/raid1/www/Hosts/bankrupt/TCR_Public/220908.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, September 8, 2022, Vol. 26, No. 250
Headlines
1734 CENTENNIAL: Case Summary & Four Unsecured Creditors
232 SMITH STREET: Involuntary Chapter 11 Case Summary
96 WYTHE: Eastdil, A&G Tapped to Market Williamsburg Hotel
AJT SERVICES: Case Summary & Five Unsecured Creditors
BEAR AND COUGAR: Rental Income to Fund Plan Payments
CAPITAL RIVER: Voluntary Chapter 11 Case Summary
CELSIUS NETWORK: Seeks to Return $56M Crypto to Customers
CHERRY MAN: Wins Continued Cash Collateral Access
CINEWORLD GROUP: Case Summary & 30 Largest Unsecured Creditors
CINEWORLD GROUP: Cineplex to Explore All Avenues to Advance Claim
CINEWORLD GROUP: Commences Bankruptcy Cases in Texas
CLARUS THERAPEUTICS: Files for Chapter 11 to Sell JATENZO
CMR REAL ESTATE: Case Summary & 20 Largest Unsecured Creditors
COLORTEK COLLISION: Wins Interim Cash Collateral Access
CREATIVE CHOICE XXX: Unsecureds to Get $1K per Month for 3 Years
CTCW-WATERFORD EAST: Disposable Income to Fund Plan Payments
DEALER PRODUCTS: Wins Cash Collateral Access Thru Sept 14
FOG INC: Seeks to Hires Michelle Steele as Bookkeeper
GREAT PANTHER: NYSE American to Commence Delisting Proceedings
GREEN TAXI: Unsecureds' Recovery Hiked to 70% in Subchapter V Plan
GUARACHI WINE: Court OKs Deal on Cash Collateral Access
GWG HOLDINGS: Suit Filed v. Argue Capital Over Sale of GWG L Bonds
HJ DYNAMIC: Happy Joe, Tony Sacco Restaurants Seek Chapter 11
HOLLOWAY CROSSING: Seeks Chapter 11 Bankruptcy Protection
IKON WEAPONS: Files Emergency Bid to Use Cash Collateral
INDIAN CANYON: Case Summary & Two Unsecured Creditors
JAGUAR DISTRIBUTION: Committee Taps Greenspoon Marder as Counsel
LAFORTA - GESTAO: MACCO Leads Successful Transit of Drilling Rig
LEVEL FOUR ORTHOTICS: $300,000 DIP Loan from Penta Wins Court OK
LIQUID MEDIA: Continuing Losses Pose Going Concern Doubt
MAGNOLIA OFFICE: Wins Cash Collateral Access Thru Oct 31
MEDIPURE PHARMA: Gets CCAA Initial Stay Order; Deloitte as Monitor
NAIL CARE SPA: Unsecureds Will Get 4% of Claims in Subchapter V
NEWAGE INC: Bankruptcy Court Approves First Day Motions
NORTHERN ENERGY: Unsecureds Will Get 5% of Claims in Plan
O-I GLASS: S&P Upgrades ICR to 'BB-' on Continued Deleveraging
OLYMPIA SPORTS: Wins Interim Cash Collateral Access
PEAK THEORY: Case Summary & 20 Largest Unsecured Creditors
SUPERETTE INC: To Restructure Under CCAA Proceedings
TALEN ENERGY: Commences Process to Solicit Bids for Go-Shop
TRILOK FUSION: Case Summary & Four Unsecured Creditors
UNIQUE FABRICATING: Lender Talks Continue
WALL018 LLC: Case Summary & 20 Largest Unsecured Creditors
WALL019 LLC: Case Summary & 12 Unsecured Creditors
WATSONVILLE COMMUNITY: MPI Re-Leases Hospital to Pajaro Valley
WINDSOR FALLS: Wins Interim Cash Collateral Access
[*] Epiq: Bankruptcy Filings Up 10% in August 2022
[*] Former King & Spalding Restructuring Head Lands at Cadwalader
[*] Four Musick Peeler Partners Named Best Lawyers in America
[*] Mulligan Joins Greenspoon Marder's Corp & Business Practice
[*] New Hampshire Bankruptcy Filings Remain Low in August 2022
[*] Polsinelli-TrBK: Distressed Filings Remain Low in Q2
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
1734 CENTENNIAL: Case Summary & Four Unsecured Creditors
--------------------------------------------------------
Debtor: 1734 Centennial, LLC
6415 Buffalo Hls
c/o Ignacio Alvarez, Jr.
San Antonio, TX 78256-2327
Business Description: The Debtor is primarily engaged in renting
and leasing real estate properties.
Chapter 11 Petition Date: September 7, 2022
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 22-51008
Judge: Hon. Craig A. Gargotta
Debtor's Counsel: Ronald Smeberg, Esq.
THE SMEBERG LAW FIRM
4 Imperial Oaks
San Antonio, TX 78248-1609
Email: ron@smeberg.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Ignacio Alvarez Jr. as manager.
A copy of the Debtor's list of four unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/NO6KSJQ/1734_CENTENNIAL_LLC__txwbke-22-51008__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/AGSOVZY/1734_CENTENNIAL_LLC__txwbke-22-51008__0001.0.pdf?mcid=tGE4TAMA
232 SMITH STREET: Involuntary Chapter 11 Case Summary
-----------------------------------------------------
Alleged Debtor: 232 Smith Street LLC
132 Remsen Street
Brooklyn, NY 11201
Business Description: The Debtor is a Single Asset Real
Estate (as defined in 11 U.S.C.
Section 101(51B)).
Involuntary Chapter
11 Petition Date: September 7, 2022
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 22-42120
Petitioners' Counsel: Douglas J. Pick, Esq.
PICK & ZABICKI LLP
369 Lexington Avenue, 12th Floor
New York, NY 10017
Tel: (212) 695-6000
Email: dpick@picklaw.net
A full-text copy of the Involuntary Petition is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/FRVOA3Y/232_Smith_Street_LLC__nyebke-22-42120__0001.0.pdf?mcid=tGE4TAMA
Alleged creditors who signed the petition:
Petitioner Nature of Claim Claim Amount
---------- --------------- ------------
William Lewis Wexler, Esq. Professional $3,711
395 East 4th Street Services
1st Floor
Brooklyn, NY 11218
EDH Realty, LLC Broker $339,150
2 Peter Cooper Road, Suite 14B Commission
New York, NY 10010
Philip M. Herr, Esq., CPA, PFS Professional $7,500
1 Bergen Street, Apt. 517 Services
Harrison, NJ 07029
96 WYTHE: Eastdil, A&G Tapped to Market Williamsburg Hotel
----------------------------------------------------------
Global real estate investment bank Eastdil Secured, L.L.C., and
national advisory firm A&G Real Estate Partners have been engaged
as exclusive advisors to market The Williamsburg Hotel, a 147-room
luxury lifestyle hotel in the heart of Brooklyn's thriving
Williamsburg neighborhood.
Built in 2017, the property features modern, luxurious amenities,
floor-to-ceiling windows with sweeping views of the Manhattan
skyline, and destination dining, including The Williamsburg
Restaurant and popular Watertower Bar. The hotel boasts a rooftop
bar and pool lounge that has emerged as a Brooklyn staple, offering
an amenity package that caters to hotel guests and locals alike,
with rooftop summer events, rotating DJs, and curated year-round
music events.
The hotel also frequently serves as the destination of choice for
major gatherings and events, with multiple spaces centered around a
6,550-square-foot ballroom supported by adjacent, well-appointed
breakout space.
"Located at the epicenter of a rapidly growing retail, culinary,
and nightlife destination in New York City, the Williamsburg Hotel
is ideally positioned to capture high-end leisure clientele,
growing corporate needs, and local staycation demand," said Andy
Wimsatt, Managing Director at Eastdil Secured. "This is a
one-of-a-kind investment opportunity in a modern boutique hotel
with significant performance momentum."
"In less than five years, The Williamsburg Hotel has established
itself as an important part of the Brooklyn skyline and a
destination location for high-end, luxury-minded guests and
locals," said Emilio Amendola, Co-President of A&G Real Estate
Partners. "The property has tremendous upside potential, with
accelerating performance and several value-creation opportunities
in the near-term that will allow The Williamsburg Hotel to continue
to stand out in a growing luxury submarket."
The fully independent hotel is located at 96 Wythe Ave., Brooklyn,
NY. The property is being sold subject to the United States
Bankruptcy Court, Southern District of New York, Case Number
21-22108-shl.
For more information, visit https://www.wbk22.com or contact:
Emilio Amendola
(631) 465-9507
emilio@agrep.com
Jamie Cote
(312) 203-6321
jcote@agrep.com
Andy Wimsatt
(202) 688-4107
awimsatt@eastdilsecured.com
Ian Banger
(202) 688-4078
ibanger@eastdilsecured.com
About A&G Real Estate Partners
A&G delivers strategies designed to yield the highest-possible
value for clients' real estate. Key areas of expertise include real
estate sales, occupancy-cost reductions, lease terminations, real
estate due diligence, valuations, and facilitation of growth
opportunities. Relying on its marketing knowledge, reputation and
advanced technology, A&G has advised the nation's most prominent
corporations in both healthy and distressed situations. The firm
has sold properties and leases totaling more than $12 billion and
achieved nearly $8 billion in rent-reduction and occupancy-cost
savings on behalf of clients in every real estate sector. Global
M&A Network has named A&G "Real Estate Restructuring Firm of the
Year" for the past three years running. Founded in 2012, A&G is
headquartered in Melville, N.Y. On the Web: http://www.agrep.com/
About Eastdil Secured
As the most relevant and trusted advisor in the commercial real
estate capital markets, Eastdil Secured creates value for clients
through creative, actionable ideas and flawless execution. With an
unrivaled combination of capital markets expertise and in-depth
understanding of real estate fundamentals, Eastdil Secured delivers
best-in-class advice on mergers and acquisitions, sales, joint
ventures, debt placement, structured credit and loan sales to
investors around the world. Headquartered in New York, Eastdil
Secured has a broad global footprint to support clients with
offices across the United States in Atlanta, Boston, Charlotte,
Chicago, Dallas, Los Angeles, Miami, Orange County, San Francisco,
Seattle, Silicon Valley and Washington, D.C., and internationally
in Dubai, Dublin, Frankfurt, London, Milan, Paris, Hong Kong and
Tokyo. On the Web: https://www.eastdilsecured.com/
About 96 Wythe Acquisition
96 Wythe Acquisition, LLC operates the Williamsburg Hotel, an
upscale hotel located at 96 Wythe Ave., Brooklyn, N.Y. The
Williamsburg Hotel is a successful 10-story, 147-room independent
hotel, constructed in 2017. The hotel is upscale and full-service,
featuring a full food and beverage operation that includes a
restaurant, bar/lounge, outdoor café, library lounge bar, water
tower bar, and event ballrooms. 96 Wythe is owned by an entity
controlled by Brooklyn developers Toby Moskovits and Michael
Lichtenstein.
To stop foreclosure, 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 $79,990,206 in liabilities.
CRO David Goldwasser signed the petition.
Judge Sean H. Lane 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.
At the behest of lender Benefit Street Partners Realty Operating
Partnership, L.P., the Bankruptcy Court on Nov. 16, 2021, entered
an order approving the appointment of an examiner. The examiner,
Eric M. Huebscher, is represented by Stephanie Wickouski, Esq., and
Chelsey Rosenbloom, Esq., at Locke Lord, LLP.
In his report, the Examiner found sufficient grounds for the
appointment of a trustee to take over management of the Debtor. As
a result, Benefit Street filed a renewed motion for a trustee,
raising concerns of potential impropriety on behalf of the Debtor's
management.
On May 31, 2022, Stephen Gray was appointed as Chapter 11 trustee.
