/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/220429.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, April 29, 2022, Vol. 26, No. 118 Headlines 10193 FLANDERS: May 25 Hearing on Disclosure Statement 3310 West 1: Wants August 5 Plan Exclusivity Extension 5TH STREET PARKING: Files for Chapter 11 Bankruptcy Protection 60 SALEM: Voluntary Chapter 11 Case Summary ACCESS DIRECT MAIL: Files for Bankruptcy Protection ACCO BRANDS: Egan-Jones Retains B+ Senior Unsecured Ratings ACER THERAPEUTICS: Registers 2.5M Shares for Possible Resale ADT SECURITY: Egan-Jones Keeps B- Sr. Unsecured Debt Ratings AFFORDABLE BUILDING: Selling Property Stored in Whitewright Shed AIR CANADA: S&P Alters Outlook to Stable, Affirms 'B+' ICR AMERICAN EAGLE: Gets Court Approval for Bankruptcy Plan AMERICORE HOLDINGS: Ellwood Debtors File Bankruptcy Complaint ANDREWS REAL ESTATE: Case Summary & Two Unsecured Creditors APACHE CORP: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB+ BAMC PROPERTY: Files for Chapter 11 Bankruptcy Protection BAMC PROPERTY: Seeks to Hire Williamson Law as Bankruptcy Counsel BCPE EMPIRE: S&P Affirms 'B-' ICR, Outlook Stable BETHELITE COMMUNITY: Taps Hegge & Confusione as Litigation Counsel BFCD PROPERTIES: May 3 Hearing on Disclosure Statement BIJOU-CENTURY LLC: Seeks to Hire St. James Law as Legal Counsel BLACK NEWS: Seeks to Hire Ankura as Consultant BLACK NEWS: Seeks to Hire Benesch as Lead Counsel BLUELINE TACTICAL: Seeks Chapter 11 Bankruptcy Protection BODYTEK FITNESS: Court Approves Amended Disclosure Statement BRAZOS ELECTRIC: Committee Backs Extension of Exclusivity Period BROWNIE'S MARINE: Incurs $1.6 Million Net Loss in 2021 BUCKARDT TECHNOLOGIES: Konsultek Seeks Bankruptcy Protection BUSY BEES: Seeks Cash Collateral Access BUYK CORP: Has Cash Collateral Access Thru July 21 CARNIVAL CORP: Egan-Jones Retains CCC+ Senior Unsecured Ratings CARVANA CO: S&P Lowers Rating on Unsecured Debt To 'CCC' CHART INDUSTRIES: Egan-Jones Retains BB+ Senior Unsecured Ratings CHEF CASEY: Wins Interim Cash Collateral Access Thru May 11 CHEFS FOR HUMANITY: Seeks Bankruptcy Protection in New York CINEMARK HOLDINGS: Egan-Jones Keeps CC Senior Unsecured Ratings CLEARWATER PLAINFIELD: Taps Wadsworth as Legal Counsel CLUB CAR: S&P Affirms 'B' Rating on Incremental First-Lien Term COEUR MINING: Egan-Jones Keeps BB- Senior Unsecured Ratings COLDWATER DEVELOPMENT: Trustee's Sale of 6 Lots to Castle Real OK'd CPE FEEDS: Wins Cash Collateral Access Thru May 12 CUSTOM TRUCK: To Release Q1 2022 Financial Results on May 10 DELL INC: Egan-Jones Keeps BB- Senior Unsecured Debt Ratings DIOCESE OF CAMDEN : Insurers Get More Time to Probe Chapter 11 Plan EBERHARDT PARTNERSHIP: Taps Fuller Law Firm as Bankruptcy Counsel ECHOSTAR CORP: Egan-Jones Keeps BB- Senior Unsecured Ratings ENCINO ACQUISITION: S&P Affirms 'B-' ICR, Outlook Stable EQUANIMITY BEHAVIORAL: Files Emergency Bid to Use Cash Collateral EVERGREEN I ASSOCIATES: Exclusivity Period Extended to May 17 EXTRUSION GROUP: Asks Court to Extend Exclusivity Thru Sept. 30 EYP GROUP: Seeks Chapter 11 Bankruptcy Protection to Sell Assets FERRO CORP: Egan-Jones Lowers Senior Unsecured Ratings to BB- FOOTPRINT POWER: Gets OK to Hire AP Services, Appoint CRO FOOTPRINT POWER: Gets OK to Hire Kroll as Administrative Advisor FOOTPRINT POWER: Taps Houlihan Lokey Capital as Investment Banker FOOTPRINT POWER: Taps Morgan, Lewis & Bockius as Special Counsel GERALD E. BRAZIE, JR: Sale of Buick and Various Vehicles Approved GFS INDUSTRIES: Seeks Cash Collateral Access GLOBALSTAR INC: Egan-Jones Keeps CC Senior Unsecured Ratings GREEN TAXI COOPERATIVE: Hits Chapter 11 Bankruptcy GREEN TAXI: Seeks Approval to Hire Kutner Brinen as Legal Counsel GULF COAST: Adds Another $1.5 Mil. for Tort Claimants In Ch.11 Plan GWG HOLDINGS: Investor Files Lawsuit Against Newbridge Securities HEBO FAMILY: Seeks Approval to Hire Madoff & Khoury as Attorney HILTON WORLDWIDE: Egan-Jones Keeps 'B' Sr. Unsec. Debt Ratings HONX INC: Voluntary Chapter 11 Case Summary HOOD LANDSCAPING: $191K Sale of Two Cook County Parcels Approved HOVNANIAN ENTERPRISES: Egan-Jones Keeps CCC+ Sr. Unsecured Ratings IDE REAL ESTATE: Seeks to Hire CBRE Inc as Real Estate Agent INGROS FAMILY: COSMA Says Mortgage and Liens Not Identified in Plan INTERSTATE UNDERGROUND: Unsecureds to Receive $250,000 in Plan IONIS PHARMACEUTICALS: Egan-Jones Retains B+ Sr. Unsecured Ratings ITURRINO AND ASSOCIATES: Hires Joyce W. Lindauer as Legal Counsel ITURRINO AND ASSOCIATES: Seeks Bankruptcy Protection in Texas JACQUELINE LEE PANTALEONI: $1.7MM Sale of Verdi Property Approved JETBLUE AIRWAYS: Egan-Jones Keeps B- Senior Unsecured Ratings JOSEPH N. VANDERVOORT: $925K Sale of Boynton Beach Property Okayed KAREN M. MORAWSKY: 2201 N. Buying Sedona Property for $2.15 Million KENWOOD COMMONS: Seeks to Hire Wayne Greenwald as Legal Counsel KHAF CORPORATION: Case Summary & 20 Largest Unsecured Creditors KINTARA THERAPEUTICS: Lind Global Entities Report 5.8% Equity Stake KLX ENERGY: Richard Hamermesh to Quit as Director in June KRONOS WORLDWIDE: S&P Hikes ICR to 'B' on Robust Operating Results LADDER CAPITAL: S&P Alters Outlook to Pos., Affirms 'BB-' ICR LEAR CAPITAL: Wronged Investors Piling Up in Chapter 11 Case LIBERTY POWER: Seeks OK of $500,000 Silicon Valley Bank DIP Loan LITTLETON PREPARATORY: S&P Affirms 'BB+' Revenue Debt Rating LTL MANAGEMENT: Appointment of More Ovarian Cancer Patients Opposed MALLINCKRODT: S&P Assigns Prelim 'B' Rating to 1st Lien Term Loan B MARVIN KELLER: Files Emergency Bid to Use Cash Collateral MASTEC INC: Egan-Jones Keeps BB+ Sr. Unsec. Debt Ratings MAUNESHA RIVER: Unsecureds to Get $100K in Refinancing Under Plan MBIA INC: Egan-Jones Keeps CCC Senior Unsecured Ratings MELO AIR: Wins Cash Collateral Access MENDEZ ENTERPRISES: Files for Chapter 11 Bankruptcy in Nebraska MOUTHPEACE DENTAL: Court Approves and Confirms Amended Plan NESV ICE: Wins Interim Cash Collateral Access Thru May 25 NEW BETHEL: Reaches Settlement Agreement with LLC & Southern Bank NORDSTROM INC: Egan-Jones Keeps B+ Senior Unsecured Ratings NUZEE INC: Sooncha Kim Acquires 6.6% Equity Stake OLIVIER OAKS: Taps District South as Real Estate Agent PABLO E. TAPIA: Selling Mendham Township Property for $1.95 Million PATRIOT CREDIT: Files for Chapter 11 Bankruptcy With Affiliates PHILLIP CRAIG ROBERTS: Brodersons Buying Destin Property for $1.3MM PHOENIX SERVICES: S&P Cuts ICR to CCC+ on Deteriorating Liquidity PIXELLE SPECIALTY: S&P Affirms 'B' ICR on Leveraged Buyout PLUS THERAPEUTICS: Incurs $4.1 Million Net Loss in First Quarter PRO-DEMOLITION INC: Wins Cash Collateral Access PURDUE PHARMA: Hires Reed Smith as Special Insurance Counsel PURDUE PHARMA: Pending Chapter 11 Injunction Extended PVH CORP: Egan-Jones Hikes Senior Unsecured Debt Ratings to BB+ QUANTUM DEVELOPMENT: IRS Seeks to Prohibit Cash Collateral Access R1 RCM: S&P Assigns 'B+ ICR on Acquisition of Cloudmed RALPH CRUDUP: Selling 100% Membership Interests in Pathway to Hope REAMIR 44: Taps Law Offices of Alla Kachan as Bankruptcy Counsel RICCI TRANSPORT: Seeks Approval to Hire Cibik Law as Attorney ROCKING M MEDIA: Wins Cash Collateral Access Thru May 31 RUM RUNNERS: $1 Million Sale of Properties to Dive Bar Confirmed RYDER SYSTEM: Egan-Jones Hikes Senior Unsecured Ratings to BB+ S & N PROPERTY: $2MM Sale to Evoke to Fund Plan Payments S&M DISTRIBUTORS: Seeks Cash Collateral Access Thru June 30 SALEM HARBOR: Wins Final Cash Collateral Access SBA COMMUNICATIONS: Egan-Jones Keeps B- Senior Unsecured Ratings SCHRILLO COMPANY: Seeks Chapter 11 Bankruptcy Protection SCHRILLO COMPANY: Seeks to Hire Alston & Bird as Legal Counsel SERVICE ONE: Seeks Cash Collateral Access SHINING STAR CONSTRUCTION: Hits Chapter 11 Bankruptcy Protection SHYREX INVESTMENTS: Taps Atlanta Intown as Real Estate Broker SIMPKINS & THOMPSON: Case Summary & Two Unsecured Creditors SKINNICITY INC: Seeks Cash Collateral Access Thru Aug 30 SOUTHERN BLOOMS: Seeks to Hire Dunham Hildebrand as Legal Counsel SPIRIT AIRLINES: Egan-Jones Retains CCC+ Senior Unsecured Ratings STARWOOD PROPERTY: S&P Raises ICR to 'BB', Outlook Stable SUMMER AVE: Case Summary & Four Unsecured Creditors SUNGARD AS: U.S. Trustee Appoints Creditors' Committee TELEGRAPH SQUARE II: Hires Chadwick Washington as Special Counsel TELIGENT INC: Wins Court Okay for Ch.11 Disclosures, Voting Plans TERRA MANAGEMENT: Exclusivity Period Extended to May 13 TERRA MANAGEMENT: Taps BerganKDV as Business Valuator THEOS FEDRO: $6.65MM Sale of San Francisco Property to JS Approved TORY BURCH: S&P Alters Outlook to Positive on Strong Earnings TUMBLEWEED TINY HOUSE: Unsecureds to Get $250K Plus Profits in Plan U.S. OUTDOOR: Unsecureds to Receive 13.05% of Their Claims US REAL ESTATE: Trustee Seeks Cash Collateral Access Thru Aug 31 VECTOR GROUP: Egan-Jones Keeps CCC Senior Unsecured Ratings WC 717 N HARWOOD: Trustee Taps Forshey & Prostok as Co-Counsel WC 717 N HARWOOD: Trustee Taps Rochelle McCullough as Co-Counsel WESCO AIRCRAFT: S&P Upgrades ICR to 'CCC+' on Recapitalization WESTJET AIRLINES: S&P Alters Outlook to Stable, Affirms 'B-' ICR WISHING WELL: $464K Sale of Gatsby House Street Property Approved WISHING WELL: Proposed $430K Sale of Las Vegas Property Approved WITCHEY ENTERPRISES: $150K Sale of Rights Under FXG Agreement OK'd [*] March 2022 Bankruptcy Filings Up 33.5% to 36,049, Epiq Reports [^] BOOK REVIEW: Dangerous Dreamers ********* 10193 FLANDERS: May 25 Hearing on Disclosure Statement ------------------------------------------------------ Judge Katherine A. Constantine has entered an order that a hearing to consider approval of a Disclosure Statement of 10193 Flanders LLC will be held on May 25, 2022 at 11:15 a.m. in Courtroom 8W, Diana E. Murphy United States Courthouse, 300 South Fourth Street, Minneapolis, Minnesota. Seven days prior to the hearing is the last day to timely deliver an objection, and ten days prior to the hearing is the last day to timely mail an objection. About 10193 Flanders 10193 Flanders LLC is a Minnesota Limited Liability Corporation formed for the purpose of holding a real estate asset. It has operated as a single asset real estate entity since inception. 10193 Flanders filed a Chapter 11 petition (Bankr. D. Minn. Case No. 21-41779) on Oct. 5, 2021. The Debtor estimated assets and debt of $500,001 to $1 million. The Debtor's counsel: John D. Lamey, III Lamey Law Firm, P.A. Tel: (651) 209-3550 E-mail: bankrupt@lameylaw.com 3310 West 1: Wants August 5 Plan Exclusivity Extension ------------------------------------------------------ 3310 West 1 Group LLC requests the U.S. Bankruptcy Court for the Southern District of Florida to extend the exclusive periods during which the Debtor may file a plan and disclosure statement until August 5, 2022, and to solicit acceptances until October 5, 2022. The Debtor and Creditors have been negotiating toward a consensual plan, but additional time is needed to resolve issues in this case due to the delay in refinancing caused by principal Laurence Benzaquen’s father's illness and passing away in France. A copy of the Debtor's Motion to extend is available at https://bit.ly/39mRtop from PacerMonitor.com. About 3310 West 1 Group 3310 West 1 Group, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-10083) on Jan. 5, 2022, listing as much as $500,000 in both assets and liabilities. Judge Laurel M. Isicoff oversees the case. Joel Aresty, Esq., at Joel M. Aresty PA serves as the Debtor's legal counsel. 5TH STREET PARKING: Files for Chapter 11 Bankruptcy Protection -------------------------------------------------------------- Single Asset Real Estate 5th Street Parking LLC filed for chapter 11 protection in the Southern District of New York. According to court documents, 5th Street Parking estimates between 1 and 49 unsecured creditors, including Internal Revenue Service, New York State Department of Taxation and Finance, and Levy & Nau P.C. The petition states that funds will be available to unsecured creditors. A teleconference meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for May 13, 2022 at 2:00 p.m. About 5th Street Parking LLC 5th Street Parking LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). 5th Street Parking sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 22-10456) on April 12, 2022. In the petition filed by Mylene Liggett, as member, 5th Street estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Julio E. Portilla, of the Law Office of Julio E. Portilla, P.C., is the Debtor's counsel. 60 SALEM: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: 60 Salem Turnpike LLC 550 Pleasant Street Winthrop, MA 02152 Business Description: 60 Salem Turnpike LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: April 28, 2022 Court: United States Bankruptcy Court District of Massachusetts Case No.: 22-10582 Judge: Hon. Janet E. Bostwick Debtor's Counsel: Jay Paul Satin, Esq. JAY PAUL SATIN 385 Broadway Suite 202 Revere, MA 02151 Tel: (781) 289-2215 Fax: (781) 289-1200 E-mail: jaysatin@hotmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Gary DeCicco, managing partner. The Debtor stated it has no creditors holding unsecured claims. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/WW7XXGY/60_Salem_Turnpike_LLC__mabke-22-10582__0001.0.pdf?mcid=tGE4TAMA ACCESS DIRECT MAIL: Files for Bankruptcy Protection --------------------------------------------------- Access Direct Mail Inc. filed for chapter 11 protection in the Middle District of Florida. According to court filings, Access Direct Mail estimates between 1 and 49 unsecured creditors, including American Express, Florida Department of Revenue, and Deutsche Leasing USA Inc. The petition states that funds will be available to unsecured creditors. A telephonic meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for May 6, 2022 at 09:30 A.M. About Access Direct Mail Access Direct Mail Inc. -- https://accessdmi.com/ -- is a leading provider of direct mail and printing services to organizations of all types and size, Access Direct Mail sought Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 22-01482) on April 13, 2022. In the petition filed by Dori Ann Giglio, as president, Access Direct Mail estimated assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. Melody D. Genson, of the Law Offices of Melody Genson, is the Debtor's counsel. ACCO BRANDS: Egan-Jones Retains B+ Senior Unsecured Ratings ----------------------------------------------------------- Egan-Jones Ratings Company on April 7, 2022, maintained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by Acco Brands Corporation. Headquartered in Lake Zurich, Illinois, Acco Brands Corporation manufactures office products. ACER THERAPEUTICS: Registers 2.5M Shares for Possible Resale ------------------------------------------------------------ Acer Therapeutics Inc. filed a Form S-3 registration statement with the Securities and Exchange Commission relating to the offer and resale from time to time by MAM Aardvark, LLC and Marathon Healthcare Finance Fund, L.P.(the selling stockholders) of up to 2,478,000 shares of the Company's common stock, $0.0001 par value per share, issuable upon conversion of its 6.5% secured convertible notes due 2025. The Company is not selling any shares covered by this prospectus and will not receive any proceeds from the sale of shares of common stock by the selling stockholders pursuant to this prospectus. The Company is registering the offer and sale of the shares covered by this prospectus to satisfy certain registration rights it has granted to the selling stockholders. The selling stockholders or their respective permitted assignees may offer all or part of the shares covered by this prospectus for resale from time to time through public or private transactions, at either prevailing market prices or at privately negotiated prices. The Company will pay certain expenses associated with the registration of the securities covered by this prospectus. The Company's common stock is traded on the Nasdaq Capital Market under the symbol "ACER." On April 14, 2022, the last reported sale price of the Company's common stock was $2.30 per share. A full-text copy of the prospectus is available for free at: https://www.sec.gov/Archives/edgar/data/1069308/000119312522109560/d206929ds3.htm Acer Therapeutics Acer Therapeutics -- http://www.acertx.com-- is a pharmaceutical company focused on the acquisition, development and commercialization of therapies for serious rare and life-threatening diseases with significant unmet medical needs. Acer's pipeline includes four clinical-stage candidates: emetine hydrochloride for the treatment of patients with COVID-19; EDSIVO (celiprolol) for the treatment of vascular Ehlers-Danlos syndrome (vEDS) in patients with a confirmed type III collagen (COL3A1) mutation; ACER-001 (a taste-masked, immediate release formulation of sodium phenylbutyrate) for the treatment of various inborn errors of metabolism, including urea cycle disorders (UCDs) and Maple Syrup Urine Disease (MSUD); and osanetant for the treatment of induced Vasomotor Symptoms (iVMS) where Hormone Replacement Therapy (HRT) is likely contraindicated. Each of Acer's product candidates is believed to present a comparatively de-risked profile, having one or more of a favorable safety profile, clinical proof-of-concept data, mechanistic differentiation or accelerated paths for development through specific programs and procedures established by the FDA. Acer Therapeutics reported a net loss of $15.37 million for the year ended Dec. 31, 2021, compared to a net loss of $22.89 million for the year ended Dec. 31, 2020. Boston, MA-based BDO USA, LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 2, 2022, citing that the Company has recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. ADT SECURITY: Egan-Jones Keeps B- Sr. Unsecured Debt Ratings ------------------------------------------------------------ Egan-Jones Ratings Company on April 8, 2022, maintained its 'B-' foreign currency and local currency senior unsecured ratings on debt issued by ADT Security Corporation. EJR also maintained its 'B' rating on commercial paper issued by the Company. Headquartered in Boca Raton, Florida, ADT Security Corporation provides security systems. AFFORDABLE BUILDING: Selling Property Stored in Whitewright Shed ---------------------------------------------------------------- Affordable Building Systems, LLC, asks the U.S. Bankruptcy Court for the Eastern District of Texas to authorize it to sell certain property of the estate, namely items stored in a shed at its former facility in Whitewright, Texas, listed in Exhibit A. Objections, if any, must be filed within 21 days from the date of service. After the occurrence of the Effective Date, on May 1, 2015, Debtor ABS, as landlord, and IGS Manufacturing Worldwide, LLC, as tenant, entered into a lease agreement for the premises located at 2747 Highway 160, Whitewright, Texas ("Property"). The lease was for a term of 24 months. During the period of the lease, IGS owned and operated a complete Stramit strawboard machine at the Property. Unbeknownst to ABS, and despite its possession of the Strawboard Machine at all times, IGS had previously purported to sell the Strawboard Machine to CAF Texas, LLC on or Jan. 15, 2018 for assumption of $500,000 of IGS' debts. On Jan. 24, 2020, the Court entered its Order Authorizing Employment and Retention of Bonds Ellis Eppich Schafer Jones LLP as Special Counsel to the Debtor Pursuant to Sections 327(a) and 328(a) of the Bankruptcy Code Nunc Pro Tunc to Nov. 13, 2019. The Retention Order authorized the Debtors to employ the undersigned firm as special counsel to address issues related to the Strawboard Machine, the rent owed to ABS by IGS, and the claim of ownership of the Strawboard Machine by CAF Texas LLC. On June 19, 2020, ABS, through its counsel, filed an Original Complaint against a number of parties, including IGS, related to IGS' breaches of the Lease and the purported conveyance of the Strawboard Equipment to an insider third party, thereby commencing the adversary proceeding styled Affordable Building Systems, LLC, v. IGS Manufacturing Worldwide, et al., administered under proceeding number 20-04066. After a period of negotiations, ABS and the defendants in the Adversary Proceeding reached a settlement of all claims asserted in the Complaint. On Oct. 05, 2020, ABS filed a Motion for Approval of Compromise and Settlement Pursuant Rule 9019 of Bankruptcy Procedure ("9019 Motion"). On Nov. 5, 2020, the Court entered an order approving the 9019 Motion. Under the settlement, IGS conveyed the Strawboard Machine and related parts and equipment to ABS. Some of the items conveyed have remained stored in a shed at the Whitewright plant owned by NS Plastics. Exhibit A is a list of the items stored in the shed. By the Motion, ABS respectfully requests that th Court enters an order authorizing ABS to sell the Property in the ordinary course of business without further notice and to any interested purchasers. The proposed sale of the Property is a sound exercise of the Debtor's business judgment. While it has not yet found a buyer for these items, the Debtor is working to find a buyer for some or all of the items. Thus, the Debtor desires to obtain court approval to sell these items for the benefit of the estate without having to obtain court approval for each individual item or set of items at the time the Debtor finds an appropriate buyer. There are many assorted items being held in the shed, and it would be burdensome to sell the items individually and request court approval each time the Debtor finds a buyer for an item. Instead, the best and most practical way to sell the items is for the Debtor to obtain court authority to sell all the items as requested, and for the Debtor thereafter to work to find a buyer for each item until they all are sold. The sale of the items will increase the funds available for the estate and its creditors. For the reasons set forth, the proposed sale of the Property is a sound exercise in the Debtor's business judgment and should be approved. As described, the relief that the Debtor seeks in the Motion is necessary for the Debtor to maximize value for its estate. Accordingly, it respectfully requests that the Court waives the 14-day stay imposed by Bankruptcy Rule 6004(h), as the exigent nature of the relief sought justifies immediate relief. About Affordable Building Systems Affordable Building Systems, LLC, doing business as Durra Building Systems, sought Chapter 11 protection (Bankr. E.D. Texas Case No. 11-43655) on Dec. 5, 2011. In the petition signed by John Parker Burg, president, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Bonds Ellis Eppich Schafer Jones, LLP and Melvyn A. Wittmaack serve as the Debtor's legal counsel and accountant, respectively. AIR CANADA: S&P Alters Outlook to Stable, Affirms 'B+' ICR ---------------------------------------------------------- S&P Global Ratings revised its outlook on Air Canada to stable from negative and affirmed its 'B+' issuer credit rating on the company. S&P said, "We also affirmed our 'BB-' issue-level rating, with a '2' recovery rating, on the company's Slots Gates and Routes (SGR)-backed senior secured debt; we have revised our default recovery percentage on these obligations to 85% (from 70%) owing to lower assumption of debt at default. "We raised our issue-level ratings by one notch on three of Air Canada's enhanced trust certificates (EETCs), the 2015-1 Class B, 2018-1 Class A, and 2020-2 Class B EETCs; in all cases the upgrade was based on an improvement of underlying collateral coverage. "Finally, we withdrew our ratings on certain secured debt which was refinanced in 2021. "The stable outlook reflects our expectation that earnings recovery through 2023 should support improved credit metrics at Air Canada while the company maintains strong liquidity." Easing of travel restrictions should spur strong passenger traffic and revenue growth for the remainder of 2022. S&P said, "Passenger traffic through Canadian airports has improved meaningfully in recent weeks following easing of federal travel restrictions on April 1, 2022, and we are seeing solid booking demand at Air Canada (almost 90% of the pre-pandemic level in March) from leisure travelers taking continental North America and transatlantic (including India) flights for spring and summer travel. As a result, the company expects to increase its 2022 capacity (as measured by available seat miles[ASM]) by almost 2.5x year over year to about 75% of the 2019 level. We believe robust pent-up demand for leisure and visiting friends and relatives amid a favorable pricing environment will spur strong passenger growth for the remainder of 2022, helping more than double the company's revenue and drive positive adjusted EBITDA of C$1.2 billion-C$1.4 billion, compared with a loss of about C$1.4 billion in 2021. As Pacific travel (particularly to and from China) normalizes and business mobility improves (albeit at lower levels), we believe Air Canada can capture further gains in revenue and profitability through 2023, absent new COVID-19 pandemic restrictions or an economic downturn." S&P said, "Free cash flow recovery is healthy owing to moderate aircraft refresh needs. Air Canada's mainline fleet is relatively new (the average age is less than 10 years), and therefore we believe a stable and relatively moderate amount of capital expenditure (capex) for the next three years, averaging about C$1.5 billion annually, should allow for meaningful free cash flow conversion of growing EBITDA supporting the company's de-leveraging over the next few years. Although we believe Air Canada's public guidance (March 30, 2022) to reduce net debt to EBITDA to the 1x area by year-end 2024 (close to pre-pandemic levels) is somewhat ambitious in the current inflationary environment, we think the company can improve leverage to the low-to-mid 2x area based on our forecasts. Therefore, we believe the company can protect its strong liquidity and retain adequate financial flexibility to mitigate operating or market risks. "Managing fuel price volatility is a key near-term risk to earnings. Jet fuel price volatility is a material risk to the pace of Air Canada's earnings and debt leverage recovery, in our opinion. We estimate fuel will represent mid-30% of Air Canada's operating costs (excluding depreciation) this year, and that a 10% change in West Texas Intermediate (WTI) crude oil prices will potentially affect our EBTIDA projection for the company by about 20%, all else being equal. We assume Air Canada will be able to pass through most, although not all, of the fuel price increase with some lag, given an arguably strong demand for air travel from Canadians who are supporting healthy discretionary incomes and high savings. We also expect Air Canada to benefit from its meaningful ancillary revenue (such as Air Canada Cargo) as well as its ability to offer premium services. Separately, the use of more fuel-efficient aircraft, fleet optimization, and pandemic-era cost reductions could help mitigate fuel price mismatch to some extent. Inflation and competitive risks could weigh on longer-term profitability. Through 2021, existing and several new carriers (notably Flair Airlines and Lynx Air) announced plans to add significant new routes targeting continental North America, including flying from airports that are competitive with Air Canada. S&P said, "Assuming these initiatives materialize, we estimate there could be as much as a 25% increase in North America (including sun destinations) aggregate capacity by 2023 compared with 2019 (likely higher on specific routes) and even more by 2025. In our view, Air Canada is less exposed than its domestic rival to such competition given its premium service focus, international traffic diversity, and varied/differentiated services. In addition, we feel that much of the capacity increase would likely be absorbed by higher air travel penetration, recapture of traffic from border U.S. cities, and from organic growth. While we can't ignore the prospect of some price risk on specific routes (at least in the short term) and growth on the affected routes, we believe the company can manage this risk using its low-cost Air Canada Rouge platform. Arguably, in our opinion, there is significant uncertainty about the financial success of all the new entrants given weak precedence of new airline successes in Canada, particularly in the current environment of high fuel prices, as well as a rising interest rate and inflation." In addition to fuel price inflation, S&P believes inflationary pressures in labor, fees, and procurement could ultimately limit the company's ability to improve profit margins to pre-pandemic levels within the next couple of years despite the passenger traffic and mix improving to near pre-pandemic levels, in its opinion. S&P said, "The stable outlook reflects our increased conviction that lower travel restrictions will allow for healthy and sustained recovery in air traffic, helping spur improved profitability and cash flow at Air Canada over the next 12 months. We assume the company can manage to the higher fuel prices through effective yield management and that future pandemic restrictions will be relatively moderate, leading to a funds from operations (FFO)-to-debt ratio in the mid-to-high single-digit percentage area in 2022 while largely protecting Air Canada's strong liquidity. "We could lower our ratings on Air Canada over the next 12 months if we revise our liquidity assessment to adequate from strong and we expect FFO to debt to remain well below 12% in 2023. This could occur if oil prices remain very high for an extended period or progress toward mitigating the pandemic is materially weaker or slower than we expect, causing traffic to remain very weak into 2023 and eroding the company's liquidity. "Although unlikely until early 2023, we could raise our ratings on Air Canada if we see sustained improvements in traffic and are confident that FFO to debt will move above 12% in 2022 and continue to improve thereafter. This could occur if the lifting of international travel restrictions and a reduction in the public's perceived risk of contracting the coronavirus contribute to a meaningful increase in air travel demand and if fuel prices do not increase materially from current levels. Maintaining at least adequate liquidity would be a further condition for such a change." ESG credit indicators: To: E-3,S-4,G-2; From: E-3,S-5,G-2 S&P said, "Social factors are now a negative consideration (compared with our previous assessment of very negative) in our credit rating analysis. Air Canada's comparatively greater exposure to international routes severely affected the company's earnings and cash flow through the pandemic, leading to a three-notch downgrade in 2020. However, given loosening of domestic travel restrictions and in other jurisdictions, we anticipate earnings will materially improve starting this year, leading us to revise our social credit indicator score. "Environmental factors are a moderately negative consideration in our credit rating analysis of Air Canada. Similar to other airlines, the company faces long-term risk from tighter greenhouse gas emissions regulation. The company is mitigating this risk by retiring older aircraft and investing in more efficient new aircraft. Its average fleet age is about 10 years." AMERICAN EAGLE: Gets Court Approval for Bankruptcy Plan ------------------------------------------------------- Leslie A. Pappas of Law360 reports that the American Eagle Delaware Holding Co. LLC won court approval Wednesday, April 27, 2022, of a Chapter 11 plan to eliminate $40 million of debt and allow the bankrupt nursing home chain to keep operating, overcoming the dissent of one class of bondholders that voted to reject the plan. At a virtual hearing Wednesday, April 27, 2022, U.S. Bankruptcy Court Judge J. Kate Stickles of the District of Delaware said she would confirm the plan after no one at the hearing raised objections. "The debtors are incredibly pleased that the business is able to emerge successfully and continue to support its residents," Shanti M. Katona of Polsinelli PC said. About American Eagle Established in 2018, Eagle Senior Living -- https://www.eagleseniorliving.org/ -- is a non-profit provider of senior living services across the United States, providing care on a daily basis to approximately 1,000 residents. Eagle Senior Living and related entities operate 15 residential senior care facilities located across the country, from Colorado, Minnesota, Wisconsin, and Ohio to Alabama, Tennessee, and Florida. On Jan. 14, 2022, American Eagle Delaware Holding Company LLC and 16 affiliated companies each filed a petition seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10028) to seek confirmation of their prepackaged plan. The Debtors' cases have been assigned to Judge J. Kate Stickles. Parent company American Eagle Lifecare Corporation and management company Greenbrier Senior Living are not included in the Chapter 11 filing. Greenbrier Senior Living continues to manage all of the communities. American Eagle Delaware Holding estimated assets and debt of $10 million to $50 million as of the bankruptcy filing. The Debtors are represented in the Chapter 11 cases by Polsinelli PC as legal counsel. FTI Consulting Inc. and Blueprint Healthcare Real Estate Advisors, LLC serve as financial advisor and real estate advisor, respectively. Epiq Corporate Restructuring, LLC, is the claims agent and administrative advisor. AMERICORE HOLDINGS: Ellwood Debtors File Bankruptcy Complaint ------------------------------------------------------------- Nicholas Vercilla of Ellwood City Ledger reports that Ellwood City Medical Center Operations is seeking to recover $27,000 in transfers from Transport U LLC. An April court complaint filed with the United States Bankruptcy Court for the Eastern District of Kentucky states Ellwood City Medical Center Operations LLC is a debtor in the ongoing Chapter 11 bankruptcy case against Americore Holdings, the former owner of the Ellwood City Medical Center before the company filed for bankruptcy on Dec. 31, 2019. Transport U is a company that specializes in non-emergency medical transportation. Ellwood City Medical Center Operations is seeking to recover the money it spent in transfers in the 90 days before the company filed for bankruptcy, or the preference period, which was $14,008 on Nov. 5, 2019, and $12,999 on Dec. 3, 2019. In total, Medical Center Operations is asking the court to avoid all avoidable transfers and directing Transport U to return the amount, plus interest from the date of demand at the maximum legal rate, together with expenses including attorneys' fees. The filing is the latest development in the long-running bankruptcy case against Americore Holdings. In the years since the bankruptcy was declared, the Medical Center has shut down, though the landing pad has reopened. In addition, the medical records line has been disconnected, medical records had to be copied by April 8 before their destruction, and both the Ellwood City Area School District and Ellwood Council passed agreements regarding delinquent property taxes of the space to California-based Pelorus Equity Group Inc., the lienholder of the property. About Americore Holdings Americore Holdings, LLC and its affiliates, including Americore Health LLC, own and operate the Ellwood City Medical Center in Pennsylvania, Southeastern Kentucky Medical Center (formerly Pineville Community Hospital), Izard County Medical Center in Arkansas; and St. Alexius Hospital in St. Louis. Americore Holdings and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Lead Case No.19-61608) on Dec. 31, 2019, listing as much as $50,000 in both assets and liabilities. Judge Gregory R. Schaaf oversees the case. Bingham Greenebaum Doll, LLP and Rose Grasch Camenisch Mains, PLLC serve as the Debtors' bankruptcy counsel and special counsel, respectively. Carol A. Fox was appointed as the Debtors' Chapter 11 trustee. The trustee is represented by Baker & Hostetler LLP. Suzanne Koeing was appointed as the Debtor's patient care ombudsman. The PCO is represented by Saul Ewing Arnstein & Lehr LLP. ANDREWS REAL ESTATE: Case Summary & Two Unsecured Creditors ----------------------------------------------------------- Debtor: Andrews Real Estate Investments, LLC 1919 Greenwood St. Evanston, IL 60201 Business Description: The Debtor is the fee simple owner of six real estate properties valued at $2 million. Chapter 11 Petition Date: April 28, 2022 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 22-04861 Judge: Hon. David D. Cleary Debtor's Counsel: Ben Schneider, Esq. SCHNEIDER & STONE 8424 Skokie Blvd. Suite 200 Skokie, IL 60077 Tel: 847-933-0300 Fax: 312-509-4937 Email: ben@windycitylawgroup.com Total Assets: $2,000,031 Total Liabilities: $115,182 The petition was signed by Thomas Andrews as managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's two unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/6LVDDGA/Andrews_Real_Estate_Investments__ilnbke-22-04861__0001.0.pdf?mcid=tGE4TAMA APACHE CORP: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB+ --------------------------------------------------------------- Egan-Jones Ratings Company on April 14, 2022, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Apache Corporation to BB+ from BB. Headquartered in Houston, Texas, Apache Corporation is an independent energy company. BAMC PROPERTY: Files for Chapter 11 Bankruptcy Protection --------------------------------------------------------- Single Asset Real Estate BAMC Property Holding, LLC, filed for chapter 11 protection in the Middle District of Florida. According to court filing, BAMC Property estimates between 1 and 49 unsecured creditors, including Tampa Electric Company, Office of the U.S. Trustee, and Palscher Inc. The petition states that funds will be available to unsecured creditors. A telephonic meeting of creditors under 11 U.S.C. Sec. 341(a) is scheduled on May 9, 2022 at 2:30 P.M. About BAMC Property Holding BAMC Property Holding LLC is a Single Asset Real Estate (as defined in 11 U.S.C. § 101(51B)). BAMC Property sought Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 22-01487) on April 13, 2022. In the petition filed by Thomas Ortiz, as managing member, BAMC Property Holding estimated assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. Leon A. Williamson, Jr., of Leon A. Williamson, Jr., P.A., is the Debtor's counsel. BAMC PROPERTY: Seeks to Hire Williamson Law as Bankruptcy Counsel ----------------------------------------------------------------- BAMC Property Holding, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ the law firm of Williamson Law Firm as its legal counsel. The firm will render these services: a. take all action necessary to protect and preserve the estate of the Debtor including the prosecution of actions on its behalf, and objecting to claims filed against the Estate, if appropriate; b. prepare, on behalf of the Debtor, applications, answers, orders, reports and papers, required in connection with the administration of the Estate; c. counsel the Debtor with regard to its rights and obligations as Debtor in Possession; d. prepare and file schedules of assets and liability; e. prepare and file a Plan of Reorganization and Disclosure Statement; and f. perform all other necessary legal services in connection with this Chapter 11 case. Williamson does not represent any interest adverse to the Debtor, and is disinterested, according to court filings. The firm can be reached through: Leon A. Williamson, Jr., Esq. Williamson Law Firm 306 South Plant Ave., Suite B Tampa, FL 33606 Tel: (813) 253-3109 Fax: (813) 253-3215 Email: Leon@LwilliamsonLaw.com About BAMC Property Holding BAMC Property Holding, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01487) on April 13, 2022. At the time of filing, the Debtor estimated $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Leon A. Williamson, Jr., Esq. at Leon A. Williamson, Jr., P.A. serves as the Debtor's counsel. BCPE EMPIRE: S&P Affirms 'B-' ICR, Outlook Stable ------------------------------------------------- S&P Global Ratings affirmed all ratings, including its 'B-' issuer credit rating on distributor of foodservice packaging and facilities maintenance supplies BCPE Empire Holdings Inc. (d/b/a Imperial Dade). S&P said, "The stable outlook reflects our expectation for solid earnings growth with the integration of acquisitions and ongoing recovery in the food service packaging volumes. This leaves us to believe the company will maintain leverage in the 7.0x-8.0x area over the next 12 months. "Rating upside is constrained by the financial sponsor's aggressive financial policy despite our expectation for steady improvement in credit metrics over the next 12 months. Significant contributions of acquisitions coupled with strong demand in the higher-margin janitorial sanitation (Jan-San) products, and ongoing recovery in Food Service Packaging volumes supports our expectation for leverage in the low-7x area. However, ratings upside is limited given our expectation for its financial sponsor, Bain Capital, to maintain an aggressive financial risk tolerance. This assumption is based on the $315 million debt-funded dividend executed two years after its 2019 leverage buyout, track record of debt-financed acquisitions (14 in 2021 alone), and the company's ability to convert a higher percentage of its EBITDA to free operating cash flow (FOCF). "We believe Imperial Dade's business improvement initiatives should lead to absolute profit growth. Management has taken steps to enhance Imperial Dade's operating efficiency over the last 18 months as it continues to execute on its acquisitive growth strategy. These steps include optimizing salesforce and route density; centralizing CRM (customer relationship management), WMS (warehouse management system), and ERP (enterprise resource planning) systems as well as taking various actions to reduce its general and administrative expenses. These transformative actions enabled Imperial Dade to realize cost synergies in the first 12 months of integration, which allowed S&P Global Ratings-adjusted EBITDA margins to improve by 110 basis points to 8.0% in 2021 relative to the prior-year period. Furthermore, we observed an improved product mix toward more profitable product categories, such as Jan-San, which continues to drive margin higher than our earlier estimates. "Inflationary pressures remain a risk. As a distributor, the company is susceptible to unfavorable increases in operating costs (including raw materials, wage, and fuel costs). Its single-digit margin profile leaves little room for any execution missteps against potential cost pressures. However, we believe the company's proven track record of passing on price increases to customers, scale-based pricing leverage with suppliers, and ability to serve price-sensitive customers with its economical private-label brand will help mitigate this risk. "The stable outlook reflects our expectation for solid earnings growth with the integration of acquisitions, ongoing recovery in the food service packaging volumes. This leaves us to believe the company will maintain leverage in the 7.0x-8.0x area over the next 12 months." S&P could lower its ratings on Imperial Dade over the next 12 months if: -- The company materially underperforms S&P's base-case expectations for sales and earnings, resulting in negative FOCF and a failure to deleverage such that its capital structure becomes unsustainable; or -- The company's liquidity materially weakens because of a weakened operating performance, large debt-financed acquisitions, integration missteps from recent acquisitions, customer losses, or an unexpected spike in costs. S&P said, "We could raise our ratings on Imperial Dade if we were to believe the company's financial policy would support leverage to remain below 7.0x and FOCF to debt in the high-single-digit percentage area on a sustained basis. In this scenario, the company would outperform our base-case expectations through successful business execution, including integration of acquired companies." ESG credit indicators: E-2, S-2, G-3 Governance is a moderately negative consideration, as is the case for most rated entities owned by private-equity sponsors. S&P believes the company's highly leveraged financial risk profile points to corporate decision-making that prioritizes the interest of the controlling owners. This also reflects the generally finite holding periods and a focus on maximizing shareholder returns. BETHELITE COMMUNITY: Taps Hegge & Confusione as Litigation Counsel ------------------------------------------------------------------ Bethelite Community Baptist Church Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Hegge & Confusione, LLC, as its special litigation counsel. The firm has agreed to accept a reduced $5,000 flat fee for preparing and presenting the Debtor's currently pending appeal to the Appellate Division. In addition, the Debtor is responsible for the costs incurred in the appeal to the Appellate Division, which is estimated to be approximately $4,000. If any applications for relief to the Court of Appeals are pursued, Hegge would charge a reduced flat fee of $3,500. Michael Confusione, Esq., a partner and member of Hegge, assured the court that the firm represents no interest adverse to the estate in the matters upon which it is to be engaged. The firm can be reached through: Michael Confusione, Esq. Hegge & Confusione, LLC 5 Pennsylvania Plaza 19th Floor New York, NY 10001 Phone: +1 800-790-1550 Email: mc@heggelaw.com About Bethelite Community Baptist Church Bethelite Community Baptist Church Inc. is a not-for-profit church, that owns a building located at 36-38 West 123rd Street, New York. The Debtor operates a small private school, which is also not-for-profit, and houses several members of its congregation who are homeless. Bethelite Community Baptist Church filed for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 22-10374) on March 27, 2022. In the petition filed by James Manning, pastor, the Debtor listed $1 million to $10 million in both assets and liabilities. Judge Lisa G. Beckerman oversees the case. Lewis W. Siegel, Esq., serves as the Debtor's legal counsel. BFCD PROPERTIES: May 3 Hearing on Disclosure Statement ------------------------------------------------------ Judge Henry W. Van Eck has entered an order that the hearing to consider approval of the Amended Disclosure Statement of BFCD Properties, LLC will be held at Ronald Reagan Federal Building, Bankruptcy Courtroom (3rd Floor), Third & Walnut Streets, Harrisburg, PA 17101 on May 3, 2022 at 9:30 a.m. April 29, 2022, is fixed as the last day for filing and serving written objections to the amended disclosure statement. About BFCD Properties BFCD Properties, LLC, sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 21-01127) on May 18, 2021, listing $100,001 to $500,000 in both assets and liabilities. Judge Henry W. Van Eck oversees the case. The Weiss Law Group, LLC, and Mott & Gendron Law serve as the Debtor's legal counsel. BIJOU-CENTURY LLC: Seeks to Hire St. James Law as Legal Counsel --------------------------------------------------------------- Bijou-Century, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire St. James Law, PC as its bankruptcy counsel. The firm will render these services: (a) assist the Debtor in its business operation; (b) assist the Debtor in operating matters and filing of reports; (c) interact with the Subchapter V trustee; (d) assist the Debtor in the administration of claims; (e) assist the Debtor in the formulation and prosecution of its Plan of Reorganization; and (f) provide the Debtor general counsel and representation in the course of its Chapter 11 proceedings. Michael St. James, Esq., the main attorney in this engagement, will be paid at his hourly rate of $650. In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-bankruptcy retainer in the amount of $30,000. Michael St. James, Esq., an attorney at St. James Law, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael St. James, Esq. St. James Law, PC 22 Battery Street, Suite 810 San Francisco, CA 94111 Telephone: (415) 391-7566 Facsimile: (415) 391-7568 Email: michael@stjames-law.com About Bijou-Century LLC Bijou-Century, LLC owns and operates an adult theater in San Francisco, California. Bijou-Century, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Case No. 22-30126) on March 13, 2022. The petition was signed by Joseph Carouba as managing member of the LLC. