410 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 E-mail: ddean@coleschotz.com jalberto@coleschotz.com aroth-moore@coleschotz.com - and - KRAMER LEVIN NAFTALIS & FRANKEL LLP Adam C. Rogoff, Esquire Robert T. Schmidt, Esquire P. Bradley O'Neill, Esquire 1177 Avenue of the Americas New York, New York 10036 Telephone: (212) 715-9100 Facsimile: (212) 715-8000 E-mail: arogoff@kramerlevin.com rschmidt@kramerlevin.com boneill@kramerlevin.com About RTI Holding Company RTI Holding Company, LLC, and its affiliates develop, operate and franchise casual dining restaurants in the United States, Guam, and five foreign countries under the Ruby Tuesday brand. The company-owned and operated restaurants (i.e. non-franchise) are concentrated primarily in the Southeast, Northeast, Mid-Atlantic and Midwest regions of the United States. On Oct. 7, 2020, RTI Holding Company and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-12456). At the time of the filing, the Debtors disclosed assets of between $100 million and $500 million and liabilities of the same range. Judge John T. Dorsey oversees the cases. Pachulski Stang Ziehl & Jones LLP and CR3 Partners LLC serve as the Debtors' legal counsel and financial advisor respectively. Epiq Corporate Restructuring LLC is the claims, noticing and solicitation agent and administrative advisor. On Oct. 26, 2020, the U.S. Trustee formed an official committee of unsecured creditors in the chapter 11 cases. The committee tapped Kramer Levin Naftalis & Frankel LLP and Cole Schotz P.C. as counsel and FTI Consulting, Inc., as financial advisor. RTI HOLDING: Gets Court Okay to Sell HQ for $2.6 Million -------------------------------------------------------- Jeremy Hill of Bloomberg News reports that RTI Holding Co., parent of the Ruby Tuesday restaurant chain, received bankruptcy court approval to sell its headquarters in Maryville, Tennessee for $2.6 million. Judge John Dorsey approved the sale in a hearing Monday, Jan. 4, 2021. The chain had been trying to sell the building since the spring of 2019, but didn't accept the two "very low" offers received by its real estate broker at the time, per court papers. The building has stood mostly empty during the pandemic, a lawyer for the company said in the hearing. About Ruby Tuesday Founded in 1972 in Knoxville, Tennessee, Ruby Tuesday, Inc. -- http://www.rubytuesday.com/-- is dedicated to delighting guests with exceptional casual dining experiences that offer uncompromising quality paired with passionate service every time they visit. From signature handcrafted burgers to the farm-grown goodness of the Endless Garden Bar, Ruby Tuesday is proud of its long-standing history as an American classic and international favorite for nearly 50 years. The Company currently owns, operates and franchises casual dining restaurants in the United States, Guam, and five foreign countries under the Ruby Tuesday brand. On Oct. 7, 2020, Ruby Tuesday, Inc., and 50 affiliates sought Chapter 11 protection. The lead case is In re RTI Holding Company, LLC (Bankr. D. Del. Lead Case No. 20-12456). Ruby Tuesday was estimated to have $100 million to $500 million in assets as of the bankruptcy filing. The Hon. John T. Dorsey is the case judge. Ruby Tuesday is advised by Pachulski Stang Ziehl & Jones LLP as legal counsel, CR3 Partners, LLC, as financial advisor, FocalPoint Securities, LLC, as investment banker, and Hilco Real Estate, LLC, as lease restructuring advisor. Epiq is the claims agent, maintaining the page https://dm.epiq11.com/RubyTuesday RTI HOLDING: Unsecured Creditors to Recover 2.5% to 2.7% Under Plan ------------------------------------------------------------------- RTI Holding Company, LLC, the parent of Ruby Tuesday, on Dec. 21, 2021, filed an Amended Plan of Reorganization and a corresponding Disclosure Statement. On Dec. 21, 2020, the Bankruptcy Court entered an order approving the Disclosure Statement and setting a hearing to consider confirmation of the Plan for Feb. 4, 2021, at 1:00 p.m. (EST). Objections to confirmation of the Plan and ballots accepting or rejecting the Plan are due Jan. 29, 2021 at 5:00 p.m. (EST). The Plan reflects the agreement reached with the Prepetition Secured Creditors to reorganize the Debtors as a going-concern business, back-stopped by a parallel sale process. As of the Petition Date, the Debtors had outstanding funded debt obligations in the aggregate principal amount of $37.91 million, and related interest and accruals. Additionally, as of the Petition Date, the Debtors had $20.5 million of outstanding accounts payable, on an unsecured basis, to vendors, customers, service providers, and landlords. The Debtors' pro forma exit capital structure will consist of (a) the Exit L/C Facility (equal to up to $10 million or such lesser amount agreed by the Reorganized Debtors), (b) the Exit Term Loan (equal to the lesser of (i) $30 million less 90% of the Net Sale Proceeds, if any, in excess of $2.5 million (excluding any proceeds from the sale of RT Lodge) and (ii) 1.2 times the agreed Broker's Opinion of Value of the Debtors' real property) and (c) New Common Shares in RT Asset Company. Pursuant to the Plan, the operations of the Debtors will be bifurcated. Specifically, all of RTI's operating assets other than RT Lodge and interests in its subsidiaries will be transferred to RT Asset Company, which will be wholly-owned after the Effective Date by TCW, subject to dilution. Class 3 consists of Prepetition Secured Debt Claims totaling $37.91 million. Holders of allowed Subclass 3A claims will receive cash and 100% of the equity in RT Lodge Company, and holder of allowed Subclass 3B claims will receive cash and 100% of the equity in RT Asset Company (subject to dilution from the warrants and MIP). General Unsecured Claims in Class 4 totaling $111 million to $120 million will recover 2.5% to 2.7% of their claims. Each holder of an allowed general unsecured claim will receive its pro rata share of no less than $3 million. On the Effective Date, the Equity Interests in Holding in Class 8 will be extinguished. The Creditors' Committee does not believe that the proposed treatment of general unsecured creditors in the Plan is fair or appropriate and does not support acceptance of the Plan absent modification that would include global settlement or otherwise acceptable treatment for general unsecured creditors. A full-text copy of the Disclosure Statement dated Dec. 21, 2020, is available at https://bit.ly/3rwr0sK from PacerMonitor.com at no charge. Counsel for the Debtors: Richard M. Pachulski Malhar S. Pagay James E. O'Neill Victoria A. Newmark PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor Wilmington, DE 19899-8705 (Courier 19801) Telephone: 302/652-4100 Facsimile: 302/652-4400 E-mail: rpachulski@pszjlaw.com mpagay@pszjlaw.com joneill@pszjlaw.com vnewmark@pszjlaw.com About RTI Holding Company RTI Holding Company, LLC and its affiliates develop, operate and franchise casual dining restaurants in the United States, Guam, and five foreign countries under the Ruby Tuesday brand. The company-owned and operated restaurants (i.e. non-franchise) are concentrated primarily in the Southeast, Northeast, Mid-Atlantic and Midwest regions of the United States. On Oct. 7, 2020, RTI Holding Company and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-12456). At the time of the filing, the Debtors disclosed assets of between $100 million and $500 million and liabilities of the same range. Judge John T. Dorsey oversees the cases. Pachulski Stang Ziehl & Jones LLP and CR3 Partners LLC serve as the Debtors' legal counsel and financial advisor respectively. Epiq Corporate Restructuring LLC is the claims, noticing and solicitation agent and administrative advisor. On Oct. 26, 2020, the U.S. Trustee formed an official committee of unsecured creditors in the chapter 11 cases. The committee tapped Kramer Levin Naftalis & Frankel LLP and Cole Schotz P.C. as counsel and FTI Consulting, Inc., as financial advisor. SCHMUEL ERDE: CA Affirms Dismissal of Bankruptcy Case ----------------------------------------------------- The United States Court of Appeals, Ninth Circuit, denied appeals filed by Chapter 11 debtor Shmuel Erde from the Bankruptcy Appellate Panel's decision which affirmed the United States Bankruptcy Court for the Central District of California's order sua sponte dismissing Mr. Erde's bankruptcy case and imposing a pre-filing restriction on Mr. Erde as a vexatious litigant. Mr. Erde also appealed the BAP's decision affirming the bankruptcy court's order denying his motion for relief under Federal Rule of Civil Procedure 60(b). The Court held that the bankruptcy court properly dismissed Mr. Erde's adversary proceeding against Theodor Nickolas Bodnar and others, because the claims were actually litigated and decided in prior actions among the parties that resulted in final adjudication on the merits, or could have been raised in the prior actions. The Court also held that the bankruptcy court properly dismissed Mr. Erde's adversary proceeding against Carolyn Dye because Ms. Dye was entitled to absolute quasi-judicial immunity. The Court explained that the "bankruptcy trustee has absolute quasi-judicial immunity from damages for acts or omissions within the ambit of the trustee's official duties; quasi-judicial immunity available to federal officers extends to actions for declaratory, injunctive, and other equitable relief." The Court also held that the bankruptcy court did not abuse its discretion in dismissing Mr. Erde's bankruptcy case because Mr. Erde failed to effectuate a confirmable plan of reorganization. The Court found that the bankruptcy court did not abuse its discretion by declaring Erde a vexatious litigant after providing notice and an opportunity to be heard, developing an adequate record for review, making substantive findings as to the frivolous or harassing nature of Erde's litigation history, and narrowly tailoring its prohibition on future filings to those in bankruptcy court against Ms. Dye, the named Bodnar defendants, as to whom Erde had been filing vexatiously. "Denial of Erde's motion for reconsideration brought under Federal Rule of Civil Procedure 60(b)(2) was not an abuse of discretion because Erde failed to demonstrate grounds for such relief...We lack jurisdiction over the bankruptcy court's orders dismissing Erde's complaint and amended complaint because Erde's notice of appeal is untimely as to those orders," the Court said. The Court, however, granted Mr. Erde's request for leave to file a supplemental brief. The cases are In re: SHMUEL ERDE, Debtor. SHMUEL ERDE, Appellant, v. THEODOR NICKOLAS BODNAR; et al., Appellees. In re: SHMUEL ERDE, Debtor. SHMUEL ERDE, Appellant, v. THEODOR NICKOLAS BODNAR; et al., Appellees, Case Nos. Nos. 20-60001, 20-60003, (9th Cir.); In re: SHMUEL ERDE, Debtor. SHMUEL ERDE, Appellant, v. CAROLYN A. DYE, Appellee, Case No. 19-60039, (9th Cir.); In re: SHMUEL ERDE, Debtor. SHMUEL ERDE, Appellant, v. DAVID EISENBERG; GEORGE VETRANO, Appellees, Case Nos. 20-60002, 19-1083, (9th Cir.); and In re: SHMUEL ERDE, Debtor. SHMUEL ERDE, Appellant, v. THEODOR NICKOLAS BODNAR; et al., Appellees., Case No. 19-60063, (9th Cir.). Full-text copies of the Memorandums, dated December 15, 2020, are available at https://tinyurl.com/y8uzvtxg, https://tinyurl.com/yazzjtkz, https://tinyurl.com/ycsjuz7z, and https://tinyurl.com/yczy3p63 from Leagle.com. About Shmuel Erde Shmuel Erde filed his Chapter 11 Petition (Bankr. C.D. Cal. Case No. 18-20200) on August 31, 2018, Pro Se. SPERLING RADIOLOGY: Third Amended Plan Confirmed by Judge --------------------------------------------------------- Judge Mindy A. Mora has entered findings of fact, conclusions of law and order approving the Fifth Amended Disclosure Statement and confirming the Third Amended Plan of Reorganization of Sperling Radiology, P.C., P.A. d/b/a Sperling Prostate Center. Upon the Effective Date, Dan Sperling, M.D., is authorized to fund the Practice Equity Reserve in the amount of $450,000, from monies held in financial accounts owned by Dr. Sperling and his non-debtor spouse as tenants by the entirety, in exchange for retaining his Equity Interests in the Reorganized Debtor. The Escrow Agent will hold the funds subject of the Practice Equity Reserve in a segregated account pursuant to the terms of an escrow agreement agreed upon by the Debtor, Dr. Sperling, the Escrow Agent, and Alan and Janet Rosenthal pending final adjudication of the Class 3 Claims of Alan and Janet Rosenthal. The Practice Equity Reserve will be otherwise governed by the terms of the Plan. Section 5.01(b) of the Plan, regarding the treatment of the Class 1 Allowed Secured Claims of TD Equipment Finance, Inc. ("TD"), is amended to additionally provide that TD will retain its lien on all property upon which it had a lien at the time of filing of this proceeding, and that lien will retain the same validity and priority as it had prior to the filing of the case. The Debtor will remain obligated to TD under all loans that existed at the time of filing of this proceeding, and all loan documents will retain the same validity, force and effect as they had prior to the filing of the case, except