/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/220830.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, August 30, 2022, Vol. 26, No. 241 Headlines 26 BOWERY: Seeks Approval to Hire Ravert PLLC as Special Counsel 8E14 NETWORKS: Sept. 7 Final Hearing on VMware's $2MM DIP Loan 96 WYTHE: Seeks to Hire Stretto Inc as Disbursing Agent A.B.C. OF NORTH PALM BEACH: $2.1M Sale to Reichel to Fund Plan ADVANCED CONTAINER: Incurs $268K Net Loss in Second Quarter AG FOODS: Case Summary & 20 Largest Unsecured Creditors AINOS INC: Incurs $1.9 Million Net Loss in Second Quarter ALASKA AIR: Egan-Jones Retains B Senior Unsecured Ratings ALL AMERICA TRADING: Seeks $50,000 in Cash Collateral AMERICAN AIRLINES: Egan-Jones Retains B- Senior Unsecured Ratings ASHLAND LLC: Egan-Jones Retains BB Senior Unsecured Ratings ASSUNCAO BROS: Court OKs Cash Collateral Access, $200,000 DIP Loan BEAZER HOMES: Egan-Jones Retains B+ Senior Unsecured Ratings BENJAMIN EYE CARE: Seeks Cash Collateral Access BITNILE HOLDINGS: Posts $26.1 Million Net Loss in Second Quarter BLACK NEWS CHANNEL: Exclusivity Period Extended to Sept. 26 CAMMAND MACHINING: Wins Interim Access to Cash Collateral CARESTREAM HEALTH: $80MM DIP Loan from JPMorgan Has Interim OK CARMAX INC: Egan-Jones Retains BB+ Senior Unsecured Ratings CELSIUS NETWORK: Accuses Ex-Money Manager of Deceit, Theft CEN BIOTECH: Incurs $348K Net Loss in Second Quarter CHARLES DEWEESE: Committee Hires Dentons Bingham as Counsel CHIVINE RESOURCES: Seeks to Hire Grafstein & Arcaro as Counsel CIRTRAN CORP: Incurs $315K Net Loss in Second Quarter CLEAN ENERGY: Hires Raymond P. Fitzpatrick as Special Counsel CNX RESOURCES: Egan-Jones Hikes Senior Unsecured Ratings to B+ COASTAL DRILLING: Case Summary & 20 Largest Unsecured Creditors CORDIA CORP: Delays Filing of Quarterly Report on Form 10-Q CREEPY COMPANY: Seeks to Hire Crane Simon as Legal Counsel DEALER PRODUCTS: Case Summary & 20 Largest Unsecured Creditors DYNAMETAL TECHNOLOGIES: Hires Wadsworth Garber as Legal Counsel EL CALAMAR: Wins Interim Cash Collateral Access EMPIRE TODAY: S&P Downgrades ICR to 'B-', Outlook Negative ENDO INTERNATIONAL: Pillsbury Represents Multi-State Committee ENERGIZER HOLDINGS: S&P Alters Outlook to Neg., Affirms 'B+' ICR ENVISION HEALTHCARE: Sees Steep Losses in Second Quarter ETC SUNOCO: Egan-Jones Hikes Senior Unsecured Ratings to BB EXPRESSJET AIRLINES: To Liquidate in Chapter 11 Bankruptcy FIRST GUARANTY: Committee Taps Berkeley as Financial Advisor FIRSTENERGY CORP: Egan-Jones Retains BB Senior Unsecured Ratings FREE SPEECH: Wins Interim Cash Collateral Access GENERAL ELECTRIC: Egan-Jones Retains BB+ Sr. Unsecured Ratings GENWORTH FINANCIAL: Egan-Jones Retains BB- Sr. Unsecured Ratings GEORGETOWN YACHT BASIN: Marina Up for Sale on Sept. 16 GEX MANAGEMENT: Posts $549K Net Loss in Second Quarter GROWLIFE INC: Incurs $1.7 Million Net Loss in Second Quarter HCA INC: Egan-Jones Retains BB+ Senior Unsecured Ratings HELIX ENERGY: Egan-Jones Retains CCC+ Senior Unsecured Ratings HEXCEL CORP: Egan-Jones Retains BB+ Senior Unsecured Ratings HORSE CARRIAGE: Claims Will be Paid from Property Refinance IRIDIUM SATELLITE: Egan-Jones Retains B- Senior Unsecured Ratings J MORALES: Case Summary & 14 Unsecured Creditors JAB ENERGY: Creditors to Get Proceeds From Liquidation JAGUAR HEALTH: Incurs $9.4 Million Net Loss in Second Quarter JAJE ONE: Case Summary & Three Unsecured Creditors JEFFERIES GROUP: Egan-Jones Retains BB+ Senior Unsecured Ratings JEFFERSON-11TH STREET: Creditors' Committee Disclose Claims KATY SALTWATER DISPOSAL: Files Bare-Bones Chapter 11 Petition KISSIMMEE CONDOS: Seeks to Hire Schafer Tschopp as Accountant LCN PARTNERS: Files Amendment to Disclosure Statement LONESOME VALLEY: Case Summary & 11 Unsecured Creditors LUMILEDS HOLDING: Case Summary & 30 Largest Unsecured Creditors MAD ENGINE: S&P Alters Outlook to Negative, Affirms 'B' ICR MD HELICOPTERS: Exclusivity Period Extended to Oct. 26 MERRITT ENTERPRISES: Seeks to Hire Spiro & Browne as Counsel MOBIQUITY TECHNOLOGIES: Incurs $1.6M Net Loss in Second Quarter MV TRUCKING: Hits Chapter 11 Bankruptcy Protection NEW COAT PAINTING: Wins Interim Cash Collateral Access NUTEX HEALTH: Incurs $19.4 Million Net Loss in Second Quarter ODONATA LTD: Seeks Cash Collateral Access OZOP ENERGY: Posts $6.5 Million Net Income in Second Quarter PACKABLE HOLDINGS: Case Summary & 30 Largest Unsecured Creditors PACKABLE HOLDINGS: Files for Chapter 11 to Wind Down its Business PDC WELLNESS: S&P Alters Outlook to Negative, Affirms 'B' ICR PMC PARTNERS: Seeks to Hire Spiro & Browne as Bankruptcy Counsel RP RUIZ: Has Deal on Cash Collateral Access SEQUA CORP: S&P Alters Outlook to Developing, Affirms 'CCC+' ICR SIERRA ENTERPRISES: S&P Downgrades ICR to 'CCC+', Outlook Negative TALEN ENERGY: Creditors Seek to Unwind $848M Pre-Bankruptcy Loan TENET HEALTHCARE: Egan-Jones Retains B+ Senior Unsecured Ratings TERRA SANTA: Comm. Seeks to Hire Blank Rome as Delaware Counsel TERRA SANTA: Seeks Approval to Hire Gant Hill as Business Broker TORINO CAMPUS: Unsecureds to be Paid in Full; Plan Hearing Oct. 4 TPT GLOBAL: Posts $4.5 Million Net Loss in Second Quarter TRUTH DATA: Gets Cash Collateral Access on Final Basis TWITTER INC: Egan-Jones Retains BB- Senior Unsecured Ratings US STEEL: S&P Upgrades ICR to ‘BB-' on Debt Reduction VAL PROPERTIES: Oct. 4 Plan Confirmation Hearing Set VITEC ELECTRONICS: Files Subchapter V Case VOYAGER DIGITAL: Files Suit to Stop 'Ponzi' Claims vs. CEO VYANT BIO: Incurs $5.8 Million Net Loss in Second Quarter WOODLAWN COMMUNITY: Unsecureds to Recover 100% in Trustee's Plan YU HUA LONG: Amends Unsecured Claims Pay Details ZOSANO PHARMA: Unsecureds to Recover 28% in Liquidating Plan [*] Skilled Nursing, Senior Living Lead in Bankruptcy Filings [^] Large Companies with Insolvent Balance Sheet ********* 26 BOWERY: Seeks Approval to Hire Ravert PLLC as Special Counsel ---------------------------------------------------------------- 26 Bowery, LLC and 2 Bowery Holding, LLC seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Ravert PLLC as their special litigation counsel. The firm will represent the Debtors in any landlord tenant litigation between the Debtors and its tenants or alleged tenants in New York City Housing Court, Civil Court or New York Supreme Court or any appeal from the decisions of those courts. The firm will receive $360 per hour for its services, plus reimbursement of actual, necessary expenses and other charges. Ravert PLLC does not hold or represent any interest adverse to Debtors in respect of the matters upon which it is to be engaged, according to court filings. The firm can be reached through: Gary O. Ravert, Esq. Ravert PLLC 116 West 23rd Street, 5th Floor New York, NY 10011 Phone: (646) 961-4770 Fax: (917) 677-5419 Email: gravert@ravertpllc.com About 26 Bowery 26 Bowery, LLC is the owner of the real property and improvements located at 26 Bowery, N.Y. The property is a mixed-use commercial property located in Manhattan's Chinatown neighborhood. 26 Bowery and its affiliate, 2 Bowery Holding, LLC, filed their voluntary petitions for Chapter 11 protection (Bankr. S.D.N.Y. Case Nos. 22-10412 and 22-10413) on March 31, 2022. Both reported as much as $10 million in both assets and liabilities at the time of the filing. Judge Martin Glenn oversees the cases. A. Mitchell Greene, Esq., at Leech Tishman Robinson Brog PLLC serves as the Debtors' legal counsel. 8E14 NETWORKS: Sept. 7 Final Hearing on VMware's $2MM DIP Loan --------------------------------------------------------------- e14 Networks, Inc. is slated to appear before Delaware Bankruptcy Judge Brendan Linehan Shannon on September 7, 2022, at 11:30 a.m., for a hearing on its Motion for Entry of Interim and Final Orders (I) Authorizing the Debtor to Obtain Postpetition Secured Financing, (II) Granting Liens and Providing Superpriority Administrative Expense Claims, (III) Authorizing the Use of Cash Collateral, (IV) Granting Adequate Protection, (V) Modifying the Automatic Stay, and (VI) Granting Related Relief. Objections to the Debtor's request are due August 31. Since filing the request, the Debtor has obtained two interim court orders authorizing it to, first, access up to $450,000 in DIP financing from VMware, Inc., and then, another $650,000 from the facility, for an aggregate of $1.1 million. The Debtor also won permission to access cash collateral in which Venture Lending & Leasing, its prepetition lender, asserts an interest. VMware has committed to extend up to $2 million in financing in the form of a multidraw term loan facility as set forth in a Senior Secured Superpriority Debtor-in-Possession Loan and Security Agreement. The Debtor does not have sufficient liquidity, including cash collateral, to fund professional fees necessary to proceed in the Chapter 11 Case during the first interim period without the DIP Facility. As adequate protection, the Prepetition Lender is granted a valid, binding, continuing, enforceable, fully perfected replacement security interest in and lien on the DIP Collateral. The Adequate Protection Liens will be junior to the DIP Liens, the Permitted Liens, and the Carve Out. As further adequate protection, the Prepetition Lender is allowed an administrative expense claim against the Debtor with priority over all other administrative claims in the Case. The Carve-Out means: (i) solely upon conversion of the Case to a case under chapter 7, all reasonable fees and expenses up to $20,000 incurred by a trustee under section 726(b) of the Bankruptcy Code; plus (ii) subject to the Budget, but to the extent allowed at any time (whether prior to or subsequent to a Termination Event), all reasonable unpaid fees, costs, disbursements and expenses incurred or earned by the subchapter V trustee and her professionals; plus (iii) subject to the Budget, but to the extent allowed at any time (whether prior to or subsequent to a Termination Event), whether by interim order, procedural order, or otherwise, all unpaid postpetition fees, costs, disbursements and expenses (including ordinary course professionals, but excluding any success or completion fees), incurred or earned postpetition by persons or firms retained by the Debtor pursuant to sections 327, 328, or 363 of the Bankruptcy Code prior to delivery by the DIP Lender in accordance with this Interim Order of a Remedies Notice to the extent such amounts are unpaid, plus (iv) the Professional Fees of the Debtor's Professional Persons in an aggregate amount not to exceed $50,000 incurred after delivery by the DIP Lender of a Remedies Notice in accordance with the Interim Order; provided, that the $50,000 limitation in clause (a)(iv) above will not limit the ability of the Debtor to use the Carve Out to pay Estate Fees or other Professional Fees accrued postpetition but prior to the delivery of a Remedies Notice, or otherwise reduce the amount of any compensation or reimbursement of expenses paid or to be paid prior to the delivery of a Remedies Notice. These events consist a "Termination Event": (i) the Debtor violates any of its obligations under the Interim Order, (ii) the occurrence of an Event of Default (as defined in the DIP Credit Agreement, and including without limitation a breach of any Milestone, as defined in the DIP Credit Agreement), (iii) the Term Loan Maturity Date of the DIP Facility, or (iv) the Interim Order ceasing to be in full force and effect because it has been stayed, revoked or reversed by court order or operation of law; provided, notwithstanding anything to the contrary in the Interim Order, the First Interim Order, or the other DIP Loan Documents, the Milestone for entry of the Interim Order is extended to August 16, 2022. As soon as practicable following entry of the Interim Order, from the DIP Facility, the Debtor reserve an additional $175,000 which amount, when combined with the $225,000 previously reserved in accordance with the First Interim Order, will provide for an aggregate reserve of $400,000 on an interim basis. Amounts held in the Fee Reserve will be held in trust and used only for purpose of satisfying the portion of the Carve Out that relates to the Estate Fees in accordance with this Interim Order and other applicable orders of the Bankruptcy Court through the Final Hearing. As of the Petition Date, the Debtor's liabilities consisted of a secured loan extended by the Prepetition Lender in the amount of approximately $1.4 million (including capitalized interest), SAFE notes issued by the Debtor in the amount of approximately $650,000, convertible notes issued by the Debtor in the amount of approximately $6.3 million, and other obligations of the Debtor in the amount of approximately $1.6 million. Over the past few months, the Debtor's management determined that the Debtor would have a critical need for working capital in order to continue operating and bridge to a sale of substantially all its assets. As it became clear that this Chapter 11 Case would likely be necessary, the Debtor worked diligently to identify a lender willing to provide postpetition financing to the Debtor. Only VMware was willing to extend postpetition financing to the Debtor on the terms and conditions set forth in the DIP Loan Documents. At the time of filing, the Debtor has no material cash on hand to fund its operations and does not have the ability to engage in a further search for financing. Moreover, the Debtor does not believe it could obtain postpetition financing on terms more favorable than the proposed DIP Facility even if it had sufficient liquidity to explore other financing options. Indeed, after the DIP Lender had agreed in principle to provide the DIP Facility, the Debtor, through its professionals, approached no less than five parties that regularly provide postpetition financing in the middle market, lower middle market, and technology start-up spaces. None of those parties were willing to match or better the terms provided by the DIP Facility. In addition to providing the DIP Facility, VMware is also party to a stalking horse asset purchase agreement that provides for the sale of substantially all of the Debtor's assets pursuant to section 363 of the Bankruptcy Code. The Stalking Horse APA contemplates the bid contained therein will be subject to higher and better bids in accordance with sale procedures to be submitted to the Bankruptcy Court for approval in the coming days. The Debtor anticipates that the $12.5 million in sale proceeds to be paid by the DIP Lender pursuant to the Stalking Horse APA will greatly exceed the amount of the Prepetition Loan, and may, in fact, be sufficient to satisfy all claims against the Debtor's estate in full. A copy of the first interim order is available at https://bit.ly/3phZgIQ from PacerMonitor.com. A copy of the second order is available at https://bit.ly/3AtJQY1 from PacerMonitor.com. About 8e14 Networks Inc 8e14 Networks Inc. -- https://www.ananda.net/ -- doing business as Ananda Networks, is a Cyber Security company that builds a network that is fast and secure, replacing old cybersecurity and networking products. 8e14 Networks Inc. filed a voluntary petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 22-10708) on August 4, 2022. In the petition filed by Adi Ruppin, as chief executive officer, the Debtor reported assets and liabilities between $10 million and $50 million each. Judge Brendan L. Shannon oversees the case. Jami B Nimeroff has been appointed as Subchapter V trustee. Matthew P. Ward, Esq., at Womble Bond Dickinson (US) LLP, is the Debtor's counsel. 96 WYTHE: Seeks to Hire Stretto Inc as Disbursing Agent ------------------------------------------------------- Stephen Gray, the trustee appointed in the Chapter 11 case of 96 Wythe Acquisition, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Stretto, Inc. as its disbursing agent. The firm's services include: a. establishing accounts with financial institutions in the name of and as agent for the Trustee; b. facilitating payments of funds from accounts to such persons or entities and in such amounts solely as the Trustee shall specify and direct; and c. consulting services regarding the above as the Trustee may request. The firm will be paid at these hourly rates: Associate $275 Senior Associate $325 Director $345 Managing Director $395 Senior Managing Director $595 Stretto is a disinterested person as that term is defined under section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Robert Klamser Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: robert.klamser@stretto.com About 96 Wythe Acquisition 96 Wythe Acquisition, LLC operates the Williamsburg Hotel, an eight-story hotel located at 96 Wythe Ave., Brooklyn, N.Y. 96 Wythe Acquisition sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-22108) on Feb. 23, 2021, disclosing zero assets and $79,990,206 in liabilities. CRO David Goldwasser signed the petition. Judge Robert D. Drain oversees the case. The Debtor tapped Backenroth Frankel & Krinsky, LLP and Mayer Brown, LLP as bankruptcy counsels; Fern Flomenhaft, PLLC as insurance counsel; and B. Riley Advisory Services as litigation support consultant. Getzler Henrich & Associates, LLC and Hilco Real Estate, LLC serve as the Debtor's financial advisors. Stephen Gray was appointed as Chapter 11 trustee. Togut, Segal & Segal, LLP and Verdolino & Lowey P.C. serve as the trustee's legal counsel and tax accountant, respectively. A.B.C. OF NORTH PALM BEACH: $2.1M Sale to Reichel to Fund Plan -------------------------------------------------------------- A.B.C. of North Palm Beach, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement for Plan of Liquidation dated August 25, 2022. The Debtor owns the real property located at 763 and 775 Northlake Blvd., North Palm Beach, FL 33408 (the "Real Property"). According to the Palm Beach County, Florida property appraiser, the market value of all of the Real Property is $1,790,000. The Debtor has signed a Purchase and Sale Agreement with William B. Reichel or his designated affiliate ("Reichel" or the "Stalking Horse Bidder") for the purchase price of $2,100,000, subject to higher and better offers, as set forth in the Debtor's Motion to Approve Auction and Bid Procedures and for related relief filed with the Bankruptcy Court on August 17, 2022. On August 24, 2022, the Bankruptcy Court approved the Auction and Bid Procedures and the related relief and has set the deadline of 5:00 p.m. on Sept. 19, 2022 as the other bidder's qualification deadline, with a live auction to take place (assuming there are other qualified bidders) on September 21, 2002 at 11:00 a.m. at Lorium PLLC, 197 S. Federal Hwy #200, Boca Raton, FL 33432, with a final hearing in the Bankruptcy Court to approve the sale on September 28, 2022 at 1:30 p.m. Closing is expected to occur on October 16, 2022. Class 6 consists of the Disputed Secured Claims Against Real Property Based on Claims filed in Palm Beach County, Public Records. The Debtor will be filing objection(s) to these claims and/or adversary proceeding(s) to determine the validity, priority and extent of these disputed claims. Any allowed secured claims by holders of Class 6 Claims, as adjudicated by the Bankruptcy Court or agreed to between the parties, will be paid in full, from the net sales proceeds from the closing of the sale of the Real Property which the Debtor expects to take place prior to October 16, 2022. Disputed claims appearing in Palm Beach County, Public Records total $5,986,674.68. Class 7 consists of all allowed unsecured general claims and is unimpaired by this Plan. Any allowed unsecured claims by holders of Class 7 Claims, will be paid in full at the closing of the sale of the Real Property, which the Debtor expects to take place prior to October 16, 2022. Filed general unsecured claims total $2,700.35. Scheduled undisputed unsecured claims total $265.02. Class 8 consists of the allowed equity interests in the Debtor. Class 8 equity interest(s) of the Debtor shall retain any and all net proceeds from the closing of the sale of the Real Properties, after payment in full of allowed claims, including payment to the United States Trustee of its quarterly fees and payments to the Debtor's professionals. The means necessary for the execution of this Plan include the proceeds from the sale of the Real Property. The Debtor has signed a Purchase and Sale Agreement with William B. Reichel or his designated affiliate ("Reichel" or the "Stalking Horse Bidder") for the purchase price of $2,100,000.00 subject to higher and better offers, as set forth in the Debtor's Motion to Approve Auction and Bid Procedures and for related relief filed with the Bankruptcy Court on August 17, 2022. A full-text copy of the Disclosure Statement dated August 25, 2022, is available at https://bit.ly/3KtqCVX from PacerMonitor.com at no charge. Counsel for Debtor: Mark S. Roher, Esq. The Law Office of Mark S. Roher, P.A. 1806 N. Flamingo Road, Suite 300 Pembroke Pines, FL 33028 Telephone: (954) 353-2200 Email: mroher@markroherlaw.com About A.B.C. of North Palm Beach A.B.C. of North Palm Beach, Inc., owns the real property located at 763 and 775 Northlake Blvd., North Palm Beach, FL 33408. To stop foreclosure, A.B.C. of North Palm Beach filed for Chapter 11 protection (Bankr. S.D. Fla. Case No. 22-12797) on April 10, 2022. In the petition filed by My Tran, president, A.B.C. listed up to $10 million in assets and up to $50,000 in liabilities. Judge Mindy A. Mora oversees the case. Mark S. Roher, Esq., at the Law Office of Mark S. Roher, P.A. is the Debtor's legal counsel. ADVANCED CONTAINER: Incurs $268K Net Loss in Second Quarter ----------------------------------------------------------- Advanced Container Technologies, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $268,284 on $739,342 of revenues for the three months ended June 30, 2022, compared to a net loss of $297,412 on $758,572 of revenues for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported 441,401 on $1.66 million of revenues compared to a net loss of $594,385 on $2.63 million of revenues for the six months ended June 30, 2021. As of June 30, 2022, the Company had $3.97 million in total assets, $2.27 million in total current liabilities, and $1.69 million in total stockholders' equity. As of June 30, 2022, the Company had $101,155 in cash and accounts receivable of $221,341. As of June 30, 2022, and Dec. 31, 2021, the Company had negative working capital of $1,165,771 and $1,073,722, respectively. As of June 30, 2022, the Company had no commitments for capital expenditures. As of that date, the Company had inventory of approximately 72,000 Medtainer products, approximately 115,000 units of other products and two GrowPod units. During the six months ended June 30, 2022, the Company experienced negative cash flow from operations of $76,459 and added $118,247 of cash flows from financing activities. During the six months ended June 30, 2021, the Company experienced negative cash flow from operations of $446,263 and added $466,476 of cash flows from financing activities. Cash used in operating activities was primarily a result of the Company's net loss, partially offset by the non-cash item of amortization and the decrease in operating assets and liabilities. Advanced Container stated, "The Company intends to devote its manpower and capital resources to increasing revenues, while working to reduce the cost of goods sold and operating expenses. Doing so depends on the successful execution of its operating plan, which includes increasing sales of existing products, introducing additional products and services, controlling cost of goods sold and operation expenses, negotiating extensions of existing loans and raising either debt or equity financing." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001096950/000168316822005991/advanced_i10q-063022.htm About Advanced Container Corona, Calif.-based Advanced Container Technologies, Inc. --www.advancedcontainertechnologies.com -- markets and sells two principal products: (i) GrowPods, which are specially modified insulated shipping containers manufactured by GP Solutions, Inc., in which plants, herbs and spices may be grown hydroponically in a controlled environment and (ii) Medtainers, which may be used to store pharmaceuticals, herbs, teas and other solids or liquids and can grind solids and shred herbs. Advanced Container reported a net loss of $845,056 for the year ended Dec. 31, 2021, compared to a net loss of $579,031 for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $4.02 million in total assets, $2.10 million in total liabilities, and $1.93 million in total stockholders' equity. Irvine, California-based Haskell & White LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has a working capital deficit, continued operating losses since inception, and has notes payable that are currently in default. These matters raise substantial doubt about the Company's ability to continue as a going concern. AG FOODS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Debtor: AG Foods, LLC 520 W. Sheldon Prescott, AZ 86301 Business Description: The Debtor is a family-owned and operated restaurant. Chapter 11 Petition Date: August 29, 2022 Court: United States Bankruptcy Court District of Arizona Case No.: 22-05750 Judge: Hon. Eddward P Ballinger Jr. Debtor's Counsel: Thomas H. Allen, Esq. ALLEN BARNES & JONES, PLC 1850 N. Central Avenue, Suite 1150 Phoenix, AZ 85004 Tel: 602-256-6000 Fax: 602-252-4712 Email: tallen@allenbarneslaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by George A. Singh as manager. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/GY7CBTY/AG_FOODS_LLC__azbke-22-05750__0001.0.pdf?mcid=tGE4TAMA AINOS INC: Incurs $1.9 Million Net Loss in Second Quarter --------------------------------------------------------- Ainos, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.95 million on $636,627 of revenues for the three months ended June 30, 2022, compared to a net loss of $749,774 on $202,992 of revenues for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported a net loss of $4.05 million on $723,828 of revenues compared to a net loss of $1.28 million on $205,113 of revenues for the six months ended June 30, 2021. As of June 30, 2022, the Company had $40.41 million in total assets, $34.41 million in total liabilities, and $6.01 million in total stockholders' equity. As of June 30, 2022, the Company had available cash and cash equivalents of $1,753,877. The Company anticipates business revenues and further potential financial support from external sources to fund its operations over the next twelve months. Management Commentary Chun-Hsien Tsai, Chairman of the Board, president, and chief executive officer of Ainos, commented, "We are pleased to announce our first quarterly results as a Nasdaq-listed company with significant year-over-year revenue growth and promising operational milestones. This has been a momentous year for us, our partners, and our shareholders. Receiving approval for our COVID-19 Antigen Self-Test to be sold in Taiwan and the positive preclinical study results for our VELDONA interferon formulation demonstrates the strength of our product portfolio as we strive to fulfill our mission to develop a telehealth-enabled future for precision medicine. Our Nasdaq uplisting is an exciting new chapter in our development, providing us with wider access to capital, raising our corporate profile, and positioning us to deliver greater and more sustainable value for our shareholders. With our low-cost operations and cutting-edge technology, the building blocks for our future growth as a diversified medtech company are firmly in place." Hui-Lan Wu, chief financial officer of Ainos, commented, "Increased sales of our COVID-19 Antigen Rapid Test Kits during the second quarter drove robust year-over-year 213.6% top-line growth. With the additional capital provided by our recent uplisting, we are well positioned to meet our product development targets, capture emerging market opportunities, and generate long-term growth for our shareholders. Looking ahead, we will continue to commercialize our medical device pipeline while expanding and strengthening our innovative product portfolio." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1014763/000165495422011233/aimd_10q.htm About Ainos Ainos, Inc., formerly known as Amarillo Biosciences, Inc., is a diversified healthcare company engaged in the research and development and sales and marketing of pharmaceutical and biotech products. The Company is engaged in developing medical technologies for point-of-care testing and safe and novel medical treatment for a broad range of disease indications. The Company is a Texas corporation incorporated in 1984. Ainos reported a net loss of $3.89 million for the year ended Dec. 31, 2021, compared to a net loss of $1.45 million for the year ended Dec. 31, 2020. As of March 31, 2022, the Company had $40.74 million in total assets, $32.65 million in total liabilities, and $8.08 million in total stockholders' equity. ALASKA AIR: Egan-Jones Retains B Senior Unsecured Ratings --------------------------------------------------------- Egan-Jones Ratings Company, on August 16, 2022, retained its 'B' foreign currency and local currency senior unsecured ratings on debt issued by Alaska Air Group, Inc. Headquartered in SeaTac, Washington, Alaska Air Group, Inc. is an airline holding company. ALL AMERICA TRADING: Seeks $50,000 in Cash Collateral ----------------------------------------------------- All America Trading, LLC asks the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, for authority to use cash collateral to pay operating costs, including vendor fees to move inventory of perishable bananas out of storage before the inventory expires and becomes worthless. The cash collateral consists of funds currently on deposit in the Debtor's prepetition bank account and pre-petition accounts receivable. The Debtor will require the use of approximately $50,000 over the next 14 days in order to pay the vendor fees to move the bananas out of storage. AJ Equity Group LLC has a lien on the Debtor's cash collateral of up to $147,000. AJ also has a garnished lien on the Debtors' main pre-petition bank account. Advance Servicing Inc. has a lien on the Debtor's cash collateral of up to $30,000. Capybara Capital, LLC has a lien on the Debtors' cash collateral of up to $96,429. Preferred Funding, LLC has a lien on the Debtor's cash collateral of up to $36,000. RDM Capital Funding, LLC d/b/a FinTap has a lien on the Debtor's cash collateral of up to $77,000. As adequate protection, the Secured Creditors will have a perfected post-petition lien against cash collateral to the same extent and with the same validity and priority as the prepetition liens, without the need to file or execute any document as may otherwise be required under applicable non-bankruptcy law. The Debtor will pay $4,500 per month, to be distributed pro-rata to the Secured Creditors, as adequate protection payments to each Secured Creditor, to be paid on the 15th day of each month. The first payment each Secured Creditor will begin on the first 15th after the entry of the Order approving the Motion as follows: AJ – $1,711.84 Advance – $349.35 Capybara – $1,122.92 Preferred – $419.22 RDM – $896.67 The adequate protection payments will continue until confirmation of the plan. The plan contemplates paying off the Secured Creditors based on negotiated payoff amounts. The amounts and types of cash collateral for Debtor on the Petition Date is: Cash Accounts: $160,000 Accounts Receivable: $220,000 A copy of the motion and the Debtor's six-month budget is available at https://bit.ly/3RdBEB3 from PacerMonitor.com. The budget provides for total operating expenses, on a weekly basis, as follows: $255,300 for September 2022; $382,000 for October 2022; $542,600 for November 2022; $542,600 for December 2022; $653,400 for January 2022; and $658,100 for February 2022. About All America Trading All America Trading LLC is is a Florida limited liability company whose primary place of business is in Orlando, Orange County, Florida. AAT exports bananas globally. It works virtually out of the apartment of the principal of AAT, Joe Mudar, who is the 100% owner of AAT. All America Trading LLC filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-02876) on August 11, 2022. In the petition filed by Mudar Y. Mahmoud, as owner, the Debtor reported assets between $500,000 and $1 million and liabilities between $500,000 and $1 million. Aaron R. Cohen has been appointed as Subchapter V trustee. Adina L Pollan, Esq., at McGlinchey Stafford, is the Debtor's counsel. AMERICAN AIRLINES: Egan-Jones Retains B- Senior Unsecured Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company, on August 17, 2022, retained its 'B-' foreign currency and local currency senior unsecured ratings on debt issued by American Airlines Group Inc. EJR also retained its 'B' rating on commercial paper issued by the Company. Headquartered in Fort Worth, Texas, American Airlines Group Inc. operates an airline. ASHLAND LLC: Egan-Jones Retains BB Senior Unsecured Ratings ----------------------------------------------------------- Egan-Jones Ratings Company, on August 19, 2022, retained its 'BB' foreign currency and local currency senior unsecured ratings on debt issued by Ashland LLC. Headquartered in Covington, Kentucky, Ashland LLC operates as a specialty chemical company. ASSUNCAO BROS: Court OKs Cash Collateral Access, $200,000 DIP Loan ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of New Jersey authorized Assuncao Bros., Inc. to use the cash collateral of Manasquan Bank and obtain post-petition financing, on a final basis. The Debtor obtained a commitment for up to $200,000 of post-petition financing from Vollers Excavating and Construction, Inc., to pay, if necessary and on an interim basis, (i) accrued and unpaid payroll as of the Petition Date (net of applicable payroll taxes); (ii) payroll and labor costs for Non-Bonded Projects for which the Debtor and Vollers will execute a Subcontract at closing if the sale is approved pursuant to the amount noted in the Budget from the DIP Loan proceeds as set forth in Budget. The proceeds of the DIP Loan will be used to fund the costs of administering Debtor's estate, including, without limitation, (i) accrued and unpaid payroll as of the Petition Date and (ii) payroll and labor costs for those certain Non-Bonded Projects for which the Debtor and Vollers will execute a Subcontract at closing if the sale is approved. The Debtor is a party to Manasquan Bank's Loan Documents. As of the Petition Date, Manasquan Bank asserts that the outstanding amount due and owing by the Debtor to Manasquan Bank under and in connection with the Loan Documents, inclusive of principal and accrued interest, is approximately $1,309,232 plus any and all other amounts required to be paid under and in connection with the Loan Documents. As of the Petition Date, the Debtor is in default of its obligations under the Loan Documents. As previously reported by the Troubled Company Reporter, on May 3, 2021, the Debtor executed a Loan Authorization and Agreement with the U.S. Small Business Administration for an Economic Injury Disaster Loan, the principal amount of which was $500,000. The annual interest rate of the SBA Loan is 3.75%. Under the terms of the SBA Note, the Debtor must pay principal and interest payments of $2,437 every month beginning in May 2022. The SBA will apply each installment payment first to pay interest accrued to the day the SBA receives the payment and will then apply any remaining balance to reduce principal. All remaining principal and interest is due and payable 30 years from May 2021. As of the Petition Date, the principal balance due under the SBA Loan is approximately $500,000. As adequate protection for the Debtor's use of cash collateral, Manasquan Bank and the SBA are granted replacement security interests and liens, without requiring any additional filing or recordation of statements or documents. Manasquan Bank will have a superpriority administrative expense claim under section 507(b) of the Bankruptcy Code to the extent of any diminution of Manasquan Bank's Prepetition Collateral and cash collateral from the Petition Date. The SBA will have a superpriority administrative expense claim under section 507(b) of the Bankruptcy Code to the extent of any diminution of SBA's prepetition collateral and cash collateral from the Petition Date, but only to the extent that the Secured Obligations of Manasquan Bank have been paid in full. As further adequate protection, the Debtor will make payment to Manasquan Bank on the Secured Obligations at the closing of any sale of the Debtor’s assets, including, without limitation, (i) any of the Prepetition Collateral, and/or (ii) Replacement Collateral; provided however that Manasquan Bank may consent to different terms for payment in connection with any such sale; provided further that absent the express written consent of Manasquan Bank to any such sale, this provision will apply to require the proceeds of any such sale to be paid to Manasquan Bank at closing. Manasquan Bank has agreed to provide a payment of $25,000 from the proceeds of a proposed settlement, upon receipt, to payment to the Debtor for administrative expenses, which the Debtor is authorized to apply to any allowed professional fees. A copy of the order and the Debtor's budget is available at https://bit.ly/3wtPdEm from PacerMonitor.com. The budget provides for total disbursements, on a weekly basis, as follows: $169,476 for the week ending August 6, 2022; $284,092 for the week ending August 13, 2022; $35,700 for the week ending August 20, 2022; $30,700 for the week ending August 27, 2022; $5,700 for the week ending September 3, 2022; $30,614 for the week ending September 10, 2022; $5,700 for the week ending September 17, 2022; $5,700 for the week ending September 24, 2022; $5,700 for the week ending October 1, 2022; and $22,857 for the week ending October 8, 2022. About Assuncao Bros., Inc. Assuncao Bros., Inc. is a contractor that specializes in concrete work, including, but not limited to, curb, sidewalk, bridge, barriers, and slabs. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 22-16159-CMG) on August 3, 2022. In the petition signed by Martin Assuncao, president and chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Christine M. Gravelle oversees the case. Joseph J. DiPasquale, Esq., at Fox Rothschild LLP is the Debtor's counsel. BEAZER HOMES: Egan-Jones Retains B+ Senior Unsecured Ratings ------------------------------------------------------------ Egan-Jones Ratings Company, on August 17, 2022, retained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by Beazer Homes USA, Inc. Headquartered in Atlanta, Georgia, Beazer Homes USA, Inc. designs, builds, and sells single family homes in the Southeast, Southwest, and South Central regions of the United States. BENJAMIN EYE CARE: Seeks Cash Collateral Access ----------------------------------------------- Benjamin Eye Care, LLC, asks the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, for authority to use cash collateral effective June 29, 2022 and provide adequate protection. The Debtor requires the use of cash collateral to pay employees, independent contractors for imaging reading services, insurance, and other necessary expenses associated with and necessary for the operation of its business. Bankers Healthcare Group, LLC, the Internal Revenue Service, and The Northern Trust Company assert a security interest in and to the assets of the Debtor. BHG asserts a first and second priority lien interest in and to the assets of the Debtor based on: a. A Financing Agreement Promissory Note/Security dated November 29, 2011 in the principal amount of $72,937. b. A Financing Agreement Promissory Note/Security dated December 3, 2012 in the principal amount of $275,547. BHG's Note 1 and Note 2 are secured by a lien on the assets of the Debtor, including, but not limited to, equipment, fixtures, inventory, accounts, instruments, chattel paper, general intangibles, together with all replacements, accessions, proceeds and products. The IRS may assert a lien interest in the Debtor's assets based upon the filing of it Proof of Claim #10 filed August 12, 2022, and notices of lien with the State of Illinois and Cook County for unpaid withholding taxes on June 13, 2022, and June 29, 2022, respectively. The total secured claim asserted by the IRS is $210,759. TNTC may assert a lien interest in the assets of the Debtor based upon a citation lien created on April 1, 2022, which is disputed by the Debtor and subject avoidance under 11 U.S.C. section 5471. The total secured claim asserted by TNTC is $932,86. BHG asserts perfected security interests in the Collateral by virtue of a UCC Financing Statements filed with the Illinois Secretary of State beginning in December 2011, with the most recent continuation statements filed on October 17, 2017, and August 12, 2021, respectively. The approximate balance due and owing to BHG on Note 1 and Note 2, collectively, is $276,695. The Debtor's assets consist of cash deposits, accounts receivables, equipment, office furniture and furnishings and general intangibles the value of which was $210,759 on the Petition Date. As for adequate protection for the interests of BHG, the IRS and TNTC in the Collateral, the Debtor proposes that: a. BHG and any other lien claimants will be granted valid and perfected replacement liens in and to post-petition cash collateral and all post-petition property of the Debtor of the same type or kind substantially equivalent to the pre-petition Collateral (excepting avoidance actions of the estate) to the same extent and with the same priority as held pre petition; b. Insurance will be maintained on the Collateral and the policy will reflect BHG as a lienholder and loss payee. A hearing on the matter is set for August 31, 2022 at 10 a.m. The Debtor also requests the Court to set the matter for a final hearing on October 26 at 10 a.m. A copy of the motion is available at https://bit.ly/3wuhNFG from PacerMonitor.com. About Benjamin Eye Care Benjamin Eye Care, LLC -- https://benjamineyecare.com/ -- offers personalized attention, compassionate care and excellence in eye care. It is based in La Grange, Ill. Benjamin Eye Care filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-07349) on June 30. 2022, listing up to $500,000 in assets and up to $10 million in liabilities. Neema T. Varghese serves as Subchapter V trustee. Gregory Stern, Esq., Monica O'Brien, Esq., Dennis Quaid, Esq., and Rachel Sandler, Esq., at Gregory K. Stern, P.C. are the Debtor's bankruptcy attorneys. The Debtor tapped Fates, Bodily and Parker, PLLC as its accountant. BITNILE HOLDINGS: Posts $26.1 Million Net Loss in Second Quarter ---------------------------------------------------------------- Bitnile Holdings, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $26.08 million on $17.37 million of total revenue for the three months ended June 30, 2022, compared to net income of $41.13 million on $62.13 million of total revenue for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported a net loss of $54.87 million on $50.19 million of total revenue compared to net income of $44.21 million on $75.37 million of total revenue for the six months ended June 30, 2021. As of June 30, 2022, the Company had $596.27 million in total assets, $133.98 million in total liabilities, $116.89 million in redeemable noncontrolling interests in equity of subsidiaries, and $345.40 million in total stockholders' equity. As of June 30, 2022, the Company had cash and cash equivalents of $24.1 million and working capital of $51.4 million. The Company has financed its operations principally through issuances of convertible debt, promissory notes and equity securities. The Company believes its current cash on hand is sufficient to meet its operating and capital requirements for at least the next twelve months from the date these financial statements are issued. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/896493/000121465922010460/f81422010q.htm About BitNile Holdings BitNile Holdings, Inc. (formerly known as Ault Global Holdings, Inc.) -- www.BitNile.com -- is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, the Company owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma, and textiles. In addition, the Company extends credit to select entrepreneurial businesses through a licensed lending subsidiary. BitNile's headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV. BitNile reported a net loss of $23.97 million for the year ended Dec. 31, 2021, a net loss of $32.73 million for the year ended Dec. 31, 2020, a net loss of $32.94 million for the year ended Dec. 31, 2019, and a net loss of $32.98 million for the year ended Dec. 31, 2018. As of March 31, 2022, the Company had $518.92 million in total assets, $93.74 million in total liabilities, $116.73 million in redeemable noncontrolling interests in equity of subsidiaries, and $308.46 million in total stockholders' equity. BLACK NEWS CHANNEL: Exclusivity Period Extended to Sept. 26 ----------------------------------------------------------- Black News Channel, LLC obtained a court order extending its exclusive right to file a Chapter 11 plan to Sept. 26 and solicit votes in favor of the plan to Nov. 25. The ruling by the U.S. Bankruptcy Court for the Northern District of Florida allows the sale of Black News Channel's television assets to conclude and gives the company more time to prepare its own plan without the threat of a rival plan from creditors. Last month, the court approved the sale of the company's television assets to Entertainment Studios Networks, Inc. following an extensive bidding process. ESN, a U.S. television production company, purchased the assets for $11 million. About Black News Channel Black News Channel, LLC is a news network and the only provider of 24/7 multi-platform programming dedicated to covering the 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. On April 12, 2022, the U.S. Trustee for Region 21 appointed an official committee of unsecured creditors. The committee tapped Norton Rose Fulbright US, LLP and the law firm of Michael H. Moody Law, PA as bankruptcy counsels; and PricewaterhouseCoopers, LLP as tax compliance and tax consulting service provider. CAMMAND MACHINING: Wins Interim Access to Cash Collateral --------------------------------------------------------- The U.S Bankruptcy Court for the Eastern District of Michigan, Southern Division, authorized Cammand Machining LLC to use cash collateral on an interim basis. The Debtor requires the use of cash collateral to, among other things, permit the continued operations of the Debtor. Prior to the Petition Date, the Debtor, the Huntington National Bank and Small Business Administration were parties to various agreements. As a consequence of the foregoing, HNB and the SBA claim they possess valid and perfected security agreements in substantially all of the Debtor's property. The Debtor is permitted to use cash collateral to pay actual, ordinary, and necessary expenses of maintaining its business operations and to fund the payment of Debtor's professionals including attorney and accountants. As adequate protection, HNB and the SBA are granted fully perfected replacement liens having the same validity as, on the same types of collateral (whether arising prior to, on or after the Petition Date) as, and of the same relative lien priority as held by HNB and SBA respective pre-petition liens and security interests with respect to the collateral. The Adequate Protections Liens granted are in addition to all security interests, liens, and rights of HNB and SBA existing as of the Petition Date. The relative priorities and rights of payment between and among HNB and SBA as of the Petition Date will remain the same as they were prior to the Petition Date and will remain in full force and effect pursuant to the Order. The Debtor agrees to pay HNB $11,000 as adequate protection beginning September 2022. All liens and security interests in the Adequate Protections Liens granted to HNB and SBA are deemed duly perfected and recorded under all applicable laws as of the date hereof. A final hearing on the matter is set for September 12 at 11 a.m. A copy of the order is available at https://bit.ly/3wvHKVf from PacerMonitor.com. About Cammand Machining LLC Cammand Machining LLC specializes in CNC machining, gun drilling, and surfacing & design. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 22-46398) on August 16, 2022. In the petition signed by Clarence Meltzer, managing member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Mark A. Randon oversees the case. Scott M. Kwiatkowski, Esq., at Goldstein Bershad & Fried PC is the Debtor's counsel. CARESTREAM HEALTH: $80MM DIP Loan from JPMorgan Has Interim OK -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware authorized Carestream Health, Inc. and affiliates to, among other things, use cash collateral on an interim basis and obtain postpetition financing. The Debtors sought authority to obtain postpetition financing and other financial accommodations in connection with the debtor in possession financing, comprising, among other things, a superpriority senior secured multi-draw term loan facility in an aggregate principal amount of up to $80,000,000 consisting of (x) a $5,000,000 tranche of new money terms loans and (y) a $75,000,000 tranche of new money terms loans. An initial amount of up to $50,000,000 of the DIP Facility, consisting of $3,125,000 of Tranche A DIP Loans and $46,875,000 of Tranche B DIP Loans, is available to the Debtors immediately upon entry of the Interim Order and in accordance with the terms set forth in the Senior Secured Superpriority Debtor in Possession Credit Facility Term Sheet, dated as of August 21, 2022. An additional amount of up to $30,000,000, consisting of $1,875,000 of Tranche A DIP Loans and $28,125,000 of Tranche B DIP Loans, will be made available to the Debtors in one or more draws, upon entry of, and subject to the terms of, the Final Order. Under the DIP Term Sheet, JPMorgan Chase Bank, N.A, serves as administrative and collateral agent. The Debtors require immediate access to sufficient working capital and liquidity through the incurrence of the new indebtedness for borrowed money to avoid irreparable harm by, among other things, preserving and maintaining the going concern value of the Debtors' businesses. On June 7, 2013, the Debtor Carestream Health, Inc. entered into the Amended and Restated Credit Agreement with Debtor Carestream Health Holdings, Inc., as Holdings, the subsidiary guarantors thereunder, Credit Suisse AG, Cayman Islands Branch, as administrative agent, and the lenders party thereto made loans to the Borrower, pursuant to which certain First Lien Lenders made loans to, and participated in Letters of Credit issued for the benefit of, the Borrower. As of the Petition Date, the Debtors, were indebted and liable to the Revolving Lenders in respect of (i) the Revolving Facility Loans in the aggregate principal amount outstanding of approximately $77,000,000, (ii) approximately $541,593 on account of accrued and unpaid interest thereon as of the Petition Date, and (iii) the aggregate face amount of approximately $5,317,486 on account of undrawn Letters of Credit issued under the First Lien Credit Agreement, in each case, pursuant to, and in accordance with the terms of, the First Lien Documents. As of the Petition Date, the Debtors, were indebted and liable to the First Lien Term Loan Lenders and the First Lien Agent in respect of the First Lien Term Loans in the aggregate amount of approximately $514,955,000, which consists of (x) approximately $507,719,700 in principal amount of term loans advanced under the First Lien Credit Agreement, plus (y) approximately $7,235,300 on account of accrued and unpaid interest thereon as of the Petition Date ((x) and (y) together, the First Lien Term Loan Obligations Amount, plus all other fees, costs, expenses, indemnification obligations, reimbursement obligations, charges, premiums, if any, additional interest, any other Obligations in respect of the First Lien Term Loans and all other obligations of whatever nature owing, whether or not contingent. On June 7, 2013, the Debtor Carestream Health Holdings, Inc., as Holdings, the subsidiary guarantors thereunder, Credit Suisse AG, Cayman Islands Branch, as administrative agent and the lenders party thereto, entered into a Second Lien Credit Agreement, which provided a term loan facility pursuant to which the Second Lien Lenders made loans to the Borrower. As of the Petition Date, the aggregate outstanding principal amount owed by the Borrower and the guarantors under the Second Lien Credit Documents was approximately $448,235,000. As adequate protection, the Prepetition First Lien Agent for the benefit of the First Lien Lenders and the Prepetition Second Lien Agent for the benefit of the Second Lien Lenders, are granted additional and replacement valid, binding, enforceable, non-avoidable, effective and automatically perfected postpetition security interests in, and liens on, without the necessity of the execution by the Debtors. The First Lien Adequate Protection Liens will be subject and junior to the DIP Liens, the Carve Out, and the L/C Cash Collateral Liens and otherwise be senior to all other security interests in, liens on, or claims against any of the Prepetition Collateral. As further adequate protection, and to the extent provided by sections 503(b) and 507(b) of the Bankruptcy Code, an allowed administrative expense claim in the Cases of each of the Debtors ahead of and senior to any and all other Administrative Expense Claims in such Cases to the extent of any postpetition Diminution in Value, except the Carve Out and the DIP Superpriority Claims. The Carve-Out means (i) all fees required to be paid to the Clerk of the Court and to the Office of the United States Trustee under 28 U.S.C. section 1930(a) plus interest at the statutory rate (without regard to the notices set forth in (iii) below), (ii) all reasonable fees and expenses up to $50,000 incurred by a trustee under section 726(b) of the Bankruptcy Code, which will not be subject to the Approved DIP Budget, (iii) to the extent allowed at any time, whether by interim order, procedural order, or otherwise, all unpaid fees and expenses incurred by persons or firms retained by the Debtors pursuant to sections 327, 328, or 363 and any official committee of unsecured creditors pursuant to section 328 or 1103 of the Bankruptcy Code at any time before or on the first business day following delivery by the DIP Agent of a Carve Out Trigger Notice, whether allowed by this Court prior to or after delivery of a Carve Out Trigger Notice, and (iv) Allowed Professional Fees of Professional Persons in an aggregate amount not to exceed $2,500,000 incurred after the first business day following the delivery by the DIP Agent of the Carve Out Trigger Notice, to the extent allowed at any time, whether by interim order, procedural order, or otherwise. The final hearing on the matter is scheduled for September 28, 2022 at 2 p.m. A copy of the order is available at https://bit.ly/3PNIVX1 from PacerMonitor.com. About Carestream Health, Inc. Carestream Health, Inc. is a provider of medical imaging and non-destructive testing products with over 100 years of industry experience. Its products are used by prominent health systems, hospitals, imaging centers, specialty practices and industrial companies worldwide. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10778) on August 23, 2022. In the petition signed by Scott Rosa, chief financial officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge J. Kate Stickles oversees the case. The Debtor tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP is general bankruptcy counsel, Pachulksi Stang Ziehl & Jones LLP as local bankruptcy counsel, AlixPartners, LLC as restructuring advisor, Houlihan Lokey, Inc. as financial advisor and investment banker, and Kurtzman Carson Consultants LLC as claims and noticing agent. CARMAX INC: Egan-Jones Retains BB+ Senior Unsecured Ratings ----------------------------------------------------------- Egan-Jones Ratings Company, on August 15, 2022, retained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by CarMax, Inc. Headquartered in Richmond, Virginia, CarMax, Inc. retails automobiles. CELSIUS NETWORK: Accuses Ex-Money Manager of Deceit, Theft ---------------------------------------------------------- Celsius Network LLC has filed a lawsuit in Bankruptcy Court against former money manager Jason Stone and his company Keyfi Inc. for allegedly deceiving Celsius about his investing abilities and lost or stole tens of millions of dollars in assets. The bankrupt crypto lender said its lawsuit filed August 23, 2022, arises from Stone's incompetence, deceit and conversion, and seeks to require defendants to turn over valuable property they stole from Celsius (and ultimately from the whole Celsius community). In 2020, in order to gain access to and control over valuable Celsius coins, Stone falsely represented himself as a pioneer and expert in coin staking and decentralized finance ("DeFi") investments. Unfortunately, Stone and KeyFi, Stone's majority-owned corporate vehicle, proved themselves incapable of deploying coins profitably, and appear to have lost thousands of Celsius coins through their gross mismanagement. "But the Defendants were not just incompetent, they also were thieves," Celsius said. "Among other things, the Defendants stole millions of dollars in coins from Celsius "wallets" -- blockchain addresses where coins and other digital assets can be stored -- by transferring them to wallets that, upon information and belief, are controlled by the Defendants. In addition, without any notice to or authorization from Celsius, the Defendants began to use Celsius coins to buy hundreds of non-fungible tokens ("NFTs"), and then stole the NFTs they acquired with Celsius' coins by sending them to wallets that, upon information and belief, they own or control. The Defendants also sold some of the purloined assets for seven figure returns (which they pocketed). Stone and/or KeyFi also appear to have used Celsius coins to acquire for themselves interests in numerous blockchain-related companies and platforms that they continue wrongfully to hold." "To cover their tracks and hide the ultimate destination of assets taken from Celsius, Stone and KeyFi resorted to Tornado Cash, a "mixer" recently banned by the United States Treasury Department's Office of Foreign Asset Control ("OFAC") because of its frequent use to "launder[] the proceeds of cybercrimes." Most transactions on the blockchain are transparent. But when a transfer is made through a mixer like Tornado Cash, its ultimate destination is concealed...Stone and KeyFi laundered millions of dollars of Celsius property (or its proceeds) through Tornado Cash on dozens of occasions, and continue to hold property (and its proceeds) of great value that rightfully belong to Celsius. According to the lawsuit, the coins Stone and KeyFi apparently lost through their gross negligence alone are worth many tens of millions of dollars, and the assets that they converted, and the proceeds of those assets, may be worth tens of millions more. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtor estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Joshua A. Sussberg, Esq., at Kirkland & Ellis, LLP as legal counsel and Alvarez & Marsal North America, LLC as financial advisor. Stretto, the claims agent, maintains the page https://cases.stretto.com/celsius CEN BIOTECH: Incurs $348K Net Loss in Second Quarter ---------------------------------------------------- CEN Biotech, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $348,283 on $542,477 of revenue for the three months ended June 30, 2022, compared to a net loss of $15.49 million on $0 of revenue for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported a net loss of $607,152 on $882,737 of revenue compared to a net loss of $16.12 million on $0 of revenue for the six months ended June 30, 2021. As of June 30, 2022, the Company had $8.07 million in total assets, $9.93 million in total liabilities, and a total shareholders' deficit of $1.86 million. The Company has incurred significant operating losses and negative cash flows from operations since inception. The Company had an accumulated deficit of $46,569,501 at June 30, 2022 and had no committed source of additional debt or equity financing. The Company has not had any operating revenue and does not foresee any operating revenue in the near term. The Company has relied on the issuance of loans payable and convertible debt instruments to finance its expenses, including notes that are in default. The Company said it will continue to raise additional capital through placement of its common stock, notes or other securities in order to implement its business plan or additional borrowings, including from related parties. The COVID-19 pandemic has hindered the Company's ability to raise capital. The Company gives no assurance that it will be successful in either situation in order to continue as a going concern. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1653821/000143774922021119/cenb20220630_10q.htm About CEN Biotech Inc. CEN Biotech, Inc. -- http://www.cenbiotechinc.com-- is focused on the manufacturing, production and development of Light Emitting Diode lighting technology and hemp products. The Company intends to explore the usage of hemp, which it intends to cultivate for usage in industrial, medical and food products. Its principal office is located at 300-3295 Quality Way, Windsor, Ontario, Canada. CEN Biotech reported a net loss of $18.90 million for the year ended Dec. 31, 2021, compared to net income of $14.25 million for the year ended Dec. 31, 2020. As of March 31, 2022, the Company had $8.32 million in total assets, $10.24 million in total liabilities, and a total shareholders' deficit of $1.92 million. New York, New York-based Mazars USA LLP, the Company's former auditor, issued a "going concern" qualification in its report dated April 14, 2022, citing that the Company has incurred significant operating losses and negative cash flows from operations since inception. The Company also had an accumulated deficit of $45,964,183 at Dec. 31, 2021. The Company is dependent on obtaining necessary funding from outside sources, including obtaining additional funding from the sale of securities in order to continue their operations. The COVID-19 pandemic has hindered the Company's ability to raise capital. These conditions raise substantial doubt about its ability to continue as a going concern. CHARLES DEWEESE: Committee Hires Dentons Bingham as Counsel ----------------------------------------------------------- The official committee of unsecured creditors of Charles Deweese Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ Dentons Bingham Greenebaum LLP as its counsel. The firm's services include: a. advise the Committee with respect to its rights, duties and powers in this Chapter 11 Case; b. assist and advise the Committee in its consultations with the Debtor relating to the administration of this Chapter 11 Case; c. assist the Committee in analyzing the claims of the Debtor's creditors, the Debtor's capital structure, and in negotiating with the holders of claims and, if appropriate, equity interests; d. assist the Committee's investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor and other parties involved with the Debtor and of the operation of the Debtor's business; e. assist the Committee in its analysis of, and negotiations with the Debtor or any other third party concerning matters related to, among other things, the assumption or rejection of certain leases of non-residential real property and executory contracts, asset dispositions, financing transactions and the terms of a plan of reorganization or liquidation for the Debtor; f. assist and advise the Committee as to its communications, if any, to the general creditor body regarding significant matters in this Chapter 11 Case; g. represent the Committee at all hearings and other proceedings; h. review, analyze, and advise the Committee with respect to applications, orders, statements of operations and schedules filed with the Court; i. assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; and j. perform such other services as may be required and are deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code. The firm's hourly rates are as follows: James R. Irving, Partne $475 April A. Wimberg, Partner $400 Gina M. Young, Associate $310 Dentons will also be reimbursed for out-of-pocket expenses incurred. James Irving, Esq., a partner at Dentons, disclosed in court filings that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Andrew C. Helman, Esq. Dentons Bingham Greenebaum, LLP One Beacon Street, Suite 25300 Boston, MA 02108, Phone: (617) 235-6800 Email: andrew.helman@dentons.com About Community Eco Power Community Eco Power, LLC and affiliates, Community Eco Pittsfield, LLC and Community Eco Springfield, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Lead Case No. 21-30234) on June 25, 2021. Their cases are jointly administered under Community Eco Power, LLC. On the petition date, Community Eco Power disclosed up to $50,000 in assets and up to $10 million in liabilities. Affiliates, Community Eco Pittsfield and Community Eco Springfield each disclosed $1 million to $10 million in both assets and liabilities. The petitions were signed by Richard Fish, president and chief executive officer. D. Sam Anderson, Esq., Adam R. Prescott, Esq., and Kyle D. Smith, Esq. at Bernstein, Shur, Sawyer and Nelson, PA, serve as the Debtor's legal counsel. The U.S. Trustee for Region 1 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Dentons Bingham Greenebaum, LLP. CHIVINE RESOURCES: Seeks to Hire Grafstein & Arcaro as Counsel -------------------------------------------------------------- Chivine Resources Inc. seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to hire Grafstein & Arcaro LLC as its legal counsel. The firm will render these services: a. advise the Debtor regarding its rights, duties and powers as a debtor and a debtor-in-possession operating and managing its business and property; b. advise and assist the Debtor with respect to financial agreements, debt restructuring, cash collateral orders and other financial transactions; c. review and advise the Debtor regarding the validity of liens asserted against property of the Debtor; d. advise the Debtor as to actions to collect and recover property for the benefit of the Debtor's estate; e. prepare on behalf of the Debtor the necessary applications, motions, complaints, answers, pleadings, orders, reports, notices, schedules, and other documents; f. counsel the Debtor in connection with all aspects of a plan of reorganization and related documents; and g. perform all other legal services for the Debtor which may be necessary in the Chapter 11 case. Grafstein & Arcaro will be paid at these hourly rates: Attorneys $400 Staff $100 Grafstein & Arcaro will be paid a retainer in the amount of $20,000. Grafstein & Arcaro will also be reimbursed for reasonable out-of-pocket expenses incurred. Gregory F. Arcaro, a partner at Grafstein & Arcaro, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Grafstein & Arcaro can be reached at: Gregory F. Arcaro, Esq. GRAFSTEIN & ARCARO, LLC 114 West Main Street, Suite 105 New Britain, CT 06051 Tel: (860) 674-8003 Fax: (860) 676-9168 E-mail: garcaro@grafsteinlaw.com About Chivine Resources Chivine Resources Inc. -- https://chivine-us.com/ -- has been a supplier of industrial raw materials since 1984. Chivine Resources filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 22-20549) on Aug. 12, 2022. In the petition filed by Vincent N. Chidozie, as president, the Debtor reported assets and liabilities of $500,000 to $1 million.. Kara S. Rescia has been appointed as Subchapter V trustee. Gregory F. Arcaro, of Grafstein & Arcaro LLC, is the Debtor's counsel. CIRTRAN CORP: Incurs $315K Net Loss in Second Quarter ----------------------------------------------------- CirTran Corporation filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $314,915 on $526,921 of net sales for the three months ended June 30, 2022, compared to a net loss of $249,985 on $700,656 of net sales for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported a net loss of $611,418 on $1.22 million of net sales compared to a net loss of $577,540 on $1.32 million of net sales for the six months ended June 30, 2021. As of June 30, 2022, the Company had $1.79 million in total assets, $42.97 million in total liabilities, and a total stockholders' deficit of $41.17 million. The Company has had a history of losses from operations, as its expenses have been greater than its revenue. The Company's accumulated deficit was approximately $78.4 million at June 30, 2022. As of June 30, 2022, the Company had current assets of $1,471,759 and current liabilities of approximately $40 million, resulting in a working capital deficit of approximately $38.9 million at June 30, 2022. Cirtran said, "Our monthly operating costs are approximately $35,000 per month, excluding approximately $50,000 of accruing interest expense and capital expenditures. We continue to focus on generating revenue and reducing our monthly business expenses through cost reductions and operational streamlining. We have only recently begun to generate enough cash to sustain our day-to-day operations, and we expect to access external capital resources in the future to fund any new projects we may undertake. We cannot assure that we will be successful in obtaining such capital. "If we seek infusions of capital from investors, it is unlikely that we will be able to obtain additional debt financing. If we did incur additional debt, we would be required to devote additional cash flow to servicing the debt and securing the debt with assets. "Our issuance of additional shares for equity or for conversion of debt could dilute the value of our common stock and existing stockholders' positions." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0000813716/000149315222023641/form_10-q.htm About Cirtran Corp West Valley City, Utah-based CirTran Corporation is an established global company with a diversified expertise in manufacturing, marketing, distribution and technology in a wide variety of consumer products, including tobacco products, medical devices and beverages. As of March 31, 2022, the Company had $1.76 million in total assets, $42.62 million in total liabilities, and a total stockholders' deficit of $40.86 million. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has a significant accumulated deficit and working capital deficiency. These factors raise substantial doubt about the Company's ability to continue as a going concern. CLEAN ENERGY: Hires Raymond P. Fitzpatrick as Special Counsel ------------------------------------------------------------- Clean Energy Renewables, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of Illinois to employ Raymond P. Fitzpatrick, Jr., an attorney serving Birmingham, Alabama, as its counsel. The counsel will render these services: (a) provide general counsel services, including but not limited to necessary corporate resolutions and corporate governance advice; (b) advise the Debtor regarding specialized aspects of the renewable energy business sector; and (c) advise the Debtor and its management concerning non-bankruptcy matters in the case. The Debtor has agreed to compensate Mr. Fitzpatrick at the hourly rate of $300, plus reimbursement of advanced expenses. Mr. Fitzpatrick assured the court that the firm is a "disinterested person" within the scope of 11 U.S.C. Sec. 101(14) as required by 11 U.S.C. Sec. 327(a). Mr. Fitzpatrick can be reached at: Raymond P. Fitzpatrick, Jr. 1200 Corporate Drive, Suite 105 Birmingham, AL 35242 Phone: +1 205-437-8846 About Clean Energy Renewables Clean Energy Renewables, LLC -- https://clean-energy-renewables.com -- provides instrument tower installation and maintenance services on a nationwide basis, with 26 employees that travel to customer locations, from its headquarters location in Moline, Illinois. Clean Energy Renewables filed a petition for relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Ill. Case No. 22-80432) on July 18, 2022, disclosing between $1 million and $10 million in both assets and liabilities. Robert E. Eggmann serves as Subchapter V trustee. Judge Thomas L. Perkins oversees the case. Sumner A. Bourne, Esq., at Rafool & Bourne PC, is the Debtor's counsel. CNX RESOURCES: Egan-Jones Hikes Senior Unsecured Ratings to B+ -------------------------------------------------------------- Egan-Jones Ratings Company, on August 19, 2022, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by CNX Resources Corporation to B+ from B. Headquartered in Canonsburg, Pennsylvania, CNX Resources Corporation operates as a natural gas exploration and production company. COASTAL DRILLING: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Coastal Drilling Land Company, LLC 311 Saratoga Blvd. Corpus Christi, TX 78417 Business Description: The Debtor offers drilling rigs and services to the South Texas and Gulf Coast regions. Chapter 11 Petition Date: August 28, 2022 Court: United States Bankruptcy Court Southern District of Texas Case No.: 22-20204 Judge: Hon. David R. Jones Debtor's Counsel: Matthew Okin, Esq. OKIN ADAMS BARTLETT CURRY LLP 1113 Vine St., Suite 240 Houston, TX 77002 Tel: (713) 228-4100 Fax: (888) 865-2118 Email: info@okinadams.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Chris McClanahan as CEO. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/UUBQXCA/Coastal_Drilling_Land_Company__txsbke-22-20204__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Dynamic Drilling Fluids Vendor Note $4,062,433 2699 Hwy 44 Robstown, TX 78380 Email: jason@ddfluids.net 2. First Horizon Bank PPP Loan $1,224,858 3810 Richmond Avenue Houston, TX 77027 Lee Mediamole Tel: 713-360-4840 713-515-8623 3. Kleberg Bank PPP Loan $874,852 5350 S. Staples St. Corpus Christi, TX 78411 Tony Gomez Tel: 361-850-6800 4. Iron Horse Tools, LLC Pending $736,307 c/o Ryan A. Botkin Litigation WITTLIFF CUTTER PLLC 1209 Nueces Street Austin, TX 78701 Staphanie Sloma Tel: 361-855-1100 Email: s.sloma@ironhorsetools.com 5. Watson Pipe, Inc. $682,423 Dan Watson MT 273 Mercantile Tower 615 Upper N. Broadway, Suite 1410 Corpus Christi, TX 78401-0273 Dan Watson Tel: 361-816-2712 Email: dan@watsonpipe.com 6. Nova Directional, Inc. Pending $535,325 c/o Shannon Almes Litigation R. REESE & ASSOCIATES PLLC 5225 Katy Freeway, Suite 430 Houston, TX 77007 Ed Chiamonte Tel: 713-907-2415 Email: EDC@novadirectional.com 7. Sundance Fuels, Ltd. Pending $533,696 c/o N. Kyle Keller Litigation MORGAN LEETON, PC 400 W. Illinois, Suite 120 Midland, TX 79701 8. Padre Tubular, Inc. $453,871 Attn: Diana Vossen PO Box 189 Corpus Christi, TX 78403-0189 Tom Herlich Tel: 361-816-2499 9. Texas Cementing Pending $447,989 Services, Inc. Litigation c/o Robert Lee Murphy, Jr. Attorney at Law PO Box 1538 Kingsville, TX 78364 10. Jose Garcia Pending $361,527 c/o Hitesh K. Chugani Litigation HKC Law Firm PLLC 517 West Nolana, Suite 7 McAllen, TX 78504 11. Yellowjacket Oilfield $341,453 Services, LLC A/R Jennifer Rios PO Box 678349 Dallas, TX 75267-8349 12. Express Drilling Pending $340,949 Fluids, LLC Litigation c/o CM Henkel III FRITZ BYRNE HEAD & GILSTRAP PLLC 500 N. Shoreline, Suite 901 Corpus Christi, TX 78401 Ronnie King Tel: 361-438-8245 Email: rdk@aol.com 13. Rig Runners, Inc. Pending $305,000 c/o Brittney Allison Boerner Litigation STIBBS & CO., PC 819 Crossbridge Drive Spring, TX 77373 Roger Hogan Tel: 832-871-4916 Email: hogan@rigrunnerinc.com 14. OSC Energy, LLC $295,796 Attn: Pat Smith PO Box 6012 Corpus Christi, TX 78466 15. Texas Fueling Judgment $294,526 Service, Inc. c/o Danny M. Sheena THE SHEENA LAW FIRM 2500 West Loop South, Suite 518 Houston, TX 77027 16. Datalog Geological Pending $201,643 Services, LLC Litigation Attn: Ernest Fuhrmann PO Box 4356 Dept 2219 Houston, TX 77210-4356 Tel: 713-201-4302 Email: efuhrmann@dataloggs.com 17. Dragon Rig Sales & Compromise $200,000 Services, LLC Attn: Sude PO Box 790 Beaumont, TX 77704 18. Workstrings $195,352 International, LLC A/R Ronald Comeaux 1150 Smede Highway Broussard, LA 70518 19. Pipe & Supply, LLC Potential $190,052 c/o Bryson Border Litigation TUCKER ALBIN & ASSOCIATES 1702 N. Collins, Suite 100 Richardson, TX 75080 20. Energy Pipe & Pending $182,202 Equipment & Litigation Rentals, LLC Attn: Dean Angelle PO Box 81355 Lafayette, LA 70598 CORDIA CORP: Delays Filing of Quarterly Report on Form 10-Q ----------------------------------------------------------- Cordia Corporation disclosed in a Form 12b-25 filed with the Securities and Exchange Commission that it will not be in a position to file its Quarterly Report on Form 10-Q for the period ended June 30, 2022, within the prescribed due date. The Company is in the process of completing its review of the financial statements for the quarter ended June 30, 2022 and believes that the subject Quarterly Report will be available for filing on or before Aug. 23, 2022. About Cordia Headquartered in Reno, Nevada, Cordia Corporation has developed a subscription-based virtual restaurant business since the termination of its custodianship. Cordia reported a net loss of $570,211 for the year ended Dec. 31, 2021, compared to a net loss of $1,464 for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $24,637 in total assets, $412,592 in total liabilities, and a total stockholders' deficit of $387,955. Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated June 29, 2022, citing that the Company has suffered recurring losses from operations and has a significant accumulated deficit. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. CREEPY COMPANY: Seeks to Hire Crane Simon as Legal Counsel ---------------------------------------------------------- Creepy Company LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Crane, Simon, Clar & Goodman as its legal counsel. The firm will render these services: a. prepare necessary applications, motions, answers, orders, adversary proceedings, reports and other legal papers; b. provide the Debtor with legal advice with respect to its rights and duties involving its property, as well as its reorganization efforts; c. appear in court and to litigate whenever necessary; and d. perform any and all other legal services that may be required from time to time in the ordinary course of the Debtor's business during the administration of this bankruptcy case. The firm will be paid at these hourly rates: Arthur Simon $520 Scott Clar $520 Karen Goodman $520 John H. Redfield $400 John Redfield $420 Crane Simon received a post-petition retainer in the amount of $14,956. Crane Simon will also be reimbursed for reasonable out-of-pocket expenses incurred. Scott Clar , Esq., partner of Crane Simon Clar and Dan, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Crane Simon can be reached at: Scott R. Clar, Esq. Crane, Simon, Clar & Goodman 135 S. LaSalle Street, # 3950 Chicago, IL 60603 Phone: 312-641-6777 Email: sclar@cranesimon.com About Creepy Company Creepy Company LLC sells horror-themed blankets, rugs, lapel pins, apparel and other products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-08660) on August 1, 2022. In the petition signed by Susanne C. Goethals, owner and manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Carol A. Doyle oversees the case. Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman, is the Debtor's counsel. DEALER PRODUCTS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Dealer Products, Inc. 1122 W. Carrier Parkway Grand Prairie, TX 75050 Business Description: The Debtor offers a full line of automotive aftermarket parts such as clips, nuts, bolts, washers, electrical components, light bulbs, shop supplies and more. Over the years, DPI has expanded to serve independent body shops, heavy duty truck repair, trailer repair, gear and axle repair and customers in the oil and gas industries. Chapter 11 Petition Date: August 29, 2022 Court: United States Bankruptcy Court Northern District of Texas Case No.: 22-41970 Debtor's Counsel: M. Jermaine Watson, Esq. CANTEY HANGER LLP 600 West 6th Street Fort Worth, TX 76102-3685 Tel: 817-877-2861 Email: jwatson@canteyhanger.com Total Assets: $1,764,079 Total Liabilities: $1,211,702 The petition was signed by Susan H. Fischer as vice president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/YQMDYZI/Dealer_Products_Inc__txnbke-22-41970__0001.0.pdf?mcid=tGE4TAMA DYNAMETAL TECHNOLOGIES: Hires Wadsworth Garber as Legal Counsel --------------------------------------------------------------- Dynametal Technologies Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to hire Wadsworth Garber Warner Conrardy, P.C. as its bankruptcy counsel. The firm will render these services: a. provide the Debtor with legal advice with respect to their powers and duties; b. aid the Debtor in the development of a plan of reorganization under Chapter 11; c. file the necessary petitions, pleadings, reports, and actions which may be required under Chapter 11; d. take necessary actions to enjoin and stay until final decree continuation of pending proceedings and enjoin and stay until final decree commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Sec. 362; and e. perform all other legal services for the Debtor which may be necessary. The firm will be paid at these rates: 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 was paid a retainer in the amount of $20,289.50. Wadsworth is disinterested as defined by 11 U.S.C. Section 101(14) and does not have or represent an interest materially adverse to the interest of the estate or of any class of creditors, according to court filings. 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 Dynametal Technologies Dynametal Technologies Inc. is a powder metal component manufacturer serving various markets including automotive, industrial, appliance, HVAC, etc. based out of 400 S Dupree St, Brownsville, Tennessee, United States. Dynametal Technologies filed a voluntary petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 22-10831) on Aug. 1, 2022. In the petition filed by Robert L. Nola, as president, the Debtor reported assets between $1 million and $10 million and liabilities between $1 million and $10 million. Courtney Hunter Gilmer has been appointed as Subchapter V trustee. Steven N. Douglass, of Harris Shelton, PLLC, is the Debtor's counsel. EL CALAMAR: Wins Interim Cash Collateral Access ----------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, entered an order approving the stipulation filed by El Calamar, Inc. and the U.S. Small Business Administration. The Stipulation authorizes the Debtor to use cash collateral on an interim basis. As previously reported by the Troubled Company Reporter, the parties agreed that the Debtor may use cash collateral to pay for the expenses outlined in the Debtor's cash collateral budget. As adequate protection, the SBA will have a replacement lien on all post-petition revenues of the Debtor to the same extent, priority and validity that its lien attached to the cash collateral. The scope of the replacement lien is limited to the amount (if any) that cash collateral diminishes post-petition as a result of the Debtor's post-petition use of cash collateral. The replacement lien is valid, perfected and enforceable and will not be subject to dispute, avoidance, or subordination, and the replacement lien need not be subject to additional recording. The SBA's claim under the SBA Loan will be allowed as a secured claim in the amount of $161,697, including all ongoing accrued interest. The Stipulation will remain in effect until plan confirmation, or until the Parties enter into an amended Stipulation or a consensual Chapter 11 Plan, or until the case is converted or dismissed, whichever first occurs. The conversion of the Debtor's Bankruptcy Case to any other chapter or the dismissal of the Debtor's Bankruptcy Case will constitute an Event of Default. The final hearing on the matter is scheduled for August 31, 2022 at 10 a.m. A copy of the order is available at https://bit.ly/3PQyXE6 from PacerMonitor.com. About El Calamar, Inc. El Calamar, Inc. is a family-owned Mexican grill and seafood restaurant in Santa Ana, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-11188) on July 17, 2022. In the petition signed by Hugo E. Camacho, president, the Debtor disclosed up to $500,000 in both assets and liabilities. Judge Theodor C. Albert oversees the case. The Law Offices of Michael Jay Berger is the Debtor's counsel. EMPIRE TODAY: S&P Downgrades ICR to 'B-', Outlook Negative ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Empire Today LLC, a flooring retailer based in Northlake, Ill., to 'B-' from 'B'. The outlook is negative. S&P also lowered its issue-level rating on Empire Today's secured credit facilities to 'B-' from 'B'. Our '4' recovery rating remains unchanged. The negative outlook reflects the risk that S&P could lower its rating on Empire Today over the next 12 months if it cannot sustain operating margins or generate meaningfully positive FOCF, which could cause its to view its capital structure as unsustainable. The downgrade reflects expected weak credit metrics amid difficult operating conditions for Empire Today. Despite high-single-digit percent revenue growth in the second quarter, Empire Today reported business leads decreasing by high-teens percent, which indicates weaking momentum. Leverage is very high, and we expect it will be sustained at more than 6.5x on an S&P Global Ratings'-adjusted basis through 2023 as economic growth slows and discretionary home spending curtails from last year's high levels due to government stimulus and an active housing market. For instance, rising interest rates have led to a weaker housing market, which we expect to persist and affect demand for home-related flooring products. Meanwhile, inflation will likely drive down discretionary spending, increasing performance volatility risks. Our domestic economist raised the risk of a recession over the coming 12 months to 45%, further pressuring demand trends. That said, S&P believes Empire Today's improved brand recognition and reputation over the past few years has led to a larger customer base that could partially offset headwinds, and its relatively small market share allows company initiatives to be effective in alleviating these pressures. S&P said, "We expect to see pressure on operating margins alongside free cash flow volatility this year. S&P Global Rating's-adjusted EBITDA margins through Empire Today's second quarter improved by over 100 basis points, but we expect inflation and increasingly challenging operating pressures to hurt margins going forward. To offset higher operating expenses, Empire Today raised prices and undertook cost-saving initiatives. In addition, the industry remains highly competitive with well-funded competitors who may get more aggressive in light of potentially lower demand. Despite that, we expect Empire Today to generate moderately positive free cash flow over the next 12 months with support from its asset-light business model. "We expect Empire Today's S&P Global Ratings'-adjusted leverage to be in the mid-6x area over the next two years. The company's S&P Global Ratings'-adjusted debt increased by more than 2.5x compared to 2020 after Charlesbank Capital Partners acquired it on Nov. 10, 2021, limiting its capacity to absorb potential deteriorating conditions at the rating. Our base-case leverage and cash flow expectations declined considering macroeconomic challenges, and as a result, we revised our comparable ratings analysis modifier to neutral from positive. "The negative outlook reflects the possibility of a downgrade in the next 12 months if difficult operating conditions aggravated by a potential recession persist longer than we anticipate. This would cause operating margins to deteriorate and challenge Empire Today's ability to generate meaningful FOCF. "We could lower our rating if Empire Today's operating results track below our base-case assumptions, causing us to view its capital structure as potentially unsustainable. This scenario would likely include margin compression that deteriorates EBITDA and higher leverage or negligible free cash flow prospects. "We could revise the outlook to stable if Empire Today sustains operating margins and meaningful free cash flow prospects with leverage expected to remain below 7x." ESG credit indicators: E-2, S-2, G-3 ENDO INTERNATIONAL: Pillsbury Represents Multi-State Committee -------------------------------------------------------------- Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure, the law firm of Pillsbury Winthrop Shaw Pittman LLP submitted a verified statement to disclose that it is representing the Multi-State Endo Executive Committee in the Chapter 11 cases of Endo International PLC, et al. Effective as of August 24, 2021, the Endo EC retained Pillsbury Winthrop Shaw Pittman LLP to represent it, on behalf of itself and certain state Attorneys General, in connection with the Endo EC's evaluation of a potential resolution of opioid-related litigation claims against Endo International plc and its affiliates in a restructuring. The Endo EC currently is comprised of seven (7) states (Maine, Massachusetts, New Hampshire, Pennsylvania, Tennessee, Vermont and Virginia) who act as a steering committee and evaluate, in the first instance, strategic options and implement strategies in connection with opioid- related claims against the Debtors for certain state Attorneys General that have not otherwise resolved their state's claims against the Debtors as of the commencement of these cases. Non-Settling States have police power claims against the Debtors relating to the opioid crisis for billions of dollars in money damages and statutory penalties, as well as non-monetary claims for injunctive relief. These claims may be non- dischargeable in bankruptcy. Certain Non-Settling States also have pending litigation against the Debtors. After months of negotiations, in August 2022, the Endo EC reached an agreement in principle with the Debtors and the Debtors' first lien secured lenders on financial and injunctive relief, including, among other things, a commitment that financial recoveries be dedicated to efforts to abate the opioid crisis. Any Non-Settling State and U.S. Territory may opt-in to this agreement. This agreement remains contingent on certain conditions, including entry into definitive documentation. On August 16, 2022, the Debtors filed these chapter 11 cases. As of the filing of these cases, a substantial number of Non-Settling States have indicated their support for the agreed terms. Pillsbury represents only the Endo EC and the state Attorneys General for the Non-Settling States that have indicated support for the settlement. Pillsbury does not represent or purport to represent any other entities or states in connection with these chapter 11 cases. Certain states entered into pre-bankruptcy settlements with the Debtors since Pillsbury was engaged. Moreover, Pillsbury does not represent the Endo EC as a statutory "committee" and does not undertake to represent the interests of, and is not a fiduciary for, any creditor, party in interest, or other entity that has not signed a retention agreement with Pillsbury. In addition, the Endo EC does not represent or purport to represent any other entities in connection with the chapter 11 cases. As of Aug. 26, 2022, the members of the Endo EC and the Non-Settling States and their disclosable economic interests are: Arizona Office of the Attorney General 2005 N. Central Ave. Phoenix, AZ 85004 Attn: Leslie Cooper * Unsecured; Unliquidated Claim; Police Power Actions Colorado Colorado Department of Law Ralph L. Carr Colorado Judicial Ctr. 1300 Broadway, 7th Floor Denver, CO 80203 Attn: Leslie Eaton Megan Paris Rundlet John-Feeney-Coyle * Unsecured; Unliquidated Claim; Police Power Actions Connecticut Connecticut Office of the Attorney General 165 Capitol Ave. Hartford, CT 06106 Attn: Sara Nadim * Unsecured; Unliquidated Claim; Police Power Actions Delaware Delaware Office of the Attorney General Carvel State Building 820 N. French Street Wilmington, DE 10801-3536 Attn: Owen Lefkon * Unsecured; Unliquidated Claim; Police Power Actions District of Columbia Office of the Attorney General for the District of Columbia 400 6th Street, N.W., 10th floor Washington, DC 20001 Attn: Kathleen Konopka * Unsecured; Unliquidated Claim; Police Power Actions Hawaii Hawaii Department of the Attorney General 425 Queen Street Honolulu, HI 96813 Attn: Holly T. Shikada * Unsecured; Unliquidated Claim; Police Power Actions Idaho Office of the Idaho Attorney General 954 W. Jefferson Street, 2nd floor P.O. Box 83720 Boise, ID 83720-0010 Attn: Brett T. DeLange * Unsecured; Unliquidated Claim; Police Power Actions Illinois Office of the Attorney General State of Illinois 100 W. Randolph Street Chicago, IL 60601 Attn: Susan N. Ellis * Unsecured; Unliquidated Claim; Police Power Actions Indiana Office of Attorney General Todd Rokita 302 W. Washington Street, IGCS 5th Floor Indianapolis, IN 46204 Attn: Betsy M. DeNardi * Unsecured; Unliquidated Claim; Police Power Actions Iowa Iowa Department of Justice Office of the Attorney General Hoover Building, 2nd Floor 1305 East Walnut Des Moines, Iowa 50319 Attn: William R. Pearson * Unsecured; Unliquidated Claim; Police Power Actions Kansas Office of Kansas AG Derek Schmidt 120 SW 10th Ave., 2nd FL Topeka, KS 66612 Attn: Christopher Teters * Unsecured; Unliquidated Claim; Police Power Actions Kentucky Office of the Kentucky Attorney General 1024 Capital Center Drive, Suite 200 Frankfort, KY 40601 Attn: Chris Lewis * Unsecured; Unliquidated Claim; Police Power Actions Maine Office of the Maine Attorney General 111 Sewall Street Augusta, ME 04330 Attn: Brendan O'Neil * Unsecured; Unliquidated Claim; Police Power Actions Maryland Office of the Attorney General of Maryland 200 St. Paul Place Baltimore, Maryland 21202 Attn: Brian T. Edmunds * Unsecured; Unliquidated Claim; Police Power Actions Massachusetts Office of the Massachusetts Attorney General One Ashburton Place Boston, MA 02108-1598 Attn: Eric M. Gold * Unsecured; Unliquidated Claim; Police Power Actions Michigan Michigan Department of Attorney General PO Box 30736 Lansing, MI 48909 Attn: Matt Walker * Unsecured; Unliquidated Claim; Police Power Actions Minnesota Office of the Minnesota Attorney General 445 Minnesota Street, Suite 1400 St. Paul, MN 55101-2131 Attn: Evan Romanoff * Unsecured; Unliquidated Claim; Police Power Actions Missouri Missouri Attorney General's Office 221 West High Street Jefferson City, MO 65101 Attn: Joe Amberger * Unsecured; Unliquidated Claim; Police Power Actions Montana Office of Montana AG Austin Knudsen Post Office Box 200151 Helena, MN 59620-0151 Attn: Joshua Pierson * Unsecured; Unliquidated Claim; Police Power Actions Nebraska Office of the Attorney General 2115 State Capitol Lincoln, NE 68509-8920 Attn: Joshua Shasserre * Unsecured; Unliquidated Claim; Police Power Actions New Hampshire New Hampshire Department of Justice 33 Capitol Street Concord, NH 03301 Attn: James T. Boffetti * Unsecured; Unliquidated Claim; Police Power Actions New Jersey Office of the New Jersey Attorney General 124 Halsey Street, 5th Floor P.O. Box 45029-5029 Newark, New Jersey 07101 Attn: Lara J. Fogel * Unsecured; Unliquidated Claim; Police Power Actions Nevada State of Nevada, Office of the Attorney General 100 N. Carson Street Carson City, Nevada 89701 Attn: Mark J. Krueger * Unsecured; Unliquidated Claim; Police Power Actions North Carolina North Carolina Department of Justice 114 West Edenton Street Raleigh, NC 27603 Attn: Jessica Sutton * Unsecured; Unliquidated Claim; Police Power Actions North Dakota Office of Attorney General 1720 Burlington Drive, Suite C Bismarck, ND 58504-7736 Attn: Parrell D. Grossman * Unsecured; Unliquidated Claim; Police Power Actions Pennsylvania Pennsylvania Office of the Attorney General Strawberry Square, 15th Floor Harrisburg, PA 17120 Attn: Melissa L. Van Eck * Unsecured; Unliquidated Claim; Police Power Actions Rhode Island Rhode Island Office of the Attorney General 150 South Main Street Providence, RI 02903 Attn: Stephen N. Provazza * Unsecured; Unliquidated Claim; Police Power Actions South Carolina Office of the South Carolina Attorney General P.O. Box 11549 Columbia, SC 29211-1549 Attn: Jared Q. Libet * Unsecured; Unliquidated Claim; Police Power Actions South Dakota South Dakota Attorney General 1302 E. Hwy. 14 Ste. 1 Pierce, SD 57501 Attn: Thomas J. Deadrick * Unsecured; Unliquidated Claim; Police Power Actions Tennessee Office of the Attorney General and Reporter P.O. Box 20207 Nashville, TN 37202 Attn: Gill R. Geldreich * Unsecured; Unliquidated Claim; Police Power Actions Utah State of Utah Office of the Attorney General 160 East 300 South, 5th Floor PO Box 140872 Salt Lake City, UT 84114-0872 Attn: Kevin McLean * Unsecured; Unliquidated Claim; Police Power Actions Vermont Vermont Attorney General's Office 109 State Street Montpelier, VT 05609 Attn: Jill S. Abrams * Unsecured; Unliquidated Claim; Police Power Actions Virginia Office of the Attorney General of Virginia 202 North 9th Street Richmond, Virginia 23219 Attn: Thomas M. Beshere * Unsecured; Unliquidated Claim; Police Power Actions Washington Washington Attorney General's Office 800 Fifth Avenue, Suite 2000 Seattle, Washington 98104 Attn: Jeffrey Rupert * Unsecured; Unliquidated Claim; Police Power Actions Wisconsin Wisconsin Department of Justice Office of the Attorney General P.O. Box 7857 Madison, WI 53707-7857 Attn: Laura E. McFarlane * Unsecured; Unliquidated Claim; Police Power Actions Wyoming Office of the Wyoming Attorney General 2320 Capitol Ave. Cheyenne, WY 82002 Attn: Mike Kahler * Unsecured; Unliquidated Claim; Police Power Actions Counsel to the Multi-State Endo Executive Committee can be reached at: PILLSBURY WINTHROP SHAW PITTMAN LLP Andrew M. Troop, Esq. Hugh M. McDonald, Esq. Andrew V. Alfano, Esq. 31 West 52nd Street New York, NY 10019 Telephone: (212) 858-1000 E-mail: andrew.troop@pillsburylaw.com hugh.mcdonald@pillsburylaw.com andrew.alfano@pillsburylaw.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://bit.ly/3dWpwFX and https://bit.ly/3pPEal5 About Endo International Endo International plc (NASDAQ: ENDP) is a specialty pharmaceutical company committed to helping everyone it serves live their best life through the delivery of quality, life-enhancing therapies. Its decades of proven success come from passionate team members around the globe collaborating to bring the best treatments forward. Together, the Company boldly transforms insights into treatments benefiting those who need them, when they need them. On the Web: http://www.endo.com/ On Aug. 16, 2022, Endo International plc and certain of its subsidiaries initiated voluntary prearranged Chapter 11 proceedings (Bankr. S.D.N.Y. Lead Case No. 22-22549). The Company's cases are pending before the Honorable James L. Garrity, Jr. The Company has put up a Web site dedicated to its restructuring: http://www.endotomorrow.com/ Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel, PJT Partners LP is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to Endo. Kroll is the claims agent. ENERGIZER HOLDINGS: S&P Alters Outlook to Neg., Affirms 'B+' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook on U.S.-based consumer products company Energizer Holdings Inc. to negative from stable to reflect the risk that the company's adjusted leverage could be sustained above 6x. At the same time, S&P affirmed all its ratings on the company: the 'B+' issuer credit rating, the 'BB' ratings on the senior secured debt, and the 'B' ratings on the senior unsecured debt (the recovery ratings on this debt remain at '1' and '5', respectively). The outlook revision reflects Energizer's weaker-than-expected operating results due to input cost inflation and global supply-chain disruptions. Despite stable revenue over the nine-month period ending June 30, 2022, the company's adjusted EBITDA dropped by about 14% compared to the same period in the previous year, while its adjusted EBITDA margin tightened by 300 basis points to about 18%. This was primarily due to higher operating costs, including those for transportation, materials, and labor. The company has raised prices on almost its entire product portfolio several times, which supported some recovery in the most recent quarter (third quarter of fiscal 2022), and S&P expects most of the increased prices to take hold in the last quarter. However, volumes have decreased, especially in the battery segment, where demand is stabilizing at a lower level than the pandemic highs. Volumes in the auto care segment--namely air refrigerants and fragrance products--have also been affected because they're more discretionary in nature. In addition, S&P expects foreign currency to remain a headwind into next year. As such, it now expects continued margin pressure into fiscal 2023. The affirmations reflect S&P's expectation that Energizer will restore credit metrics to levels consistent with the rating. Aside from the weaker profitability, the company's credit metrics have deteriorated as a result of its decision to accumulate inventory to combat supply-chain constraints earlier in the year. It had about $900 million in inventory as of June 30, 2022, which is significantly higher than the normalized peak of about $500 million. The company funded this inventory via draws on its revolving credit facility, which it later paid down via the proceeds of $300 million in senior unsecured notes in March 2022, crystallizing the debt on the balance sheet. S&P said, "We expect Energizer will continue to sell off its excess inventory in the coming quarters and achieve its target free operating cash flow (FOCF) of about 10%-12% of sales in the fourth quarter, with FOCF of about $300 million in fiscal 2023. We expect the company to focus on using the excess cash flow to pay down debt as opposed to shareholder distributions or material acquisitions." Nevertheless, several risks could prevent Energizer from restoring profitability over the next year. Although S&P Global Ratings' economists expect inflation to ease next year, these headwinds--which have mostly escalated through 2022--could prove more persistent than S&P's assuming. The anticipated gross inflationary pressure in fiscal 2022 (before price increases, productivity initiatives, and spending reductions, including advertising) is equivalent to about 30% of 2021 reported EBITDA. If these headwinds last longer, Energizer's profitability could be depressed beyond 2022, as it continues to price at a lag to its cost structure. Moreover, in the event of escalating prices across the economy, consumers could trade down from Energizer's higher-margin premium offerings to lower-margin offerings or to private-label competitors. In addition, weaker consumer spending could affect demand for the company's discretionary product offerings, especially in the auto care segment. If this happens, it could prevent the company from reducing leverage below 6x in the next year. The negative outlook reflects the potential for a downgrade over the next 12 months if the company is unable to de-leverage in line with our expectations. S&P could lower the ratings if the company's operating performance falls short of our expectations, including weaker-than-expected profitability and cash flows, and it forecasts that adjusted debt to EBITDA will remain above 6x, with FOCF not returning to more than $250 million in 2023. This could occur if: -- Consumer spending decreased due to substantially weakened economic conditions; -- Inflationary conditions persist and the company is unable to offset its cost inflation with higher prices; -- Competition from branded or private-label players escalates; or -- Demand for batteries declines faster than expected as social mobility improves and consumers alter purchasing behavior. S&P could revise the outlook back to stable if Energizer improves its operating performance such that adjusted leverage is sustained below 6x. This could happen if: -- Consumption trends for the company's products remain healthy; and -- Inflationary conditions and supply-chain constraints subside. ESG credit indicators: E-2, S-2, G-2 ENVISION HEALTHCARE: Sees Steep Losses in Second Quarter -------------------------------------------------------- Envision Healthcare, parent company of ASC company AmSurg, had its revenue fall again in the second quarter of this year, Bloomberg reported Aug. 23. The losses persisted despite the fact that AmSurg generated roughly $55 million in earnings, sources told Bloomberg. The company reported a loss of $26 million for the quarter, down from an alleged $221 million gain in the second quarter of 2021, sources told Bloomberg. According to the report, the losses can be attributed to high labor costs, changes in insurance plans and an ongoing contract fight with payer UnitedHealth, among other reasons. Envision's total revenue declined around 12.6 percent year-over-year to $1.6 billion. To combat the loss, Envision has been taking many of its out-of-network contracts and moving them in network. About Envision Healthcare Envision Healthcare Corporation (NYSE: EVHC) is a national medical group serving hospitals and healthcare systems in specialties such as anesthesiology, emergency medicine, hospital medicine, radiology, surgery and women's and children's care. It also operates more than 250 ambulatory surgery centers across 34 states through its AMSURG business. The 25,000 clinicians with Envision Healthcare deliver care to more than 30 million patients every year. Envision is controlled by private equity firm KKR & Co.. * * * Envision Healthcare on July 22, 2022, announced that it closed the first phase of a refinancing transaction with a majority of its first lien term loan lenders and, separately, consummated a refinancing transaction with its revolving lenders. Bloomberg News said this debt maneuver is the struggling physician staffing firm's latest move to gain more financial flexibility as it seeks to turn around its operations. The deal also looks to quell some controversy from an April 2022 transaction that shifted valuable assets away from some creditors, drawing lender ire. Envision's investment banker is PJT Partners LP, its financial advisor is Alvarez & Marsal LLC, and its legal advisor is Kirkland & Ellis LLP. ETC SUNOCO: Egan-Jones Hikes Senior Unsecured Ratings to BB ----------------------------------------------------------- Egan-Jones Ratings Company, on August 16, 2022, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by ETC Sunoco Holdings LLC to BB from BB-. Headquartered in Philadelphia, Pennsylvania, ETC Sunoco Holdings LLC distributes gasoline products. EXPRESSJET AIRLINES: To Liquidate in Chapter 11 Bankruptcy ---------------------------------------------------------- Regional carrier ExpressJet Airlines ceased operations and laid off a majority of its employees and then on Aug. 23, 2022, filed for Chapter 11 protection in Delaware bankruptcy court with plans to wind down the business. John Greenlee, president of ExpressJet Airlines LLC, said the Debtor's bankruptcy case is largely a result of the three major issues that negatively impacted the Debtor's business, revenues, financial condition, and results of operations since the resumption of flying in October 2021: (i) the difficulty in scaling operations to spread overhead costs over revenues earned; (ii) lower revenue projections as a result of depressed travel demand during periods of new COVID-19 variants; and (iii) inflationary pressures, including cost escalations in fuel. The Debtor historically was engaged in business as a "regional air carrier," providing flight services on behalf of other airlines under private label capacity purchase agreements using aircraft subleased from United. United and ExpressJet entered into an Amended and Restated Capacity Purchase Agreement dated January 22, 2019 (the "CPA"), which set forth terms and conditions related to ExpressJet's exclusive provision of regional flight services to United through December 2022. On July 30, 2020, United informed ExpressJet of United's intent to withdraw all aircraft from the CPA, eliminating all ExpressJet's revenues. ExpressJet worked with United following receipt of this information to achieve an orderly return of all aircraft and related parts to United or United's aircraft lessors. ExpressJet ceased revenue flight operations as of September 30, 2020, and its certificate of authority to fly, granted by the U.S. Department of Transportation (DOT), became dormant after 30 days. In the spring of 2021, ExpressJet reapplied to DOT for certificated authority to fly and thereafter regained such authority in late summer of 2021. ExpressJet then resumed commercial operations on October 24, 2021, as both an ad-hoc air charter provider and scheduled commercial airline under its own leisure brand aha!