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Hannah L. Blumenstiel presides over the case. Michael St. James, Esq. at ST. JAMES LAW, P.C. serves as the Debtor's counsel. BLACK NEWS: Seeks to Hire Ankura as Consultant ---------------------------------------------- Black News Channel, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Ankura Consulting Group, LLC to provide the Debtor with certain restructuring and financial consulting services. The firm will render these services: Restructuring Consulting Services a. review and provide feedback on the Debtor's existing and future cash flow forecasts and assist with incorporating Chapter 11 adjustments, as appropriate. Ankura Consulting will also assist with conversations around funding, as required; b. advise and assist the Debtor with communications and negotiations with its stakeholders, including, but not limited to, landlords, secured creditors, unsecured creditors, customers, suppliers, counterparties to network distribution agreements, and other parties in interest; c. advise and assist management in responding to information requests from the Debtor's stakeholders; d. assist the Debtor in obtaining court approval of any DIP financing facility and/or cash collateral order, as necessary, including developing forecasts and reporting as required by the lender and assisting with monitoring and compliance reporting during the pendency of the Chapter 11 Case; e. engage with the Debtor's creditors, the creditors committee (if any) and other constituencies in the case and assist in the preparation of due diligence information, reports to and negotiations with such constituencies; f. assist with completion of SOFA / SOAL outputs, in line with the required format of the US Trustee's office; g. assist with the Monthly Operating Reports and other reporting requirements of the Court; h. assist counsel throughout the process with court motions and any other related activities, as requested; i. assist the Debtor with respect to bankruptcy-related claims estimation, management and reconciliation processes; and j. perform such other professional services as may be requested by the Debtor and agreed to by Ankura Consulting in writing. Sale Advisory Services a. assist in the evaluation of the Debtor’s business and prospects; b. assist in preparation of descriptive material on the Debtor, including the development of summary financial data; c. identify, contact and introduce prospective purchasers, including, without limitation, those that may have contacted the Debtor directly; d. set up a virtual data room for Potential Acquirors; e. assist in coordinating the due diligence process; f. assist in evaluating terms by Potential Acquirors; g. negotiate with Potential Acquirors through consummation of a Transaction; h. provide expert testimony on an as-needed basis, which shall be subject to an hourly fee and separate engagement letter; i. conduct a sale process under applicable provisions of the Bankruptcy Code; j. provide such other advisory services as are customarily provided in connection with the analysis and negotiation of a potential Transaction, as requested and mutually agreed. The firm will be paid at these rates: a. For the Restructuring Consulting Services Senior Managing Director/ Managing Director $900 - $1,195 Senior Director/Director $605 - $890 Senior Associate/Associate $435 - $590 b. for the Sale Advisory Services, the Debtor proposes to pay the firm a non-refundable monthly fee of $50,000, beginning with the month of April 2022; c. the Debtor shall pay the firm a success fee equal to (a) 3.5 percent of the Aggregate Gross Consideration for the Transaction up to $10,000,000; plus (b) 7.5 percent of any AGC proceeds over $10,000,000; and minus (c) the creditable portion of the monthly fees received by the firm to date. M. Benjamin Jones, senior managing director with Ankura Consulting, assured the court that his firm is a "disinterested person", within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: M. Benjamin Jones Ankura Consulting Group, LLC 150 North Riverside Plaza, Suite 2400 Chicago, IL 60606 Phone: 1 312-212-6100 About Black News Channel Black News Channel, LLC is a news network and the only provider of 24/7 multiplatform programming dedicated to covering the unique perspectives, challenges and successes of Black and Brown communities. Black News Channel sought Chapter 11 bankruptcy protection (Bankr. N.D. Fla. Case No. 22-40087) on March 28, 2022. In the petition signed by Maureen Brown, vice president of finance, the Debtor listed as much as $50 million in both assets and liabilities. Judge Karen K. Specie oversees the case. The Debtor tapped Benesch, Friedlander, Coplan & Aronoff, LLP as lead bankruptcy counsel; Thames Markey, P.A. as Florida counsel; and Ankura Consulting Group, LLC as consultant. Stretto, Inc. is the claims, noticing and solicitation agent. The U.S. Trustee for Region 21 appointed an official committee of unsecured creditors on April 12, 2022. BLACK NEWS: Seeks to Hire Benesch as Lead Counsel ------------------------------------------------- Black News Channel seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Benesch, Friedlander, Coplan & Aronoff LLP as its bankruptcy counsel. The firm will render these services: a. advise the Debtors of their rights, powers, and duties as debtors in possession continuing to operate and manage their businesses and properties; b. attend meetings and negotiating with representatives of creditors and other parties in interest; c. prepare on behalf of the Debtors all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents, and review all financial and other reports to be filed with the Court in these chapter 11 cases; d. advise the Debtors concerning, and preparing responses to, applications, motions, pleadings, notices, and other papers that may be filed and served in these chapter 11 cases; e. advise the Debtors concerning, and assisting in the negotiation and documentation of, the obtaining of credit; sale of assets; debt and lease restructuring; executor contract and unexpired lease assumptions; assignments, and/or rejections; and related transactions, as necessary; f. review the nature and validity of liens asserted against the Debtors' property and advising the Debtors concerning the enforceability of such liens; g. advise the Debtors concerning the actions that they might take to collect and recovery property for the benefit of their estates; h. counsel the Debtors in connection with the formulation, negotiation, and confirmation of a chapter 11 plan or plans and related documents; and i. perform such other legal services for and on behalf of the Debtors as may be necessary or appropriate in its business and in the administration of these chapter 11 cases. Benesch Friedlander will be paid at these hourly rates: Partners $445 to $945 Associates $310 to $590 Paralegals $205 to $350 The firm will be paid at these hourly rates: Gregory W. Werkheiser,Partner $755 Scott A. McMillin,Partner $735 Jennifer R. Hoover, Partner $725 Matt Nirider, Partner $630 Andrew S. Nicoll, Partner $550 Steven L. Walsh, Associate $395 Juan Martinez, Associate $310 LouAnne Molinaro, Paralegal $350 Benesch Friedlander received a retainer in the amount of $150,000. Benesch Friedlander will also be reimbursed for reasonable out-of-pocket expenses incurred. Gregory Werkheiser, Esq., partner of Benesch Friedlander Coplan & Aronoff LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Benesch Friedlander can be reached at: Gregory W. Werkheiser, Esq. Steven L. Walsh, Esq. 1313 N. Market Street, Suite 1201 Wilmington, DE 19801 Phone: (302) 442-7010 Fax: (302) 442-7012 Email: gwerkheiser@beneschlaw.com swalsh@beneschlaw.com About Black News Channel Black News Channel, LLC is a news network and the only provider of 24/7 multiplatform programming dedicated to covering the unique perspectives, challenges and successes of Black and Brown communities. Black News Channel sought Chapter 11 bankruptcy protection (Bankr. N.D. Fla. Case No. 22-40087) on March 28, 2022. In the petition signed by Maureen Brown, vice president of finance, the Debtor listed as much as $50 million in both assets and liabilities. Judge Karen K. Specie oversees the case. The Debtor tapped Benesch, Friedlander, Coplan & Aronoff, LLP as lead bankruptcy counsel; Thames Markey, P.A. as Florida counsel; and Ankura Consulting Group, LLC as consultant. Stretto, Inc. is the claims, noticing and solicitation agent. The U.S. Trustee for Region 21 appointed an official committee of unsecured creditors on April 12, 2022. BLUELINE TACTICAL: Seeks Chapter 11 Bankruptcy Protection --------------------------------------------------------- Blueline Tactical & Police Supply LLC filed for chapter 11 protection in New York. According to court filings, Blueline Tactical & Police Supply estimates between 1 and 49 unsecured creditors, including 40Argo Partners LLC5 Brady Rd, Action Target, and Argo Partners. A teleconference meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for May 12, 2022 at 1:00 P.M. About Blueline Tactical and Police Supply Blueline Tactical and Police Supply LLC is a New York-based gun shop. Blueline Tactical and Police Supply LLC sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 22-22186) on April 13, 2022.H. Bruce Bronson, Jr., of Bronson Law Offices, P.C., is the Debtor's counsel. BODYTEK FITNESS: Court Approves Amended Disclosure Statement ------------------------------------------------------------ Judge Scott M. Grossman has entered an order approving the Amended Disclosure Statement of Bodytek Fitness Pembroke Pines LLC. The Plan confirmation hearing and hearing on fee applications will be held on May 26, 2022 at 9:30 a.m. in U.S. Courthouse, 299 E. Broward Blvd, Courtroom 308, Ft. Lauderdale, FL 33301. The following deadlines apply with respect to the confirmation hearing and hearing on fee applications: * The deadline for filing objections to claims will be on May 12, 2022. * The deadline for filing and serving fee applications will be on May 12, 2022. * The deadline for filing ballots accepting or rejecting plan will be on May 19, 2022. * The deadline for filing objections to confirmation will be on May 23, 2022. About Bodytek Fitness Pembroke Pines Bodytek Fitness Pembroke Pines, LLC, filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 21-17687) on Aug. 5, 2021, listing up to $100,000 in assets and up to $500,000 in liabilities. Cecelia Facey, managing member, signed the petition. Judge Peter D. Russin oversees the case. Susan D. Lasky, Esq., serves as the Debtor's legal counsel. BRAZOS ELECTRIC: Committee Backs Extension of Exclusivity Period ---------------------------------------------------------------- The official committee of unsecured creditors of Brazos Electric Power Cooperative, Inc. expressed support for the extension of the cooperative's exclusivity period to file a Chapter 11 plan. In court papers, attorney for the committee, John Higgins, Esq., at Porter Hedges, LLP, said the cooperative has been taking steps to implement a Chapter 11 plan that would pay unsecured creditors in full for the last several months, including negotiations with the committee regarding the specific terms applicable to general unsecured creditors. "In light of the progress made to date, and with an eye towards emergence and distributions before year-end, the committee supports the [cooperative's] request for a further extension of exclusivity," Mr. Higgins said. "The committee is hopeful that a confirmable plan will be approved by the board in the near term and filed shortly thereafter with the court. Brazos asked the U.S. Bankruptcy Court for the Southern District of Texas to extend its exclusivity period to file a Chapter 11 plan to July 26, and the period to solicit acceptances for the plan to Sept. 22. The cooperative argued the extension is necessary given the size of its bankruptcy case and the progress it has made to date, including the timely resolution of more than $2 billion in priority claims. The resolution of those claims, including ERCOT's $1.9 billion claim, is critical to plan negotiations with key stakeholders, according to the cooperative. About Brazos Electric Power Cooperative Brazos Electric Power Cooperative Inc. is a 3,994-megawatt transmission and generation cooperative which members' service territory covers 68 counties from the Texas Panhandle to Houston. It was organized in 1941 and the first cooperative formed in the Lone Star state with the primary intent of generating and supplying electrical power. At present, Brazos Electric is the largest generation and transmission cooperative in the state and is the wholesale power supplier for its 16 member-owner distribution cooperatives and one municipal system. Brazos Electric filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-30725) on March 1, 2021. At the time of the filing, the Debtor disclosed assets of between $1 billion and $10 billion and liabilities of the same range. Judge David R. Jones oversees the case. The Debtor tapped Norton Rose Fulbright US, LLP as bankruptcy counsel, Foley & Lardner LLP and Eversheds Sutherland US LLP as special counsel, Collet & Associates LLC as investment banker, and Berkeley Research Group, LLC as financial advisor. Ted B. Lyon & Associates, The Gallagher Law Firm, West & Associates LLP, Butch Boyd Law Firm and Boyd Smith Law Firm, PLLC serve as special litigation counsel. Stretto is the claims and noticing agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtor's case on March 15, 2021. The committee is represented by the law firms of Porter Hedges, LLP and Kramer, Levin, Naftalis & Frankel, LLP. FTI Consulting, Inc. and Lazard Freres & Co. LLC serve as the committee's financial advisor and investment banker, respectively. BROWNIE'S MARINE: Incurs $1.6 Million Net Loss in 2021 ------------------------------------------------------ Brownie's Marine Group, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $1.59 million on $6.23 million of total net revenues for the year ended Dec. 31, 2021, compared to a net loss of $1.35 million on $4.56 million of total net revenues for the year ended Dec. 31, 2020. Chris Constable, CEO of Brownie's Marine Group, Inc. stated, "We were pleased with our fiscal year 2021 results. We believe that the sales growth of greater than 56% means that our Company is experiencing significant momentum in our markets. This growth was hampered a bit by the worldwide supply chain and logistics challenges leading to higher costs for components and freight, negatively impacting our aggregate margins year over year. Additionally, we invested significantly in human capital to ensure that next year's sales can continue at a similar pace. While both items affected our profitability for 2021, the Company has adjusted pricing to counter the increased component cost and I also believe that our front-loaded investment in people will pay dividends in the coming year." Robert M. Carmichael, president and Chairman of the Board added, "We believe that part of our mission here at Brownie's is to be part of the growth of the marketplace for recreational water exploration and conservation. By educating new users to enjoy our products, we are hopefully creating new customers, but also folks who will be good stewards of our oceans over the long-term. To that end, we have recently launched a new subsidiary called Live Blue, a pilot program for guided tours, rental, and coaching provided with the Company's innovative line of products from BLU3. We are launching in conjunction with our acquisition of Gold Coast Scuba, LLC, a dive shop and scuba diving training center operating in Lauderdale-by-the-Sea, Florida." Mr. Carmichael further added, "Our products are designed to be a fun, safe and easy way entry point to get a larger audience of people to come and enjoy our waters, and that building the marketplace will be a win-win for everyone involved." As of Dec. 31, 2021, the Company had $4.67 million in total assets, $2.05 million in total liabilities, and $2.63 million in total stockholders' equity. Boynton Beach, Florida-based Liggett & Webb, P.A., the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 22, 2022, citing that the Company has experienced net losses and has an accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1166708/000149315222010714/form10-k.htm About Brownie's Marine Headquartered in Pompano Beach, Florida, Brownie's Marine Group, Inc., is the parent company to a family of innovative brands with a unique concentration in the industrial, and recreational diving industry. The Company, together with its subsidiaries, designs, tests, manufactures, and distributes recreational hookah diving, yacht-based scuba air compressors and nitrox generation systems, and scuba and water safety products in the United States and internationally. The Company has three subsidiaries: Trebor Industries, Inc., founded in 1981, dba as "Brownie's Third Lung"; BLU3, Inc.; and Brownie's High-Pressure Services, Inc., dba LW Americas. The Company is headquartered in Pompano Beach, Florida. BUCKARDT TECHNOLOGIES: Konsultek Seeks Bankruptcy Protection ------------------------------------------------------------ Buckardt Technologies Inc., d/b/a Konsultek, filed for chapter 11 protection in Illinois. According to court filing, Buckardt Technologies estimates between 1 and 49 unsecured creditors, including American Express, Funding Circle, and IRS Centralized Insolvency Operation. The petition states that funds will be available to unsecured creditors. A telephonic meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for May 18, 2022 at 01:30 P.M. About Buckardt Technologies Buckardt Technologies, Inc., doing business as Konsultek, provides information technology services. It offers vulnerability assessment, penetration testing, disaster planning and recovery, infrastructure lifecycle, and application traffic management services. Konsultek serves clients worldwide. Buckardt Technologies sought Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 22-04420) on April 18, 2022. In the petition filed by Judith A. Buckard, as president, Buckardt Technologies estimated assets up to $50,000 and liabilities between $1 million and $10 million. The case is assigned to Honorable Bankruptcy Judge Lashonda A Hunt. Richard G Larsen, of Springer Larsen Greene, LLC, is the Debtor's counsel. BUSY BEES: Seeks Cash Collateral Access --------------------------------------- Busy Bees Smocks!, LLC asks the U.S. Bankruptcy Court for the Northern Division of Alabama, Southern Division, for authority to use cash collateral and provide adequate protection. The Debtor requires the use of cash collateral to pay operating expenses such as utility bills, payroll, payroll taxes, insurance, and other necessary operating expenses. On July 20,2021, SellersFunding Corp. entered into a Revolving Loan Agreement whereby Busy Bees could borrow funds necessary to operate its business. The original loan amount was $350,000. Busy Bees was repaying this balance at the rate of $15,953 bi-weekly or approximately $34,564 per month. As of the bankruptcy filing date, the balance due on this Loan was approximately $93,655. As security for the Loan, Busy Bees pledged all of its accounts receivables and other assets. On December 15, 2021, Busy Bees borrowed another $46,492 from SellersFunding, modifying the Revolving Agreement. The balance due is approximately $34,042. On February 4, 2022, Busy Bees borrowed another $136,801 from SellersFunding, modifying the Revolving Agreement. The balance due is approximately $116,287. On February 28, 2022, Busy Bees borrowed another $35,000 from SellersFunding, modifying the Revolving Agreement. The balance due is approximately $30,968. On March 22, 2022, Busy Bees borrowed another $45,106 from SellersFunding, modifying the Revolving Agreement. The balance due is approximately $45,106. SellersFunding claims a first priority lien on all of the Debtor's cash, accounts receivable and inventory. Sellers Funding is currently owed approximately $320,059. Pursuant to the SellersFunding Security Agreement and UCC Financing Statement, the Lender's security interest attaches to the cash, accounts receivable and inventory of the Debtor. The Accounts Receivable on the Petition Date was approximately $60,000. Inventory is estimated to be approximately $5,000 on a retail basis, while cash on hand is approximately $0. Subject to entry of an appropriate order, Busy Bees proposes to provide SellersFunding with adequate protection for the use of its cash collateral during the course of the bankruptcy case by extending its pre-petition lien to a "rollover lien" including future receivables, inventory and the proceeds therefrom. A copy of the Debtor's motion is available at https://bit.ly/3Khy0C6 from PacerMonitor.com. About Busy Bees Smocks!, LLC Busy Bees Smocks!, LLC operates an online children's clothing store. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 22-00938) on April 22, 2022. In the petition signed by Courtney Burrage, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge D. Sims Crawford oversees the case. Steven D. Altmann, Esq., at Nomberg Law Firm is the Debtor's counsel. BUYK CORP: Has Cash Collateral Access Thru July 21 -------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York authorized Buyk Corp. to use cash collateral on an interim basis in accordance with the budget, with a 7.5% variance and provide adequate protection. The Debtor is a borrower under a Prepetition Term Loan Credit Agreement, dated March 11, 2022, between the Debtor and Legalist DIP GP, LLC. The Prepetition Term Loan Agreement is secured by substantially all assets of the Debtor. The Debtor's authorization, and the Secured Party's consent, to use cash collateral will terminate without further notice or action by the Court on the earliest to occur of any of the following: a. July 21, 2022 or such later date as may be agreed to in writing by the Secured Party or as provided for by further Court order; b. Following five business days' written notice to the Debtor, the failure of the Debtor to comply with any provision, covenant or agreement in the Interim Cash Collateral Order; c. The Debtor grants, creates, incurs or suffers to exist any postpetition liens or security interests other than (i) those granted pursuant to the Interim Cash Collateral Order; (ii) carriers', mechanics', operator's, warehousemen's, repairmen's or other similar liens arising in the ordinary course of business for amounts outstanding as of the Petition Date; (iii) pledges or deposits in connection with workers' compensation, unemployment insurance and other social security legislation; and (iv) deposits to secure the payment of any postpetition statutory obligations, surety bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; d. Entry of an order dismissing the Chapter 11 Case or converting the Chapter 11 Case to a case under chapter 7 of the Bankruptcy Code; e. Entry of an order appointing a Chapter 11 trustee; f. The Court terminates or reduces the period pursuant to section 1121 of the Bankruptcy Code during which the Debtor has the exclusive right to file a plan and solicit acceptances thereof; g. Entry of an order in the Chapter 11 Cases modifying, staying, reversing or vacating any part of the Interim Cash Collateral Order, without the prior consent of the Secured Party; h. Except as expressly allowed in the Interim Cash Collateral Order, entry of a Court order granting any lien on, or security interest in, any Prepetition Collateral in favor of any party other than the Secured Party, or granting an administrative claim payable by a Debtor to any party other than the Secured Party, that is senior to, or pari passu with, the Adequate Protection Superpriority Claim, without the express written consent of the Secured Party; i. The Debtor files or supports a motion challenging the validity, extent or priority of any of the Prepetition Liens or Secured Obligations; or j. Entry of an order granting relief from any stay of proceeding (including, without limitation, the automatic stay) so as to allow a third party to proceed with foreclosure (or granting a deed in lieu of foreclosure). As adequate protection for the Debtor's use of cash collateral, Legalist is granted additional and replacement valid, binding, enforceable non-avoidable, and automatically perfected postpetition security interests in and liens, without the necessity of the execution by the Debtor. To the extent of any Diminution in Value, as further adequate protection, and to the extent provided by sections 503(b), 507(a)(2) and 507(b) of the Bankruptcy Code, the Secured Party is granted an allowed superpriority administrative expense claim against the Debtor ahead of and senior to any and all other administrative expense claims and all other claims asserted against the Debtor. A copy of the order is available at https://bit.ly/3OE4UAb from PacerMonitor.com. About Buyk Buyk is a real-time retail grocery delivery service that was launched in September 2021 with the mission of giving back time to American consumers. Buyk operated a network of 39 stores in New York and Chicago. The company delivers groceries and essential items to customers' doorsteps in 15 minutes or faster -- with no minimum spend and no delivery fee. Buyk Corp. filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 22-10328) on March 17, 2022. Judge Michael E. Wiles oversees the case. Mark S. Lichtenstein, Esq., at Akerman LLP is the Debtor's counsel. CARNIVAL CORP: Egan-Jones Retains CCC+ Senior Unsecured Ratings --------------------------------------------------------------- Egan-Jones Ratings Company on April 4, 2022, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Carnival Corporation. EJR also maintained its 'B' rating on commercial paper issued by the Company. Headquartered in Miami, Florida, Carnival Corporation owns and operates cruise ships offering cruises to all major vacation destinations including North America, United Kingdom, Germany, Southern Europe, South America, and Asia Pacific. CARVANA CO: S&P Lowers Rating on Unsecured Debt To 'CCC' -------------------------------------------------------- S&P Global Ratings said it lowered its issue-level rating on Carvana Co's unsecured debt to 'CCC' from 'CCC+' and revised the recovery rating to '5' (10%-30%; rounded estimate: 25%) from '4', reflecting lower recovery prospects given the increased size of unsecured notes. Carvana announced that it plans to upsize the $2.275 billion unsecured debt issuance by $1 billion to fund the acquisition of Adesa Inc.'s U.S. physical auction business and for general corporate purposes, eliminating the previously planned $1 billion of preferred equity. S&P said, "Since we had viewed the preferred equity as debt, the total debt pro-forma after acquisition is unchanged. While the replacement of the preferred equity will result in higher annual interest expense that will decrease cash flows, we still think the roughly $2.2 billion in increased liquidity will provide additional financial flexibility to cover two years of cash burn. Thus, our 'CCC+' issuer credit rating and positive outlook on Carvana are unchanged." ISSUE RATINGS - RECOVERY ANALYSIS Key analytical factors -- S&P's hypothetical default scenario assumes Carvana fails to achieve the growth it needs to improve margins, leading it to burn cash faster than anticipated. -- S&P uses a combined discrete asset value (DAV) and enterprise value (EV) EBITDA multiple approach to value the company. It uses the EBITDA multiple approach for Carvana's operating business and the DAV approach for its vehicle inventory, which it finances with floor plan financing. Simulated default assumptions -- Year of default: 2023 -- EBITDA multiple: 6x -- Jurisdiction: U.S. -- Administrative claims: 5% of EV All debt includes six months of accrued interest. Simplified waterfall -- Gross enterprise value: $5.13 billion ($2.6 billion EV multiple/$2.55 billion DAV) -- Net recovery value for waterfall after 5% administrative expenses: $4.9 billion -- Priority claims: $2.6 billion -- Total collateral value available to secured debt: $2.24 billion -- Estimated secured debt claims: $634 million --Recovery expectations: Greater than 100% -- Total collateral available to senior unsecured claims: $1.6 billion -- Total unsecured claims: $5.94 billion --Recovery expectations: 10%-30% (rounded estimate: 25%) CHART INDUSTRIES: Egan-Jones Retains BB+ Senior Unsecured Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company on April 7, 2022, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Chart Industries, Inc. Headquartered in Ball Ground, Georgia, Chart Industries, Inc. operates as a global manufacturer of equipment used in the production, storage, and end-use of hydrocarbon and industrial gases. CHEF CASEY: Wins Interim Cash Collateral Access Thru May 11 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, authorized Chef Casey, LLC to use cash collateral in accordance with the budget, with a 10% variance. The Debtor is permitted to use cash collateral to pay amounts expressly authorized or directed by the court and the expenses set forth in the budget. The authorization will continue until such time as the Court enters a subsequent and/or final order granting -- or denying -- the relief requested in the Motion. Except to the extent such liens have been terminated by the Claimants after the Petition Date, Claimants will have a perfected post-petition lien against cash collateral to the same extent and with the same validity and priority as the alleged prepetition lien, without the need to file or execute any document as may otherwise be required under applicable nonbankruptcy law. The further hearing on the matter is scheduled for May 11, 2022 at 1:30 p.m. A copy of the order and the Debtor's budgets for April to July 2022 is available at https://bit.ly/3KfrMmm from PacerMonitor.com. The Debtor projects $193,000 in total sales and $28,397 in direct operating cost for April 2022. About Chef Casey, LLC Chef Casey, LLC owns and operates a restaurant located at 885 Vanderbilt Beach Road, Naples, Florida 34108. Chef Casey sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 2:22-bk-00426 on April 14, 2022. In the petition signed by Keith R. Casey, managing member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Caryl E. Delano oversees the case. Mike Dal Lago, Esq., at Dal Lago Law is the Debtor's counsel. CHEFS FOR HUMANITY: Seeks Bankruptcy Protection in New York ----------------------------------------------------------- Chefs for Humanity and affiliates , Corlich Enterprises, filed for chapter 11 protection in the Eastern District of New York. According to court documents, Chefs for Humanity estimates between 1 and 49 unsecured creditors. The petition states that funds will be available to unsecured creditors. A teleconference meeting of Creditors under 11 U.S.C. Sec. 341(a) is slated for May 23, 2022 at 10:00 A.M. About Chefs for Humanity Chefs for Humanity is an organization committed to promoting nutrition education, hunger relief and emergency and humanitarian aid to reduce hunger worldwide. Chefs for Humanity and affiliates, Corlich Enterprises, sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 22-40800) on April 18, 2022. In the petition filed by Catherine Cora, as president, Chefs for Humanity estimates assets up to $50,000 and estimated liabilities up to $50,000. The case is assigned to Honorable Bankruptcy Judge Jil Mazer-Marino. Lawrence Morrison, of MORRISON TENENBAUM PLLC, is the Debtor's counsel. CINEMARK HOLDINGS: Egan-Jones Keeps CC Senior Unsecured Ratings --------------------------------------------------------------- Egan-Jones Ratings Company on April 5, 2022, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Cinemark Holdings, Inc. EJR also maintained its 'C' rating on commercial paper issued by the Company. Headquartered in Plano, Texas, Cinemark Holdings, Inc. operates as a movie theater. CLEARWATER PLAINFIELD: Taps Wadsworth as Legal Counsel ------------------------------------------------------ Clearwater Plainfield 15, LLC received approval from the U.S. Bankruptcy Court for the District of Colorado to employ Wadsworth Garber Warner Conrardy, P.C. to serve as legal counsel in its Chapter 11 case. The firm's services include: a. providing the Debtor with legal advice with respect to its powers and duties; b. assisting the Debtor in the development of a plan of reorganization under Chapter 11; c. file pleadings, reports and actions, which may be required under Chapter 11; d. taking necessary actions to enjoin and stay until final decree continuation of pending proceedings and to enjoin and stay until final decree commencement of lien foreclosure proceedings and all matters as may be provided under Section 362 of the Bankruptcy Code; and e. performing all other necessary legal services for the Debtor. The hourly rates charged by the firm's attorneys and paralegals are as follows: David V. Wadsworth $450 per hour Aaron A. Garber $450 per hour David J. Warner $375 per hour Aaron J. Conrardy $375 per hour Lindsay Riley $300 per hour Paralegals $125 per hour The firm received a retainer in the amount $24,409. As disclosed in court filings, Wadsworth is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code The firm can be reached through: Aaron A. Garber, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Telecopy: (303) 296-7600 Email: agarber@wgwc-law.com About Clearwater Plainfield 15 Clearwater Plainfield 15, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-11321) on April 19, 2022, listing as much as $50 million in both assets and liabilities. The petition was signed by Gary Dragul, president, GDA Clearwater Management and GDA Real Estate Management. Judge Joseph G. Rosania, Jr. oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C. represents the Debtor as legal counsel. CLUB CAR: S&P Affirms 'B' Rating on Incremental First-Lien Term --------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on specialty vehicles manufacturer Club Car LLC because it expects leverage to improve to below its 7x downgrade threshold by early 2023. S&P's affirmation assumes that the incremental issuance does not trigger an upward repricing of the existing senior secured term loan. Despite the incremental first-lien debt, S&P affirmed its 'B' issue-level rating on the first lien-facility. The recovery rating on this debt remains '3', although S&P lowered its rounded estimate of recoverable value to 55% from 65%. S&P also affirmed the 'CCC+' issue-level rating on the company's $525 million senior unsecured notes due 2029. S&P said, "The rating outlook remains negative to reflect Club Car's very high leverage around our 7x downgrade threshold in 2022, and our view that leverage improvement in 2023 could slow if demand pulls back in either the golf or consumer segment, its operational improvement plan is delayed, or the company pursues a leveraging capital allocation strategy. "We affirmed the 'B' issuer credit rating despite the leveraging transaction because we expect that leverage could improve below our 7x downgrade threshold in early 2023." Club Car reported revenue growth of 18.6% in 2021 due to good demand across its golf, consumer, and commercial segments. Elevated demand for Club Car's vehicles reflected increased demand for recreational outdoor activities during the pandemic, and high levels of wear and tear on golf carts resulting from more golf rounds played during the pandemic. Additionally, long-term tailwinds including the continued shift toward larger golf club fleet sizes, the shift toward higher-priced lithium-ion battery powered vehicles, and the growth of master planned communities all supported demand improvement. S&P siad, "In 2022, we expect that revenue growth of around 20%-25% (supported by the company's $1.2 billion order backlog) will result from replenishment of golf club fleets that experienced high wear and tear in 2021, continued favorable secular demand tailwinds for the industry, and already agreed upon product price increases. Club Car will also generate incremental annual revenues of around $40 million from newly acquired Garia. Our current expectation is for mid-single-digit percent area revenue growth in 2023, as secular tailwinds for its products continue to lead to growth." S&P said, "In 2022, we expect EBITDA margins to expand to near historical levels as inflationary cost pressures are partly offset by product price increases, one-time stand up costs roll off, and volumes improve substantially. In 2023, we expect that modest achievement of planned operational improvements at Club Car, which are focused on supply chain optimization, manufacturing efficiency, new product development acceleration, and procurement, could bring EBITDA margin expansion to the high-teens percent area." Based on these assumptions, S&P expects that leverage will be around 7x in 2022, and potentially improve to around 6x in 2023. Club Car's acquisition of Garia results in a modest improvement in its geographic diversity but involves integration and execution risks. Garia is a European manufacturer of high-end small EVs and related aftermarket parts and services, headquartered in Denmark. In November 2021, Garia acquired Melex, a Poland-based manufacturer of electric utility vehicles. S&P said, "It is our understanding that Club Car intends to improve profitability by consolidating the manufacturing of Garia and Melex in Poland, and to expand sales volumes through Club Car's distribution in the U.S. and Europe. S&P Global expects that the Russia-Ukraine conflict will have sizable effects on Poland's economy and public finance, which could impair Club Car's execution of the planned manufacturing consolidation. However, it is our understanding that Garia's lease on its Denmark facility extends through the end of 2022." While running duplicative manufacturing facilities will be temporarily costly, it could mitigate transition risks and any potential disruption from the ongoing conflict in Ukraine. Club Car has a leading market position and long-standing reputation as a premium manufacturer in the golf cart industry, where it primarily competes against E-Z-GO and Yamaha. In 2021, the company's sales to golf course operators accounted for about half of its new cart sales. Although S&P views Club Car's end markets as relatively cyclical, with demand tied to consumer discretionary spending, spending on golf remained resilient throughout the COVID-19 pandemic due to elevated participation rates given the limited alternative entertainment and recreation options and favorable income demographics of its participants. Additionally, Club Car often leases golf carts to course operators, typically for a period of four to five years, which provides some visibility into its future sales based on its fleet renewal and replacement cycles. Following the expiration of its leases, Club Car has the option to resell the used carts, which it often offers to its retail and commercial customers. S&P expects favorable long-term trends in Club Car's golf and consumer segments to continue supporting growth. Club Car's golf and consumer segments accounted for approximately 83% of its new cart sales in 2021. In recent years, an increase in the number of rounds played, greater overall participation in the sport, and a rise in the proportion of rounds driven has led golf courses to increase the size of their fleets and accelerated their fleet replacement cycles. Additionally, during the pandemic, rounds played were elevated and courses implemented single-ridership requirements to comply with social distancing restrictions. This resulted in greater wear and tear on fleets and will increase the need for replacement carts through 2022. S&P said, "We also expect an accelerating shift toward higher-priced lithium-ion battery-powered vehicles to be a key support for the company's future expansion. In 2021, about 31% of carts sold in Club Car's golf segment had lithium-ion battery powertrains, and we expect that this proportion will increase over time which will result in higher average selling prices because these carts command a premium over lead-acid battery or gas-powered carts, though this will be somewhat offset by their longer replacement cycles." Since introducing its Onward model in 2017, Club Car has gained market share and substantially expanded its consumer segment. To support the expansion of its consumer segment, the company added more than 250 new dealer agreements, most of which were with power-sports retail merchandisers. S&P said, "We believe certain favorable trends, including an increase in outdoor recreation activities, the aging population, the proliferation of master-planned communities, and sustainable mobility trends, will support increased sales of Club Car's feature-rich EVs. The company's online platform also enables its customers to customize options for their carts. Club Car typically sells an average model with $500 to $700 of accessories. Over the longer term, we expect that the client relationships in its consumer segment may be less sticky and subject to greater competition than the relationships in its golf segment." The company sells its products primarily through independent distributors. S&P said, "We believe its well-established global distribution channels create some barriers to entry. Club Car primarily sells its products in the U.S. Although its international sales will increase following the integration of Garia, they will remain a relatively small portion of total sales. The company assembles most of its vehicles at a single manufacturing facility in Georgia, which we believe involves some concentration risk. "Input prices and supply chain remain key risks. Volatility in commodity prices for raw material inputs and being unable to pass these fully through to customers are key risks for Club Car. Club Car's manufacturing is reliant on raw materials including steel, aluminum, lithium, lead and rubber, the prices of which can fluctuate over time. We expect Club Car's product price increases to partly offset inflationary pressures in raw materials in 2022. "The negative outlook reflects that Club Car will have very high leverage around our 7x downgrade threshold in 2022, and that its leverage improvement in 2023 could be slowed if demand pulls back in either the golf or consumer segment, its operational improvement plan is delayed, or the company pursues a leveraging capital allocation strategy. "We could lower our rating if we expect that Club Car will sustain leverage above our 7x downgrade threshold, which could result from a pull back in the company's golf or consumer segment, slow achievement of its operational improvement plan, or a leveraging acquisition or distribution. We could also consider a downgrade if the incremental term loan issuance triggered an upward repricing of the existing senior secured term loan. "We could revise our outlook to stable if Club Car grows revenue and EBITDA such that it can sustain leverage below 7x, incorporating potential future leveraging acquisitions. Although unlikely over the next 12 months, we could raise our rating on Club Car if the company successfully integrates Garia and demonstrates a commitment to deleveraging by using its positive cash flow generation to repay debt while sustaining debt to EBITDA of well below 5x (including potential acquisitions and shareholder returns)." ESG credit indicators: E-2, S-2, G-3 S&P said, "Governance factors are, on a net basis, a moderately negative consideration in our credit rating analysis of Club Car. Our assessment of the company's financial risk profile as highly leveraged reflects corporate decision-making that prioritizes the interests of controlling owners, in line with our view of most rated entities owned by private-equity sponsors. Our assessment also reflects generally finite holding periods and a focus on maximizing shareholder returns." COEUR MINING: Egan-Jones Keeps BB- Senior Unsecured Ratings ----------------------------------------------------------- Egan-Jones Ratings Company on April 7, 2022, maintained its 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by Coeur Mining, Inc.. Headquartered in Chicago, Illinois, Coeur Mining, Inc. operates as a mining company. COLDWATER DEVELOPMENT: Trustee's Sale of 6 Lots to Castle Real OK'd ------------------------------------------------------------------- Judge Sheri Blueblood of the U.S. Bankruptcy Court for the Central District of California authorized Sam Leslie, the Chapter 11 trustee for Coldwater Development, LLC, and Lydda Lud, LLC, to sell the six highly prized, vacant, residential estate lots, totaling approximately 65.63 acres located in the Santa Monica Mountains above Beverly Hills, California, identified by Assessor's Parcel Number 4387-021-018 and 4387-021-019, 4387-022-001, 4387-022-002, 4387-020-001, 4387-020-009, including Land, Appurtenances, Mineral Rights, Improvements, and Appurtenances, to Castle Real Estate, LLC, in accordance with the terms of their Purchase Contract dated March 23, 2022. The Trustee is authorized to sell the Property free and clear of the Mechanic's Lien and Department of Industrial Relations Liens pursuant to 11 U.S.C. Section 363(f)(4), with such encumbrances to attach to sale proceeds, as those encumbrances are in bona fide dispute. The Purchase Contract, and all the terms and conditions thereof, are approved. Specifically, the Trustee is authorized to direct escrow to disburse proceeds as follows: (a) Closing costs consisting of the cost of a standard coverage title insurance policy and the Trustee's portion of escrow fees; (b) The Marketing and Sale Expense of the Auctioneer; (c) The Buyer's Premium as provided for in the Sale Motion (in part to the Estate and in part to the Auctioneer); and (d) Payment of the LC Engineering Claim pursuant to the Stipulation. Thereafter, the Trustee will hold the remaining proceeds from the Sale in trust for the benefit of these Estates. The Trustee is further authorized to refund the deposit paid by Give Back upon entry of the Order. The Property will be transferred pursuant to the Purchase Contract to the Buyer "as is, where is" with all faults subject to and in accordance with the Purchase Contract upon and as of the Closing Date, and upon the Buyer's payment in full of the Purchase Price, such transfer of title to the Property, will be free and clear of any and all Claims, Rights, and Encumbrances. To the extent such Claims, Rights, and Encumbrances are not paid in full or assumed by the Buyer upon the Closing Date, all Claims, Rights, and Encumbrances on the Property will attach solely to the proceeds of the Sale. Without limiting the foregoing, a certified copy of the Order may be filed by the Buyer with the appropriate clerk or clerks and/or agencies or departments and/or recorded to act to cancel any of the Claims, Rights, and Encumbrances on the Property of record. All time periods set forth in the Order will be calculated in accordance with Bankruptcy Rule 9006(a). About Coldwater Development Los Angeles-based Coldwater Development, LLC and its affiliate Lydda Lud, LLC filed Chapter 11 petitions (Bankr. C.D. Calif. Lead Case No. 21-10335) on Jan. 15, 2021. In the petitions, both Debtors disclosed $50 million to $100 million in assets and $10 million to $50 million in liabilities. Judge Sheri Bluebond presides over the cases. Arent Fox, LLP serves as the Debtors' bankruptcy counsel. Sam S. Leslie is the Chapter 11 trustee appointed in the Debtors' cases. David Seror, Esq., at Brutzkus Gubner and LEA Accountancy, LLP serve as the trustee's legal counsel and accountant, respectively. CPE FEEDS: Wins Cash Collateral Access Thru May 12 -------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Lubbock Division, authorized CPE Feeds, Inc. to use cash collateral on an interim basis in an amount not to exceed $19,550 in accordance with the budget and provide adequate protection. The Debtor requires the use of cash collateral to continue the operation of its business, including continuing to pay its employees. American Bank of Commerce may claim that substantially all of the Debtor's assets are subject to the bank's pre-petition lien(s). The authority granted to the Debtor will apply from the Petition Date through the date of the Final Hearing on the Debtor's Cash Collateral Motion scheduled for April 12, 2022 at 1:30 p.m. As adequate protection, ABC Bank is granted a valid, binding, enforceable, and perfected lien co-extensive with its pre-petition liens in all currently owned or hereafter acquired property and assets of the Debtor. As adequate protection for the diminution in value of the interests of ABC Bank, ABC Bank is granted a replacement lien and security interest. The replacement liens granted to ABC Bank in the Order are automatically perfected without the need for filing of a UCC- 1 financing statement with the Secretary of State's Office or any other such act of perfection. A final hearing on the Debtor's request will be held at 1:30 p.m. on May 12, 2022. A copy of the order is available at https://bit.ly/3Kpatzq from PacerMonitor.com. About CPE Feeds, Inc. CPE Feeds, Inc. is a privately held company in the animal food manufacturing business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-50022) on March 1, 2022. In the petition signed by R. Lan Skains, president, the Debtor disclosed up to $10 million in both assets and liabilities. Ryan C. Gentry, Esq., at McGowan and McGowan PC, is the Debtor's counsel. CUSTOM TRUCK: To Release Q1 2022 Financial Results on May 10 ------------------------------------------------------------ Custom Truck One Source, Inc. will release first quarter 2022 financial results after the market close on Tuesday, May 10, 2022. Management will discuss the results on a conference call at 5:00 p.m. EDT on Tuesday, May 10, 2022. The webcast and a presentation of financial information will be publicly available at investors.customtruck.com. To listen by phone, please dial 1-877-425-9470 or 1-201-389-0878. A replay of the call will be available until midnight EDT, Tuesday, May 17, 2022, by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 13729071. About Custom Truck Custom Truck One Source, Inc. (formerly known as Nesco Holdings, Inc.) is a provider of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America. CTOS offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets, including electric lines, telecommunications networks and rail systems. The Company's coast-to-coast rental fleet of more than 9,600 units includes aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, tools and accessories. For more information, please visit investors.customtruck.com. Custom Truck reported a net loss of $181.50 million for the year ended Dec. 31, 2021, a net loss of $21.28 million for the year ended Dec. 31, 2020, a net loss of $27.05 million for the year ended Dec. 31, 2019, a net loss of $15.53 million for the year ended Dec. 31, 2018, and a net loss of $27.10 million for the year ended Dec. 31, 2017. As of Dec. 31, 2021, the Company had $2.68 billion in total assets, $440.58 million in total current liabilities, $1.38 billion in total long-term liabilities, and $858.51 million in total stockholders' equity. DELL INC: Egan-Jones Keeps BB- Senior Unsecured Debt Ratings ------------------------------------------------------------ Egan-Jones Ratings Company on April 5, 2022, maintained its 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by Dell Inc. Headquartered in Round Rock, Texas, Dell Inc. provides computer products. DIOCESE OF CAMDEN : Insurers Get More Time to Probe Chapter 11 Plan ------------------------------------------------------------------- Jeannie O'Sullivan of Law360 reports that a New Jersey bankruptcy judge said Wednesday, April 27, 2022, he would delay the confirmation of a Roman Catholic diocese's Chapter 11 plan at the behest of insurers blindsided by the debtor's abandonment of a deal that would have capped their payouts for clergy sex abuse survivors at $30 million. U.S. Bankruptcy Judge Jerrold N. Poslusny Jr. vacated a schedule that included a June 1 start date for the confirmation hearing, agreeing that insurers need more time to study and possibly object to an amended reorganization plan that leaves the carriers confused about their duties with respect to compensation for the survivors. 