Togut, Segal & Segal, LLP and Fragomen Del Rey Bernsen & Loewy, LLP
serve as the trustee's bankruptcy counsel and special employment
counsel, respectively. Verdolino & Lowey P.C. is the trustee's tax
accountant.
AJT SERVICES: Case Summary & Five Unsecured Creditors
-----------------------------------------------------
Debtor: AJT Services, Inc.
4924 W Deming Place # 1
Chicago, IL 60639
Business Description: The Debtor is part of the general freight
trucking industry.
Chapter 11 Petition Date: September 6, 2022
Court: United States Bankruptcy Court
Northern District of Illinois
Case No.: 22-10154
Judge: Hon. Donald R. Cassling
Debtor's Counsel: Laxmi P. Sarathy, Esq.
WHITESTONE, P.C.
17W775 Butterfield Road
Suite 114
Oakbrook Terrace, IL 60181
Tel: 312-674-7965
Fax: 312-873-4774
Email: lsarathy@whitestonelawgroup.com
Total Assets: $1,010,100
Total Liabilities: $2,638,243
The petition was signed by Serkan Kaputluoglu as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's five unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/MCTMXBI/AJT_Services_Inc__ilnbke-22-10154__0001.0.pdf?mcid=tGE4TAMA
BEAR AND COUGAR: Rental Income to Fund Plan Payments
----------------------------------------------------
Bear and Cougar, LLC, filed with the U.S. Bankruptcy Court for the
District of Nevada a Plan of Reorganization for Small Business
under Subchapter V dated September 1, 2022.
The Debtor is a member-managed LLC. The LLC is in the business of
developing real estate and currently owns two properties, both of
which are the focus of this reorganization. The properties are
2859 Nikki Terrace, Henderson, Nevada 89074 ("Nikki Terrance
Property") and 7770 W. Ford Avenue, Las Vegas, Nevada 89113 ("Ford
Property"), collectively "Properties."
The Plan Proponent provides projected financial information which
is as simple as the liquidation analysis – the projected rents
from the Properties will result in sufficient funds to be
immediately available make the monthly payments under this Plan,
along with any estimated monthly allocations for property
maintenance, property taxes and insurance premiums. Rents from the
Ford Property are projected to stabilize at $3,000 a month and
rents from the Nikki Terrace Property are projected to stabilize at
$2,100.
This Plan of Reorganization proposes to pay the main creditors of
Bear and Cougar, first mortgage holders in each of the Properties,
the full amount of their claims, amortized over 30 years at the
contractual interest rate.
Non‐priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at 100 cents on the dollar. This Plan also provides for the payment
of administrative and priority claims.
Class 2A consists of the Secured claim Bank of New York Mellon
(proof of claim 2- 1). On the Effective Date of the Plan, monthly
payments of $1510.93 shall commence and continue for a total term
of 360 months. This monthly payment amount is based on the proof of
claim amount of $335,224.67, amortized over 30 years at the
contractual interest rate of 3.53%. Property taxes and insurance
premiums shall be paid directly by the Debtor, unless the Creditor
and the Debtor enter into an agreement for escrow.
Class 2B consists of the Secured claim Bank of PHH Mortgage. On the
Effective Date of the Plan, monthly payments of $1293.12 shall
commence and continue for a total term of 360 months. This monthly
payment amount is based on the amount of $283,547.81 (which was the
amount set forth in a recent statement sent to the Debtor from this
Creditor, amortized over 30 years at the contractual interest rate
of 3.625%. Property taxes and insurance premiums shall be paid
directly by the Debtor, unless the Creditor and the Debtor enter
into an agreement for escrow.
Class 2C consists of the Secured claim of lienholder Republic
Services. On the Effective Date of the Plan, this claim in the
amount of $1,200, shall receive payment in full in a lump sum.
Class 3 consists of Non-priority unsecured creditors. As of now,
there are no members in class. If a creditor with a claim
belonging in this class appears in this reorganization proceeding,
that creditor must file a proof of claim no later than 60 days
after the order of confirmation of this Plan. The Debtor may file
an objection to such a claim no later than 30 days of the proof of
claim filing, Once such a claim is allowable, either by no
objection being filed or a determination of allowance despite an
objection, the creditor will be satisfied through a lump sum
payment no later than 60 months after the Effective Date of the
Plan.
Class 4 consists of Equity security holders of the Debtor. The
equity security holders shall retain all current interests in the
Debtor.
The Plan shall be funded and fulfilled by rents received from the
Properties or, at the discretion of the Debtor, by the sale of one
or both of the Properties.
A full-text copy of the Plan of Reorganization dated September 1,
2022, is available at https://bit.ly/3QgHFvK from PacerMonitor.com
at no charge.
Debtor's Counsel:
David A. Reggi, Esq.
Riggi Law Firm
5550 Painted Mirage Rd. Suite 320
Las Vegas, NV 89149
Phone: (702) 463Ͳ7777
Fax: (888) 306Ͳ7157
Email: RiggiLaw@gmail.com
About Bear and Cougar
Bear and Cougar sought protection under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 22-11945) on
June 3, 2022, listing assets between $500,000 and $1 million and
liabilities between $100,000 and $500,000. Edward Burr is the
Subchapter V trustee.
Judge Natalie M. Cox oversees the case.
David Riggi, Esq., at Riggi Law Firm, is the Debtor's legal
counsel.
CAPITAL RIVER: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Capital River Enterprises, LLC
2059 Van Tuyl Pl.
Falls Church, VA 22043-1700
Business Description: The Debtor is a Single Asset Real Estate (as
defined in 11 U.S.C. Section 101(51B)).
Chapter 11 Petition Date: September 6, 2022
Court: United States Bankruptcy Court
Eastern District of Virginia
Case No.: 22-11169
Debtor's Counsel: Steven B. Ramsdell, Esq.
TYLER, BARTL & RAMSDELL, PLC
300 N. Washington St
Suite 310
Alexandria, VA 22314
Tel: (703) 549-5000
Fax: (703) 549-5011
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Yu-Dee Chang as managing agent.
The Debtor stated it has no creditors holding unsecured claims.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/W3AAWPI/Capital_River_Enterprises_LLC__vaebke-22-11169__0001.0.pdf?mcid=tGE4TAMA
CELSIUS NETWORK: Seeks to Return $56M Crypto to Customers
---------------------------------------------------------
Rick Archer of Law360 reports that Celsius Network on Thursday
asked a New York bankruptcy judge for permission to release nearly
$56 million in cryptocurrency to its customers, saying it had
determined the crypto to be free and clear of any claims by Celsius
in its Chapter 11 case.
In both a morning filing and at a virtual court hearing before U.S.
Bankruptcy Judge Martin Glenn, Celsius said it had determined that
about another $169 million in crypto now in its accounts is also
customer property but subject to possible clawback or other claims
by the company.
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.
Kirkland & Ellis LLP is serving as legal counsel, Centerview
Partners is serving as financial advisor, and Alvarez & Marsal is
serving as restructuring advisor to Celsius.
Stretto, the claims agent, maintain the page
https://cases.stretto.com/celsius
CHERRY MAN: Wins Continued Cash Collateral Access
-------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division, authorized Hamid R. Rafatjoo, the Chapter 11
Trustee of Cherry Man Industries, Inc., to use cash collateral on a
final basis, subject to the terms, including but not limited to the
provisions of adequate protection, as set forth in the Cash
Collateral Stipulation as modified by the Third Supplement.
On September 1, 2022, the Court held a hearing on the Debtor's
Emergency Motion for Order Authorizing Interim Use of Cash
Collateral; Granting Adequate Protection as affected by the
Stipulation Authorizing Use Of Cash Collateral; Granting Adequate
Protection, as modified by the Second Supplement to Stipulation
Authorizing Use Of Cash Collateral; Granting Adequate Protection,
which Cash Collateral Stipulation the Court approved on August 23,
2022.
Since then, Rafatjoo and Cathay Bank have entered into a Third
Supplement to the Cash Collateral Stipulation to which the U.S.
Small Business Administration does not object.
A continued hearing on the matter is set for September 20, 2022 at
2 p.m.
A copy of the order is available at https://bit.ly/3D1ZLyA from
PacerMonitor.com.
About Cherry Man Industries
Cherry Man Industries, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-11471) on March
17, 2022, listing $100 million to $500 million in assets and $10
million to $50 million in liabilities. Frank Lin, president of
Cherry Man Industries, signed the petition.
El Segundo, Calif.-based Cherry Man was started in 2002 by Frank
Lin. It is one of the largest nationwide importers and distributors
of office furniture case goods. It has five distribution centers
across the United States.
Judge Neil W. Bason oversees the case.
The Law Offices of Michael Jay Berger serves as the Debtor's legal
counsel.
An official committee of unsecured creditors has been appointed in
the case. The Committee has retained Kelley Drye & Warren LLP as
counsel.
CINEWORLD GROUP: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: Cineworld Group plc
8th Floor Vantage London, Great West Road
Brentford, England, UK TW8 9AG
Business Description: Cineworld Group plc (together with its
Debtor and non-Debtor affiliates) is a
cinema chain operating under five major
brands, employing a global workforce of
approximately 30,000 employees and operates
747 locations with 9,139 screens in 10
countries.