—short for "Air-Hotel-Adventure" -- centered at the Reno-Tahoe International Airport and flying to small West Coast airports. In 2022, through July 2022, ExpressJet's estimated gross revenues totaled $5.5 million and estimated gross expenses totaled $23.3 million -- generating an operating loss of $17.7 million. Because ExpressJet was losing money and did not have a clear path to return to profitability, ExpressJet ceased commercial and charter air operations on August 22, 2022, in order to conserve resources for its Chapter 11 Case and for the benefit of creditors. Shortly before the Petition Date, the Debtor ceased all operations, including air charter and scheduled flight services, laid off a majority of its employees, and is in the process of returning its aircraft to lessors. The Debtor's principal objective in this Chapter 11 Case is to conduct an orderly liquidation of its remaining assets, which include valuable new and used commercial aircraft parts (the "Physical Assets"). The Debtor intends to engage in an auction process to sell these Physical Assets, and will liquidate according to a chapter 11 plan of liquidation. Additionally, the Debtor possesses a list of approximately 1,300 furloughed pilots, (the "Furlough List") and its FAA-issued operating certificate (the "Certificate") that it also intends to offer for sale. The Debtor has engaged in a robust marketing process in order to generate interest among potential plan sponsors and lenders. That process has not been successful to date, and therefore the primary objective of this case is to liquidate the Physical Assets and then pursue a plan of liquidation. About ExpressJet Airlines ExpressJet Airlines -- https://expressjet.com -- is a regional US airline headquartered in College Park, Georgia. ExpressJet Airlines LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10787) on August 23, 2022. In the petition filed by John Greenlee, as president, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Morris, Nichols, Arsht & Tunnell LLC is the Debtor's counsel. Eversheds Sutherland (US) LLP is the Debtor's special corporate & transactional counsel. Epiq Corporate Restructuring LLC is the claims agent. FIRST GUARANTY: Committee Taps Berkeley as Financial Advisor ------------------------------------------------------------ The official committee of unsecured creditors of First Guaranty Mortgage Corporation and Maverick II Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Berkeley Research Group, LLC, as its financial advisor. The firm will render these services: a) advise and assist the Committee in its analysis and monitoring of the historical, current and projected financial affairs of the Debtors, including, schedules of assets and liabilities and statements of financial affairs; b) advise and assist the Committee with respect to any debtor-in-possession financing arrangements and/or use of cash; c) scrutinize cash disbursements on an on-going basis for the period subsequent to the commencement of these Cases; d) evaluate relief requested in cash management motion, including proper controls related to and financial transparency into intercompany and related party transactions including cross-border transactions and debtor to non-debtor transactions; e) analyze both historical and ongoing transactions with potential related parties and/ or material unusual transactions of the Debtors. Such analysis to include developing an oversight protocol with the Debtors' advisors to closely monitor such transactions to prevent value leakage; f) develop and issue periodic monitoring reports to enable the Committee to evaluate effectively the Debtors' performance, ability to realize or settle claims for avoidance actions, any 363 sale process (if undertaken, and subsequent winddown activities) on an ongoing basis; g) if a 363 sale process is undertaken, evaluate and participate in the process to ensure the process proceeds in the most efficient manner to maximize recoveries to the unsecured creditors; h) advise and assist the Committee in reviewing and evaluating any court motions (including any assumption or rejection motions or objections thereto), applications, or other forms of relief filed or to be filed by the Debtors, or any other parties-in-interest; i) analyze the Debtors' and non-Debtor affiliates' assets (tangible and intangible) and possible recoveries to creditor constituencies under various scenarios and developing strategies to maximize recoveries; j) review and provide analyses of any bankruptcy plan and disclosure statement relating to the Debtors including, the assessment of projections to ensure any plan of reorganization is supported by credible business and operational plans, and if appropriate, the development of any bankruptcy plans proposed by the Committee to assess their achievability; k) advise and assist the Committee in its assessment of the Debtors' employee needs and related costs, including the potential Key Employee Incentive Program and Key Employee Retention Plan, to ensure they are appropriate in the context of the case; l) assist Counsel in evaluating all purported lien claims by creditors, including the validity and enforcement of such claims; m) monitor Debtors' claims management process, including analyzing claims and guarantees, and summarizing claims by entity; n) advise and assist the Committee in identifying and/or reviewing any potential avoidance actions, including preference payments, illegal dividends, fraudulent conveyances, and other potential causes of action that the Debtors' estates may hold against insiders and/or third parties; o) if requested to do so, prepare certain valuation analyses of the Debtors' businesses and assets using various professionally accepted methodologies; p) evaluate and advise on the Debtors' assumption and or rejection of executory contracts and or leases; q) attend Committee meetings, court hearings, mediations, and auctions as may be required; r) work with the Debtors' tax advisors to ensure that any restructuring or sale transaction is structured to minimize tax liabilities to the estate; and s) provide other services as may be requested by the Committee. The firm will be paid at these hourly rates: Managing Directors $925 - $1,195 Associate Directors & Directors $725 - $950 Professional Staff $325 - $725 Support Staff $195 - $300 David Galfus $1,150 Mark Renzi $1,095 Joseph Vizzini $975 Andrew Manley $860 Paul Noring $800 Berkeley is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. according to court filings. The firm can be reached through: David Galfus Berkeley Research Group, LLC 250 Pehle Avenue, Suite 301 Saddle Brook, NJ 07663 Phone: 201-587-7100 Fax: 201-587-7102 About First Guaranty Mortgage First Guaranty Mortgage Corporation -- https://fgmc.com -- was a full service, non-bank mortgage lender, offering a full suite of residential mortgage options tailored to borrowers' different financial situations. It was one of the leading independent mortgage companies in the United States that originated residential mortgages through a national platform. Just before the bankruptcy filing, as a result of an extreme and unanticipated liquidity crisis and resultant inability to obtain additional capital, FGMC ceased all of its mortgage loan origination activity and separated nearly 80% of its workforce. FGMC and an affiliate commenced Chapter 11 Cases to evaluate their options, accommodate their customers, and maximize and preserve value for all stakeholders. First Guaranty Mortgage Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10584) on June 30, 2022. Affiliate Maverick II Holdings, LLC also sought bankruptcy protection (Bankr. D. Del. Case No. 22-10583). In the petition signed by Aaron Samples, chief executive officer, FGMC disclosed up to $1 billion in both assets and liabilities. Judge Craig T. Goldblatt oversees the cases. Dentons US LLP and Pachulski Stang Ziehl, and Jones LLP represent the Debtors as counsel. FTI Consulting, Inc. and Kurtzman Carson Consultants, LLC serve as chief restructuring officer (CRO) provider and claims and notice agent, respectively. LVS II SPE XXXIV LLC, as Cash Flow DIP Lender, is represented by lawyers at Greenberg Traurig, LLP. The Cash Flow DIP Lender is an indirect subsidiary of a private investment managed by Pacific Investment Management Company LLC. B2 FIE IV LLC, an affiliate of the DIP Lender, owns 100% of the equity interests of FGMC. Barclays Bank PLC serves as DIP Repo Agent and DIP Repo Purchaser while Barclays Capital Inc. serves as DIP MSFTA Counterparty. They are represented by Hunton Andrews Kurth LLP and Potter Anderson & Corroon LLP. FIRSTENERGY CORP: Egan-Jones Retains BB Senior Unsecured Ratings ---------------------------------------------------------------- Egan-Jones Ratings Company, on August 19, 2022, retained its 'BB' foreign currency and local currency senior unsecured ratings on debt issued by FirstEnergy Corp. Headquartered in Akron, Ohio, FirstEnergy Corp. operates as a public utility holding company. FREE SPEECH: Wins Interim Cash Collateral Access ------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas, Victoria Division, authorized Free Speech Systems, LLC to use cash collateral on an interim basis in accordance with the budget, with a 10% variance. The Court said the Debtor will maintain debtor-in-possession accounts at Axos Bank which accounts will contain all operating revenues and any other source of cash constituting cash collateral, which is (or has been) generated by and is attributable to the Debtor's business. The Debtor is permitted to use cash collateral to pay PQPR up to $750,000 as provided in the Budget for "Repay PQPR Inventory". Creditors and parties in interest will have 30 days from the date they receive notice that a PQPR Payment was issued to object to the appropriateness of that payment and file pleadings with the Court seeking to clawback the PQPR Payment. The Debtor will provide notice of a PQPR Payment to creditors and parties in interest on the same day the payment is issued. The Debtor is permitted to instruct its credit card processor to remit to Blue Ascension, LLC its fulfillment charges as set forth in the Motion, from the daily settlement contemporaneously with the distributions to FSS and PQPR. The Debtor will report each Tuesday for the preceding calendar week reflecting weekly sales and disbursement of the proceeds of those sales. A copy of the report will be forwarded to the U.S. Trustee, the Subchapter V Trustee, counsel for PQPR and Jarrod Martin as a representative of the Connecticut and Texas plaintiffs. A final hearing on the matter is set for September 13 at 1 p.m. A copy of the order is available at https://bit.ly/3POXQjB from PacerMonitor.com. About Free Speech Systems LLC Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. On July 29, 2022, Free Speech Systems LLC filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-60043). The Debtor has elected to proceed under subchapter V of chapter 11. In the petition filed by W. Marc Schwartz, as chief restructuring officer, the Debtor estimated assets and liabilities between $50 million and $100 million. Melissa A. Haselden has been appointed as Subchapter V trustee. The Law Offices of Ray Battaglia, PLLC, is the Debtor's counsel. GENERAL ELECTRIC: Egan-Jones Retains BB+ Sr. Unsecured Ratings -------------------------------------------------------------- Egan-Jones Ratings Company, on August 16, 2022, retained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by General Electric Company. Headquartered in Boston, Massachusetts, General Electric Company is a globally diversified technology and financial services company. GENWORTH FINANCIAL: Egan-Jones Retains BB- Sr. Unsecured Ratings ---------------------------------------------------------------- Egan-Jones Ratings Company, on August 15, 2022, retained its 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by Genworth Financial, Inc. EJR also retained its 'B' rating on commercial paper issued by the Company. Headquartered in Richmond, Virginia, Genworth Financial, Inc. offers insurance, wealth management, investment, and financial solutions. GEORGETOWN YACHT BASIN: Marina Up for Sale on Sept. 16 ------------------------------------------------------ Court Appointed Receiver's Sale of Georgetown Yacht Basin Marina in Georgetown, Maryland, will be held on Sept. 16, 2022, at 11:00 a.m., at 14020 Augustine Herman Hwy. (MD Rt. 213) in Georgetown, Maryland 21930. Summary Terms: A $150,000 deposit in the form of a cashier's or certified check required of all registered bidders at the time of sale. The successful bidder shall be obligated to increase the deposit to 10% of the purchase price within 3 business days of the sale date. Property will be sold As-Is, Where-Is. The sale is subject to approval by the Court. Broker participation is welcome. For details, terms and conditions visit Marina Auction at https://www.atlanticauctions.com/ or contact Bill Hudson at bill.hudson@bscamerica.com or (410) 803-4177. The marina consisting of 14.3 +/- acres on the Sassafras River and former major repair yard on the Intracoastal Waterway with one of the largest boat lifts in the region. 206 +/- wet slips, dockmaster building, sail loft, wood shop, paint shop, boat storage buildings, machine shop, marine store, main office, ice cream shop, pool, head/shower buildings and laundry facility. Plus, the machinery, equipment, tools and much more. GEX MANAGEMENT: Posts $549K Net Loss in Second Quarter ------------------------------------------------------ GEX Management, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $549,427 on $476,057 of revenues for the three months ended June 30, 2022, compared to a net loss of $182,488 on $384,352 of revenues for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported a net loss of $1.03 million on $994,918 of revenues compared to a net loss of $584,852 on $558,115 of revenues for the six months ended June 30, 2021. As of June 30, 2022, the Company had $277,779 in total assets, $5.50 million in total liabilities, and a total shareholders' deficit of $5.22 million. GEX Management said, "The Company has identified several potential financing sources in order to raise the capital necessary to fund operations through December 31, 2022. Management has made concerted efforts to move away from expensive debt like obligations and rely on other traditional and non- traditional debt instruments primarily in the form of convertible notes as well as explore various other alternatives including debt and equity financing vehicles, strategic partnerships, government programs that may be available to the Company, as well as trying to generate additional sales and increase margins. However, at this time the Company has no commitments to obtain any additional funds, and there can be no assurance such funds will be available on acceptable terms or at all. If the Company is unable to obtain additional funding, the Company's financial condition and results of operations may be materially adversely affected and the Company may not be able to continue operations. "Additionally, even if the Company raises sufficient capital through additional equity or debt financing, strategic alternatives or otherwise, there can be no assurances that the revenue or capital infusion will be sufficient to enable it to develop its business to a level where it will be profitable or generate positive cash flow. If the Company incurs additional debt, a substantial portion of its operating cash flow may be dedicated to the payment of principal and interest on such indebtedness, thus limiting funds available for business activities. The terms of any debt securities issued could also impose significant restrictions on the Company's operations. Broad market and industry factors may seriously harm the market price of our common stock, regardless of our operating performance, and may adversely impact our ability to raise additional funds. Similarly, if the Company's common stock is delisted from the public exchange markets, it may limit its ability to raise additional funds. "In addition, at this time we cannot predict the impact of COVID-19 on our ability to obtain financing necessary for the Company to fund its working capital requirements." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1681556/000149315222023721/form10-q.htm About GEX Management GEX Management, Inc. -- http://www.gexmanagement.com-- is a management consulting company providing Strategy and Enterprise Technology Consulting solutions to public and private companies across a variety of industry sectors. GEX Management is strategically purposed to provide tailored business service products and services to its clients. GEX Management reported a net loss of $6.05 million for the year ended Dec. 31, 2021, compared to a net loss of $224,947 for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $313,700 in total assets, $5.46 million in total liabilities, and a total shareholders' deficit of $5.15 million. Houston, Texas-based Hudgens CPA, PLLC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated July 20, 2022, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. GROWLIFE INC: Incurs $1.7 Million Net Loss in Second Quarter ------------------------------------------------------------ GrowLife, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.68 million on $314,894 of net revenue for the three months ended June 30, 2022, compared to a net loss of $909,168 on $2.17 million of net revenue for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported a net loss of $2.29 million on $1.17 million of revenue compared to a net loss of $3.78 million on $3.84 million of net revenue for the same period in 2021. As of June 30, 2022, the Company had $3.28 million in total assets, $10.35 million in total current liabilities, $136,873 in total long term liabilities, and a total stockholders' deficit of $7.20 million. GrowLife stated, "The accompanying financial statements have been prepared assuming that we will continue as a going concern. However, since inception, we have sustained significant operating losses and such losses are expected to continue for the foreseeable future. As of June 30, 2022, we had an accumulated deficit of $163 million, cash and cash equivalents of $277,000 and a working capital deficit of $2,655,000, excluding derivative liability, convertible debt, acquisition costs payable in stock and right of use liability. Net cash used in operating activities was $1,054,000 for the six months ended June 30, 2022. "The Company believes it will require additional funding in order to execute its business plans. The majority of the Company's cash is currently held at EZ-CLONE and as a result of the ongoing litigation with EZ-CLONE Founder's, such cash is not accessible for general corporate use. "To fund further GrowLife operations, we will need to raise additional capital. We may obtain additional financing in the future through the issuance of its common stock, or through other equity or debt financings. Our ability to continue as a going concern or meet the minimum liquidity requirements in the future is dependent on its ability to raise significant additional capital, of which there can be no assurance. If the necessary financing is not obtained or achieved, we will likely be required to reduce our planned expenditures, which could have an adverse impact on the results of operations, financial condition and our ability to achieve its strategic objective. There can be no assurance that financing will be available on acceptable terms, or at all. The financial statements contain no adjustments for the outcome of these uncertainties. These factors raise substantial doubt about our ability to continue as a going concern and have a material adverse effect on our future financial results, financial position and cash flows." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1161582/000165495422011651/phot_10q.htm About GrowLife GrowLife, Inc. (PHOT)-- http://www.shopgrowlife.com-- focuses on functional mushroom business opportunities. The Company sees a growing market, intends to service its existing distribution channel and will build on opportunities in the medicinal mushroom industry. GrowLife reported a net loss of $5.47 million for the year ended Dec. 31, 2021, compared to a net loss of $6.38 million for the year ended Dec. 31, 2020. As of March 31, 2022, the Company had $3.56 million in total assets, $9.16 million in total current liabilities, $243,929 in total long- term liabilities, and a total stockholders' deficit of $5.85 million. Irvine, Calif.-based Macias Gini & O'Connell LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 16, 2022, citing that the Company has suffered recurring losses from operations, incurred negative cash flows from operating activities, and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. HCA INC: Egan-Jones Retains BB+ Senior Unsecured Ratings -------------------------------------------------------- Egan-Jones Ratings Company, on August 18, 2022, retained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by HCA Inc. Headquartered in Nashville, Tennessee, HCA Inc. of Delaware owns, manages, and operates hospitals. HELIX ENERGY: Egan-Jones Retains CCC+ Senior Unsecured Ratings -------------------------------------------------------------- Egan-Jones Ratings Company, on August 19, 2022, retained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Helix Energy Solutions Group, Inc. EJR also retained its 'B' rating on commercial paper issued by the Company. Headquartered in Houston, Texas, Helix Energy Solutions Group, Inc. is an American oil and gas services company. HEXCEL CORP: Egan-Jones Retains BB+ Senior Unsecured Ratings ------------------------------------------------------------ Egan-Jones Ratings Company, on August 18, 2022, retained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Hexcel Corporation. Headquartered in Stamford, Connecticut, Hexcel Corporation develops, manufactures, and markets reinforcement products, composite materials, and engineered products. HORSE CARRIAGE: Claims Will be Paid from Property Refinance ----------------------------------------------------------- Horse Carriage Enterprises, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a Disclosure Statement describing Plan of Reorganization dated August 25, 2022. The Debtor's sole member, L. Amy Gonzalez, and her ex-husband owned the property located at 4732 W. Hopewell Road, Center Valley, PA (hereinafter "the property"), which they purchased in early 2000's for the sum of $1,600,000.00. The property has a single family house and several other buildings, some of which are rentable. As the result of their divorce, on April 5, 2015 the property was transferred to the Debtor, which had been formed in the state of New Jersey by Ms. Gonzalez on February 5, 2015. On May 4, 2016 the property was pledged as collateral for a $785,000.00 loan made by Argasana Properties, LLC, the proceeds of which went to fund another business. A Sheriff Sale was scheduled which precipitated the Debtor seeking relief under the Bankruptcy Code on May 27, 2022. The Debtor has been consulting with various restructuring and development firms in order to obtain refinancing for the property. If subdivided into zoning approved sized lots, the Debtor believes the property has a potential value of $2,000,000.00. The sole asset which the Debtor owns is the real estate located at 4732 W. Hopewell Road, Center Valley, PA. Its value is estimated to be at least $1,500,000.00. The Plan filed with the Court proposes to pay the administrative creditors (Class 1) on the effective date, which is the date the Confirmation Order becomes final, unless they agree to other treatment. The Debtor shall within 6 months of the effective date obtain financing to pay the allowed secured claim of Argasana Properties (Class 2), unless it agrees to other treatment. Upon the financing within 6 of the effective date, the Debtor shall pay Upper Township (Class 3) plus interest. The Debtor is seeking financing to pay off the mortgage and refurbish the rentable buildings to service the loan. In addition, it intends to subdivide the property and either sell or develop the lots. The Plan shall be funded through the refinancing of the mortgage within 6 months from the effective date. A full-text copy of the Disclosure Statement dated August 25, 2022, is available at https://bit.ly/3QXYw7B from PacerMonitor.com at no charge. Debtor's Counsel: Jon M. Adelstein Adelstein & Kalimer, LLC 3993 Huntingdon Pike, Suite 210 Huntingdon Valley, PA 19006 Tel: (215) 230-4250 Fax: 215-230-4251 Email: jadelstein@adelsteinkaliner.com About Horse Carriage Enterprises Horse Carriage Enterprises, LLC is a single asset real estate (as defined in 11 U.S.C. Sec. 101(51B)). It owns the property located at 4732 W. Hopewell Road, Center Valley, PA. To stop foreclosure, Horse Carriage Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 22-11370) on May 27, 2022, listing as much as $50,000 in both assets and liabilities. Judge Patricia M. Mayer oversees the case. Jon M. Adelstein, Esq., at Adelstein & Kalimer, LLC is the Debtor's legal counsel. IRIDIUM SATELLITE: Egan-Jones Retains B- Senior Unsecured Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company, on August 15, 2022, retained its 'B-' foreign currency and local currency senior unsecured ratings on debt issued by Iridium Satellite LLC. Headquartered in McLean, Virginia, Iridium Satellite LLC operates as a mobile satellite communications company. J MORALES: Case Summary & 14 Unsecured Creditors ------------------------------------------------ Debtor: J Morales Inc. DBA El Nopal Mexican Grill #2 DBA Sophya's Banquet Hall DBA Vegas Valley Autosales DBA Le Caprice Banquet Hal 4200 W. Russell Rd., Ste. 115 Las Vegas, NV 89119 Business Description: J Morales is part of the restaurant industry. Chapter 11 Petition Date: August 29, 2022 Court: United States Bankruptcy Court District of Nevada Case No.: 22-13083 Judge: Hon. Natalie M. Cox Debtor's Counsel: Matthew C. Zirzow, Esq. LARSON & ZIRZOW, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: 702-382-1170 E-mail: mzirzow@lzlawnv.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jose Morales as owner and director. A full-text copy of the petition containing, among other items, a list of the Debtor's 14 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/R6M76JI/J_MORALES_INC__nvbke-22-13083__0001.0.pdf?mcid=tGE4TAMA JAB ENERGY: Creditors to Get Proceeds From Liquidation ------------------------------------------------------ JAB Energy Solutions II, LLC, filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Plan of Liquidation dated August 25, 2022. Based in Houston, Texas, with offices in Louisiana, prior to the commencement of its chapter 11 case, the Debtor served major and independent energy companies worldwide. Faced with continuing pressure to collect receivables and pending deadlines to seek reconsideration or appeal of the Injunction Order and, the pending discovery deadlines associated with the ODG Litigation, the Debtor determined that seeking relief via a chapter 11 filing was the proper course of action to maximize value for all creditors. Thus, on September 7, 2021, the Debtor commenced this Chapter 11 Case. The resulting stay of pending litigation has provided the Debtor with the needed breathing space to collect the substantial outstanding receivables for the Projects, effectuate a settlement with the Committee and major Creditors under the Plan Term Sheet, and move forward with an orderly wind down of the Debtor's business. On July 27, 2022, the Debtor filed a motion seeking expedited approval of the Plan Term Sheet between the Debtor, the Committee, Castlegate, Lincolnshire, TOPS, OTS and the Non-Debtor Affiliates. As discussed in the motion, the Chapter 11 Case's significant stakeholders, along with the Debtor's primary litigant, have reached a global resolution of the disputes between the parties and have entered into the Plan Term Sheet, which will pave the way to a prompt resolution of this contested case via this Combined Plan and Disclosure Statement that has the support of the Committee and the other key parties. After a hearing held on August 10, 2022, the Court approved the Plan Term Sheet. As of the Petition Date, the Debtor had only two major outstanding work orders for which it will be owed approximately $10 million in receivables upon completion. The Debtor's goals in the Chapter 11 Case have been to complete the wind-down of its business, collect on the outstanding receivables, address pending claims, including litigation claims, and make distributions to Creditors as efficiently as possible through the liquidating Plan. The Official Committee of Unsecured Creditors appointed in the Chapter 11 Case supports the confirmation of the Plan pursuant to a global settlement (referred to herein as the Plan Term Sheet) by and among the Debtor, the Committee, and other key parties in interest. The Plan provides for the Reorganized Debtor and a Liquidating Trust, the latter of which is created solely for the benefit of Holders of Allowed Unsecured Claims, to liquidate, collect, sell, or otherwise dispose of the remaining assets of the Debtor's estate (the "Estate") (including, without limitation, certain causes of action), if and to the extent such assets were not previously monetized to Cash or otherwise transferred or disposed of by the Debtor prior to the Effective Date, and to distribute all net proceeds to Creditors generally in accordance with the priority scheme under the Bankruptcy Code, subject to the terms of the Plan and the Plan Term Sheet. The Liquidating Trust will be funded initially with certain Liquidating Trust Assets, including, without limitation, the Assigned Liquidating Trust Claims and certain monies as the Liquidating Trust Expenses Initial Fund, with the consent and agreement of the DIP Lender and the Prepetition Junior Lender. In a Chapter 7 proceeding, absent such consent, general unsecured creditors would likely receive no distribution on account of their claims. Class 5 consists of Unsecured Claims. The allowed unsecured claims total $19.99 million. This Class will receive a distribution of 0%, plus any net value generated from Assigned Liquidating Trust Claims. Each Holder of an Allowed Unsecured Claim in Class 5 shall receive a Pro Rata share of the Liquidating Trust Interests, which entitle the Beneficiaries thereof to any net proceeds of the Assigned Liquidating Trust Claims. Unsecured Claims are subject to all statutory, equitable, and contractual subordination claims, rights, and grounds available to the Debtor, the Estate, and pursuant to the Plan, the Liquidating Trustee, which subordination claims, rights, and grounds are fully enforceable prior to, on, and after the Effective Date. Notwithstanding any of the foregoing, consistent with the Plan Term Sheet, no distributions shall be made from the Liquidating Trust to the Prepetition Junior Lender on account of any unsecured deficiency Claims against the Debtor. Further, consistent with the Plan Term Sheet, no distributions shall be made from the Liquidating Trust to the Non-Debtor Affiliates on account of any intercompany claims owed to them by the Debtor. The Non-Debtor Affiliates are deemed to have fully and forever waived any right to participate in distributions from the Liquidating Trust or the Debtor. This Class is impaired. There shall be no Distribution on account of Class 6 Interests. Upon the Effective Date, all Interests will be deemed cancelled and will cease to exist. A full-text copy of the Combined Disclosure Statement and Liquidating Plan dated August 25, 2022, is available at https://bit.ly/3dZLeJh from PacerMonitor.com at no charge. Counsel for Debtor: Laura Davis Jones, Esq. Colin R. Robinson, Esq. Pachulski Stang Ziehl & Jones LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899-8705 Telephone: (302) 652-4100 Facsimile: (302) 652-4400 Email: ljones@pszjlaw.com crobinson@pszjlaw.com About JAB Energy Solutions II JAB Energy Solutions II, LLC -- http://jabenergysolutions.com/ -- is an EPIC (Engineering, Procurement, Installation & Commissioning) specialist providing comprehensive project management services for decommissioning, abandonment, construction and installation of offshore and onshore oil and gas facilities, platforms and pipelines. Based in Houston, with offices in Lake Charles, La., JAB Energy Solutions serves major and independent energy companies worldwide. JAB Energy Solutions filed a petition for Chapter 11 protection (Bankr. D. Del. Case No. 21-11226) on Sept. 7, 2021, listing as much as $50 million in both assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor tapped Pachulski Stang Ziehl & Jones, LLP as legal counsel and Traverse, LLC as restructuring advisor. Albert Altro, the founder of Traverse, serves as the Debtor's chief restructuring officer. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lugenbuhl, Wheaton, Peck, Rankin & Hubbard and Joyce, LLC as legal counsel and Matthews, Cutrer and Lindsay, P.A. as financial advisor. JAGUAR HEALTH: Incurs $9.4 Million Net Loss in Second Quarter ------------------------------------------------------------- Jaguar Health, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss and comprehensive loss of $9.39 million on $2.92 million of product revenue for the three months ended June 30, 2022, compared to a net loss and comprehensive loss of $14.08 million on $385,000 of product revenue for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported a net loss and comprehensive loss of $27.55 million on $5.55 million of product revenue compared to a net loss and comprehensive loss of $26.09 million on $1.62 million of product revenue for the six months ended June 30, 2021. As of June 30, 2022, the Company had $49.88 million in total assets, $47.13 million in total liabilities, and $2.76 million in total stockholders' equity. The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $246.8 million as of June 30, 2022. The Company expects to incur substantial losses and negative cash flows in future periods. Further, the Company's future operations, including the operations of substantially owned Italian subsidiary, Napo Therapeutics S.p.A., which include the satisfaction of current obligations, are dependent on the success of the Company's ongoing development and commercialization efforts, as well as securing additional financing and generating positive cash flows from operations. The Company gives no assurance that it will have adequate cash balances to maintain its operations. Jaguar said, "Although the Company plans to finance its operations and cash flow needs through equity and/or debt financing, collaboration arrangements with other entities, license royalty agreements, as well as revenue from future product sales, the Company does not believe its current cash balances are sufficient to fund its operating plan through one year from the issuance of these unaudited condensed consolidated financial statements. The Company has an immediate need to raise cash. There can be no assurance that additional funding will be available to the Company on acceptable terms, or on a timely basis, if at all, or that the Company will generate sufficient cash from operations to adequately fund operating needs. If the Company is unable to obtain an adequate level of financing needed for the long-term development and commercialization of our products, the Company will need to curtail planned activities and reduce costs. Doing so will likely have an adverse effect on our ability to execute our business plan; accordingly, there is substantial doubt about the ability of the Company to continue in existence as a going concern." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001585608/000155837022013831/jagx-20220630x10q.htm About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial stage pharmaceuticals company focused on developing novel, sustainably derived gastrointestinal products on a global basis. The Company's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary human gastrointestinal pharmaceuticals for the global marketplace from plants used traditionally in rainforest areas. Its Mytesi (crofelemer) product is approved by the U.S. FDA for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy. Jaguar Health reported a net loss and comprehensive loss of $52.60 for the year ended Dec. 31, 2021, a net loss and comprehensive loss of $33.81 million for the year ended Dec. 31, 2020, a net loss and comprehensive loss of $38.54 million for the year ended Dec. 31, 2019, and a net loss of $32.15 million for the year ended Dec. 31, 2018. As of March 31, 2022, the Company had $52.91 million in total assets, $44.80 million in total liabilities, and $8.11 million in total stockholders' equity. Larkspur, California-based RBSM, LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 11, 2022, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. JAJE ONE: Case Summary & Three Unsecured Creditors -------------------------------------------------- Debtor: Jaje One, LLC 1521 Alton Rd Suite 812 Miami Beach, FL 33139 Chapter 11 Petition Date: August 28, 2022 Court: United States Bankruptcy Court Southern District of Florida Case No.: 22-16629 Judge: Hon. Robert A. Mark Debtor's Counsel: Joel Aresty, Esq. JOEL M. ARESTY PA 309 1st Ave. S. Tierra Verde, FL 33715 Tel: (305) 904-1903 Email: aresty@icloud.