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. EBERHARDT PARTNERSHIP: Taps Fuller Law Firm as Bankruptcy Counsel ----------------------------------------------------------------- Eberhardt Partnership seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ The Fuller Law Firm, P.C. as its attorney. The firm will render these services: (a) advise the Debtor with respect to its powers and duties as Debtor-in-possession; (b) attend meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of the case, including all of the legal and administrative requirements of being in Chapter 11; (c) take all necessary action to protect and preserve the Debtor's estate; (d) prepare on behalf of the Debtor all motions, applications, answers, orders, reports, and papers necessary to the administration of the estate and to review but not to prepare the monthly operating reports; (e) negotiate and prepare on the Debtor's behalf a plan for reorganization, and all related agreements and/or documents and take any necessary action on behalf of the Debtor to obtain confirmation of such plan; (f) advise the Debtor in connection with the possible sale or any possible refinance of its assets; (g) appear before the Court and the U.S. Trustee and protect the interest of the Debtor's estate before such courts and the U.S. Trustee; and (h) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with its Chapter 11 case. The firm can be reached through: Lars T. Fuller 505 per hour Saman Taherian $485 per hour Joyce Lau $395 per hour Rodrigo Franco (Paralegal) $125 per hour The firm received a retainer of $15,000. Lars Fuller, Esq., founding partner at Fuller Law, disclosed in court filings that the firm and its attorneys are "disinterested persons" as that term is defined by Section 101(14) of the Bankruptcy Code. The firm can be reached through: Lars T. Fuller, Esq. Sam Taherian, Esq. Joyce K. Lau, Esq. The Fuller Law Firm, P.C. 60 No. Keeble Ave. San Jose, CA 95126 Telephone: (408) 295-5595 Facsimile: (408) 295-9852 Email: admin@fullerlawfirm.net About Eberhardt Partnership Eberhardt Partnership -- https://ACMESAWSHOP.com/ -- is engaged in the sales and services of table saw sharpening, CNC bits, router bits, chisels, planer, jointer knives, shaper, band saw blades, chipper blades, paper & zamboni knive. Eberhardt Partnership filed a petition for protection under Subchapter V Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 22-50291). The Debtor reported assets and liabilities of $100,000 to $500,000. This case has been assigned to Judge Stephen L. Johnson. The Fuller Law Firm, PC, is the Debtor's counsel. Timothy Nelson has been appointed as Subchapter V Trustee. ECHOSTAR CORP: Egan-Jones Keeps BB- Senior Unsecured Ratings ------------------------------------------------------------ Egan-Jones Ratings Company on April 4, 2022, maintained its 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by EchoStar Corporation. Headquartered in Englewood, Colorado, EchoStar Corporation operates satellite communication infrastructures. ENCINO ACQUISITION: S&P Affirms 'B-' ICR, Outlook Stable -------------------------------------------------------- S&P Global Ratings affirmed its issuer 'B-' issuer credit rating on U.S.-based oil and gas exploration and production (E&P) company Encino Acquisition Partners LLC. The issue-level rating on its unsecured debt remains 'B'. The recovery rating on this debt is '2', reflecting its expectation of a substantial (70%-90%, rounded estimate: 85%) recovery in the event of a payment default. S&P said, "The stable outlook reflects our expectation that Encino will maintain adequate liquidity and credit measures in line with the current rating, including funds from operations (FFO) to debt above 50% over the next 24 months. We believe production will grow moderately over the long run and anticipate cash outflows this year, with an inflection point delayed to 2023. "Encino's leverage metrics are improving despite its hedge contracts, and we expect production will grow with increased spending in 2022. "Based on our current commodity price assumptions, we project average FFO to debt of more than 50% over the next two years along with debt to EBITDA around 1.5x-1.75x. Most of the company's oil and gas production is hedged for this year and in 2023, which will limit its ability to take advantage of higher hydrocarbon pricing in the near-term. We expect year-over-year total production growth in the mid-single-digit percentage range in 2022 as the company focuses activity on the western side of its Utica acreage position. We also expect operating costs and capital expenditures to meaningfully increase due to a more liquids-focused production mix, inflation, and the company's addition of a third drilling rig." Liquidity has strengthened; however, revolver borrowings remain elevated, and the company will likely be unable to generate positive free cash flow this year. Encino recently extended its revolving credit facility by two years to 2025, and its borrowing base increased to $1.1 billion--providing the company with $580 million of liquidity at year-end 2021. However, almost half of the facility is encumbered by approximately $393 million of outstanding borrowings and $133 million in letters of credit at year-end. S&P said, "Given our expectation for moderate cash outflows this year, the facility will likely be drawn upon further before an anticipated cash flow inflection point in 2023. Nevertheless, we expect liquidity to remain adequate, and last year's refinancing into the 2028 unsecured notes provided management with runway to improve cash flow." S&P said, "The stable outlook reflects our expectation that Encino will maintain adequate liquidity and credit measures in line with the current rating, including FFO to debt above 50% over the next 24 months. We believe production will grow moderately over the long run and anticipate cash outflows this year, with an inflection point delayed to 2023." S&P could lower the rating if: -- Liquidity deteriorates; or -- S&P believes the capital structure is no longer sustainable. S&P could raise its rating on Encino if: -- The company substantially reduces revolver borrowings; and -- It maintains an FFO to debt of at least 30%. S&P believes this scenario could occur if the company generates significant free cash flow and uses it to reduce debt. ESG credit indicators: E-4, S-2, G-2 S&P said, "Environmental factors are a negative consideration in our credit rating analysis of Encino Acquisition Partners LLC as the exploration and production and downstream industries contend with an accelerating energy transition and adoption of renewable energy sources. We believe falling demand for fossil fuels will lead to declining profitability and returns for the industry as it fights to retain and regain investors that seek higher return investments. To help address these concerns, Encino has committed to reducing methane emissions to 1% or less by 2025 as part of the ONE Future initiative." EQUANIMITY BEHAVIORAL: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------------------- Equanimity Behavioral Services, Co. asks the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, for authority to use cash collateral on an interim basis for 60 days in accordance with the proposed budget. The Debtor requires access to cash collateral to preserve its going concern value and enable the Debtor to provide the maximum value to secured and unsecured creditors. The U.S. Small Business Administration has a first lien of $150,000 and is secured by all of the Debtor's assets, valued at approximately $75,000 on the bankruptcy filing date. The Debtor believes the SBA is adequately protected by the value of the collateral and will benefit by the Debtor's reorganization as the receivables will increase and payment will be made under the bankruptcy-exit plan. The Debtor also is providing a replacement lien to the SBA and any other alleged secured creditor, although all creditors aside from the SBA are fully unsecured. The Debtor is aware of these creditors that may claim to have a secured interest in the cash collateral in order of priority: a. U.S. Small Business Association -- UCC filed May 28, 2020 b. Fast Income Servicing -- UCC filed October 22, 2020 c. Premier Capital Funding -- UCC filed April 28, 2021 The value of the Debtor's assets at the time of the bankruptcy petition is approximately $75,000. The Debtor offers as adequate protection a replacement lien on any collateral to the same extent, validity and priority held by each Alleged Secured Creditor that existed prior to the Petition Date, but only to the extent of the value of the assets of the Debtor as of the petition date. A copy of the motion and the Debtor's budget is available at https://bit.ly/3k2z0PS from PacerMonitor.com. The Debtor projects $73,000 in income and $71,350 in expenses. About Equanimity Behavioral Services, Co. Equanimity Behavioral Services, Co. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-13153-PDR) on April 22, 2022. In the petition signed by Kelly D. Negron, president/owner, the Debtor disclosed up to $100,000 in assets and up to $1million in liabilities. Thomas L. Abrams, Esq., at Gamberg & Abrams serves as the Debtor's counsel. EVERGREEN I ASSOCIATES: Exclusivity Period Extended to May 17 ------------------------------------------------------------- Judge Christine Gravelle of the U.S. Bankruptcy Court for the District of New Jersey extended to May 17 the exclusivity period for Evergreen I Associates, LLC and its affiliates to file a Chapter 11 plan. Under U.S. bankruptcy rules, companies in Chapter 11 protection have the sole right to craft and formally propose turnaround plans unless a judge strips them of that right. Evergreen I and its affiliates filed a joint plan of reorganization on Dec. 8 last year and an amended version of the plan on March 22. The latest plan proposes to pay general unsecured creditors in full in cash. As of March 22, $251,627.56 in general unsecured claims have been asserted against Evergreen I while $1,103.13 in general unsecured claims have been asserted against its affiliate, Evergreen Plaza Associates, LLC. About Evergreen I Associates Evergreen I Associates LLC and its affiliates, Evergreen II Associates LLC; Evergreen III Associates LLC; and Evergreen Plaza Associates, LLC, are engaged in activities related to real estate. The companies each filed a Chapter 11 petition on September 9, 2021. In the petitions signed by Nicholas Aynilian, manager, each of Evergreen I Associates and Evergreen II Associates estimated $1 million to $10 million in both assets and liabilities. In addition, Evergreen III Associates listed $100,000 to $500,000 in assets and $1 million to $10 million, while Evergreen Plaza Associates disclosed up to $50,000 in assets and likewise $1 million to $10 million in liabilities. The Debtors' cases are jointly administered under Evergreen I Associates (Bankr. D. N.J. Lead Case No. 21-17116). Judge Christine M. Gravelle presides over the cases. Riker, Danzig, Scherer, Hyland & Perretti LLP is tapped as the Debtors' counsel. Evergreen I and its affiliates filed a joint Chapter 11 plan of reorganization on Dec. 8, 2021. EXTRUSION GROUP: Asks Court to Extend Exclusivity Thru Sept. 30 --------------------------------------------------------------- Extrusion Group, LLC and its affiliates ask the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, to extend their exclusive periods to file and to solicit acceptances of a Chapter 11 plan through and including September 30, 2022, and November 30, 2022, respectively. Before filing for chapter 11 relief, the Debtors and the Debtors' principals were the named defendants in the District Court Case which has been pending for the past three years. The litigation costs associated with defending themselves against Kimberly-Clark Corporation and Kimberly- Clark Global Sales, LLC (collectively, "Kimberly-Clark") in the District Court Case have forced the Debtors to seek refuge in the Bankruptcy Court to salvage their businesses and reorganize their operations and debts. Since the Court's rulings on the Motion to Dismiss and the Injunction Motion, the parties have been in ongoing discussions for a possible resolution to the pending litigation with Kimberly-Clark. The primary cause of the Debtors' chapter 11 filings, Kimberly-Clark's claims, and the District Court Case represents the crux of these cases, and any plan of reorganization will be substantially impacted by the outcome of this dispute. Accordingly, the Debtors seek additional time to resolve the issues with Kimberly-Clark before they file a plan of reorganization. The Debtors have acted diligently during the initial months of these chapter 11 cases and will continue to do so for the remainder of these cases. The Debtors requested such an extension of the Exclusivity Periods to advance these cases and continue good faith negotiations with their stakeholders. A copy of the Debtors' Motion to extend is available at https://bit.ly/3xU2He0 from PacerMonitor.com. About Extrusion Group Alpharetta, Ga.-based Extrusion Group, LLC and its affiliates filed voluntary petitions for Chapter 11 protection (Bankr. N.D. Ga. Lead Case No. 21-21053) on Oct. 5, 2021. Micheal T. Houston, chief executive officer of Extrusion Group, signed the petitions. In its petition, Extrusion Group listed up to $100,000 in assets and up to $10 million in liabilities. Judge James R. Sacca oversees the cases. Rountree Leitman & Klein, LLC and Foley & Lardner, LLP serve as the Debtors' bankruptcy counsel and special counsel, respectively. EYP GROUP: Seeks Chapter 11 Bankruptcy Protection to Sell Assets ---------------------------------------------------------------- Maria Chutchian of Reuters reports that New York-based architecture firm EYP Inc. filed for bankruptcy on Sunday to sell its assets in the midst of litigation involving former shareholders and employees and after years of attempting to revamp its complicated debt obligations. The Albany, New York-based company sought Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware with $149 million in debt. EYP has lined up a lead bid from private equity firm Ault Alliance Inc, its senior lender, to buy its assets for $67.7 million. "EYP is a good candidate to use the protections that a Chapter 11 process provides," interim CEO Kefalari Mason said in a statement. EYP has offices in 11 cities across the U.S. and projects in approximately 100 countries. Its clients include public and private colleges, the federal government and medical centers, among others. The company said that its business remained healthy during the COVID-19 pandemic. Mason said in a written declaration that the company's recent financial trouble stems from complex debt obligations owed to several groups of creditors and lawsuits brought by former employees over EYP's prior debt transactions and restructuring efforts. One of the lawsuits accused a prior shareholder, Long Point Capital Inc, of duping employees into selling their equity in the company to an employee stock ownership plan in exchange for worthless notes. Though EYP itself is not a defendant in the case, it is on the hook for "significant" indemnification obligations to former directors, who were also defendants in the lawsuit, and Long Point. The company has received millions of dollars in indemnification demands, most of which it has not been able to pay because it needs the money it has to continue business operations, Mason said in the declaration. Additionally, EYP spent years trying to restructure its debt without filing for bankruptcy, to no avail. In addition to its cash and credit bid, Ault said it will offer to retain EYP's 470 employees and assume the company's real estate leases and contracts with consultants and trade vendors, according to court papers. Operations and work on projects are expected to continue through the sale process. About EYP Group Holdings EYP Group Holdings is an integrated design firm specializing in higher education, healthcare, government and science & technology. EYP Group Holdings and affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10367) on April 24, 2022. In the petition filed by Kefalari Mason, as authorized officer, EYP Group Holdings estimated assets between $50 million and $100 million and liabilities between $100 million and $500 million. The case is assigned to Honorable Bankruptcy Judge Mary F. Walrath. The Debtor's counsels are Richard A. Chesley, Esq., Oksana Koltko Rosaluk, Esq. and R. Craig Martin, Esq. and Aaron S. Applebaum, Esq. of DLA PIPER LLP (US). HOLLINGSWORTH LLP is the Debtor's is the Debtor's special counsel. CARL MARKS ADVISORY GROUP LLC is its investment banker, BERKLEY RESEARCH GROUP, LLC is the financial advisor, and BERKLEY RESEARCH GROUP, LLC is the claims agent. FERRO CORP: Egan-Jones Lowers Senior Unsecured Ratings to BB- ------------------------------------------------------------- Egan-Jones Ratings Company on April 5, 2022, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by Ferro Corporation to BB- from B+. Headquartered in Mayfield Heights, Ohio, Ferro Corporation produces performance materials for industry by utilizing organic and inorganic chemistry. FOOTPRINT POWER: Gets OK to Hire AP Services, Appoint CRO --------------------------------------------------------- Footprint Power Salem Harbor Development, LP and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to hire AP Services, LLC and appoint John Castellano as chief restructuring officer. The Debtors require a restructuring advisor to: a. Assisting the Debtors with the development of contingency plans and financial alternatives; b. coordinating and providing administrative support for the Debtors' Chapter 11 proceedings, and developing the Debtors' proposed restructuring strategy or other appropriate case resolution, if necessary; c. assisting the Debtors with their communications or negotiations with outside parties, including vendors, stakeholders, banks, and potential acquirers of their assets; d. assisting the Debtors with refinement of their rolling 13-week cash receipts and disbursements forecasting tool designed to provide on-time information related to the Debtors' liquidity; e. assisting with the development of the Debtors' revised business plan and such other related forecasts as may be required by bank lenders in connection with negotiations or by the Debtors for other corporate purposes; f. assisting in the design and implementation of a restructuring strategy designed to maximize enterprise value, taking into account the unique interests of all constituencies; g. advising on the financial reporting requirements attendant to a formal, in-court restructuring process, including but not limited to court orders, court-approved transactions, emergence, and fresh-start reporting; h. preparing, as appropriate, disclosure statement, plan of reorganization, liquidation analysis, statements of financial affairs, schedules of assets and liabilities, potential preferences analysis, claims analyses, monthly operating reports and other regular reporting required by the court and the Office of the U.S. Trustee; i. managing or coordinating with the professionals who are assisting the Debtors in the reorganization process or who are working for the Debtors' various stakeholders to improve coordination of their effort and individual work product to be consistent with the Debtors' overall restructuring goals; j. assisting the Debtors in the creation and communication of materials for diligence purposes and managing the flow of information to potential acquirers in connection with a potential sale of the Debtors' assets; and k. other necessary restructuring advisory services. The hourly rates charged by the firm for its services are as follows: Managing Director $1,060 – $1,335 Director $840 – $990 Senior Vice President $700 – $795 Vice President $510 – $685 Consultant $190 – $505 Paraprofessional $320 – $340 In addition, the firm will seek reimbursement for work-related expenses. Mr. Castellano, managing director at AlixPartners LLP, an affiliate of AP Services, disclosed in a court filing that AP Services is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Mr. Castellano can be reached at: John R. Castellano AlixPartners LLP 909 Third Avenue, Floor 30 New York, NY 10022 Office: +1 312 551 3287 Mobile: +1 312 560 5276 Email: jcastellano@alixpartners.com About Footprint Power Salem Footprint Power Salem Development LP, now known as Salem Harbor Power Development LP, is a natural gas company based in Salem, Mass. Footprint Power and five affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10239) on March 23, 2022. In the petition filed by CRO John R. Castellano, Footprint Power listed $500 million to $1 billion in both assets and liabilities. Judge Mary F. Walrath oversees the cases. Paul, Weiss, Rifkind, Wharton & Garrison, LLP and Young Conaway Stargatt & Taylor, LLP serve as the Debtors' bankruptcy counsels; Morgan, Lewis & Bockius, LLP as special counsel; Houlihan Lokey Capital, Inc. as investment banker; and AP Services, LLC, an affiliate of AlixPartners LLP, as restructuring advisor. John R. Castellano of AlixPartners is the Debtors' chief restructuring officer. Kroll Restructuring Administration LLC, formerly known as Prime Clerk, LLC, is the claims and noticing agent and administrative advisor. FOOTPRINT POWER: Gets OK to Hire Kroll as Administrative Advisor ---------------------------------------------------------------- Footprint Power Salem Harbor Development, LP and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to hire Kroll Restructuring Administration, LLC as administrative advisor. The firm's services include: a. assisting in the solicitation, balloting and tabulation of votes, preparing any related reports in support of confirmation of a Chapter 11 plan, and processing requests for documents; b. preparing an official ballot certification and, if necessary, testifying in support of the ballot tabulation results; c. assisting in the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gathering data in conjunction therewith; d. providing a confidential data room, if requested; e. managing and coordinating any distributions pursuant to a Chapter 11 plan; and f. providing other bankruptcy administrative services. Prior to the petition date, Kroll received an advance in the amount of $50,000 from the Debtors. In addition, the firm received the sum of $18,000 as payment for its pre-bankruptcy fees and expenses. Benjamin Steele, managing director at Kroll, disclosed in a court filing that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Kroll can be reached at: Benjamin J. Steele Kroll Restructuring Administration, LLC 55 East 52nd Street, 17th Floor New York, NY 10055 Tel: +1 212 257 5490 About Footprint Power Salem Footprint Power Salem Development LP, now known as Salem Harbor Power Development LP, is a natural gas company based in Salem, Mass. Footprint Power and five affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10239) on March 23, 2022. In the petition filed by CRO John R. Castellano, Footprint Power listed $500 million to $1 billion in both assets and liabilities. Judge Mary F. Walrath oversees the cases. Paul, Weiss, Rifkind, Wharton & Garrison, LLP and Young Conaway Stargatt & Taylor, LLP serve as the Debtors' bankruptcy counsels; Morgan, Lewis & Bockius, LLP as special counsel; Houlihan Lokey Capital, Inc. as investment banker; and AP Services, LLC, an affiliate of AlixPartners LLP, as restructuring advisor. John R. Castellano of AlixPartners is the Debtors' chief restructuring officer. Kroll Restructuring Administration LLC, formerly known as Prime Clerk, LLC, is the claims and noticing agent and administrative advisor. FOOTPRINT POWER: Taps Houlihan Lokey Capital as Investment Banker ----------------------------------------------------------------- Footprint Power Salem Harbor Development, LP and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to hire Houlihan Lokey Capital, Inc. as investment banker. The firm's services include: a. assisting the Debtors in the development and distribution of selected information, documents and other materials, including, if appropriate, advising the Debtors in the preparation of an offering memorandum; b. assisting the Debtors in evaluating indications of interest and proposals regarding any transaction from current or potential lenders, equity investors, acquirers or strategic partners; c. assisting the Debtors in the negotiation of any transaction; d. providing expert advice and testimony regarding financial matters related to any transaction (including, but not limited to, producing documents, answering interrogatories, attending depositions, giving expert or other testimony whether by subpoena, court process or order; e. attending meetings of the Debtors' boards of managers (or equivalent governing bodies), creditor groups, official constituencies, and other interested parties; and f. providing other financial advisory and investment banking services as may be agreed upon by Houlihan Lokey and the Debtors. Houlihan will be compensated as follows: a. Monthly Fees. Upon the 26th day of each month, the Debtors shall pay the firm in advance a nonrefundable cash fee of $150,000. b. Transaction Fee. The Debtors shall pay Houlihan these transaction fees: i. Restructuring Transaction Fee. Upon the earlier to occur of: (A) in the case of an out-of-court restructuring transaction, the closing of such transaction; and (B) in the case of an in-court restructuring transaction, the effective date of a confirmed Chapter 11 plan of reorganization or liquidation pursuant to an order of the bankruptcy court, the Debtors shall promptly pay Houlihan a cash fee of $5 million. ii. Sale Transaction Fee. Upon the closing of the sale transaction, the Debtors shall pay to Houlihan from the gross proceeds of transaction a cash fee based upon "aggregate gross consideration," calculated as follows: (A) For AGC up to $294,012,874.76, $5 million; plus (B) For AGC above $294,012,874.76, 3.0 percent of such incremental AGC. iii. Financing Transaction Fee. Upon the closing of each financing transaction, the Debtors shall pay to Houlihan from the gross proceeds of such transaction a cash fee equal to the sum of: (A) 1.0 percent of the gross proceeds of any indebtedness or raised or committed that is senior to other indebtedness of the Debtors, secured by a first priority lien and unsubordinated, with respect to both lien priority and payment, to any other obligations of the Debtors; (B) 3.0 percent of the gross proceeds of any indebtedness raised or committed that is secured by a lien (other than a first lien), is unsecured or is subordinated; and (C) 5.0 percent of the gross proceeds of all equity or equity-linked securities (including, without limitation, convertible securities and preferred stock) placed or committed. During the 90 days immediately preceding their bankruptcy filing, the Debtors paid Houlihan $600,000 in fees and $1,977.07 in expense reimbursements. Matthew Mazzucchi, managing director at Houlihan, disclosed in a court filing that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Houlihan can be reached at: Matthew Mazzucchi Houlihan Lokey Capital, Inc. 10250 Constellation Blvd., 5th Floor Los Angeles, CA 90067 Phone: 310.553.8871 Fax: 310.553.2173 About Footprint Power Salem Footprint Power Salem Development LP, now known as Salem Harbor Power Development LP, is a natural gas company based in Salem, Mass. Footprint Power and five affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10239) on March 23, 2022. In the petition filed by CRO John R. Castellano, Footprint Power listed $500 million to $1 billion in both assets and liabilities. Judge Mary F. Walrath oversees the cases. Paul, Weiss, Rifkind, Wharton & Garrison, LLP and Young Conaway Stargatt & Taylor, LLP serve as the Debtors' bankruptcy counsels; Morgan, Lewis & Bockius, LLP as special counsel; Houlihan Lokey Capital, Inc. as investment banker; and AP Services, LLC, an affiliate of AlixPartners LLP, as restructuring advisor. John R. Castellano of AlixPartners is the Debtors' chief restructuring officer. Kroll Restructuring Administration LLC, formerly known as Prime Clerk, LLC, is the claims and noticing agent and administrative advisor. FOOTPRINT POWER: Taps Morgan, Lewis & Bockius as Special Counsel ---------------------------------------------------------------- Footprint Power Salem Harbor Development, LP, and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to hire Morgan, Lewis & Bockius, LLP as special counsel. The firm's services include legal assistance in matters related to finance and credit facility, commercial contracts, project development, arbitration, litigation, Federal Energy Regulatory Commission regulatory compliance, and corporate matters. The standard rates charged by the firm range from $170 to $435 per hour for paraprofessionals and from $795 to $1,275 per hour for attorneys. The attorneys who are expected to provide the services and their standard hourly rates are as follows: Jonathan Morris $1,275 per hour Charles Solomont $1,120 per hour Amy Maloney $995 per hour Julie Silva Palmer $825 per hour Levi McAllister $795 per hour Morgan, Lewis & Bockius received payments totaling $518,436.40 from the Debtors for its services and an advance retainer of $950,000. In addition, the firm will receive reimbursement for work-related expenses. Jonathan Morris, Esq., a partner at Morgan, Lewis & Bockius, disclosed in a court filing that his firm does not hold any interest adverse to the Debtors. The firm can be reached at: Jonathan D. Morris, Esq. Morgan, Lewis & Bockius, LLP 101 Park Avenue New York, NY 10178-0060Phone Phone: +1.212.309.6636 Fax: +1.212.309.6001 Email: jonathan.morris@morganlewis.com About Footprint Power Salem Footprint Power Salem Development LP, now known as Salem Harbor Power Development LP, is a natural gas company based in Salem, Mass. Footprint Power and five affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10239) on March 23, 2022. In the petition filed by CRO John R. Castellano, Footprint Power listed $500 million to $1 billion in both assets and liabilities. Judge Mary F. Walrath oversees the cases. Paul, Weiss, Rifkind, Wharton & Garrison, LLP and Young Conaway Stargatt & Taylor, LLP serve as the Debtors' bankruptcy counsels; Morgan, Lewis & Bockius, LLP as special counsel; Houlihan Lokey Capital, Inc. as investment banker; and AP Services, LLC, an affiliate of AlixPartners LLP, as restructuring advisor. John R. Castellano of AlixPartners is the Debtors' chief restructuring officer. Kroll Restructuring Administration LLC, formerly known as Prime Clerk, LLC, is the claims and noticing agent and administrative advisor. GERALD E. BRAZIE, JR: Sale of Buick and Various Vehicles Approved ----------------------------------------------------------------- Judge David W. Hercher of the U.S. Bankruptcy Court for the District of Oregon authorized Gerald E. Brazie, Jr., to sell the following vehicles: a. 1965 Buick Gran Sport, VIN 444375Z129675, (approx. value - $125,000); b. 1972 Buick GS Stage 1 Convertible, VIN 4G67V2H100091, (approx. value - $50,000; c. 2001 Triumph Sprint 955, VIN SMT600FM91J129971, (approx. value - $5,000); d. 2003 Harley Davidson, VIN 1HD1BXB453Y029537, (approx. value - $8,000); e. 2003 Triumph Sprint ST, VIN SMT805GF93J161876, (approx. value - $5,000); f. 2006 Mercedes C55, VIN WDDDJ76X46A025567, (approx. value - $35,000); g. 2006 Triumph Speed Four, VIN SMT600PK06J249324, (approx. value - $6,000); h. 2007 Harley Davidson, VIN 1HD1HHZ137K811196, (approx. value - $10,000); i. 2008 Honda Motorcycle, VIN 1HFSC52N98A500031, (approx. value - $5,000); j. 2010 Ford Super Snake, VIN 1ZVBP8JS1A5151207, (approx. value - $48,500); k. 2013 Ford F150 Raptor, VIN 1FTFW1R69DFC50703, (approx. value - $20,000); and l. 2015 Mercedes S Class, VIN WDDXJ7KB3FA004717, (approx. value - $90,000). All proceeds from sale, after payment of expenses of sale and payment(s) to Lien Creditors, will be deposited into a segregated DIP account; other than payment of any "ordinary course" expenses, such proceeds will not be used with further order from the Court. On completion of each sale of one or more Saleable Vehicles, the Debtor will file an itemized statement of the property sold, the name(s) of each purchaser, the price received, the expenses of sale, and any payment(s) to Lien Creditors. Gerald Edward Brazie, Jr. sought Chapter 11 protection (Bankr. D. Ore. Case No. 22-30180) on Feb. 4, 2022. The Debtor tapped Ann Chapman, Esq., at Vanden Bos & Chapman, LLP as counsel. GFS INDUSTRIES: Seeks Cash Collateral Access -------------------------------------------- GFS Industries, LLC asks the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, for authority to use cash collateral on an emergency basis for expenses set forth in the budget and any other unforeseeable expenses that may arise and pose a threat to the Debtor's continued operations. The Debtor depends on the use of cash collateral for payroll, vehicle insurance, supplies, meals, fuel, utilities, advertising, and other general operating expenses. Revenue is generated through the Debtor's business of cleaning and maintenance for private and public entities. Revenue will be deposited by the Debtor in its DIP operating account pending entry of an order allowing use of cash collateral or consent by the lien holders. A search in the Texas Secretary of State shows that allegedly secured positions are held by (in priority order) by (1) Breakout Finance; (2) Fusion Funding; (3) Velocity Capital Group; (4) White Road Capital; and (5) Avion Funding. A copy of the motion is available at https://bit.ly/3K4TFxf from PacerMonitor.com. About GFS Industries, LLC GFS Industries, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 22-50403-cag) on April 21, 2022. In the petition filed by Gary Hellmann, manager, the Debtor disclosed up to $1 million in both assets and liabilities. Robert C. Lane, Esq., at the Lane Law Firm is the Debtor's counsel. GLOBALSTAR INC: Egan-Jones Keeps CC Senior Unsecured Ratings ------------------------------------------------------------ Egan-Jones Ratings Company on April 4, 2022, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Globalstar, Inc. EJR also maintained its 'C' rating on commercial paper issued by the Company. Headquartered in Covington, Louisiana, Globalstar, Inc. provides mobile voice and data communications services via satellite. GREEN TAXI COOPERATIVE: Hits Chapter 11 Bankruptcy -------------------------------------------------- Green Taxi Cooperative filed for chapter 11 protection. According to court filings, Green Taxi Cooperative estimates between 1 and 49 unsecured creditors, including Technology Insurance Company,Inc., Zurich North America, and Denver International Airport. The petition states that funds will be available to unsecured creditors. A telephonic meeting of Creditors under 11 U.S.C. Sec. 341(a) is slated for May 19, 2022 at 09:00 A.M. About Green Taxi Cooperative Green Taxi Cooperative is a taxi service provider in Colorado. Green Taxi Cooperative filed for Chapter 11 bankruptcy protection (Bankr. D. Col.Case No. 22-11290) on April 15, 2022. In the petition filed by Bisrat Senebata, as president, Green Taxi Cooperative listed estimated assets up to $50,000 and liabilities between $100,000 and $500,000. The case is assigned to Honorable Bankruptcy Judge Elizabeth E. Brown. Jenny M.F. Fujii, of Kutner Brinen Dickey Riley, P.C., is the Debtor's counsel. GREEN TAXI: Seeks Approval to Hire Kutner Brinen as Legal Counsel ----------------------------------------------------------------- Green Taxi Cooperative seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Kutner Brinen Dickey Riley, P.C. to serve as its legal counsel. The firm's services include: (a) providing the Debtor with legal advice with respect to its powers and duties; (b) assisting the Debtor in the development of a plan of reorganization under Chapter 11; (c) filing the necessary legal papers, reports and actions that may be required in the continued administration of the Debtor's property under Chapter 11; (d) taking necessary actions to enjoin and stay until a final decree the continuation of pending proceedings and to enjoin and stay until a final decree the commencement of lien foreclosure proceedings and all matters as may be provided under Section 362 of the Bankruptcy Code; and (e) performing all other necessary legal services. The firm's hourly rates are as follows: Jeffrey S. Brinen, Esq. $500 Jenny M. Fujii, Esq. $410 Keri L. Riley, Esq. $350 Jonathan M. Dickey, Esq. $350 Contract Attorney, Esq. $350 Law Clerk $100 Keri Riley, Esq., partner at Kutner, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Keri L. Riley, Esq. Kutner Brinen Dickey Riley, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 Email: klr@kutnerlaw.com About Green Taxi Cooperative Green Taxi Cooperative sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-11290) on April 15, 2022, listing $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Elizabeth E Brown presides over the case. Jenny M.F. Fujii, Esq. at Kutner Brinen Dickey Riley, P.C. serves as the Debtor's counsel. GULF COAST: Adds Another $1.5 Mil. for Tort Claimants In Ch.11 Plan ------------------------------------------------------------------- Rick Archer of Law360 reports that the confirmation hearing for Gulf Coast Health Care's Chapter 11 plan restarted Wednesday, April 27, 2022, with the announcement of another $1.5 million in cash for tort claimants and arguments that the plan is the best deal for unsecured creditors of the nursing home chain. The virtual hearing saw witnesses for Gulf Coast resume testimony put on hold last week when U.S. Bankruptcy Judge Karen Owens told the company to produce the internal report backing its claims that the plan's settlement with its largest landlord and secured creditors was fair and reasonable. About Gulf Coast Health Care Gulf Coast Health Care, LLC, is a licensed operator of 28 skilled nursing facilities comprising nearly 3,350 licensed beds across Florida, Georgia, and Mississippi. It provides short-term rehabilitation, comprehensive post-acute skilled care, long-term care, assisted living, and therapy services in each of its facilities. Gulf Coast Health Care and 61 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11336) on Oct. 14, 2021. In the petition signed by Benjamin M. Jones as chief restructuring officer, Gulf Coast listed up to $50 million in assets and up to $500 million in liabilities. The cases are handled by Judge Karen B. Owens. The Debtors tapped McDermott Will & Emery LLP and Ankura Consulting Group LLC as legal counsel and restructuring advisor, respectively. M. Benjamin Jones of Ankura serves as the Debtors' chief restructuring officer. Epiq Corporate Restructuring, LLC, is the claims, noticing, and administrative agent. On Oct. 25, 2021, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. Greenberg Traurig, LLP, and FTI Consulting, Inc., serve as the committee's legal counsel and financial advisor, respectively. The Debtor filed its proposed Chapter 11 plan and disclosure statement on Oct. 28, 2021. GWG HOLDINGS: Investor Files Lawsuit Against Newbridge Securities ----------------------------------------------------------------- PR Zen reports that GWG Holdings investor filed a lawsuit against Newbridge Securities Corp. for the losses sustained in L bonds after filing Chapter 11 bankruptcy protection. Securities law firm, Soreide Law Group, is representing an investor from Hollywood, Florida in a securities arbitration claim before the Financial Industry Regulatory Authority or "FINRA" for losses sustained in GWG Holdings L bonds after they announced they filed for chapter 11 bankruptcy protection last week. As a result of the Chapter 11 bankruptcy filing, the payment obligations of GWG are stayed, which means that GWG L Bond investors will not receive any principal or interest payments until GWG Holdings, Inc. restructures its debt obligations and the court approves the distributions. Chapter 11 Bankruptcy cases can take up to five years for complex cases to complete. This means that many retirees that were sold these bonds by Newbridge Securities Corporation and other broker dealers that were relying on the income will now receive nothing and there is no market for the bonds to sell them to anyone rendering them for the time being effectively worthless. The GWG L Bonds came under pressure after GWG Holdings defaulted on its obligation to bondholders missing interest and principal payments on January 15, 2022. The company was reportedly seeking rescue financing to avoid bankruptcy after facing accounting issues, financial stress, and an alleged SEC investigation. GWG’s L Bonds are speculative, high-risk, and illiquid securities sold as private placement offerings by brokerage firms across the country. The L Bonds were likely not suitable for investors with a low-risk tolerance or investors who had liquidity needs. The client, represented by Lars Soreide, Esq., is from Hollywood, Florida and used Newbridge Securities broker John Zaffarano who allegedly did not inform the Claimant that the GWG Holdings bonds were high risk and concentrated almost 100% of the 85 year old Claimant’s money at Newbridge into the GWG bonds. The Claimant, a retired factory foreman, was using the GWG L bond payments to support his day to day living expenses and now has to rely on family to pay for his living expenses after the GWG bankruptcy was announced. The Claimant may potentially lose $185,000 of his life savings in GWG. The FINRA case no. is 22-00869 and is being processed out of FINRA’S Boca Raton office. The claims made by the Claimant include common law negligence, breach of fiduciary duty, negligent supervision on behalf of Newbridge Securities Corporation and claims under the Florida Investor Protection act §517 requesting treble damages and attorney’s fees and costs. Newbridge Securities Corporation and Zaffarano have yet to file a response to the lawsuit but it is anticipated they will deny all wrongdoing. Soreide Law Group has been contacted by other Newbridge Securities customers who were also sold GWG bonds and Soreide Law Group anticipates filing many more FINRA arbitrations against Newbridge Securities and many other investment firms who sold GWG to their customers. About GWG Holdings Inc. Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH), conducts its life insurance secondary market business through a wholly-owned subsidiary, GWG Life, LLC and GWG Life's wholly-owned subsidiaries. GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 22-90032) on April 20, 2022. In the petition filed by Murray Holland, as president and chief executive officer, GWG Holdings estimated assets between $1 billion and $10 billion and estimated liabilities between $1 billion and $10 billion. The case is assigned to Honorable Bankruptcy Judge Marvin Isgur. Charles Stephen Kelley, of Mayer Brown LLP, is the Debtor's counsel. HEBO FAMILY: Seeks Approval to Hire Madoff & Khoury as Attorney --------------------------------------------------------------- HeBo Family Foods, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Madoff & Khoury LLP to serve as legal counsel in its Chapter 11 case. The firm's hourly rates are as follows: Partner $395 per hour Associate $295 per hour Paralegal $150 per hour The Debtor paid the firm $14,738 as a retainer fee. David Madoff, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David B. Madoff, Esq. Madoff & Khoury LLP 124 Washington Street Foxboro, MA 02035 Tel.: 508-543-0040 Email: madoff@mandkllp.com About HeBo Family Foods HeBo Family Foods, Inc. is the manufacturer of Landry's Meat Pies, a fresh meat pie distributed to supermarkets and other retailers, including Market Basket and Stop & Shop. HeBo Family Foods sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10497) on April 19, 2022. In the petition filed by Sean Healey, president, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. David B. Madoff, Esq., at Madoff & Khoury LLP is the Debtor's counsel. HILTON WORLDWIDE: Egan-Jones Keeps 'B' Sr. Unsec. Debt Ratings -------------------------------------------------------------- Egan-Jones Ratings Company on April 5, 2022, maintained its 'B' foreign currency and local currency senior unsecured ratings on debt issued by Hilton Worldwide Holdings Inc. Headquartered in McLean, Virginia, Hilton Worldwide Holdings Inc. operates as a holding company. HONX INC: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: HONX, Inc. 1501 McKinney Street Houston, TX 77010 Business Description: HONX, Inc. is a subsidiary of Hess Corporation, a publicly-traded global energy company. HONX is the corporate successor of Hess Oil Virgin Islands Corporation, which owned and operated an oil refinery in St. Croix, U.S. Virgin Islands from the beginning of its construction in 1965 until 1998. Since 1998, the Company has remained a non-operating entity with minimal assets consisting primarily of a 50% ownership in a joint venture from 1998 to 2016, and post- 2016 it has continued its corporate existence solely to manage its alleged asbestos liabilities related to the Refinery. Chapter 11 Petition Date: April 28, 2022 Court: United States Bankruptcy Court Southern District of Texas Case No.: 22-90035 Judge: Hon. Marvin Isgur Debtor's General Bankruptcy Counsel: KIRKLAND & ELLIS LLP Debtor's Co-Bankruptcy Counsel: Matthew D. Cavenaugh, Esq. JACKSON WALKER LLP 1401 McKinney Street, Suite 1900 Houston, TX 77010 Tel: (713) 752-4200 Email: mcavenaugh@jw.com Debtor's Financial Advisor: PIPER SANDLER COMPANIES/ TRS ADVISORS LLC Debtor's Claims & Noticing Agent: STRETTO, INC. Debtor's Estimation Professional: BATES WHITE LLC Estimated Assets: $10 million to $50 million Estimated Liabilities: $500 million to $1 billion The petition was signed by Todd R. Snyder, chief administrative officer. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/O55W33I/HONX_Inc__txsbke-22-90035__0001.0.pdf?mcid=tGE4TAMA List of Law Firms Representing the Asbestos Plaintiffs: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Burns Charest LLP Litigation Undetermined 900 Jackson Street Suite 500 Dallas, TX 75202 Attn: Warren Burns Tel: 469-904-4551 Fax: 469-444-5002 Email: wburns@burnscharest.com 2. Lee J. Rohn and Associates, LLC Litigation Undetermined 1101 King Street Christiansted- St Croix, 00820-0000 USVI Attn: Lee J. Rohn, Esq. Tel: 340-778-8855 Fax: 340-773-2954 Email: lee@rohnlaw.com 3. Thomas Alkon P.C. Litigation Undetermined P.O. Box 223032 Christiansted- St Croix, 00822-0000 USVI Tel: 340-277-5865 Fax: 340-773-4491 Email: attorney.alkonlaw@gmail.com 4. The Gori Law Firm, P.C. Litigation Undetermined 156 N. Main St. Edwardsville, IL 62025 Attn: Sara Salger, Erin Beavers Tel: 618-659-9833 Fax: 618-659-9834 Email: Sara@gorijulianlaw.com; erin@gorjiulianlaw.com 5. Law Office of Ryan W. Greene Litigation Undetermined 15-B Norre Gade St Thomas, 00804-0000 USV Tel: 340-715-5297 Fax: 888-519-7138 6. Waters & Kraus, LLP Litigation Undetermined 3141 Hood Street, Suite 700 Dallas, TX 75219 Tel: 214-357-6244 Fax: 214-357-7252 7. Maune Raichle Hartley Litigation Undetermined French & Mudd, LLC 1015 Locust Street, Suite 1200 St. Louis, MO 63101 Attn: Dawn Besserman, Esq. Tel: 314-241-2003 Fax: 314-241-4838 Email: dbesserman@mrhfmlaw.com 8. Meirowitz & Wasserberg, LLP Litigation Undetermined 233 Broadway, Suit 2070 New York, NY 10279 Attn: Daniel Wasserberg, Esq. Tel: 212-897-1988 Email: dw@mwinjurylaw.com 9. The Early Law Firm, LLC Litigation Undetermined 360 Lexington Avenue, 20th Floor New York, NY 10017 Attn: Brian Early Esq. Tel: 212-986-2233 Fax: 212-986-2255 Email: bearly@elslaw.com 10. Harris & Huge, LLC Litigation Undetermined 180 Spring Street Charleston, SC 2940 Tel: 843-805-8031 Fax: 843-636-5229 11. Murray Law Firm Litigation Undetermined 701 Poydras Street, Suite 4250 New Orleans, LA 7013 Attn: Stephen Murray Sr & Stephen Murray Jr & Devin Lowell Tel: 504-525-8100 Fax: 504-584-5249 Email: smurray@murray-lawfirm.com; smurrayjr@murray-lawfirm.com 12. The Pate Law Firm Litigation Undetermined P.O. Box 370 Christiansted- St Croix, 00821-0000 USVI Attn: J. Russell B Pate Tel: 340-777-7283 Fax: 888-889-1132 Email: sunlawvi@gmail.com The Debtor noted that this list is in substantially the same form as Official Bankruptcy Form 204 for chapter 11 cases setting forth the list of creditors other than insiders, who have the 20 largest unsecured claims against a debtor. HOOD LANDSCAPING: $191K Sale of Two Cook County Parcels Approved ---------------------------------------------------------------- Judge John T. Lacy, III, of the U.S. Bankruptcy Court for the Middle District of Georgia authorized Hood Landscaping Products, Inc.'s sale to Cook County Land Ventures, LLC, for $191,000 of the following two parcels of real estate free of liens and claims, as provided for in the Real Estate Sales Contract dated Feb. 18, 2022: A. Approximately 6.34 acres known as Parcel No. A001A035 located in Land Lot 315, Cook County, Georgia; and B. Approximately 17.17 acres known as Parcel No. A001A022 located in Land Lot 330, Cook County, Georgia. The conveyance and transfer of the real estate to the Buyer will be free and clear of all security deeds, liens and claims. No security deed, lien or claim referred to above will attach to or continue to be a lien or claim against the real estate after the real estate is conveyed by the Debtor to the Buyer. The sale proceeds will be disbursed at closing to pay the following: Closing costs including approximately $251 for fees to closing attorney Pearce Scott for preparing and recording a Warranty Deed; real estate transfer tax; past-due and pro-rated property taxes to Cook County Tax Commissioner and quarterly fees of $724 to the US. Trustee's Office with the remaining sale proceeds (except for $10,000 as provided in the Order) to be disbursed to FMB on account of its first priority security deed. Because FMB agreed to voluntarily release its lien in $10,000 of the sale proceeds, these funds will be disbursed to the Debtor. Upon receipt of the funds, the Debtor is authorized to remit $10,000 to its counsel, Kelley, Lovett, Blakey & Sanders, PC., in partial payment of unpaid compensation owed to its counsel in the case. Since the amount of FMB's claim secured by the real estate exceeds the sale price of the real estate, no sale proceeds will be paid to subordinate lienholders or claimants shown or to any other subordinate lien or claim. About Hood Landscaping Hood Landscaping Products, Inc., a wholesaler of landscaping equipment and supplies in Adel, Georgia., filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 19-70644) on June 3, 2019. In the petition signed by CFO Leon Hood, the Debtor estimated up to $50,000 in assets and $1 million to $10 million in liabilities. Judge John T. Laney III oversees the case. Kelley, Lovett, Blakey & Sanders, P.C., is the Debtor's counsel. HOVNANIAN ENTERPRISES: Egan-Jones Keeps CCC+ Sr. Unsecured Ratings ------------------------------------------------------------------ Egan-Jones Ratings Company on April 7, 2022, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Hovnanian Enterprises, Inc. EJR also maintained its 'B' rating on commercial paper issued by the Company. Headquartered in Matawan, New Jersey, Hovnanian Enterprises, Inc. provides homebuilding services. IDE REAL ESTATE: Seeks to Hire CBRE Inc as Real Estate Agent ------------------------------------------------------------ IDE Real Estate Group LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Paul Van Devender and CBRE, Inc. as its real estate agent. CBRE proposes to sell the Debtor's real property commonly known as 24333 Indoplex Circle, Farmington Hills, Michigan. CBRE's commission shall be 4 percent of the gross sale price, if listing team are only agents involved in the sale; or 5 percent of the gross sale price if cooperating broker or another CBRE agent is involved. Mr. Devender, managing director of CBRE, assured the court that he and his firm are both disinterested persons as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul Van Devender CBRE, Inc. 2000 Town Center, Suite 2200 Southfield, MI 48075 Phone: 1-248-351-2030 About IDE Real Estate Group IDE Real Estate Group LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). IDE Real Estate Group LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 22-42349) on March 26, 2022. The Debtor stated it has no creditors holding unsecured claims. At the time of filing, the Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Judge Thomas J Tucker presides over the case. Elliot G. Crowder, Esq. at STEVENSON & BULLOCK, P.L.C. represents the Debtor as counsel. INGROS FAMILY: COSMA Says Mortgage and Liens Not Identified in Plan ------------------------------------------------------------------- COSMA, LLC ("COSMA") protectively objects to The Ingros Family, LLC's Plan of Liquidation Dated February 21, 2022 and Disclosure Statement to Accompany Plan Dated February 21, 2022 (collectively, the "Proposed Plan"). COSMA points out that the Debtor's Proposed Plan identifies Enterprise Bank and Ryan Sharbonno as secured creditors, and generally references the amounts due under the Enterprise Mortgage and the Sharbonno Liens; however, the Enterprise Mortgage and the Sharbonno Liens are not specifically described (e.g. by recorded Instrument/Case Nos.) for the purpose of ensuring the liens created thereby are released and extinguished upon entry of an Order in this case. COSMA points further out that the Debtor's Proposed Plan does not identify the Additional Enterprise Liens and does not identify how those claims and/or interests will be treated upon entry of an Order in this case. COSMA asserts that the Debtor's Proposed Plan does not identify Advanced Solutions Consulting Company or First National Bank of Pennsylvania as secured or unsecured creditors and does not identify how those claims and/or interests will be treated upon entry of an Order in this case. COSMA complains that the Debtor's Proposed Plan does provide for the payment of Taxes; the same should be included under Administrative Tax Claims, receiving Priority treatment. According to COSMA, the Debtor's Proposed Plan lists Assignment of Executory Contracts as "N/A"; however, all existing leases covering the Real Property are executory contracts which should be specifically described and will be assigned unto COSMA at closing under the COSMA PSA. Counsel for the COSMA, LLC: Ben M. McFarland, Esq. 1233 Main Street, Suite 3000, P.O. Box 751 Wheeling, WV 26003-0751 Tel: (304) 233-0000 E-mail: Ben.McFarland@steptoe-johnson.com About The Ingros Family The Ingros Family, LLC, a company based in Beaver, Pa., filed a petition for Chapter 11 protection (Bankr. W.D. Pa. Case No. 20-22606) on Sept. 4, 2020, listing as much as $10 million in both assets and liabilities. Jeffrey S. Ingros, manager of Ingros Family, signed the petition. Judge Carlota M. Bohm oversees the case. The Debtor tapped Cooney Law Offices, LLC to substitute for Robert O Lampl Law Office. INTERSTATE UNDERGROUND: Unsecureds to Receive $250,000 in Plan -------------------------------------------------------------- Interstate Underground Warehouse and Industrial Park, Inc., submitted a First Amended Disclosure Statement. The Debtor currently has close to 400,000 square feet of unleased space. Debtor has spent the past 18 months renovating unleased and it is now in leasable condition. Debtor's current rates for leased space average $0.40 cents per foot. This is a very competitive price in the Kansas City area. In the Kansas City area, warehouse available space in at its lowest inventory in years due to current economic conditions, placing the Debtor in an ideal position to easily lease up these new areas. When fully leased, these areas will generate an increase in income of approximately $140,000 per month. Debtor estimates an absorption period of approximately 12 to 18 months to lease the entire 400,000 square feet now available. Debtor has launched an aggressive marketing program that is enjoying tremendous success. As for future development, Debtor has over 500,000 square feet of undeveloped, mined space that can easily be repurposed for agricultural and botanical tenants. Further, there are vast unmined areas of property that could be reopened for mining purposes as the demand for rock and gravel is extremely high due to the prevailing construction market. Debtor has complete confidence in its ability to reduce expenses, substantially increase revenues and to create new revenue streams in order to secure new financing and to move forward into a new era of success and prosperity for its business. The Plan will treat claims as follows: Class Twelve includes all Allowed Unsecured Priority Claims for claims of the Internal Revenue Service, Missouri Department of Revenue, California Franchise Tax Board and City of Kansas City. The Allowed Unsecured Priority Claims will be paid in full with applicable interest within 5 years from July 1, 2021 (date of filing of petition for relief). Debtor intends to immediately pay $60,000 to the Internal Revenue Service for the 2017-2020 federal income taxes which were recently calculated by the preparation of these returns by CBIZ, with the balances for these years to be paid as set forth in the Plan. Class Thirteen includes all Allowed General Unsecured Non-Priority Claims of vendors, service providers, unsecured lenders and non-priority taxes. The detail of this Class can be found in the Plan. The group of General Unsecured Non-Priority Claims will be paid $250,000 of their Allowed Claims (paid prorata), payable at $50,000/year for 5 years. Class Fourteen includes the Allowed General Unsecured Non-Priority Claims of those individuals and/or companies who assert a claim by virtue of some act that caused damage to said individuals and/or companies and who may be covered by insurance. Objections to the claims of the following parties have been filed and are pending. This class includes: Claim #17 Kline Van and Specialty Rental (asserted $11,500,000 in its Proof of Claim) Claim #38 Ashley Morgan (asserted unliquidated amount in her Proof of Claim) Claim #39 Ian and Danielle Young (asserted unliquidated amount in her Proof of Claim). If any of these creditors' claims are liquidated and the amounts owed are in excess of the insurance coverage, their Allowed General Unsecured Non-Priority Claims will be included in Class Thirteen above. The Debtor's gross sales should produce sufficient funds to create a positive cash flow. The Debtor believes that it can pay all debts that come due post-petition as well as pay the Plan payments as set forth in the Plan of Reorganization. Attorneys for the Debtor: Erlene W. Krigel, Esq. KRIGEL & KRIGEL, P.C. 4520 Main Street Suite 700 Kansas City, Missouri 64111 Telephone: (816) 756-5800 Facsimile: (816) 756-1999 A copy of the Disclosure Statement dated April 15, 2022, is available at https://bit.ly/3KQSClD from PacerMonitor.com. About Interstate Underground Warehouse Interstate Underground Warehouse and Industrial Park, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 21-40834) on July 1, 2021. In the petition signed by CEO Leslie Reeder, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Dennis R. Dow is assigned to the case. Pamela Putnam, Esq., at Armstrong Teasdale LLP, is the Debtor's legal counsel. IONIS PHARMACEUTICALS: Egan-Jones Retains B+ Sr. Unsecured Ratings ------------------------------------------------------------------ Egan-Jones Ratings Company on April 4, 2022, maintained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by Ionis Pharmaceuticals, Inc. Headquartered in Carlsbad, California, Ionis Pharmaceuticals, Inc. operates as a biotechnology company. ITURRINO AND ASSOCIATES: Hires Joyce W. Lindauer as Legal Counsel ----------------------------------------------------------------- Iturrino and Associates, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Joyce W. Lindauer Attorney, PLLC to serve as legal counsel in its Chapter 11 case. The Debtor requires legal assistance to effectuate a reorganization, propose a plan of reorganization and effectively move forward in its bankruptcy proceeding. The hourly rates charged by the firm's attorneys and paralegals are as follows: Attorneys $450 per hour Associates $250 to $275 per hour Paralegals $195 per hour The firm will also seek reimbursement for out-of-pocket expenses. The firm received a retainer of $11,700 from the Debtor. Joyce Lindauer, Esq., owner of the firm, disclosed in a court filing that her firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 Email: joyce@joycelindauer.com About Iturrino and Associates Iturrino and Associates, Inc., doing business as Dry Clean Supercenter at Golden Triangle, operates a Dry Clean Super Center located in Keller, Texas. Iturrino and Associates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 22-40850-elm11) on April 18, 2022. In the petition signed by Josh Iturrino, president and chief executive officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Joyce Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's counsel. ITURRINO AND ASSOCIATES: Seeks Bankruptcy Protection in Texas ------------------------------------------------------------- Iturrino and Associates Inc., d/b/a Dry Clean Super Center on Golden Triangle, filed for chapter 11 protection. The petition states that funds will be available to unsecured creditors. About Iturrino and Associates Inc. Iturrino and Associates Inc., doing business as Dry Clean Super Center on Golden Triangle, sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 22-40850) on April 18, 2022. In the petition filed by Josh Iturrino, as CEO and president, Iturrino estimated assets between $500,000 and $1 million and liabilities between $1 million and $10 million. The case is assigned to Honorable Bankruptcy Judge Edward L. Morris. Joyce W. Lindauer, of Joyce W. Lindauer Attorney, PLLC, is the Debtor's counsel. JACQUELINE LEE PANTALEONI: $1.7MM Sale of Verdi Property Approved ----------------------------------------------------------------- Judge Natalie M. Cox of the U.S. Bankruptcy Court for the District of Nevada authorized Jacqueline Lee Pantaleoni's sale of her real property located at 420 Hunken Circle, in Verdi, Nevada 89439, to Cameron Kramlich and Carrie Burganer for $1.7 million, in accordance with the terms of their Residential Offer and Acceptance Agreement. The sales proceeds will be disbursed directly from escrow to pay the full secured claim of The Bank of New York Mellon, formerly known as The Bank of New York (BNYM), as a first position secured claim in accordance with the terms and provisions of its provided updated payoff demand. The Debtor does not dispute BNYM's claim or the payoff statement attached to BNYM's March 14, 2022 Response to Debtor's Motion to Sell Real Property. BNYM by and through its counsel of record, will provide an updated payoff demand to the Debtor's counsel and the designated escrow officer subsequent to entry of the Order, with respect to its secured claim. The Debtor's counsel will provide BNYM's counsel with any necessary escrow contact information. BNYM reserves the right to require an updated payoff demand prior to any close of escrow to ensure its claim is paid in full, and will provide the Debtor and the escrow agent with same. Prior to any scheduled closing of escrow, the counsel for BNYM is hereby authorized to obtain a copy of the estimated HUD-1 Settlement/Closing Statement for review and approval. In the event the sale of the Hunken Property does not close for any reason, BNYM will retains its lien on the Subject Property, and maintains any and all rights under the Stipulation. All net sale proceeds, after paying BNYM's claim, the secured claim on the Internal Revenue Service, the Debtor's realtor commissions, the Debtor's costs of sale and escrow fees, will be disbursed directly from escrow to Debtor and her non-filing spouse. As provided by Fed. R. Bankr. P. 6004(h), 6006(d) and 7062, the Order will be effective and enforceable immediately upon entry. Notwithstanding Bankruptcy Rules 6004(h), the Court expressly finds that there is no just reason for delay in the implementation of this Order and expressly directs entry of the order as set forth therein. The 14-day appeal period is waived. The bankruptcy case is In re: Jacqueline Lee Pantaleoni, Case No. BK-N-20-50291-NMC (Bankr. D. Nev.). JETBLUE AIRWAYS: Egan-Jones Keeps B- Senior Unsecured Ratings ------------------------------------------------------------- Egan-Jones Ratings Company on April 8, 2022, maintained its 'B-' foreign currency and local currency senior unsecured ratings on debt issued by JetBlue Airways Corporation. EJR also maintained its 'B' rating on commercial paper issued by the Company. Headquartered in Long Island City, New York, JetBlue Airways Corporation provides non-stop passenger flight service through its Airbus A320 aircraft. JOSEPH N. VANDERVOORT: $925K Sale of Boynton Beach Property Okayed ------------------------------------------------------------------ Judge Peter D. Russin of the U.S. Bankruptcy Court for the Southern District of Florida authorized Joseph N. Vandervoort's sale of the real property located at 10611 100th St. S, in Boynton Beach, Florida 33472, to Baker Landscape Corp. and/or assigns for $925,000, free and clear of liens. The Property is more particularly described as The South 70 Feet of the East 80 Feet of Tract 42, The South 70 Feet of the West 290 Feet of Tract 41, The East 80 Feet of Tract 43 and the West 290 Fee of Tract 44, all of which being also known as Lot 10 of Eatmon's Unrecorded Subdivision, all in Block 52 of Palm Beach Farms Company, Plat No. 3, according to the plat thereof, Recorded in Plat Book 2, at Pages 45 to 54, inclusive, of the Public Records of Palm Beach County, Florida. The Debtor owns Property. Attorney Brian McMahon will provide a copy of the Order to all interested parties. Joseph N. Vandervoort sought Chapter 11 protection (Bankr. S.D. Fla. Case No. 21-21515) on Dec. 7, 2021. The Debtor tapped Brian McMahon, Esq., as counsel. KAREN M. MORAWSKY: 2201 N. Buying Sedona Property for $2.15 Million ------------------------------------------------------------------- Karen M. Morawsky asks the U.S. Bankruptcy Court for the District of Arizona to authorize the sale of her one-half undivided interest in commercial property located at 3235 W Hwy. 89A, in Sedona, Arizona, to 2201 N. 7th, LLC, for $2.15 million, subject to overbid. The Debtor owns a one-half undivided interest in the Property. Her ex-husband, Joseph DeSalvo, holds the remaining one-half undivided interest. Joseph DeSalvo consents to the sale of all Assets as set forth in the motion and agrees to execute such further assignments and transfer documents as may be required to document the transfer of the Assets to the Successful Bidder. The Property includes a historical building of approximately 7000 sq feet which has been utilized for various retail purposes over the years. Throughout the years, the Debtor and Mr. DeSalvo attempted to utilize the Building for several concepts including an antiques store the widely treasured Relics Restaurant and Lounge. Portions of the Building are now rented to various tenants. On March 31 2022, the Debtor filed her Bid Procedures Motion, requesting approval of the bidding procedures. The Debtor and Mr. DeSalvo retained Horizon Real Estate Group, Inc., doing business as NAI Horizon, as the broker to market and sell the Property on May 16, 2019. Chris Gerow is the designated listing agent. NAI Horizon engaged in marketing and sale process to find a purchaser for the Property. In connection with the marketing and sale process, NAI Horizon listed the Property and entertained several offers for the Property. The assets associated with the Building include antique fixtures, antique furnishings and a liquor license (series 6) all owned jointly by the Debtor and Mr. DeSalvo. Offers for the Property may choose to include or exclude the purchase of the liquor license and antique furnishing. Inclusion of the antique fixtures is presumed. The smoker and the equipment and furniture on the patio of the Building utilized by the Debtor to prepare barbeque are not included in the Assets. On Nov. 9, 2021, the Debtor and Mr. DeSalvo entered into a standard Arizona Association of Realtors Commercial Real Estate Purchase Contract with 2201 N. 7th, LLC, whose principal is Mr. Erick Harrell, the Stalking Horse, for a purchase price of $2.4 million. The Stalking Horse chose not to acquire the antique furnishing but did choose to acquire the liquor license and antique fixtures. Unfortunately, conditions precedent remained unsatisfied as of the petition date. Since the initiation of the bankruptcy proceedings, the Stalking Horse has determined to drop his starting bid to $2.15 million. The Debtor and Stalking Horse have agreed to pursue a sale of Assets, subject to and pursuant to the Purchase Agreement and the Bid Procedures. Although other parties have expressed an interest in the Property, no other party has executed a Purchase Agreement as of the filing of the Motion. The Debtor believes that NAI Horizon has and will continue to sufficiently market the Property and another extended marketing period is unnecessary. She believes that NAI Horizon's past marketing efforts since entering into the listing agreement on May 16, 2019, demonstrate that the Property has been exposed to the market for an extended period. Any further marketing period beyond the deadlines set forth in the Bid Procedures will only delay payment to creditors and potentially increase the interest claims of secured creditors. An expedited sale process will benefit all stakeholders. As the Court is aware, the Debtor disputes the amount of interest claimed by its secured creditor Highway Lender, LLC. The Debtor proposes that the sale proceeds will be held by the Subchapter V Trustee and distributed in order of priority once any disputes with secured creditors regarding the amount of their liens are resolved. The salient terms of the Stalking Horse Purchase Agreement are: a. Purchase Price: The Stalking Horse purchase price is $2.15 million. b. Acquired Assets: The Property and all fixtures, including the antique fixtures, non-antique furniture, bar, equipment, supplies, inventory and kitchen equipment, business, business property and the liquor license (series 6) associated with the Property. Any additional bidders may choose to also purchase the antique furnishings for additional consideration. c. Excluded Assets: Antiques that are not attached to the building and personal property of sellers that will be removed prior to the close of escrow. d. Closing: The Purchase Agreement states that escrow will close by May 9, 2022. The Debtor believes this is an appropriate time frame and requests that the Auction be scheduled sometime during the week of May 8, 2022, but for the avoidance of all doubt, the closing date will occur within 10 days following the Auction, Sale Hearing and entry of the Sale Order. e. Special Term - Liquor License. The Trustee will holdback $200,000 until the liquor license transfers to buyer. In the event the liquor license has not transferred within ninety (90) days of close of escrow, buyer may demand a refund of the $200,000 and the liquor license will remain property of the estate. f. Special Term - BBQ. The Debtor may operate a BBQ business form the patio with smoker in parking lot, so long as it does not interfere in any way with future or existing business. The BBQ business will be rent free for 3 years. g. Special Term - Storage. Seller may keep container on property after close of escrow for up to 5 years. In the event of Mr. DeSalvo's death, while the container remains on the Property, buyer may choose to keep the container. h. Reduction of Buyer Agent's Brokerage Commission. Buyer's agent agrees to a reduced commission of 1.69%. i. Modified Terms: (i) the "earnest money", referred to in the Bid Procedures Motion as the Good Faith Deposit, is $750,000; (ii) no amount of the "earnest money", or Good Faith Deposit will be released to sellers; (iii) possession of the Assets including the Property will be delivered on the Closing Date; (iv) the orders of the Bankruptcy Court will be used as escrow instructions and the Subchapter V Trustee in consultation with the Debtor and the Stalking Horse may designate the escrow company. The Debtor believes that the Sale will provide the best means to maximize value for the bankruptcy estate. The Debtor seeks to conduct an open sales process pursuant to which each bidder will enter into a purchase agreement for the purchase of the Assets, free and clear of liens, claims and other interest, with such liens, claims and other interests attaching to the sale proceeds. The Assets will be auctioned to the highest bidder at an auction held before the Court. The sale proceeds will be held by the Subchapter V Trustee and distributed once any disputes with secured creditors regarding the amount of their liens are resolved. As set forth in the Bid Procedures Motion, the sale subject to the follows provisions: a. "As Is, Where Is": Other than as specifically provided in a Qualified APA(s), as applicable, any sale of the Assets shall be without representation or warranties of any kind, nature or description by the Debtor, her agents or the estate. All of the Assets will be transferred "as is," "where is" and "with all faults." Except as otherwise provided in the Stalking Horse APA, an applicable Qualified APA, or a Sale Order, all of the Debtor's rights, title, and interests in and to the respective Assets will be transferred free and clear of all liens, claims, encumbrances and other interests in accordance with Section 363(f) of the Bankruptcy Code. b. Right to Credit Bid: Nothing in the Motion is intended to limit or affect the right of a secured creditor, with an allowed claim, to credit bid pursuant to Section 363(k) of the Bankruptcy Code. c. The Auction: An Auction sale of the Assets will be conducted by the Bankruptcy Court at a date and time set by the Bankruptcy Court. The initial Bid of the Stalking Horse will be $2.1 million subject to better and higher bids. d. Backup Bidder: If a Successful Bidder fails to consummate an approved transaction contemplated by its Successful Bid, the Debtor may select the applicable Backup Bidder as the Successful Bidder, and such Backup Bidder will be deemed a Successful Bidder for all purposes. The Debtor will be authorized, but not required, to consummate all transactions contemplated by the Bid of such Backup Bidder without further order of the Court or notice to any party. In such case, the defaulting Successful Bidder's Good Faith Deposit will be forfeited to the Debtor' estate. In the event that the Backup Bidder fails to consummate an approved Sale, the Assets may be sold pursuant to one or more subsequent sales. The Debtor requests a hearing to consider approval of the Sale of the Assets to the Successful Bidder(s) be scheduled to take place directly following the Auction or as soon thereafter as the counsel may be heard, before the Honorable Daniel P. Collins. The Debtor will cause the Sale Notice upon the Sale Notice parties. Prior to the Auction, Qualified Bidders will identify the real estate leases pertaining to the Property in which the Debtor is lessor, that each has decided will be Assigned Contracts to be assumed and assigned to Successful Bidder on the Closing Date by providing a list thereof to the Debtor. Any non-debtor party to an Assigned Contract (which are real estate leases pertaining to the Property in which the Debtor is lessor) that does not file an objection with the Bankruptcy Court will be deemed to have given any required consent, if any, to the assumption and assignment of the Assigned Contract. As stated, Mr. DeSalvo who holds an undivided one-half interest in the Assets, consents to the sale and assignment of the Assigned Contracts and will execute such further assignment required to document the transfer of the Assets including the Assigned Contracts. In order to facilitate and effectuate the sale of her Assets, the Debtor also seeks authority to assume and assign certain Assigned Contracts (which are leases of real property under which the Debtor is lessor) to the Successful Bidder(s). Lessees of the Debtor receive the protections against rejection and termination of tenancy provided by 11 U.S.C. Section 365(h). There are no breaches by Debtor under any real property lease under which the Debtor the lessor. Time is clearly of the essence. Given the nature of the relief requested, the Debtor respectfully requests a waiver of the 14-day stay under Bankruptcy Rules 6006(d) and 6004(h), to the extent that any of these rules are applicable. A copy of the Contract is available at https://tinyurl.com/4v7aej7j from PacerMonitor.com free of charge. Karen M. Morawsky sought Chapter 11 protection (Bankr. D. Ariz. Case No. 3:22-bk-01230-DPC) on March 2, 2022. James Cross was appointed as the Subchapter V Trustee in the case on March 7, 2022. KENWOOD COMMONS: Seeks to Hire Wayne Greenwald as Legal Counsel --------------------------------------------------------------- Kenwood Commons LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Wayne Greenwald, PC to serve as legal counsel in its Chapter 11 case. The firm's services include: a) assisting the Debtor in administering its bankruptcy case; b) making motions or taking such action as may be appropriate or necessary under the Bankruptcy Code; c) representing the Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as the Debtor deems appropriate; d) taking such steps as may be necessary for the Debtor to marshal and protect the estate's assets; e) negotiating with creditors in formulating a plan of reorganization for the Debtor; f) drafting and prosecuting the Debtor's plan of reorganization; and g) rendering such additional services as the Debtor may require in its case. The hourly rates charged by the firm's attorneys and paraprofessionals are as follows: Partners $600 Counsels $550 Associates $150 to $400 Paraprofessionals $75 to $170 The firm will receive an initial retainer of $100,000. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Wayne Greenwald disclosed that: -- the firm has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; -- no Wayne Greenwald professional included in the engagement has varied his rate based on the geographic location of the bankruptcy case; -- the Debtor formally engaged the firm in March 2022 and that the firm's billing rates and material financial terms with respect to this matter have not changed post-petition; and -- the firm has not developed a budget and staffing plan for this case. As disclosed in court filings, Wayne Greenwald is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code The firm can be reached through: Wayne M. Greenwald, Esq. Wayne Greenwald, P.C. 475 Park Avenue South - 18th Floor New York, NY 10016 Phone: (212) 739-7599 Fax: (212) 983-1965 Email: grimlawyers@aol.com About Kenwood Commons Kenwood Commons, LLC, a real estate company in Hyde Park, sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 22-35169) on March 28, 2022. In the petition filed by Jacob Frydman, manager, Kenwood Commons listed $100 million to $500 million in assets and $1 million to $10 million in liabilities. Judge Sean H. Lane oversees the case. Wayne M. Greenwald, Esq., at Wayne Greenwald, P.C., is the Debtor's legal counsel. KHAF CORPORATION: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Khaf Corporation 1680 Hickory Dr. Haltom City, TX 76117 Chapter 11 Petition Date: April 27, 2022 Court: United States Bankruptcy Court Northern District of Texas Case No.: 22-40941 Judge: Hon. Edward L. Morris Debtor's Counsel: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Tel: (972) 503-4033 Email: joyce@joycelindauer.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jessica Concepcion, owner. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/WRZ66OI/Khaf_Corporation__txnbke-22-40941__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/WKK6YXQ/Khaf_Corporation__txnbke-22-40941__0001.0.pdf?mcid=tGE4TAMA KINTARA THERAPEUTICS: Lind Global Entities Report 5.8% Equity Stake ------------------------------------------------------------------- Lind Global Fund II LP, Lind Global Partners II LLC, and Jeff Easton disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of April 14, 2022, they beneficially own 3,773,586 shares of common stock of Kintara Therapeutics, Inc., representing 5.8 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1498382/000092963822000809/sched13g.htm About Kintara Located in San Diego, California, Kintara (formerly DelMar Pharmaceuticals) is dedicated to the development of novel cancer therapies for patients with unmet medical needs. Kintara is developing two late-stage, Phase 3-ready therapeutics for clear unmet medical needs with reduced risk development programs. The two programs are VAL-083 for GBM and REM-001 for CMBC. Kintara reported a net loss of $38.30 million for the year ended June 30, 2021, compared to a net loss of $9.13 million for the year ended June 30, 2020. As of Dec. 31, 2021, the Company had $17.72 million in total assets, $3.62 million in total liabilities, and $14.10 million in total stockholders' equity. San Francisco, CA-based Marcum LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated Sept. 28, 2021, citing that the Company 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. KLX ENERGY: Richard Hamermesh to Quit as Director in June --------------------------------------------------------- Richard G. Hamermesh announced to the board of directors of KLX Energy Services Holdings, Inc. his intention to retire effective as of the date of the company's 2022 annual meeting of stockholders, to be held on June 1, 2022. KLX stated there were no disagreements between Mr. Hamermesh and the company or board on any matter relating to the company's operations, policies or practices or any other matter. Effective as of the annual meeting, the board will be reduced from seven to six directors, and Dag Skindlo will be appointed chairman of the board. About KLX Energy Headquartered in Wellington, Florida, KLX Energy Services Holdings, Inc. is a provider of diversified oilfield services to leading onshore oil and natural gas exploration and production companies operating in both conventional and unconventional plays in all of the active major basins throughout the United States. The Company delivers mission critical oilfield services focused on drilling, completion, intervention and production activities for the most technically demanding wells from over 60 service facilities located in the United States. KLXE's complementary suite of proprietary products and specialized services is supported by technically skilled personnel and a broad portfolio of innovative in-house research and development, manufacturing, repair and maintenance capabilities. KLX Energy reported a net loss of $93.8 million for the 11-month transition period ended Dec. 31, 2021, compared to a net loss of $332.2 million for the fiscal year ended Jan. 31, 2021. As of Dec. 31, 2021, the Company had $387.7 million in total assets, $122.7 million in total current liabilities, $274.8 million in long-term debt, $31.5 million in long-term operating lease obligations, $9.1 million in long-term finance lease obligations, $1 million in other non-current liabilities, and a total stockholders' deficit of $51.4 million. * * * As reported by the TCR on Feb. 23, 2021, Moody's Investors Service completed a periodic review of the ratings of KLX Energy Services Holdings, Inc. and other ratings that are associated with the same analytical unit. KLX Energy Services Holdings, Inc.'s (KLXE) Caa1 Corporate Family Rating reflects the company's relatively small scale while providing a range of well completion, intervention, drilling and production services in a highly cyclical industry. As reported by the TCR on March 31, 2022, S&P Global Ratings affirmed its 'CCC+' issuer credit rating on KLX Energy Services Holdings Inc. (KLXE), a Houston-based oilfield products and services provider. S&P said "Our 'CCC+' rating continues to reflect KLXE's unsustainable credit metrics." KRONOS WORLDWIDE: S&P Hikes ICR to 'B' on Robust Operating Results ------------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on Kronos Worldwide Inc. to 'B' from 'B-'. The outlook is stable. S&P said, "We also raised our issue-level ratings on its senior secured notes to 'BB-' from 'B'. "At the same time, we revised our recovery rating on the secured notes to '1' from '2'. The '1' recovery rating indicates our expectation for exceptional (90%-100%; rounded estimate: 90%) recovery prospects in the event of a payment default. "The stable outlook reflects our view that Kronos will maintain steady to slightly improving credit metrics, which we expect will remain appropriate for the rating. "We believe Kronos will maintain improved credit metrics over the next couple years. "Our rating actions reflect that we anticipate Kronos will build on strong operating performance and better pricing and volumes to strengthen operating earnings and modestly improve credit metrics in 2022. Our view for steady to slight improvement in earnings incorporates positive demand trends for the company's products." The company benefits from supportive earnings prospects. S&P said, "Kronos' commodity products profit from robust pricing, which we expect will endure at least for the next year. The company benefits from increased demand from key end markets such as housing and architectural coatings that use the company's products in applications such as paints and coatings. We do not expect a threat of oversupply diminishing the robust pricing. We anticipate that in the long run, probably beyond the next year, pricing could weaken but don't expect a cyclical downturn in our forecast period. Still, we consider titanium dioxide (TiO2) to be a cyclical commodity with potential for volatility in earnings over the long run. "We also consider Kronos' operations within its larger group under parent Valhi Inc." The group's financials and credit metrics are correlated with those of Kronos because it accounts for over 80% of Valhi's earnings and revenue. S&P's assessment of Kronos' business risk profile reflects its position as a large global producer in the highly cyclical, commodity-based TiO2 market. TiO2 is a commodity chemical that provides whiteness and opacity to a variety of products, especially paints and coatings, as well as plastics, paper, and food products. Rapid swings in end-market demand and raw material input costs (primarily high-grade feedstock costs) limit the importance of competitive advantages in this industry. However, Kronos' dependence on third-party sources to meet much of its CP feedstock requirements, unlike peers such as Tronox Inc. that source their own feedstock, heightens its susceptibility to price swings and has led to profit volatility in recent years (including 2019). S&P's assessment of Kronos' financial risk reflects its volatile cash flows and credit measures. S&P said, "We expect the group's funds from operations (FFO) to debt to be 12%-20% over the next year. In addition, we anticipate Kronos' financial policies will continue to support credit quality; thus, we do not incorporate significant increases in its debt to fund shareholder rewards or acquisitions in our base-case forecast. "The stable outlook on Kronos reflects our expectation that the group's credit measures will remain appropriate for the rating after incorporating high volatility in the TiO2 sector. Our base-case scenario assumes the global economy continues to improve in 2022 and beyond relative to 2020. We assume the economic recovery in the U.S. will support rising demand for the company's products. Our rating continues to reflect our expectation for high volatility in the company's credit measures. We consider FFO to debt slightly above 12% during downturns to be appropriate for the rating. We believe the group's ratios will be in the 12%-20% range under the favorable market conditions in 2022. We expect Kronos will maintain adequate liquidity and that management will maintain a prudent approach to funding growth and returns to shareholders." S&P could lower its rating on Kronos during the next 12 months if: -- S&P expects weighted-average metrics at the group level, such as debt to EBITDA exceeding 6.5x or FFO to debt remaining below 12% with no near-term remedy, which S&P would consider weak considering the volatile nature of the TiO2 sector. This could occur if the company's sales and weaken against its expectations, leading EBITDA margins to underperform its forecast by at least 200 basis points (bps); or -- Kronos uses additional debt to fund its growth plans or shareholder returns, or free cash flow turns negative for an extended period, which would pressure the group's liquidity. S&P could raise its ratings on Kronos over the next year if: -- Its group's performance is improving; and -- The company's 2022 earnings outperform S&P's expectations. S&P said, "Under this scenario, we would expect the group's weighted-average FFO to debt to be about 20% even after factoring in potential downturns in pricing and demand. We believe an approximately 200 bps improvement in EBITDA margins relative to our expectations would sustain such credit measures and generate sufficient earnings to account for potential volatility. However, we would also expect management to commit to financial policies that would enable it to maintain these improved credit measures." LADDER CAPITAL: S&P Alters Outlook to Pos., Affirms 'BB-' ICR ------------------------------------------------------------- S&P Global Ratings revised its rating outlook on Ladder Capital Finance Holdings LLLP to positive from stable. S&P also affirmed its 'BB-' long-term issuer credit rating and 'BB-' senior unsecured debt rating on Ladder. S&P said, "The outlook revision reflects our expectation that the company will report stable operating results in 2022 while navigating any remaining pandemic-related obstacles in commercial real estate (CRE), particularly in office properties. We also expect Ladder to maintain its diversified funding mix, adequate liquidity, and leverage, measured as debt to ATE, of around 3.0x. As of Dec. 31, 2021, Ladder's debt-to-ATE leverage was 2.78x." At year-end 2021, Ladder's total outstanding debt of $4.9 billion was 39% unsecured, 25% collateralized loan obligations, 16% mortgage debt, 14% repurchase facilities and secured financing, and 6% Federal Home Loan Bank borrowings. Since the onset of the COVID-19 pandemic, Ladder has reduced repurchase funding to about $445 million as of Dec. 31, 2021, from over $1.8 billion at year-end 2019. Relative to its peers in CRE lending, Ladder has a higher mix of unsecured funding and less repurchase funding, which S&P views positively. Over the past two years, the company has reduced its exposure to commercial mortgage-backed securities (which it largely funds with repurchase facilities) to $703 million at year-end 2021 from $1.06 billion as of Dec. 31, 2020, and $1.7 billion as of Dec. 31, 2019. As a result, securities repurchase funding was $260 million, or 6% of debt, as of Dec. 31, 2021, down from $1.1 billion (23% of debt) as of year-end 2019. S&P said, "The positive outlook reflects our expectation that over the next year, Ladder will maintain its funding mix and report stable asset quality trends while maintaining adequate liquidity and leverage of around 3.0x, as measured by debt to ATE. Pandemic-related changes and pressures in CRE, like the office market, could still create challenges in the coming years, but we expect Ladder to work through these while maintaining its leverage and adequate liquidity. "We could revise the outlook to stable in the next 12 months if the company's asset quality significantly deteriorates or liquidity becomes strained. We could also lower the ratings if leverage increases substantially above 3.0x. "We could raise the ratings over the next 12 months if leverage remains within our expectations, asset quality remains stable, and the company maintains adequate liquidity while maintaining over 35% of its funding mix as unsecured debt." LEAR CAPITAL: Wronged Investors Piling Up in Chapter 11 Case ------------------------------------------------------------ Jeff Montgomery of Law360 reports that a trustee in the bankruptcy of metal and coin investment firm Lear Capital Inc. told a Delaware bankruptcy judge Wednesday, April 27, 2022, that "dozens and dozens" of consumers have inquired about the case, filed in the wake of fraud claims and now facing dismissal calls from regulators in 24 jurisdictions. U.S. Bankruptcy Judge Brendan L. Shannon is scheduled to hear the multi-state motion to toss Lear's subchapter 5 reorganization case on May 19, two weeks after a hearing on appointment of a committee to represent aggrieved customers of the business. Jami B Nimeroff of Brown McGarry Nimeroff LLC, subchapter 5 trustee, said Wednesday, April 27, 2022. About Lear Capital Lear Capital Inc. is a silver and gold coin dealer based in Los Angeles, Calif. Lear Capital filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Del. Case No. 22-10165) on March 2, 2022, to weather possible future legal claims associated with its sales practices as well as customer disclosures. Jami B. Nimeroff serves as Subchapter V trustee. As of Feb. 28, 2022, Lear Capital had assets of $34,449,619 against liabilities of $22,355,066. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Shulman Bastian Friedman & Bui, LLP as general bankruptcy counsel; Morris James, LLP as local counsel; Mitchell Silberberg & Knupp, LLP as special litigation and corporate counsel; Paladin Management Group as financial advisor; and Baker Tilly US, LLP as accountant. BMC Group, Inc. is the claims, noticing and administrative agent. LIBERTY POWER: Seeks OK of $500,000 Silicon Valley Bank DIP Loan ---------------------------------------------------------------- Liberty Power Holdings, LLC and its debtor-affiliates ask the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, for authority to use cash collateral and obtain postpetition financing in the form of replacement letter of credit from Silicon Valley Bank. As of the Petition Date, the Debtors owed Boston Energy Trading and Marketing, LLC as their senior secured creditor in the amount of $121,031,961, plus interest, costs and attorneys' fees for advances and other financial accommodations extended by BETM to or for the benefit of the Debtors. The Pre-Petition Indebtedness is due to BETM without deduction, setoff, defense or counterclaim, and is secured by a first priority security interest in substantially all of the Debtors' tangible and intangible personal property. As a result, BETM holds a properly perfected, duly enforceable, first priority lien on substantially all of the assets of the Debtors and a perfected first-priority lien on all of the equity interests of the Debtors. Prior to the Petition Date and as part of the requirement for the Debtors to do business as a retail energy provider in the State of Texas, the Debtors posted a $500,000 irrevocable letter of credit with and in favor of the Public Utility Commission of Texas. The Debtors obtained the Prepetition LOC from JP Morgan Chase Bank, NA. The Prepetition LOC is fully collateralized by the pledge of funds in a bank account maintained by the Debtors with JP Morgan. The Prepetition LOC is scheduled to expire on May 10, 2022. Recently, JP Morgan provided notice to the PUCT and the Debtors that it does not intend to renew or extend the Prepetition LOC, which will result in the Prepetition LOC expiring under its own terms on May 10. The Debtors continue to service customers in Texas, and expect to continue to do so for the foreseeable future. As a result, the Debtors are required to maintain an irrevocable letter of credit with the PUCT as a requirement for their continued operation in Texas. Following JP Morgan's decision, the Debtors have been working diligently to locate a banking institution that would agree to issue a replacement letter of credit to the PUCT on behalf of the Debtors. In connection therewith, the Debtors applied for and negotiated the terms of a replacement letter of credit with Silicon Valley Bank. SVB has agreed to issue a replacement irrevocable letter of credit to and in favor of the PUCT in the amount of $500,000, which Replacement LOC remain in place for a period of one year. In connection with the Replacement LOC, SVB requires the Debtors to execute and deliver certain documents to evidence and secure the obligations from the Debtors to SVB in the event the Replacement LOC is ever drawn upon by the PUCT. Specifically, SVB requires the Debtors to open a bank account at SVB, fund the account with an amount equal to $550,000 and pledge the account on a first lien basis to SVB to secure the Debtors' obligations to SVB under the Replacement LOC. In order to consummate the above transaction and obtain the Replacement LOC, the Debtors need to use cash collateral of BETM -- in an amount equal to S550,000 -- to fund the Pledged Bank Account to be opened by the Debtors at SVB. Moreover, the Debtors are required to grant SVB a first priority lien and security interest in the Pledged Bank Account, which will have priority over BETM, including the Pre-Petition Liens and the liens granted to BETM under the DIP Financing Orders. BETM has consents to the relief the Debtors are seeking, including the use of its cash collateral to fund the Pledged Bank Account and the granting of liens in the Pledged Bank Account with priority over BETM's liens. Lastly, assuming the Court grants the relief requested and the Replacement LOC is issued to the PUCT, then the Debtors will be able to obtain a refund of the funds currently on deposit with JP Morgan, which secure the Prepetition LOC from JP Morgan. A copy of the motion is available at https://bit.ly/3Mk2YLo from Stretto, the claims agent. About Liberty Power Established in 2001 and headquartered in Fort Lauderdale, Fla., Liberty Power Holdings, LLC is one of the largest and longest-tenured owner-operated retail electricity providers in the United States. It provides large and small businesses, government agencies and residential customers with competitively-priced electricity, sustainability solutions and exceptional customer service. Liberty Power filed a voluntary petition for Chapter 11 reorganization (Bankr. S.D. Fla. Case No. 21-13797) on April 20, 2021. On June 4, 2021, LPT, LLC, Liberty Power Maryland, LLC and Liberty Power District of Columbia, LLC sought Chapter 11 protection. The cases are jointly administered under Case No. 21-13797 and have been assigned to Judge Scott M. Grossman. At the time of filing, Liberty Power disclosed total assets of up to $100 million and total liabilities of up to $500 million. The Debtors tapped Genovese Joblove & Battista, P.A. as legal counsel and Berkeley Research Group, LLC as restructuring advisor. Robert Butler, managing director at Berkeley, serves as the Debtors' chief restructuring officer. Stretto is the claims and noticing agent. Boston Energy Trading and Marketing, LLC, as DIP lender, is represented by Eversheds Sutherland (US) LLP. LITTLETON PREPARATORY: S&P Affirms 'BB+' Revenue Debt Rating ------------------------------------------------------------ S&P Global Ratings revised the outlook to positive from stable and affirmed its 'BB+' underlying rating on Colorado Educational & Cultural Facilities Authority's charter school revenue debt, issued for Littleton Preparatory Charter School (LPCS). "The positive outlook reflects our view of the school's improved financial metrics with consistently healthy margins, strengthening maximum annual debt service coverage, and good days' cash for the rating level, all while executing the planned decline in enrollment closer to its target of 520 students," said S&P Global Ratings credit analyst Alexander Enriquez. S&P could consider a higher rating should the school be able to achieve the right sizing of its enrollment base, while maintaining a healthy financial profile as relief funds decline and operations normalize. S&P said, "In our view, LPCS continues to be exposed to elevated health and safety social risk, in light of the emergence of COVID-19 variants. This risk is somewhat mitigated by the increased growth in the state of Colorado's budget, access to a district mill levy, and the likelihood of increased funding in fiscal 2023 relative to previous years. Despite the elevated social risk, we believe the school's environmental and governance risks are in line with our view of the sector as a whole. "We could raise the rating if LPCS is able to maintain solid maximum annual debt service (MADS) coverage, healthy days' cash on hand, and current margins while executing the planned enrollment decline over the coming years. "We could revise the outlook to stable or consider a negative rating action if the school reports operating deficits on a full-accrual basis leading to sustained material decline in MADS coverage and significantly lower liquidity or a material decrease in its demand profile." LTL MANAGEMENT: Appointment of More Ovarian Cancer Patients Opposed ------------------------------------------------------------------- Maune Raichle Hartley French & Mudd, LLC is opposing the addition of any ovarian cancer claimants to the official committee of talc claimants that was originally formed in LTL Management, LLC's Chapter 11 case. In its objection filed with the U.S. Bankruptcy Court for the District of New Jersey, Maune argued that if more ovarian cancer claimants are added to the original committee, a corresponding number of mesothelioma claimants must be added as well. The firm is responding to the motions filed earlier this month by some ovarian cancer claimants or groups representing such claimants including Aylstock, Witkin, Kreis & Overholtz, PLLC and Brandi Carl who are seeking the appointment of additional ovarian cancer claimants to the original committee. The court ordered to reinstate the original committee on Jan. 26. The original talc claimants' committee is composed of six ovarian cancer claimants, four mesothelioma claimants and one lien holder claimant. "Maune maintains that mesothelioma claimants and ovarian cancer claimants should have separate official committees to represent them. In the absence of that, it respectfully requests that either no changes are made to [the original committee's] membership or that a corresponding number of claimants are added so that the ratio between the two remains unchanged," the firm argued in court papers. Maune represents mesothelioma victims with pending claims against Johnson & Johnson, LTL's parent company. The firm can be reached through these attorneys: Clayton L. Thompson, Esq. 659 Eagle Rock Avenue, Suite 28 West Orange, NJ 07052 Email: cthompson@mrhfmlaw.com - and - Suzanne M. Ratcliffe, Esq. 150 West 30th Street, Suite 201 New York, NY 10001 Tel: (800) 358-5922 Email: sratcliffe@mrhfmlaw.com About LTL Management LTL Management, LLC, is a subsidiary of Johnson & Johnson (J&J), which was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims agent. An official committee of talc claimants was formed in the Debtor's Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. About Johnson & Johnson Johnson & Johnson is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods. It is the world's largest and most broadly based healthcare company. Johnson & Johnson is headquartered in New Brunswick, New Jersey, the consumer division being located in Skillman, New Jersey. The corporation includes some 250 subsidiary companies with operations in 60 countries and products sold in over 175 countries. The corporation had worldwide sales of $82.6 billion in 2020. MALLINCKRODT: S&P Assigns Prelim 'B' Rating to 1st Lien Term Loan B ------------------------------------------------------------------- S&P Global Ratings assigned its preliminary 'B' rating to specialty branded and generic pharmaceutical company Mallinckrodt plc's first-lien term loan B and its preliminary 'CCC' rating to its second-lien secured notes. The first-lien debt carries a preliminary recovery rating of '2' and the second-lien notes carry a preliminary recovery rating of '6'. S&P said, "We expect to assign a 'B-' issuer credit rating to Mallinckrodt once it emerges from bankruptcy. Our issuer credit rating on Mallinckrodt will remain 'D' until the company emerges from Chapter 11, which we anticipate to occur in May 2022. Upon emergence, we expect to assign our 'B-' issuer credit rating, which primarily reflects the company's limited product diversification with about 27%, 20%, and 12% of 2021 revenues coming from its top three products (Acthar Gel, INOmax, and Therakos), respectively, lack of patent protection on most products, and increased competition and pricing pressure over the next few years on its two largest products, Acthar Gel and INOmax. In our view, the company also has a relatively weak pipeline of new products, which we do not expect to improve over the next few years based on our assumption for its research and development investments to decline from about 9% in 2021 to about 6% by 2025. The company traditionally focused on acquiring products rather than internal development, but we believe it will have limited capacity for large acquisitions under its proposed capital structure, at least in the near term. In our view, these characteristics are offset in part by decent scale (about $2.2 billion of revenue in 2021) and our expectation for consolidated adjusted EBITDA margins of 30%-35% over the next few years, which we consider average based on the company's blend of branded and generic pharmaceutical products. "We assume the company will emerge from bankruptcy with about $3.85 billion of funded debt, about $1.5 billion of obligations related to litigation settlements ($1.15 billion based on our present value calculation), and just over $500 million of cash, which we do not net against debt. Under this capital structure, we forecast adjusted debt to EBITDA of 7.5x-8.0x through 2023, and for that to gradually decline in subsequent years. This incorporates our assumption for mid- to high-single-digit-percent annual revenue decline through 2023 and low-single-digit-percent growth thereafter, while adjusted EBITDA margins remain relatively steady in the 32%-34% range. We expect the company to generate adjusted free operating cash flow (FOCF) of $300 million-$350 million in 2022 and $150 million-$200 million annually in 2023 and 2024, which we assume Mallinckrodt will deploy primarily to make scheduled payments related to its opioid and Centers for Medicaid & Medicare Services (CMS) litigation settlements. "We expect Acthar Gel revenues to decline in the low- to mid-single-digit-percent area in 2022, 2023, and 2024.We believe Acthar Gel (at about $40,000 per dose) is likely to face regulatory and competitive pressures over the next few years that will contribute to a decline in the drug's price. Earlier this year, ANI Pharmaceuticals launched Purified Cortrophin Gel, which is approved for all current Acthar indications, except for infantile spasms (which we estimate represents less than 15% of Acthar's volumes). Although there is uncertainty, our base case assumes ANI will price Cortrophin at about a 20% discount to Acthar and for it to take about 15% of Acthar's market share by 2024. That said, we also recognize that the significant formulation complexity of Acthar makes it unlikely that other competing alternatives will enter the market over the next couple of years. Mallinckrodt plans to launch Acthar Gel in a new self-injector delivery device in 2023, designed for improved patient convenience and flexibility. This could give Acthar Gel a competitive edge over ANI's Cortrophin Gel and slow the pace of decline. We estimate annual revenue for Acthar Gel to decline in the low- to mid-single-digit-percent area over the next few years. "We anticipate INOmax will face intense competition over the next several years. Revenue of INOmax, a nitric oxide drug-delivery device, declined about 23% in 2021 and we expect revenue to decline 20% in 2022, and mid-to-high single digit annual revenue decline in 2023 and beyond, given several new entrants. NOxBoxi developed by Praxair, a global industry gas company was launched in 2019. GENOSYL DS developed by Vero Biotech, the first tankless device, launched in early 2020 and we expect the launch of LungFit by Beyond Air later this year. In our view, LungFit poses the most significant competitive threat to INOmax over the long term, because it's a tankless device that converts ambient air into nitric oxide using an electrode, thereby significantly reducing its weight. The slower pace of annual revenue declines beyond 2022 reflects the multiyear contracts for INOmax and the launch of INOmax EVOLVE (we assume the first half of 2023), which will offer some advantages over its existing device. Specifically, INOmax EVOLVE will have a much smaller profile that will make it easier to transport, broadening the number of patients and settings that can use it. We also expect more automation to reduce human error. "Modest tailwinds in the branded segment include Therakos and new product launches. We expect Therakos will grow annually in the low- to mid-single-digit-percent area, stemming primarily from growth opportunities outside the U.S., investments related to product development, and new indications, offset in part by increased competition for treatment of patients with graft versus host disease. Mallinckrodt also has two new branded products (Terlivaz and StrataGraft) that, should contribute modest revenue growth over the next few years. Terlivaz (which has yet to receive FDA approval) is a vasopressin analog potentially used to treat hepatorenal syndrome (HRS) Type 1, a type of renal failure associated in patients with cirrhosis. We assume the drug will launch in 2023 and generate more than $100 million of annual revenue by 2026 and be accretive to earnings. StrataGraft regenerative skin tissue is an alternative to skin autografting, which is currently the common treatment for severe burns in the U.S. Mallinckrodt released its first commercial shipment of the product earlier this year and we expect it to generate more than $50 million of annual revenue by 2026. That said, we believe the product will likely generate an operating loss during the first few years as it will likely require significant sales and marketing investments to shift burn centers away from skin grafting. "We expect modest revenue and EBITDA growth in the specialty generics segment driven primarily by new product launches. Mallinckrodt is among the largest manufacturers of bulk acetaminophen (which represented about one-third of segment sales in 2021) and the only producer of the popular over-the-counter pain medication in North America and Europe, for which we expect demand to remain relatively stable. The company also operates the largest active pharmaceutical ingredient (API) facility in the U.S., which we believe positions it well for potential initiatives by the U.S. government to onshore API manufacturing. Opioid products also represented about one-third of segment sales in 2021, which we assume will see continued downward pressure on pricing and volumes stemming from declining opioid prescribing due to risks of addiction. For the generic segment overall, we assume low-single-digit-percent annual revenue growth and relatively flat EBITDA margins, on average for the next few years. We expect new product launches to slowly diversify the company away from opioids and offset the natural trend of price erosion in the generics business." Settlements on opioid- and Acthar-related litigation reduce uncertainty but represent a significant liability and use of cash over the next several years. Mallinckrodt's reorganization includes agreements to resolve litigation related to opioids and Acthar Gel by paying $1.725 billion and $260 million, respectively over seven to eight years. The opioid litigation stemmed from the company's sales of addictive opioid products that were alleged to have contributed to the U.S. opioid epidemic. As it relates to the opioid settlement, the company will make a $450 million payment at emergence from bankruptcy with the remaining payments scheduled over the next eight years. S&P said, "We calculate the present value of its future payments related to the opioid settlement at the emergence at about $972 million, which we treat as debt. Mallinckrodt has the option to prepay the liability within the next 18 months at a discount of $200 million-$260 million to our present value of the liability. If market conditions improve, we believe the company is likely to issue new debt to take advantage of the prepayment option, which would reduce its liabilities and annual cash outflows. However, due to market uncertainty, our base case assumes the opioid liability is not prepaid." The Acthar-related settlement with CMS and the Department of Justice (DOJ) was to resolve claims that Mallinckrodt underpaid Medicaid rebates that resulted from price increases for the product (CMS portion--$234 million) and claims that Questcor (the prior owner of Acthar) funded third-party charitable foundations for the purposes of improperly supporting Medicare patient copays for Acthar (DOJ portion--$26 million). As with the opioid liability, S&P adds the present value of future Acthar-related settlement payments (about $176 million at emergence) to debt. S&P said, "In total, the company's annual settlement payments will be $170 million-$220 million over the next several years, which we expect will absorb most of the its FOCF generation. With just over $500 million of expected cash on the balance sheet following emergence, we believe the company will be able to manage with the thin excess cash flow generation we expect over the next few years. "Final ratings will depend on the successful execution of the proposed financing and emergence from Chapter 11 on terms consistent with our current assumptions. We expect Mallinckrodt's emergence from Chapter 11 in May 2022. If the terms on which the company emerges are materially different from our assumptions, we could withdraw or amend our ratings on Mallinckrodt." MARVIN KELLER: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- Marvin Keller Trucking Inc. asks the U.S. Bankruptcy Court for the Central District of Illinois, Urbana Division, for authority to use cash collateral on an interim basis in accordance with the budget and provide adequate protection. The Debtor requires the use of cash collateral to stay as a going concern and avoid irreparable harm. In addition to the expenses projected in the Cash Collateral Budget, the Debtor would be expending amounts for administrative expenses in the case including but not limited to professional fees (pursuant to application and order of the Court) and United States Trustee quarterly fees under 28 U.S.C. section 1930(a) and requests authority to do so from cash collateral in through the Interim Order and any subsequent final order. According to records of the Debtor and the most recently available public search, the Debtor has two lenders that appear to hold valid and perfected security interests against its "cash collateral", as defined by the Bankruptcy Code and applicable Illinois statutes. The Debtor believes Scott State Bank holds a first position, perfected security interest in its deposit accounts and receivables, pursuant to a promissory note, commercial security agreement, and a UCC Financing Statement filed with the Illinois Secretary of State. The indebtedness to Scott State Bank on the date of the Chapter 11 filing was approximately $1,150,000. The Debtor believes Western Trailer Inc., f/k/a Marvin Keller Leasing, holds a second position, perfected security interest in its deposit accounts and receivables, pursuant to promissory notes, commercial security agreement, and a UCC Financing Statement filed with the Illinois Secretary of State. Western Trailer is an "insider" pursuant to Section 101(31) of the Bankruptcy Code, as it has related ownership and management with the Debtor. The indebtedness to Western Trailer on the date of the Chapter 11 petition was approximately $5,500,000. The Debtor suggests that an interim lien on its post-petition receivables and postpetition deposit accounts in favor of the Secured Lenders, to the extent of the diminution of value of the Secured Lender's pre-petition liens against cash collateral, would be appropriate adequate protection for cash collateral use pursuant to Section 361 of the Bankruptcy Code. Causes of action arising under Chapter 5 of the Bankruptcy Code would be expressly excluded from the Replacement Liens. The existence and extent of the Replacement Liens would be subject to later prove-up as to the validity, extent, perfection and priority of the pre-petition liens against cash collateral asserted by the Secured Lenders. A copy of the motion is available at https://bit.ly/3rLqGsd from PacerMonitor.com. About Marvin Keller Trucking Inc. Marvin Keller Trucking Inc. operates a nationwide commercial trucking operation, with its headquarters located in Sullivan, Illinois. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Ill. Case No. 22-90165) on April 22, 2022. In the petition signed by Joseph E. Keller, president and chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Sumner A. Bourne, Esq., at Rafool & Bourne, P.C. is the Debtor's counsel. MASTEC INC: Egan-Jones Keeps BB+ Sr. Unsec. Debt Ratings -------------------------------------------------------- Egan-Jones Ratings Company on April 5, 2022, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by MasTec, Inc. Headquartered in Coral Gables, Florida, MasTec, Inc. is a specialty contractor operating across a range of industries. MAUNESHA RIVER: Unsecureds to Get $100K in Refinancing Under Plan ----------------------------------------------------------------- Maunesha River Diary, LLC, submitted a Plan of Reorganization. Under the Plan, holders of Class 8 Non-priority Unsecured Claims will not receive any installment payments under the Plan. However, upon completion of the Plan, Maunesha will seek to refinance the Secured Claims, except for any Claims secured by valid purchase money security interests with balances being paid at that time. Maunesha will seek an additional amount of $100,000, over the amounts necessary to pay BMO, FMUB, SBA and any creditors of Ballweg at the time of the refinancing ("Unsecured Pool"). The Unsecured Pool will be available to distribute to members of this Class on a pro rata basis. Maunesha's request for the additional loan for the benefit of this Class shall be subject to the underwriting requirements of the lender(s) with whom Maunesha is working at the time. If the underwriting requirements, in the discretion of the lender(s), will not support a loan for that amount, Maunesha will request whatever lower amount the underwriting requirements support for the Unsecured Pool; provided however, that the amount of any such loan to be distributed must be at least $50,000. Maunesha will notify the members of the Creditor's Committee in this Case of its attempts to obtain the additional loan for the benefit of this Class, including the number of lenders with whom Maunesha attempts to refinance and the final determination of the amount, if any, that Maunesha has been awarded for the Unsecured Pool. Maunesha will make any payments to the Class within 30 days after closing on the refinancing loan by mailing to the members of this Class their pro rata share of any Unsecured Pool, together with a copy of the schedule detailing the payments being made to all members in the Class, to the addresses set forth in the mailing matrix in this Case, or to such other addresses that specific creditors have provided to Maunesha in writing. If Maunesha is not able to obtain an additional loan for the Unsecured Pool as part of its refinancing efforts, Maunesha will send a short notice to the members of this Class informing them that it was not able to secure the additional funds from its refinancing efforts ("Rejection Notice"). Maunesha's obligation to this Class of creditors shall be satisfied either by the payment made to members of the Class from the Unsecured Pool or, if no proceeds are awarded as part of its refinancing efforts, then by the deposit of the Rejection Notice in the mail addressed to each creditor at the address provided on the mailing matrix in this Case, or such other addresses as specific creditors provide to Maunesha in writing. The Reorganized Debtor shall have full authority to operate the Debtor's business pursuant to this Plan. Distributions under the Plan shall be made from the continued operation of the business and in the case of some administrative fees, from the funds escrowed during the Case under the Final Cash Collateral Order. The Allowed Secured Claims will be paid in the ordinary course of business as reflected in the monthly cash flow budgets in Schedule 4A8 to the Disclosure Statement and pursuant to the terms of this Plan. Attorneys for the Maunesha River Dairy: Jane F. (Ginger) Zimmerman, Esq. Nicole L Pellerin, Esq. MURPHY DESMOND S.C. 33 East Main Street, Suite 500, P.O. Box 2038 Madison, WI 53701-2038 Tel: (608) 257-7181 A copy of the Plan dated April 15, 2022, is available at https://bit.ly/3ErDPMa from PacerMonitor.com. About Maunesha River Dairy Maunesha River Dairy, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case. No. 21-11157) on May 27, 2021. In the petition signed by Dennis E. Ballweg, the member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Catherine J. Furay oversees the case. Jane F. Zimmerman, at Murphy Desmond S.C., is the Debtor's counsel. BMO Harris Bank, as creditor, is represented by, Joseph D. Brydges, Esq., at Michael Best and Friedrich LLP. MBIA INC: Egan-Jones Keeps CCC Senior Unsecured Ratings ------------------------------------------------------- Egan-Jones Ratings Company on April 5, 2022, maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by MBIA Inc. EJR also maintained its 'C' rating on commercial paper issued by the Company. Headquartered in Purchase, Harrison, New York, MBIA Inc. provides financial guarantee insurance and other forms of credit protection. MELO AIR: Wins Cash Collateral Access ------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, authorized Melo Air, Inc. to use cash collateral of Monroe Capital Management Advisors, LLC, on an interim basis retroactive to April 7, 2022, to pay: (a) amounts expressly authorized by the Court; (b) one quarter of the current and necessary expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and (c) additional amounts as may be expressly approved in writing by the Secured Creditor. As adequate protection, the Secured Creditor will have a perfected post-petition lien against cash collateral to the same extent and with the same validity and priority as its prepetition lien, without the need to file or execute any document as may otherwise be required under applicable non bankruptcy law. The Debtor will maintain insurance coverage for its property in accordance with the obligations under the loan and security documents with the Secured Creditor. A continued hearing on the matter is scheduled for May 11, 2022 at 9:30 a.m. A copy of the order is available at https://bit.ly/3LgxJkg from PacerMonitor.com. About Melo Air, Inc. Melo Air, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01394) on April 7, 2022. In the petition signed by Gustavo M. Melo, president, the Debtor disclosed $100,000 in assets and $500,000 in liabilities. Judge Michael G. Williamson oversee the case. Buddy D. Ford, Esq., at Buddy D. Ford, P.A. is the Debtor's counsel. MENDEZ ENTERPRISES: Files for Chapter 11 Bankruptcy in Nebraska --------------------------------------------------------------- Mendez Enterprises LLC filed for chapter 11 protection in the District of Nebraska. According to court filing, Mendex Enterprises estimates between 1 and 49 unsecured creditors. The petition states that funds will be available to unsecured creditors. About Mendez Enterprises LLC Mendez Enterprises LLC is a limited liability company in Nebraska. Mendez Enterprises LLC sought Chapter 11 bankruptcy protection (Bankr. D. Neb. Case No. 22-40339) on April 18, 2022. In the petition filed by Vince Mendez, as member, Mendez Enterprises LLC listed estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The case is assigned to Honorable Bankruptcy Judge Brian S. Kruse. Trev E. Peterson, of Knudsen, Berkheimer, Richardson & Endacott, LLP, is the Debtor's counsel. MOUTHPEACE DENTAL: Court Approves and Confirms Amended Plan ----------------------------------------------------------- Judge Barbara Ellis-Monro has entered an order approving and confirming the Amended Plan of Reorganization of Mouthpeace Dental, LLC. All Objections to confirmation of the Plan, including the AP Objection, the AP Supplemental Objection, and the UST Objection, that have not been withdrawn, waived, or settled and all reservations of rights included therein, are overruled or moot for the reasons set forth on the record at the Confirmation Hearing. The SBA's Claim is allowed in the amount of $99,223. The Debtor shall pay the full amount of the SBA Allowed Claim on or before May 13, 2022. Counsel for the Debtor filed a Report of Tabulation of Acceptances and Rejections of Amended Plan, which indicated that Class 1 (Bank of America), Class 3 (Stearns), Class 4 (ProHealth), Class 6 (General Unsecured Claims), Class 7 (Subordinated General Unsecured Claims), and Class 8 (Equity Interests) have voted to accept the Plan, and 5 (Dell) did not vote to accept or reject the Plan. Also, pursuant to the Second Modification, Class 2 (SBA) is unimpaired by the Plan and is conclusively presumed to have accepted the Plan pursuant to section 1126(f) of the Bankruptcy Code. Pursuant to the AP Settlement Agreement, AP has agreed to pay $2,350,000.00, of which $1,925,000.00 has already been paid (the "Immediate AP Funding"). The Debtor has stipulated that BOA had an allowed claim of $666,902.11 as of April 13, 2022 (the "BOA Allowed Claim"). AP paid BOA $666,902.11 directly as payment in full of the BOA Allowed Claim (the "BOA Payoff Amount"). The balance of the Immediate AP Funding, after subtracting the BOA Payoff Amount, totaling $1,258,097.89, has been remitted to Debtor's counsel for further distribution in accordance with paragraphs 19 and 20 of this Confirmation Order. On March 24, 2022, the Debtor filed a motion for the Court to approve the AP Settlement Agreement. On March 29, 2022, the Court entered an order approving the AP Settlement Agreement (the "AP Settlement Approval Order"). On April 13, 2022, the AP Settlement Approval Order became a final, nonappealable order. That day, Debtor's counsel appeared before the Court to announce that the Immediate AP Funding had been received and that all conditions to the entry of this Confirmation Order had been satisfied. The Plan, as explained by the Disclosure Statement and as modified by the Second Modification, specifies that Classes 1, 3, 4, 5, 6, 7, and 8 are impaired under the Plan and that Class 2 is unimpaired. The Plan designates the Class 1 BOA Secured Claim, Class 3 Stearns Secured Claim, Class 4 ProHealth Secured Claim, Class 5 Dell Secured Claim, Class 6 General Unsecured Claims, Class 7 Subordinated General Unsecured Claims, and Class 8 Equity Interests as impaired under the Plan and specifies the treatment of Claims and Interests in those Classes, thereby satisfying section 1123(a)(3) of the Bankruptcy Code. The Debtor has complied with the applicable provisions of the Bankruptcy Code, the Bankruptcy Rules, and the Disclosure Statement Order in transmitting the Solicitation Packages to holders of Class 1, 2, 3, 4, 5, 6, 7, and 8 Claims and Interests and in soliciting and tabulating votes on the Plan. As set forth in the Ballot Report, the Plan has been accepted by all of the impaired classes except for Class 5, including Class 1 (BOA Secured Claim), Class 3 (Stearns Secured Claim), Class 4 (ProHealth Secured Claim), Class 6 (General Unsecured Claims), Class 7 (Subordinated General Unsecured Claims), and Class 8 (Equity Interests). Class 5 (Dell Secured Claim), i.e., the Non-Accepting Class, did not vote either to accept or reject the Plan. Although section 1129(a)(8) of the Bankruptcy Code may not be satisfied with respect to all impaired Classes, the Plan may nevertheless be confirmed because the Plan satisfies section 1129(b) of the Bankruptcy Code with respect to the Non-Accepting Class. As set forth in the Ballot Report, Classes 1, 3, 4, 6, 7, and 8 have voted to accept the Plan, thus at least one impaired Class has accepted the Plan (determined without including any acceptance of the Plan by any insider), thereby satisfying section 1129(a)(10) of the Bankruptcy Code. Attorneys for the Debtor: William A. Rountree, Esq. Benjamin R. Keck, Esq. Taner N. Thurman, Esq. ROUNTREE LEITMAN & KLEIN, LLC Century Plaza I, 2987 Clairmont Road, Suite 350 Atlanta, Georgia 30329 Tel: (404) 410-1238 E-mail: wrountree@rlklawfirm.com bkeck@rlklawfirm.com tthurman@rlklawfirm.com About Mouthpeace Dental Mouthpeace Dental, LLC, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-72289) on Dec. 3, 2020. Syretta Wells, sole shareholder, signed the petition. In the petition, the Debtor disclosed total assets of up to $50,000 and total liabilities of up to $1 million. Judge Barbara Ellis-Monro oversees the case. Rountree Leitman & Klein, LLC and Carroll & Company, CPAs, P.C., serve as the Debtor's legal counsel and accountant, respectively. Bank of America, N.A., as lender, is represented by: Beth E. Rogers, Esq. Rogers Law Offices 100 Peachtree Street, Ste. 1950 Atlanta, GA 30303 Tel: 770-685-6320 Fax: 678-990-9959 E-mail: brogers@berlawoffice.com NESV ICE: Wins Interim Cash Collateral Access Thru May 25 --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, authorized NESV Ice, LLC and its debtor-affiliates to use cash collateral in the ordinary course of business substantially in accordance with the budget, with a 10% variance through the commencement of the continued hearing on the motion. Ice requires the use of the cash collateral in order to preserve its operations and the value of its assets. SHS ACK, LLC asserts a security interest in Ice's property, including the cash proceeds thereof, and Ice's deposit accounts. As adequate protection, SHS is granted replacement liens in and to all property of the kind presently securing the prepetition obligations of Ice to SHS. The Replacement Liens will only attach to and be enforceable against the same types of property, to the same extent, and in the same order of priority as existed immediately prior to the Petition Date. Ice is directed to pay the City of Attleboro real estate taxes and other municipal charges as they become due postpetition, as well as interest on prepetition amounts. In addition, Ice will maintain its insurance policies and remain current postpetition on any premiums that must be paid. A continued hearing on the Debtor's request is scheduled for May 25, 2022 at 10 a.m. Ice's authority to use cash collateral will terminate upon the occurrence of any of these events, unless waived by SHS in writing: a. Default by Ice in reporting the information specified in section 6 above, if such default will remain uncured for three business days following written notice from SHS to Ice; b. Reversal, vacatur, or modification of the Sixth Interim Order; or c. Dismissal of the case or conversion of Ice's case to chapter 7. A copy of the Court order and the Debtors' budget is available at https://bit.ly/3k7eDky from PacerMonitor.com. The budget provided for total cash disbursements, on a weekly basis, as follows: $52,463 for the week ending April 15, 2022; $37,086 for the week ending April 22, 2022; $36,618 for the week ending April 29, 2022; $122,787 for the week ending May 6, 2022; $32,397 for the week ending May 13, 2022; $54,613 for the week ending May 20, 2022; $3,300 for the week ending May 27, 2022; and $53,712 for the week ending June 3, 2022; About NESV Ice, LLC NESV Ice, LLC and affiliates NESV Swim, LLC, NESV Field, LLC, NESV Hotel, LLC, NESV Tennis, LLC, NESV Land, LLC, and NESV Land East, LLC, offer fitness and sports training services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 21-11226) on August 26, 2021. The petitions were signed by Stuart Silberberg as manager. Judge Christopher J. Panos oversees the case. William McMahon, Esq., at Downes McMahon LLP is the Debtor's counsel. NEW BETHEL: Reaches Settlement Agreement with LLC & Southern Bank ----------------------------------------------------------------- New Bethel Baptist Church submitted a Second Amended Disclosure Statement describing Second Amended Plan of Reorganization dated April 25, 2022. This Second Amended Disclosure Statement provides information relevant to the Debtor's Second Amended Plan of Reorganization. The information and documents that were not included in the Debtor's First Amended Disclosure Statement include: * The Debtor's Monthly Operating Reports filed with the Court since the filing of the First Amended Disclosure Statement. * Additional information about New Bethel Development, LLC, as primary borrower on Southern Bank's Claims with Church as guarantor and accommodating party. * A Complaint filed in the Circuit Court for the City of Portsmouth (Virginia) naming the Debtor and New Bethel Development, LLC (the "LLC") as coplaintiffs versus the City of Portsmouth and the Portsmouth City Council (the "Portsmouth Litigation"). * An agreement between Southern Bank, the Debtor and the LLC as to the allocation of any recoveries from the Portsmouth Litigation. * The same treatment of Classes and Claims in the Second Amended Plan of Reorganization, but with the potential for more favorable treatment (payment in full) in the event that Southern Bank receives sufficient funds from the Church and/or LLC (via Portsmouth Litigation) to satisfy its claims against the Church (Classes 1 and Class 3). At the Status Hearing, counsel for the Debtor and Southern Bank apprised the Court that a three-way agreement between the Debtor, the LLC, and Southern Bank has been reached, subject to approval of the Bankruptcy Court, as to how any funds recovered from the Portsmouth Litigation will be distributed and allocated (the "Settlement Agreement"). The Settlement Agreement has been memorialized and executed by the requisite representative(s) of the Church, the LLC and Southern Bank. Southern Bank (Class One) shall be repaid on their secured claim which is based upon the market value of its collateral and repaid in equal monthly payments of principal and interest, based upon a 25-year amortization with interest fixed at one percentage point (1.00%) above the current Wall Street Journal Prime Rate (3.25%), yielding an annual rate of interest of 4.5%. The remaining undersecured portion of Southern Bank's claim shall be paid in accordance with Class Three, as a general unsecured claimant. Furthermore, as set forth in the Settlement Agreement, Southern Bank, the Church and New Bethel Development, LLC (the "LLC") have agreed to the proposed allocation of any additional proceeds recovered by the Church and/or the LLC from claims and causes of action related to the Portsmouth Litigation. The Small Business Administration (Class Two) shall be paid on its secured claim in equal monthly payments of principal and interest, based upon a 30-year amortization with interest fixed at 2.75%, pursuant to the terms of the SBA's Covid-relief Economic Injury Disaster Loan terms. Allowed Unsecured Class Three Claims shall receive monthly payments of $250.00, beginning on the Effective Date and continuing through the life of the Plan. All monthly payments to Class Three shall be distributed pro rata to holders of Class Three Claims. In the event that the Class Three unsecured claim of Southern Bank is satisfied from the Portsmouth Litigation (per the Settlement Agreement), the Debtor believes that the only remaining Class Three Claim will belong to Pastor James Whitaker. That remaining claim will be paid in the same manner as the previous plan treatment ($250 per month). The Class Three Claim may be paid additional funds, up to satisfaction of the claim, only if the following first occurs: * (a) Southern Bank's Class 1 and 3 Claims are satisfied from the Portsmouth Litigation; * (b) All Class 4 Unsecured Claims - Convenience Class are fully satisfied; * (c) The Church's obligations relative to the Class 2 Secured Claim of the SBA remains current and in good standing according to its terms; and then * (d) Any such additional payments to the Class 3 claim are approved by the Church's governing officers (trustees). Allowed Unsecured Class Four Claims will be paid in equal aggregate monthly payments of $100.00, commencing after satisfaction of the priority claims of the City of Portsmouth. In the event that Southern Bank's Class 1 and Class 3 claims are satisfied from the Portsmouth Litigation, the Church shall pay any remaining balance in full to each Allowed Class Four Claim, simultaneous to any distributions from the litigation proceeds. Under the Debtor's Plan of Reorganization, the Debtor's aggregate monthly payments to its plan creditors pursuant to the Plan would be approximately $6,920.27. The Church is confident that it can generate more than enough funds to fulfill its Plan through its ongoing operations (tithes and offerings, rental of facilities, special programs, etc.). In the event that fund are recovered from the Portsmouth Litigation (the inverse condemnation claim against the City of Portsmouth) The Class 1 and Class 3 Claims of Southern Bank will be satisfied (or, at a minimum, the Class 1 Secured Claim will be significantly reduced), whereby further enabling the Church to fulfill its Plan obligations and to pay the remaining Class 2, 3, and 4 claims. A full-text copy of the Second Amended Disclosure Statement dated April 25, 2022, is available at https://bit.ly/3OHZPa8 from PacerMonitor.com at no charge. Counsel for the Debtor: Joseph T. Liberatore, Esq. Nathaniel Y. Scott, Es. Liberatore DeBoer P.C. Town Point Center, Suite 604 150 Boush Street Norfolk, VA 23510 Telephone: (757) 333-4500 Facsimile: (757) 333-4501 About New Bethel Baptist Church New Bethel Baptist Church is an unincorporated religious association pursuant to the Constitution of the Commonwealth of Virginia. New Bethel Baptist Church, based in Portsmouth, VA, filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 19-73531) on Sept. 24, 2019. In the petition signed by Melinda L. Starkley, chairman of the trustees, the Debtor disclosed $1,449,207 in assets and $4,034,673 in liabilities. The Hon. Frank J. Santoro oversees the case. Joseph T. Liberatore, Esq., at Crowley Liberatore P.C., serves as bankruptcy counsel. NORDSTROM INC: Egan-Jones Keeps B+ Senior Unsecured Ratings ----------------------------------------------------------- Egan-Jones Ratings Company on April 4, 2022, maintained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by Nordstrom, Inc. Headquartered in Seattle, Washington, Nordstrom, Inc. is a fashion retailer of apparel, shoes, and accessories for men, women, and children. NUZEE INC: Sooncha Kim Acquires 6.6% Equity Stake ------------------------------------------------- In a Schedule 13G filed with the Securities and Exchange Commission, Sooncha Kim disclosed beneficial ownership of 1,220,084 shares of common stock of NuZee Inc., representing 6.6 percent based on 18,209,697 shares of the Issuer's common stock outstanding as of Feb. 4, 2022 as reported in the Issuer's Form 10-Q for the quarter ended Dec. 31, 2021. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1527613/000149315222010718/formsc13g.htm About NuZee NuZee, Inc. (d/b/a Coffee Blenders) is a specialty coffee company and a single-serve pour-over coffee pouch producer and co-packer. The Company owns packing equipment developed in Asia for single serve pour over production. It co-packs single-serve pour-over coffee and tea bag style coffees for customers in the U.S. market and also co-packs for the South Korean market. NuZee reported a net loss of $18.55 million for the year ended Sept. 30, 2021, a net loss of $9.52 million for the year ended Sept. 30, 2020, and a net loss of $12.21 million for the year ended Sept. 30, 2019. Nuzee reported a net loss of $2.80 million for the three months ended Dec. 31, 2021. As of Dec. 31, 2021, the Company had $14.26 million in total assets, $1.97 million in total liabilities, and $12.29 million in total stockholders' equity. OLIVIER OAKS: Taps District South as Real Estate Agent ------------------------------------------------------ Olivier Oaks Investments, LLC received approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire District South Real Estate Co. as its real estate agent. The Debtor requires a real estate agent to sell its residential real estate holdings located at 527 Silver St., and 820 West St. Peter St., New Iberia, La. The firm will receive a commission equal to 5 percent of the purchase price. Kristen Gardemal of District South Real Estate disclosed in a court filing that her firm is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kristen Gardemal District South Real Estate Co. 300 Rue Beauregard Building H Lafayette, LA 70508 Phone: +1 337-534-0555 About Olivier Oaks Investments Olivier Oaks Investments, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 22-50074) on Feb. 8, 2022, listing as much as $1 million in both assets and liabilities. Judge John W. Kolwe oversees the case. Tom St. Germain, Esq., at Weinstein & St. Germain, LLC represents the Debtor as legal counsel. PABLO E. TAPIA: Selling Mendham Township Property for $1.95 Million ------------------------------------------------------------------- Pablo Enrique Tapia and Aurora A. Tapia filed with the U.S. Bankruptcy Court for the District of New Jersey a notice of their proposed sale of the real property located at 7 Wilrich Glen, in Mendham Township, Morris County, New Jersey 07960, to John McGonegal and Patricia Cuddy for $1,951,000. A copy of the Real Estate Contract is available at https://tinyurl.com/e8n984ty from PacerMonitor.com free of charge. The Purchasers: John McGonegal and Patricia Cuddy 57 Townsend Dr., Florham Park, NJ 07932 Pablo Enrique Tapia sought Chapter 11 protection (Bankr. D.N.J. Case No. 22-12071 on March 15, 2022. The Debtor tapped Dean Sutton, Esq., as counsel. PATRIOT CREDIT: Files for Chapter 11 Bankruptcy With Affiliates --------------------------------------------------------------- Patriot Credit Company LLC and affiliates filed for chapter 11 protection in the District of Delaware. According to court filings, Patriot Credit Company estimates between 1 and 49 unsecured creditors. The petition states that funds will be available to unsecured creditors. A telephonic meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for May 23, 2022 at 10:00 A.M. About Patriot Credit Company Patriot Credit Company LLC and certain affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10333) on April 14, 2022. In the petition filed by Joseph Baum, as chief restructuring officer, Patriot Credit Company estimated assets between $10 million and $50 million and liabilities between $1 million and $10 million. Mark M. Billion, of Billion Law, is the Debtor's counsel. PHILLIP CRAIG ROBERTS: Brodersons Buying Destin Property for $1.3MM ------------------------------------------------------------------- Phillip Craig Roberts asks the U.S. Bankruptcy Court for the Northern District of Florida to authorize the sale of his real property located at 255 Leaning Pines Loop, in Destin, Florida 32541, to Eric and Lydia Broderson for $1,304,000. The Debtor's Plan provides for the sale of the Property as set forth in the Debtor's Amended Plan, which reads, in part, that Debtor "has listed the Homestead Property for sale" and further provides that $50,000 of the proceeds of the sale would remain property of the estate and would be utilized to fund the Plan. The Debtor and the lienholder on the Property, Bank of America also filed a Joint Agreement Motion which provided, inter alia, that Bank of America's would not object to the treatment provided to Bank of America under the Plan. The Motion was approved. In May, 2021, the Debtor entered into a purchase and sales agreement to sell the Property to the Brodersons. Ashley Barkocy Roberts is the Debtor's non-filing spouse. She is not a title-holder on the deed to the Property and the Property is a pre-marital asset of Mr. Roberts, having been purchased prior to his marriage to A. Roberts. The Purchase and Sale Agreement did not include A. Roberts as a party to the transaction. On June 18, 2021, A. Roberts, filed for divorce. Also around this time, a dispute arose as to whether the Brodersons had secured financing in order to be able to close the sale and it is the Debtor's position that the Broderson's breached the contract by failing to timely secure confirmation of required financing. As the closing date approached, the title company stated that it would not close the transaction without A. Roberts' signature on the closing documents as a precaution regarding any Florida homestead rights she may have regarding the Property, as spouse of the seller (the Debtor). A. Roberts refused to sign any documents at the closing and the transaction did not close. Subsequent to the failed closing, the Brodersons filed a state court action in Okaloosa County, Florida (Case No. 21CA002687) against the realtors, the Debtor and A. Roberts asserting (1) a count for specific performance of the purchase and sales contract and (2) certain other counts asserting damages for breach of contract and other alleged actions. The Brodersons also filed a lis pendens against the Property, presumably due to their specific performance claim. Since the date of the filing of the Broderson Action, A. Roberts has agreed to move out of the Property, has pursued a lease for an alternative residence, and is no longer asserting Florida Homestead rights in the Property. The Debtor stands ready, willing and able to sell the Property to the Brodersons pursuant to the terms of the original contract, as is demanded by the Brodersons in their specific performance claim. Exhibit A is the real estate contract attached to the Brodersons Complaint upon which the Brodersons are demanding specific performance. Exhibit B, is a proposed form of contract addendum which would extend the date of the original contract through and including April 28, 2022, which the Debtor stands ready to execute. The Debtor has attempted to resolve the dispute with the Brodersons which would allow the Brodersons to purchase the house, but the Brodersons have refused to proceed to either purchase the house pursuant to their specific performance demand or to remove the lis pendens in order to allow the Debtor to sell the house to another party. It is imperative that the the Debtor sell the Property as was contemplated by the Plan. Accordingly, the Debtor requests that the Court grant this motion to sell the Property free of liens, claims and interests, with all liens, claims and interest to attach to the proceeds of the sale as follows. He seeks the authority to sell the Property, for the purchase price of $1,304,000 to the Brodersons or, if the Brodersons refuse to purchase the property, then the Debtor seeks authorization to sell the property to another buyer in accordance with the Plan for the same or a greater purchase price within 180 days thereafter. The Debtor requests that the Court allows the Brodersons 10 days in which to execute the amendment to the Purchase and Sale Agreement and should the Brodersons refuse the same, that the Court declares that the lis pendens does not encumber the property. The only legal basis upon which the Brodersons may maintain their lis pendens is based upon their specific performance demand to purchase the property according to the original contract terms. However, if the Brodersons refuse to perform the same, they have no basis for any continuing lis pendens or lien upon the Property. The purchase price set forth in the Purchase and Sale Contract represents the Debtor's view of the fair market value of the Property. The Debtor submits that the purchase price is fair and adequate, advantageous for the estate, and reflects the the fair market value for the disposition of the Property. The Debtor seeks an order authorizing and approving the sale of his rights, title, and interest in the Property, free and clear of all liens, claims, interests and encumbrances, if any pursuant to Bankruptcy Code Section 363. The Debtor requests that the authorized sale of the Property be immediately effective upon entry of a written Order approving the sale and that the 14-day stay of effectiveness of such an Order provided for in Fed. R. Bankr. P. 6004(h) be waived. Finally, due to the time sensitive nature of the matter and the proposed closing date within approximately 30 days from the date of the filing of the Motion, the Debtor requests an expedited hearing in connection therewith. A copy of the Agreement is available at https://tinyurl.com/bdzcjcek from PacerMonitor.com free of charge. Phillip Craig Roberts sought Chapter 11 protection (Bankr. N.D. Fla. Case No. 18-30935-JCO). On March 24, 2020, the Court confirmed the Debtor's Amended Plan of Reorganization. The Plan became effective on April 9, 2020. On June 24, 2020, the case was administratively closed. The case was reopened on March 3, 2022. PHOENIX SERVICES: S&P Cuts ICR to CCC+ on Deteriorating Liquidity ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Radnor, Pa.