Chapter 11 Petition Date: September 7, 2022
Court: United States Bankruptcy Court
Southern District of Texas
One hundred five affiliates that concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Cineworld Group plc (Lead Case) 22-90168
13th Avenue Partners, L.L.C. 22-90172
A 3 Theatres of San Antonio, Ltd. 22-90167
A 3 Theatres of Texas, Inc. 22-90176
Augustus 1 Limited 22-90245
Augustus 2 Limited 22-90247
Basildon Cinema 2 Limited 22-90252
Basildon Cinema Number Two 2 Limited 22-90249
Bromley Cinema 2 Limited 22-90250
Busby Assignco, LLC 22-90170
Cine-UK Limited 22-90251
Cinebarre, LLC 22-90169
Cinemas Associates, LLC 22-90171
Cineworld Cinema Properties Limited 22-90241
Cineworld Cinemas Holdings Limited 22-90243
Cineworld Cinemas Limited 22-90246
Cineworld Elite Picture Theatre
(Nottingham) Limited 22-90228
Cineworld Estates Limited 22-90231
Cineworld Funding (Jersey) Limited 22-90235
Cineworld Holdings Limited 22-90240
Cineworld Hunco KFT 22-90244
Cineworld South East Cinemas Limited 22-90209
City Screen (Brighton) Limited 22-90214
City Screen (Liverpool) Limited 22-90216
City Screen (S.O.A.) Limited 22-90218
City Screen (Stratford) Limited 22-90223
City Screen (York) Limited 22-90227
Classic Cinemas Limited 22-90230
Consolidated Theatres Management, L.L.C. 22-90180
Crown Finance US, Inc. 22-90188
Crown Intermediate Holdco, Inc. 22-90191
Crown Theatre Corporation 22-90194
Crown UK Holdco Limited 22-90234
CS (Brixton) Limited 22-90258
CS (Exeter) Limited 22-90259
CS (Norwich) Limited 22-90260
Eastgate Theatre, Inc. 22-90195
Edwards Theatres, Inc. 22-90198
Empire Cinema 2 Limited 22-90248
Frederick Plaza Cinema, Inc. 22-90190
Gallery Cinemas Limited 22-90253
Gallery Holdings Limited 22-90254
Great Escape Lagrange LLC 22-90206
Great Escape LLC 22-90210
Great Escape Nitro, LLC 22-90221
Great Escape of O'Fallon, LLC 22-90226
Great Escape Theatres, LLC 22-90271
Great Escape Theatres of Bowling Green, LLC 22-90232
Great Escape Theatres of Harrisburg, LLC 22-90236
Great Escape Theatres of Lebanon, LLC 22-90239
Great Escape Theatres of New Albany, LLC 22-90242
Hemel Hempstead Two Cinema 2 Limited 22-90255
Hollywood Theatres, Inc. 22-90270
Hollywood Theatres III, Inc. 22-90265
Hoyts Cinemas Corporation 22-90261
Interstate Theatres Corporation 22-90264
Lois Business Development Corporation 22-90267
McIntosh Properties, LLC 22-90263
NewCastle Cinema 2 Limited 22-90256
Newman Online Limited 22-90257
Next Generation Network, Inc. 22-90268
Oklahoma Warren Theatres, LLC 22-90269
Oklahoma Warren Theatres II, LLC 22-90262
Pacific Rim Business Developoment Corporation 22-90266
Picturehouse Bookings Limited 22-90219
Picturehouse Cinemas Limited 22-90225
Picturehouse Entertainment Limited 22-90229
Poole Cinema 2 Limited 22-90237
R.C. Cobb, Inc. 22-90205
R.C. Cobb II, LLC 22-90204
Ragains Enterprises LLC 22-90203
RCI/FSSC, LLC 22-90192
RCI/RMS, LLC 22-90196
Regal - 18, LLC 22-90200
Regal/Atom Holdings, LLC 22-90183
Regal/Cinebarre Holdings, LLC 22-90187
Regal/DCIP Holdings, LLC 22-90207
Regal Cinemas, Inc. 22-90197
Regal Cinemas Corporation 22-90202
Regal Cinemas Holdings, Inc. 22-90186
Regal Cinemas II, LLC 22-90193
Regal Cinemedia Corporation 22-90199
Regal Cinemedia Holdings, LLC 22-90201
Regal Distribution, LLC 22-90185
Regal Distribution Holdings, LLC 22-90189
Regal Entertainment Group 22-90181
Regal Entertainment Holdings, Inc. 22-90175
Regal Entertainment Holdings II LLC 22-90178
Regal Gallery Place, LLC 22-90173
Regal Investment Company 22-90222
Regal Licensing, LLC 22-90233
Regal Stratford, Inc. 22-90238
RegalRealty - 17, LLC 22-90211
Richmond I Cinema, LLC 22-90215
The Movie Machine, LLC 22-90174
UA Shor, LLC 22-90177
UA Swansea, LLC 22-90179
United Artists Propeties I Corp. 22-90182
United Artists Realty Company 22-90184
United Artists Theatre Circuit, Inc. 22-90212
United Artists Theatre Circuit II, LLC 22-90208
United Artists Theatre Company 22-90213
Valeene Cinemas, LLC 22-90217
Wallace Theatre Holdings, Inc. 22-90220
Warren Oklahoma Theatres, Inc. 22-90224
Judge: Hon. Marvin Isgur
Debtors'
General
Bankruptcy
Counsel: Joshua A. Sussberg, P.C.
Christopher Marcus, P.C.
Christine Okike, P.C.
Ciara Foster
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, New York 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
Email: joshua.sussberg@kirkland.com
christopher.marcus@kirkland.com
christine.okike@kirkland.com
ciara.foster@kirkland.com
Debtors'
Co-Bankruptcy
Counsel: Matthew D. Cavenaugh, Esq.
Rebecca Blake Chaikin, Esq.
Veronica A. Polnick, Esq.
Vienna Anaya, Esq.
JACKSON WALKER LLP
1401 McKinney Street, Suite 1900
Houston, TX 77010
Tel: (713) 752-4200
Fax: (713) 752-4221
Email: mcavenaugh@jw.com
rchaikin@jw.com
vpolnick@jw.com
vanaya@jw.com
Debtors'
English
Counsel: SLAUGHTER AND MAY
Debtors'
Investment
Banker: PJT PARTNERS LP
Debtors'
Financial &
Restructuring
Advisor: ALIXPARTNERS, LLP
Debtors'
Claims &
Noticing
Agent: KROLL RESTRUCTURING ADMINISTRATION LLC
Independent
Advisers
to the Board: ASHURST LLP AND
KRAMER LEVIN NAFTALIS & FRANKEL LLP
Estimated Assets: $1 billion to $10 billion
Estimated Liabilities: $10 billion to $50 billion
The petition was signed by James A. Mesterharm as chief
restructuring officer.
A full-text copy of the Lead Debtor's petition is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/MDIBTZI/Cineworld_Group_plc__txsbke-22-90168__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. AMAS Ltd. T/A Jones Lang Lasalle Rent $7,849,764
P.O. Box 55791, Docklands, London,
England E14 7A
Town Hall Market Place, Henley-on-
Thames, England RG9 2AQ
Email: credit_management@standardlife.com
aamcashiers@eu.jll.com
2. Arvest Bank Bank Loans $11,900,000
1501 W Edmond Road,
Edmond, OK 73003
Shandy Belford
Tel: (405) 419-3834
Email: sbelford@arvest.com
3. Bidvest Noonan (UK) Ltd. Trade Debt $3,214,557
St Magnus House 3, Lower Thames
Street, london, England EC3R 6HD
Tel: 44-844-225-1115
Email: ar@bidvestnoonan.com
4. BNY Melon Bank Loans $213,000,000
160 Queen Victoria Street,
London, England EC4V 4LA
Joanne Hume
Tel: 44 (0) 1202 689653
Email: Ian.Johnson@bnymellon.com
5. Booker Limited Trade Debt $2,019,919
Equity House Irthlingborough Road,
Wellingborough, England NN8 1LT
Terry Riley
Email: accountsreceivable@booker.co.uk
creditcontrol@booker.co.uk
6. Christie Digital Trade Debt $1,891,918
Systems Canada Inc. - USD
200 Ashville Way, Workingham,
England RG41 2PL
Email: ARQueries-EMEA@christiedigital.com
cinema.orders.emea@christiedigital.com
7. Christie Digital Trade Debt $3,952,541
Systems USA Inc. RCM
10550 Camden Drive,
Cypress, CA 90630
Paul Haupert
Tel: 714-220-3561
Email: Paul.haupert@christiedigital.com
8. Cinionic Inc. Trade Debt $8,639,937
11080 White Rock Rd, Suite 100,
Rancho Cordova, CA 95670
Paul Hermans
Tel: +32 495 36 22 02
Email: paul.hermans@cinionic.com
9. CJ 4DPLEX Construction $1,669,668
6F I-Park Mall Hangang-daero 23-gil
55, Yongsan-gu,
Seoul, South Korea 04377
Tel: 82 371 5246
Email: youngsoo.kim6@cj.net
hc.ahn@cj.net
10. CJ 4DPLEX Americas LLC Construction $1,718,438
7082 Hollywood Blvd., Suite 600,
Los Angeles, CA 90028
Don Savant
Tel: 213-378-2014
Email: Don.savant@cj.net
11. IMAX Corporation Trade Debt $8,881,917
2525 Speakman Drive, Mississauga,
ON, Canada L5K1B
Mark Welton
Tel: 905-403-6254
Email: MWelton@imax.com
12. IMAX Theatres International Ltd. Construction $2,534,949
2525 Speakman Drive, Mississauga,
ON, Canada L5K 1B1
Will Carass
Email: WCarass@imax.com
13. Intertrust Technologies Settlement $4,500,000
Corporation Agreement
920 Stewart Drive, Suite 100,
Sunnyvale, CA 94085
General Counsel
Email: jmcdow@intertrust.com
14. JP Morgan Chase Trade Debt $1,865,101
P.O. Box 100486, 2710 Media Center
Drive, Building #6, Suite 120, Los
Angeles, CA 90065
Paramount Theat. Dist. Rcpt,
15. Lionsgate Film Inc. Trade Debt $15,135,562
579 Fifth Avenue, 14th Floor,
New York, NY 1001
Harvey Shapiro
Tel: (212) 621-8224
Email: hshapiro@sargoy.com
16. Maeve Contractors Ltd. Construction $2,868,391
Unit 1, 5 Eastfields Avenue,
London, England SW18 1FU
Email: info@maevecontractors.co.uk
17. MAPP Property Rent $3,937,518
Management Limited
180 Great Portland Street, London,
England W1W 5QZ
Lisa Glendinning
Tel: 0207 908 5643
Email: cashier@wearemapp.com
lisa.glendinning@wearemapp.com
yazmin.griffiths@wearemapp.com
18. McCarthy Tetrault LLP Professional $1,662,033
Box 48, Suite 5300, Services
Toronto-Dominion
Bank Tower, Toronto, ON, Canada
M5K 1E6
Tel: 416-362-1812
Email: TOR-AR@mccarthy.ca
19. Realty Income Corporation Rent $5,000,000
11995 El Camino Real,
San Diego, CA 92130
Tel: 858-284-5000
20. Royal Paper Corporation - Trade Debt $3,468,853
Purchasing
10232 Palm Drive,
Santa Fe Springs, CA 90670
George Abiaad
Tel: 562-903-9030
Email: GAbiaad@royalcorporation.com
21. Savills Commercial Ltd. Rent $10,125,029
12 Booth St., Manchester, England
M2 4AW
Email: managementtreasury@savills.com
22. Sony Pictures Releasing Trade Debt $3,269,023
The Brunel Building, 2 Canalside
Walk, London, England W2 1DG
10202 W. Washington Blvd., Jimmy
Stewart Bldg., Room 323D, Culver
Jake Walker and Jon Stone
Email: Jake_Walker@spe.sony.com
UK_Remittances@spe.sony.com
Anneka_Ruparelia@spe.sony.com
23. The Walt Disney Company Ltd. Trade Debt $12,082,212
The Walt Disney Company Pavilion
House, 31-32, Dublin, Ireland D02
Kerryann Leonard
Tel: +44 208 222 59 00
Email: Kerryann.Leonard@disney.com
DWSS.EMEA.UK.Collection@disney.com
24. Universal Trade Debt $20,461,774
Central Saint Giles St Giles High
Street, London, England WC2H 8NU
Email: Universalpicturesukandeire.finance@nbcuni.com
25. Vistar Northern California Trade Debt $12,218,140
P.O. Box 951080, Dallas, TX 75395
John Mizer
Tel: 303-662-7135
Email: John.Mizer@pfgc.com
26. Walt Disney Studios Motion Trade Debt $1,983,947
Pictures
Bank of America Lockbox Sevices
13497 Collections, Chicago, IL 60693
27. Warner Bros Trade Debt $5,649,945
Entertainment UK Limited
Warner House 98 Theobalds Road,
London, England WC1X 8WB
Email: Alina Swierzewska
alina.swierzewska@warnerbros.com
Liliana.Carata@warnerbros.com
28. Warner Bros Pictures Inc. Trade Debt $2,090,900
3903 W Olive Avenue, Burbank, CA
91505
Jennifer Amaya
29. Wilmington Trust Bank Loans $39,251,667
50 South Sixth Street, Suite 1290,
Minneapolis, MN 55402
Jay Campbell
Tel: 612 217 5676
Email: JCAMPBELL3@WilmingtonTrust.com
30. Workman LLP - Feltham Rent $4,307,214
4th Floor Minton Place, Station Road,
Swindon, England SN1 1D
1412258085
Email: swindon.cashiers@workman.co.uk
CINEWORLD GROUP: Cineplex to Explore All Avenues to Advance Claim
-----------------------------------------------------------------
Cineplex Inc. responds to the Chapter 11 filing in the United
States commenced on Sept. 7 by Cineworld Group plc ("Cineworld")
and certain of its subsidiaries.
Cineplex remains focused on maximizing and monetizing the value of
the judgment awarded against Cineworld by the Ontario Superior
Court of Justice. Cineplex understands from Cineworld's publicly
filed materials, that it is Cineworld's position that Cineplex's
claim against Cineworld is initially stayed pursuant to the
Cineworld Bankruptcy Proceedings. Cineplex will review in detail
the Court materials filed in connection with the commencement of
the Cineworld Bankruptcy Proceedings and, with the assistance of
Moelis & Company LLC as its financial advisor and Goodmans LLP as
its lead counsel, will explore all avenues available to advance its
claim against Cineworld, and will actively pursue all available
alternatives in the best interests of the Company and its
stakeholders.