as specifically modified by the Plan and this Confirmation Order. The Debtor shall execute any additional loan documents, in a mutually agreeable form, as deemed necessary by TD to formalize the intent of the Confirmed Plan. Advanced MRI Interventions, LLC, Advanced MRI Holdings, LLC, DERECS Holdings, LLC, Even Chen Holdings, LLC, Dan Sperling, M.D., and Sam Farbstein will execute any additional loan documents, specifically including but not limited to additional guaranties of the Debtor's obligations to TD, in a mutually agreeable form, as deemed necessary by TD to formalize the intent of the Confirmed Plan, and as agreed. The additional personal guaranties of Dan Sperling, M.D., and Sam Farbstein will be limited to their respective percentage ownership interests in any additional guarantor entity referenced herein. Eve Sperling and Jordana Farbstein shall not execute any additional loan documents, including but not limited to additional guaranties of the Debtor's obligations to TD. The U.S. Small Business Administration (the "SBA") has received application documents to consider Advanced MRI Interventions, LLC, as an Operating Company, and related companies and owners as additional guarantors of the SBA loan ending in x5010 previously extended to Sperling Holdings, LLC and guaranteed by the Debtor. While the SBA reviews said documents and considers the application, the SBA agrees to forbear calling any non-monetary default of the SBA loan ending in x5010 until a determination is made on the application. If the SBA determines Advanced MRI Interventions, LLC, does not qualify as an Operating Company, does not satisfy the conditions, or does not to approve the new guarantors listed, the SBA agrees to provide all parties and guarantors 60 days from the date of service of a notice of non-monetary default to Sperling Holdings, LLC, the Debtor, and Dan Sperling, M.D., to cure or payoff the SBA loan ending in x5010. With the exception forgoing, the SBA reserves all rights pursuant to the SBA loan ending in x5010. A full-text copy of the Plan Confirmation order entered Dec. 31, 2020, is available at https://bit.ly/2X6Fy4m Sperling Radiology submitted a modifications to Fifth Amended Disclosure Statement on Dec. 7, 2020. A copy of the document is available at https://bit.ly/3rWf04g Attorneys for the Debtor: Philip J. Landau, Esq. Joshua B. Lanphear, Esq. SHRAIBERG, LANDAU & PAGE, P.A. 2385 NW Executive Center Drive, Ste. 300 Boca Raton, FL 33431 Telephone: (561) 443-0800 Facsimile: (561) 998-0047 E-mail: plandau@slp.law E-mail: jlanphear@slp.law About Sperling Radiology Sperling Radiology P.C., P.A., is a privately held company in Delray Beach, Fla., that offers radiology services. Sperling Radiology filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-26480) on Dec. 10, 2019. In the petition signed by Sam Farbstein, chief operating officer, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Judge Mindy A. Mora oversees the case. Philip J. Landau, Esq. at Shraiberg, Landau & Page, P.A., is the Debtor's counsel. SUMMIT MIDSTREAM: Reports Final Results of Cash Tender Offer ------------------------------------------------------------ Summit Midstream Partners, LP announced the final results of its offer to purchase for cash up to $25,000,000 aggregate purchase price of its 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, which expired at 11:59 p.m., New York City time, on Dec. 23, 2020. Based on information provided by D.F. King & Co., Inc., the tender and information agent for the Tender Offer, 92,681 Series A Preferred Units were validly tendered and not properly withdrawn under the Tender Offer. The Partnership accepted 75,075 Series A Preferred Units for a purchase price of $333.00 per Series A Preferred Unit, subject to applicable withholding taxes, for an aggregate purchase price of approximately $25,000,000. The Tender Offer was oversubscribed, and, pursuant to the terms of the Tender Offer, Series A Preferred Units validly tendered and not properly withdrawn were accepted on a pro rata basis, except for tenders of odd lots, which were accepted in full. The Partnership has been informed by the Tender and Information Agent that the proration factor for the Tender Offer, after giving effect to the priority for odd-lot holders, is approximately 80.92%. The Partnership will promptly issue payment for the Series A Preferred Units properly tendered and accepted for purchase and will return all other Series A Preferred Units tendered and not accepted for purchase. About Summit Midstream Partners Summit Midstream Partners is a value-driven limited partnership focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in unconventional resource basins, primarily shale formations, in the continental United States. SMLP provides natural gas, crude oil and produced water gathering services pursuant to primarily long-term and fee-based gathering and processing agreements with customers and counterparties in six unconventional resource basins: (i) the Appalachian Basin, which includes the Utica and Marcellus shale formations in Ohio and West Virginia; (ii) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (iii) the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; (iv) the Permian Basin, which includes the Bone Spring and Wolfcamp formations in New Mexico; (v) the Fort Worth Basin, which includes the Barnett Shale formation in Texas; and (vi) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado. SMLP has an equity investment in Double E Pipeline, LLC, which is developing natural gas transmission infrastructure that will provide transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas. SMLP also has an equity investment in Ohio Gathering, which operates extensive natural gas gathering and condensate stabilization infrastructure in the Utica Shale in Ohio. SMLP is headquartered in Houston, Texas. SMLP reported a net loss of $369.8 million for the year ended Dec. 31, 2019, compared to net income of $42.35 million for the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had $2.57 billion in total assets, $1.67 billion in total liabilities, $85.80 million in mezzanine capital, and $816.63 million in total partners' capital. * * * As reported by the TCR on Aug. 11, 2020, S&P Global Ratings raised its issuer credit rating on Summit Midstream Partners L.P. (SMLP) to 'CCC' from 'SD'. "We could lower our rating on SMLP if it announced a restructuring of its general partner's debt or missed an interest or amortization payment over the next 6 months," S&P said. SUPERIOR ENERGY: No Company Split, No 2% for Equity Holders ----------------------------------------------------------- Superior Energy Services, Inc., and its affiliates are slated to seek confirmation of their Prepackaged Plan of Reorganization at a hearing on Jan. 19, 2021. According to the Updated Disclosure Statement, as a result of extensive negotiations, the Debtors and the holders of 85% of the Prepetition Notes (the "Consenting Noteholders") are party to an Amended and Restated Restructuring Support Agreement dated as of Dec. 4, 2020, replacing the original RSA entered into on Sept. 29, 2020. Under the terms of the RSA, the Consenting Noteholders have agreed to support a restructuring of the Debtors' existing capital structure in chapter 11 (the "Restructuring") and vote to accept the Plan. There are two groups whose votes for acceptance of the Plan are being solicited: Holders of Prepetition Notes Claims; and Holders of General Unsecured Claims Against the Parent. The Restructuring as contemplated in the Plan results in a significant deleveraging of the Debtors' capital structure. The Debtors' funded debt will be reduced by approximately $1.30 billion, which will allow the Debtors to focus on long-term growth prospects and their competitive position in the market, which will in turn allow the Debtors to emerge from these Chapter 11 Cases as a stronger company. Limited Recovery for Claims vs. Parent Under the Plan, holders of Prepetition Note Claims against Parent amounting to $1.3 billion will receive each receive its pro rata of the Parent GUC Recovery Cash Pool. The class is projected to recover 63.0% to 76.04% of their claims. Holders of general unsecured claims against Parent in Class 6 (for which the expected amount is presently contingent and undetermined) will each receive a pro rata share of the Parent GUC Recovery Cash Pool. Recovery is undetermined but expected to be greater than 0%. General Unsecured Claims Against Affiliate Debtors in Class 8 totaling $48,345,700 will recover 100% of their claims. The Debtors will continue to pay (if Allowed) or dispute each General Unsecured Claim against any Affiliate Debtor in the ordinary course of business in accordance with applicable law. The Parent does not own any material assets other than its equity interests in its direct subsidiary, SESI LLC. SESI is the issuer of, and primarily liable for, the entire amount of the Prepetition Notes Claims that exceed $1.30 billion. As shown in the Valuation Analysis, the estimated enterprise value of the Reorganized Debtors is between $710 million and $880 million. Therefore, SESI is worth substantially less than the face amount of the Prepetition Notes Claims and, in turn, the Parent has no residual value for its creditors or equity holders other than pursuant to a $125,000 distribution provided for under the Plan. The Original RSA contemplated Holders of Old Parent Interests would receive 2.0% of the equity of Parent issued upon emergence from these Chapter 11 Cases. However, after executing the Original RSA, the Ad Hoc Noteholder Group learned that there may be substantial liabilities (albeit contingent) at the Parent. After being made aware of this information, the Ad Hoc Noteholder Group informed the Debtors that they were no longer willing to discharge and fully equitize their claims pursuant to the transaction structure contemplated by the Original RSA. Because the Legacy Parent Guarantee Claims exist only against the Parent and there are virtually no assets at the Parent that would permit a recovery to any creditor of the Parent, the Original RSA was amended to eliminate any recovery to and discharge of claims held by Holders of Old Parent Interests to allow for a recovery to the creditors of the Parent, including Holders of the Legacy Parent Guarantee Claims. Under the terms of the Original RSA, the Ad Hoc Noteholder Group also informed the Company that it would not make the election to split the Company. 100% of Stock to Noteholders The Ad Hoc Noteholder Group, pursuant to the Restructuring Support Agreement, is obligated to support the Plan that will discharge their claims in exchange for: * In the case of Holders of Prepetition Notes Claims against the Parent, each Holder's Pro Rata share (calculated together with the Claims in Class 6) of the Parent GUC Recovery Cash Pool; provided that the Holders of the Prepetition Notes Claims against the Parent will waive any distribution from the Parent GUC Recovery Cash Pool; and * In the case of Prepetition Notes Claims against any Affiliate Debtor, (i) the Cash Payout or (ii) solely to the extent that such Holder timely and validly elects to be a Cash Opt-Out Noteholder on the Ballot provided to such Holder or is otherwise deemed to be a Cash Opt-Out Noteholder, (i) 100% of the New Common Stock Pool, subject to dilution from and after the Effective Date on account of the New MIP Equity, and (ii), to the extent such Holder is an Accredited Cash Opt-Out Noteholder, Subscription Rights. A full-text copy of the Updated Disclosure Statement dated Dec. 7, 2020, is available at https://bit.ly/349fQ3c from PacerMonitor.com at no charge. A copy of the Plan Supplement, containing a list of executory contracts, to be rejected by the Debtor, is available at https://bit.ly/3rU03zE Counsel for the Debtors: Timothy A. ("Tad") Davidson II Ashley L. Harper Philip M. Guffy HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, Texas 77002 Telephone: 713-220-4200 Facsimile: 713-220-4285 George A. Davis Keith A. Simon George Klidonas LATHAM & WATKINS LLP 885 Third Avenue New York, New York 10022 Telephone: (212) 906-1200 Facsimile: (212) 751-4864 About Superior Energy Services Headquartered in Houston, Texas, Superior Energy Services (SPN) -- htttp://www.superiorenergy.com/ -- serves the drilling, completion and production-related needs of oil and gas companies worldwide through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells. Superior Energy incurred net losses of $255.7 million in 2019, $858.1 million in 2018, and $205.92 million in 2017. As of June 30, 2020, the Company had $1.73 billion in total assets, $222.9 million in total current liabilities, $1.28 billion in long-term debt, $135.7 million in decommissioning liabilities, $54.09 million in operating lease liabilities, $2.53 million in deferred income taxes, $125.74 million in other long-term liabilities, and a total stockholders' deficit of $95.13 million. The New York Stock Exchange notified the Securities and Exchange Commission of its intention to remove the entire class of common stock of Superior Energy Services, Inc. from listing and registration on the Exchange on Oct. 