-based steel mill services provider Phoenix Services International LLC and issue-level ratings on its senior secured term loan to 'CCC+' from 'B'. S&P's recovery rating remains '3'. The negative outlook reflects the risk that S&P could lower its ratings if the company does not address its March 2023 ABL maturity and reverse its steady decline in profitability and cash flow over the past several years. S&P sees elevated refinancing risk due to Phoenix's deteriorating liquidity position, weakening profitability, and elevated leverage. The company's profitability has deteriorated over the last 12 months despite the robust recovery in steel market conditions and new contracts signed. A range of higher costs contributed to declining profitability, resulting in EBITDA margins of 15% in 2021 compared to an average of 25% margins over the last five years. Phoenix ended 2021 with over 9x S&P Global Ratings-adjusted leverage. Elevated leverage comes as its ABL maturity approaches in March 2023. Phoenix's liquidity position could fall over the next 12 months as substantially all of its cash on hand goes toward repaying $19 million of ABL drawings with negative free operating cash flow (FOCF) of about $20 million. Phoenix has sustained a steady decline in profitability since 2017. Gross margins have dropped to 25% in 2021 from 39% five years ago because of increasing maintenance costs at older sites and lagged matching of costs to customer demand and activity levels. At the same time, the company's site administrative costs and professional fees have risen 55%, ostensibly to support the transition to more profitable contracts. Consequently, EBITDA margins have dropped to 15% from 30% five years ago. Profitability has declined at the same time the company is increasing capital expenditure (capex) to undertake new projects, resulting in an FOCF deficit. S&P said, "We view Phoenix's capital structure as unsustainable due to its persistently negative FOCF and elevated leverage. Phoenix has undertaken incremental growth capex to develop new project sites and growth opportunities. We expect these new contracts to have higher margins than those of older contracts that are in later stages (typical contract length can be about 10 years). However, this has contributed to free cash flow deficits of almost $15 million annually since 2019. We see the potential for cash flow deficits to continue as the typical time frame from signing a contract, making the investment, ramping up, and generating EBITDA can take about 12 months." The negative outlook reflects the risk that S&P could lower its ratings on Phoenix if the company does not address the March 2023 maturity and reverse its steady decline in profitability over the past several years as its 2025 term loan maturity approaches. S&P could lower its ratings on Phoenix if: -- S&P foresees an increased likelihood Phoenix engages in a refinancing or restructuring transaction it considers distressed; or -- S&P comes to believe the company will have difficulties refinancing its upcoming maturities. S&P could revise its outlook to stable if the company: -- Successfully addresses the ABL maturity; and -- Creates sufficient incremental EBITDA from its cost improvement efforts and new contracts such that gross and EBITDA margins improve. This results in better cost alignment to production, realized EBITDA growth from new projects, positive FOCF, and S&P's view of more sustainable leverage as the 2025 term loan maturity approaches, leading S&P to see a potential path to refinancing. ESG credit indicators: E-2, S-2, G-3 S&P said, "Governance factors are a moderately negative consideration in our credit rating analysis of Phoenix. Our assessment of the company's financial risk profile as highly leveraged reflects corporate decision-making that prioritizes the interests of controlling owners, in line with our view of most rated entities owned by private-equity sponsors. Environmental factors have an overall neutral influence since Phoenix provides outsourced industrial services to steel mills in North America and internationally. A provider of services to steel mills, the company's greenhouse gas emissions are lower than steel producers. However, Phoenix manages byproducts of steel production." PIXELLE SPECIALTY: S&P Affirms 'B' ICR on Leveraged Buyout ---------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on Spring Grove, Pa.-based Pixelle Specialty Solutions LLC, a producer of specialty papers for label technology, food packaging papers, and other commercial and industrial end use. At the same time, S&P assigned its 'B' issue-level rating to the company's proposed senior secured credit facility, with a '3' recovery rating. The outlook is stable, reflecting leverage of 4.6x pro forma for the transaction, which S&P expects to fall closer to 4x by the end of 2022. Pixelle entered into a definitive agreement to be purchased by a company controlled by H.I.G. Capital The acquisition will be partially funded with a $567 million senior secured credit facility, comprising a $60 million senior secured revolving credit facility (undrawn at close) and a $507 million senior secured term loan, both issued by Spectrum Group Buyer Inc. S&P said, "We expect Pixelle's credit metrics to remain stable; however, we continue to view its ownership by H.I.G. Capital as a limiting factor. "We expect the company's debt leverage to be around 4x by the end of 2022, consistent with where the company has held leverage over the last two years. Our economists forecast that U.S. GDP and consumer spending will increase by 3.2% and 3.3% in 2022, respectively, which we expect will support higher sales in the low single digits. However, we note the company will be owned by financial sponsor H.I.G. Capital following the close of the proposed transaction. We impute a higher level of risk for financial sponsor-owned companies given their predilection for undertaking debt-financed transactions, including acquisitions and dividends." The company has increased its exposure to pulp pricing and thus margin volatility, although it has demonstrated an ability to pass through pulp price increases. In April 2020, one of Pixelle's pulp digesters at its Androscoggin mill in Maine exploded. The explosion damaged all three of its paper machines at the mill, two of which it was able to quickly repair and restart. The company decided not to rebuild the third machine, which manufactured commodity-grade paper, or the pulp digester. With Pixelle now meeting the mill's pulp requirement by purchasing pulp externally, it has lowered its self-sufficiency to slightly more than 50% from 85%-90% previously. However, combined with its reduced exposure to commodity-grade paper and improved mill productivity, S&P expects Pixelle's S&P Global Ratings-adjusted EBITDA margins to expand over the next two years, though remain below the 11%-19% range that S&P considers average for the paper and forest products sector. Additionally, Pixelle has historically been able to pass on cost increases on to its customers, largely mitigating its heightened exposure to market pulp. S&P said, "The stable outlook on Pixelle Specialty Solutions LLC reflects our expectation for EBITDA to increase 15% in 2022. Consequently, we anticipate that the company will report debt to EBITDA near 4x and funds from operations (FFO) to debt of more than 20% at year-end. "We could lower the rating if Pixelle's leverage approached 7x due to gross margin compression of at least 300 basis points. We could also lower the rating if Pixelle could not generate positive free cash flow, potentially limiting its financial flexibility and weakening its liquidity position. Less likely, we could lower the rating if financial sponsor H.I.G. Capital adopted a more aggressive financial policy with regard to debt-financed acquisitions or dividend distributions. "We could raise our ratings on Pixelle if debt to EBITDA declines and is maintained below 3x over the next 12 months, supported by improved profitability supported by its increased mix of higher-margin specialty papers over the last several quarters." ESG credit indicators: E-3, S-2, G-3 S&P said, "Environmental factors are a moderately negative consideration in our credit analysis of Pixelle Specialty Solutions LLC. Products in its specialty papers and engineered products segments (carbonless and non-carbonless forms, envelope and converting, food contact papers, high speed inkjet papers, greeting cards, playing cards and book publishing) are chemical-intensive to produce. Its products also face end-of-life waste issues. Governance is a moderately negative consideration. Our assessment of the company's financial risk profile as highly leveraged reflects corporate decision making that prioritizes the interests of the controlling owners, in line with our view of the majority of rated entities owned by private-equity sponsors. Our assessment also reflects their generally finite holding periods and a focus on maximizing shareholder returns." PLUS THERAPEUTICS: Incurs $4.1 Million Net Loss in First Quarter ---------------------------------------------------------------- Plus Therapeutics, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $4.12 million for the three months ended March 31, 2022, compared to a net loss of $2.72 million for the three months ended March 31, 2021. As of March 31, 2022, the Company had $24.52 million in total assets, $9.87 million in total liabilities, and $14.64 million in total stockholders' equity. The Company's cash balance was $21.2 million at March 31, 2022, compared to $18.4 million at Dec. 31, 2021. Total operating expenses for the first quarter 2022 were $3.9 million, compared to total operating expenses of $2.5 million for first quarter 2021. Approximately $0.7 million of this increase is due to research and development expenses and $0.7 million to legal, intellectual property and professional fees. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1095981/000156459022015075/pstv-10q_20220331.htm About Plus Therapeutics Headquartered in Austin, Texas, Plus Therapeutics, Inc. -- http://www.plustherapeutics.com-- is a clinical-stage pharmaceutical company focused on the discovery, development, and manufacturing scale up of complex and innovative treatments for patients battling cancer and other life-threatening diseases. Plus Therapeutics reported a net loss of $13.40 million for the year ended Dec. 31, 2021, a net loss of $8.24 million on $303,000 for the year ended Dec. 31, 2020, a net loss of $10.89 million for the year ended Dec. 31, 2019, a net loss of $12.63 million for the year ended Dec. 31, 2018, and a net loss of $22.68 million for the year ended Dec. 31, 2017. As of Dec. 31, 2021, the Company had $21.98 million in total assets, $11.15 million in total liabilities, and $10.84 million in total stockholders' equity. PRO-DEMOLITION INC: Wins Cash Collateral Access ----------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, authorized Pro-Demolition, Inc. to use cash collateral, nunc pro tunc to the petition date on an interim basis. The Debtor is authorized to use cash collateral to pay: (a) amounts expressly authorized by the Court; (b) the current and necessary expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and (c) additional amounts as may be expressly approved in writing by the Small Business Administration. This authorization will continue until the continued hearing date, consistent with the budget, however, the parties may jointly agree to extend the authorization by submitting an agreed order reflecting such extension. Except as authorized in the order, the Debtor is prohibited from the use of cash collateral. As adequate protection, the SBA will have replacement lien on its post-petition cash collateral to the same extent and with the same validity and priority as their prepetition lien, without the need to file or execute any documents as may otherwise be required under applicable non-bankruptcy law. The Debtor will maintain insurance coverage for its property and operations in accordance with their obligations as debtors-in-possession and as required under the loan and security documents with the Secured Creditors. The continued hearing on the matter is scheduled for June 15 at 2 p.m. A copy of the order is available at https://bit.ly/3Mz1QDT from PacerMonitor.com. About Pro-Demolition, Inc. Pro-Demolition, Inc. is a demolition company doing business since 1999. Pro-Demolition engages in building structure demolition, land clearing, tree removal and excavation for residential and commercial properties. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00267) on January 26, 2022. In the petition signed by Mickey Grosman, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Lori V. Vaughan oversees the case. Justin M. Luna, Esq., at Latham Luna Eden and Beaudine LLP is the Debtor's counsel. PURDUE PHARMA: Hires Reed Smith as Special Insurance Counsel ------------------------------------------------------------ Purdue Pharma L.P. and its subsidiaries seek approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Reed Smith LLP as their special insurance counsel. The firm will provide advice regarding insurance matters involving the Debtors, including both claims and insurance placement; representation of the Debtors in connection with litigation or arbitrations with its insurance companies regarding coverage for claims under insurance policies under which the Debtors may be insured; and advising the Debtors on insurance matters in connection with plan confirmation and confirmation appeals. The hourly rates charged by the firm's attorneys and paralegals are as follows: Partners $715 to $1,400 Associates $465 to $700 Paralegals $210 to $505 As disclosed in court filings, Reed Smith is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code The firm can be reached through: Ann V. Kramer, Esq. Reed Smith LLP 599 Lexington Avenue, 22nd Floor New York, NY 10022 Phone: +1 212 521 5400 Fax: +1 212 521 5450 About Purdue Pharma Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19-23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. Purdue filed its Chapter 11 Plan on March 15, 2021. A 12th amended Chapter 11 plan was filed on Sept. 2, 2021, which was confirmed on Sept. 17. Purdue divides the claims against it into several categories, one of which it calls "PI Claims," consisting of claims "for alleged opioid-related personal injury." The plan provides for the creation of the "PI Trust," which will administer all PI Claims. The trust will be funded with an initial distribution of 300 illion on the effective date of the Chapter 11 plan, followed by a distribution of $200 million in 2024, and distributions of $100 million in 2025 and 2026. In sum, "[t]he PI Trust will receive at least $700 million in value, and may receive an additional $50 million depending on the amount of proceeds received on account of certain of Purdue's insurance policies." The Plan further provides that Purdue's ability to recover from its insurers will be vested in a "Master Disbursement Trust." To the extent any proceeds are recovered from Purdue's insurers with respect to the PI Claims, up to $450 million of those proceeds will be channeled from the MDT to the PI Trust. However, the PI Trust will be funded regardless of whether anything is recovered from Purdue's insurers. Instead, "[d]istributions to the PI Trust are subject to prepayment on a rolling basis as insurance proceeds from certain of Purdue's insurance policies are received by the MDT and paid forward to the PI Trust." PURDUE PHARMA: Pending Chapter 11 Injunction Extended ----------------------------------------------------- Vince Sullivan of Law360 reports that a preliminary injunction barring the pursuit of claims against bankrupt drugmaker Purdue Pharma LP and the Sackler family will be extended for at least another month as the parties await a Second Circuit ruling on an appeal of releases included in the company's confirmed Chapter 11 plan. During a virtual hearing Wednesday, April 27, 2022, U.S. Bankruptcy Judge Robert D. Drain approved the consensual extension of the injunction, which will run until 30 days after the Second Circuit rules on the permissibility of third-party releases of non-debtors, which have drawn significant opposition in the case. About Purdue Pharma Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19-23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. Purdue filed its Chapter 11 Plan on March 15, 2021. A 12th amended Chapter 11 plan was filed on Sept. 2, 2021, which was confirmed on Sept. 17. Purdue divides the claims against it into several categories, one of which it calls "PI Claims," consisting of claims "for alleged opioid-related personal injury." The plan provides for the creation of the "PI Trust," which will administer all PI Claims. The trust will be funded with an initial distribution of 300 illion on the effective date of the Chapter 11 plan, followed by a distribution of $200 million in 2024, and distributions of $100 million in 2025 and 2026. In sum, "[t]he PI Trust will receive at least $700 million in value, and may receive an additional $50 million depending on the amount of proceeds received on account of certain of Purdue's insurance policies." The Plan further provides that Purdue's ability to recover from its insurers will be vested in a "Master Disbursement Trust." To the extent any proceeds are recovered from Purdue's insurers with respect to the PI Claims, up to $450 million of those proceeds will be channeled from the MDT to the PI Trust. However, the PI Trust will be funded regardless of whether anything is recovered from Purdue's insurers. Instead, "[d]istributions to the PI Trust are subject to prepayment on a rolling basis as insurance proceeds from certain of Purdue's insurance policies are received by the MDT and paid forward to the PI Trust." PVH CORP: Egan-Jones Hikes Senior Unsecured Debt Ratings to BB+ --------------------------------------------------------------- Egan-Jones Ratings Company on April 7, 2022, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by PVH Corp. to BB+ from BB-. Headquartered in New York, New York, PVH Corp. designs, sources, manufactures, and markets men's, women's, and children's apparel and footwear. QUANTUM DEVELOPMENT: IRS Seeks to Prohibit Cash Collateral Access ----------------------------------------------------------------- The United States of America, on behalf of its agency, the Internal Revenue Service, asks the U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division, to prohibit Quantum Development Charlotte, LLC to use cash collateral unless adequate protection payments are made to the IRS. On March 8, 2022, seven days prior to Quantum's bankruptcy filing, six business entities were merged into the Debtor, which is the surviving entity. These business entities included Toringdon 1511, LLC; Mooresville 1511, LLC; East 1511, LLC; Arboretum 1511, LLC; Stonecrest 1511, LLC; and Uptown 1511, LLC. Several of these business entities had accrued delinquent prepetition federal payroll tax liabilities. On April 7, 2022, the IRS filed a claim for federal taxes which consists of a secured claim of $143,562, a priority claim of $574,074, and an unsecured general claim of $278,220. The IRS filed prepetition Notices of Federal Tax Lien. Due to the filing of the notice of federal tax lien, the federal tax liens are secured against all of the Debtor's assets, including but not limited to real and personal property. Due to the IRS's secured status, the U.S. government requests monthly adequate protection payments of $2,662 with respect to the Debtor's equity in property and that, unless payment is made electronically, the monthly adequate protection payments be made to the Internal Revenue Service, D. L. Harris, 4905 Koger Blvd., Suite 102 MS 9, Greensboro, NC 27407. In addition, the Debtor must provide proof of federal payroll tax deposits to the IRS in Greensboro. A copy of the order is available at https://bit.ly/39bXlAx from PacerMonitor.com. About Quantum Development Quantum Development Charlotte, LLC, a company in Charlotte, N.C., filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 22-30113) on March 15, 2022, listing $38,317 in assets and $2,018,392 million in liabilities. Richard D. Campbell, member and manager of Quantum Development, signed the petition. Judge Laura T. Beyer oversees the case. The Debtor tapped the Law Offices of R. Keith Johnson, P.A. as legal counsel. R1 RCM: S&P Assigns 'B+ ICR on Acquisition of Cloudmed ------------------------------------------------------ S&P Global Ratings assigned its 'B+' issuer credit rating to R1 RCM Inc., a provider of technology-enabled revenue cycle management (RCM) services to health care providers. The outlook is stable. S&P said, "At the same time, we are assigning our 'B+' issue-level rating and '3' recovery rating to the company's new senior secured term loan B. The '3' recovery rating indicates our expectation for meaningful (rounded estimate: 60%) recovery in the event of payment default. "The stable outlook reflects our expectation that the company will continue to grow organically and complement its growth with debt-financed tuck-in acquisitions over our outlook horizon, maintaining S&P Global Ratings-adjusted leverage below 5x in 2022 and 2023 and generating FOCF above $100 million, including transaction fees and expenses." The ratings on R1 RCM reflects the company's narrow market focus in the fragmented and highly competitive health care information technology (HCIT) industry, its customer concentration, and its relatively short operating track record with many of its customers. The HCIT industry is highly fragmented, with a significant number of large players such as Optum, Cerner (pending acquisition by Oracle), Change Healthcare, and athenahealth (operating in EHR as well as RCM), as well as many small players with niche market focus. R1 RCM has a narrow operating focus in providing RCM services to health systems, acute care hospitals, and physician groups. While RCM's relationships are generally durable and mutually beneficial, there is client turnover and most of R1 RCM's major end-to-end clients have only been with the company for five years or less; however, they are under long term contracts. R1 RCM has a long-term strategic partnership with Ascension Health Alliance, the nation's largest not-for-profit health system and the company's largest customer (accounting for about 40% of pro forma revenue and 60% of 2021 R1 revenue, meaningfully decreased over the past several years). Although S&P views customer concentration as a risk, this is partly mitigated by a 10-year contract and the customer's significant minority equity ownership in R1 RCM. R1 offers end-to-end revenue cycle management (RCM) services to health care providers, including patient registration, insurance and benefit verification, medical treatment documentation and coding, bill preparation, and collections from patients and payers. Most of R1's revenue is earned through end-to-end contracts in which the company takes over all RCM activities of providers with a goal of reducing the cost to collect. R1 builds out the functions and capabilities necessary to support the RCM services and employs cost-reduction initiatives, such as blended shore operations (BSO) use and labor arbitrage, vendor rationalization, and productivity enhancements through centralization and automation. The risk lies in the company's ability to implement cost-reduction initiatives after having assumed the entirety of its customers' costs. Over the first 12 months after signing on a new customer, R1 generates negative EBITDA because it must assess the current costs of RCM, additional required capabilities, and baseline performance at site level, invest in infrastructure, automate workflow, and rebadge existing employees. Over the following two years, R1 must reduce the cost of workforce and vendors to eliminate unnecessary costs, leading it to positive EBITDA and cash flow generation. RCM end-to-end outsourcing trends have grown more slowly than anticipated. The portion of hospitals performing RCM functions in-house has remained largely unchanged over the past few years, with about 80% of hospitals internally handing their RCM functions, opting to supplement their capabilities with modular solutions, often from multiple vendors, instead of choosing end-to-end contracts. While R1 RCM is in the process of onboarding multiple hospitals and physician groups, the company has a limited number of end-to-end contracts and several of the company's more recent customer wins (for example Quorum, American Physician Partners) are providers or health systems that had recently experienced duress or have been struggling to improve the operating performance of the facilities. S&P said, "While we view these contracts as sticky, since customers working through operational challenges may be more dependent on R1 and less likely to insource or switch vendors, we don't view the contract wins as an indication of a general shift in market preferences from modular software solutions to end-to-end services and believe there is continued market reluctance to fully outsource RCM functions to end-to-end providers, possibly because they've made investments in other solutions or in internally developed ones." The Cloudmed acquisition expands and diversifies the company's offerings and customer base. S&P considers the proposed acquisition of Cloudmed to be a good strategic fit for the company, adding digitization through automation and artificial intelligence as well as a diversified client base and higher-margin modular offerings to R1's offerings. Cloudmed derives all its earnings from providing revenue integrity solutions to hospitals and health systems, enabling them to identify and collect underpayments and other forms of lost revenue. Its offerings ensure providers are accurately billing for the work they perform, fully collecting for their billed procedures, and maximizing their use of special reimbursement programs. Cloudmed is currently integrating its December 2021 acquisition of Par8o, a cloud-based software provider that develops solutions to optimize the ability of its customers to match patients to health care resources, with a focus on the federal 340B program referral capture. S&P said, "The rating also reflects the company's 4.5x leverage at close (3.7x pro forma) as well as its ownership structure and our view that the multiple sponsors jointly exercise some control of the company. We expect the proposed transaction to result in adjusted debt to EBITDA of about 4.5x at close, decreasing to about 3x in 2023 due to a full year of EBITDA contribution from Cloudmed. While we expect leverage to decline, the company does not yet have a track record of lower leverage and has not publicly committed to a leverage target below 4x. Nevertheless, we consider the significant equity component of the Cloudmed acquisition as indicative of the company's financial policy and do not expect the company to maintain leverage at leverage in the 3x-4x range. In addition to its leverage, we consider R1 RCM's long-term strategic partnership with Ascension Health Alliance and TowerBrook Capital Partners L.P., an investment management firm. The two combined will hold 38% ownership in R1 pro forma the acquisition, and we expect TowerBrook to exhibit control over the partnership, while New Mountain, the financial sponsor of Cloudmed, will hold about 30% ownership. Both sponsors also have significant board presence, and we do not at this time expect TowerBrook or New Mountain to exit their respective investments in the near future. "We do not attribute rating uplift to R1 RCM as a result of Ascension's minority interest given Ascension's limited control and the unlikelihood that Ascension would provide support to the entity, particularly in a downside scenario. This reflects our view that R1 RCM is not critically important to Ascension's strategy. Ascension could sell its ownership interest and still retain the contract for revenue cycle management, making it no different than any other health system contractor. Our assessment also reflects the fact that Ascension and R1 RCM operate in different lines of business, the lack of operational integration, and the lack of shared management, which would enable a relatively easy separation/divesting of this asset, should Ascension's strategic priorities evolve. "The stable outlook reflects our expectation that the company will continue to grow organically and complement its growth with debt-financed tuck-in acquisitions over our outlook horizon, maintaining S&P Global Ratings-adjusted leverage well below 5x and generating FOCF of about $120 million. "We could lower the rating if the company's debt leverage increased above 5x, which is a level that we consider inconsistent with our current rating. This could occur if the company became more aggressive in its pursuit of debt-financed acquisitions or if it fell short of our EBITDA growth expectations, having difficulty pursuing its synergies from Cloudmed or producing EBITDA from recent contract wins. We could also lower the rating if a shift occurred in health care IT service outsourcing trends, with hospitals bringing these services back in house or opting for point solutions over end-to-end contracts. "We could consider a higher rating if we believed that the company would sustain leverage below 4x on an S&P Global Ratings-adjusted basis and that the sponsors planned to relinquish control over the medium term. We would also need to continue seeing contract wins and decreased customer concentration, with health care providers taking advantage of the value proposition of increased revenue yields and cost reduction that RCM services can provide." ESG credit indicators: E-2, S-2, G-3 S&P said, "Governance factors are a moderately negative consideration in our credit rating analysis. Our assessment of the company's financial risk profile as aggressive reflects corporate decision-making that prioritizes the interests of the controlling owners, in line with our view of partially public rated entities with a significant board presence of private-equity sponsors. Our assessment also reflects the generally finite holding periods and a focus on maximizing shareholder returns." Social factors are a neutral consideration and center on possible cyber attacks, security breaches, and customer data leakage. The company is exposed to security breaches and cyber risks, but has developed strong data privacy and security policies, as well as systems to address those risks. While the company experienced a ransomware attack in 2020, there was no material impact on its operations, and R1 RCM was able to contain the incident and prevent any widespread effect to its customers' and its own operations. RALPH CRUDUP: Selling 100% Membership Interests in Pathway to Hope ------------------------------------------------------------------ Debtors Ralph Crudup, Jr., and Renee Latrail Crudup, and Michael W. Carmel, Subchapter V Trustee, jointly ask the U.S. Bankruptcy Court for the District of Arizona (i) to authorize them to sell the Debtors' 100% membership interests in Pathway to Hope Homes, LLC ("PHH") to the highest and best bidder, free and clear of liens, claims, rights, encumbrances and interests, and (ii) to approve their proposed sale and bidding procedures for the sale of the PHH interests. The assets of the Debtors' bankruptcy estate include 50% of the interests in PHH. PHH is an Arizona limited liability company organized on May 21, 2018. Ralph Crudup ("Ralph") and Michael McDanel ("McDanel") each own 50% of the membership interests in PHH. On the Petition Date, PHH operated three group homes for residents who are developmentally disabled, and which are licensed by the State of Arizona. These homes are located at 6726 West Brown Street, Peoria, AZ 85345 ("Brown Property") (License No. DDH3235), 6149 North 23rd Avenue, Phoenix, AZ 85015 (License No. DDH3211), and 4040West Wagon Wheel Drive, Phoenix, AZ 85051 (License No. DDH2023) which were all leased by PHH. The home located at 6149 N. 23rd Avenue, Phoenix, AZ 85015 was owned by McDanel. During the bankruptcy proceedings, McDanel terminated the lease and PHH has ceased operating in that home. PHH has replaced the Brown Property with a new lease for property located at 10617 S. 54th Ln., Laveen, AZ 85339. The Trustee and the Debtors now wish to sell 100% of the membership interests in PHH (the "Assets”) in order to obtain the highest possible distribution to creditors of the Debtors' bankruptcy estate and to assure the least amount disruption to residents of the group homes. The Trustee and Debtors propose to sell the Assets on an "as-is, where-is" basis without, warranties, or guarantees, pursuant to a competitive auction. The competitive auction process will allow the bankruptcy estate to realize the maximum value for the Interests, 50% of which will inure to the benefit of the creditors of the bankruptcy estate. Concurrently with the filing of the Motion, the Debtors have filed their amended plan of reorganization which is funded in part with a portion of the proceeds of sale of the Assets. The Trustee has received a proposal from Ralph Crudup to purchase the Assets for the sum of $50,000 as outlined in the Debtors' Amended Plan. Notice of the Sale of the Assets will be mailed by the Debtors to all known creditors and parties in interest at the address for each provided on the most recent Master Mailing List on file with the Court. Each proposed bid procedure is subject to Bankruptcy Court approval. Ralph Crudup reserves the right to modify his Offer at any time on or prior to the sale hearing. Except as otherwise provided at the sale hearing, the Assets will be sold without representations, and free and clear of all liens, claims, rights, encumbrances, and interests (collectively "Interests"), including all rights and obligations of the PHH operating agreement, with all valid Interests to attach to the net sales proceeds. All bidders are encouraged to perform their own due diligence. To qualify as a "Qualified Bidder," all bidders must (i) be pre-approved as a Qualified Vendor by the Arizona Department of Health Services and/or the Division of Developmental Disabilities within the Arizona Department of Economic Security and (ii) deliver to the Trustee an earnest money deposit in the amount of $50,000 in immediately available funds. The foregoing conditions must be met to satisfaction of the Trustee no later than one week prior to the scheduled Auction. The Trustee will coordinate with the Debtors to provide prospective bidders with such information as may be reasonably requested which Debtors hold in their possession, or which may be reasonably obtained by the Debtors. At the Auction, the first bid for the Assets other than the offer of Ralph Crudup ("Lead Bidder") will be not less than $60,000. Subsequently, bidding will continue in minimum increments of at least $10,000, with the specific increments for each round of bidding to be announced on the record at the Auction unless directed otherwise by the Bankruptcy Court. The $50,000 deposit of the Successful Bidder will become non-refundable upon the determination that such bidder made the Successful Bid. The full purchase price of the Successful Bidder will be paid within two business days of the entry of an order confirming the Debtors' Amended Plan. The sale will be subject to approval by the Bankruptcy Court. The Trustee is not aware of any actual or alleged liens or encumbrances on the Assets. To the extent the PHH operating agreement contains any obligations or restrictions applicable to the Debtors, such obligations or restrictions may no longer be applicable or enforceable and may be impacted by their Amended Plan. By the Sale Motion, the Trustee seeks entry of two orders of the Court: (a) the Bid Procedures Order: (i) approving the Bid Procedures with respect to the sale of the Assets, (ii) scheduling the Auction and Sale Hearing concurrently with the hearing on the Debtors' Amended Plan and setting objection and bidding deadlines with respect to the Sale, (iii) setting an initial status hearing on the sale to coincide with the initial hearing on Debtors' Amended Plan, and (iv) approving the form and manner of notice of the Auction and Sale Hearing; and (b) the Sale Order: (i) authorizing the sale of the Assets free and clear of liens, claims, encumbrances, and interests, pursuant to the bidding and Auction procedures, and (ii) granting related relief. Ralph Crudup, Jr. and Renee Latrail Crudup sought Chapter 11 protection (Bankr. D. Ariz. Case No. 21-03498) on May 6, 2021. The Debtors tapped Alan A. Meda, Esq., at Burch & Cracchiolo PA as counsel. On May 12, 2021, the United States Trustee appointed Michael W. Carmel as the Subchapter V Trustee. REAMIR 44: Taps Law Offices of Alla Kachan as Bankruptcy Counsel ---------------------------------------------------------------- Reamir44, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire the Law Offices of Alla Kachan, P.C. as its attorney. The firm's services include: (a) assisting the Debtor in administering the case; (b) making such motions or taking such action as may be appropriate or necessary under the Bankruptcy Code; (c) representing the Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as the Debtor deems appropriate; (d) taking such steps as may be necessary for the Debtor to marshal and protect the estate's assets; (e) negotiating with creditors in formulating a plan of reorganization for the Debtor; (f) drafting and prosecuting the confirmation of the Debtor's plan of reorganization; and (g) rendering such additional services as the Debtor may require in the case. The firm's hourly rates are as follows: Attorney $475 per hour Paraprofessionals $250 per hour The Debtor paid the firm a retainer fee in the amount of $10,000. Alla Kachan, Esq., a member of the firm, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Alla Kachan, Esq. Law Offices of Alla Kachan, P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Tel: (718) 513-3145 Email: alla@kachanlaw.com About Reamir 44, Inc. Hotel Grand Central LLC, a creditor, commenced a Chapter 7 involuntary petition against Reamir44, Inc. (Bankr. E.D.N.Y. Case No. 21-42963) on Nov. 29, 2021. The involuntary case was converted to one under Chapter 11 on Jan. 24, 2022. Judge Nancy Hershey Lord presides over the case. Alla Kachan, Esq., at the Law Offices Of Alla Kachan P.C. represents the Debtor as counsel. RICCI TRANSPORT: Seeks Approval to Hire Cibik Law as Attorney ------------------------------------------------------------- Ricci Transport & Recovery Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Cibik Law, P.C. to serve as its attorney. The firm's services include: (a) advising the debtor of its rights and obligations under the bankruptcy code; (b) assisting the debtor in preparation of the schedules and other required pleadings; (c) representing the debtor at the meeting of creditors and other examinations; (d) preparing all necessary applications, motions, answers, responses, and similar pleadings; and (e) assisting the debtor in the formulation and prosecution of confirmation of a reorganization plan. The firm will be paid at these rates: Attorneys $495 per hour Associate attorneys $350 per hour Paralegals $125 per hour Cibik Law does not hold an adverse interest to the estate, does not represent an adverse interest to the estate, and does not represent or hold any interest adverse to the debtor or the estate with respect to the matter for which they will be retained under 11 U.S.C. Sec. 327(e), according court filings. The firm can be reached through: Michael A. Cibik, Esq. Cibik Law, P.C. 1500 Walnut St, Suite 900 Philadelphia, PA 19102 Phone: 215-735-1060 About Ricci Transport & Recovery Ricci Transport & Recovery Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Penn. Case No. 22-10969) on April 14, 2022, listing $100,001 to $500,000 in both assets and liabilities. Judge Eric L Frank presides over the case. Michael A. Cibik, Esq. at Cibik Law, P.C. represents the Debtor as counsel. ROCKING M MEDIA: Wins Cash Collateral Access Thru May 31 -------------------------------------------------------- The U.S Bankruptcy Court for the District of Kansas authorized Rocking M Media, LLC and its debtor-affiliates to use cash collateral and inventory on a temporary basis until May 31, 2022, and provide adequate protection. The Debtors continue to have an immediate and critical need to use cash collateral pursuant to the terms of the Order to, among other things, finance the ordinary costs of their operations, maintain business relationships with vendors, suppliers, and customers, make payroll, and satisfy other working capital and operational needs. Kansas State Bank of Manhattan, Bank of Commerce & Trust Co., Farmers & Merchants Bank of Colby, the Small Business Administration and Belate, LLC serve as the Debtors' Pre-Petition Lenders, and may claim valid, perfected and enforceable liens on and security interests in, among other things, depository accounts, real property and/or specific furniture, fixtures and equipment. As adequate protection, the Creditors are granted replacement security interests in, and liens on, all post-Petition Date acquired property of the Debtors and the Debtors' bankruptcy estates that is the same type of property that the Creditor holds a pre-petition interest, lien or security interest to the extent of the validity and priority of such interests, liens, or security interests, if any. The amount of each of the Replacement Liens will be up to the amount of any diminution of each of the Creditors' respective collateral positions from the Petition Date. The priority of the Replacement Liens will be in the same priority as each of the Creditors pre-petition interests, liens, and security interests in similar property. To the extent the Replacement Liens prove inadequate to protect the Creditors, they are granted an administrative expense claim. The Debtors will continue to maintain adequate and sufficient insurance on all their properties and assets. A final hearing on the matter is scheduled for May 26 at 3 p.m. A copy of the order is available at https://bit.ly/38jQZi9 from PacerMonitor.com. About Rocking M Media, LLC Rocking M Media, LLC and its affiliates own and operate radio stations, radio networks, and digital media platforms that provide music, news, sports, and weather to its listeners and viewers. Rocking M Media supports local, regional, and national businesses and organizations across the State of Kansas as well as Nebraska, Colorado, Oklahoma, and Texas. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 22-20242) on March 26, 2022. In the petition signed by Monte M. Miller, chief executive officer, the Debtors disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Dale L. Somers oversees the case. Sharon L. Stolte, Esq., at Sandberg Phoenix & von Gontard PC is the Debtors' counsel. Kansas State Bank of Manhattan, as creditor, is represented by: Nicholas J. Zluticky, Esq. Stinson LLP 1201 Walnut Street, Suite 2900 Kansas City, MO 64106-2150 Email: Nicholas.zluticky@stinson.com Belate, LLC, as creditor, is represented by: Andrea Chase, Esq. Spencer Fane LLP 1000 Walnut, Suite 1400 Kansas City, MO 64106 Email: achase@spencerfane.com Farmers and Merchants Bank of Colby, as creditor, is represented by: Scott M. Hill, Esq. Hite, Fanning & Honeyman L.L.P. 100 N. Broadway, Ste. 950 Wichita, KS 67202 Email: hill@hitefanning.com RUM RUNNERS: $1 Million Sale of Properties to Dive Bar Confirmed ---------------------------------------------------------------- Judge Gregory L. Taddonio of the U.S. Bankruptcy Court for the Western District of Pennsylvania confirmed Rum Runners PA, LLC's sale of two parcels of real property located at 3385-3379 Babcock Blvd. in the township of Ross, County of Allegheny, State of Pennsylvania, Allegheny County tax parcels: 430-G-125 and 430-G-136, for $700,000, together with personal property, mainly FF&E, located thereon, which is owned by Rum Runners Saloon, Inc., an affiliate entity, as specifically set forth in the Contract for the Purchase and Sale of Real Property and Tangible Personalty dated Nov. 29, 2021, to Dive Bar Holdings, LLC, for for $1 million. The sale is free and divested of all liens, claims and encumbrances. The liens, claims and interests of all Respondents are divested from the property being sold, and if and to the extent they may be determined to be valid liens against the sold property, transferred to the proceeds of sale in accordance with their priority, and that the within decreed sale will be free, clear and divested of said liens, claims and interests. After due notice to the claimants, lien creditors, and interest holders, and no objection on their parts having been made or, if made, resolved/overruled, the incidental and related costs of sale will be paid in in advance of any distribution to said lien creditors. From the proceeds of the sale, the Debtor will pay all pre-petition and post-petition real estate taxes and water and sewer charges owed for the property being sold, including all applicable face amounts, penalties, costs, expenses, fees and statutory interests, which payments will be made at closing. From the proceeds of the sale, the Debtor will pay Newmark $25,000, which payment will be made at closing. Fom the proceeds of the sale, the Debtor will transfer $48,000 to Ryan J. Cooney as Escrow Agent for the following purposes: $8,000 to be held for US Trustee Quarterly Fees; and $40,000 to be held pending approval of Fee Applications from the Robert O Lampl Law Office and the Cooney Law Offices, LLC as Counsel for the Debtor. From the proceeds of the sale and after the payment of incidental and related costs of sale, the payment of all pre-petition and post-petition real estate taxes and water and sewer charges, the payments to Newmark and Totum and the payment to Ryan J. Cooney as Escrow Agent, the Debtor is authorized to next pay First Commonwealth Bank up to the full amount of its allowed secured claim. The Movant will serve a copy of the within Order on each Respondent (i.e., each party against whom relief is sought) and its attorney of record, if any, upon any attorney or party who answered the motion or appeared at the hearing, the attorney for the Debtor, the purchaser, and the attorney for the purchaser, if any, and file a certificate of service. The Movant will file a Report of Sale within seven days following closing. The Sale Order is being entered pursuant to a Confirmed Plan. About Rum Runners PA Gibsonia, Pa.