As previously discussed in further detail in the Company's publicly
filed materials, on December 14, 2021, the Court released its
decision in the action commenced by Cineplex against Cineworld (the
"Decision"). The Court held that Cineplex did not breach any of its
covenants in an arrangement agreement between Cineplex and
Cineworld dated December 15, 2019 (the "Arrangement Agreement"),
and that Cineworld had no basis for terminating the Arrangement
Agreement. The Court held that Cineworld breached the Arrangement
Agreement and repudiated the transaction to acquire Cineplex, which
actions precluded Cineplex from seeking specific performance and
entitled Cineplex to monetary damages. The Court awarded damages
for breach of contract to Cineplex in the amount of $1.24 billion
CDN on account of lost synergies, and $5.5 million CDN for
transaction costs, exclusive of prejudgment interest. The Court
also held that Cineplex's shareholders did not have any rights
under the Arrangement Agreement to enforce the agreement or sue
Cineworld for any breach. The Court also denied Cineworld's
counterclaim against Cineplex. On January 12, 2022, Cineworld filed
a Notice of Appeal with the Court of Appeal for Ontario and on
January 27, 2022, Cineplex filed its Notice of Cross Appeal. The
hearing in respect of the Cineworld's Appeal and Cineplex's Cross
Appeal is scheduled for October 12 and 13, 2022.
While the judgment and next steps are a key focus for Cineplex and
its advisors, due to uncertainties inherent in appeals as well as
the newly commenced Cineworld Bankruptcy Proceedings, it is not
possible for Cineplex to predict the timing or final outcome of the
appeal of the Decision. Further, even if Cineworld's appeal is not
successful, Cineworld may not have the ability to satisfy the full
amount of any damages or costs awarded by the Court. Cineplex will
continue to explore all avenues and forms of consideration to
satisfy its judgment.
As previously disclosed by the Company, Cineplex remains confident
in the recovery of its businesses, its strong capital management
and liquidity, and its efforts to manage financial uncertainties as
it has done during previous economic downturns. While Cineplex
anticipated low business volumes in August and September due to
pandemic related production delays, August has performed stronger
than initially expected and the Company remains optimistic about
consumer demand and content supply in the fourth quarter of 2022
and in 2023.
About Cineplex
Cineplex (TSX:CGX) is a top-tier Canadian brand that operates in
the Film Entertainment and Content, Amusement and Leisure, and
Media sectors. Cineplex offers a unique escape from the everyday to
millions of guests through its circuit of over 170 movie theatres
and location-based entertainment venues. In addition to being
Canada's largest and most innovative film exhibitor, the company
operates Canada's favourite destination for 'Eats & Entertainment'
(The Rec Room) and complexes specially designed for teens and
families (Playdium). It also operates successful businesses in
digital commerce (CineplexStore.com), alternative programming
(Cineplex Events), cinema media (Cineplex Media), digital
place-based media (Cineplex Digital Media) and amusement solutions
(Player One Amusement Group). Providing even more value for its
guests, Cineplex is a partner in Scene+, Canada's largest
entertainment and lifestyle loyalty program.
About Cineworld Group PLC
London-based Cineworld Group PLC was founded in 1995 and is the
world's second-largest cinema chain. Cineworld operates 751 sites
with 9,000 screens in 10 countries, including the Cineworld and
Picturehouse screens in the UK and Ireland, Yes Planet in Israel,
and Regal Cinemas in the US.
According to The Guardian, the Griedinger family, including
Mooky's
brother and deputy chief executive, Israel, have struggled to
maintain control of the ailing business but have been forced to
reduce their stake from 28% in recent years. Cineworld's top five
investors include the Chinese Jangho Group at 13.8%, Polaris
Capital Management (7.82%), Aberdeen Standard Investments (4.98%)
and Aviva Investors (4.88%).
The London-listed Cineworld, which has run up debt of more than
$4.8 billion after losses soared during the pandemic, is pinning
its hopes on a meatier slate of movies in 2022 to bounce back from
a two-year lull.
Cineworld Group plc and 104 affiliates sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 22-90168) on Sept. 7, 2022,
estimating more than $1 billion in assets and debt.
PJT Partners LP is providing financial advice, Kirkland & Ellis LLP
and Slaughter and May are acting as legal counsel and AlixPartners
LLP is serving as restructuring advisor to Cineworld. Jackson
Walker LLP is the co-bankruptcy counsel. Kroll is the claims
agent.
CINEWORLD GROUP: Commences Bankruptcy Cases in Texas
----------------------------------------------------
Cineworld Group plc and its subsidiaries, a leading cinema operator
in 10 countries including the United States and the United Kingdom
with 747 sites and 9,139 screens globally, on Sept. 7 disclosed
that Cineworld and certain of its subsidiaries have commenced
Chapter 11 cases in the United States Bankruptcy Court for the
Southern District of Texas (the "Court").
As part of the Chapter 11 cases, Cineworld, with the expected
support of its secured lenders, will seek to implement a
de-leveraging transaction that will significantly reduce the
Group's debt, strengthen its balance sheet and provide the
financial strength and flexibility to accelerate, and capitalise
on, Cineworld's strategy in the cinema industry. The Group Chapter
11 Companies enter the Chapter 11 cases with commitments for an
approximate $1.94 billion debtor-in-possession financing facility
from existing lenders, which will help ensure Cineworld's
operations continue in the ordinary course while Cineworld
implements its reorganisation.
As previously announced, it is expected that any de-leveraging
transaction will result in very significant dilution of existing
equity interests in the Group and there is no guarantee of any
recovery for holders of existing equity interests. The Company does
not expect the Chapter 11 filing to result in a suspension of
trading in its shares on the London Stock Exchange.
The Group Chapter 11 Companies expect to file a proposed plan of
reorganisation (the "Plan") with the Court in due course and to
meet the necessary requirements to emerge from Chapter 11 as
expeditiously as possible. Cineworld currently anticipates
emerging from Chapter 11 during the first quarter of 2023 and is
confident that a comprehensive financial restructuring is in the
best interests of the Group and its stakeholders, taken as a whole,
in the long term. Cineworld looks forward to working with its
creditors and stakeholders to advance the Group's efforts to
restructure its balance sheet.
As part of its restructuring process, Cineworld expects to pursue a
real estate optimisation strategy in the US and intends to engage
in collaborative discussions with US landlords to improve US cinema
lease terms in an effort to further position the Group for
long-term growth.
Chapter 11 is a court-supervised process that will provide a forum
for efficient reorganisation of the Group's business and balance
sheet. The Group Chapter 11 Companies will remain in possession and
control of their assets, existing management and the board of
directors will stay in control of the business and the Group's
operations will be allowed to continue uninterrupted.
Upon filing for relief under Chapter 11, the Group Chapter 11
Companies benefit from an "automatic stay" against any action to
litigate or collect a pre-petition claim. Cineworld expects to
operate its global business and cinemas as usual throughout this
process.
Cineworld's subsidiaries and affiliates not engaged in the US, UK
or Jersey businesses were not included in the filing and are not
part of the Chapter 11 process.
Mooky Greidinger, Chief Executive Officer of Cineworld, said: "We
have an incredible team across Cineworld laser focused on evolving
our business to thrive during the comeback of the cinema industry.
The pandemic was an incredibly difficult time for our business,
with the enforced closure of cinemas and huge disruption to film
schedules that has led us to this point. This latest process is
part of our ongoing efforts to strengthen our financial position
and is in pursuit of a de-leveraging that will create a more
resilient capital structure and effective business. This will allow
us to continue to execute our strategy to reimagine the most
immersive cinema experiences for our guests through the latest and
most cutting-edge screen formats and enhancements to our flagship
theatres. Our goal remains to further accelerate our strategy so we
can grow our position as the ‘Best Place to Watch a Movie'."
BUSINESS AS USUAL
During the restructuring process, Cineworld expects to operate its
global business and cinemas as usual without interruption. In
conjunction with the filing of the Chapter 11 cases, the Group
Chapter 11 Companies have filed certain customary "first day"
motions to obtain the requisite court authority for the Group to
continue operating its businesses in the ordinary course without
disruption to its customers, vendors, suppliers or employees as
much as practicable. The Group Chapter 11 Companies intend to pay
all vendors and suppliers in full and on normal terms for valid
amounts for goods and services received during the Chapter 11
process. In addition, the Group expects that employees will
continue to receive their usual wages and benefits without
interruption.
Cineworld has secured commitments for an approximate $1.94 billion
debtor-in-possession ("DIP") financing facility provided by certain
existing lenders, which will be used to, among other things, fund
the Group's operations and refinance certain prepetition funded
indebtedness. Subject to Court approval, the DIP financing,
together with the Group's available cash reserves and cash provided
by operations, is expected to provide sufficient liquidity for
Cineworld to meet its ongoing obligations, including post-petition
obligations to vendors and suppliers, as well as employee wages,
salaries and benefits programs.
Cineworld and its brands around the world -- including Regal,
Cinema City, Picture House and yes Planet -- are continuing to
welcome customers to cinemas as usual, which will not change during
the Chapter 11 cases. The Group expects to continue to honour the
terms of all existing customer membership programs, including Regal
Unlimited and Regal Crown Club in the United States and Cineworld
Unlimited in the UK.
Mooky Greidinger added: "I am deeply grateful for the continued
support of our stakeholders throughout this process and beyond,
including our dedicated team members, loyal guests and members. We
look forward to continuing to provide guests and members with the
best cinematic experiences for years to come. The outstanding
success of recent blockbusters such as Spider-Man: No Way Home; No
Time to Die; Top Gun: Maverick; Dune; Minions: The Rise of Gru;
Thor: Love and Thunder and others proves clearly that people love
to go to the movies and that, once supply of product returns, our
business will reap the benefits."
ADDITIONAL INFORMATION
Given the international nature of the Group's business, certain
aspects of the de-leveraging transaction to be pursued in the
Chapter 11 cases may require ancillary implementation proceedings
beyond the Chapter 11 cases. No final decision has been taken in
relation to whether any such ancillary implementation proceedings
are to be pursued in this case, and any final decision will be
subject to a number of factors, nor has a decision been taken on
the timing of any such process. However, the possible ancillary
implementation proceeding that may be used by the Group in this
case could include, among other things, a restructuring plan or a
scheme of arrangement under Part 26A or Part 26 (respectively) of
the UK Companies Act 2006, or other ancillary proceedings in the UK
or other key jurisdictions alongside the Chapter 11 cases in order
to achieve the objectives of the restructuring. A further update on
this point will be provided in due course.
The lenders providing the DIP financing have also agreed to provide
funding through the DIP financing for the purchase by a newly
incorporated Group company of the outstanding commitments under the
Rest of World facility (being the facility advanced to fund the
Group's operations in Poland, Romania, Hungary, the Czech Republic,
Bulgaria, Slovakia and Israel). This debt transfer is expected to
occur in the near term, following which the newly incorporated
Group company will be the sole lender under the Rest of World
facility. It is expected that the terms of the Rest of World
facility will be further amended at such point. In order to
facilitate implementation of this arrangement, the existing lenders
under the Rest of World facility have agreed to forbear temporarily
in exercising certain of their rights triggered by the Chapter 11
filings. As a result of these arrangements, the Rest of World group
entities will not commence Chapter 11 cases or any equivalent local
proceedings at this time. A further update will be provided in due
course.
Additional information on the Chapter 11 cases (including copies of
all documents filed in the Chapter 11 cases) can be found at
https://cases.ra.kroll.com/cineworld.