13, 2020, pursuant to the provisions of Rule 12d2-2(b) because, in the opinion of the Exchange, the Common Stock is no longer suitable for continued listing and trading on the NYSE. On Dec. 7, 2020, Superior Energy and its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35812) to seek approval of a prepackaged Chapter 11 plan of reorganization. Ducera Partners LLC and Johnson Rice & Company L.L.C. are acting as financial advisors for the Company, Latham & Watkins LLP and Hunton Andrews Kurth LLP are acting as legal counsel, and Alvarez & Marsal is serving as restructuring advisor. Kurtzman Carson Consultants LLC is the claims agent. Evercore L.L.C. is acting as financial advisor for an ad hoc group of noteholders with Davis Polk & Wardwell LLP and Porter Hedges LLP serving as legal counsel. FTI Consulting, Inc., is acting as financial advisor for the agent for the Company's secured asset-based revolving credit facility with Simpson Thacher & Bartlett LLP acting as legal counsel. THOMPSON NAT'L: Confirmed Plan Declared Effective Dec. 31 --------------------------------------------------------- Judge Stott C. Clarkson in December confirmed the Second Amended Chapter 11 Plan, as modified Sept. 24, 2020, of Thompson National Properties, LLC. The effective date of the Plan occurred on Dec. 31, 2020. The deadline to file a request for payment of an administrative claim is Feb. 1, 2020. At a hearing Dec. 4, 2020, the Court found that all requirements for confirmation have been established pursuant to 11 U.S.C. Sec. 1129. The Liquidating Trustee will oversee and manage the Plan by orderly liquidating or abandoning, as necessary, all sources of assets of the Debtor for funding for the Plan. The Liquidating Trustee will oversee and administer payment to creditors upon the Effective Date. The Liquidating Trustee is authorized to pursue any and all Causes of Action, and the Debtor reserves the rights of the Liquidating Trustee, to pursue, administer, settle, litigate, enforce and liquidate consistent with the terms and conditions of the Plan, any and all Causes of Action. In the event the Liquidating Trustee elects to not prosecute Causes of Action within 12 months after the Plan Effective Date and the Cohen Judgment has not been fully satisfied 12 months after the Plan Effective Date, the right to prosecute any Causes of Action on behalf of the Post-Confirmation Estate will be assigned to the Cohen Parties. In carrying out the duties under the Plan, the Debtor and/or the Liquidating Trustee, as the case may be, will use the services of Professionals deemed to be appropriate which may include Shulman Bastian Friedman & Bui LLP. In addition, the Liquidating Trustee may use the services of Lorna Walker, Esq., of Sweet & Walker PC as counsel to pursue the Causes of Action on behalf of the Estate. Any Professional employed by the Debtor or the Liquidating Trustee in this bankruptcy case after the confirmation of the Plan seeking payment of its post-confirmation fees and costs will be entitled to seek payment of such fees and costs without the need for any further order of the Court. The Liquidating Trustee: David Seror, Liquidating Trustee c/o BRUTZKUS GUBNER 21650 Oxnard Street, Suite 500 Woodland Hills, CA 91367 Telephone: 818-827-9200 Facsimile: 818- 827-9023 E-mail: dseror@bg.law A copy of the Plan Confirmation Order dated Dec. 7, 2020, is available at https://bit.ly/3nicCkJ A copy of the Solicitation version of the Plan and Disclosure Statement is available at https://bit.ly/2Lp8Lox Attorneys for Thompson National Properties: Leonard M. Shulman SHULMAN BASTIAN FRIEDMAN & BUI LLP 100 Spectrum Center Drive, Suite 600 Irvine, California 92618 Telephone: (949) 340-3400 Facsimile: (949) 340-3000 Email: LShulman@shulmanbastian.com About Thompson National Properties Thompson National Properties LLC is a real estate advisory company, specializing in acquisitions for high net worth investors and their joint venture partners, along with third party property management, asset management and receivership advisory services. Founded in April 2008, Thompson National has a headquarter in Costa Mesa, Calif., and has three regional offices. As of Aug. 16, 2013, Thompson National manages a portfolio of 106 commercial properties in 24 states totaling approximately 11.02 million square feet on behalf of over 6,000 investor, owners or lenders with an overall purchase value of $1.2 billion. Thompson National sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-13728) on Sept. 26, 2019. Anthony W. Thompson, chief executive officer, signed the petition. At the time of the filing, the Debtor had $983,766 in assets and $12,990,235 in debts. Judge Scott C. Clarkson oversees the case. The Debtor has tapped Shulman Bastian Friedman & Bui LLP as its legal counsel and Arete Advisors as its tax advisor. TUESDAY MORNING: Successfully Completes Restructuring Process ------------------------------------------------------------- Tuesday Morning, along with certain of its subsidiaries, announced Jan. 4, 2021, it has successfully completed its financial and operational reorganization and emerged from Chapter 11. Tuesday Morning is supported by a $110 million asset-backed lending facility provided by J.P. Morgan, Wells Fargo, and Bank of America. The Company has further optimized its store footprint and is emerging with 490 of its best performing stores. "We have emerged with a streamlined operating model, and are well-positioned to execute on our strategy," stated Steve Becker, Chief Executive Officer. "I want to thank our associates, customers, vendors, creditors, and equity investors for their steadfast support that helped us get to this critical milestone. Tuesday Morning is poised for a bright future in the off-price home goods market and we look forward to continue serving our valued customers." "Tuesday Morning worked diligently with our advisors to craft a plan of reorganization that paid our vendor claims in full while protecting our shareholders. We are especially pleased that our plan of reorganization has attracted significant new institutional ownership while allowing our shareholders to participate in the upcoming $40 million rights offering," continued Mr. Becker. Court filings and other documents related to the court-supervised process are available at https://dm.epiq11.com/TuesdayMorning. * * * The Dallas Business Journal notes that Tuesday Morning had 687 stores at the time it sought bankruptcy. The Company planned to close certain stores in phases to help deal with the fallout from the Coronavirus lockdown. It's emerging with 490 of its best-performing