-based Rum Runners PA, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 21-20369) on Feb. 23, 2021. Mark E. Baranowski, member, signed the petition. In the petition, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Gregory L. Taddonio oversees the case. Robert O Lampl Law Office is the Debtor's legal counsel. RYDER SYSTEM: Egan-Jones Hikes Senior Unsecured Ratings to BB+ -------------------------------------------------------------- Egan-Jones Ratings Company on April 7, 2022, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Ryder System, Inc. to BB+ from BB-. Headquartered in Miami, Florida, Ryder System, Inc. provides a continuum of logistics, supply chain, and transportation management solutions worldwide. S & N PROPERTY: $2MM Sale to Evoke to Fund Plan Payments -------------------------------------------------------- S & N Property, L.L.C., submitted a Third Amended Disclosure Statement in support of Second Amended Plan of Liquidation dated April 25, 2022. The Debtor commenced the Bankruptcy Case on August 11, 2021 to reorganize its financial affairs by and through operating Villa Manor; retaining possession of the Dodge City Property, Post-Petition Rental Income, and any other personal property acquired both Pre and Post-Petition; and pay Holders of Allowed Claims in accordance with Chapter 11 of the Bankruptcy Code. On November 2, 2021, the Debtor entered into the Sale Agreement with Evoke, which provided for the Debtor to convey the Dodge City Property in exchange for Cash funds of $2,070,562.00. Pursuant to the Sale Order entered on January 25, 2022, the Bankruptcy Court authorized the Debtor to effectuate the Property Sale and for the Escrow Agent to retain the Sale Proceeds derived therefrom until further Court order. In accordance with the Sale Order and Treatment Order, the Escrow Agent has Distributed, from the Closing Date up to and through the date hereof, the sum of $71,509.29 on account of customary costs to close and $1,432,664.09 to The Trust as consideration for full satisfaction of The Trust's Secured Claim. Currently, the Escrow Agent maintains Sales Proceeds of $566,388.62, which the Plan proposes to Distribute Holders of Allowed Unclassified and Unsecured Claims in the Estimated amount of $437,217.43. Therefore, the Bankruptcy Estate consists of sufficient Cash to tender Plan Payments equal to the amount of each Claimant's Allowed Claim immediately upon confirmation of the Plan. Class 2 consists of the Secured Claim of Wilmington Trust. Pursuant to the AP Order, Sale Order, Treatment Order, the Class 2 Claimant shall hold an Allowed Secured Claim in the amount of $1,472,880.94; and, in full and final satisfaction thereof, the Debtor Distributed to The Trust, prior to the Confirmation Date, certain and specific Cash payments, as follows: (i) five (5) AP Payments in the collective sum of $40,216.85 tendered on or about November 8, 2021, December 2, 2021, December 30, 2021, January 27, 2022, and February 22, 2022; (ii) Distribution of the Uncontested Claim Amount of $1,266,062.52 on the Closing Date; and (iii) the Remaining Trust Claim of $166,601.57 Distributed on April 19, 2022. Therefore, the Class 2 Claimant shall receive Plan Payments in the amount of $0.00 and hold no legal right to recourse, or otherwise assert a deficiency Claim as arising from the Plan, Note, Deed of Trust, Rents Assignment, other agreements and/or documents incorporated by reference therein, or other applicable non bankruptcy state and/or federal law. Class 3 consists of Allowed Unsecured Claims. Pursuant to the Claims Analysis, Unsecured Claimants hold Allowed Claims against the Bankruptcy Estate in the amount of $321,674.20. Class 3 Claimants shall receive Plan Payments equal to 100.0% of the amount of their Allowed Claims as (i) Scheduled, (ii) presented within a Proof of Claim, or (iii) subject to any agreement, in writing, by and between the Debtor and any Claimant executed on or before the Confirmation Date; by and through a one time lump-sum Cash Distribution on, or as soon as practicable after, the earlier of: (a) 15-days following the Confirmation Date, and no later than the Effective Date, if Allowed prior to the Confirmation Date; (b) 7-days following Allowance pursuant to a Final Order entered after the Effective Date; (c) according to a Final Order; or (d) pursuant to mutually agreed upon terms and conditions between the Plan Proponent and a Claimant. Within 7-days following the Confirmation Date, the Plan Proponent shall deliver certain and specific instructions to the Escrow Agent for orderly Distribution of Sale Proceeds to Holders of Allowed Claims and Equity Interests in accordance with the Plan ("Disbursing Instructions") less any reasonable fees and costs incurred to the Escrow Agent for such same Distributions. A full-text copy of the Third Amended Disclosure Statement dated April 25, 2022, is available at https://bit.ly/3OBUotg from PacerMonitor.com at no charge. Attorney for the Debtor: Joshua B. Sheade, Esq. Stephen E. Berken, Esq. Sean M. Cloyes, Esq. BERKEN CLOYES, P.C. 1159 Delaware St. Denver, Colorado 80204 Tel: (303) 623-4357 Fax: (303) 554-7853 E-mail: joshua@berkencloyes.com About S & N Property S & N Property, L.L.C., is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The company filed a Chapter 11 petition (Bankr. D. Col. Case No. 21-14180) on Aug. 11, 2021. On the Petition Date, the Debtor disclosed $1,719,500 in total assets and $1,529,549 in total liabilities. The petition was signed by Sam Wen, member/manager. Berken Cloyes, PC, is the Debtor's counsel. S&M DISTRIBUTORS: Seeks Cash Collateral Access Thru June 30 ----------------------------------------------------------- S&M Distributors, Inc. asks the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to enter an agreed order authorizing the Debtor to use the cash collateral of Chase Bank, its first lienholder, until its assets are sold. S&M has an immediate need to use cash collateral and depends on cash collateral access for operating expenses. S&M anticipates having to use cash collateral only for a short period of time, as reasonably necessary to sell its equipment, etc. The Debtor believes Chase is slightly oversecured while the Small Business Administration, the second lienholder, is wholly unsecured. S&M proposes approval of a revised monthly budget, which includes adequate protection payments to Chase and Toyota. S&M intends to promptly file a motion to sell all of its assets, and is working with creditors towards a consensual liquidating plan. S&M anticipates selling its assets subject to Court approval within 30-60 days. In the meantime, and until its assets are sold, S&M requests entry of its agreed cash collateral order that allows it to use $26,287 in its DIP account and sell approximately $21,431 worth of inventory. These funds will be used to pay necessary expenses to preserve the estate, including a GL insurance policy, and sell and distribute/deliver existing inventory. S&M proposes that the cash collateral order expire on June 30, 2022, but reserves the right to file a motion to extend same. S&M obtained a prepetition $200,000 secured lien of credit with Chase Bank. Prepetition, S&M also obtained an SBA secured loan, which is currently deferred. The principal balance is $150,000. S&M conferred with creditors and parties-in-interest regarding entry of the agreed cash collateral order. S&M proposes to make monthly adequate protection payments to Chase and Toyota. Chase Bank will continue to be secured up to $49,218. A copy of the motion is available at https://bit.ly/3Kjj7zk from PacerMonitor.com. About S&M Distributors Rio Grande Food Products, Inc. filed an involuntary Chapter 7 bankruptcy petition against S&M Distributors, Inc. (Bankr. S.D. Tex. Case No. 21-33133) on Sept. 27, 2021. Rio Grande claims it is owed $559,000 on account of a final judgment. The petitioning creditor was represented by: Michael P. Ridulfo, Esq. KANE RUSSELL COLEMAN LOGAN, PC 5051 Westheimer Road, 10th Fl. Houston, TX 77056 Tel: 713-425-7400 E-mail: mridulfo@krcl.com The Hon. Jeffrey P. Norman entered an order dated March 3, 2022, converting the case from an involuntary Chapter 7 case to a Subchapter V case of Chapter 11 proceeding. Jarrod Martin was appointed as Subchapter V trustee. Anabel King, Esq., at Wauson|King, is the Debtor's counsel. SALEM HARBOR: Wins Final Cash Collateral Access ----------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware authorized Salem Harbor Power Development LP, f/k/a Footprint Power Salem Harbor Development LP (DevCo), and its debtor-affiliates to use cash collateral on a final basis in accordance with the budget and provide adequate protection. The Debtors asserted they have a critical need to use cash collateral to, among other things, preserve and maximize the value of the Debtors' assets, absent which serious and irreparable harm will result to the Debtors, their estates, and creditors. Prior to the Petition Date, certain of the prepetition secured parties made loans, advances, and other extensions of credit pursuant to the Credit Agreement, originally dated as of January 9, 2015, by and among Footprint Power Salem Harbor Development LP, as borrower (DevCo), the Lenders from time to time party thereto, and MUFG Union Bank, N.A., the Prepetition Agent. As of the Petition Date, the applicable Debtors were indebted and liable under the Loan Document for (a) an aggregate principal amount of not less than: (1) $290 million in respect of the loans made under the Credit Agreement (inclusive of capitalized interest), (2) $41.6 million in respect of the letter of credit issued and outstanding in favor of Algonquin Gas Transmission, LLC for the account of DevCo, if such Gas Lateral Letter of Credit is ultimately drawn, and (3) $4.75 million in respect of the letter of credit issued and outstanding in favor of General Electric International, Inc. for the account of DevCo, if the CSA Letter of Credit is ultimately drawn; and (b) accrued and unpaid interest, fees, and costs, expenses incurred or accrued with respect to the foregoing pursuant to, and in accordance with, the Loan Documents. As adequate protection against any postpetition net diminution in the value of the Prepetition Secured Parties' interests in the collateral resulting from the effect of the automatic stay or the Debtors' use, sale, or disposition of the collateral during the Chapter 11 cases, the Prepetition Agent, for the benefit of the Prepetition Secured Parties, will receive the following adequate protection: a. Additional and replacement valid, binding, enforceable, non-avoidable, and automatically perfected, effective as of the Petition Date; b. Allowed superpriority administrative expenses claims in the chapter 11 cases pursuant to section 507(b) of the Bankruptcy Code, having priority over all administrative expenses of the kind specified in, or ordered pursuant to, sections 105(a), 326, 328, 330, 331, 503(b), 506(c) (subject to entry of the Final Order), 507, 546(c), 552(b), 726, and 1114 of the Bankruptcy Code, subject only to the Carve-Out; c. Monthly cash payments of interest at the applicable non-default rate under the Credit Agreement, provided, that the Adequate Protection Interest Payment will only be paid to the extent DevCo will maintain a minimum cash balance of $17.5 million after effectuating any such Adequate Protection Interest Payment; d. Current cash payments of all prepetition and postpetition reasonable and documented fees and out-of-pocket expenses incurred by and payable to the Prepetition Agent under the Loan Documents; e. Reimbursement of the prepetition and postpetition reasonable and documented out-of-pocket professional fees, expenses, and disbursements incurred by the Prepetition Agent in connection with the Loan Documents, including, but not limited to, the fees, expenses, and disbursements of the advisors to the Prepetition Agent: Mayer Brown LLP; Potter Anderson & Corroon LLP; Goodwin Procter LLP; and PJT Partners LP; and f. Compliance with the Approved Budget, subject to Permitted Variances. The Carve-Out includes, among other things, subject to Court approval, (a) all fees required to be paid to the Clerk of the Court and to the U.S. Trustee under section 1930(a) of title 28 of the U.S. Code plus interest at the statutory rate, (b) all reasonable fees and expenses up to $50,000 incurred by a trustee under section 726(b) of the Bankruptcy Code, (c) to the extent allowed at any time, all accrued or earned but unpaid Professional Fees at any time before or on the first business day after delivery by the Prepetition Agent of a Carve-Out Trigger Notice, and (d) allowed Professional Fees incurred after the first business day following delivery by the Prepetition Agent of the Carve-Out Trigger Notice in an aggregate amount not to exceed $1,250,000. A copy of the order is available at https://bit.ly/3vbaSAS from PacerMonitor.com. About Footprint Power Salem Harbor Development LP Salem Harbor Power Development LP, f/k/a Footprint Power Salem Harbor Development LP (DevCo), owns and operates a 674 MW natural gas-fired combined-cycle electric power plant located in Salem, Massachusetts. The Facility, located along Salem Harbor, is a more efficient and environmentally responsible replacement of a previous coal-fired power plant located at the same site. Salem Harbor Power Development LP, f/k/a Footprint Power Salem Harbor Development LP (DevCo), and its debtor-affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10239) on March 23, 2022. In the petition signed by John R. Castellano, chief restructuring officer, Devco disclosed up to $1 billion in both assets and liabilities. DevCo is the only Debtor with business operations. Other than DevCo, each Debtor's assets consist solely of its membership or partnership interests, as applicable, in its subsidiaries. Paul, Weiss, Rifkind, Wharton and Garrison LLP and Young Conaway Stargatt and Taylor, LLP represent the Debtor as counsel, Alixpartners as financial advisor, Prime Clerk LLC as claims, noticing, solicitation and administrative agent, Houlihan Lokey Capital, Inc. as investment banker. MUFG Union Bank, N.A., as agent to the prepetition lenders, retained Mayer Brown LLP, as primary counsel; Potter Anderson & Corroon LLP, as Delaware counsel; Goodwin Procter LLP, as Massachusetts counsel; and PJT Partners LP, as financial advisor. SBA COMMUNICATIONS: Egan-Jones Keeps B- Senior Unsecured Ratings ---------------------------------------------------------------- Egan-Jones Ratings Company on April 7, 2022, maintained its 'B-' foreign currency and local currency senior unsecured ratings on debt issued by SBA Communications Corporation. EJR also maintained its 'B' rating on commercial paper issued by the Company. Headquartered in Boca Raton, Florida, SBA Communications Corporation owns and operates wireless communications infrastructure in the United States. SCHRILLO COMPANY: Seeks Chapter 11 Bankruptcy Protection -------------------------------------------------------- Schrillo Company, LLC, filed for chapter 11 protection. According to court documents, Schrillo Company estimates between 50 and 99 unsecured creditors, including B-G DetectionService Inc., Business Card, and Danobat Inc. The petition states that funds will be available to unsecured creditors. A telephonic meeting of creditors under 11 U.S.C. Sec. 341(a) is slated on May 10, 2022 at 10:00 A.M. About Schrillo Company Schrillo Company LLC -- https://www.schrillo.com/ -- is an aviation & aerospace company based out of United States. Schrillo Company LLC sought Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 22-10444) on April 13, 2022. In the petition filed by Jeri Nowlen, as chief executive officer (CEO), Schrillo Company estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Leib M Lerner, of Alston & Bird LLP, is the Debtor's counsel. SCHRILLO COMPANY: Seeks to Hire Alston & Bird as Legal Counsel -------------------------------------------------------------- Schrillo Company, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Alston & Bird, LLP to serve as legal counsel in its Chapter 11 case. The firm's services include: a. advising the Debtor with regard to the requirements of the Bankruptcy Court, the Bankruptcy Code, the Bankruptcy Rules and the UST as they pertain to the Debtor; b. advising the Debtor with regard to certain rights and remedies of the Debtor's bankruptcy estate and the rights, claims, and interests of its creditors; c. advising with regard to resolving claims against the Debtor; d. assisting the Debtor in any asset sale process; e. advising the Debtor with regard to litigation claims asserted against the Debtor and that may be asserted by the Debtor in the bankruptcy case; f. representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving the Debtor's estate, unless the Debtor is represented in such proceeding or hearing special counsel; g. to the extent the Debtor is not represented by special counsel, conducting examinations of witnesses, claimants or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of Alston's expertise or which is beyond Alston's staffing capabilities; h. preparing and assisting the Debtor in the preparation of reports, applications, filings and orders including, but not limited to, applications to employ professionals, monthly operating reports, quarterly reports, initial filing requirements, schedules and statement of financial affairs, lease filings, financing filings, and filings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business; i. assisting the Debtor in the negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and j. performing any other services which may be appropriate in Alston's representation of the Debtor during the Debtor's bankruptcy case. The hourly rates charged by the firm's attorneys and paralegals are as follows: Leib M. Lerner, Partner $995 Douglas Harris, Associate $665 Melanie Mizrahie, Paralegal $375 The firm received a retainer in the amount of $200,000. Leib Lerner, Esq., a partner at Alston & Bird, disclosed in a court filing that the firm neither represents nor holds any interest adverse to the Debtor and its bankruptcy estate or creditors. The firm can be reached through: Leib M. Lerner, Esq. Anthony L. Greene, Esq. Alina A. Ananian, Esq. Alston & Bird LLP 333 S. Hope Street, 16th Floor Los Angeles, CA 90071 Telephone: (213) 576-1000 Email: leib.lerner@alston.com Email: anthony.greene@alston.com Email: alina.ananian@alston.com About Schrillo Company Schrillo Company, LLC is a manufacturer of ball screws, acme screws, lead screws, torsion bars, and extension tubes. Schrillo Company filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. of Calif. Case No. 22-10444) on April 13, 2022, listing up to $10 million in both assets and liabilities. Jeri Nowlen, chief executive officer, signed the petition. Alston & Bird, LLP serves as the Debtor's legal counsel. SERVICE ONE: Seeks Cash Collateral Access ----------------------------------------- Service One, LLC asks the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, for authority to use cash collateral in accordance with the proposed budget and provide adequate protection. The Budget includes a list of business expenses that are reasonable and necessary, and must be paid until such time as a final hearing on the Motion can be held. The Debtor has also budgeted a carve-out for administrative expenses of $1,500 each month. The Debtor requires the use of cash collateral, cash and accounts receivables to pay its employees and other expenses of operation. First Corporate Solutions recorded a first UCC financing statement filed on October 17, 2019, which asserts a lien against all assets, including all accounts, and account receivables. FCS filed the UCC financing statement in a representative capacity for BlueVine Capital Inc. The U.S. Small Business Association asserts a security interest in the Debtor's cash collateral by virtue of a Security Agreement corresponding to the Economic Injury Disaster Loan corresponding to the COVID-19 pandemic, in which the Debtor which pledged all assets, including all accounts, and account receivables, secured by a recorded UCC financing statement filed on June 5, 2020. The Debtor proposes to adequately protect the interest of the SBA and BlueVine in any pre-petition collateral by granting the SBA and BlueVine replacement liens in estate property pursuant to 11 U.S.C. section 361(2) to the extent of any diminution in the value of interest in the Debtor's cash collateral as a result of the Debtor's use thereof, in the same amount, extent, validity and priority as those liens existing pre-petition. A copy of the motion is available at https://bit.ly/3kciUTN from PacerMonitor.com. About Service One, LLC Addison, Texas-based Service One, LLC operates a construction business which acts as a general contractor in the renovation of residential properties, new home construction, roofing and the restoration of rental properties. As a part of its operations, Service One is required to pay for materials, subcontractors, employees, and other normal business expenses. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 22-40503) on April 21, 2022. In the petition signed by manager Dell James and Mike Bates, as appointed financial advisor, the Debtor disclosed up to $10 million in both assets and liabilities. Christopher J. Moser, Esq., at Quilling, Selander, Cumminskey and Lownds is the Debtor's counsel. SHINING STAR CONSTRUCTION: Hits Chapter 11 Bankruptcy Protection ---------------------------------------------------------------- Shining Star Construction LLC filed for Chapter 11 bankruptcy protection in New Jersey. According to court filings, Shining Star Construction LLC estimates between 1 and 49 unsecured creditors. The petition states that funds will be available to unsecured creditors. About Shining Star Construction Shining Star Construction LLC is a construction company in New Jersey. Shining Star Construction LLC sought Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 22-13119) on April 18, 2022. In the petition filed by Lennox Terry Dominic Dehere, Jr., as managing member, Shining Star estimated assets and liabilities between $1 million and $10 million. Richard D. Trenk, of Trenk Isabel Siddiqi & Shahdanian P.C., is the Debtor's counsel. SHYREX INVESTMENTS: Taps Atlanta Intown as Real Estate Broker ------------------------------------------------------------- Shyrex Investments, LLC received approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Atlanta Intown Real Estate Services as its real estate broker. The requires a real estate broker to sell its real property located at 1598 Olympian Circle SW, Atlanta, Fulton County, Ga. The firm will receive a commission equal to 6 percent of the selling price. As disclosed in court filings, Atlanta Intown is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code The firm can be reached through: Dana Link Atlanta Intown Real Estate Services 181 Tenth Street, NE Atlanta, GA 30309 Phone: (770) 490-1551 Email: danarlink@gmail.com About Shyrex Investments Shyrex Investments, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-51647) on Feb. 28, 2022, listing as much as $1 million in both assets and liabilities. Judge Lisa Ritchey Craig oversees the case. Will B. Geer, Esq., at Geer Law Group, LLC serves as the Debtor's legal counsel. SIMPKINS & THOMPSON: Case Summary & Two Unsecured Creditors ----------------------------------------------------------- Debtor: Simpkins & Thompson LLC 585 West 5th St Huntington, WV 25701 Business Description: The Debtor owns five real estate properties valued at $337,500 Chapter 11 Petition Date: April 28, 2022 Court: United States Bankruptcy Court Southern District of West Virginia Case No.: 22-30111 Judge: Hon. Mckay B. Mignault Debtor's Counsel: Daniel Lattanzi, Esq. PEPPER AND NASON 8 Hale St Charleston, WV 25301 Tel: 304-346-0361 Fax: 304-346-1054 Email: dan.lattanzi@peppernason.com Debtor's Bookkeeper: LUTHER HANSON OF L.A. HANSON ACCOUNTING SERVICES Total Assets: $341,500 Total Liabilities: $1,295,000 The petition was signed by Arvin Thompson as manager. A full-text copy of the petition containing, among other items, a list of the Debtor's two unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/ERU6VYA/Simpkins__Thompson_LLC__wvsbke-22-30111__0001.0.pdf?mcid=tGE4TAMA SKINNICITY INC: Seeks Cash Collateral Access Thru Aug 30 -------------------------------------------------------- Skinnicity Inc., A Professional Nursing Corp. asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral for the period from April 15 through August 30, 2022, in accordance with the proposed budget, with a 15% variance. The U.S. Small Business Administration holds a $135,000 claim on account of an Economic Injury Disaster Loan secured by all of the Debtor's assets pursuant to a UCC-1 filing. On June 22, 2020, the Debtor obtained a $135,000 EIDL loan from the SBA at 3.75% per annum with payments of $1,065 per month starting 12-months from the date of the promissory note. Initially, the Debtor was relatively cash flow positive from its inception through December 2019 due to word of mouth and loyal customer base of its sole shareholder, Dianne Bedford. Based on its growing reputation, the business grew significantly in early 2020, on the trajectory of revenue of more than million dollars from this single location. The Debtor was open seven days a week and the business was thriving. In order to provide dermatology services, the Debtor obtained equipment either by financing or leasing. The Debtor was current with payments through March 2020. In March 2020, the governor of California issued shutdown orders due to the COVID-19 worldwide pandemic. This devastated the Debtor's business because its services are based on in-person visits. Although the Debtor attempted to stay open one day a week, its revenue plummeted, and it had difficulty paying its bills. Ms. Bedford attempted to be proactive in preserving the business by negotiating with the Debtor's creditors and vendors for deferments on payments; stopping bill autopay to allow her to pay when the Debtor had the cash on hand to do so; and drastically reducing its operating expenses and cost of goods sold, including making arrangements with its landlord to pay when the Debtor could. Ms. Bedford also deferred her own compensation and was largely not getting paid during this time. However, although the Debtor tried to stop its creditors and vendors from collecting payments by directly withdrawing from its accounts, they continued to do so. This resulted in late fees and other punitive penalties from its bank. Additionally, despite making deferment agreements with most of its equipment lender and lessors, the Debtor tried to make monthly finance/lease payment during this period, often late. The Debtor's ability to keep and maintain its equipment is critical to the business's success. The Debtor's deferment arrangement with Stern Bank, a lender on equipment, resulted in significant issues and confusion because Stern had trouble processing late payments while simultaneously allowing deferred payments. Based on the inability to resolve this issue, Sterns issued a default and is attempting to repossess its collateral. The Debtor has taken steps to increase revenue by giving discounts for treatments and having promotions. This has grown its customers, outside its traditional customer base. It has reduced its operating expenses to the bare minimum and is actively looking for a subtenant to sublease the excess portion of its space. Based on these efforts, the Debtor has seen a resurgence of business in late 2021 and early 2022 due to the availability of the COVID-19 vaccine and the California Governor ending the lockdown and indoor mask mandate. The Debtor anticipates revenues going back to pre-pandemic levels in the second quarter of 2022 as more of its customer base warms up to the notion of being indoors without a mask. The Debtor proposes to provide adequate protection payments of $1,065 to the SBA. Based on the foregoing, the Debtor believes the SBA will be adequately protected. The Debtor also believes the SBA is adequately protected by the continued and uninterrupted operation of the business. The Debtor contends it use of cash collateral will enhance or preserve the value of the estate. The Debtor also requests that the Court waive the objection period to lodge a proposed order pursuant to Local Bankruptcy Rule 9021-1 (Orders and Judgments), and enter an order immediately upon submission of the proposed order, so that the Debtor may immediately begin making the payments set forth on the budget. A copy of the motion is available at https://bit.ly/3rRQral from PacerMonitor.com. About Skinnicity Inc. Skinnicity Inc. provides services relating to medical and aesthetic dermatology, focusing on skin and aesthetic concerns. It has a single storefront in West Los Angeles, where its customers received treatment. Dianne Bedford is the sole shareholder, director, and officer. Skinnicity has one staff employee. Skinnicity sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-12306 on April 25, 2022. In the petition signed by Bedford, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Matthew D. Resnik, Esq., at RHM Law, LLP is the Debtor's counsel. SOUTHERN BLOOMS: Seeks to Hire Dunham Hildebrand as Legal Counsel ----------------------------------------------------------------- Southern Blooms Co., LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Dunham Hildebrand, PLLC as its counsel. The firm's services include: (a) rendering legal advice with respect to the rights, powers and duties of the Debtors in the management of their property; (b) investigating and, if necessary, instituting legal action to collect and recover assets of the estates of the Debtors; (c) preparing legal papers; (d) assisting the Debtors in the preparation, presentation and confirmation of their disclosure statements and plans of reorganization; (e) representing the Debtors as may be necessary to protect their interests; and (f) performing all other legal services that may be necessary in the general administration of the Debtors' estate. The firm's hourly rates are as follows: Attorneys $325-$400 per hour Paralegals $150 per hour The firm has received a total of $10,000 as a retainer. Henry Hildebrand, IV, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Gray Waldron, Esq. Dunham Hildebrand, PLLC 2416 21st Avenue South, Suite 303 Nashville, TN 37212 Tel: 615-933-5851 Fax: 615-777-3765 Email: gray@dhnashville.com About Southern Blooms Co. Southern Blooms Co., LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 22-01211) on April 15, 2022. At the time of filing, the Debtor estimated $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Marian F Harrison presides over the case. Denis Graham (Gray) Waldron, Esq. at Dunham Hildebrand, PLLC serves as the Debtor's counsel. SPIRIT AIRLINES: Egan-Jones Retains CCC+ Senior Unsecured Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company on April 8, 2022, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Spirit Airlines, Inc. EJR also maintained its 'B' rating on commercial paper issued by the Company. Headquartered in Miramar, Florida, Spirit Airlines, Inc. owns and operates airlines. STARWOOD PROPERTY: S&P Raises ICR to 'BB', Outlook Stable --------------------------------------------------------- S&P Global Ratings raised its issuer credit ratings on Starwood Property Trust Inc. and subsidiary Starwood Property Mortgage LLC to 'BB' from 'BB-'. The outlook is stable. S&P also raised its ratings by a notch on the company's senior secured and unsecured debt issued to 'BB' and 'BB-', respectively. S&P raised its ratings on Starwood because the pandemic-related risks that leds it to lower the rating at the onset of COVID-19 in March 2020--most notably the threat of sharp asset quality deterioration and margin call pressures--have not and most likely will not come to fruition. Over the past two years, the commercial real estate (CRE) finance company has also performed well, further diversified and grown, and maintained adequate capital and liquidity supported by debt and equity raises. Starwood's credit-deteriorated loans (those it believes it could take a loss on) accounted for only about 20 basis points of its gross loans at the end of 2021, and the company has reported minimal charge-off in the past two years. S&P thinks the rebound of the economy, government stimulus, and Starwood's good record of underwriting have prevented the sharp asset quality deterioration that it saw as a risk early in the pandemic as the economy headed into contraction. Starwood may still face asset quality challenges in parts of its portfolio, such as in its sizeable exposure to office properties, given changing medium-term dynamics in CRE markets, as well as economic uncertainty. But S&P thinks the company has taken steps in the past two years to reduce that risk. For instance, it has reduced the proportion of its loans on office and hotel properties, significantly grown in lower-risk property types including multifamily and industrial lending, and further diversified geographically with growth in Europe and Australia. The outlook is stable. S&P said, "We expect Starwood to report stable asset quality and profitability while maintaining adequate liquidity and leverage near 3.0x-4.0x. In our base case, we expect material rises in interest rates to have a limited impact on the company's profitability, assuming the economy continues to grow." S&P could lower the ratings in the next year if asset quality deteriorates significantly, particularly if this leads to margin calls on Starwood's funding facilities and liquidity pressures, or if leverage rises above 4.5x. S&P could raise the ratings over time if asset quality remains in good shape, the company maintains adequate liquidity, and it: -- Improves its funding by substantially reducing its dependence on secured funding sources, particularly those with margin call exposure; or -- Reduces and sustains its leverage below 2.75x. SUMMER AVE: Case Summary & Four Unsecured Creditors --------------------------------------------------- Debtor: Summer Ave, LLC 785 Williams Street Suite 352 Longmeadow, MA 01106 Business Description: The Debtor owns and manages real estate properties. Chapter 11 Petition Date: April 28, 2022 Court: United States Bankruptcy Court District of Massachusetts Case No.: 22-30140 Debtor's Counsel: Louis S. Robin, Esq. LAW OFFICES OF LOUIS S. ROBIN 1200 Converse Street Longmeadow, MA 01106-1760 Tel: (413) 567-3131 Fax: (413) 565-3131 Email: louis.robin@prodigy.net Total Assets: $778,100 Total Debts: $4,058,600 The petition was signed by Louis Masaschi as manager. A full-text copy of the petition containing, among other items, a list of the Debtor's four unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/5MPMTDQ/Summer_Ave_LLC__mabke-22-30140__0001.0.pdf?mcid=tGE4TAMA SUNGARD AS: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------ The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Sungard AS New Holdings, LLC. The committee members are: 1. 401 North Broad Lessee, LLC Attn: Joshua Maes 1688 Meridian Avenue, Suite 902 Miami Beach, FL 33139 Tel: (212) 317-1800– Email: gmarshall@netrality.com Counsel: Jeffrey Kurtzman Kurtzman Steady, LLC 101 N. Washington Ave, Ste 4A Margate, NJ 08402 Tel: (215) 839-1222 Email: kurtzman@kurtzmansteady.com 2. Bridgepoint Technologies, LLC Attn: Gary Jacobs, VP Operations 999 Bakerway, #310 San Mateo, CA 94404 Tel: (949) 423-6601 Email: gjacobs@bpt3.net 3. Vertiv Corporation Attn: Robert Zajkowski 1510 Kansas Avenue Lorain, OH 44052 Tel: (440) 240-0561 Email: Robert.zajkowski@vertiv.com Attn: Kelly Kornegay 610 Executive Campus Drive Westerville, OH 43082 Tel: (614) 512-2330 Email: Kelly.korneygay@vertiv.com Counsel: Tiffany Strelow Cobb Vorys, Sater, Seymour & Pease 52 East Gay Street Columbus, OH 43215 Tel: (614) 464-8322 Email: tscobb@vorys.com 4. LJS Electric, Inc. Attn: Paul Maloney 430 Commerce Boulevard, Unit C Carlstadt, NJ 07072 Tel: (201) 777-6625 Email: PMaloney@LJSElectric.com Counsel: Donald Calaiaro Calaiaro Valenick 938 Penn Avenue, Suite 501 Pittsburgh, PA 15222 Tel: (412) 232-0930 Email: dcalaiaro@c-vlaw.com 5. Fluidics Inc. (Emcor Services) Attn: Mark Porto 10981 Decatur Road, Suite 1 Philadelphia, PA 19154 Tel: (860) 858-2162 Email: mporto@emcor.net Counsel: Joshua W. Wolfshohl Porter Hedges, LLP 1000 Main Street, 36th Floor Houston, TX 77002 Tel: (713) 226-6695 Email: JWolfshohl@porterhedges.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 Sungard AS New Holdings Sungard Availability Services is Wayne, Pa.-based information-technology services provider owned by Angelo Gordon, Blackstone Credit, FS/KKR Advisor LLC and Carlyle Group Inc. Sungard provides disaster recovery services, colocation and network services, cloud and managed services and workplace recovery to customers in North America, Europe and Asia. The company and its affiliates filed for Chapter 11 protection twice in three years Sungard filed for Chapter 11 bankruptcy in 2019 with a prepackaged plan that was approved by a New York bankruptcy court one day after it was filed. Sungard AS New Holdings, LLC and affiliates, including Sungard Availability Services, LP, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 22-90018) on April 11, 2022. Judge David R. Jones oversees the case. In the petition signed by Michael K. Robinson, chief executive officer and president, Sungard AS disclosed up to $1 billion in both assets and liabilities. Sungard Availability Services (UK) Limited, an indirect subsidiary of Holdings, entered into administration in the UK on March 25, 2022. Meanwhile, Sungard Canada filed an application for recognition in Canada under the Companies Creditors' Arrangement Act of its Chapter 11 case. Akin Gump Strauss Hauer & Feld LLP and Jackson Walker serve as legal counsel to the Debtors. Cassels Brock & Blackwell LLP, serves as their Canadian legal counsel. DH Capital, LLC and Houlihan Lokey, Inc., act as investment bankers. FTI Consulting, Inc. serves as financial and restructuring advisor. Alvarez & Marsal Canada Inc., serves as Canadian court-appointed information officer and is represented by Bennett Jones, LLP as counsel in connection with the Canadian proceedings. Kroll Restructuring Administration, LLC serves as notice and claims agent. Proskauer Rose, LLP and Gray Reed & McGraw, LLP serve as counsel to Acquiom Agency Services LLC, the Term Loan DIP agent, and Term Loan DIP lenders. PNC Bank, National Association, serves as administrative agent and collateral agent, under the DIP ABL facility. PNC is represented by Thompson Coburn Hahn & Hessen LLP as counsel. TELEGRAPH SQUARE II: Hires Chadwick Washington as Special Counsel ----------------------------------------------------------------- Telegraph Square II, a Condominium Unit Owners Association seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Chadwick, Washington, Moriarty, Elmore & Bunn, P.C. as its special counsel. The firm will provide the collection legal services and the general services necessary to collect the Accounts Receivable, preserve any attendant lien rights available under applicable state law, and ensure compliance with the association's governing documents. The firm will be paid at these discounted hourly rates: Collection Matters: Principals $315 per hour Senior Associates $285 per hour Junior Associates $260 per hour General Matters: Principals $340 per hour Senior Associates $310 per hour Junior Associates $285 per hour The firm will receive an annual retainer fee of $1200, which will be paid in installments of $100 per month. Tiago Bezerra, Esq., an associate at Chadwick Washington, assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Tiago D. Bezerra, Esq. Chadwick, Washington, Moriarty, Elmore & Bunn, PC 3201 Jermantown Road, Suite 600 Fairfax, VA 22030 Phone: 703-352-1900 Fax: 703-352-5293 About Telegraph Square II Telegraph Square II, a Condominium Unit Owners Association is engaged in activities related to real estate. The association is based in Fairfax, Va. Telegraph Square sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 22-10302) on March 16, 2022, listing $248,032 in assets and $1,129,919 in liabilities. Stephanie Tavares, secretary and treasurer, signed the petition. The Debtor tapped Robert M. Marino, Esq., at Redmon Peyton & Braswell, LLP as bankruptcy counsel; Reed Smith, LLP as special counsel; and Analytic Financial Group, LLC, doing business as Corporate Matters, as financial services provider. TELIGENT INC: Wins Court Okay for Ch.11 Disclosures, Voting Plans ----------------------------------------------------------------- Jeff Montgomery of Law360 reports that bankrupt pharmaceutical venture Teligent Inc. secured bankruptcy court approval in Delaware Wednesday, April 27, 2022, for its Chapter 11 disclosure statement and confirmation schedule, after a judge stressed a need for greater clarity in identifying liability releases and notifying those giving or getting them. "I'm concerned that a trial judge in Missouri, five years from now, might be asked to walk through exactly this," Judge Brendan L. Shannon said of the disclosure's release wording during a videoconference hearing. "The challenge of the language, the way the state of the art has developed, is significant." About Teligent Inc. Teligent, Inc., a specialty generic pharmaceutical company, develops, manufactures, markets, and sells generic topical, branded generic, and generic injectable pharmaceutical products in the United States and Canada. The company was formerly known as IGI Laboratories, Inc. and changed its name to Teligent, Inc. in October 2015. Teligent, Inc. was founded in 1977 and is based in Buena, N.J. Teligent Inc. and three affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11332) on Oct. 14, 2021. The cases are handled by Honorable Judge Brendan Linehan Shanno. As of Aug. 31, 2021, Teligent had total assets of $85 million and total debt of $135.8 million. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as bankruptcy counsel; K&L Gates, LLP as special corporate counsel; Raymond James & Associates, Inc. as investment banker; PharmaBioSource Realty, LLC as real estate consultant; and Portage Point Partners, LLC as restructuring advisor. Vladimir Kasparov of Portage Point Partners serves as the Debtors' chief restructuring officer. Epiq Corporate Restructuring, LLC is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Debtors' cases on Oct. 27, 2021. Jenner & Block, LLP and Saul Ewing Arnstein & Lehr, LLP serve as the committee's bankruptcy counsel. Province, LLC is the committee's financial advisor. Latham & Watkins LLP, serves as co-counsel to the Prepetition First Lien Parties and the Senior DIP Parties. Morgan Lewis & Bockius LLP serves as co-counsel to the DIP Junior Term Loan Parties and Prepetition Second Lien Parties. Morris, Nichols, Arsht & Tunnell LLP serves as co-counsel to the DIP Parties and Prepetition Secured Parties. Jenner & Block LLP serves as co-counsel to the Creditors' Committee. Osler, Hoskin & Harcourt LLP, serves as Canadian counsel to both the DIP Junior Term Loan Parties and the Senior DIP Parties. NautaDutilh Avocats Luxembourg S.a r.l., as Luxembourg serves as counsel to both the DIP Junior Term Loan Parties and the Senior DIP Parties. TGS Baltric is the Estonian counsel to both the DIP Junior Term Loan Parties and the Senior DIP Parties. TERRA MANAGEMENT: Exclusivity Period Extended to May 13 ------------------------------------------------------- Judge Kimberley Tyson of the U.S. Bankruptcy Court for the District of Colorado extended to May 13 the period during which only Terra Management Group, LLC and Littleton Main Street, LLC can file a Chapter 11 plan. The companies can solicit acceptances for the plan until July 12. About Terra Management Group and Littleton Main Street Terra Management Group, LLC is an Englewood, Colo.-based company engaged in activities related to real estate. Terra Management Group and Littleton Main Street, LLC filed their voluntary petitions for Chapter 11 protection (Bankr. D. Colo. Lead Case No. 21-15245) on Oct. 15, 2021. J. Marc Hendricks, president and manager of Terra Management Group, signed the petitions. At the time of the filing, Terra Management Group listed up to $100,000 in assets and up to $50 million in liabilities while Littleton listed as much as $50 million in both assets and liabilities. The Hon. Kimberley H. Tyson is the case judge. The Debtors tapped Michael J. Pankow, Esq., at Brownstein Hyatt Farber Schreck, LLP as legal counsel, and Haynie & Company as tax accountant. TERRA MANAGEMENT: Taps BerganKDV as Business Valuator ----------------------------------------------------- Terra Management Group, LLC and Littleton Main Street, LLC received approval from the U.S. Bankruptcy Court for the District of Colorado to hire BerganKDV, Ltd. to perform a business valuation. The firm will need to establish the Debtor's business value to demonstrate its ability to reorganize and to confirm a plan of reorganization. BerganKDV's standard hourly rates range from $180 to $400. As disclosed in court filings, BerganKDV is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code The firm can be reached through: Wil Meggers BerganKDV, Ltd. 100 E Park Ave Ste 300 Waterloo, IA, 50703-4618 Phone: (319) 234-6885 About Terra Management Group and Littleton Main Street Terra Management Group, LLC is an Englewood, Colo.-based company engaged in activities related to real estate. Terra Management Group and Littleton Main Street, LLC filed their voluntary petitions for Chapter 11 protection (Bankr. D. Colo. Lead Case No. 21-15245) on Oct. 15, 2021. J. Marc Hendricks, president and manager of Terra Management Group, signed the petitions. At the time of the filing, Terra Management Group listed up to $100,000 in assets and up to $50 million in liabilities while Littleton listed as much as $50 million in both assets and liabilities. The Hon. Kimberley H. Tyson is the case judge. The Debtors tapped Michael J. Pankow, Esq., at Brownstein Hyatt Farber Schreck, LLP as legal counsel, and Haynie & Company as tax accountant. THEOS FEDRO: $6.65MM Sale of San Francisco Property to JS Approved ------------------------------------------------------------------ Judge Dennis Montali of the U.S. Bankruptcy Court for the Northern District of California authorized Janina M. Hoskins, the Chapter 11 trustee of Theos Fedro Holdings, LLC, to sell the real property located at 819 Ellis Street, in San Francisco, California 94109, to JS Sullivan Development and/or assignee for $6.65 million. The documents filed in the main case mentioning adversary proceeding numbers that appear to be declarations of opposition filed by Malinka Tacuma Wade Moye as Dockets 192 and 193, to the extent they were intended to be an opposition to the Trustee's 363(f) Motion or the Sale Motion, filed untimely on Feb. 22, 2022, are overruled, based on their content and untimeliness. The Trustee is authorized to enter into a Commercial Property Purchase Agreement and Joint Escrow Instructions (Non-Residential) dated Sept. 15, 2021 and all addenda thereto, for sale of the Property to JS. The Trustee is authorized to pay a real estate broker's commission not to exceed 4% of the total sale price. The Trustee is authorized to pay standard closing costs, including but not limited to unpaid real property taxes, escrow fees, taxes, transfer fees, recording costs and the like. Assuming such lien is not fully or partially paid from funds still in a pre-petition escrow, the Trustee is authorized to pay the non-disputed sums collateralizing an obligation to Wells Fargo Bank, National Association in the amount of $64,058.07, plus interest, if any, at the close of escrow, under the terms of 11 U.S.C. Section 363(f)(2), which obligation is evidenced by a judgment or an abstract thereof, Document No. 2017-K412018, recorded Feb. 23, 2017 in the Official Records for the City and County of San Francisco, in connection with Superior Court of California, County of San Francisco Case No. CGC-15-549950 of Debtor SF American Taxicab, Inc. a corporation aka American Taxi Cab Inc. and Philip Achilles, also known as Phillip Achilles aka Phillip Achilleos. Any disputed additional amounts will be held pursuant to 11 U.S.C. Section 363(f)(4). The Trustee is authorized to pay delinquent charges for code enforcement violations and associated fees in favor of the Director of the Department of Building Inspection, recorded June 07, 2017 in the Official Records for the City and County of San Francisco as Document No. 2017-K460699 against Philip Achilles in the amounts of $1,774.40 and $1,610.20, and any other amounts due thereunder, at the close of escrow, under the terms of 11 U.S.C. Sectio 363(f)(2). Any disputed additional amounts will be held pursuant to 11 U.S.C. Section 363(f)(4). The sale is free and clear of the following liens and interests, with those liens and interests reattaching to the proceeds of sale. Pending further order of the Court, the Trustee is authorized to receive from escrow the Buyer's $300,000 deposit. The Order is effective upon entry and the stay otherwise imposed by Rule 62(a) of the Federal Rules of Civil Procedure and/or Bankruptcy Rule 6004(h) will not apply. About Theos Fedro Holdings San Francisco, Calif.