About Cineworld Group PLC
London-based Cineworld Group PLC was founded in 1995 and is the
world's second-largest cinema chain. Cineworld operates 751 sites
with 9,000 screens in 10 countries, including the Cineworld and
Picturehouse screens in the UK and Ireland, Yes Planet in Israel,
and Regal Cinemas in the US.
According to The Guardian, the Griedinger family, including
Mooky's
brother and deputy chief executive, Israel, have struggled to
maintain control of the ailing business but have been forced to
reduce their stake from 28% in recent years. Cineworld's top five
investors include the Chinese Jangho Group at 13.8%, Polaris
Capital Management (7.82%), Aberdeen Standard Investments (4.98%)
and Aviva Investors (4.88%).
The London-listed Cineworld, which has run up debt of more than
$4.8 billion after losses soared during the pandemic, is pinning
its hopes on a meatier slate of movies in 2022 to bounce back from
a two-year lull.
Cineworld Group plc and 104 affiliates sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 22-90168) on Sept. 7, 2022,
estimating more than $1 billion in assets and debt.
PJT Partners LP is providing financial advice, Kirkland & Ellis LLP
and Slaughter and May are acting as legal counsel and AlixPartners
LLP is serving as restructuring advisor to Cineworld. Jackson
Walker LLP is the co-bankruptcy counsel. Kroll is the claims
agent.
CLARUS THERAPEUTICS: Files for Chapter 11 to Sell JATENZO
---------------------------------------------------------
Clarus Therapeutics Holdings, Inc., a pharmaceutical company
dedicated to providing solutions to unmet medical needs by
advancing androgen therapies, on Sept. 5 disclosed that it,
together with its wholly-owned subsidiary Clarus Therapeutics,
Inc., has filed voluntary petitions under Chapter 11 of the
Bankruptcy Code in the U.S. Bankruptcy Court for the District of
Delaware (the Court). Clarus has also filed a motion seeking
authorization to pursue an auction and sale process under Section
363 of the U.S. Bankruptcy Code of its sole commercial asset,
JATENZO, that is approved for use by healthcare providers to treat
testosterone deficiency in men with certain medical conditions.
Clarus has filed a series of motions with the Court seeking to
ensure the continuation of normal operations while on this path.
Clarus believes that it has sufficient financial resources to meet
its operational and financial obligations to patients, healthcare
providers, suppliers, and employees through the Chapter 11 process.
In addition, scaled-back efforts will continue to support
commercialization of JATENZO.
"After thoroughly exploring our strategic options in a robust
process conducted by the Capital Structure Advisory team at Raymond
James, and in light of the extremely challenging financial markets,
Clarus' Board of Directors and its senior management team have
unanimously concluded that a structured sale process represents the
best possible solution for Clarus and its stakeholders," said Dr,
Robert Dudley, CEO of Clarus. "We strongly believe that JATENZO has
the potential to be a valuable product for the treatment of men
with testosterone deficiency and, with continued commercialization
efforts, to capture increasing market share over time.
Unfortunately, Clarus is no longer in a tenable financial position
to provide such efforts nor remain a viable entity."
The proposed bidding procedures, if approved by the Court, would
allow interested parties to submit binding offers to acquire
substantially all of Clarus' assets (i.e., principally JATENZO and
related assets), which would be purchased free and clear of Clarus'
indebtedness and certain liabilities. Interested parties could
include both strategic and financial buyers, for whom substantial
due diligence materials are available.
Additional information about this process and proposed asset sale,
as well as other documents related to the Chapter 11 proceedings,
is available through Clarus' claims agent, Stretto, Inc.
Interested parties should contact Geoffrey Richards
(Geoffrey.Richards@RaymondJames.com) and Simon Wein
(Simon.Wein@RaymondJames.com) at Raymond James for additional
information related to the auction and sale process and for access
to due diligence materials.
About Clarus Therapeutics Holdings
Clarus Therapeutics Holdings, Inc., sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10845)
on Sept. 5, 2022. In the petition signed by Lawrence R. Perkins,
chief restructuring officer, the Debtor disclosed up to $100,000 in
both assets and liabilities.
Clarus' legal counsel is Goodwin Procter, LLP and Potter Anderson &
Corroon LLP, and its investment banker is Raymond James &
Associates, Inc. Clarus has also named Lawrence Perkins of Sierra
Constellation Partners, LLC as Chief Restructuring Officer during
the Chapter 11 process. Stretto is the claims agent.
CMR REAL ESTATE: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: CMR Real Estate Investments LLC
83 S. Maple St.
Akron, OH 44302
Business Description: The Debtor owns 17 properties located in
various parts of Ohio having a total current
value of $1.2 million.
Chapter 11 Petition Date: September 7, 2022
Court: United States Bankruptcy Court
Northern District of Ohio
Case No.: 22-51057
Judge: Hon. Alan M. Koschik
Debtor's Counsel: Richard H. Nemeth, Esq.
NEMETH & ASSOCIATES, LLC
526 Superior Ave. East, Suite 333
Cleveland, OH 44114
Tel: (216) 502-1300
Fax: (216) 502-1301
Email: mail@ohbklaw.com
Total Assets: $1,324,307
Total Liabilities: $2,021,671
The petition was signed by Christopher Vanuch as managing member.
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/6ARUDII/CMR_Real_Estate_Investments_LLC__ohnbke-22-51057__0001.0.pdf?mcid=tGE4TAMA
COLORTEK COLLISION: Wins Interim Cash Collateral Access
-------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, Fayetteville Division, authorized Colortek Collisions and
Customs Inc. to use cash collateral on an interim basis in
accordance with the budget, with a 10% variance.
The Debtor requires the use of cash collateral to continue its
ongoing operations.
The Debtor is permitted to use cash collateral to pay post-petition
necessary and reasonable operating expenses for the period
remaining in the budget approved in the Fourth Interim Order,
through the month of September, with an overall variance not to
exceed 10%.
The Debtor is aware of these possible lienholders of its cash
collateral:
Method of
Creditor Perfection Filing Date Balance owed
-------- ---------- ----------- ------------
FC Marketplace UCC 8/9/2018 $55,037
FC Marketplace UCC 3/29/2019 $28,348
SBA (Truist
Bank) UCC 5/30/2020 $62,000
As adequate protection, the secured creditors are granted
replacement liens in after-acquired revenue to the same extent as
they had prior to the bankruptcy.
A further hearing on the matter is scheduled for September 21,
2022, at 10 a.m.
A copy of the order and the Debtor's September 2022 budget is
available at https://bit.ly/3TZgybM from PacerMonitor.com.
The Debtor projects $45,000 in revenues and $39,263 in total
expenses for the month.
About Colortek Collisions and Customs Inc.
Colortek Collisions and Customs Inc. operates an autobody shop in
Lindon, North Carolina. The Debtor sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-01178)
on June 1, 2022. In the petition signed by Stephen Beasley,
president, the Debtor disclosed up to $500,000 in both
assets and liabilities.
Judge Pamela W. McAfee oversees the case.
Travis Sasser, Esq., at Sasser Law Firm is the Debtor's counsel.
CREATIVE CHOICE XXX: Unsecureds to Get $1K per Month for 3 Years
----------------------------------------------------------------
Creative Choice Homes XXX, LLC, filed with the U.S. Bankruptcy
Court for the Southern District of Florida a Subchapter V Plan of
Reorganization dated September 1, 2022.
Creative XXX is a Florida limited liability company which is based
in Palm Beach Gardens and was originally formed on September 19,
2002 as a corporation and converted to a limited liability company
on May 11, 2012.
Creative XXX served as the general partner of Creative Choice Homes
XXX, LTD. (the "XXX Limited Partnership"), which is a limited
partnership that operates a 132-unit multifamily apartment complex
intended for rental to persons of low and moderate income and
located at 1301 Floating Fountain Circle, Tampa, Florida (the
"Fountainview Apartments").
A judgment was entered in the XXX Lawsuit in which the presiding
judge determined that, among other things, the sum of $140,577 had
been improperly transferred to an affiliate of Creative XXX,
resulting in a material breach of the limited partnership agreement
governing the XXX Limited Partnership (the "XXX Agreement") for
which the remedy was the removal and replacement of Creative XXX as
general partner of the XXX Limited Partnership. This removal meant
that the Limited Partners would receive a windfall of almost
$2,000,000 for a breach valued at less than $200,000.
Creative XXX has sought a stay of judgment in the District Court,
including its removal as general partner, and will pursue an appeal
of the judgment if rehearing is not granted. The Creative XXX
bankruptcy proceeding was commenced to provide Creative XXX with
the opportunity to address the judgment, cure any default and
appropriately restructure.
The Debtor asserts that it will be funded with sufficient net
disposable monthly income to make the payments required under this
Plan. All funds needed to make payments under the Plan will be
paid by one or more affiliates of the Debtor, with funds not
generated from the XXX Partnership or the Fountainview Apartments.
While the motion for rehearing and appeal are pending, the yearly
carrying costs of the Debtor would be minimal and would be funded
by its affiliate.
Class 1 consists of the Secured claim of AFCO Credit Corporation
for insurance premiums. The insurance has been cancelled due to the
turnover of management to the XXX Limited Partners. No monies are
owed and therefore there will be no payment to the Class 1
claimant. Class 1 is unimpaired.
CLASS 2 consists of General non-priority unsecured claims. Creative
XXX shall pay to nonpriority unsecured creditors, $1,000 a month on
a monthly basis plus all of its net disposable income, if any, over
three years in semi-annual payments commencing on the 180th day
following the Effective Date. Class 2 is impaired. The Debtor does
not project that it will have any net disposable income unless it
wins its motion for rehearing or its appeal. If that happens, all
creditors can be paid in full. But at the least, creditors will
share the Monthly payment of $1,000.00.
CLASS 3 consists of Equity Interests in Creative XXX. The absolute
priority rule is inapplicable in this bankruptcy case. The
Confirmation Order shall provide that the current holders of equity
interests in Creative XXX will retain their equity interests as of
the Effective Date. Class 3 is not impaired.
A full-text copy of the Plan of Reorganization dated September 1,
2022, is available at https://bit.ly/3qhRbEg from PacerMonitor.com
at no charge.
About Choice Homes XXX
Creative Choice Homes XXX LLC, a Florida limited liability company
based in Palm Beach Gardens, was originally formed on Sept. 19,
2002, as a corporation and converted to a limited liability company
on May 11, 2012. It is the general partner of Creative Choice Homes
XXX, LTD., which is a limited partnership that operates a 132-unit
multifamily apartment complex intended for rental to persons with
low and moderate income. The apartment complex is located at 1301
Floating Fountain Circle, Tampa, Fla.
Creative Choice Homes XXX and affiliate, Creative Choice Homes
XXXI, LLC, sought Chapter 11 bankruptcy protection (Bankr. S.D.
Fla. Lead Case No. 22-13550) on May 4, 2022. In the petitions
filed by Yashpal Kakkar, authorized agent, the Debtors listed as
much as $10 million in both assets and liabilities.
Judge Erik P. Kimball oversees the cases.
The Debtors tapped Robert C. Furr, Esq., at Furr and Cohen, P.A. as
bankruptcy counsel; and Sundarsingh Law and BC Davenport, LLC as
special counsels.
CTCW-WATERFORD EAST: Disposable Income to Fund Plan Payments
------------------------------------------------------------
CTCW-Waterford East, LLC, filed with the U.S. Bankruptcy Court for
the Middle District of Florida a Plan of Reorganization under
Subchapter V dated September 1, 2022.
The Debtor is an investment company formed in and doing business
since 1998. The Debtor conducts business by investing in an entity
(the "Partnership") that holds significant real estate assets (the
"Real Estate") located in the greater Orlando area.