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Laurent Benzaquen, mgrm JJLB Property Management LLC. A full-text copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/C3MTE3Q/JAJE_ONE_LLC__flsbke-22-16629__0001.0.pdf?mcid=tGE4TAMA JEFFERIES GROUP: Egan-Jones Retains BB+ Senior Unsecured Ratings ---------------------------------------------------------------- Egan-Jones Ratings Company, on August 18, 2022, retained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Jefferies Group LLC. Headquartered in New York, New York, Jefferies Group LLC provides institutional brokerage services. JEFFERSON-11TH STREET: Creditors' Committee Disclose Claims ----------------------------------------------------------- In the Chapter 11 cases of Jefferson-11th Street, LLC, the law firm of Arnold & Porter Kaye Scholer LLP and Latham & Watkins LLP submitted a verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose that they are representing the 2724 11th St. NW Tenants' Association, Inc. and Tenant Parties. As of Aug. 24, 2022, the Association and the Tenant Parties and their disclosable economic interests are: 2724 11th Street NW Tenants' Association, Inc. Latham & Watkins LLP 555 Eleventh Street, NW, Suite 1000 Washington, DC 20004 Attn: Amanda P. Reeves, Esq. Clayton D. LaForge, Esq. - and – Latham & Watkins LLP 355 South Grand Avenue, Suite 100 Los Angeles, CA 90071 Attn: Ted A. Dillman, Esq. Nicholas J. Messana, Esq. * A claim in at least the amount of $1,591,299.60, consisting of attorney fees in the amount of, (i) subject to approval by the District of Columbia Office of Administrative Hearings, $1,333,141.20, plus, (ii) subject to approval by the Rental Housing Commission, $139,878.70, plus, (iii) subject to approval by the District of Columbia Court of Appeals, $118,279.70, in each case, plus interest Maria Torres Estate of Paul Compton Rosetta Archie Ana Ascensio Efrain Espinal Arnold & Porter Kaye Scholer LLP 601 Massachusetts Avenue NW Washington, DC 20001 Attn: Blake A. Biles, Esq. Rosa J. Evergreen, Esq. * Subject to the pending appeal, a claim for at least $278,303.30, plus contingent and unliquidated amounts, including, without limitation, claims for legal fees, costs and post-judgment interest Christela Ventura Arnold & Porter Kaye Scholer LLP 601 Massachusetts Avenue NW Washington, DC 20001 Attn: Blake A. Biles, Esq. Rosa J. Evergreen, Esq. * A claim in at least the amount of $6,748.71 plus interest and attorney fees, and contingent and unliquidated amounts and claims Efrain Espinal Arnold & Porter Kaye Scholer LLP 601 Massachusetts Avenue NW Washington, DC 20001 Attn: Blake A. Biles, Esq. Rosa J. Evergreen, Esq. * A claim in at least the amount of $24,851.58 plus interest and attorney fees, and contingent and unliquidated amounts and claims Yosef Akalu Arnold & Porter Kaye Scholer LLP 601 Massachusetts Avenue NW Washington, DC 20001 Attn: Blake A. Biles, Esq. Rosa J. Evergreen, Esq. * A claim in at least the amount of $12,531.22 plus interest and attorney fees, and contingent and unliquidated amounts and claims Marcelina Benitez Arnold & Porter Kaye Scholer LLP 601 Massachusetts Avenue NW Washington, DC 20001 Attn: Blake A. Biles, Esq. Rosa J. Evergreen, Esq. * A claim in at least the amount of $4,806.00 plus interest and attorney fees, and contingent and unliquidated amounts and claims Muhammad Jallow 601 Massachusetts Avenue NW Washington, DC 20001 Attn: Blake A. Biles, Esq. Rosa J. Evergreen, Esq. * A claim in at least the amount of $15,841.97 plus interest and attorney fees, and contingent and unliquidated amounts and claims Maria Torres 601 Massachusetts Avenue NW Washington, DC 20001 Attn: Blake A. Biles, Esq. Rosa J. Evergreen, Esq. * A claim in at least the amount of $21,102.60 plus interest and attorney fees, and contingent and unliquidated amounts and claims Felipa Arias 601 Massachusetts Avenue NW Washington, DC 20001 Attn: Blake A. Biles, Esq. Rosa J. Evergreen, Esq. * A claim in at least the amount of $8,033.42 plus interest and attorney fees, and contingent and unliquidated amounts and claims Estate of Paul Compton 601 Massachusetts Avenue NW Washington, DC 20001 Attn: Blake A. Biles, Esq. Rosa J. Evergreen, Esq. * A claim in at least the amount of $9,729.99 plus interest and attorney fees, and contingent and unliquidated amounts and claims Magdaleno Benitez 601 Massachusetts Avenue NW Washington, DC 20001 Attn: Blake A. Biles, Esq. Rosa J. Evergreen, Esq. * A claim in at least the amount of $28,616.09 plus interest and attorney fees, and contingent and unliquidated amounts and claims Rigoberto Salguero 601 Massachusetts Avenue NW Washington, DC 20001 Attn: Blake A. Biles, Esq. Rosa J. Evergreen, Esq. * A claim in at least the amount of $28,738.92 plus interest and attorney fees, and contingent and unliquidated amounts and claims Rosetta Archie 601 Massachusetts Avenue NW Washington, DC 20001 Attn: Blake A. Biles, Esq. Rosa J. Evergreen, Esq. * A claim in at least the amount of $15,833.51 plus interest and attorney fees, and contingent and unliquidated amounts and claims. Bertin Pavon 601 Massachusetts Avenue NW Washington, DC 20001 Attn: Blake A. Biles, Esq. Rosa J. Evergreen, Esq. * A claim in at least the amount of $17,538.19 plus interest and attorney fees, and contingent and unliquidated amounts and claims Anna Vasquez 601 Massachusetts Avenue NW Washington, DC 20001 Attn: Blake A. Biles, Esq. Rosa J. Evergreen, Esq. * A claim in at least the amount of $20,655.12 plus interest and attorney fees, and contingent and unliquidated amounts and claims Napoleon Del Cid 601 Massachusetts Avenue NW Washington, DC 20001 Attn: Blake A. Biles, Esq. Rosa J. Evergreen, Esq. * A claim in at least the amount of $28,169.81 plus interest and attorney fees, and contingent and unliquidated amounts and claims Ana Ascencio 601 Massachusetts Avenue NW Washington, DC 20001 Attn: Blake A. Biles, Esq. Rosa J. Evergreen, Esq. * A claim in at least the amount of $19,668.11 plus interest and attorney fees, and contingent and unliquidated amounts and claims Counsel for 2724 11th St. NW Tenants' Association, Inc. and Tenant Parties can be reached at: Rosa J. Evergreen, Esq. Blake A. Biles, Esq. Arnold & Porter Kaye Scholer LLP 601 Massachusetts Avenue NW Washington, DC 20001 Tel: (202) 942-5000 E-mail: rosa.evergreen@arnoldporter.com blake.biles@arnoldporter.com - and – Amanda P. Reeves, Esq. Clayton D. LaForge, Esq. Latham & Watkins LLP 555 Eleventh Street, NW, Suite 1000 Washington, DC 20004 Tel: (202) 637-2200 E-mail: amanda.reeves@lw.com clayton.laforge@lw.com Ted A. Dillman, Esq. Nicholas J. Messana, Esq. Latham & Watkins LLP 355 South Grand Avenue, Suite 100 Los Angeles, CA 90071 Tel: (213) 485-1234 E-mail: ted.dillman@lw.com nicholas.messana@lw.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://bit.ly/3ArRYar About Jefferson-11th Street Jefferson-11th Street, LLC is primarily engaged in renting and leasing real estate properties. The Debtor is the fee simple owner of a real property located at 2724, 11th St., NW, Washington, DC, valued at $5 million. Jefferson-11th Street sought Chapter 11 bankruptcy protection (Bankr. D.D.C. Case No. 22-00059) on March 31, 2022. In the petition filed by Francis Hill Parker, managing member, the Debtor disclosed $5,531,267 in total assets and $1,931,368 in total liabilities. Judge Elizabeth L. Gunn oversees the case. The Debtor tapped McNamee Hosea, PA as bankruptcy counsel. Blumenthal, Cordone & Erklauer, PLLC and Weiss, Handler & Cornwell, P.A. serve as the Debtor's special counsel. KATY SALTWATER DISPOSAL: Files Bare-Bones Chapter 11 Petition ------------------------------------------------------------- Katy Saltwater Disposal Company Inc filed for chapter 11 protection without stating a reason. According to court filings, Katy Saltwater Disposal estimates between 50 and 99 creditors. The bare-bones petition states that funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Sept. 28, 2022, at 10:00 AM via Telephonic Hearing. Proofs of claim are due by Dec. 21, 2022. About Katy Saltwater Disposal Company Katy Saltwater Disposal Company Inc. is a waste management service in Carthage, Texas. Katy Saltwater Disposal Company Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 22-60360) on August 23, 2022. In the petition filed by Clay Etheridge, as president, the Debtor reported assets and liabilities between $500,000 and $1 million. The Debtor is represented by William Stephen Shires of The Law Office of Stephen Shires, PLLC. KISSIMMEE CONDOS: Seeks to Hire Schafer Tschopp as Accountant ------------------------------------------------------------- Kissimmee Condos Partnership, LLC received approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Schafer, Tschopp, Whitcomb, Mitchell & Sheridan, LLP as its accountant. The firm's services include: a) preparation of the Debtor's monthly operating reports; b) preparation of the Debtor's Federal tax returns; c) tax planning and consultation; and d) general accounting advice as needed. The firm will charge an estimated $2,000 to prepare the 2022 Federal tax return and its standard hourly rates for preparation of the monthly operating reports. Schafer represents no interest adverse to the Debtor in matters upon which it is to be engaged, according to court filings. The firm can be reached through: Stephen Sheridan Schafer, Tschopp, Whitcomb, Mitchell & Sheridan, LLP 541 S Orlando Ave Ste 300 Maitland, FL 32751 Phone: 407-839-3330 Fax: 407-839-3660 About Kissimmee Condos Partnership Kissimmee Condos Partnership, LLC is a Florida limited liability company formed on Dec. 10, 2016, to hold and develop two parcels of real property in Osceola County, Fla. Pre-petition, the company developed and initiated the project, which includes the Soho at Lakeside and Tribeca at Lakeside, which are both residential townhome developments to be built over several phases. Kissimmee Condos filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00994) on March 21, 2022, listing as much as $10 million in both assets and liabilities. Robert Altman serves as Subchapter V trustee. Judge Grace E. Robson oversees the case. R. Scott Shuker, Esq., at Shuker and Dorris, PA is the Debtor's legal counsel. LCN PARTNERS: Files Amendment to Disclosure Statement ----------------------------------------------------- LCN Partners, Inc. f/d/b/a LCN Communications submitted a First mended Disclosure Statement describing First Amended Plan of Reorganization dated August 25, 2022. Since the Petition Date, the Debtor has repatriated all of its projects and jobs back to the Commonwealth of Pennsylvania, cut overhead, refined its operations and staff, and bid projects conservatively. This refinement of operations results directly in the Debtor's ability to propose a distribution to unsecured creditors and reorganize its secured debt. One of the out of state projects that resulted in claims for non-payment for Debtor's subcontractors was the construction of cellular towers, poles, and nodes along streets and public rights-of-way in Baltimore City (the "Baltimore Project"). On or about January 18, 2022, creditor Nelson Precast Products, LLC commenced a state court action in the Circuit Court for Baltimore City, Maryland (the "State Court") styled Nelson Precast Products, LLC vs. Mayor and City Council of the City of Baltimore, et. al., Case No. 24-C-22-000330 (the "Maryland State Court Action") against Debtor, its president and owner, Joseph Robbins; Crown Castle Fiber LLC; and the Mayor and City Council of the City of Baltimore (the "City"). The Maryland State Court Action generally relates to certain contractual, quasi-contractual, and mechanic's lien claims asserted by Nelson against the Debtor, Robbins and Crown Castle regarding Debtor's failure to make payments related to the Baltimore Project. In the Maryland State Court Action, Nelson asserted damages in the amount of $432,760. Nelson has filed a general unsecured claim in this same amount in this Bankruptcy Case. Debtor does not intend to object to Nelson's Claim. Crown Castle has answered Nelson's complaint and denies Nelson's allegations. Pursuant to its contract with the Debtor, Crown Castle also may assert claims against the Debtor and Robbins for, among other things, indemnification, setoff, recoupment, defense costs arising out of the Maryland State Court Action. On April 27, 2022, the State Court issued an order staying the Maryland State Court Action. As of the time the court stayed the Maryland State Court Action, the Debtor had not yet filed an answer and/or any counterclaims against Nelson and reserves the right to evaluate any counterclaims against Nelson that it may have. The Maryland State Court Action remains stayed pending the outcome of this Bankruptcy Case but the resolution of the Maryland State Court Action may affect the amount of the pro rata distribution of the General Unsecured Creditors in Class 1. Class 1 consists of Allowed Unsecured Claims. Class 1 is impaired. Class 1 Claims are estimated at $1,000,000. The Debtor proposes to pay a total of $100,000 to the holders of Allowed general Unsecured Claims. The Debtor shall make 3 annual distributions to Allowed Unsecured Creditors in the amount of $33,333.33 commencing on the effective date and occurring on the first and second anniversaries of the effective date. The Debtor shall make a pro rata distribution to Unsecured Creditors. The treatment and consideration to be received by holders of Class 1 Allowed Claims shall be in full settlement, satisfaction, release and discharge of their respective Claims and Liens. This Class includes all deficiency Claims and the portion of any Claims of any priority unsecured creditors which is not entitled to priority. Class 2 Claims consist of the holders of interests in the Debtor. The Class 2 Claims are impaired. All existing membership interests in the Debtor shall be canceled. Reference is made to the Debtor's list of Equity Security Holders wherein the Debtor lists Joseph Robbins as 100% owner of the Debtor's membership interests and identifies Albert Lancellotti as a disputed 0% equity security holder due to the Debtor's understanding that Mr. Lancellotti asserts such a claim. However, because the existing membership interests will be extinguished under the Plan, the Debtor includes the reference to Mr. Lancellotti out of an abundance of caution only. The Plan will be funded by ongoing operations of the Debtor, carried out by existing management, and the continued efforts of the Debtor and its management to maximize the Debtor's presence in its marketplace while striving to keep overhead low as well as a $50,000 cash infusion from Joseph Robbins and his wife, Beth Anne Robbins, and a personal guaranty from Mr. Robbins to the SBA debt. In exchange for the $50,000 cash infusion and personal guaranty, the newly issued membership interests in the Debtor will be issued to Joe and Beth as tenants by the entireties. There will be no disbursing agent as the Debtor intends to make all Plan payments directly to the Creditors on the effective date and the following first and second anniversaries of the effective date. A full-text copy of the First Amended Disclosure Statement dated August 25, 2022, is available at https://bit.ly/3Kttv96 from PacerMonitor.com at no charge. Attorneys for the Debtor: Albert A. Ciardi III, Esq. Jennifer C. McEntee, Esq. Ciardi Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Tel.: (215) 557-3550 Fax: (215) 557-3551 Email: aciardi@ciardilaw.com jcranston@ciardilaw.com About LCN Partners, Inc. LCN Partners, Inc., is a certified service-disabled veteran owned small business specializing in the electrical and technology industries. LCN Partners sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 22-10665) on March 17, 2022. In the petition signed by Joseph E. Robbins, president, the Debtor disclosed up to $1 million in both assets and liabilities. Judge Ashely M. Chan oversees the case. Albert A. Ciardi III, Esq., at Ciardi Ciardi and Astin, is the Debtor's counsel. LONESOME VALLEY: Case Summary & 11 Unsecured Creditors ------------------------------------------------------ Debtor: Lonesome Valley Brewing, Inc. 3040 N. Windsong Drive, Suite 101 Prescott Valley, AZ 86314 Business Description: The Debtor is part of the restaurant industry. Chapter 11 Petition Date: August 29, 2022 Court: United States Bankruptcy Court District of Arizona Case No.: 22-05747 Judge: Hon. Brenda K. Martin Debtor's Counsel: Thomas H. Allen, Esq. ALLEN BARNES & JONES, PLC 1850 N. Central Avenue, Suite 1150 Phoenix, AZ 85004 Tel: 602-256-6000 Fax: 602-252-4712 E-mail: tallen@allenbarneslaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Joanne Cole as chief financial officer. A full-text copy of the petition containing, among other items, a list of the Debtor's 11 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/Q3PVD5A/LONESOME_VALLEY_BREWING_INC__azbke-22-05747__0001.0.pdf?mcid=tGE4TAMA LUMILEDS HOLDING: Case Summary & 30 Largest Unsecured Creditors --------------------------------------------------------------- Lead Debtor: Lumileds Holding B.V. Evert van de Beekstraat 1 The Base, Tower B5 Unit 107 Schiphol, The Netherlands 1118 CL Business Description: Lumileds is a global manufacturer of innovative lighting solutions. In the 1960s, the Company expanded its offerings to also include state-of-the-art LED devices alongside the automotive lighting technologies that it had continued to innovate. Today, the Company continues to develop and manufacture high-tech lighting products for the automotive, mobile device, consumer, general lighting, and industrial markets. Chapter 11 Petition Date: August 29, 2022 Court: United States Bankruptcy Court Southern District of New York Ten affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Lumileds Holding B.V. (Lead Case) 22-11155 Lumileds Subholding B.V. 22-11154 Lumileds International B.V. 22-11156 Aurora Borealis B.V. 22-11157 Lumileds Netherlands B.V. 22-11158 Bright Bidco B.V. 22-11159 Aegletes B.V. 22-11160 Lumileds LLC 22-11161 Lumileds USA (Holding) Corp. 22-11162 Luminescence Cooperatief U.A. 22-11163 Judge: Hon. Lisa G. Beckerman Debtors' Counsel: George A. Davis, Esq. George Klidonas, Esq. Anupama Yerramalli, Esq. Liza L. Burton, Esq. Misha E. Ross, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, NY 10020 Tel: (212) 906-1200 Fax: (212) 751-4864 Emails: george.davis@lw.com george.klidonas@lw.com anu.yerramalli@lw.com liza.burton@lw.com misha.ross@lw.com Debtors' Special Financing & Employee Compensation Counsel: PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP Debtors' Financial Advisor: ALIXPARTNERS, LLP Debtors' Investment Banker: EVERCORE INC. Debtors' Claims & Noticing Agent: EPIQ CORPORATE RESTRUCTURING, LLC Estimated Assets: $50 million to $100 million Estimated Liabilities: $100 million to $500 million The petitions were signed by Johannes Paulus Teuwen as chief financial officer. A full-text copy of the Lead Debtor's petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/AUXA2JQ/Lumileds_Holding_BV__nysbke-22-11155__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. UWV Tax $2,272,184 LA Guardiaweg 94-114 Amsterdam 1043 DL Netherlands Contact: Nathalie Van Berkel, Board of Dirs Tel: +31888982001 2. LBA RVI- Company I, LP Trade Payable $1,772,664 3347 Michelson Drive, Suite 200 Irvine, CA 92612 Contact: Brad Neglia Principal Tel: 949833-0400 3. Atos Nederland B.V. Trade Payable $901,971 Burg Runderslaan 30 Amstelveen 1185 MC Netherlands Contact: Nourdine Bihmane Group CEO Tel: +31088265555 4. Versum Materials Trade Payable $658,115 7350 Tilghman Street Number 104 Allentown, PA 18106-9000 Contact: Natalie Chidester- Inside Sales Rep. Tel: 1 800 837 2724; 2675204817 Email: natalie.chidester@emdgroup.com 5. Jiangxi Jingneng Trade Payable $597,737 Semiconductor Co., Ltd. No. 699 Aixi North Road Nanchang China Contact: Gaoping Tel: 0791-8815617-5072 Email: gaoping@latticepower.com 6. Microsoft Corporation Trade Payable $536,548 One Microsoft Way Redmond, WA 98052-6399 Contact: Satya Nadella, CEO Tel: 425882-8080 Fax: 425706-7929 Email: daarthur@microsoft.com 7. Pacific Gas Electric Utility $498,749 300 Lakeside Drive Oakland, CA 94612 Contact: Patricia K. Poppe, CEO Tel: 800-743-5000 Email: customerserviceonline@pge.com 8. BT Americas Inc. Trade Payable $467,615 8951 Cypress Waters Blvd Suite 200 Dallas, TSX 75019 Contact: Lorraine Badyna Tel: 215-917-1479 Email: lorraine.badyna@bt.com 9. DXC Technology Services LLC Trade Payable $395,219 1775 Tysons Blvd. McLean VA 22102 Contact: Alyssa Adams Clavin Tel: 602-920-1551 Email: juan.mata@dxc.com 10. Vallen Distribution Inc. Trade Payable $360,609 1460 Tobias Gadson Blvd. Charleston, SC 29407 Contact: Flores Nora-Vallen Buyer Tel: 408-964-2630; 843746-1260 Fax: 843746-1289 Email: sanjosesite@vallen.com 11. IPAN GMBH Trade Payable $299,845 n/k/a Clarivate 3133 W Frye Rd, Ste 401 Chandler, AZ 85226 Contact: Jerre Stead, CEO Tel: (267) 876-577; 4806605100 Email: patents.ipan@cpaglobal.com 12. Siemens Industry Software Inc. Trade Payable $299,662 5800 Granite Parkway Suite 600 Plano, TX 75024-6612 Contact: Steve Shaffer Tel: 704-227-6755 Fax: 678-297-8316 Email: naara.nuno@siemens.com 13. Shining Blick Enterprises Co. Trade Payable $298,915 10FL-2 No. 197, Sec. 4 Chung Hsiao Taipei 106 Taiwan Contact: Jessamine Lin Tel: 88622731-2862 Fax: 88622721-1593 Email: blick@blick.com.tw 14. Workday Limited Trade Payable $290,417 152-155 Kings Building Church St. Dublin D7 Ireland Contact: Aneel Bhusri, Co-CEO Tel: +4402071506200 Fax: +4402071550401 15. Eurofins EAG Materials Trade Payable $263,811 Science, LLC 810 Kifer Rd Sunnyvale, CA 94086-5203 Contact: Annalou Orante Tel: 1 408-530-3500 Email: po@eag.com 16. Prematech Advanced Ceramics Trade Payable $230,000 160 Goddard Memorial Drive Worcester, MA 01603-1260 Contact: Ellen Cosltello- Account Rep Tel: 508791-9549 Fax: 508793-9814 Email: souellette@prematechac.com 17. Freiberger Compound Trade Payable $229,500 Materials GMBH AM Junger-Lowe-Schacht 5 Freiberg 09599 Germany Contact: Anke Wodtke Tel: 49 3731 280 712 Fax: 49 373128 0106 Email: awodtke@fcm-germany.com 18. Aixtron Inc. Trade Payable $209,581 15 Wyatt Drive Suite Santa Clara, CA 95054 Contact: Patricia Taha- Sales Rep Tel: 49(02407) 9030-844 Fax: 49240790-3040 Email: aixtroninc.parts@aixtron.com 19. Secure Works, Inc. Trade Payable $209,102 Suite 500 One Concourse Pkwy Atlanta, GA 30328 Contact: Dean Dyer Tel: 4152791600 Email: ddyer@secureworks.com 20. Shin-Etsu Chemical Co. Ltd. Trade Payable $193,112 2-6-1, Ohtemachi Chiyoda-Ku 100-0004 Japan Contact: E. Matsunaga- Sales Rep. Tel: 813-5962-9781 Fax: 813-6812-2414 Email: asano@smisj.com 21. NTT Data, Inc. Trade Payable $191,436 100 City Square Boston, MA 02129 Contact: Anand Agarwal Tel: 4084551172 Email: sudheer.Cheedella@nttdata.com 22. Iljin Display Co., Ltd. Trade Payable $186,054 157 Daegeum-Ro, Daeso, Myeon Eumgsung-Gun, Chung-Buk 2769 Korea Contact: Eddie Cho Tel: 43879-4747 Fax: 43879-4877 Email: yonghyun.cho@iljun.co.kr. 23. Linkedin Trade Payable $180,352 2029 Stierlin Court Mountain View, CA 94043 Contact: Lucas Van Ommen Tel: +353(86) 064-8796 PPO- Email: noreply@linkedin.com 24. Adecco Technical Trade Payable $176,249 5700 Granite Pkwy Plano, TX 75024-662 Contact: Morgan Isch, Business Mgr Tel: 8665280707; 6318447800 Fax: 631844-7614 Email: arleen.gallagher@adeccona.com 25. Nouryon Functional Trade Payable $170,345 Chemicals LLC 525 West Van Buren Chicago, IL 60607-3845 Contact: Todd Dann-Account Manager Tel: +1(978) 317-3280 Email: todd.dan@nouryon.com 26. National Pronto Association Trade Payable $166,495 2601 Herltage Avenue Grapevine, TX 76051 Contact: Robert Roos, President Tel: 800477-6686 Email: roobert.roos@theprontonenetwork.com 27. Chongqing Silian Trade Payable $157,500 Optoelectronics 99 Tongxi Road, Caijiagang Town Chongqing 400707 China Contact: Amy Tel: 86-18696606161 Fax: 86236826-9597 Email: zhangjuan@silianopto.com 28. Insight Direct USA, Inc. Trade Payable $153,470 6820 South Harl Avenue Tempe, AZ 85283-4318 Contact: Gino Bujawe Tel: 800-700-1000 Email: lumileds@insight.com 29. Service By Medallion Trade Payable $145,798 455 National Avenue Mountain View, CA 94043 Contact: Elias Nacif Tel: 650-625-1010 X12 Fax: 650-625-1043 Email: dgodinez@servicebymedallion.com 30. Roundstone Solutions Inc. Trade Payable $137,174 1485 Bayshore Boulevard, 181 San Francisco, CA 94124 Contact: Tim Joyce, CEO Tel: 625217-1177 Email: sales@roundsstonesolutions.com MAD ENGINE: S&P Alters Outlook to Negative, Affirms 'B' ICR ----------------------------------------------------------- S&P Global Ratings affirmed all of its ratings on U.S.-based designer, producer, and distributor of licensed, branded, and private-label apparel and accessories Mad Engine Global LLC, including its 'B' issuer-credit rating on the company, and revised our outlook to negative from stable. The negative outlook reflects Mad Engine's underperformance to our base case and deterioration of its credit metrics. Leverage has increased to 6.7x for the last 12 months ended June 30, 2022 due to lower demand for primarily the company's wholesale and brands products, as well as rising costs. This is well above our previous expectations for leverage to be in the low-4x area in 2022 resulting from expected realized synergies from its acquisition of Fifth Sun and EBITDA growth, both of which will not occur. This leverage is also above our current downgrade trigger of 6.5x. S&P said, "We forecast some leverage reduction by the end of the year, which will be driven by the company's success in pushing excess inventory through channels at discounted prices during the back-to-school and holiday seasons. Free operating cash flow (FOCF) is also negative for the first half of 2022 and is expected to remain negative because the company is holding onto excess inventory. Given these dynamics we now expect leverage to be near 6x in 2022 and FOCF to be negative." Mad Engine's wholesale and brands segments have been vulnerable to demand shifts as the macroeconomic backdrop weighs on consumer discretionary spending and some lingering supply chain issues remain. However, its print-on-demand (POD) segment is expected to continue to grow. Despite net sales improving in the second quarter credit metrics deteriorated as demand declined due to lower discretionary income as consumers were hit with rising costs of food and fuel at the same time the company was receiving an influx of inventory. The company's wholesale segment has been particularly vulnerable to the recent slowdowns and challenges in the U.S. retail sector, with its sales below expectations because key retailers have excess inventory and are seeking to reset their inventory levels by pushing out delivery dates or by canceling orders. Parts of the business also faced production delays at key vendors, due to labor shortages and congestion getting products through the supply chain, with additional interruptions caused by its Chinese imports being further delayed because of recent COVID related lockdowns. The company has begun to readjust its plans to better manage its product flow to retailers in the second half of the year, but success in this challenging macroenvironment is uncertain. S&P expects near-term growth to be driven predominately by the company's print-on-demand (POD) segment that has exhibited double-digit growth over the last year. It has seen more favorable demand trends compared to the company's wholesale and brands segments, with continued strong sales growth driven primarily by volume growth and new licensed products offered through key retailer e-commerce sites. It is also expected to further benefit from utilization of its capabilities across the company's licensor base, which will allow for enhanced cross-selling opportunities. Mad Engine's negative FOCF is a result of its inventory management decisions amid the challenging macro-economic backdrop. S&P said, "Its current inventory overstock has tied up cash flow causing negative FOCF in the last 12 months ended June 30, 2022, which we forecast to remain negative through the end of the year. Mad Engine begun aggressively investing in t-shirt blanks and work-in-progress inventory to avoid any potential order unfulfillment caused by rising costs, port congestion, and vendor scarcity issues that stressed the global supply chain late last year. While this allowed for an early, prepared inventory build, it coincided with the pullback from large retailers as demand declined for apparel products and resulted in a higher-than-expected inventory levels for Mad Engine, currently equally split between blanks (seasonless with a longer shelf life) and finished goods, going into the second quarter. Though the company has still received payment for some of these orders, we expect most of the company's finished goods inventory to be re-flowed to customers during the remainder of the year and into the beginning of 2023." Additionally, it has also begun to institute programs with retailers as it focuses on improving its collection cycle and is managing inventory levels by cutting back outstanding purchase orders. S&P said, "Our forecast assumes that sales are down in the high-single-digits for the second half of the year, but that the company is able to end the year with ABL credit facility borrowings of approximately $44 million following some success winding down its inventory levels in the holiday season and as collections come in from customers. However, we expect this could fluctuate depending on the timing of collections from the company's seasonal selling period in the second half of the year. If this does not occur or revolver usage is higher than we expect at the end of the year, leverage will likely be above our 6.5x downgrade trigger. "We expect margins to compress in the near term as inflationary pressures on the company's key costs of cotton, labor, and freight to continue for the rest of 2022 and anticipated cost-savings and synergies are delayed into 2023. The company's profitability in recent periods has been pressured due to cost headwinds in cotton, labor, and freight that began in the fourth quarter of 2021. Cotton has been Mad Engine's major raw material cost and cotton prices more than doubled over the past nine months. Though the cotton price index has begun to fall from its peak in the latter part of the second quarter, we expect the recent drought that has devastated the U.S. cotton harvest during the summer will continue to elevate near-term cotton prices and add a level of cost volatility." The company's business has relied mostly on outsourcing and importing finished goods from overseas or procuring t-shirt/fleece blanks internationally. This has made Mad Engine particularly vulnerable to the ongoing macroeconomic environment as global freight lanes remained congested and supply chains remain constricted. S&P said, "We expect the company's planned Mexico expansion for its wholesale and POD segments to alleviate some of this supply chain and labor cost pressure by providing additional capacity at a lower cost and reduced distribution and warehouse costs. However, the original timeline of completing this move and consequent realization of associated synergies has been delayed and shifted out by an extra quarter. Thus, we expect fewer cost benefits from this project during 2022, but we continue to expect this to offset some of its cost pressures in 2023. We also continue to believe Mad Engine will have the ability to largely protect EBITDA margin in the low-8% area for the remainder of 2022 before seeing more margin benefit in 2023 as some cost pressures wane." The negative outlook reflects the potential for a downgrade in the next 12 months if the company is unable to reduce and maintain leverage below 6.5x. S&P could lower its ratings of it forecasts leverage would be sustained above 6.5x. This could occur if: -- Mad Engine were unable to successfully reduce its inventory burden to repay outstanding borrowings under its revolver and working capital became increasingly constrained, leading to sustained negative FOCF; -- The macroeconomic picture worsens and consumer demand continues to weaken; or -- The company's cost profile remained elevated, significantly lowering profitability. S&P could revise the outlook to stable if the company sustained leverage below 6.5x. This could occur if the company: -- Reduced its revolver balance by successfully working down its current inventory levels. -- Returned to sustained, positive free operating cash flow; and -- Expanded EBITDA following realization of expected synergies and lower costs as inflation on fuel and freight subsided. ESG: E-2, S-2, G-3 MD HELICOPTERS: Exclusivity Period Extended to Oct. 26 ------------------------------------------------------ MD Helicopters, Inc. and affiliates obtained a court order extending their exclusive right to file a Chapter 11 plan to Oct. 26 and solicit acceptances from creditors to Dec. 26. The ruling by Judge Karen Owens of the U.S. Bankruptcy Court for the District of Delaware allows the companies to pursue their own plan for emerging from Chapter 11 protection without the threat of a rival plan from creditors. The companies' attorney Evelyn Meltzer, Esq., at Troutman Pepper Hamilton Sanders, LLP said the extension gives the companies more time to negotiate to achieve a consensual resolution of their Chapter 11 cases. "The [companies] are optimistic that they will, in consultation with their primary constituencies, determine the most appropriate mechanism for effectuating an orderly wind down of the Chapter 11 cases, which may include the development and prosecution of a plan of liquidation," Ms. Meltzer said in court papers. About MD Helicopters MD Helicopters Inc. and Monterrey Aerospace, LLC are global manufacturers and suppliers of commercial and military helicopters, spare parts, and related services with their sole manufacturing facility located in Mesa, Ariz. The Debtors sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10263) on March 30, 2022. Barry Sullivan, chief financial officer, signed the petitions. The Debtors disclosed between $100 million and $500 million in both assets and liabilities. Judge Karen B. Owens oversees the cases. The Debtors tapped Troutman Pepper Hamilton Sanders LLP and Latham & Watkins LLP as bankruptcy counsels; AlixPartners, LLP as financial advisor; Moelis & Company LLC as investment banker; and Kroll Restructuring Administration LLC, formerly known as Prime Clerk LLC, as claims and noticing agent and administrative advisor. MERRITT ENTERPRISES: Seeks to Hire Spiro & Browne as Counsel ------------------------------------------------------------ Merritt Enterprises, Inc.seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Spiro & Browne, PLC as its counsel to render general legal services. The firm will be paid at these rates: David K. Spiro, Partner $400 David G. Browne, Partner $400 Paralegal $150 Spiro & Browne does not hold or represent any interest adverse to the Debtor and its estate, according to court filings. The firm can be reached through: David K. Spiro, Esq. SPIRO & BROWNE, PLLC 6802 Paragon Place, Suite 410 Richmond, VA 23230 Tel: 804-441-6080 Fax: 804-836-1855 E-mail: dspiro@sblawva.com About Merritt Enterprises Merritt Enterprises, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 22-11010) on August 2, 2022. The Debtor disclosed $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. The Debtor is represented by David Spiro of Spiro & Browne, PLC. MOBIQUITY TECHNOLOGIES: Incurs $1.6M Net Loss in Second Quarter --------------------------------------------------------------- Mobiquity Technologies, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.57 million on $1.92 million of revenues for the three months ended June 30, 2022, compared to a net loss of $2.41 million on $702,424 of revenues for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported a net loss of $4.01 million on $2.46 million of revenues compared to a net loss of $4.60 million on $1.22 million of revenues for the six months ended June 30, 2021. As of June 30, 2022, the Company had $5.11 million in total assets, $1.91 million in total liabilities, and $3.20 million in total stockholders' equity. Mobiquity stated, "The Company has incurred significant losses since its inception in 1998 and has not demonstrated an ability to generate sufficient revenues from the sales of its products and services to achieve profitable operations. There can be no assurance that profitable operations will ever be achieved, or if achieved, could be sustained on a continuing basis. In making this assessment we performed a comprehensive analysis of our current circumstances including: our financial position, our cash flows and cash usage forecasts for the six months ended June 30, 2022, and our current capital structure including equity-based instruments and our obligations and debts. "Without sufficient revenues from operations, if the Company does not obtain additional capital, the Company will be required to reduce the scope of its business development activities or cease operations. The Company may explore obtaining additional capital financing and the Company is closely monitoring its cash balances, cash needs, and expense levels. "These factors create substantial doubt about the Company's ability to continue as a going concern within the twelve-month period subsequent to the date that these consolidated financial statements are issued." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1084267/000168316822005906/mobiquity_i10q-063022.htm About Mobiquity Headquartered in Shoreham, NY, Mobiquity Technologies, Inc. is a next generation, Platform-as-a-Service (PaaS) company for data and advertising. The Company maintains one of the largest audience databases available to advertisers and marketers through its data services division. Mobiquity Technologies' Advangelists subsidiary (www.advangelists.com) provides programmatic advertising technologies and insights on consumer behavior. For more information, please visit: https://mobiquitytechnologies.com/ Mobiquity reported a net comprehensive loss of $34.95 million for the year ended Dec. 31, 2021, a net comprehensive loss of $15.03 million for the year ended Dec. 31, 2020, and a net comprehensive loss of $44.03 million for the year ended Dec. 31, 2019. As of March 31, 2022, the Company had $5.80 million in total assets, $2.52 million in total liabilities, and a total stockholders' equity of $3.28 million. Lakewood, Co-based BF Borgers CPA PC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 29, 2022, citing that the Company has suffered recurring losses from operations and has a significant accumulated deficit. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. MV TRUCKING: Hits Chapter 11 Bankruptcy Protection -------------------------------------------------- MV Trucking and Logistics LLC filed for chapter 11 protection in the District of New Jersey. The Debtor is a New Jersey limited liability company that provides surface freight motor carrier transportation services for shippers and brokers in the freight transportation industry. According to court filing, MV Trucking and Logistics estimates between 1 and 49 unsecured creditors. The petition states funds will be available to unsecured creditors. The Debtor filed motions to use cash collateral, and pay prepetition wages. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Sept. 28, 2022, at 9:00 AM at Telephonic. Proofs of claim are due by Nov. 1, 2022. About MV Trucking and Logistics MV Trucking and Logistics LLC is a trucking company in New Jersey. MV Trucking and Logistics sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 22-16657) on Aug. 23, 2022. In the petition filed by Laura Gabrielle Ramos, as managing member, the Debtor reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. The Debtor is represented by Albert A. Ciardi, III of Ciardi Ciardi & Astin. NEW COAT PAINTING: Wins Interim Cash Collateral Access ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, authorized New Coat Painting, Inc. to use cash collateral on an interim basis in accordance with the budget, with a 5% variance. The Debtor requires the use of cash collateral to fund critical operations. The Debtor asserts that it has received funding from Advance Financial Corp., Breakout Capital, LLC, Fundbox, Kabbage, and Legend Advance Funding II, LLC, who assert security interests in certain of the Debtor's personal property. The revenue from the Debtor's business may constitute cash collateral as that term is defined in 11 U.S.C. section 363. The Debtor believes AFC, Breakout, and the MCAs may assert an interest in the cash collateral. The Debtor is not aware of any other creditor asserting an interest in the cash collateral. As adequate protection, AFC, Breakout, and the MCAs are granted valid and properly-perfected liens on all property acquired by the replacement lien in post-petition collateral of the same Debtor after the Petition Date to the same extent, validity, and priority as AFC and the MCAs' respective pre-petition collateral positions, except that no replacement lien will attach to the proceeds of any avoidance actions under Chapter 5 of the Bankruptcy Code. The Adequate Protection Lien will be deemed automatically valid and perfected upon entry of the Order. A final hearing on the matter is scheduled for September 22, 2022 at 10 a.m. A copy of the order and the Debtor's four-week budget is available at https://bit.ly/3KhKWtq from PacerMonitor.com. The Debtor projects total outflows, on a weekly basis, as follows: $42,610 for Week 4; $42,610 for Week 5; $42,610 for Week 6; and $42,610 for Week 5. About New Coat Painting, Inc. New Coat Painting, Inc. provides commercial and residential painting and all papering services. Since its inception, Debtor has operated proudly and profitably until 2021 when a growth explosion created a strain on the company's financial resources. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-20742-jrs) on August 4, 2022. In the petition signed by William Beasley, CFO, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge James R. Sacca oversees the case. Will Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC is the Debtor's counsel. NUTEX HEALTH: Incurs $19.4 Million Net Loss in Second Quarter ------------------------------------------------------------- Nutex Health, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss attributable to the company of $19.39 million on $58.05 million of total revenue for the three months ended June 30, 2022, compared to net income attributable to the company of $27.06 million on $62.81 million of total revenue for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported net income attributable to the company of $2.13 million on $137.17 million of total revenue compared to net income attributable to the company of $64.82 million on $150.16 million of total revenue for the six months ended June 30, 2021. As of June 30, 2022, the Company had $871.79 million in total assets, $305.38 million in total liabilities, and $566.41 million in total equity. "In the second quarter, our management team focused on integrating our two companies post-merger," stated Jon Bates, chief financial officer of Nutex Health. "We believe this integration has now been substantially completed." "We are very proud of the hard work of our physicians, nurses, hospital staff and corporate staff to get to this stage. We continue our efforts to grow the Company while providing the best patient care possible. This philosophy dictates all of our decision making as an organization," stated Tom Vo, M.D., MBA, Chairman and chief executive officer of Nutex Health. "We are also excited about our pipeline of new facilities which are either under construction or in advanced planning stages throughout the country." "The Company has formed two new independent practice associations (IPAs), one in Houston and one in South Florida. We are actively working on contracting with primary care physicians as well as specialists. Once this phase is completed, the Company expects to contract with health insurance plans and start enrolling patients in 2023," stated Warren Hosseinion, M.D., president of Nutex Health. "We believe that our unique integrated model which combines our cloud-based data analytics platform, micro hospitals and IPAs will create long-term value for our shareholders." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1479681/000160706222000548/nutx063022form10q.htm About Nutex Headquartered in Houston, Texas and founded in 2011, Nutex Health, Inc. is a healthcare services company with approximately 1500 employees nationwide and is partnered with over 800 physicians. The Company has two divisions: a Hospital division and a Population Health Management division. The Hospital division owns and operates 21 facilities in eight different states. The division implements and operates different innovative health care models, including micro hospitals, specialty hospitals and hospital outpatient departments (HOPDs). The Population Health Management division owns and operates provider networks such as Independent Physician Associations (IPAs). Through its Management Services Organizations (MSOs), the Company provides management, administrative and other support services to its affiliated hospitals and physician groups. The Company's cloud-based proprietary technology platform aggregates clinical and claims data across multiple settings, information systems and sources to create a holistic view of patients and providers. Nutex reported a net loss of $13.67 million for the year ended Dec. 31, 2021, a net loss of $5.65 million for the year ended Dec. 31, 2020, and a net loss of $7.12 million for the year ended Dec. 31, 2019. As of March 31, 2022, the Company had $83.33 million in total assets, $10.22 million in total liabilities, and $73.11 million in total stockholders' equity. ODONATA LTD: Seeks Cash Collateral Access ----------------------------------------- Odonata Ltd. d/b/a Cowlick's Japan, asks the U.S. Bankruptcy Court for the Southern District of New York for authority to use cash collateral and provide adequate protection. The Debtor has immediate cash needs in order to run the day-to-day operations of its business, including without limitation, paying customary and necessary day-today expenses. The US Small Business Administration, which holds valid liens against all of the Debtor's assets, has consented to the Debtor's use of cash collateral upon the terms and conditions set forth in the Proposed Order and the budget. The Debtor executed a promissory Note in favor of the SBA on June 19, 2020, in the original principal amount of $150,000 with respect to an Economic Injury Disaster Loan made by the SBA to the Debtor. To secure its obligations under the Original Note, the Debtor executed a Security Agreement in favor of the SBA. On May 17, 2021, the Debtor executed a 1st Modification of Note, increasing the principal amount of the EIDL to $400,000. To secure its obligations to the SBA pursuant to the Modified Note, the Debtor executed an Amended Security Agreement in favor of the SBA. The Security Agreements grant the SBA a first priority security interest in all assets of the Debtor. On June 30, 2022, the SBA perfected its Pre-Petition Liens in the Collateral by filing a UCC-1 Financing Statement with the Secretary of State of the State of New York. As of the Petition Date, the Debtor was indebted to the SBA in the amount of $409,770 in connection with the EIDL. Pursuant to a Public Notice issued in March 2022, the first interest payment on the EIDL is not due until December 19, 2022. As of the Petition Date, the Debtor was not in default under the Notes. The Debtor's right to use cash collateral under the Proposed Order will terminate upon the occurrence of one or more of the following "Events of Default", subject only to a 10-day cure period upon written notice by the SBA to the Debtor and the United Stales Trustee of such occurrence: a. The entry of an order by the Court converting the case to a case under chapter 7 of the Bankruptcy Code; b. The entry of an order by the Court dismissing the case pursuant to Section 111 2(b) or 305 of the Bankruptcy Code or otherwise: c. The Debtor's failure to comply with any other provision of the Proposed Order; d. The Debtor's consummation of the sale or transfer of Collateral outside of the ordinary course of its business without an order of the Court authorizing the same; and or e. The Debtor's grant of a lien, claim or other encumbrance upon the Collateral or cash collateral senior in priority or pari passu with any of the SBA's Pre-Petition Liens or Replacement Liens. As adequate protection, the SBA will be granted valid, perfected, and enforceable liens upon and security interests in any cash collateral, all properly of the Debtor acquired before the Petition Date. The Replacement Liens will have the same priority, extent, and validity as the Pre-Petition Liens of the SBA. A hearing on the matter is scheduled for September 14, 2022 at 10 a.m. A copy of the motion is available at https://bit.ly/3ALCsYl from PacerMonitor.com. About Odonata Ltd. Odonata Ltd., doing business as Cowlicks Japan, is a multi-services venture company dedicated to developing a wide range of services and products through various ventures and venues. Odonata sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-10946) on July 5, 2022, listing up to $500,000 in assets and up to $1 million in liabilities. Angel Nieves, president of Odonata, signed the petition. The case is assigned to Judge Michael E. Wiles. Douglas J. Pick, Esq., at Pick & Zabicki LLP is the Debtor's counsel. OZOP ENERGY: Posts $6.5 Million Net Income in Second Quarter ------------------------------------------------------------ Ozop Energy Solutions, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting net income of $6.53 million on $4.88 million of revenue for the three months ended June 30, 2022, compared to a net loss of $211,952 on $1.27 million of revenue for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported net income of $5.15 million on $7.96 million of revenue compared to a net loss of $209.70 million on $2.07 million of revenue for the six months ended June 30, 2021. As of June 30, 2022, the Company had $9.23 million in total assets, $31.70 million in total liabilities, and a total stockholders' deficit of $22.46 million. As of June 30, 2022, the Company had an accumulated deficit of $211,816,067 and a working capital deficit of $22,909,763 (including derivative liabilities of $7,589,928). As of June 30, 2022, the Company was in default of $15,369,247 plus accrued interest on debt instruments due to non-payment upon maturity dates. Ozop stated, "Currently, our current capital and our other existing resources will be sufficient to provide the working capital needed for our current business, however, additional capital will be required to meet our debt obligations, and to further expand our business. We may be unable to obtain the additional capital required. If we are unable to generate capital or raise additional funds when required it will have a negative impact on our business development and financial results. These conditions raise substantial doubt about our ability to continue as a going concern as well as our recurring losses from operations, deficit in equity, and the need to raise additional capital to fund operations. This "going concern" could impair our ability to finance our operations through the sale of debt or equity securities." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001679817/000149315222022798/form10-q.htm About Ozop Energy Solutions Ozop Energy Solutions (http://ozopenergy.com)invents, designs, develops, manufactures, and distributes ultra-high-power chargers, inverters, and power supplies for a wide variety of applications in the defense, heavy industrial, aircraft ground support, maritime and other sectors. The Company's strategy focuses on capturing a significant share of the rapidly growing renewable energy market as a provider of assets and infrastructure needed to store energy. Ozop Energy reported a net loss of $195.30 million for the year ended Dec. 31, 2021, compared to a net loss of $20.97 million for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $11.57 million in total assets, $39.32 million in total liabilities, and a total stockholders' deficit of $27.75 million. Hackensack, New Jersey-based Prager Metis CPA's LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 15, 2022, citing that as of Dec. 31, 2021, the Company had an accumulated deficit of $217,326,611 and a working capital deficit of $28,225,908 (including derivative liabilities of $20,966,701). As of Dec. 31, 2021, the Company was in default of $1,973,847 and accrued interest on debt instruments due to non-payment upon maturity dates, and subsequent to Dec. 31, 2021, an additional $13,310,000 and accrued interest on debt instruments also were in default status due to non-payment upon maturity dates. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. PACKABLE HOLDINGS: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------------- Six affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Packable Holdings, LLC (Lead Case) 22-10797 f/k/a Entourage Commerce, LLC 1516 Motor Pkwy Hauppauge, NY 11788 Greenpharm Ventures LLC 22-10798 Packable Media, LLC 22-10799 Pharmapacks, LLC 22-10800 Packable Ventures, LLC 22-10801 Access Brands, LLC 22-10802 Business Description: Founded in 2010, Packable Holdings, LLC, together with its affiliated debtors, debtors in possession, and affiliated non- debtors, is a privately-owned tech-enabled e-commerce company with its principal place of business in Hauppauge, New York. Packable operates as a third-party seller of health and beauty products on online marketplaces in North America. Chapter 11 Petition Date: August 28, 2022 Court: United States Bankruptcy Court District of Delaware Debtors' Counsel: Christopher M. Samis, Esq. L. Katherine Good, Esq. Aaron H. Stulman, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, Delaware 19801 Tel: (302) 984-6000 Fax: (302) 658-1192 Email: csamis@potteranderson.com kgood@potteranderson.com astulman@potteranderson.com - and - Michael Klein, Esq. Erica Richards, Esq. Summer M. McKee, Esq. Paul Springer, Esq. COOLEY LLP 55 Hudson Yards New York, NY 10001 Tel: (212) 479-6000 Fax: (212) 479-6275 Email: mklein@cooley.com erichards@cooley.com smckee@cooley.com pspringer@cooley.com - and - Cullen Drescher Speckhart, Esq. COOLEY LLP 1299 Pennsylvania Avenue, NW Suite 700 Washington, DC 20004 Tel: (202) 842-7800 Fax: (202) 842-7899 Email: cspeckhart@cooley.com Debtors' Provider of Interim Management Resources & Restructuring Advisory Services: ALVAREZ AND MARSAL NORTH AMERICA, LLC Debtors' Investment Banker: GREENHILL & CO. 1271 Avenue of the Americas New York, NY 10020 https://www.greenhill.com/en/ Tel: (212) 389-1500 Fax: (212) 389-1700 Debtors' Claims/ Noticing Agent: EPIQ CORPORATE RESTRUCTURING, LLC Debtors' Liquidation Agent: HILCO MERCHANT RESOURCES, LLC Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petitions were signed by Maria Harris as chief legal officer. A full-text copy of the Lead Debtor's petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/DRHUMXA/Packable_Holdings_LLC__debke-22-10797__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. MTVL, LLC Convertible $30,000,036 c/o 22nd Floor, Hang Lung Notes Due Centre Sept. 9, 2026 2-20 Paterson Street Causeway Bay Hong Kong Contact: Cheng Yee Wing Betty/Wong See Wai Email: bettycheng@springfld.com 2. Luxor Capital Group LP Convertible $17,983,850 Attn: Legal Department Notes Due 1114 Avenue of the Americas, Sept. 9, 2026 28th FL New York, NY 10036 Contact: Virgil Alagon, CFO Tel: (212) 763-8000 Fax: (212) 763-8001 3. Heights Capital Management Convertible $14,999,992 101 California Street Notes Due Suite 3250 Sept. 9, 2026 San Francisco, CA 94111 Contact: Brad Alles/Sarah Travis Email: brad.alles@sig.com; sarah.travis@sig.com; heightsnotice@sig.com 4. MGG Investment Group LP Convertible $14,999,992 One Penn Plaza, 53rd Floor Notes Due New York, NY 10119 Sept. 9, 2026 Contact: Kevin Griffin, CEO Tel: (212) 356-6101 Fax: (646) 669-7198 5. The Poses Family Foundation Convertible $7,499,992 777 Arthur Godfrey Road Notes Due Suite 202 Sept. 9, 2026 Miami Beach, FL 33140 Contact: Frederic M. Poses, Trustee Email: fred@theposes.com 6. LO Global Private Assets Convertible $4,999,997 Fund Note Due Street 291, Route Darlon Sept. 9, 2026 Grand Duchy of Luxembourg L-1150 Luxembourg Contact: Mark Edmonds/ Christopher Tritten, Manager/Manager Tel: +352 2778 1005 Fax: +352 2778 1001 7. Glenn M and Mary Jane Creamer Convertible $2,999,998 Glenn M. Creamer Associates II LP Notes Due 107 Nayatt Rd Sept. 9, 2026 Barrington, RI 02806 Contact: Glenn M and Mary Jane Creamer Tel: (781) 274-9300 8. AJZ Windmill LLC Convertible $2,899,996 59 Carisbrooke Rd Notes Due Wellesley, MA 02481 Sept. 9, 2026 Contact: John E. Foley, Manager Tel: (617) 366-6404 9. CFGI Holdings, LLC Trade Payable $2,722,937 1 Lincoln Street, Suite 1301 Boston, MA 02111 Contact: Nick Nardone Tel: (617) 901-9865 Email: nnardine@cfgi.com; rkeep@cfgi.com 10. United Parcel Service Trade Payable $2,649,944 55 Glenlake Pkwy Atlanta, GA 30328-3498 Contact: Norman Brothers Jr. EVP & CLCO Tel: (404) 828-6000 Email: nbrothers@ups.com 11. Gribovo Holdings LLC Convertible $2,095,000 1313 N. Market Street Notes Due Suite 5300 Sept. 9, 2026 Wilmington, DE 19801 Contact: David Henniger Email: paul@anthosproperties.com 12. Altaheide LLC Convertible $1,999,999 16 Fayerweather Street Notes Due Cambridge, MA 02138 Sept. 9, 2026 Contact: Murray Danforth, Managing Member Tel: (401) 601-7258 13. Richard King Mellon Convertible $1,999,999 Foundation Notes Due P.O. Box RKM Sept. 9, 2026 Ligonier, PA 15658 Contact: Douglas L. Sisson VP and Treasurer Tel: (724) 238-8466 14. Ethique Limited Trade Payable $1,745,491 15/3 Stark Drive Wigram Chistchurch 8042 New Zealand Contact: Brianne West Tel: 64(3) 379-4073 Fax: 64(3) 929-0357 Email: hello@ethique.com 15. Tradeswell Inc. Trade Payable $1,422,268 3600 Odonnell St, Ste 400 Baltimore, MD 21224 Contact: David Pollet, CEO Tel: (410) 230-7059 Email: hello@tradeswell.com 16. Jerome Peribere Convertible $1,200,000 1378 S. Venetian Way Notes Due Miami Beach, FL 33139 Sept. 9, 2026 Email: jeromeperibere@gmail.com 17. Randstad US, LLC Trade Payable $1,079,805 One Overton Park 3625 Cumberland Blvd SE Atlanta, GA 30339 Contact: Traci Ltte, CEO Tel: (770) 937-7000 Email: traci.ltte@randstad.com 18. McKesson Medical Trade Payable $1,079,150 6555 State Hwy 161 Irving, TX 75039 Contact: Brian S. Tyler, CEO Tel: (972) 446-4800 19. Bayer Healthcare LLC Trade Payable $1,054,651 100 Bayer Blvd Whippany, NJ 07981 Contact: Iwer Baeker, Managing Director Tel: (862) 404-3000 Email: iwer.baeker@bayer.com 20. David Wolkoff Convertible $1,000,000 1 Executive Drive Notes Due Edgewood, NY 11717 Sept. 9, 2026 Tel: (631) 242-6300 Fax: (631) 242-2820 21. Scrub Daddy Inc. Trade Payable $972,929 1700 Suckle Highway Pennsauken, NJ 08110 Contact: Aaron Krause, CEO Tel: (844) 357-2782 Email: aaron@scrubdaddy.com 22. Korber Supply Chain US, Inc. Trade Payable $968,436 f/k/a Highjump 5600 W 83rd St, Suite 600 Minneapolis, MN 55437 Contact: Michael Cornell, CEO Tel: (952) 947-4088 Email: info@koerber-supplychain.com 23. Kinray Inc. Trade Payable $936,440 152-35 10th Ave Whitestone, NY 11357-1233 Contact: Michael C. Kaufmann, CEO Tel: (718) 767-1234 24. Medtech Products, Inc. Trade Payable $781,749 660 White Plains Rd, Suite 250 Tarrytown, NY 10591 Contact: Luciana Countinhocrane, Director Tel: (914) 524-6810 Email: lcoutinhocraine@prestigebrands.com 25. Johnson & Johnson Consumers Trade Payable $669,880 Inc. 199 Grandview Road Skillman, NJ 08558 Contact: Kelly Egan, Owner Tel: (908) 874-1000 Fax: (908) 874-1506 Email: kegan@its.jnj.com 26. JPMorgan Chase Bank, N.A. PPP Loan $619,055 383 Madison Avenue, Floor 22 New York, NY 10017 Contact: Stephen Marra Email: stephen.marra@chase.com 27. RB Health (US) LLC Trade Payable $618,691 c/o Reckitt Benckiser LLC 399 Interpace Pkway PO Box 225 Parsippany, NJ 07054-0225 Contact: Laxman Narasimham Tel: (973) 404-2600 28. Maesa Holdings Inc. Trade Payable $573,049 225 Liberty Street Suite 2301 New York, NY 10281 Contact: Julien Saada, CEO Tel: (212) 674-5555 29. 4X Commerce LLC Trade Payable $563,797 5645 Coral Ridge DR #117 Coral Springs, FL 33076-3124 Contact: Stephen B Boughton 30. Alter Domus (US) LLC 2022 Term Loan Undetermined as Administrative Agent Tranche A- 225 W. Washington St, 9th Deficiency Claim Floor Chicago, IL 60606 Contact: Legal Department - Agency Emily Ergang Pappas and Danica Cohen Email: legal_agency@alterdomus.com; emily.ergangpappas@alterdomus.com; danicacohen@alterdomus.com PACKABLE HOLDINGS: Files for Chapter 11 to Wind Down its Business ----------------------------------------------------------------- Packable Holdings LLC and its affiliates have sought Chapter 11 protection. Founded in 2010, Packable is a privately-owned tech-enabled e-commerce company with its principal place of business in Hauppauge, New York. Packable operates as a third-party seller of health, beauty, and other consumer products on online marketplaces in North America In its Web site, Packable said that it and several of its affiliates have initiated a court approved wind-down under Chapter 11 of the U.S. Bankruptcy Code. The seller of health and beauty products on Amazon.com and other e-commerce sites said it will pursue a sale of the assets and then conduct a wind-down of its affairs. Since inception, the Debtors have relied on the proceeds of debt and equity capital raises to fund their operations and grow their business. On Sept. 9, 2021, the Company announced that their next capital infusion would be provided through a business combination transaction with Highland Transcend Partners I Corp., a special purpose acquisition company ("SPAC"), pursuant to an Agreement and Plan of Merger, dated as of September 8, 2021, by and among Holdings, Highland, and certain other parties named therein. The Merger Agreement was terminated by mutual agreement of Packable and Highland on March 25, 2022, leaving Packable without sufficient liquidity to fund its operations. As a result, the Debtors set out to chart a new path. In the short time between the termination of the Merger Agreement and the Petition Date, the Company worked to obtain multiple rounds of financing, and to implement an operational transformation designed to reduce its cash burn rate. During this time, the Company also received a non-binding term-sheet for $200 million in permanent refinancing from a potential third-party lender group and worked to try to finalize that transaction. Despite their efforts, the Debtors were unable to close the transaction contemplated under the Financing Proposal. Packable ultimately failed to obtain a long-term solution to its liquidity needs and was forced to commence a wind-down of its operations. It filed these Cases to facilitate the sale of its assets and ensure that the wind-down is conducted in an orderly and value-maximizing manner. Packable generated $373.3 million of revenue in 2020 and $427.6 million of revenue in 2021, which resulted in gross profits of $176.7 million and $182.7 million, respectively. Packable's total operating expenses were $237.5 million for 2020 and $336.5 million for 2021, resulting in net losses of $113.9 million for 2020 and $175.2 million for 2021. Packable's primary assets consist of inventory with an aggregate gross book value of approximately $79 million and intellectual property comprising its proprietary tech-enabled platforms. In addition, Packable holds minority investments in more than twenty brands, holds a majority interest in two additional brands, and is a majority equity holder in two joint ventures. According to court documents, Packable Holdings estimates between 1,000 and 5,000 creditors. The petition states funds will be available to unsecured creditors. About Packable Holdings LLC Packable Holdings LLC -- https://www.packable.com/ -- is a leading multi-marketplace e-commerce enablement platform. Packable Holdings LLC and 5 affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10797) on August 29, 2022. In the petition filed by Maria Harris, as chief legal officer, the Debtor reported assets and liabilities between $100 million and $500 million each. COOLEY LLP and POTTER ANDERSON & CORROON LLP serve as the Debtors' attorneys. ALVAREZ AND MARSAL NORTH AMERICA, LLC, is the financial advisor. EPIQ CORPORATE RESTRUCTURING, LLC, is the claims agent. HILCO MERCHANT RESOURCES, LLC, is the liquidation agent. PDC WELLNESS: S&P Alters Outlook to Negative, Affirms 'B' ICR ------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on PDC Wellness & Personal Care Co. and revised its outlook to negative from stable. S&P also affirmed its 'B' issue-level rating on the company's $748 million first-lien term loan. The '3' recovery rating reflects its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. The negative outlook reflects the potential for a lower rating over the next 12 months if PDC cannot reverse recent profit declines and maintain credit metrics in line with S&P's forecast, including sustaining adjusted leverage below 7x. S&P expect only modest commodity cost easing over the next few quarters. PDC faced unprecedented inflationary pressures in the first half of the year, particularly in key raw materials such as resin and petrochemicals, and gross margins contracted to 36.9% from 43.2% year over year as its cost of goods sold increased nearly 18%. Further exacerbated by higher transportation and labor costs, S&P Global Ratings-adjusted EBITDA declined nearly 20% compared to the first half of 2021. While we believe some commodity cost easing is likely over the next several quarters, overall input and supply chain costs will remain high amid potentially declining category demand, which could deteriorate further because of PDC's significant price increases across the Dr. Teal's and Cantu product lines. Dr. Teal's and Cantu are widely considered value brands within the adult bath and hair care categories, and we believe there is risk that consumers will trade down to private label in response to higher prices, resulting in pressured volumes for about two-thirds of PDC's product portfolio. Until now, the company had strategically opted to not increase prices on Dr. Teal's and Cantu since they were acquired in 2014 and 2015, respectively. S&P said, "We believe the prospect of lower volumes for the company's key brands presents downside risk to our base-case forecast, and credit metric recovery could be delayed. We forecast S&P Global Ratings-adjusted leverage will increase to 6.4x by year-end 2022." S&P's ratings reflect PDC's small scale, significant customer concentration, and narrow business focus in the bath and beauty industry. PDC lacks scale and business diversity in the highly competitive bath and beauty categories. Notwithstanding the fact that the company has greatly expanded distribution and increased brand equity of its flagship products, Dr. Teal's and Cantu, over the past couple of years, PDC is a relatively small player with significant product concentration compared to larger beauty conglomerates such as Unilever, L'Oreal, and Coty. These competitors have significantly more scale and resources for manufacturing, advertising, and distribution, along with greater access to capital markets. S&P also views PDC's customer concentration and reliance on Walmart and Target as a key risk, because decreased order flow from these customers has significantly affected operating performance and credit metrics. In the first half of 2022, Walmart and Target slowed purchasing across many categories to sell off excess inventory, and PDC was not immune to this. The negative outlook reflects the potential for a lower rating over the next 12 months if PDC cannot reverse recent profit declines and maintain credit metrics in line with S&P's forecast. S&P could lower the ratings if PDC sustains adjusted leverage of more than 7x, which could happen if profits fail to rebound, potentially because of: -- An inability to offset persistent high inflation with price increases; -- Private-label competition intensifies, and consumers opt to trade down, especially given PDC's recent price increases; or -- The company's largest customers, including Walmart and Target, further reduce order flow to manage inventory. S&P could revise the outlook to stable if PDC sustains adjusted leverage below 7x. This could happen if: -- Price increases result in substantially higher revenue and EBITDA; -- The company's brands prove to be relatively inelastic with rising prices, and volumes do not decline significantly; and -- Management directs free operating cash flow (FOCF) to debt reduction. An outlook revision to stable would also be predicated on a credible plan by management to address the company's upcoming 2024 maturity on its first-lien term loan. E-2 S-2 G-3 PMC PARTNERS: Seeks to Hire Spiro & Browne as Bankruptcy Counsel ---------------------------------------------------------------- PMC Partners LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Spiro & Browne, PLC as its counsel to render general legal services. The firm will be paid at these rates: David K. Spiro, Partner $400 David G. Browne, Partner $400 Paralegal $150 Spiro & Browne does not hold or represent any interest adverse to the Debtor and its estate, according to court filings. The firm can be reached through: David K. Spiro, Esq. SPIRO & BROWNE, PLLC 6802 Paragon Place, Suite 410 Richmond, VA 23230 Tel: 804-441-6080 Fax: 804-836-1855 E-mail: dspiro@sblawva.com About PMC Partners PMC Partners LLC filed a voluntary petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 22-11009) on August 2, 2022. In the petition filed by Larry Turner director, the Debtor reports assets up to $50,000 and estimated liabilities between $1 million and $10 million. Lawrence A. Katz has been appointed as Subchapter V trustee. David Spiro, of Spiro & Browne, PLC, is the Debtor's counsel. RP RUIZ: Has Deal on Cash Collateral Access ------------------------------------------- R. P. Ruiz Corporation and Commercial Credit Group advised the U.S. Bankruptcy Court for the Central District of California, Northern Division, that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The Debtor entered into a transaction with CCG on May 14, 2020, entitled Negotiable Promissory Note and Security Agreement under which the Debtor promised to pay CCG $419,465. The funds were used to purchase one 2020 Freightliner M2 10-6 chassis with attached 2020 Vactor HXX Paradigm Vacuum Excavation Body. Under the Note, interest accrues at 9.904% with default interest at 18%. Richard Ruiz, Jr. guaranteed the Debtor's obligations under the Note. Over time, the balance due to CCG was reduced by payments, by collection against one or more guarantors and by the return of the certain collateral which CCG thereafter sold. As of the filing date of the chapter 11 case, CCG asserts that the balance owed to it was $89,117. As of August 22, 2022, CCG asserts the balance owed to it by the Debtor under the Note and this agreement is $70,148, due to collection against a different guarantor. The parties agree that the Debtor may use cash collateral from August 24 to December 3 pursuant to the Projection together with the variances, carryforwards and application of excess gross revenues to costs of goods sold and to overhead expenses described in the Supplement and the Motion. As further adequate protection, and in addition to the forms of adequate protection described in the Motion and in the Supplement, the Debtor will pay $500 monthly to CCG for the months of September through and including December 2022, with payment due in the office of CCG on the 2nd day of each month. If the 2nd day of a month falls on a non-business day, then the payment shall be due on the following date. Payments will increase from $500 per month to $1,000 per month beginning January 2023 through March 2023, also due on the 2nd day of each month with a further step up to $1,500 per month thereafter beginning April 2023 with payments to be due on the 2nd day of month. The Debtor will make the payments by check unless CCG requests payment by wire and the Debtor will make the payments by wire transfer if feasible for the Debtor to do so. CCG is granted a post-petition lien against the same types of property of the estate and the Debtor with the same validity, extent and priority as existed as of the petition date in this chapter 11 case, effective as of July 5, 2022. Said post-petition lien shall be deemed for all purposes to have been properly perfected without filing, as of July 5, 2022. CCG and the Debtor agree that these forms of adequate protection, as well as those forms of adequate protection specified in the Motion and in the Supplement constitute adequate protection within the meaning of 11 U.S.C. Section 361. A copy of the stipulation is available at https://bit.ly/3ALBFqf from PacerMonitor.com. About R. P. Ruiz, Corporation R. P. Ruiz, Corporation is a concrete subcontractor. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-10501) on July 5, 2022. In the petition signed by Richard Ruiz, Jr., president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Ronald A. Clifford III oversees the case. Steven R. Fox, Esq., at The Fox Law Corporation, Inc. is the Debtor's counsel. SEQUA CORP: S&P Alters Outlook to Developing, Affirms 'CCC+' ICR ---------------------------------------------------------------- S&P Global Ratings affirmed its ratings on Sequa Corp., including the 'CCC+' issuer credit rating and revised the outlook to developing from stable. S&P also affirmed the 'CCC+' issue-level rating on the company's first lien debt. S&P withdrew the 'CCC-' issue-level rating on Sequa's second-lien debt following its repayment. Sequa Corp. sold its Precoat Metals division earlier this year and used a portion of proceeds to repay debt, substantially improving the company's financial leverage. We expect the commercial aerospace segment to see further recovery as demand for aftermarket parts and maintenance, repair, and operations (MRO) services strengthens due to a material return of air traffic. The company's plans to address its remaining term loan maturing in November 2023 are unclear. Sale of Precoat Metals division allowed for significant deleveraging. On March 7, 2022, Sequa entered into an agreement to sell its metal coating business to AZZ Inc. The transaction closed on May 13, 2022, for around $1.28 billion. The company has used proceeds to retire approximately $960 million of debt, inclusive of its second-lien term debt facility. Though this significantly improves financial leverage, between 4.0x and 5.0x when measured on a pro-forma basis, the company faces debt maturing in late 2023. The company faces near term debt maturities. S&P said, "We view Sequa's plans to address the upcoming debt maturity of its remaining term loan maturing November 2023 as uncertain. The company could face liquidity stress in late 2023 if it does not successfully refinance or repay this debt. While we view the recovery in the air travel industry as potentially improving the company's access to capital markets, we believe Sequa's ability to refinance entails risk." The developing outlook for Sequa Corp. reflects uncertainty around the status of the 2023 debt maturity of the remaining 2017 first-lien term loan. At the same time, positive momentum within the company's remaining aerospace segment will likely continue during the back end of fiscal 2022 and into 2023. The significant debt paydown and segment EBITDA approaching pre-pandemic levels has improved leverage measures such that we expect the company will maintain a leverage level below 6.0x following the refinance of the existing debt. S&P said, "We could lower the rating over the next 12 months if we come to believe the company will have difficulty refinancing the 2023 debt maturities or the company's liquidity deteriorates such that we anticipate that a default will occur within the next 12 months. "We could raise the rating if Sequa refinances or otherwise addresses its upcoming debt maturity with market terms and if it sustains leverage below 8.0x and generates positive free cash flow." ESG credit indictors: E-2, S-4, G-3 ESG factors do not affect the outlook change. Social factors are a negative consideration in S&P's credit rating analysis of Sequa. Lower aftermarket demand for the company's Chromalloy business had a significant impact on its earnings and cash flows, both of which have not yet reached pre-pandemic levels. The company derived about 50% of pre-pandemic revenue from commercial aerospace customers, and the pandemic resulted in an overall revenue decline of about 25%. Governance factors are a moderately negative consideration, as is the case for most rated entities owned by private-equity sponsors. Though financial leverage has significantly improved recently, S&P believes the historically highly leveraged financial risk profile as well as the current sponsor's implied desire to sell the company points to corporate decision-making that prioritizes the interests of the controlling owners. This also reflects the generally finite holding periods and a focus on maximizing shareholder returns. SIERRA ENTERPRISES: S&P Downgrades ICR to 'CCC+', Outlook Negative ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Sierra Enterprises LLC to 'CCC+' from 'B-' and its issue-level rating on its first-lien senior secured revolving credit facility and term loan maturing in 2024 to 'CCC+' from 'B-'. S&P's '3' recovery rating on the facilities remains unchanged, indicating its expectation for meaningful recovery (rounded estimate: 60%) in the event of a payment default. The negative outlook reflects the company's very high leverage and limited near-term ability to reduce its debt and improve its liquidity absent a stabilization in its input costs and an increase in its cash flow generation. Sierra's capital structure is unsustainable and an operating rebound has yet to take hold because of continued input-cost inflation. The company's debt to EBITDA for the 12 months ended June 30, 2022, increased to well over 20x, from 10x a year earlier, because its year-to-date gross margins contracted by 460 basis points (bps) year over year and led to an operating loss. The contraction in Sierra's margin largely stems from the ongoing input-cost inflation affecting its transportation and raw material costs, such as plastic packaging, fruit, dairy, and sugar. Moreover, the company's year-to-date FOCF remains negative as of the end of the third quarter because of the still elevated capital expenditure (capex) to complete the expansion of its aseptic packaging lines (referred to as Tru). Although its sales volumes have largely held up supported by the robust demand from its key customers, Sierra's pricing has not caught up with inflation. While the company increased its sales by 12.4% year over year through the first three quarters of fiscal year 2022, reflecting the aggressive pricing actions it has already implemented, S&P believes it will likely continue to face margin pressure and an unsustainable capital structure unless its input-cost inflation stabilizes. S&P said, "Our current base-case scenario assumes Sierra's EBITDA margins remain below 5% in 2022 and only modestly rebound to the 5%-6% range in fiscal year 2023. This will cause its fiscal-year 2022 leverage to remain well above 10x, its interest coverage to stay below 1x, and lead it to continue to generate negative FOCF. We assume the company's credit measures will likely modestly improve in 2023, including leverage approaching 8x, interest coverage of near 1.5x, and FOCF approaching break-even. We do not believe a more pronounced operating rebound that would support a higher rating is likely until fiscal year 2024. "Although the company raised additional liquidity by mortgaging one of its properties at an unrestricted subsidiary, we believe its liquidity is now less than adequate due to the negligible availability under its revolver given its tight covenant headroom. We believe Sierra has limited access to its $35 million revolving credit facility (roughly $10 million drawn) maturing in 2024 because any further drawdowns would cause it to breach the 6.25x maximum debt to EBITDA covenant on the facility. To shore up its liquidity, the company recently mortgaged one of its properties at an unrestricted subsidiary, which has improved its cash balance to more than $30 million. Although this transaction provided the company with sufficient cash to fund working capital requirements and maintenance capex over the next year, we revised our assessment of its liquidity to less than adequate given its limited revolver availability, inability to face continued input-cost inflation without seeking additional outside funding, and currently distressed standing in the credit markets. "The company's product recall will likely further delay a rebound in its operating performance. We cannot yet quantify the impact of Sierra's recently announced voluntary product recall on its operating performance. However, we view it as an operating setback that will further delay any potential rebound in its performance metrics. Although the company has product recall and liability insurance that we believe will likely cover the losses related to the recall (given that it proactively announced the recall to limit the size of any losses and any longer-term damage to its customer relations), it still faces lost sales volumes that will pressure its EBITDA this year and likely in 2023 (excluding any insurance settlement, which we would not add back to its EBITDA). Given that its operating performance is already facing headwinds from ongoing input-cost inflation, this temporary setback will likely further delay a rebound in its operating performance and pressure its already weakened credit measures. "The negative outlook on Sierra reflects its very high leverage of well over 10x, its interest coverage of less than 1x, and its negative FOCF. These weak credit measures are only partially mitigated by the company's large cash balances from a debt-funded capital injection after mortgaging one of its facilities. "We could lower our ratings on Sierra in the coming quarters if its operating performance and FOCF do not stabilize, which would increase the likelihood of a near-term default. Absent an operating rebound, we believe the company would face a liquidity crunch and, potentially, need to restructure its debt." This could occur if: -- Input-cost inflation continues to outpace its pricing increases, causing its reported EBITDA to be near break-even; -- Its capex and working capital requirements remain elevated, leading to continued FOCF deficits that drain its cash balances; -- Its revolver access remains negligible because future draws would trigger a covenant breach; or -- The impact from the company's product recall is more material than we currently anticipate and precludes its ability to stabilize its margins and increase its EBITDA. S&P could consider revising its outlook on Sierra to positive or raising its rating if it restores its EBITDA margins to the high-single digit percent area in 2023 such that its EBITDA interest coverage improves to at least 1.5x. This could occur if: -- Input-cost inflation abates and the company is able to maintain its price increases and current sales volumes; -- Its capex materially declines from recent levels (closer to maintenance levels) and it only faces seasonal working capital outflows such that it generates positive FOCF; and -- It doesn't face any material declines in its business volumes or losses in its customer accounts because of the product recall. ESG credit indicators: E-2, S-2, G-3 TALEN ENERGY: Creditors Seek to Unwind $848M Pre-Bankruptcy Loan ---------------------------------------------------------------- Unsecured creditors of Talen Energy Supply LLC sought permission to sue the company's lenders over an allegedly exploitative $848 million loan that they say improperly inflated Talens secured liabilities just months before it filed for bankruptcy. In a heavily redacted motion, the Official Committee of Unsecured Creditors of Talen Energy Supply seeks an order authorizing the Committee to assert, litigate, and settle certain causes of action on behalf of the Debtors' estates. The Committee share a draft of the adversary complaint (the "CAF Complaint") that the Committee proposes to file should its Motion be granted. In the CAF complaint, the Committee proposes to sue Alter Domus (US) LLC, as the administrative agent under the Commodity Accordion Facility (the "CAF"), Citibank, N.A., as the collateral trustee under the CAF, and [other necessary parties]. This action seeks avoidance of exploitive obligations and related liens under a loan facility that was structured by the Debtors and opportunistic lenders to place more than a billion dollars in value beyond the reach of the Debtors' unsecured creditors and to inflate improperly the CAF lenders' claims in these cases. Specifically, the CAF purported to insert an additional $848 million in first lien secured obligations ahead of the Debtors' unsecured creditors, on off-market terms unduly favorable to the lenders. Among other things, the facility included a make-whole premium provision allowing the lenders to inflate their claims in an anticipated bankruptcy -- a provision the Administrative Agent, on behalf of the CAF lenders, has claimed entitles it to an additional $255 million (representing more than 30% of the amount drawn for a loan that was outstanding for less than six months). The CAF Complaint: i. seeks to avoid the obligations under the CAF (the "CAF Obligations") and the liens that purportedly secure such obligations as actual and/or constructive fraudulent transfers pursuant to Sections 544 and 548 of the Bankruptcy Code; ii. seeks to avoid as preferential transfers, the liens granted to secure the CAF Obligations that were recorded in February and March 2022, more than 60 days after the CAF was executed (the "Preferential Liens"). The Preferential Liens were granted within the 90-day preference period while the CAF Obligors were insolvent, and thus constitute preferential transfers pursuant to Section 547 of the Bankruptcy Code. The CAF Complaint seeks to recover and preserve the avoided transfers, or their value, for the benefit of the CAF Obligors' estates; iii. seeks a declaration that, because the CAF Obligations are not within the definition of secured "Obligations" in the applicable collateral trust and guarantee agreements, the CAF Obligations are not secured and are not guaranteed by subsidiary guarantors; iv. seeks a declaration that the liens on real property granted before the CAF's execution do not secure the CAF Obligations and that the CAF Obligations are not secured by any lien on, or security interest in, any real property other than liens on certain fixtures; and v. seeks a declaration that the Preferential Liens are senior in priority to any liens perfected by UCC-1 filing statements with respect to the fixtures owned by the grantors of the Preferential Liens. The Committee has separately filed a claim objection to disallow in its entirety the Administrative Agent's claim (asserted on behalf of the CAF lenders) because it is based on the CAF Obligations, which, as asserted in the CAF Complaint, should be avoided. The claim objection also seeks disallowance of those portions of the Administrative Agent's claim on account of the make-whole premium, certain amounts of post-petition interest, and the MOIC as unenforceable penalties that do not reimburse the CAF lenders for losses but instead guarantee expected gains. About Talen Energy Corp. Allentown, Pennsylvania-based Talen Energy Corp. is an independent power producer founded in 2015. Riverstone Holdings LLC completed its acquisition of the remaining 65% stake of Talen Energy in 2016 for $5.2 billion. Talen Energy Corporation, through subsidiary Talen Energy Supply LLC, is one of the largest competitive power generation and infrastructure companies in North America. Through subsidiary Cumulus Growth, TEC is developing a large-scale portfolio of renewable energy, battery storage, and digital infrastructure assets across its expansive footprint. On the Web: https://www.talenenergy.com/ TES owns and/or controls approximately 13,000 Megawatts of generating capacity in wholesale U.S. power markets, principally in the Mid-Atlantic, Texas and Montana. Woodlands, Texas-based TES runs 18 power generation facilities, at eight of which rely on natural gas to make electricity. Talen Energy Supply, LLC, and 71 affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 22-90054) on May 9, 2022. The Hon. Marvin Isgur is the case judge. Talen Energy Corporation (TEC), its Cumulus Growth subsidiary, and TES' LMBE subsidiaries are excluded from the in-court process. TES has retained Weil Gotshal & Manges LLP as its legal advisor, Evercore as its investment banker and Alvarez & Marsal as its financial advisor for its restructuring. Kroll is the claims agent. TEC is represented by PJT Partners as financial advisors and Vinson & Elkins as legal counsel. Cumulus Growth is represented by Ardea Partners and DH Capital as its investment bankers, and Gibson Dunn as legal counsel. The Consenting Noteholders are represented by Kirkland & Ellis LLP and Rothschild & Co US Inc. TENET HEALTHCARE: Egan-Jones Retains B+ Senior Unsecured Ratings ---------------------------------------------------------------- Egan-Jones Ratings Company, on August 16, 2022, retained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by Tenet Healthcare Corporation. Headquartered in Dallas, Texas, Tenet Healthcare Corporation, through its subsidiaries, owns or operates general hospitals and related health care facilities serving communities in the United States. TERRA SANTA: Comm. Seeks to Hire Blank Rome as Delaware Counsel --------------------------------------------------------------- The official committee of unsecured creditors of Terra Santa, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ Blank Rome LLP as its Delaware counsel. Blank Rome represents the Committee as its Delaware counsel and perform services for the Committee in connection with carrying out its fiduciary duties and responsibilities under the Bankruptcy Code consistent with section 1103(c) and other provisions of the Bankruptcy Code. The firm will be paid at these rates: Partners $625 to $1,370 Associates $460 to $805 Paraprofessionals $215 to $520 Regina Stango Kelbon $995 per hour Victoria Guilfoyle $745 per hour Lawrence Thomas $485 per hour Jordan Williams $330 per hour Blank Rome does not hold any interest adverse to the Debtors' estates, according to court filings. The firm can be reached through: Victoria Guilfoyle Blank Rome LLP One Logan Square 130 North 18th Street Philadelphia, PA 19103 Phone: +1 215-569-5500 Email: +1 215-569-5555 About Terra Santa Inc. Terra Santa, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case No. 21-31831) on Sept. 1, 2021, listing up to $50,000 in assets and up to $1 million in liabilities. Charity S Bird, Esq., at Kaplan Johnson Abate & Bird, LLP represents the Debtor as legal counsel. On July 14, 2022, the Office of the United States Trustee for the District of Delaware appointed the Committee. The Committee selected Thompson Coburn Hahn & Hessen LLP and Blank Rome LLP as its lead counsel and Delaware counsel, respectively. TERRA SANTA: Seeks Approval to Hire Gant Hill as Business Broker ---------------------------------------------------------------- Terra Santa, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ Gant Hill & Associates, LLC as its business broker. The firm will advise and assist the Debtor with its efforts to market and sell its operating restaurant. The Debtor has agreed to pay Hill a commission equal to 6 percent of the sale price upon closing of any sale. Gant Hill is a "disinterested person" as defined by section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Salvatore Rubino Gant Hill & Associates, LLC 10300 Linn Station Rd, Ste 300 Louisville, KY 40223 Mobile: 502-548-2121 Office: 502-515-4455 Email: SRubino9@gmail.com About Terra Santa Inc. Terra Santa, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case No. 21-31831) on Sept. 1, 2021, listing up to $50,000 in assets and up to $1 million in liabilities. Charity S Bird, Esq., at Kaplan Johnson Abate & Bird, LLP represents the Debtor as legal counsel. TORINO CAMPUS: Unsecureds to be Paid in Full; Plan Hearing Oct. 4 ----------------------------------------------------------------- Torino Campus, LLC, submitted a First Amended Disclosure Statement describing First Amended Liquidating Plan dated August 25, 2022. The Debtor is a Florida Limited Liability Company. When it was formed, Toledo Torino Holdings owned 85% of the Debtor and Neurogenix, Inc. owned the remaining 15%. Toledo Torino Holdings was dissolved in 2020 and pursuant to the terms of the Debtor's operating agreement, Jose Toledo assumed the powers of Toledo Torino Holdings. By agreement, Jose Toledo is the managing member of the Debtor. Torino Campus exists solely to own real estate located at 5481 NW E Torino Parkway, Port St. Lucie, FL (the "property"). The Debtor has a tenant that is a company that operates a substance abuse and mental health treatment center. The tenant provides beds to 32 patients. The lease is an oral lease. The bankruptcy case was filed to delay for foreclosure sale on the property to allow the Debtor to complete the sale that is under contract for $3,200,000.00. The creditor, United Community Bank, has filed a proof of claim in the amount of $2,950,390.43. A hearing on the motion to approve the sale of the property is set for October 4, 2022. upon the sale of the property, the Debtor will wrap up its business and dissolve. The Debtor has other minor debts. Martin County filed a secured claim for tangible tax in the amount of $7,028.82 which will be paid at closing. The Internal Revenue Service filed an unsecured claim in the amount of $4,680. This amount will be paid from any proceeds from the sale of the property. Huntington is owed $6,551.81 for kitchen equipment. It has a lease with Ascentium Capital for a generator. The tenant will assume these obligations and make payments. Class 1 consists of the secured claim of United Community Bank in the amount of $2,950,390.43. This amount will be paid in full satisfaction of the claim upon the closing of the sale of 5481 NW E Torino Parkway. The class is unimpaired. Class 2 consists of the secured claim of Huntington in the amount of $6,551.81. This amount will be paid in full satisfaction of the claim upon the closing of the sale of 5481 NW E Torino Parkway. The class is unimpaired. Class 3 consists of the secured claim of Martin County for tangible taxes in the amount of $7,028.82. This amount will be paid in full satisfaction of the claim upon the closing of the sale of 5481 NW E Torino Parkway. The class is unimpaired. Class 4 consists of unsecured claims in the amount of $4,680.00 and will be paid in full within 60 days of the effective date. This class is impaired. Class 5 consists of equity holders. If any funds are left from the sale of the property, they will be distributed to the equity holders Jose Toledo and Neurogenix, Inc. The Debtor's ability to fully fund the plan depends solely on the Debtor's ability to sell 5481 NW E Torino Parkway, Port St. Lucie, FL. The hearing at which the Court will determine whether to confirm the Plan will take place on October 4, 2022 at 2:30 p.m. Objections to the confirmation of the Plan must be filed and served by September 30, 2022. A full-text copy of the First Amended Disclosure Statement dated August 25, 2022, is available at https://bit.ly/3PXYknH from PacerMonitor.com at no charge. Debtor's Counsel: Brian K. McMahon, Esq. Brian K. McMahon, PA 1401 Forum Way, 6th Floor West Palm Beach, FL 33401 Telephone: (561) 478-2500 Facsimile: (561) 478-3111 Email: brian@bkmbankruptcy.com About Torino Campus Torino Campus, LLC, a Florida Limited Liability Company, exists solely to own real estate located at 5481 NW E Torino Parkway, Port St. Lucie, FL. To delay a foreclosure sale, Torino Campus, LLC, sought bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-15442) on July 15, 2022. In the petition filed by Jose Toledo, managing member, the Debtor listed as much as $10 million in both assets and liabilities. Judge Mindy A. Mora oversees the case. Brian K. McMahon, Esq., at Brian K. McMahon PA, is the Debtor's counsel. TPT GLOBAL: Posts $4.5 Million Net Loss in Second Quarter --------------------------------------------------------- TPT Global Tech, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss attributable to shareholders of $4.54 million on $2.21 million of total revenues for the three months ended June 30, 2022, compared to a net loss attributable to shareholders of $2.17 million on $2.58 million of total revenues for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported a net loss attributable to shareholders of $10.12 million on $4.09 million of total revenues compared to a net loss attributable to shareholders of $3.88 million on $5.29 million of total revenues for the same period during the prior year. As of June 30, 2022, the Company had $9.32 million in total assets, $32.10 million in total liabilities, $18.38 million in total mezzanine equity, and a total stockholders' deficit of $41.16 million. TPT said, "In order for us to continue as a going concern for a period of one year from the issuance of these financial statements, we will need to obtain additional debt or equity financing and look for companies with cash flow positive operations that we can acquire. There can be no assurance that we will be able to secure additional debt or equity financing, that we will be able to acquire cash flow positive operations, or that, if we are successful in any of those actions, those actions will produce adequate cash flow to enable us to meet all our future obligations. Most of our existing financing arrangements are short-term. If we are unable to obtain additional debt or equity financing, we may be required to significantly reduce or cease operations." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001661039/000165495422011643/tptw_10q.htm About TPT Global Tech TPT Global Tech Inc. (OTC:TPTW) based in San Diego, California, is a technology-based company with divisions providing telecommunications, medical technology and product distribution, media content for domestic and international syndication as well as echnology solutions. It offers Software as a Service (SaaS), Technology Platform as a Service (PAAS), Cloud-based Unified Communication as a Service (UCaaS). TPT Global Tech offers carrier-grade performance and support for businesses over its private IP MPLS fiber and wireless network in the United States. TPT Global Tech's cloud-based UCaaS services allow businesses of any size to enjoy all the latest voice, data, media and collaboration features in today's global technology markets. It also operates as a Master Distributor for Nationwide Mobile Virtual Network Operators (MVNO) and Independent Sales Organization (ISO) as a Master Distributor for Pre-Paid Cell phone services, Cell phone Accessories and Global Roaming Cell phones. TPT Global reported a net loss attributable to shareholders of $4.02 million for the year ended Dec. 31, 2021, compared to a net loss attributable to shareholders of $8.07 million for the year ended Dec. 31, 2020. As of March 31, 2022, the Company had $9.85 million in total assets, $29.72 million in total liabilities, $16.74 million in total mezzanine equity, and a total stockholders' deficit of $36.62 million. Draper, UT-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 14, 2022, citing that the Company has suffered recurring losses from operations and has a net capital deficiency which raises substantial doubt about its ability to continue as a going concern. TRUTH DATA: Gets Cash Collateral Access on Final Basis ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, authorized Truth Data Insights, LLC to use the cash collateral of the U.S. Small Business Administration on a final basis in accordance with the budget, with a 10% variance. The SBA asserts it is secured in, among other collateral, substantially all the Debtor's accounts and other specified assets described in UCC-1 document number 977136870001 filed with the Texas Secretary of State and the proceeds thereof. As adequate protection, the Debtor will make monthly adequate protection payments to the Secured Lender in the amount of $731 on the first day of each month, and beginning the first day of the month following the entry of the order, and will provide additional and replacement security interests and liens. The Replacement Liens will be equal to the aggregate diminution in value of the respective Collateral, if any, that occurs from and after the Petition Date. The Replacement Liens will be of the same validity and priority as the liens of Secured Lender on the respective Prepetition Collateral. A copy of the motion is available at https://bit.ly/3pGxBkX from PacerMonitor.com. About Truth Data Insights, LLC Truth Data Insights, LLC is in the aviation flight data business located at 4200 S. Hulen St., Ste. 603, Ft. Worth, Texas 76109. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-41610) on July 20, 2022. In the petition signed by Peter Henrikson, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Mark X. Mullin oversees the case. Weldon L. Moore, III, Esq., at Sussman & Moore, LLP is the Debtor's counsel. TWITTER INC: Egan-Jones Retains BB- Senior Unsecured Ratings ------------------------------------------------------------ Egan-Jones Ratings Company, on August 18, 2022, retained its 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by Twitter, Inc. Headquartered in San Francisco, California, Twitter, Inc. provides online social networking and microblogging service. US STEEL: S&P Upgrades ICR to ‘BB-' on Debt Reduction ------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on United States Steel Corp. (U.S. Steel) to 'BB-' from 'B+' because it believes a continued surge in 2022 cash flow will bolster liquidity as the company ramps up its capital expenditures (capex) on it's $3 billion greenfield steel mini mill and other strategic projects. At the same time, S&P affirmed its 'BB-' issue level rating on U.S. Steel's unsecured debt and revised the associated recovery ratings to '3' from '2.' S&P also raised the issue-level rating on Big River Steel's secured debt to 'BB-' from 'B+' and affirmed the associated recovery ratings at '3.' The stable outlook reflects S&P's expectation of ample liquidity to support the ongoing construction of its mini mill over the next two years, even if steel market conditions moderate. Strong market conditions have persisted through first-half 2022, positioning the company for another year of low leverage. U.S. Steel generated about $1.4 billion of S&P Global Ratings-adjusted EBITDA in the second quarter of 2022, about a 50% increase from the same quarter in 2021. This gain was spurred by continued solid demand in key markets and by persistently elevated hot rolled coil (HRC) prices. S&P said, "However, we expect a moderation in earnings for the second half of the year, assuming prices trend down toward $1,000 per metric ton (/mt) from highs in the $1,500-plus area. We assume prices will further moderate in 2023 and 2024, trending down toward $700-$900/mt; however, this is still higher than historical averages of about $600/mt. As a result, we project earnings will temper in the second half of the year. After the company generated about $2.6 billion of S&P Global Ratings-adjusted EBITDA in the first half of 2022, we project full- year 2022 EBITDA in the range of $4 billion to $5 billion. This compares with S&P Global Ratings' 2021 adjusted EBITDA of about $4.8 billion. As a result, we project S&P Global Ratings-adjusted leverage could remain below 1x for the second year in a row." The company took steps to shore up its balance sheet when it repaid approximately $1 billion of absolute debt during 2021 and ended the year with a pension surplus. The company also continues to provide shareholder returns, as it repurchased approximately $400 million of shares in second-quarter 2022. This completed its $800 million share repurchase program in less than a year, while at the same time announcing an additional $500 million program. Nevertheless, S&P expects that the company would curtail purchases to preserve the momentum on its strategic capex if necessary. U.S. Steel is bolstering liquidity as it undertakes its largest capital project ever. The company selected the Osceola, Ark., site for its announced $3 billion, 3-million ton, mini mill 2 project. U.S. Steel projects the new mill could provide an additional $650 million of EBITDA once the mill is fully operational by 2026. While we expect free cash flow will remain meaningfully positive in 2022 amidst record earnings, we project a dramatic drop in 2023 if earnings moderate in a lower pricing environment. Still, the company will aim to deliver on its publicly stated goal to maintain cash balances of at least 12 months expected capex or greater than $1.5 billion. As of June 30, 2022, the company had cash balances of about $3 billion, which was well within their target. The construction of a new mini mill, similar to the Big River acquisition, should help U.S. Steel with its target to reduce its global greenhouse gas (GHG) intensity by 20% by 2030, highlighted by its strategic repositioning to electric arc furnaces (EAFs) from high carbon-emitting, coal-fired blast furnaces. S&P said, "It also further solidifies our belief that Big River is a core asset for U.S. Steel and a strategic part of the company's future success. As a result, we removed the ICR on Big River Steel, as its credit profile (except for recovery) is now incorporated fully within U.S. Steel." S&P said, "Our stable outlook on U.S. Steel reflects our expectation of ample liquidity and continued strong cash flow to support the ongoing construction of its mini mill over the next two years, even if steel market conditions moderate. We project the company's extraordinary cash flow amid a period of record steel prices could yield debt leverage (S&P Global Ratings-adjusted) below 1x in 2022 even if steel prices moderate sharply toward $1,000 by year-end 2022. We will closely monitor construction, as on-time, on-budget completion is especially meaningful for a company with a history of unsteady cash flow. The company has put in place targets to ensure proper funding and liquidity, such as maintaining cash balances of greater than next 12 months capex. "We could lower our rating on U.S. Steel if we expect its leverage will increase towards 4x. We believe this could occur if there was an accelerated deterioration in cash flows which severely diminished the company's liquidity buffer for its strategic capital projects. We could also lower our ratings if the company experienced significant cost overruns associated with its strategic capex, which could be funded with additional debt. "We view an upgrade in the next 12 months as unlikely considering the company's risks in capex and earnings amidst a strategic transformation. That said, we could raise the ratings if U.S. Steel were to continue executing on business priorities and capital investments, while maintaining solid credit ratios, which could include debt reduction. Namely we would continue to expect debt to EBITDA of about 2x or better amid the current pricing environment and less than 3x in a more normalized pricing environment, with good indications of double-digit margins and returns for several years, confirming a stronger competitive position from strategically important investments." ESG credit indicators: E-4, S-2, G-2 Environmental factors are a negative consideration in S&P's credit rating analysis of U.S. Steel. The company's competitive position has degraded over the past decade, while more cost-competitive and lower GHG competition has taken market shares for the most commoditized steel products in North America. More recently, the company has rapidly transitioned its production footprint to include more EAFs, while closing inefficient and higher-emitting blast furnaces on the way to its target of reducing its GHG intensity by 20% by 2030. U.S. Steel acquired Big River and its EAF assets in 2021. For the 12 months ended June 30, 2022, Big River accounted for approximately 22% of the company's reported EBITDA and S&P expects the percentage from EAFs will continue to increase, namely with the announced $3 billion mini mill project at U.S. Steel, which the company expects will add about 3 million metric tons of capacity. Still, the company continues to mine iron ore in the U.S. with the attendant land-use considerations for mining. U.S. Steel has reduced its employee-related injuries by almost 90% in the past 10 years by improving its safety training and procedures in an industry that operates large machinery. VAL PROPERTIES: Oct. 4 Plan Confirmation Hearing Set ---------------------------------------------------- On June 24, 2022, Debtor VAL Properties, LLC filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Disclosure Statement and Plan. On August 9, 2022, Judge Carlota M. Bohm approved the Disclosure Statement and ordered that: * September 23, 2022, is the last day for: -- filing written ballots by creditors, either accepting or rejecting the plan, pursuant to 11 U.S.C. §1126(a); -- filing claims not already barred by operation of law, rule or order of this Court; and, -- filing and serving written objections to confirmation of the plan, pursuant to Fed.R.Bankr.P. 3020(b)(1). * October 4, 2022, is the last day for filing a complaint objecting to discharge. * September 30, 2022, is the last day for the Plan Proponent to file a Summary of the balloting. * October 4, 2022 at 1:30 P.M., is the Zoom plan confirmation hearing for the Plan. A full-text copy of the order dated August 9, 2022, is available at https://bit.ly/3QI04SG from PacerMonitor.com at no charge. Attorney for the Debtor: Donald R. Calaiaro, Esq. CALAIARO VALENCIK 938 Penn Avenue, Suite 501 Pittsburgh, PA 15222-3708 Tel: (412) 232-0930 E-mail: dcalaiaro@c-vlaw.com About VAL Properties VAL Properties, LLC, sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 21-22384) on Nov. 3, 2021, listing up to $50,000 in assets and up to $1 million in liabilities. Judge Carlota M. Bohm oversees the case. Donald R. Calaiaro, Esq., at Calaiaro Valencik, is the Debtor's legal counsel. VITEC ELECTRONICS: Files Subchapter V Case ------------------------------------------ Vitec Electronics Corporation filed for chapter 11 protection in the Southern District of California. The Debtor filed as a small business debtor seeking relief under Subchapter V of Chapter 11 of the Bankruptcy Code. According to court filing, Vitect Electronics Corp. estimates between 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Sept. 27, 2022, at 9:00 AM. To access telephonic 341 meeting, call 877-939-8015 and enter passcode 3135445# when prompted. Proof of claim are due by Nov. 1, 2022. About Vitec Electronics Corporation Vitec Electronics Corporation is an Electrical supply store in Carlsbad, California. It designs and manufactures pulse, control, and interface transformers, power inductors, and PFC chokes. Vitec Electronics filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 22-02205) on Aug. 23, 2022. In the petition signed by Brad Rogers, as vice-president and general manager, the Debtor reported assets and liabilities between $1 million and $10 million. Barbara R. Gross has been appointed as Subchapter V trustee. The Debtor is represented by K. Todd Curry of Curry Advisors, A Prof. Law Corp. VOYAGER DIGITAL: Files Suit to Stop 'Ponzi' Claims vs. CEO ---------------------------------------------------------- Voyager Digital Holdings Inc. filed a lawsuit in bankruptcy court to block a proposed class action that accuses its CEO Stephen Ehrlich and Dallas Mavericks' owner Mark Cuban of deceptively promoting the cryptocurrency brokerage, saying its Chapter 11 proceedings bar litigation. The proposed class action, filed by a group of Voyager users, added Cuban and the Mavericks as defendants "to gain media attention," Voyager said in its complaint filed with the US Bankruptcy Court for the Southern District of New York on Monday, August 22, 2022. Voyager urged the bankruptcy court to issue an injunction or extend the scope of its Chapter 11 protections. In 2021, a certain plaintiff filed a putative class action lawsuit against two of the Debtors, alleging improprieties in Voyager's cryptocurrency business ("Cassidy"). That case was litigated for approximately six months. When the Debtors initiated the chapter 11 cases, they filed a suggestion of bankruptcy in Cassidy, and the district court entered an administrative stay the next day. When the attorneys pursuing Cassidy saw their case stayed pursuant to 11 U.S.C. Sec. 362, they did not honor that statute and pursue relief from the stay from the Bankruptcy Court. Instead they restyled the Cassidy case as a lawsuit against the Debtors' chief executive officer and co-founder, Stephen Ehrlich (Robertson v. Cuban, No. 1:22-cv-22538-RKA (S.D. Fla. Aug. 10, 2022)) ("Robertson Complaint"). In an effort to gain media attention, plaintiffs also added as a defendant the Dallas Mavericks basketball team and its owner, Mark Cuban. "But is obvious that the Robertson Complaint simply attempts to circumvent the automatic stay while still charging the Debtors with grievous wrongs. It literally incorporates the bulk of the plaintiffs' prior complaint against the Debtors and asks a court to hold the Debtors' CEO and Mr. Cuban responsible for the Debtors’ alleged misconduct," Voyager said. "The Robertson suit is dependent on, and inextricably intertwined with, the Debtors' alleged conduct. Its claims are based on alleged actions taken for the benefit of the Debtors' business by Mr. Ehrlich and others. Robertson likely also requires a threshold determination as to whether cryptocurrencies are securities at all, as alleged in the Robertson Complaint -- an unsettled legal issue. If it were this easy to circumvent the automatic stay -- merely by removing debtors as defendants in litigation and adding their CEO in a their place -- the stay would be rendered a nullity. About Voyager Digital Holdings Based in Toronto, Canada, Voyager Digital Holdings Inc. -- https://www.investvoyager.com/ -- runs a cryptocurrency platform. Voyager claims to offer a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. Voyager Digital Holdings Inc. and two affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10943) on July 5, 2022. In the petition filed by Stephen Ehrlich, as chief executive officer, the Debtor reported assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy counsel; Berkeley Research Group, LLC as financial advisor; Moelis & Company as investment banker; and Consello Group as strategic financial advisor. Stretto, Inc. is the claims agent. VYANT BIO: Incurs $5.8 Million Net Loss in Second Quarter --------------------------------------------------------- Vyant Bio, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $5.80 million on $165,000 of total revenue for the three months ended June 30, 2022, compared to a net loss of $4.18 million on $329,000 of total revenue for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported a net loss of $14.97 million on $468,000 of total revenue compared to a net loss of $11.55 million on $532,000 of total revenue for the six months ended June 30, 2021. As of June 30, 2022, the Company had $26.81 million in total assets, $10.02 million in total liabilities, and $16.78 million in total stockholders' equity. Vyant Bio stated, "The Company expects to continue to incur operating losses in the future, unless and until the Company's drug discovery efforts or other revenue from collaborators are able to demonstrate a level of success that would lead to potential out- licensing or sale of therapeutic assets. In addition, the Company will continue to incur the costs of being public, including legal and audit fees and director's and officer's liability insurance. These losses have had, and will continue to have, an adverse effect on the Company's working capital, total assets and stockholders' equity. Because of the numerous risks and uncertainties associated with drug discovery and development efforts and costs associated with being a public company, the Company is unable to predict when it will become profitable, and it may never become profitable. Even if the Company does achieve profitability, it may not be able to sustain or increase profitability on a quarterly or annual basis. The Company's inability to achieve and then maintain profitability would negatively affect its business, financial condition, results of operations and cash flows." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1349929/000149315222023727/form10-q.htm About Vyant Bio Vyant Bio, Inc. (formerly known as Cancer Genetics, Inc.) is an innovative biotechnology company reinventing drug discovery for complex neurodevelopmental and neurodegenerative disorders. Its central nervous system drug discovery platform combines human-derived organoid models of brain disease, scaled biology, and machine learning. Vyant Bio reported a net loss of $40.86 million for the year ended Dec. 31, 2021, a net loss of $8.65 million for the year ended Dec. 31, 2020, a net loss of $6.71 million for the year ended Dec. 31, 2019, and a net loss of $20.37 million for the year ended Dec. 31, 2018. As of March 31, 2022, the Company had $32.53 million in total assets, $10.16 million in total liabilities, and $22.37 million in total stockholders' equity. WOODLAWN COMMUNITY: Unsecureds to Recover 100% in Trustee's Plan ---------------------------------------------------------------- Gina B. Krol, the chapter 11 trustee (the "Trustee") of Woodlawn Community Development Corp., filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Disclosure Statement with respect to the Chapter 11 Plan of Liquidation dated August 25, 2022. The Debtor was founded in 1972 as an Illinois not-for-profit corporation. The Debtor was created as the umbrella organization for The Woodlawn Organization, a group dedicated to providing affordable housing to Chicago's Woodlawn community. On the Petition Date, the Debtor's primary operations were providing property management services to: (i) over 4,300 low income housing units owned by the Chicago Housing Authority (the "CHA"), for which the Debtor would receive a monthly management fee of approximately $170,000.00 per month; and (ii) 500 low income housing units owned by the Debtor. The Debtor also owned a number of real property assets, including membership interests in other entities that owned real property assets. The Chapter 11 Case was thus initially filed to preserve the value of the Debtor's assets for all of its creditors and reorganize its business in a comprehensive and orderly fashion. Thereafter, it was discovered that, before the Chapter 11 Case was filed, the Debtor allegedly mismanaged its properties (including failing to make necessary repairs and collect rents) and failed to maintain insurance policies. The primary objective of the Plan is to maximize recoveries by creditors by liquidating the Debtor's remaining assets through the proposed Wind Down in the most efficient way and distributing the proceeds of that liquidation to creditors. On October 14, 2021, the Trustee filed her Motion for Order (A) Authorizing the Trustee to Cause the Sale of Real and Personal Property Pursuant to Section 363(b) of the Bankruptcy Code; (B) Approving the Form and Manner of the Notice of the Sale and (C) Granting Related Relief (the "SPP Sale Motion"), seeking to sell the SPP Property. On July 29, 2022, South Park and Full Circle entered into that certain First Amendment to Agreement of Purchase and Sale, whereby the purchase price was reduced from $22.6 million to $20.25 million. The transaction is anticipated to close in December 2022 or early in 2023 and, at closing, it is anticipated that the Debtor's Estate will still receive payment in full of the principal amount of the South Park Obligations. Based on current levels of Cash and the Trustee's good-faith financial projections, the Trustee anticipates that the Debtor currently has $16.5 million in cash on hand, and anticipates, subject to the closing of the sale of the SPP Property, approximately $3.5 million in further proceeds. This amount of Cash is sufficient to satisfy all of the Debtor's Allowed Administrative Claims and Allowed Priority Tax Claims, in addition to Allowed Class 1 Priority Claims and Allowed Class 2 Secured Claims. Furthermore, the Trustee believes that this amount of Cash will also be sufficient to pay: (a) the anticipated costs of the Wind Down (including the Trustee's professionals); and (b) Allowed Class 3 Unsecured Claims. Class 1 consists of the Priority Claims against the Debtor. Allowed Class 1 Priority Claims are Unimpaired by the Plan and will be paid by the Trustee in order of the priorities set forth in section 507 of the Bankruptcy Code in full in Cash in an amount equal to such Allowed Priority Claim, plus interest through the Effective Date calculated at the Federal Judgment Rate, payable on the Effective Date or as soon as reasonably practicable thereafter as soon as practicable following the later of: (i) the Effective Date and (ii) the date such Class 1 Priority Claim becomes an Allowed Claim. Class 2 consists of the Claims of Holders of Secured Claims. On, or as soon as reasonably practicable after, the later of the Effective Date, or the date such Secured Claim becomes an Allowed Secured Claim or is otherwise payable, each Holder of an Allowed Secured Claim shall receive shall receive: (i) the collateral securing such Allowed Secured Claim; (ii) Cash in an amount equal to the value of such Allowed Secured Claim, plus interest through the Effective Date calculated at the Federal Judgment Rate; or (iii) such other treatment as may be agreed to between the Holder and the Debtor. Class 3 consists of the Claims of Holders of General Unsecured Claims. Holders of Allowed Class 3 Claims will be paid Pro Rata from remaining Assets after all required Distributions have been made to Holders of Allowed Administrative Expense Claims, Allowed Priority Claims, Allowed Priority Tax Claims, less the Reserve, after completion of the Wind Down. The Trustee may make such Distributions at any time and in one or more Distributions. To the extent that Allowed Class 3 Claims are paid in full, plus interest through the Effective Date calculated at the Federal Judgment Rate, remaining funds shall be distributed in accordance with Illinois law. This Class will receive a distribution of 100%, plus interest through the Effective Date calculated at the Federal Judgment Rate. On or soon as practicable after the Effective Date, the following shall occur with respect to the implementation of the Plan: (i) all acts, documents, and agreements appropriate to implement the Plan shall be executed; (ii) the Trustee under the Plan, shall make all Distributions required to be made on or about the Effective Date of the Plan in accordance with the terms and conditions of the Plan. On and after the Effective Date, the Trustee will wind down the Debtor pursuant to the Plan and any applicable orders of the Bankruptcy Court and shall have full power and authority to take any action necessary to wind down and dissolve the Debtor. The Debtor's remaining Assets (including the proceeds thereof) and Cash shall be used to fund the Distributions to the Holders of Allowed Claims. A full-text copy of the Disclosure Statement dated August 25, 2022, is available at https://bit.ly/3RlgjWp from PacerMonitor.com at no charge. Counsel to the Chapter 11 Trustee: Harold D. Israel, Esq. LEVENFELD PEARLSTEIN, LLC 2 N. LaSalle St., Suite 1300 Chicago, IL 60602 Tel: (312) 346-8380 Fax: (312) 346-8434 E-mail: hisrael@lplegal.com About Woodlawn Community Development Founded in 1972, Woodlawn Community Development Corp. manages and develops affordable housing for families in the Greater Metro Chicago area. Visit https://www.wcdcchicago.com for more information. Woodlawn Community Development filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 18-29862) on Oct. 24, 2018. In the petition signed by Leon Finney, Jr., president and chief executive officer, the Debtor was estimated to have $50 million to $100 million in both assets and liabilities. Judge Carol A. Doyle oversees the case. The Debtor has tapped Herzog & Schwartz, P.C. as its bankruptcy counsel. Gina B. Krol is the Debtor's Chapter 11 trustee. The trustee tapped Cohen & Krol as bankruptcy counsel, and Freeborn & Peters, LLP and Duane Morris, LLP as special counsel. YU HUA LONG: Amends Unsecured Claims Pay Details ------------------------------------------------ Teng Huang submitted a First Amended Disclosure Statement which relates to the accompanying First Amended Chapter 11 Plan for Debtor Yu Hua Long Investments, LLC dated August 25, 2022. The Plan is a liquidating plan with the Chapter 11 Trustee to remain as Estate Representative throughout the Plan term. Class 1 consists of the Secured Claim of the Carter Parties (Claim No. 5). The Proof of Claim is filed in the sum of $1,988,167. The Plan reserves $2,300,000 pending conclusion of litigation, which is .calculated as follows: March 13, 2007 Principal Note: $1,511,600, December 31, 2022. Total: $2,379,935. To the extent Claim No. 5 is not disallowed or subordinated once pending litigation is concluded and final, the allowed amount of this claim shall be paid by the Estate Representative at his or her discretion following the conclusion of all litigation concerning the Carter Parties in the adversary proceeding pending in this bankruptcy court in Teng Huang v. Carter, etc., et. al, in Adv. No.2:20-ap-1639-DS and in the state court action known as Pin Zu Wu v. Magnus Sunhill Group, LLC, Case No. BC 624383 and the entry of final non-appealable judgments in both cases. Class 2 consists of Non-Priority Unsecured Claims. Unsecured creditors are impaired. There are two categories of similar claims based on Debtor's assumption of debt from Magnus Sunhill Group, LLC, which are all treated as Non-Priority unsecured claims to be paid pro rata. The first category consists of claims based on non equity-based debt (Claim Nos. 6, 8, 17, 24 and 27.) Teng purchased Claims 8 and 27 from Daniel Chan and Tina Kwan, respectively, on or about August 15, 2022. The second category consists of claims based on Magnus equity-based debt (Claim Nos. 10, 11, 12, 13, 14,15, 16 and 23). For purposes of this Disclosure Statement and Plan, Teng employs the dollar amounts in the Trustee's analysis proposed in the Trustee's Comments Regarding Source of Proposed Claim Amounts. Individual creditor's claims may be subject to further reconciliation and adjustment. Each equity security holder (except Teng) filed claims in the sum of $69,000,000 without consideration of (1) each equity security holders' proportional interest in Magnus; (2) Magnus' secured debt; or (3) Magnus' profit, if any. Holders of Claims Nos. 10, 11, 12, 13, 14, 16 and 23 have not disclosed to the Court or to creditors their proportional interests in Magnus. Funds not paid to satisfy Class 2 will be distributed pursuant to the Plan, regardless of whether the Estate Representative objects or seeks to subordinate claims. No interest accruing from and after the Petition Date shall be paid on Allowed Non-priority unsecured claims absent the existence of Residual Funds, in which case interest accruing from and after the Petition Date at the Federal Judgment Rate shall be paid pro rata to the extent of available. Class 3 is the equity security holder of the Debtor, a limited liability company LA YHL Investments, Inc., its sole member, which will continue to hold the equity in the Debtor if Class 2 votes to accept the Plan. If Class 2 does not vote to accept the Plan, then the membership interests in the Debtor will be extinguished unless the member infuses new money into the Debtor in an amount to be determined by the Bankruptcy Court, most likely at the time of a hearing on confirmation of the Plan, in order to satisfy the requirements of the New Value Exception to the Absolute Priority Rule. If LA YHL acquires the equity then it shall receive any money, property or other value remaining when plan payments have been completed. Plan Proponent does not know whether LA YHL will infuse new value or whether funds will remain to pay dividends to Class 3. The range of options is provided for disclosure purposes. The Trustee is holding $21,362,452. Administrative expenses are estimated to be $2,500,000 under Chapter 11 scenario. Plan Proponent anticipates that no taxes will be due. The Plan reserves $2,300,000 for the Carter Claim No. 5 Class 1. Monies not paid to Class 1 will be added to the balance available for payment to Non Priority Unsecured Claims Class 2. The Plan proponent believes it is feasible because, both on the Effective Date and for the duration of the Plan, the proponent estimates that Debtor will have sufficient cash to make all planned distributions. As this is a liquidating plan, the Estate Representative will distribute monies to creditors, maintaining a reserve for the Estate Representative's and his professionals' expenses, until there are no more funds to distribute. The cost to administer the assets is estimated which specifies the payment stream of monies to creditors through the Plan. A full-text copy of the First Amended Disclosure Statement dated August 25, 2022, is available at https://bit.ly/3ArDUO3 from PacerMonitor.com at no charge. Attorneys for Teng Huang: THE FOX LAW CORPORATION, INC. Steven R. Fox, SBN 138808 srfox@foxlaw.com Janis G. Abrams, SBN 98331 jabrams@foxlaw.com 17835 Ventura Boulevard, Suite 306 Encino, California 91316 Tel: 818.774.3545; Fax: 818.774.3707 About Yu Hua Long Investments Yu Hua Long Investments, LLC, is engaged in the development of real property located in the City of Monterey Park, California.Â Â Yu Hua Long Investments filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 16-22745) on Sept. 26, 2016, estimating less than $1 million in both assets and liabilities. Judge Deborah J. Saltzman presides over the case. Timothy J. Yoo was appointed Chapter 11 trustee for the Debtor. The Trustee hired Levene Neale Bender Yoo & Brill, LLP as bankruptcy counsel; Re/Max Omega as broker; R.Y. Properties, Inc. as real property consultant; and SLBiggs as accountant. ZOSANO PHARMA: Unsecureds to Recover 28% in Liquidating Plan ------------------------------------------------------------ Zosano Pharma Corporation filed with the U.S. Bankruptcy Court for the District of Delaware a Disclosure Statement describing Chapter 11 Plan of Liquidation dated August 25, 2022. The Debtor is a corporation organized under the laws of the State of Delaware with principal executive offices located at 34790 Ardentech Court, Fremont, California 94555. The Debtor's liquidity constraints and lack of revenue stem primarily from the FDA's refusal to approve M207. The FDA granted the Debtor a twelve-month extension to April 20, 2023 to resubmit another application. In order to preserve its capital and limited cash resources, however, the Debtor has suspended its M207 program. As a result of the market's response to the sale process and to ensure that value is maximized through the sale of the Debtor's assets, the Debtor retained the Sales Agent to facilitate an orderly liquidation of those assets not sold through the sale process. Even so, the Debtor's retained the flexibility to pursue a going concern or all asset sale, should one materialize through the sale process. The Debtor's liquidation efforts, through both the regular sale process and the liquidation sale process conducted by the Sales Agent, are designed to maximize recoveries for the Debtor's stakeholders. An auction was conducted on July 20, 2022. Emergex USA Corporation was the successful bidder at the auction with LTS Lohmann as the backup bidder. On August 8, 2022, the Court approved the sale of substantially all of the Debtor's assets to Emergex USA Corporation. The Plan is a plan of liquidation. In general, a chapter 11 plan of liquidation (i) divides claims and equity interests into separate classes, (ii) specifies the property that each class is to receive under the plan, if any, and (iii) contains other provisions necessary to implement the plan. Generally, the plan establishes a mechanism by which assets of the estate will be distributed to holders of claims and interests, in the order set forth in the plan. To that end, the Plan contemplates the transfer of the Debtor's remaining assets into a Liquidating Trust followed by the eventual dissolution of the Debtor's corporate existence. The Liquidating Trust is to be governed by a Liquidating Trust Agreement with its terms carried out by a Liquidating Trustee. The Plan provides for a waterfall payment structure in compliance with section 1129 of the Bankruptcy Code, whereby (i) Holders of Allowed Administrative Claims, Priority Tax Claims and Other Priority Claims are entitled to distribution ahead of Holders of Allowed General Unsecured Claims, (ii) Holders of Allowed General Unsecured Claims are entitled to distribution ahead of Holders of Allowed Subordinated Claims, and (iii) Holders of Allowed Subordinated Claims are entitled to distribution ahead of Holders of Allowed Interests. Holders of Allowed Secured Claims are entitled to their collateral or the proceeds of their collateral ahead of unsecured creditors. More specifically, pursuant to the terms of the Plan: * Holders of Allowed Administrative Claims shall be paid in full in Cash. * Holders of Allowed Priority Tax Claims shall be treated in accordance with section 1129(a)(9)(C) of the Bankruptcy Code. * Holders of Allowed Secured Claims and Allowed Other Priority Claims shall be paid in full in cash or receive such other treatment that renders such Claims Unimpaired. * Holders of Allowed Class 3 General Unsecured Claims shall receive a pro rata share (calculated based on the proportion that such Holder's Allowed General Unsecured Claim bears to the aggregate amount of Allowed General Unsecured Claims) of the Liquidating Trust Primary Recovery Units. * Holders of Allowed Class 4 Subordinated Claims shall receive a pro rata share (calculated based on the proportion that such Holder's Allowed Subordinated Claim bears to the aggregate amount of Allowed Subordinated Claims) of the Liquidating Trust Secondary Recovery Units. * Holders of Allowed Interests shall be cancelled and receive no distributions. Class 3 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to a less favorable treatment, in exchange for full and final satisfaction, settlement, and release of each Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive its pro rata share (calculated based on the proportion that such Holder's Allowed General Unsecured Claim bears to the aggregate amount of Allowed General Unsecured Claims) of the Liquidating Trust Primary Recovery Units. Class 3 is Impaired. The allowed unsecured claims total $12,300,000. This Class will receive a distribution of 28% of their allowed claims. Class 5 consists of all Interests in the Debtor. On the Effective Date, all Interests in the Debtor shall be cancelled and released without any distribution and the Debtor shall be dissolved. Subject to the provisions of the Plan concerning the Professional Fee Escrow Account, the Debtor and the Liquidating Trustee shall fund distributions under the Plan with Cash on hand on the Effective Date and all other Liquidating Trust Assets. A full-text copy of the Disclosure Statement dated August 25, 2022, is available at https://bit.ly/3CE98nZ from PacerMonitor.com at no charge. Counsel for the Debtor: John D. Elrod, Esq. Greenberg Traurig, LLP 3333 Piedmont Road NE, Suite 2500 Atlanta, GA 30305 Direct: +1 678.553.2259 Tel: +1 678.553.2100 Email: elrodj@gtlaw.com GREENBERG TRAURIG, LLP Dennis A. Meloro, Esq. The Nemours Building 1007 North Orange Street, Suite 1200 Wilmington, Delaware 19801 Telephone: (302) 661-7000 Facsimile: (302) 661-7360 Email: melorod@gtlaw.com GREENBERG TRAURIG, LLP Ari Newman, Esq. 333 S.E. Second Ave, Suite 4400 Miami, Florida 33131 Telephone: (305) 579-0500 Facsimile: (305) 579-0717 Email: newmanar@gtlaw.com About Zosano Pharma Zosano Pharma -- https://www.zosanopharma.com/ -- is an emerging CNS company focusing on providing rapid symptom relief to patients, using known therapeutics with well-established safety and efficacy. Zosano Pharma Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10506) on June 2, 2022. In the petition filed by Steven Lo, as president and chief executive officer, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Dennis A. Meloro, of Greenberg Traurig, LLP, is the Debtor's counsel. [*] Skilled Nursing, Senior Living Lead in Bankruptcy Filings ------------------------------------------------------------- Kimberly Bonvissuto of McKnights Senior Living reports that healthcare bankruptcy filings are up 25% this 2022 overall, with the senior care sector -- including senior living and skilled nursing -- leading the way, according to the results of a new survey by healthcare restructuring advisory firm Gibbins Advisors. And that trend is expected to continue into 2023, due to the depletion of COVID-19 resources, inflation, workforce shortages and supply chain disruptions. This news comes after large healthcare organization bankruptcies in 2021 were 44% behind 2020 levels. According to Gibbins Advisors, the majority (54%) of large healthcare bankruptcies in the 18 months up to June were in the senior living and skilled nursing sector. Most bankruptcy cases in senior living and care this year are in the lower middle market — the $10 million to $50 million liability range — with only one large case in the $100 million-plus liability range. Among the senior living companies filing for Chapter 11 bankruptcy this year have been Michigan-based American Eagle Delaware Holding Co., which operates Eagle Senior Living; Kansas-based Andover Senior Care, doing business as Victoria Falls Assisted Living; BSPV-Plano, which owns and operates The Bridgemoor at Plano senior living community; Indiana-based BVM The Bridges, also known as The Bridges Assisted Living & Memory Care and The Claridge House at the Bridges; Texas-based Christian Care Centers, a faith-based organization that operates three life plan communities; and Texas-based Northwest Senior Housing Corp., known as Edgemere. The sector with the next highest number of bankruptcy cases was pharmaceuticals, with 10% of case volume. Hospitals saw 16 cases in 2019 and 2020, with only three since 2021. Temporary pandemic measures, including the Coronavirus Aid, Relief and Economic Security (CARES) Act; Paycheck Protection Program; Employee Retention Tax Credits; and state-based programs provided access to new sources of revenue for cash-strapped providers. Waivers and extensions from lenders also gave providers time and flexibility to focus on day-to-day operations. "Providers that may have been cash poor before the pandemic now had strong cash balances, which helped to weather the storm of higher costs related to infection control measures, and staffing and volume changes," Gibbins Advisors Principal Clare Moylan said. But financial distress is on the horizon, according to the survey, as those safety nets expire or fade. With no new COVID-19-related funding and significant labor costs due to reliance on staffing agencies -- which can cost more than three times that of full-time employees -- the outlook is challenging for providers. Senior living, the firm said, will face continuing challenges through 2023, including inflation and interest rate increases -- which hit a 40-year-high recently -- which could affect demand and property valuations; significant labor costs; and supply chain and sourcing challenges that may continue for several months. "Healthcare organizations without adequate cash reserves to fund operating losses and debt service may face more difficulty in accessing capital in the current climate than the last two years, which can lead to more restructuring activity, including bankruptcies," Gibbins Advisors Principal Ronald M. Winters said. Earlier this year, S&P Global Market Intelligence projected that the healthcare sector -- including senior living -- would have the highest probable default rate in the first quarter, fueled by staffing shortages and pandemic fears. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- 7GC & CO HOLD-A VII US 230.8 219.4 -1.2 7GC & CO HOLDING VIIAU US 230.8 219.4 -1.2 ACCELERATE DIAGN AXDX* MM 58.7 -62.0 37.3 AEMETIS INC DW51 GZ 178.5 -122.7 -45.3 AEMETIS INC DW51 TH 178.5 -122.7 -45.3 AEMETIS INC DW51 QT 178.5 -122.7 -45.3 AEMETIS INC DW51 GR 178.5 -122.7 -45.3 AEMETIS INC AMTX US 178.5 -122.7 -45.3 AEMETIS INC AMTXGEUR EZ 178.5 -122.7 -45.3 AEMETIS INC AMTXGEUR EU 178.5 -122.7 -45.3 AERIE PHARMACEUT AERIEUR EU 385.3 -141.1 191.7 AERIE PHARMACEUT 0P0 GR 385.3 -141.1 191.7 AERIE PHARMACEUT 0P0 TH 385.3 -141.1 191.7 AERIE PHARMACEUT 0P0 QT 385.3 -141.1 191.7 AERIE PHARMACEUT AERI US 385.3 -141.1 191.7 AERIE PHARMACEUT 0P0 GZ 385.3 -141.1 191.7 AIR CANADA ACEUR EZ 30,364.0 -1,458.0 1,369.0 AIR CANADA ADH2 GR 30,364.0 -1,458.0 1,369.0 AIR CANADA ACEUR EU 30,364.0 -1,458.0 1,369.0 AIR CANADA ADH2 TH 30,364.0 -1,458.0 1,369.0 AIR CANADA ACDVF US 30,364.0 -1,458.0 1,369.0 AIR CANADA ADH2 GZ 30,364.0 -1,458.0 1,369.0 AIR CANADA AC CN 30,364.0 -1,458.0 1,369.0 AIR CANADA ADH2 QT 30,364.0 -1,458.0 1,369.0 ALPINE SUMMIT EN ALPS/U CN 247.4 -15.8 -165.4 ALPINE SUMMIT EN ASEPF US 247.4 -15.8 -165.4 ALTICE USA INC-A ATUS-RM RM 33,119.6 -474.6 -1,901.6 ALTICE USA INC-A 15PA GZ 33,119.6 -474.6 -1,901.6 ALTICE USA INC-A ATUS US 33,119.6 -474.6 -1,901.6 ALTICE USA INC-A 15PA GR 33,119.6 -474.6 -1,901.6 ALTICE USA INC-A 15PA TH 33,119.6 -474.6 -1,901.6 ALTICE USA INC-A ATUSEUR EU 33,119.6 -474.6 -1,901.6 ALTICE USA INC-A ATUS* MM 33,119.6 -474.6 -1,901.6 ALTIRA GP-CEDEAR MOC AR 36,746.0 -2,403.0 -4,225.0 ALTIRA GP-CEDEAR MOD AR 36,746.0 -2,403.0 -4,225.0 ALTIRA GP-CEDEAR MO AR 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP INC MOEUR EZ 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP INC PHM7 QT 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP INC MO-RM RM 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THERAPEU RVNCEUR EU 561.9 -2.6 183.7 REVANCE THERAPEU RTI TH 561.9 -2.6 183.7 REVANCE THERAPEU RTI GZ 561.9 -2.6 183.7 REVLON INC-A REV US 2,503.7 -2,348.2 220.4 REVLON INC-A RVL1 GR 2,503.7 -2,348.2 220.4 REVLON INC-A RVL1 TH 2,503.7 -2,348.2 220.4 REVLON INC-A REVEUR EU 2,503.7 -2,348.2 220.4 REVLON INC-A REV* MM 2,503.7 -2,348.2 220.4 RIMINI STREET IN 0QH GR 386.2 -76.5 -49.8 RIMINI STREET IN RMNIEUR EU 386.2 -76.5 -49.8 RIMINI STREET IN 0QH QT 386.2 -76.5 -49.8 RIMINI STREET IN RMNI US 386.2 -76.5 -49.8 RITE AID CORP RADEUR EZ 8,549.8 -8.4 741.2 RITE AID CORP RTA1 TH 8,549.8 -8.4 741.2 RITE AID CORP RTA1 QT 8,549.8 -8.4 741.2 RITE AID CORP RTA1 GZ 8,549.8 -8.4 741.2 RITE AID CORP RTA1 GR 8,549.8 -8.4 741.2 RITE AID CORP RAD US 8,549.8 -8.4 741.2 RITE AID CORP RADEUR EU 8,549.8 -8.4 741.2 ROSE HILL ACQU-A ROSE US 147.5 -10.0 0.5 ROSE HILL ACQUIS ROSEU US 147.5 -10.0 0.5 SABRE CORP SABREUR EZ 5,176.7 -606.6 840.9 SABRE CORP 19S GZ 5,176.7 -606.6 840.9 SABRE CORP SABR US 5,176.7 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5,209.6 -684.0 1,097.4 SPLUNK INC SPLKEUR EZ 5,209.6 -684.0 1,097.4 SPLUNK INC S0U QT 5,209.6 -684.0 1,097.4 SPLUNK INC SPLK-RM RM 5,209.6 -684.0 1,097.4 SPLUNK INC S0U GR 5,209.6 -684.0 1,097.4 SPLUNK INC SPLK US 5,209.6 -684.0 1,097.4 SPLUNK INC S0U TH 5,209.6 -684.0 1,097.4 SPLUNK INC SPLKEUR EU 5,209.6 -684.0 1,097.4 SPLUNK INC S0U GZ 5,209.6 -684.0 1,097.4 SPLUNK INC - BDR S1PL34 BZ 5,209.6 -684.0 1,097.4 SPRAGUE RESOURCE SRLP US 1,334.3 -95.2 -519.7 SQUARESPACE -BDR S2QS34 BZ 994.3 -42.1 -74.5 SQUARESPACE IN-A SQSP US 994.3 -42.1 -74.5 SQUARESPACE IN-A 8DT GR 994.3 -42.1 -74.5 SQUARESPACE IN-A SQSPEUR EU 994.3 -42.1 -74.5 SQUARESPACE IN-A 8DT GZ 994.3 -42.1 -74.5 SQUARESPACE IN-A 8DT TH 994.3 -42.1 -74.5 SQUARESPACE IN-A 8DT QT 994.3 -42.1 -74.5 STARBUCKS CORP SBUXEUR EZ 28,156.2 -8,658.9 -1,334.9 STARBUCKS CORP 0QZH LI 28,156.2 -8,658.9 -1,334.9 STARBUCKS CORP SBUX SW 28,156.2 -8,658.9 -1,334.9 STARBUCKS CORP SRB QT 28,156.2 -8,658.9 -1,334.9 STARBUCKS CORP SBUX-RM RM 28,156.2 -8,658.9 -1,334.9 STARBUCKS CORP SBUXCL CI 28,156.2 -8,658.9 -1,334.9 STARBUCKS CORP SBUX_KZ KZ 28,156.2 -8,658.9 -1,334.9 STARBUCKS CORP SRB GR 28,156.2 -8,658.9 -1,334.9 STARBUCKS CORP SRB TH 28,156.2 -8,658.9 -1,334.9 STARBUCKS CORP SBUX* MM 28,156.2 -8,658.9 -1,334.9 STARBUCKS CORP SRB GZ 28,156.2 -8,658.9 -1,334.9 STARBUCKS CORP SBUX AV 28,156.2 -8,658.9 -1,334.9 STARBUCKS CORP SBUXEUR EU 28,156.2 -8,658.9 -1,334.9 STARBUCKS CORP SBUX TE 28,156.2 -8,658.9 -1,334.9 STARBUCKS CORP SBUX IM 28,156.2 -8,658.9 -1,334.9 STARBUCKS CORP SBUX US 28,156.2 -8,658.9 -1,334.9 STARBUCKS CORP SBUXUSD SW 28,156.2 -8,658.9 -1,334.9 STARBUCKS CORP SBUX PE 28,156.2 -8,658.9 -1,334.9 STARBUCKS CORP SBUX CI 28,156.2 -8,658.9 -1,334.9 STARBUCKS-BDR SBUB34 BZ 28,156.2 -8,658.9 -1,334.9 STARBUCKS-CEDEAR SBUX AR 28,156.2 -8,658.9 -1,334.9 STARBUCKS-CEDEAR SBUXD AR 28,156.2 -8,658.9 -1,334.9 STONEMOR INC STON US 1,798.0 -174.7 106.4 STONEMOR INC 3V8 GR 1,798.0 -174.7 106.4 STONEMOR INC STONEUR EU 1,798.0 -174.7 106.4 SYMBOTIC INC SYM US 612.8 73.1 146.1 TELA BIO INC TELA US 51.3 -1.5 33.7 TEMPUR SEALY INT TPD TH 4,404.4 -180.9 248.1 TEMPUR SEALY INT TPD GZ 4,404.4 -180.9 248.1 TEMPUR SEALY INT T2PX34 BZ 4,404.4 -180.9 248.1 TEMPUR SEALY INT TPX-RM RM 4,404.4 -180.9 248.1 TEMPUR SEALY INT TPX US 4,404.4 -180.9 248.1 TEMPUR SEALY INT TPD GR 4,404.4 -180.9 248.1 TEMPUR SEALY INT TPXEUR EU 4,404.4 -180.9 248.1 TERRAN ORBITAL C LLAP US 165.3 -52.5 28.2 TORRID HOLDINGS CURV US 567.2 -254.9 -74.5 TRANSDIGM - BDR T1DG34 BZ 18,819.0 -2,968.0 4,964.0 TRANSDIGM GROUP TDGEUR EZ 18,819.0 -2,968.0 4,964.0 TRANSDIGM GROUP TDG-RM RM 18,819.0 -2,968.0 4,964.0 TRANSDIGM GROUP TDG US 18,819.0 -2,968.0 4,964.0 TRANSDIGM GROUP T7D GR 18,819.0 -2,968.0 4,964.0 TRANSDIGM GROUP TDG* MM 18,819.0 -2,968.0 4,964.0 TRANSDIGM GROUP T7D TH 18,819.0 -2,968.0 4,964.0 TRANSDIGM GROUP TDGEUR EU 18,819.0 -2,968.0 4,964.0 TRANSDIGM GROUP T7D QT 18,819.0 -2,968.0 4,964.0 TRAVEL + LEISURE WD5A GZ 6,477.0 -846.0 521.0 TRAVEL + LEISURE TNL* MM 6,477.0 -846.0 521.0 TRAVEL + LEISURE TNL US 6,477.0 -846.0 521.0 TRAVEL + LEISURE WD5A GR 6,477.0 -846.0 521.0 TRAVEL + LEISURE WD5A TH 6,477.0 -846.0 521.0 TRAVEL + LEISURE 0M1K LI 6,477.0 -846.0 521.0 TRAVEL + LEISURE WD5A QT 6,477.0 -846.0 521.0 TRAVEL + LEISURE WYNEUR EU 6,477.0 -846.0 521.0 TRICIDA INC TCDAEUR EZ 114.3 -111.2 82.3 TRICIDA INC 1T7 GZ 114.3 -111.2 82.3 TRICIDA INC TCDA US 114.3 -111.2 82.3 TRICIDA INC 1T7 GR 114.3 -111.2 82.3 TRICIDA INC 1T7 TH 114.3 -111.2 82.3 TRICIDA INC 1T7 QT 114.3 -111.2 82.3 TRIUMPH GROUP TG7 GZ 1,667.5 -805.3 341.5 TRIUMPH GROUP TG7 GR 1,667.5 -805.3 341.5 TRIUMPH GROUP TGI US 1,667.5 -805.3 341.5 TRIUMPH GROUP TG7 TH 1,667.5 -805.3 341.5 TRIUMPH GROUP TGIEUR EU 1,667.5 -805.3 341.5 UBIQUITI INC 3UB TH 844.7 -382.9 310.6 UBIQUITI INC UI US 844.7 -382.9 310.6 UBIQUITI INC 3UB GR 844.7 -382.9 310.6 UBIQUITI INC UBNTEUR EU 844.7 -382.9 310.6 UNISYS CORP UISEUR EZ 2,154.4 -98.5 308.3 UNISYS CORP USY1 GR 2,154.4 -98.5 308.3 UNISYS CORP USY1 TH 2,154.4 -98.5 308.3 UNISYS CORP UIS US 2,154.4 -98.5 308.3 UNISYS CORP UIS SW 2,154.4 -98.5 308.3 UNISYS CORP UISEUR EU 2,154.4 -98.5 308.3 UNISYS CORP USY1 GZ 2,154.4 -98.5 308.3 UNISYS CORP USY1 QT 2,154.4 -98.5 308.3 UNITI GROUP INC 8XC TH 4,955.2 -2,075.2 0.0 UNITI GROUP INC 8XC GZ 4,955.2 -2,075.2 0.0 UNITI GROUP INC UNIT US 4,955.2 -2,075.2 0.0 UNITI GROUP INC 8XC GR 4,955.2 -2,075.2 0.0 UROGEN PHARMA LT UR8 GR 146.1 -40.9 121.6 UROGEN PHARMA LT URGNEUR EU 146.1 -40.9 121.6 UROGEN PHARMA LT URGN US 146.1 -40.9 121.6 USD PARTNERS LP USDP US 233.8 -30.7 0.9 VECTOR GROUP LTD VGREUR EZ 994.6 -830.9 296.9 VECTOR GROUP LTD VGR TH 994.6 -830.9 296.9 VECTOR GROUP LTD VGR QT 994.6 -830.9 296.9 VECTOR GROUP LTD VGR GZ 994.6 -830.9 296.9 VECTOR GROUP LTD VGR US 994.6 -830.9 296.9 VECTOR GROUP LTD VGR GR 994.6 -830.9 296.9 VECTOR GROUP LTD VGREUR EU 994.6 -830.9 296.9 VERISIGN INC VRSNEUR EZ 1,762.5 -1,455.0 -5.0 VERISIGN INC VRS QT 1,762.5 -1,455.0 -5.0 VERISIGN INC VRSN-RM RM 1,762.5 -1,455.0 -5.0 VERISIGN INC VRSN US 1,762.5 -1,455.0 -5.0 VERISIGN INC VRS GR 1,762.5 -1,455.0 -5.0 VERISIGN INC VRS TH 1,762.5 -1,455.0 -5.0 VERISIGN INC VRS GZ 1,762.5 -1,455.0 -5.0 VERISIGN INC VRSNEUR EU 1,762.5 -1,455.0 -5.0 VERISIGN INC VRSN* MM 1,762.5 -1,455.0 -5.0 VERISIGN INC-BDR VRSN34 BZ 1,762.5 -1,455.0 -5.0 VERISIGN-CEDEAR VRSN AR 1,762.5 -1,455.0 -5.0 VIVINT SMART HOM V2VN34 BZ 2,908.3 -1,715.6 -482.5 VIVINT SMART HOM VVNT US 2,908.3 -1,715.6 -482.5 W&T OFFSHORE INC UWV TH 1,439.8 -124.4 164.2 W&T OFFSHORE INC UWV GZ 1,439.8 -124.4 164.2 W&T OFFSHORE INC WTI US 1,439.8 -124.4 164.2 W&T OFFSHORE INC UWV GR 1,439.8 -124.4 164.2 W&T OFFSHORE INC WTI1EUR EU 1,439.8 -124.4 164.2 WAYFAIR INC- A WEUR EZ 4,098.0 -2,145.0 242.0 WAYFAIR INC- A 1WF GR 4,098.0 -2,145.0 242.0 WAYFAIR INC- A 1WF TH 4,098.0 -2,145.0 242.0 WAYFAIR INC- A W US 4,098.0 -2,145.0 242.0 WAYFAIR INC- A W* MM 4,098.0 -2,145.0 242.0 WAYFAIR INC- A 1WF QT 4,098.0 -2,145.0 242.0 WAYFAIR INC- A WEUR EU 4,098.0 -2,145.0 242.0 WAYFAIR INC- A 1WF GZ 4,098.0 -2,145.0 242.0 WEBER INC - A WEBR US 1,721.7 -243.0 228.7 WEWORK INC-CL A WE US 19,638.0 -2,317.0 -889.0 WEWORK INC-CL A WE1EUR EU 19,638.0 -2,317.0 -889.0 WEWORK INC-CL A 9WE TH 19,638.0 -2,317.0 -889.0 WEWORK INC-CL A 9WE GR 19,638.0 -2,317.0 -889.0 WEWORK INC-CL A 9WE QT 19,638.0 -2,317.0 -889.0 WEWORK INC-CL A 9WE GZ 19,638.0 -2,317.0 -889.0 WEWORK INC-CL A WE* MM 19,638.0 -2,317.0 -889.0 WINGSTOP INC EWG GZ 395.4 -415.5 156.8 WINGSTOP INC WING1EUR EU 395.4 -415.5 156.8 WINGSTOP INC WING US 395.4 -415.5 156.8 WINGSTOP INC EWG GR 395.4 -415.5 156.8 WINMARK CORP WINA US 27.1 -68.8 2.0 WINMARK CORP GBZ GR 27.1 -68.8 2.0 WW INTERNATIONAL WTWEUR EZ 1,390.6 -456.1 57.2 WW INTERNATIONAL WTW AV 1,390.6 -456.1 57.2 WW INTERNATIONAL WTWEUR EU 1,390.6 -456.1 57.2 WW INTERNATIONAL WW6 QT 1,390.6 -456.1 57.2 WW INTERNATIONAL WW-RM RM 1,390.6 -456.1 57.2 WW INTERNATIONAL WW6 GR 1,390.6 -456.1 57.2 WW INTERNATIONAL WW US 1,390.6 -456.1 57.2 WW INTERNATIONAL WW6 TH 1,390.6 -456.1 57.2 WW INTERNATIONAL WW6 GZ 1,390.6 -456.1 57.2 WYNN RESORTS LTD WYNNEUR EZ 11,788.5 -1,374.3 753.9 WYNN RESORTS LTD WYR QT 11,788.5 -1,374.3 753.9 WYNN RESORTS LTD WYNN-RM RM 11,788.5 -1,374.3 753.9 WYNN RESORTS LTD WYR TH 11,788.5 -1,374.3 753.9 WYNN RESORTS LTD WYNN* MM 11,788.5 -1,374.3 753.9 WYNN RESORTS LTD WYNN US 11,788.5 -1,374.3 753.9 WYNN RESORTS LTD WYR GR 11,788.5 -1,374.3 753.9 WYNN RESORTS LTD WYNNEUR EU 11,788.5 -1,374.3 753.9 WYNN RESORTS LTD WYR GZ 11,788.5 -1,374.3 753.9 WYNN RESORTS-BDR W1YN34 BZ 11,788.5 -1,374.3 753.9 YELLOW CORP YRCWEUR EZ 2,503.9 -324.1 255.7 YELLOW CORP YEL GZ 2,503.9 -324.1 255.7 YELLOW CORP YELL US 2,503.9 -324.1 255.7 YELLOW CORP YEL GR 2,503.9 -324.1 255.7 YELLOW CORP YEL1 TH 2,503.9 -324.1 255.7 YELLOW CORP YEL QT 2,503.9 -324.1 255.7 YELLOW CORP YRCWEUR EU 2,503.9 -324.1 255.7 YUM! BRANDS -BDR YUMR34 BZ 5,790.0 -8,568.0 246.0 YUM! BRANDS INC YUMEUR EZ 5,790.0 -8,568.0 246.0 YUM! BRANDS INC YUM AV 5,790.0 -8,568.0 246.0 YUM! BRANDS INC TGR TE 5,790.0 -8,568.0 246.0 YUM! BRANDS INC YUMEUR EU 5,790.0 -8,568.0 246.0 YUM! BRANDS INC TGR QT 5,790.0 -8,568.0 246.0 YUM! BRANDS INC YUM SW 5,790.0 -8,568.0 246.0 YUM! BRANDS INC YUM-RM RM 5,790.0 -8,568.0 246.0 YUM! BRANDS INC TGR TH 5,790.0 -8,568.0 246.0 YUM! BRANDS INC TGR GR 5,790.0 -8,568.0 246.0 YUM! BRANDS INC YUM* MM 5,790.0 -8,568.0 246.0 YUM! BRANDS INC YUM US 5,790.0 -8,568.0 246.0 YUM! BRANDS INC TGR GZ 5,790.0 -8,568.0 246.0 YUM! BRANDS INC YUMUSD SW 5,790.0 -8,568.0 246.0 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., 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 ***