-based Theos Fedro Holdings, LLC, provides support services to the transportation industry. It filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 21-30202) on March 16, 2021. Philip Achilles, managing member, signed the petition. In its petition, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Dennis Montali oversees the case. The Law Offices of Stuppi & Stuppi serves as the Debtor's legal counsel. Felderstein Fitzgerald Willoughby Pascuzzi & Rios LLP serves as counsel for Pender Capital Asset Based Lending Fund I, LP, creditor. Janina M. Hoskins serves as the Debtor's Chapter 11 Trustee, while NRT West, Inc. serves as the real estate broker. TORY BURCH: S&P Alters Outlook to Positive on Strong Earnings ------------------------------------------------------------- S&P Global Ratings revised the outlook on U.S.-based luxury lifestyle brand, Tory Burch LLC to positive from stable and affirmed the 'BB-' issuer credit rating on the company and 'BB-' issue-level rating on Tory Burch's first-lien credit facilities. The positive outlook reflects S&P's view that the company's successful growth initiatives and continued favorable demand trends could keep leverage low with good cash flow generation, leading to an upgrade. S&P expects Tory Burch will continue reducing leverage following a recovery in sales and a planned conversion of preferred share to common shares. Fiscal 2021 operating performance has been better than expected as the company benefitted from strong recovery in all its sales channels, particularly in North America and China. The company had positive comparable store sales in 2021 and reported 36% revenue growth in the year. S&P expects continued double-digit sales growth in 2022 driven by new store openings. The company plans to open 25 new stores in 2022 with 16 in China to drive growth and increase its penetration in the fast-growing market. China is a key growth driver for the company and the overall personal luxury goods sector. Despite recent stringent social restrictions and lockdowns related to the COVID-19 pandemic, S&P believes growth prospects in China remain strong as the company is still relatively underpenetrated in China, which represents approximately 10% of sales. Since China is a higher margin market compared with other regions, S&P believes the company's growth strategy will further lead to margin expansion. In addition, the company also plans to convert its preferred shares to common shares at fiscal-year-end 2022. S&P treats the preferred equity as debt in our leverage calculations. The conversion of shares will further reduce leverage to below 2x by 2023. Higher freight charges and inflationary costs in 2022 will continue to affect margins, but pricing actions are likely to mitigate these pressures. Increase in average selling price (less promotional activity) and recovery in retail sales in North America and China have more than offset higher input costs in 2021, and we believe this trend will continue in 2022. Tory Burch's higher-income customer demographic has made it easier for the company to take pricing actions, without seeing a material decline in demand. S&P said, "As the company focuses more on full-price selling, after heavier promotional activity in 2020 and the first half of 2021, we expect minimal impact in margins from freight cost and inflationary pressures. The company has been utilizing air freight to mitigate against factory delays and increase in ocean transit time. With higher air freight charges and utilization compared with ocean freight, we expect margins will feel the impact in 2022, offset by higher pricing. While the exact timing remains uncertain, input cost inflation should abate beyond 2022 and allow the company to improve its margins. We believe a continued favorable shift in growing direct to consumer (DTC) and minimizing wholesale (a lower margin business) will further boost margins. As such, we forecast S&P Global Ratings'-adjusted EBITDA margins will expand around 200 basis points (bps) to the 25% area in 2022 primarily because of sales leverage and pricing actions. With improvements in adjusted EBITDA, we expect adjusted leverage to decline below to the mid-2x level in 2022 and below 2x in 2023." Participation in a highly competitive market, single brand exposure, relative smaller size, and key person risk constrain the rating. Tory Burch is a relatively smaller player in the personal luxury goods industry relative to larger peers, some of which hold more meaningful market share with multi-brand portfolios such as LVMH and accessible luxury brands Ralph Lauren, Tapestry, and Capri. S&P said, "As a single brand operator, we believe Tory Burch has higher potential for performance volatility. Further amplifying this risk is its reliance on its emblematic founder and creative director, which we view as an important aspect of governance because of key person risk. The loss of key personnel could affect the company's product design and strategic initiatives. Accordingly, we apply a negative comparative ratings modifier, which also considers the company's single brand and smaller scale relative to higher rated peers." The positive outlook reflects S&P's view that the company's successful growth initiatives and continued favorable demand trends could support lower leverage and good cash flow generation, leading to an upgrade. S&P could raise the ratings if: -- It builds on its current operating momentum with revenue and EBITDA margins in line with our forecast, and a disciplined financial policy, including potential future dividends that supports leverage sustained around 2x or below; or -- Tory Burch's expansion initiatives are successful, and the company strengthens its business profile with sustained growth and profitability. S&P could revise the outlook to stable if: -- Lower-than-expected earnings causes adjusted leverage to remain higher than 2x. This could occur if the company's expansion strategy is unsuccessful and its operating performance struggles as a result, or increasing competitive pressures in the industry coupled with weakening retail environment leads to a meaningful decline in sales and margin erosion; or -- The company pursues a more aggressive financial policy. TUMBLEWEED TINY HOUSE: Unsecureds to Get $250K Plus Profits in Plan ------------------------------------------------------------------- Tumbleweed Tiny House Company, Inc., submitted a Plan and a Disclosure Statement. During the pendency of this case, the Debtor has streamlined operations and reduced its average monthly expenses and overhead. The Debtor obtained Bankruptcy Court authority and sold three out of its four delivery trucks, thereby eliminating the monthly car payments for the three trucks sold. The Debtor also entered into cash collateral agreements with its main secured creditors and has been making interest-only payments to the secured creditors during this case. The Debtor also cured its arrearage with its landlord during the pendency of this case. The Debtor's motion to assume its real property lease with its landlord was approved by the Bankruptcy Court on July 29, 2020. While the Debtor’s sales and income temporarily decreased during the pendency of the case as a result of the COVID 19 pandemic, sales are now returning to normal levels and production has ramped back up to full capacity. The Debtor currently has a months-long backlog of orders to complete. Under the Plan, Class 4 Unsecured Claim of Forward Financing, LLC totals $85,000. The Debtor is treating the Claim of Forward Financing is an Allowed Unsecured Claim and its $85,000.00 Claim will be treated under Class 10 of the Plan. Class 4 is impaired. Class 10 General Unsecured Claims total $755,792.43. Allowed Class 10 Claims shall receive their pro rata share of the Net Profits Fund until their Allowed Claims are paid in full. Distributions to Class 10 claimants shall not exceed the amount of the Allowed Unsecured Claim plus interest calculated at 2.5% per annum. On the Effective Date, the Debtor will make a Pro-Rata distribution on account of any Allowed Claims of class 10 claimants in the amount of $250,000. Thereafter, distributions to the Allowed Class 10 claimants of the amount in the Net Profits Fund shall be made annually on the anniversary of the Effective Date and shall begin in 2023. Class 10 is impaired. Payments and distributions under the Plan will be funded by the following: Cash from operations, a debtor-in-possession loan previously approved by the Bankruptcy Court, Litigation Proceeds, and any future loans and/or capital infusions. Attorneys for the Tumbleweed Tiny House Company, Inc.: David V. Wadsworth, Esq. David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 W. Main St., Ste. 200 Littleton, CO 80120 Tel: (303) 296-1999 Fax: (303) 296-7600 A copy of the Disclosure Statement dated April 15, 2022, is available at https://bit.ly/3jNRqni from PacerMonitor.com. About Tumbleweed Tiny House Company Tumbleweed Tiny House Company, Inc., a manufacturer of tiny house RVs, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 20-11564) on March 4, 2020. At the time of filing, the Debtor estimated between $500,000 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Kimberley H. Tyson oversees the case. Wadsworth Garber Warner Conrardy, P.C., and Gerard Fox Law, P.C., serve as the Debtor's bankruptcy counsel and special counsel, respectively. Stockman Kast Ryan + Company is the Debtor's accountant. U.S. OUTDOOR: Unsecureds to Receive 13.05% of Their Claims ---------------------------------------------------------- U.S. Outdoor Holding LLC submitted a Second Amended Plan of Reorganization. The Debtor tendered a payment of $100,000 to the Trustee on January 31, 2022 to fund further distributions to Creditors in the manner outlined in this Amended Plan. Under the Plan, Class 2 Secured Claims of Tecnica totaling $50,297.91 This Claim will be paid in full, with interest, from the proceeds of the Asset Sale. Class 2 will accrue interest at the rate of 4.25% per annum (WSJ prime rate as of December 3, 2020 of 3.25% plus a 1% risk premium) from the confirmation date. Class 2 is impaired. Class 3 Secured Claims of Burton totaling $64,302.43. This Claim will be paid in full, with interest, from the proceeds of the Asset Sale. Class 3 will accrue interest at the rate of 4.25% per annum (WSJ prime rate as of December 3, 2020 of 3.25% plus a 1% risk premium) from the confirmation date. Class 3 is impaired. Class 4 Secured Claims of NFI totaling $74,567.20. This Claim will be paid in full, with interest, from the proceeds of the Asset Sale. Class 4 shall accrue interest at the rate of 4.25% per annum (WSJ prime rate as of December 3, 2020 of 3.25% plus a 1% risk premium) from the confirmation date. Class 4 is impaired. Class 9 General Unsecured Claims totaling 461,597.56. Provided, however, that such amount would be reduced dollar-for-dollar by the amount of any repayment necessary to administrative creditors for approved postpetition financing. Creditors will receive approximately 13.05% of their claims. Payment of any dividend will depend on the amounts of allowed secured, priority (including costs of administration and the Debtor's attorney's fees), and nonpriority unsecured claims. Unsecured claims will be paid after payment of administrative and priority classes on a pro rata basis from the proceeds of the Asset Sale. Class 9 is impaired. The Debtor intends to market and sell all or substantially all of its assets while continuing to operate as a going concern. Based on the Debtor's position in the market, the value of its assets, and the interest from prospective buyers, Debtor believes it can utilize the Marketing Period and Closing Period to complete the Asset Sale and make the payments under this Amended Plan. Prior to the Asset Sale, Debtor has provided a Budget that outlines the projected income and expenses as it continues to operate. The projected net profit from such operations are committed to the funding of this Amended Plan and to making payments to Creditors under this Amended Plan. The Plan will be performed and implemented through a sale of all, or substantially all, of the assets of the Debtor (the "Asset Sale"). Debtor shall immediately begin marketing its assets to identify potential buyers and negotiate terms for the Asset Sale with any such buyer(s). Debtor shall have until July 31, 2022 to complete its marketing efforts and reach terms with a prospective buyer in the form of either a full-executed Asset Purchase Agreement or a Letter of Intent for an amount sufficient to satisfy the remaining obligations under this Amended Plan and with a prospective buyer has the financial wherewithal to consummate the transaction. Moreover, if the prospective buyer is an Affiliate of the Debtor, then the Debtor shall provide a certification regarding its marketing efforts for the Asset Sale to the Trustee and obtain the Trustee's consent before executing the Asset Purchase Agreement or Letter of Intent. Upon executing such Asset Purchase Agreement or Letter of Intent with a prospective buyer, Debtor shall file with the Bankruptcy Court and provide notice of the agreement or letter with the prospective buyer to the Trustee, SMI, and any other Creditors that request notice. After filing and providing notice of such agreement or letter regarding the Asset Sale, Debtor shall have until 60 days of the date of the Asset Purchase Agreement or Letter of Intent to close the Asset Sale, which closing date shall in no event be later than September 30, 2022. Under no circumstances shall the terms of the Asset Sale or the provisions of any agreement evidencing the same include a requirement that the Debtor accept deferred or installment payments of the purchase price for the Asset Sale. Attorney for the Debtor: Douglas R. Ricks, Esq. VANDEN BOS & CHAPMAN, LLP 319 SW Washington St., Ste. 520 Portland, OR 97204 Tel: (503) 241-4869 Fax: (503) 241-3731 A copy of the Disclosure Statement dated April 15, 2022, is available at https://bit.ly/3Magcdw from PacerMonitor.com. About U.S. Outdoor Holding U.S. Outdoor Holding LLC -- https://www.usoutdoor.com/ -- is a family-owned dealer of many top outdoor brands. It has been operating since 1957. U.S. Outdoor Holding filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No. 20-32571) on Sep. 4, 2020. The petition was signed by Edward A. Ariniello, member manager. At the time of the filing, Debtor disclosed $1,531,809 in assets and $3,352,108 in liabilities. Douglas R. Ricks, Esq., at Vanden Bos & Chapman, LLP, is the Debtors' counsel. CFO Selections, LLC, is the chief financial officer. US REAL ESTATE: Trustee Seeks Cash Collateral Access Thru Aug 31 ---------------------------------------------------------------- Eric L. Johnson, the Chapter 11 Trustee of US Real Estate Equity Builder, LLC and US Real Estate Equity Builder Dayton, LLC, asks the U.S. Bankruptcy Court for the District of Kansas for entry of an order extending his authority to use cash collateral through August 31, 2022. The Trustee explains he needs continued access to cash collateral to pay for expenses necessary to the preservation and maintenance of the Debtors' real property and business operations. The expenses include, without limitation, utilities, taxes, immediate maintenance needs, and certain critical operational expenses such as charges related to maintaining and accessing the Debtors' books and records. Given that the expenses are related to the preservation of the Real Property, the Trustee submits it is appropriate to use the rents from the Real Property for those expenses. The Debtors owned a number of properties as part of their "turnkey" real estate transactions where the Debtors or one of their affiliates purchased residential or commercial property, remodeled it, placed a tenant in the property, and then sold the property. Since his appointment, the Trustee has sold or abandoned a number of the properties. The remaining property is owned by USREEB and located at 440 East 63rd Street, Kansas City, Missouri. The Trustee filed a motion to establish bidding and auction procedures and the approval of a stalking horse purchase agreement for the Real Property, but any potential sale of the Real Property will not be completed before the expiration of the term of the Cash Collateral Order on May 31, 2022. A copy of the motion and the Debtor's June 2022 budget is available at https://bit.ly/3vlFYWR from PacerMonitor.com. About US Real Estate Equity Builder US Real Estate Equity Builder LLC is primarily engaged in renting and leasing real estate properties. US Real Estate Equity Builder and its affiliate, US Real Estate Equity Builder Dayton, LLC, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Lead Case No. 20-21358) on Oct. 2, 2020. Judge Robert D. Berger oversees the cases. At the time of filing, US Real Estate Equity Builder disclosed $5,281,000 in assets and $13,985,020 in liabilities. US Real Estate Equity Builder Dayton disclosed between $1 million and $10 million in both assets and liabilities. George J. Thomas, Esq., at Phillips & Thomas LLC, is the Debtors' legal counsel. The Office of the U.S. Trustee appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Sader Law Firm. Eric L. Johnson, the court-appointed Chapter 11 trustee, is represented by Spencer Fane LLP. VECTOR GROUP: Egan-Jones Keeps CCC Senior Unsecured Ratings ----------------------------------------------------------- Egan-Jones Ratings Company on April 5, 2022, maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by Vector Group Ltd. EJR also maintained its 'C' rating on commercial paper issued by the Company. Headquartered in Miami, Florida, Vector Group Ltd. operates as a holding company. WC 717 N HARWOOD: Trustee Taps Forshey & Prostok as Co-Counsel -------------------------------------------------------------- Laurie Dahl Rea, the Chapter 11 trustee for WC 717 N Harwood Property, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Forshey & Prostok, LLP as co-counsel with Rochelle McCullough, LLP. The trustee requires legal assistance to handle the administrative work of the Debtor's Chapter 11 case, including a review of the Debtor's bankruptcy schedules, statement of financial affairs and financial transactions to determine whether there are any transfers subject to avoidance under Chapter 5. The hourly rates charged by the firm's attorneys and paralegals are as follows: Laurie Dahl Rea $525 Emily S. Chou $525 Dylan T.F. Ross $325 Of Counsel $275 to $725 Paralegals $175 to $255 As disclosed in court filings, Forshey & Prostok is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code The firm can be reached through: Emily S. Chou, Esq. Dylan T.F. Ross, Esq. Laurie Dahl Rea, Esq. Forshey & Prostok, LLP 777 Main St., Suite 1550 Ft. Worth, TX 76102 Telephone: (817) 877-8855 Facsimile: (817) 877-4151 Email: lrea@forsheyprostok.com echou@forsheyprostok.com dross@forsheyprostok.com About WC 717 N Harwood Property Austin, Texas-based WC 717 N Harwood Property, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 21-10630) on Aug. 3, 2021, listing up to $500 million in assets and up to $100 million in liabilities. Natin Paul, authorized representative, signed the petition. Judge Tony M. Davis oversees the case. Fishman Jackson Ronquillo, PLLC serves as the Debtor's legal counsel. Laurie Dahl Rea, the Chapter 11 trustee appointed in the Debtor's case, is represented by the law firms of Forshey & Prostok, LLP and Rochelle McCullough, LLP. WC 717 N HARWOOD: Trustee Taps Rochelle McCullough as Co-Counsel ---------------------------------------------------------------- Laurie Dahl Rea, the Chapter 11 trustee for WC 717 N Harwood Property, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Rochelle McCullough, LLP as co-counsel with Forshey & Prostok, LLP. The firm's services include: (a) taking all necessary actions to protect and preserve the bankruptcy estate, including the prosecution of actions on its behalf, defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims. (b) preparing legal papers in connection with the administration of the Debtor's estate. (c) formulating, negotiating and proposing a Chapter 11 plan of reorganization, if justified; and (d) providing all other necessary legal services. The hourly rates charged by the firm's attorneys and paralegals are as follows: Michael R. Rochelle $750 Kevin D. McCullough $550 Gregory H. Bevel $600 Edwin Paul Keiffer $600 Kathryn G. Reid $450 Andy Jillson $475 Shannon Thomas $375 Wesley Gould $325 Zack Levick $300 Paralegal $160 Kevin McCullough, Esq., a partner at Rochelle McCullough, declared in an affidavit filed in court that the firm neither holds nor represents interests adverse to the Debtor and its estate. The firm can be reached through: Kevin D. McCullough, Esq. Shannon S. Thomas, Esq. Rochelle Mccullough, LLP 325 N. St. Paul Street, Suite 4500 Dallas, TX 75201 Telephone: (214) 580.2514 Facsimile: (214) 953.0815 Email: kdm@romclaw.com greg.bevel@romclaw.com About WC 717 N Harwood Property Austin, Texas-based WC 717 N Harwood Property, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 21-10630) on Aug. 3, 2021, listing up to $500 million in assets and up to $100 million in liabilities. Natin Paul, authorized representative, signed the petition. Judge Tony M. Davis oversees the case. Fishman Jackson Ronquillo, PLLC serves as the Debtor's legal counsel. Laurie Dahl Rea, the Chapter 11 trustee appointed in the Debtor's case, is represented by the law firms of Forshey & Prostok, LLP and Rochelle McCullough, LLP. WESCO AIRCRAFT: S&P Upgrades ICR to 'CCC+' on Recapitalization -------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Wesco Aircraft Holdings Inc. to 'CCC+' from 'SD', which reflects its view that the capital structure remains unsustainable. S&P is also raising its issue-level rating on Wesco's previously secured notes to 'CCC-' from 'D', with a recovery rating of '6' (rounded estimate: 0%). S&P said, "In addition, we are assigning our 'CCC+' issue-level rating to the company's recently issued first-lien notes loan due 2026 with a '3' recovery rating (rounded estimate: 50%). We are also assigning our 'CCC-' issue-level rating to Wesco's 1.25-lien notes due 2027 with a '6' recovery rating (rounded estimate: 0%). "The negative outlook reflects that we could lower the rating if the company's recovery plans are unsuccessful and we foresee a likelihood of default within a year." Liquidity improved following the recapitalization. Wesco raised $250 million in new-money debt through the transaction, building cash to over $300 million. The company also reduced its near-term cash interest by about $70 million through the payment-in-kind feature of the new debt, and extended debt maturities by exchanging a portion of notes due 2024 and 2026 for notes due 2026 and 2027. Overall interest expense remains very high relative to expected cash flow; however, and exercising the payment-in-kind (PIK) option will lead to an increase of an already sizeable debt burden. While S&P expects funds from operations to be minimal this year, working capital will likely contribute to positive overall free operating cash flow. Credit metrics remain weak. Wesco took on significant debt to complete its merger with Pattonair in early 2020. The pandemic reduced demand for the company's products and constrained its capacity to reduce debt. S&P said, "The majority of Wesco's commercial aircraft work is tied to original equipment manufacturer (OEM) demand, and we expect demand growth to mirror the recovery in aircraft build rates by Boeing Co. and Airbus SE. We expect the company's defense work to remain relatively stable. Global air travel remains below 2019 levels but is improving. We estimate that debt to EBITDA will be approximately 18x in 2022 and improve in 2023 but remain above 10x." Sales mix supports margin improvement, though the pace of demand recovery remains uncertain. S&P said, "We expect Wesco hardware sales to grow in 2022 as customers have largely completed destocking and are ramping up production to support higher OEM build rates. Chemicals sales to defense customers, though demonstrating stability through the downturn, typically have thinner margins than hardware. As hardware grows to a larger proportion of overall sales, we expect Wesco to exhibit improving margins." S&P said, "The negative outlook reflects our view that delays in OEM demand may adversely affect improvement in Wesco's operating performance. We now expect commercial aircraft OEMs build rates to continue to recovery from 2020 lows, but remain below pre-pandemic levels until 2023. "We could lower our rating on the company if we believe that it could default within 12 months due to a near-term liquidity crisis or if we believe it is considering a distressed exchange offer or redemption. A liquidity crisis would likely be driven by a slower-than-anticipated recovery in commercial air OEM build rates. "Although unlikely over the next 12 months, we could revise the outlook to stable if we expect debt to EBITDA to improve to below 8x and the company to generate positive free cash flow. This would likely be the result of a quicker-than-expected recovery in air traffic that leads to OEMs returning to higher build rates and aftermarket demand returning closer to pre-pandemic levels." WESTJET AIRLINES: S&P Alters Outlook to Stable, Affirms 'B-' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook on Calgary-based WestJet Airlines Ltd. to stable from negative and affirmed its 'B-' issuer credit rating on the company. S&P said, "At the same time, we affirmed our 'B-' issue-level rating, with a '3' recovery rating, on the company's secured bank debt; however, we revised our default recovery percentage to 50% (from 55%) on these obligations. "The stable outlook reflects our expectation that improved earnings through 2023 should aid in WestJet's restoring its credit metrics to levels more appropriate for the rating." Pent-up demand for air travel supports strong near-term earnings recovery. The outlook revision primarily reflects S&P Global Ratings' greater confidence that air traffic recovery will spur earnings improvement at WestJet for the remainder of 2022 and through 2023. S&P said, "We base this on loosening of travel restrictions in Canada (as of April 1) and other major jurisdictions in recent months amid strong pent-up demand for leisure travel in North America and the transatlantic market, against a still-robust macroeconomic backdrop. This is influencing a large capacity increase by the company for 2022, which we estimate at 80%-85% of 2019's results for available seat miles (ASM; a measure of airline capacity) or up more than 2.3x year-over-year, from just 35% of 2019 ASM in 2021. Given WestJet's predominantly continental North American traffic (including southern sun destinations), we expect strong recovery in passenger revenue miles (estimated at 75%-80% of 2019's) in 2022 and approaching 90%-95% in 2023, similar to that of peers in the U.S. and other markets with earlier reopening, and also supported by WestJet's performance in late summer and early fall of 2021, before Omicron-led restrictions. Given a favorable near-term environment for pricing (yield), we believe WestJet's revenue can recover to near 2019 levels by 2023, albeit at lower profitability owing to higher fuel expense and emerging inflation." Improving cash flow should enhance financial flexibility. During the pandemic-related shutdowns, WestJet managed its cash burn and protected its liquidity through cost cutting, assets sales, and the sale lease-back of aircraft. S&P said, "Although adjusted debt leverage will remain weak in 2022, we expect favorable operating leverage coupled with improvements in working capital (from greater advance bookings) will help produce meaningful operating cash flow through 2023 and aid in the company's deleveraging. Accordingly, we forecast positive discretionary free cash flow in 2023 even after assuming some return of capital to sponsors and WestJet's adjusted funds from operations (FFO)-to-debt ratio improving to the high-single digits, which we consider in line with the rating. We believe improving cash flow and leverage would allow the company to reinvest in its operations (in particular, its Boeing 737 NG mainline fleet and Swoop) and to an extent, mitigate risks related to fuel price volatility, rising competition, inflation, and an economic downturn." Fuel price in particular and inflation in general are key obstacles. Jet fuel price volatility is a key risk to the degree and pace of WestJet's earnings recovery, in our opinion. S&P estimates fuel could represent about 30% of WestJet's operating costs (excluding depreciation) in 2022, and that a 10% change in crude oil price (West Texas Intermediate; WTI) could affect its EBTIDA projection by 15%-20%, all else being equal. S&P's base case assumes WestJet will be able to pass through most, though not all, the fuel price increase with some lag, given an arguably strong demand for air travel from Canadians with substantial discretionary incomes and high savings. However, WestJet has fewer opportunities to generate meaningful ancillary revenue than some of its peers, though its greater exposure to energy-producing jurisdictions in Canada and, separately, the use of more fuel-efficient aircraft should provide some support. In addition to fuel, inflationary pressures in labor, fees, and procurement could ultimately limit the company's ability to spur profit margin improvement to pre-pandemic levels over the next couple of years, in S&P's opinion. Competition from new low-cost rivals could pose a material threat in the medium term. Through 2021, existing (Porter Airlines) and several new carriers (notably Flair Airlines, Lynx Air) announced plans to add significant new routes targeting continental North America, including flying from airports where they would compete with WestJet (and Air Canada). S&P said, "Assuming these initiatives materialize, we estimate there could be as much as a 25% increase in North American (including sun destinations) aggregate capacity by 2023 compared with 2019 (likely higher on specific routes) and even more by 2025. Given WestJet's historically value-oriented leisure travel market focus, we believe the company could be exposed to incremental competition from potentially disruptive low- and ultra-low cost carriers (ULCC) differentiating themselves on low prices." S&P said, "We expect WestJet to manage such competition by leveraging its Swoop ULCC business while benefiting from a differentiated mainline operation that is gradually diversifying into the profitable transatlantic market and through premium service offerings, and, to a limited extent, cargo. We also believe that much of the capacity increase could be absorbed by higher air travel penetration, recapture of traffic from border U.S. cities, and organic growth. Consequently, while we acknowledge the risk of lower yields or lower passenger volumes at WestJet (even for a short term), we are skeptical of the potential for all these new carriers to be financially successful, given thin precedence of new airline successes in Canada, particularly in the current high fuel price and rising interest rate and inflationary environment. Nevertheless, the prospect of such competition and WestJet's actions to mitigate rising risks from it will weigh on our assessment of WestJet's business risk profile and the ratings. "The stable outlook reflects our expectation that WestJet will produce stronger earnings post first-quarter 2022 as it increases capacity amid strong demand for air travel, which should aid in absorbing higher fuel prices to some extent. Although debt leverage metrics will remain weak in 2022, we believe ongoing recovery through 2023 should produce healthier credit measures while keeping liquidity at least adequate. Nevertheless, competition from potential new entrants and fuel price volatility remain material hurdles to the company's credit profile improvement over the next 12 months. "We could lower the ratings within the next 12 months if we came to believe the recovery in passenger air traffic would be more prolonged or weaker than expected amid increased competition, reemergence of COVID-19-influenced travel restrictions, and fuel price volatility, resulting in a large cash burn. This could eventually result in inadequate liquidity or a capital structure that we would view as unsustainable in the long term. "We could raise our ratings on WestJet over the next 12 months if we are convinced that the company's sponsor policies are aligned to support WestJet's deleveraging to the 12% area (S&P Global Ratings adjusted FFO to debt) in 2023, with further, sustained improvement thereafter." ESG credit indicators: To: E-3, S-4, G-3; From: E-3, S-5, G-3 S&P said, "Social factors are a now a negative consideration (compared with our previous assessment of very negative) in our credit rating analysis. The pandemic severely hurt WestJet's revenue, cash flow, and credit quality (prompting a two-notch downgrade), although we now expect the company to recover quickly through the remainder of 2022 and 2023. "Environmental factors are a moderately negative consideration in our credit rating analysis of WestJet. Like other airlines, WestJet faces long-term risk from tighter greenhouse gas emissions regulations. Its relatively newer aircraft fleet (averaging less than 10 years) and ongoing refresh/upgauging of its fleet should mitigate these risks, in our opinion." Governance is a moderately negative consideration, as it is for most rated entities owned by private equity sponsors. The company's highly leveraged financial risk profile points to corporate decision-making that prioritizes the controlling owners' interests. This also reflects the generally finite holding periods and a focus on maximizing shareholder returns, as evidenced by actions in the past couple of years. WISHING WELL: $464K Sale of Gatsby House Street Property Approved ----------------------------------------------------------------- Judge August B. Landis of the U.S. Bankruptcy Court for the District of Nevada authorized Wishing Well Property Investments, LLC Series to sell the real property located at 7703 Gatsby House Street, in Las Vegas, Nevada 89166, for $464,000. Bank of America N.A. will be paid in full through escrow following the closing of the sale. The proceeds will ultimately be used towards the mortgage on another property that is part of the Bankruptcy Estate to be accomplished by a separately filed motion, which currently is planned as paying off the real property located at 10155 Sequoia Canyon Place, Las Vegas, NV 89148. About Wishing Well Property Investments Las Vegas-based Wishing Well Property Investments, LLC Series 1 filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 22-10005), disclosing $2,899,046 in assets and $1,433,401 in liabilities. Russell Roth, managing member, signed the petition. Judge August B. Landis oversees the case. Christopher P. Burke, Esq., at The Law Office of Christopher P. Burke serves as the Debtor's legal counsel. WISHING WELL: Proposed $430K Sale of Las Vegas Property Approved ---------------------------------------------------------------- Judge August B. Landis of the U.S. Bankruptcy Court for the District of Nevada authorized Wishing Well Property Investments, LLC Series to sell the real property located at 10672 Medicine Bow St., in Las Vegas, Nevada 89123, for $430,000. The payoff to NewRez LLC, doing business as Shellpoint, first mortgage loan is currently $285,091.91, which will be paid in full. The sale closing is expected to take place within three weeks from the date of the Court's Order. Wishing Well will dismiss with prejudice the lawsuit entitled Wishing Well Property Investments, Series 1 v. Bayview Loan Servicing, et al., Case No. A-21-843743-C, in the Eighth Judicial District Court for Clark County, Nevada, and execute a release of all claims, known and unknown, that Wishing Well brought or could have brought in that lawsuit. The proceeds will go towards the mortgage on another property that is part of the Bankruptcy Estate to be accomplished by a separately filed motion, currently planned as paying off the real property located at 6418 Hayden Peak Lane, Las Vegas, NV 89156. As to Attorney Burke's request for compensation of $1,900 for this motion to sell, the reasonableness and approval of that amount will be decided in any future fee application hearing. About Wishing Well Property Investments Las Vegas-based Wishing Well Property Investments, LLC Series 1 filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 22-10005), disclosing $2,899,046 in assets and $1,433,401 in liabilities. Russell Roth, managing member, signed the petition. Judge August B. Landis oversees the case. Christopher P. Burke, Esq., at The Law Office of Christopher P. Burke serves as the Debtor's legal counsel. WITCHEY ENTERPRISES: $150K Sale of Rights Under FXG Agreement OK'd ------------------------------------------------------------------ Judge Henry W. Van Eck of the U.S. Bankruptcy Court for the Middle District of Pennsylvania authorized Witchey Enterprises, Inc.'s sale of its rights under FedEx Package System, Inc. Route (FedEx Contract ID #C8541386 "the FXG Agreement") to Superior Transport Solutions, Inc., for $150,000, in accordance with the terms of their Asset Purchase Agreement, dated March 28, 2021. The sale is free and clear of all Liens, Claims and Encumbrances. The Debtor's current liability insurance policies with Protective Insurance Company are "Excluded Assets" pursuant to Section 2 of the Purchase Agreement, and therefore, the sale of assets pursuant to the Purchase Agreement and this Order will not include any of the Debtor’s insurance policies with Protective Insurance Company. The Buyer is to pay the total purchase price of $150,000 within five business days of entry of the Order, which will be payable in immediately available funds and delivered to the Chapter 11 Trustee. The Chapter 11 Trustee will hold the $150,000 sale proceeds with liens and encumbrances attaching to said proceeds in the order of their priority pending further order of Court. The Court finds that pursuant to Bankruptcy Rule 6004(h), that there is no just cause for delay in the implementation of the Order and, notwithstanding any provision of the Bankruptcy Code or the Bankruptcy Rules to the contrary, the Order will be a final order, effective and enforceable immediately upon entry, and any stay thereof, including without limitation, Bankruptcy Rule 6004(h), will not apply. About Witchey Enterprises Witchey Enterprises, Inc., a Wilkes-Barre, Pa.-based provider of courier and express delivery services, filed a Chapter 11 petition (Bankr. M.D. Pa. Case No. 19-00645) on Feb. 14, 2019. Louis Witchey, president, signed the petition. At the time of filing, the Debtor had between $1 million and $10 million in both assets and liabilities. Judge Patricia M. Mayer oversees the case. The Debtor tapped Andrew Joseph Katsock, III, Esq., as legal counsel and David L. Haldeman as accountant. [*] March 2022 Bankruptcy Filings Up 33.5% to 36,049, Epiq Reports ------------------------------------------------------------------ The total 36,049 bankruptcy filings for March represented a 33.5 percent increase over the 26,993 filings during the previous month of February, according to data provided by Epiq Bankruptcy, the leading provider of U.S. bankruptcy filing data. Similarly, the 34,244 total noncommercial filings for March represented a 34 percent increase from the February 2022 noncommercial filing total of 25,565. The 1,805 total commercial filings in March represented a 26.4 percent increase from the 1,428 total commercial filings during the previous month. Commercial chapter 11 filings increased 38 percent in March to 292 from the 203 commercial chapter 11 filings in February. Small business filings, captured as subchapter V elections within chapter 11, increased 51 percent to 178 in March from 118 in February. "March is typically the month with the largest number of new bankruptcy filings on an annual basis," says Chris Kruse, senior vice president at Epiq. "We continue to watch closely the bankruptcy activity as we emerge from the global pandemic and expect a return to a more active market in the months to come." The 81 subchapter V elections filed during the week of March 21 represented the highest weekly total ever, eclipsing the previous record of 71 filed during the same week last year. The spike was in advance of the debt-eligibility limit returning from the expanded amount of $7.5 million first established under the CARES Act of 2020 to the original $2,725,625 threshold on March 28 established under the Small Business Reorganization Act of 2019. Due to priorities and procedural issues, the Senate was not able to address legislation prior to the March 27 sunset to permanently set the subchapter V eligibility limit at $7.5 million. Work on a substitute bill is underway on Capitol Hill to permanently restore the eligibility limit back to $7.5 million and cover any subchapter V cases that were pending at the time of the March 27 sunset. Consistent with the recommendations of ABI's Commission on Consumer Bankruptcy, the substitute also continues to push for the debt limit for individual chapter 13 filings to be increased to $2.75 million and remove the distinction between secured and unsecured debt for that calculation. "Amid rising interest rates, growing inflation concerns, worker shortages and supply chain challenges, access to bankruptcy is imperative for struggling consumers and businesses," said ABI Executive Director Amy Quackenboss. "Congressional consideration of legislation permanently making both the expanded eligibility limits for small businesses electing to file for subchapter V under chapter 11, and consumers looking to access chapter 13, would give more families and small businesses the chance at a financial fresh start." For the first calendar quarter of 2022 (January 1 - March 31), the 89,252 total bankruptcy filings represented a 17 percent decrease from the 107,043 total filings during the same period last year in the midst of the pandemic. Noncommercial filings also decreased 16 percent to 84,510 filings in the first quarter of 2022 from 100,682 noncommercial filings during the same period in 2021. Total overall commercial bankruptcies decreased 25 percent in the first quarter of 2022, as the 4,742 filings were down from the 6,361 commercial filings during the first quarter of 2021. Total commercial chapter 11 filings dipped 43 percent to 720 during the first calendar quarter of 2022 from the 1,272 total commercial chapter 11s during the same period in 2021. Subchapter V elections for small businesses increased slightly, as the 399 filings in Q1 2022 were up 8 percent from the 368 filed during Q1 2021. ABI has partnered with Epiq Bankruptcy to provide the most current bankruptcy filing data for analysts, researchers, and members of the news media. Epiq Bankruptcy is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its new Bankruptcy Analytics subscription service provides on-demand access to the industry's most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com/analytics. For further information about the statistics or additional requests, please contact ABI Public Affairs Officer John Hartgen at 703-894-5935 or jhartgen@abiworld.org. About ABI ABI -- http://www.abi.org/-- is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. About Epiq Epiq Bankruptcy -- https://www.epiqglobal.com/ -- is a division of Epiq, a global technology-enabled services leader to the legal services industry and corporations that takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters. Epiq subject-matter experts and technologies create efficiency through expertise and deliver confidence to high-performing clients around the world. [^] BOOK REVIEW: Dangerous Dreamers ----------------------------------- The Financial Innovators from Charles Merrill to Michael Milken Author: Robert Sobel Publisher: Beard Books Softcover: 271 pages List Price: $34.95 Order your own personal copy at http://www.beardbooks.com/beardbooks/dangerous_dreamers.html "For the rest of his life, Milken will be accused of crimes for which he was not charged and to which he did not plead guilty." Milken is -- as anyone familiar with junk bonds and the scandals surrounding them in the 1980s knows -- Michael Milken of the Drexel Burnham banking and investment firm. In this book, noted business writer Robert Sobel analyzes the Milken criminal case and the many other phenomena of the period that lay the basis for the modern-day financial industry. However, the author's perspective is broader than the sensationalistic excesses and purported crimes of Milken and his like. Sobel is interested in the individuals and businesses that introduced and developed financial concepts, vehicles, and transactions that increased the wealth of millions of average persons. Sobel's examination of the byplay between financial chicanery and economic revitalization extends back to the Gilded Age of the latter 1800s and early 1900s. This was a time when Jim Fisk, Jay Gould, and others were making fortunes through skulduggery and manipulation of the financial markets, while Cornelius Vanderbilt and others were building the "world's finest railroad system." Later, in the "Junk Decade of the 1980s," as Ivan Boesky and others were reaping fortunes from "dubious" transactions, financial firms such as Forstmann Little and Kohlberg Kravis Roberts "played major positive roles in the largest restructuring of American industry since the turn of the century." While Sobel does not try to defend the excesses and illegalities of individuals and companies, he basically sees the Milkens of the world as "vehicles through which the phenomena of junk finance and leveraged buyouts played themselves out." This was the "Conglomerate Era." Mergers and acquisitions were at the center of financial and economic activity, and CEOs at major corporations were in competition to grow their corporations. Milken, Boesky, and others provided the means for this end. However, it is important to note that they did not originate the mergers and acquisition phenomenon. At first, Milken et al. were much appreciated by major corporations and the financial industry. However, when mergers and acquisition excesses began to bear sour fruit, Milken and his company Drexel Burnham took the brunt of public indignation. The government's search for villains then began. Sobel examines the ripple effects of financial innovators who became financial pariahs. Milken's journey, for example, cannot be unraveled from that of a company such as Beatrice. Starting in 1960, the food company Beatrice started making large-scale acquisitions. CEO Williams Karnes, who "ran a tight, lean ship, with a small office staff," was succeeded by corporate heads who brought in corporate jets and limousines, greatly increased staff, and moved into regal office space. James Dutt of Beatrice is singled out as symptomatic of the heedless mindset that crept into corporate America in the 1980s. Sobol's tale of the complexities and ambivalence of this transitional period is bolstered by memorable portraits of key players and companies. In so doing, he demonstrates once more why he has long been recognized as one of the country's most important business writers. About the Author Robert Sobel was born in 1931 and died in 1999. He was a prolific historian of American business life, writing or editing more than 50 books and hundreds of articles and corporate profiles. He was a professor of business at Hofstra University for 43 years and held a Ph.D. from New York University. Besides producing books, articles, book reviews, scripts for television and audiotapes, he was a weekly columnist for Newsday from 1972 to 1988. At the time of his death he was a contributing editor to Barron's Magazine. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2022. 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 ***