The value of the Real Estate could be as high as $80,000,000 based
on recent third-party purchase offers. Based on the Partnership
Agreement, if the Project were sold, the Debtor's interests in the
Partnership are worth more than $8,000,000. The Debtor's interest
is governed by that certain Second Amended and Restated Limited
Partnership Agreement dated January 12, 2001, as amended
(collectively, the "Partnership Agreement").
The Insiders have alleged, generally, that Insider CED has the
right to purchase the Debtor's interest for millions of dollars
less than what would result under the Partnership Agreement were
the Real Estate sold at the $80,000,000.00 market value, and
whether the Insiders are entitled to damages purportedly suffered
by non-party affiliates of the Insiders resulting from the
secretive assignment of the Partnership's mortgage loan to a third
party, which purchase was funded by third parties.
The Partnership has failed to pay Debtor distributions and asset
management fees due to it under the Partnership Agreement, which
are the subject of Adversary Proceeding No. 22-ap-00060- TPG.
On June 3, 2022, Debtor filed a voluntary petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code with the United
States Bankruptcy Court for the Middle District of Florida, Orlando
Division. L. Todd Budgen has been appointed as the Subchapter V
Trustee for the Debtor's bankruptcy case and the Debtor continues
to operate and manage its business as a debtor in-possession.
Class 1 consists of all Allowed General Unsecured Claims against
the Debtor. In full satisfaction of their Allowed Class 1 General
Unsecured Claims, Holders of Class 1 Claims shall receive a pro
rata share of the net proceeds recovered from all Causes of Action
after payment of professional fees and costs associated with such
collection efforts, and after Administrative Claims and Priority
Claims are paid in full.
Additionally, Holders of Class 1 Claims shall receive: (1) a pro
rata share of the past due and future amounts due to Debtor under
the Partnership Agreement; or (2) upon the liquidation of the
Debtor's interests in the Partnership, depending on the amount of
proceeds, within as few as six months but not more than eighteen
months, the Debtor may reinvest the proceeds from liquidation into
one or more affordable housing investments located in Florida, and
Class 1 Claimholders will receive a pro rata share of the
disposable income from that new venture over the term of 5 years
from the Effective Date after Administrative Claims and Priority
Claims are satisfied in full. The maximum Distribution to Class 1
Claimholders shall be equal to the total amount of all Allowed
Class 1 General Unsecured Claims. Class 1 is Impaired.
Class 2 consists of all equity interests in CTCW. Class 2 Interest
Holders shall retain their respective Interests in CTCW in the same
proportions such Interest were held as of the Petition Date. Class
2 is Unimpaired.
The Plan contemplates the Debtor will either (i) liquidate its
interest in the Partnership (through a sale of the Project as
contemplated by the Partnership Agreement) or (ii) liquidate its
interest in the Partnership and re-invest such proceeds in one or
more low-income housing projects in Florida, which could include
making loans or equity investments. It is anticipated either option
will generate sufficient disposable income to make Plan Payments.
Depending on the amount of proceeds received, it is anticipated
that the reinvestment of the liquidation proceeds will begin within
6 months of receipt and be concluded within 18 months of receipt.
To assist with the ability of the Debtor to reinvest the
aforementioned proceeds, and unless this Court orders otherwise,
Allowed Claims may only be satisfied through the Plan Payments;
this Court shall have exclusive jurisdiction to ensure payment of
the Allowed Claims, and any Allowed Claims may not be pursued
outside of the manner provided as part of the approved Plan.
Funds generated from the Debtor's operations through the Effective
Date will be used for Plan Payments; however, the Debtor's cash on
hand as of Confirmation will be available for payment of
Administrative Expenses.
A full-text copy of the Plan of Reorganization dated September 1,
2022, is available at https://bit.ly/3KQ2o8B from PacerMonitor.com
at no charge.
Attorney for the Debtor:
Justin M. Luna, Esq.
Latham, Luna, Eden & Beaudine LLP
201 S. Orange Avenue, Suite 1400
Orlando, FL 32801
Telephone: (407) 481-5800
Facsimile: (407) 481-5801
Email: jluna@lathamluna.com
About CTCW-Waterford East
CTCW-Waterford East, LLC, a company in El Paso, Texas, filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. M.D. Fla. Case No. 22-01989) on June 3, 2022, disclosing
between $1 million and $10 million in both assets and liabilities.
L. Todd Budgen serves as Subchapter V trustee.
Judge Tiffany P. Geyer oversees the case.
Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP is the
Debtor's counsel.
DEALER PRODUCTS: Wins Cash Collateral Access Thru Sept 14
---------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, authorized Dealer Products Inc. to use cash
collateral on an interim basis in accordance with the budget,
through September 14, 2022.
Comerica Bank and the Small Business Administration assert an
interest in the Debtor's cash collateral.
As partial adequate protection of its asserted interests in the
Debtor's cash collateral, Comerica and the SBA are granted
automatic perfected replacement liens on all property now owned or
hereafter acquired by the Debtor to the same extent, validity, and
priority of the relevant lender's pre-petition liens. The
Replacement Liens granted will not attach to any Chapter 5 causes
of action under the Bankruptcy Code.
As additional partial adequate protection, the Debtor will provide
the Comerica and the SBA with written reporting as to the status of
its operations, collections, generation of accounts receivable, and
disbursements in the same or similar format as has historically
been provided by the Debtor.
As additional partial adequate protection for use of Comerica's
cash collateral, the Debtor will make weekly payments to Comerica
in the amount of $275. The first Payment will be due and payable on
or before September 9, 2022, and each subsequent Payment will be
due and payable every Friday thereafter.
The final hearing on the matter is set for September 13 at 10:30
a.m.
A copy of the order is available at https://bit.ly/3THpK4h from
PacerMonitor.com.
About Dealer Products Inc.
Dealer Products Inc. -- https://www.dealpro.com -- provides
distribution of motor vehicle supplies and accessories. The
Company offers cabinets, bulbs, bolts, clips, nuts, hoses, hinges,
rivets, rings, screws, washers, and shims, as well as repairs heavy
duty trucks, trailers, gears, and axle. Dealer Products serves
customers in the State of Texas.
Dealer Products Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-41970) on Aug. 29,
2022. In the petition filed by Susan H. Fischer, as vice-president,
the Debtor reported assets and liabilities between $1 million and
$10 million.
The Debtor is represented by M. Jermaine Watson, Esq., at Cantey
Hanger LLP.
FOG INC: Seeks to Hires Michelle Steele as Bookkeeper
-----------------------------------------------------
FOG, Inc. seeks approval from the U.S. Bankruptcy Court for the
Southern District of West Virginia to employ Michelle Steele of
Michelle Steele Accounting Solutions, Inc. as bookkeeper.
The Debtor requires the assistance of a bookkeeper to:
a. review all financial statements;
b. prepare and file monthly operating reports;
c. prepare financial projections for the Debtor's disclosure
statement and Chapter 11 plan; and
d. prepare weekly payroll and quarterly payroll tax returns, and
pay weekly payroll taxes.
Ms. Steele will be paid at the rate of $65 per hour and will be
reimbursed for out-of-pocket expenses incurred.
As disclosed in court filings, Ms. Steele is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
Ms. Steele can be reached at:
Michelle L. Steele, CPA
Michelle Steele Accounting Solutions, Inc.
5306 Dalewood Drive
Charleston, WV 25313
Phone: 304-553-2294
Email: michelle@mmtnb.com
About FOG Inc.
FOG, Inc., a company in Charleston, W.Va., sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. W.Va. Case No.
22-20073) on May 4, 2022, listing as much as $10 million in both
assets and liabilities. Mouwafak Ghannam, president, signed the
petition.
Judge B. Mckay Mignault oversees the case.
Joseph W. Caldwell, Esq., at Caldwell & Riffee is the Debtor's
counsel.
GREAT PANTHER: NYSE American to Commence Delisting Proceedings
--------------------------------------------------------------
NYSE American LLC on Sept. 6 disclosed that the staff of NYSE
Regulation has determined to commence proceedings to delist the
common shares of Great Panther Mining Limited -- ticker symbol
"GPL" -- from the Exchange.
NYSE Regulation has determined that the Company is no longer
suitable for listing and will commence delisting proceedings
pursuant to Section 1003(c)(iii) of the NYSE American Company
Guide. On September 6, 2022, the Company disclosed that it has
determined to file a notice of intention to make a proposal under
the Bankruptcy and Insolvency Act (Canada), which will provide
creditor protection while the Company seeks to restructure its
affairs. NYSE Regulation noted the uncertainty as to the timing and
outcome of this process, as well as the ultimate effect on the
value of the Company's common shares.
The Company has a right to a review of staff's determination to
delist the common shares by a Committee of the Board of Directors
of the Exchange. The NYSE American will apply to the Securities and
Exchange Commission to delist the Company's common shares upon
completion of all applicable procedures, including any appeal by
the Company of the NYSE Regulation staff's decision.
The NYSE will announce a suspension date and suspend trading at
such time as i) the Company does not request a review by the
Committee within 7 calendar days of this notice, ii) the Company
determines that it does not intend to appeal, iii) the subsequent
review of the Committee determines that the Company should be
suspended, or iv) there are other material developments. After the
suspension announcement, the NYSE American would then apply to the
Securities and Exchange Commission to delist the common shares.
About Great Panther Mining
Great Panther Mining is a precious metals producer focused on the
operation of the Tucano Gold Mine in Brazil where the Company
controls a land package covering nearly 200,000 hectares in the
prospective Vila Nova Greenstone belt. Great Panther is listed on
the Toronto Stock Exchange under the symbol GPR and on the NYSE
American under the symbol GPL.
GREEN TAXI: Unsecureds' Recovery Hiked to 70% in Subchapter V Plan
------------------------------------------------------------------
Green Taxi Cooperative submitted an Amended Plan of Reorganization
for Small Business under Subchapter V.
The Debtor and Technology Insurance Corporation ("TIC") have agreed
to the terms of a resolution of the preference claims against TIC.
The Debtor holds a preference claim in the amount of approximately
$25,126 ("Claim Against TIC"). The Debtor estimates that litigation
costs to pursue this preference action will be approximately
$10,000, with a net benefit to the estate of approximately $15,126
(assuming the Debtor is able to collect 100% of this prospective
judgment from TIC in a reasonable time period).
TIC filed two proofs of claim totaling $51,615 (Claim Nos 4-1 and
5-1), which is the amount it claims it is owed after deducting the
$25,216 that it previously garnished from the Debtor's bank account
before the Petition Date. Without modification of the TIC Claims,
the estimated payout to Class 2 unsecured creditors is
approximately 31%. Based on this assumption, the Plan payout to TIC
would be approximately $16,027.
The settlement with TIC requires TIC to withdraw 100% of its proofs
of claim so that TIC will recover $0 under the terms of this Plan
in exchange for settlement of the estate's Claims Against TIC ("TIC
Settlement Terms"). In addition, pursuant to the Settlement Terms,
TIC agrees to vote to accept the Plan. After the withdrawal of the
TIC claims, the estimated payout to Class 2 creditors grows from
approximately 31% to approximately 70%. Based on the foregoing
analysis, the Debtor believes that the TIC Settlement Terms are
beneficial to all creditors and the estate.
The Debtor has also identified a number of payments to Mohammad
Walio, the Debtor's former Manager. Mr. Walio provided management
services to the Debtor through June 30, 2022. As such, the Debtor
does not believe that amounts paid to Mr. Walio are avoidable
transfers.
Debtor's investigation of other potential preference and fraudulent
conveyance claims is ongoing, and the Debtor will continue to use
its best efforts to evaluate possible claims. Pursuant to 11 U.S.C.
§ 546(a)(1), Avoidance Actions must be commenced on or before
April 14, 2024. Any Avoidance Actions not commenced by that time
shall be deemed abandoned.