stores. About Tuesday Morning Corp. Tuesday Morning Corporation is one of the original off-price retailers specializing in name-brand, high-quality products for the home, including upscale home textiles, home furnishings, housewares, gourmet food, toys and seasonal decor, at prices generally below those found in boutique, specialty and department stores, catalogs and on-line retailers. Based in Dallas, Texas, the Company opened its first store in 1974 and currently operates 490 stores in 40 states. On the Web: http://www.tuesdaymorning.com/ On May 27, 2020, Tuesday Morning and six affiliates sought Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 20-31476). Tuesday Morning disclosed total assets of $92 million and total liabilities of $88.35 million as of April 30, 2020. The Hon. Harlin Dewayne Hale is the case judge. The Debtors tapped Haynes and Boone, LLP as general bankruptcy counsel; Alixpartners LLP as financial advisor; Stifel, Nicolaus & Co., Inc., as investment banker; A&G Realty Partners, LLC, as real estate consultant; and Great American Group, LLC, as liquidation consultant. Epiq Corporate Restructuring, LLC, is the claims and noticing agent. The Office of the U.S. Trustee appointed a committee of unsecured creditors on June 9, 2020. The creditors committee is represented by Munsch Hardt Kopf & Harr, P.C. Winstead PC, as Texas co-counsel. On Oct. 5, 2020, the Office of the U.S. Trustee appointed a committee to represent equity security holders. The equity committee tapped Pachulski Stang Ziehl & Jones, LLP as its legal counsel, and PJ Solomon, L.P. and PJ Solomon Securities, LLC as its financial advisor and investment banker. UNIVERSITY PLACE: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ Gregory Garvin, Acting U.S. Trustee for Region 18, on Jan. 4 appointed an official committee to represent unsecured creditors in the Chapter 11 case of University Place Rehabilitation Center, LLC. The committee members are: (1) Rich DeLoney 5374 N. River Run Dr. #140 Provo, UT 84604 Tel: 801-471-2458 E-mail: rdeloney@indrehab.com (2) Karen Dailey CVS Health 444 N. 44th Street Phoenix, AZ 85008 Tel: 480-772-5267 E-mail: Karen.dailey@cvshealth.com (3) Virgil E. Knedlik 33305 1st Way S. Federal Way, WA 98003 Tel: 206-930-8237 Fax: 253-719-8043 E-mail: virgil@dependablestaffing.com (4) Ashley McDow, Esq. c/o Foley & Lardner 555 South Flower St, Ste. 3300 Los Angeles, CA 90071 Tel: 213-972-4615 E-mail: jschrage@snfpayroll.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About University Place University Place Rehabilitation Center, LLC owns and operates a skilled nursing care facility in University Place, Wash. University Place Rehabilitation Center filed a Chapter 11 petition (Bankr. W.D. Wash. Case No. 20-42793) on Dec. 18, 2020. In the petition signed by CEO Eric Orse, the Debtor disclosed $3,746,381 in assets and $5,684,608 in liabilities. The Hon. Brian D. Lynch presides over the case. Bush Kornfeld LLP, serves as bankruptcy counsel to the Debtor. The Tracy Law Group, PLLC, and McNaul Ebel Nawrot & Helgren PLLC serve as special counsel. VAQUERIA ORTIZ: Unsecured Creditors to Recover 3% Under Plan ------------------------------------------------------------ Vaqueria Ortiz Rodriguez Inc. submitted a Chapter 11 Plan of Reorganization and a Disclosure Statement. The Court will convene a hearing on March 9, 2021, at 10:00 a.m., to consider the Debtors' motion for an order approving the Disclosure Statement and setting a hearing to consider confirmation of the Plan. Prepetition, the Debtor and its main creditor Condado 4 LLC reached many agreements over the repayment of Condado's debt for close to 18 months. But at the end the Debtor had to seek the protection of a Bankruptcy Case because the IRS and other creditors were going to garnish Debtor's properties On Sept. 30, 2020, the Debtors and secured creditor Condado 4 filed with the Bankruptcy Court a Joint Motion to Sell 22,650 liters of Milk Quota from the ORIL's license 3111, owned by the Debtor which had a total of 93,010 liters of Milk Quota. This Motion was granted by the Court on Oct. 16, 2020. The funds of this sale are going towards reducing Condado 4 LLC's secured debt of $2,300,000. Secured creditor CONDADO 4 LLC, in Class 2, filed Claim No. 5 in the amount of $3,665,051 and is impaired. Condado will be treated according to the stipulation approved on Nov. 30, 2020. The amount of $2,300,000 will be considered as secured amount (value of the collaterals) and the remaining amount of $1,365,051 will be considered as unsecured amount and will be treated as per the Unsecured Claims Class. General unsecured creditors in Class 4 were listed by Debtors and filed proof of claims total the amount of $2,553,209 and are impaired. The total unsecured claims (whether claimed or listed) subject to distribution is $1,562,104. Creditors in this class will receive a total repayment of 3.00% of their claimed or listed debt which equals $45,000 to be paid pro rata to all allowed claimants under this class. Unsecured Creditors will receive two yearly payments of $5,319 each to be distributed pro rata among them. The payments will begin on month 13 after the effective date of the plan and will be completed on month 72. The payment on $5,310 includes interest and principal. These creditors will receive a total amount of $53,100 including the interest. Upon confirmation of the Plan, the Debtor shall have sufficient funds to make all payments then due under the Plan. The funds will be obtained from the continuation of Debtor's Dairy Farm. A full-text copy of the Disclosure Statement dated Dec. 7, 2020, is available at https://bit.ly/37f9KjF from PacerMonitor.com at no charge. Attorney for the Debtor: Homel A. Mercado Justiniano Calle Ramirez Silva Ensanche Martínez Mayaguez, PR 00680 Tel: (787) 831-3577/ 805-2945 Fax: (787) 805-7350 E-mail: hmjlaw2@gmail.com About Vaqueria Ortiz Rodriguez Vaqueria Ortiz Rodriguez, Inc., is a Dairy Farm that has been established for more than 15 years in the north town of Arecibo, Puerto Rico. It operates a raw milk dairy farm who sells its production to Suiza Dairy Corp. Vaqueria Ortiz Rodriguez previously sought bankruptcy protection (Bankr. D.P.R. Case No. 16-00063) on Jan. 11, 2016. Vaqueria Ortiz Rodriguez again sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 19-01386) on March 14, 2019. In the petition signed by Carlos Horacio Ortiz Colon, president, the Debtor disclosed $1,674,040 in assets and $3,686,701 in liabilities. The case is assigned to Judge Enrique S. Lamoutte Inclan. Homel Mercado Justiniano, Esq., is the Debtor's counsel. VILLA TAPIA: Further Fine-Tunes Plan Documents ---------------------------------------------- Villa Tapia Citi Fresh Supermarket Corp submitted a Third Amended Plan and Third Amended Disclosure Statement. The Third Amended Disclosure Statement adds that the new W.I.C. (Women, Infants and Children) license applied by the Debtor, and though the processing of these licenses has been slowed by the pandemic, may be received as soon as April 2021, as informed by the W.I.C. personnel. After confirmation, the Debtor will no longer be paying Eastern Funding, which is in Class 1 with $132,349 secured claim, directly, but instead will be making monthly payments under the Plan. None of the sixty monthly payments scheduled under the Plan are equal to or greater than what the Debtor is paying Eastern funding. Since the Debtor has shown that it can make regular $4,540 monthly payments to Eastern Funding, it is reasonable to conclude that it can afford all 60 payments under the Plan. Like in the prior iteration of the Plan, the Third Amended Plan projects a 100% recovery for unsecured creditors over time. Class 5 is an impaired class consisting of nonpriority unsecured claims held by Con Edison ($15,385.00), National Grid ($1,013.52), the New York State Department of Taxation and Finance ($980.16) and the Internal Revenue Service ($1,717.45). The Plan proposes this payment schedule for unsecured claims: * On the Effective Date, the Debtor will (i) pay the first of 48 monthly payments to Con Edison to pay in full their prepetition unsecured debt in the amount of $15,385, with 47 payments in the amount of $321 and the 48th payment in the amount of $298, and (ii) pay the first of three monthly payments in the amount of $337.84 each to National Grid to pay in full its prepetition unsecured debt in the amount of $1,014. * On the 13th month of the Plan, the Debtor will make the first of 48 monthly payments to 1) the Internal Revenue Service to pay its combined debt of $7,715.32, with 47 payments in the amount of $160.74 and the 48th payment in the amount of $160.54, and 2) the New York City Department of Finance to pay its combined debt of $1,685.26, with 47 payments in the amount of $35.11 and the 48th payment in the amount of $35.09, and 3) the New York State Department of Taxation and Finance to pay its combined debt of $12,092.64, with 48 payments all in the amount of $251.93. A full-text copy of the Third Amended Disclosure Statement dated Jan. 3, 2021, is available at https://bit.ly/2XfCqmS from PacerMonitor.com at no charge. About Villa Tapia Citi Fresh Supermarket Corp. Based in Brooklyn, N.Y., Villa Tapia Citi Fresh Supermarket Corp. is a delicatessen located at 40 Nostrand Avenue, Brooklyn, NY11205. It fell behind on its debt obligations in mid-2019 after it lost its W.I.C. license, which enabled it to sell certain nutritional children's products to holders of W.I.C. (Women, Infants and Children) food subsidy cards. The Company subsequently fell behind on its rent payments to landlord Nostrand Avenue Equities, and on its loan payments to Eastern Funding LLC, which held a secured first lien on all the Debtor's property, and to Resnick Supermarket Equipment Corporation and General Trading Company, both of whom held junior liens. Villa Tapia Citi Fresh Supermarket Corp. filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 20-40357) on Jan. 20, 2020, listing under $1 million in both assets and liabilities. Previously, Judge Elizabeth S. Stong oversees the case, now the case is assigned to Judge Nancy Hershey Lord. Phillip Mahony, Esq., is the Debtor's bankruptcy counsel. The Debtor tapped Sgouras Law Firm, PLLC as its legal counsel for non-bankruptcy matters, and Marcum LLP as its accountant. WALL010 LLC: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: WALL010, LLC c/o Carnegie Development LLC 13901 Midway Road, Suite 102 Dallas, TX 75244 Chapter 11 Petition Date: January 4, 2020 Court: United States Bankruptcy Court Northern District of Texas Case No.: 21-30016 Judge: Hon. Harlin Dewayne Hale Debtor's Counsel: Joyce Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Tel: (972) 503-4033 E-mail: joyce@joycelindauer.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Tim Barton, president. The Debtor did not attach to the petition a list of its 20 largest unsecured creditors. A copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/DMKEPFA/WALL010_LLC__txnbke-21-30016__0001.0.pdf?mcid=tGE4TAMA YOGAWORKS INC: Hires BMC Group as Administrative Advisor -------------------------------------------------------- YogaWorks, Inc. and Yoga Works, Inc. seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ BMC Group, Inc. as their administrative agent. YogaWorks will provide these services: a. assist in the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs, and gather data in conjunction therewith; b.create and maintain databases for maintenance and formatting of schedules and statements data; c. coordinate collection of data from Debtors and their advisors; d. provide data entry and quality assurance assistance regarding schedules and statements; and e. in the event the Debtors file or seek confirmation of a Chapter 11 plan of liquidation, generate an official ballot certification, testifying, if necessary, in support of the ballot tabulation results and manage any distributions pursuant to a confirmed plan. BMC Group will be paid at its normal and usual hourly rates and will be reimbursed for out-of-pocket expenses incurred. Brad Daniel, a director at BMC Group, disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. BMC Group can be reached at: Brad Daniel BMC Group, Inc. 600 1st Avenue Seattle, WA 98104 Tel: (206) 499-2169 Email: tfeil@bmcgroup.com About YogaWorks Inc. YogaWorks, Inc. is a provider of progressive and quality yoga that promotes total physical and emotional well-being. It caters to students of all levels and ages with both traditional and innovative programming. YogaWorks is also an international teaching school, cultivating the richest yoga talent from around the globe and setting the gold standard for teaching. For more information on YogaWorks, visit http://www.yogaworks.com/ YogaWorks and Yoga Works, Inc. sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-12599) on Oct. 14, 2020. In the petition signed by CEO Brian Cooper, YogaWorks was estimated to have $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Debtors tapped Shulman Bastian Friedman & Bui LLP as restructuring counsel, Cozen O'Connor as Delaware restructuring counsel, and Force Ten Partners, LLC as financial advisor. BMC