Class 2 consists of those unsecured creditors of the Debtor who
hold Allowed Claims that were either scheduled by the Debtor as
undisputed, or subject to timely filed proofs of claim to which the
Debtor does not successfully object. The total Class 2 claims are
approximately $95,000.
Class 2 shall receive a pro-rata distribution of a variable
percentage of $28,800 generated at the rate of $800 per month over
a three-year period into a segregated account commencing on the
fifteenth day of the first full month following the Effective Date
of the Plan ("Repayment Term"). Plan distributions shall be made to
Class 2 on an annual basis within 30 days after every 12 monthly
payments.
No interest will be paid on account of Class 2 claims. For the
avoidance of a doubt, no creditor shall receive more than 100% of
their allowed claim from payments on account of their Class 2
Claim.
Based on the estimated distributions, and withdrawal of the
Technology Insurance Corporation proofs of claim, Class 2 Claimants
are anticipated to receive approximately 70% of their allowed
claims. Upon request by any party in interest, the Debtor shall
provide an annual financial statement, including amounts disbursed
to creditors in accordance with the Plan.
Class 3 includes Interests in the Debtor held by the members of the
Debtor. Class 3 is unimpaired by this Plan. On the Effective Date
of the Plan, Class 3 shall retain its Interests in the Debtor.
Pursuant to the Debtor's operating agreement, only those members
that are current on their dues to the Debtor shall be allowed to
retain their membership in the Debtor.
On the Effective Date of the Plan, the Debtor's current President
shall be appointed pursuant to 11 U.S.C.§1142(b) for the purpose
of carrying out the terms of the Plan, and taking all actions
deemed necessary or convenient to consummating the terms of the
Plan.
The Debtor's Plan is feasible based upon the Debtor's prepared
projections, which reflect a conservative prediction of the
Debtor's operations during the term of the Plan.
A full-text copy of the Amended Plan of Reorganization dated
September 1, 2022, is available at https://bit.ly/3AUe3Ph from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Jenny M.F. Fujii, Esq.
Kutner Brinen Dickey Riley, P.C.
1660 Lincoln Street, Suite 1720
Denver, CO 80264
Telephone: (303) 832-2400
Email: jmf@kutnerlaw.com
About Green Taxi Cooperative
Green Taxi Cooperative sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-11290) on
April 15, 2022, listing $50,000 in assets and $100,001 to $500,000
in liabilities.
Judge Elizabeth E Brown presides over the case.
Jenny M.F. Fujii, at Kutner Brinen Dickey Riley, P.C., serves as
the Debtor's counsel.
GUARACHI WINE: Court OKs Deal on Cash Collateral Access
-------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
San Fernando Valley Division, authorized Guarachi Wine Partners
Inc. to use cash collateral in accordance with its agreement with
City National Bank, N.A., and Parker Station, Inc.
The parties agreed the Debtor may continue to use cash collateral
through October 31, 2022, pursuant to the budget, provided that:
(a) as reflected in the Extended Budget, CNB's monthly
adequate protection payment for September 2022 will be increased
from $21,000 to $63,000, with the payment to be applied to CNB's
secured claim,
(b) subject to the Court's approval, which the Debtor will
seek in connection with its motion to approve the auction sale of
certain estate assets, CNB's allowed secured claim will be paid in
full on the close of the auction, which is projected to close on or
about October 13, provided that, to the extent there is any
disagreement between the Debtor and CNB regarding the amount of
CNB's allowed secured claim, the rights, claims, and defenses of
the Debtor and CNB with respect thereto are reserved, and
(c) the Debtor's use of cash collateral under the Extended
Budget will otherwise be subject to the terms of the Final Order,
including, without limitation, the variance, adequate protection
lien, reporting, breach and cure, and termination provisions set
forth in the Final Order.
A copy of the order is available at https://bit.ly/3Bk8gnq from
PacerMonitor.com.
About Guarachi Wine Partners
Guarachi Wine Partners Inc. is a wine wholesaler based in
California. It was founded by Alex Guarachi, the sole shareholder,
and has been in business since 1985. Guarachi Wine Partners sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
C.D. Calif. Case No. 22-10545) on May 4, 2022. In the petition
signed by Alejandro Guarachi, president and chief executive
officer, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Victoria S. Kaufman oversees the case.
Ron Bender, Esq., at Levene, Neale, Bender, Yoo and Golubchick, LLP
is the Debtor's counsel.
GWG HOLDINGS: Suit Filed v. Argue Capital Over Sale of GWG L Bonds
------------------------------------------------------------------
Sonn Law Group on Sept. 2 disclosed that it has filed a $1.7
Million lawsuit for a retired NBA player alleging that Argue
Capital Ltd. was negligent over its sales of GWG L Bonds and in
conducting due diligence of the issuer, GWG Holdings. The lawsuit
was filed with the Financial Industry Regulatory Authority, or
FINRA. The case number is 22-01967 and was filed in Milwaukee.
In January 2022, GWG stopped paying investors who bought GWG L
Bonds. On April 20, 2022, GWG Holdings filed for bankruptcy. The
bankruptcy filing revealed that the assets that GWG held were
highly speculative and illiquid. The assets included investments in
life settlements, a/k/a viaticals, a startup tech company and a
company that purported to provide loans or liquidity solutions to
other investors who held illiquid products. It also revealed that
GWG had not been profitable for many years. The L Bonds were sold
to retail investors nationwide and generally marketed as safe for
retirees, and others who wanted a conservative fixed income
investment. "We believe ordinary due diligence would have uncovered
serious and material problems with GWG, including its inability to
generate profits, its strange combination with Beneficent followed
by its separation from Beneficent, the lack of any verifiable
valuation for the life settlement contracts, and the strange
structure of allowing the contracts that GWG paid for to be held by
separate companies that only pledged the income stream from the
life settlement contracts," said Jeffrey Sonn, of Sonn Law Group.
"Given these multiple red flags and more, it should not surprise
investors that a small percentage of broker-dealers nationwide
approved GWG L Bonds for sale," added Adolfo Anzola, of Sonn Law
Group. "We believe no reasonable broker-dealer should have ever
approved this investment for sale to any investor," said Mr. Sonn.
Sonn Law Group represents many GWG L Bond holders around the
country. Sonn Law Group attorneys have handled hundreds of
securities fraud and negligence cases, involving many types of
investments, and has recovered hundreds of millions for investors.
Call Sonn Law Group for a free consultation at 833-912-3000.
About GWG Holdings Inc.
Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH)
conducts its life insurance secondary market business through a
wholly-owned subsidiary, GWG Life, LLC, and GWG Life's wholly-owned
subsidiaries.
GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy
protection (Bankr. S.D. Texas Lead Case No. 22-90032) on April 20,
2022. In the petition filed by Murray Holland, president and chief
executive officer, GWG Holdings estimated assets between $1 billion
and $10 billion and estimated liabilities between $1 billion and
$10 billion.
The cases have been assigned to Judge Marvin Isgur.
The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP as
bankruptcy counsels; Tran Singh, LLP as special conflicts counsel;
FTI Consulting, Inc. as financial advisor; and PJT Partners, LP as
investment banker. Donlin Recano & Company is the Debtors' notice
and claims agent.
National Founders LP, a debtor-in-possession (DIP) lender, is
represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and
William E. Curtin, Esq., at Sidley Austin, LLP.
HJ DYNAMIC: Happy Joe, Tony Sacco Restaurants Seek Chapter 11
-------------------------------------------------------------
HJ Dynamic Holdings LLC and its affiliates have sought bankruptcy
protection in Delaware.
The Debtors own and operate (i) six Happy Joe's Pizza & Ice Cream
restaurants, a vibrant, 50-year-old chain of pizza and ice cream
restaurants, and (ii) two Tony Sacco's Coal Oven Kitchen
restaurants. The Debtors also indirectly franchise the Happy Joe's
concept to thirty-seven franchisees in both the United States and
the Middle East and the Tony
Sacco's concept to two franchisees in the United States.
Happy Joe's Pizza was founded in 1972 by Lawrence Joseph "Happy
Joe" Whitty
and offers its guests signature pizzas (like its famous Taco Joe
Pizza), creative sandwiches, delicious pasta and ice cream sundaes.
Tony Sacco’s is an eatery offering traditional and specialty
pizzas from custom-built ovens in an effort to recreate classic Old
World pizzas.
The Debtors do not own any real property but rather lease the
locations from which they operate their restaurants. The Debtors,
as part of their restructuring efforts, will close certain of their
restaurant locations and in turn seek to reject the leases
associated with such restaurants, effective as of the Petition
Date.
Thomas A. Sacco, president and CEO, explained in court filings that
while the Debtors have a loyal customer base, they were not immune
to the impact of the COVID-19 pandemic, which adversely affected
their operations in calendar year 2020 and thereafter. Moreover,
in addition to (and included among) the lingering effects of the
COVID-19 pandemic, are rising employee and supply costs and
significant lease obligations, the combination
of which has hampered the Debtors' ability to continue their
operations with their current footprint and otherwise timely pay
operating expenses.
In light of the foregoing, the Debtors have filed the Chapter 11
Cases under
subchapter V of the Bankruptcy Code in an effort to reset and
refresh their operations through the implementation of a
restructuring business plan that will involve the closing of their
Tony Sacco's company restaurants (again, with no impact on the
Franchised TS Locations) and certain of the
Happy Joe’s company-owned restaurants. The Debtors intend to
move rapidly in these Chapter 11 cases to minimize
bankruptcy-related costs while utilizing the benefits of subchapter
V to create a path forward as financially stronger and more stable
companies.
About HJ Dynamic Holdings LLC
HJ Dynamic Holdings LLC and affiliates each filed a petition for
relief under Subchapter V of Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Lead Case No. 22-10837) on Sept. 2, 2022. In the
petition filed by Thomas A. Sacco, as CEO and president, HJ Dynamic
the Debtor reported assets between $500,000 and $1 million and
estimated liabilities of $1 million and $10 million.
Jami B Nimeroff has been appointed as Subchapter V trustee.
The Debtors are represented by Mark Minuti of Saul Ewing Arnstein &
Lehr LLP.
HOLLOWAY CROSSING: Seeks Chapter 11 Bankruptcy Protection
---------------------------------------------------------
Holloway Crossing LLC filed for chapter 11 protection in the
Northern District of Georgia without stating a reason.
The Debtor says it's a Single Asset Real Estate, and its principal
place of business is 685 North Shore Drive Jonesboro, GA 30236.
According to court filing, Holloway Crossing 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
Oct. 3, 2022, at 11:00 AM.
The Debtor has requested an extension until Sept. 23, 2022, of the
deadline to file its formal schedules of assets and liabilities,
statements of financial affairs and other schedules within which to
file
said Schedules. The additional time will provide the Debtor with
an opportunity to thoroughly prepare the Schedules and will result
in an accurate reporting of the information required to be
disclosed therein.
About Holloway Crossing LLC
Holloway Crossing LLC is a Single Asset Real Estate (as defined in
11 U.S.C. Sec. 101(51B)).
Holloway Crossing LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-56865) on August
31, 2922. In the petition filed by Karen Mullins, as manager, the
Debtor reports estimated assets between $1 million and $10 million
and estimated liabilities of $100,000 and $500,000.
The Debtor is represented by Leon S. Jones of Jones & Walden, LLC.
IKON WEAPONS: Files Emergency Bid to Use Cash Collateral
--------------------------------------------------------
Ikon Weapons, LLC asks the U.S. Bankruptcy Court for the Western
District of North Carolina, Charlotte Division, for authority to
use cash collateral in the ordinary course of business, with a 10%
variance and provide adequate protection.
The Debtor's senior secured creditor is the lien in favor of the
U.S. Small Business Administration, UCC File No. 2021005133IK,
filed on April 21, 2021. Pursuant to the UCC Financing Statement,
the purported senior secured creditor is allegedly secured by
interests in certain property of the Debtor, including, but not
limited to, accounts, accounts receivable and cash collateral.