Group, Inc., is the claims agent. On Oct. 27, 2020, the U.S. Trustee for the District of Delaware appointed an official committee of unsecured creditors in these chapter 11 cases. The committee tapped Kilpatrick Townsend & Stockton LLP and Morris James LLP as its legal counsel and Dundon Advisers LLC as its financial advisor. [*] 6 Chain Stores That Shut Locations in Pasadena in 2020 ---------------------------------------------------------- Pasadena Now reports the totality of the loss of both life and livelihood brought on by the COVID-19 pandemic continues to mount, but at least a half-dozen business chains have permanently shuttered locations in Pasadena in 2020. Among the large chains in Pasadena, California that have closed are: * 24 Hour Fitness, 465 N. Halstead Street, announced closure in June 2020 after its parent company filed for Chapter 11 bankruptcy protection. * Gold's Gym, 39 S. Altadena Drive, was temporarily closed at the start of the pandemic. While company officials have not commented on the fate of the Pasadena location, the gym's Facebook page indicates it is "permanently closed." * Souplantation, 201 S. Lake Ave., announced closure in June 2020 as its parent company liquidating assets after filing for Chapter 7. * Lou & Grey, 110 W. Colorado Blvd., announced closure after its parent company filed for Chapter 11 in July 2020. * Sur La Table, 161 W. Colorado Blvd., announced closure in July 2020 after its parent company filed for Chapter 11. * Jos. A Bank, 345 S. Lake Ave., announced closure in August 2020 after its parent company filed for Chapter 11. A complete picture of the local economic devastation that has accompanied the pandemic thus far is difficult to ascertain, especially with respect to small businesses that don't have corporate public relations arms. City officials keep no record of how many Pasadena businesses have shut down, city spokeswoman Lisa Derderian said. In an effort to encourage the community to support local shops and restaurants, the city launched its "We're Open, Keep Us Open" campaign in November 2020 to encourage people to patronize Pasadena's businesses. [*] New Stimulus Deal Makes Amendments to Bankruptcy Code --------------------------------------------------------- Brian Huben of Ballard Spahr LLP wrote an article on JDSupra titled "New Stimulus Deal: Amendments to the Bankruptcy Code." President Trump signed the Consolidated Appropriations Act, 2021, Dec. 27, 2020. Although not widely reported, the legislation makes several amendments to the Bankruptcy Code based upon the severe financial hardships created by the COVID-19 pandemic. The amendments relate to Section 365(d)(3) (the deferral of rent by small business debtors), Section 365(d)(4) (the period of time to assume, assume and assign, or reject a nonresidential real property lease), and Section 547 (preferential transfers). All of the amendments will sunset on December 27, 2022. Preferential Transfer Protection Perhaps most significantly, landlords which entered into lease amendments with tenants on or after March 13, 2020, to defer the payment of rent as a result of the pandemic are protected from claims of preferential transfers. Normally, payments made by a debtor within 90 days of a bankruptcy filing and outside the ordinary course of business are potentially "preferential" and subject to a "clawback" by the debtor. The amendments to Section 547 create a temporary exemption from preference liability to facilitate and encourage rent deferral and vendor repayment agreements. Prior to the amendment, the deferred rent payments could be subject to preference liability as payments that would otherwise be past due. By insulating these payments from preference exposure, landlords (and vendors) are encouraged to reach deferred payment arrangements with struggling businesses without fear that in a later bankruptcy case the deferred payments would have to be disgorged back to the debtor. Put another way, the amendment helps avoid invocation of the age-old adage that no good deed goes unpunished. Rent Deferrals for Small Business Debtors The amendment to Section 365(d)(3) provides a small business debtor under the Small Business Reorganization Act provisions of the Bankruptcy Code (i.e., commercial debtors having non-contingent, liquidated debts under $7.5 million) the opportunity to defer rent coming due in the first 120 days of the bankruptcy case. However, causation and materiality elements must be satisfied—the debtor must demonstrate that it is experiencing, or has experienced, material financial hardship due, directly or indirectly, to the COVID-19 pandemic. More Time to Assume or Reject Leases The amendment to Section 365(d)(4) allows additional time for a Chapter 11 debtor to assume, assume and assign, or reject its nonresidential real property leases. Prior to the amendment, a debtor had an initial 120-day period, plus one additional 90-day extension to assume or reject, for a maximum of 210 days. Additional extensions beyond the 210th day of the case require the landlord's prior written consent. The amendment increases the initial period from 120 days to 210 days, but maintains the single 90-day extension provision and the landlord written consent requirement. As a result, a debtor is given more breathing room to make critical reorganization decisions relating to its real estate, but must nonetheless timely perform all of its obligations under the lease during that time. To the extent the debtor does not perform, landlords retain the ability to either compel the debtor's performance in bankruptcy court or seek relief from the automatic stay to exercise state law remedies. [*] U.S. Bankruptcy Filings Hit 11-Year High Due to Pandemic ------------------------------------------------------------ James Crombie of Bloomberg Law News reports there were 244 U.S. bankruptcy filings by companies with more than $50 million in liabilities in 2020, the most for a year since 2009, data compiled by Bloomberg show. Companies in the consumer discretionary and energy sectors dominated the distress, which eased in the fourth quarter as credit markets surged amid optimism about rollout of coronavirus vaccines. Still, the pandemic has caused permanent damage to sectors like retail, leisure and travel, making a second wave of bankruptcies look likely this 2021. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual 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. 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Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2021. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***