The remaining creditor, Geneva Capital, holds a Purchase Money
Security Interest in the collateral listed in the UCC File No.
20220017618M but does not hold an interest in cash or cash
equivalents.
The Debtor proffers that both creditors have adequate protection
against the diminution in value of their pre-petition collateral.
The Debtor points out the use of cash collateral in the ordinary
course of business, in and of itself, provides adequate protection
in that it preserves the going concern value of the Debtor's
business and consequently the value of the pre-petition collateral.
Moreover, to protect against diminution in the value of the
pre-petition collateral, the Debtor proposes to provide the
Creditors with replacement liens in post-petition assets to the
same extent and priority as existed pre-petition, for all cash
collateral actually expended during the duration of the interim
cash collateral Order.
A copy of the motion is available at https://bit.ly/3RZ9Twv from
PacerMonitor.com.
About Ikon Weapons, LLC
Ikon Weapons, LLC operates as weapon manufacturer, purchaser, and
importer. The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D.N.C. Case No. 22-30424) on September 2,
2022. In the petition signed by Suliban Deaza, member manager, the
Debtor disclosed up to $10 million in both assets and liabilities.
John C. Woodman, Esq., at Essex Richards, P.A. is the Debtor's
counsel.
INDIAN CANYON: Case Summary & Two Unsecured Creditors
-----------------------------------------------------
Debtor: Indian Canyon & 18th Property Owners Association
71713 Highway 111
Suite 104
Rancho Mirage, CA 92270
Type of Debtor: Property owner's association
Chapter 11 Petition Date: September 6, 2022
Court: United States Bankruptcy Court
Central District of California
Case No.: 22-13378
Judge: Hon. Scott H. Yun
Debtor's Counsel: Douglas A. Plazak, Esq.
REID & HELLYER
P.O. Box 1300
Riverside, CA 92502-1300
Tel: (951) 682-1771
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Kenneth Dickerson, chairman of the
Board.
A full-text copy of the petition containing, among other items, a
list of the Debtors' two unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/GVHML4Y/Indian_Canyon__18th_Property__cacbke-22-13378__0001.0.pdf?mcid=tGE4TAMA
JAGUAR DISTRIBUTION: Committee Taps Greenspoon Marder as Counsel
----------------------------------------------------------------
The official committee of unsecured creditors of Jaguar
Distribution Corp. seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Greenspoon Marder,
LLP as its legal counsel.
The committee requires legal assistance to:
a. implement the terms and conditions of the Debtor's confirmed
Chapter 11 plan of liquidation and the Liquidating Trust Agreement,
which authorized the creation of the Jaguar Liquidating Trust;
b. continue the prosecution of the committee's defense against
AMBI Exclusive Acquisition Co., LLC's motion for payment of
administrative expenses; and
c. continue prosecuting avoidance actions and other claims for
relief belonging to the committee.
Greenspoon Marder will be paid at these rates:
Attorneys $435 to $1,100 per hour
Associates $250 to $590 per hour
Paralegals $125 to $400 per hour
The firm will also be reimbursed for its out-of-pocket expenses.
Victor Sahn, Esq., a partner at Greenspoon Marder, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Victor A. Sahn, Esq.
Steve Burnell, Esq.
Greenspoon Marder, LLP
333 South Grand Avenue, Suite 3400
Los Angeles, CA 90071
Tel: (213) 626-2311
Fax: (954) 771-9264
Email: victor.sahn@gmlaw.com
steve.burnell@gmlaw.com
About Jaguar Distribution Corp.
Established in 1982, Jaguar Distribution Corp. --
http://www.jaguardc.com-- is a distributor of independent films to
the worldwide in-flight marketplace. It is based in Valley Village,
Calif.
Jaguar Distribution sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 20-11358) on July 31,
2020, disclosing total assets of $1,768,195 and total liabilities
of $9,018,419. James Wong, chief restructuring officer, signed the
petition.
Judge Martin R. Barash oversees the case.
Danning, Gill, Israel & Krasnoff, LLP and Greg Seigel, CPA serve as
the Debtor's legal counsel and accountant, respectively.
The U.S. Trustee for Region 16 appointed an official committee of
unsecured creditors on Aug. 21, 2020. The committee is represented
by SulmeyerKupetz, A Professional Corporation.
On June 10, 2022, the court confirmed the Debtor's Chapter 11 plan
of liquidation and approved the Liquidating Trust Agreement, which
created the Jaguar Liquidating Trust. Elissa D. Miller, the
official overseeing the Jaguar Liquidating Trust, tapped Greenspoon
Marder, LLP as her legal counsel and Holthouse Carlin & Van Trigt,
LLP as her accountant.
LAFORTA - GESTAO: MACCO Leads Successful Transit of Drilling Rig
----------------------------------------------------------------
MACCO Restructuring Group, a national, middle-market-focused
interim leadership and financial advisory firm, recently announced
that MACCO Managing Director David Weinhoffer, serving as Chief
Restructuring Officer for LaForta - Gestão e Investimentos,
Sociedade Unipessoal, Lda., successfully assumed control of and
transited La Muralla IV, a sixth generation, semi-submersible oil
drilling rig. La Muralla IV is the primary asset of LaForta, which
filed a voluntary petition under chapter 11 in the United States
Bankruptcy Court for the Southern District of Texas, Houston
Division on June 16, 2022. Under Weinhoffer's leadership, the
massive drilling rig, capable of operating in 10,000 ft of water
and drilling to a 35,000 ft depth, has been successfully towed
across the Gulf of Mexico from Tampico, Mexico to Freeport, Grand
Bahamas.
MACCO, which has extensive restructuring experience in energy,
including both onshore and offshore oil and gas exploration and
production, was able to ensure the safe transit of the drilling
rig. Weinhoffer led the complex international efforts to assume
control of the rig and assure its safety and that of its crew
despite numerous operational and regulatory challenges. His deep
knowledge of seafaring, marine operations, business restructuring
and bankruptcy were central to the successful transit.
La Muralla IV is being readied for a marketing and sale process
expected to commence in earnest next month. Under the proposed bid
procedures, available at https://cases.stretto.com/LaForta/,
Weinhoffer will direct the marketing and sale process, including by
soliciting and evaluating bids for La Muralla IV. The proposed bid
deadline is October 26, 2022, with sale approval expected 3 weeks
later and sale consummation by the end of November. If you are
interested in being a bidder for La Muralla IV, please contact
Weinhoffer at davidw@macco.group to gain access to the Data Room
and schedule an in-person inspection.
LaForta is also advised by Counsel, Rebecca Blake Chaikin,
Genevieve M. Graham, and Veronica A. Polnick of Jackson Walker,
LLP; Special Corporate Counsel, Jennifer Demarco and Sarah Campbell
of Clifford Chance; and Ole' Aagvaard, Project Manager, of ABW
Vessel Management, Ltd. The Backstop Lenders are advised by
Counsel, Mark Shinderman, Casey Fleck, and Brian Kinney of Milbank,
LLP; Michael Warner and Benjamin Wallen of Pachulski, Stang, Ziehl
& Jones, LLP; and Kristen Bodden of Maritime Finance Ltd.
Drew McManigle, Founder and CEO of MACCO said, "David and the MACCO
La Forta team working collaboratively with legal counsel,
accomplished what initially appeared, almost unachievable. He
successfully navigated international troubled waters in order to
preserve stakeholder's value."
About MACCO
MACCO Restructuring Group, LLC -- http://www.macco.group-- is a
national, middle-market focused interim leadership and financial
advisory based in Houston with offices in Las Vegas, Denver,
Oklahoma City, Wilmington/Philadelphia, and New York City. MACCO's
professionals possess real world business experience and have
managed and led companies across a wide array of industries while
acting as CEOs, CROs, CFOs, Senior Workout Lenders, and
Fiduciaries.
About La Forta - Gestao e Investmentos
Laforta - Gestao E Investimentos Sociedade Unipessoal LDA is a
private limited liability company organized under the laws of
Portugal. LaForta is one of three "sister" companies wholly owned
by Offshore Drilling Holding S.A. that each hold a single
ultra-deepwater semi-submersible drilling rig. LaForta owns La
Muralla IV, a ten-year old, sixth-generation, ultra-deepwater
semi-submersible drilling rig, while its sister companies own the
rigs Centenario GR and the Bicentenario. ODH is one business among
several Mexico-based companies wholly or indirectly owned by ODH's
ultimate owners.
LaForta - Gestao e Investmentos sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-90126).
In the petition filed by CRO David Weinhoffer, the Debtor estimated
assets between $50 million and $100 million and liabilities between
$1 billion and $10 billion.
Jackson Walker LLP, is the Debtor's counsel. CLIFFORD CHANCE US
LLP is the corporate counsel. Stretto is the claims agent.
LEVEL FOUR ORTHOTICS: $300,000 DIP Loan from Penta Wins Court OK
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Level Four Orthotics & Prosthetitics, Inc. d/b/a/ Restore POC and
affiliates to use cash collateral and obtain postpetition
financing, on an interim basis.
The Debtor is permitted to obtain secured postpetition financing
pursuant to the terms and conditions of the Secured
Debtor-in-Possession Loan and Security Agreement by and among the
Debtors, and Penta Mezzanine SBIC Fund I, L.P. in an aggregate
principal amount not to exceed $300,000.
The Debtors require the use of cash collateral and the DIP Loans in
order to finance their operations and fund the planned sale of
their business, absent which immediate and irreparable harm will
result to the Debtors, their estate and creditors, and the
prospects for a successful conclusion of the Chapter 11 Case.
As adequate protection against any diminution in value of the
Prepetition Secured Party's interest in the Prepetition Collateral,
if any, the Prepetition Secured Party is granted a valid and
perfected security interest in, and lien on all of the right, title
and interest of the Debtors in, to, and under all present and
after-acquired property and assets of the Debtors.
Subject to the Carve-Out, to the extent the Prepetition Liens are
valid and perfected, the Adequate Protection Liens will be (i)
priority perfected liens on all of the Postpetition Collateral that
is not otherwise encumbered by validly perfected, non-avoidable
security interests or liens as of the Petition Date or liens that
can relate back pursuant to Section 546(b) of the Bankruptcy Code,
and subordinate to the DIP Liens insofar as the Prepetition Liens
have been voluntarily subordinated to the DIP Facility by the
Prepetition Secured Party, (ii) perfected replacement liens on all
of the Postpetition Collateral as to which the Prepetition Secured
Party had a first priority lien as of the Petition Date, which
replacement liens will be junior only to the DIP Facility as
voluntarily subordinated, and (iii) junior perfected liens on all
Postpetition Collateral that is subject to a Prior Lien, with the
Prepetition Liens being voluntarily subordinated to the DIP
Facility.
As further adequate protection against any diminution in value of
the interests of the Prepetition Secured Party in the Prepetition
Collateral, if any, as a result of the stay, or any authorized use
of the Prepetition Collateral by the Debtors, the Prepetition
Secured Party is granted as and to the extent provided by sections
503(b) and 507(b) of the Bankruptcy Code allowed superpriority
administrative expense claims in these Chapter 11 Cases or any
Successor Case in the amount of the Adequate Protection
Obligations, which will be payable from and have recourse to all
Postpetition Collateral and all proceeds of Postpetition
Collateral.
These events constitute an "Event of Default:"
a. An "Event of Default" as defined under the DIP Loan
Documents will have occurred and is continuing, unless waived
pursuant to the DIP Loan Documents;
b. The failure by the Debtors to perform, in any respect, any
of the material terms, provisions, conditions, covenants, or
obligations under the Interim Order;
c. If the Final Order, in form and substance acceptable to the
DIP Lender in its sole discretion, has not been entered by the
Court on or before the date that is 28 days after the Petition
Date;
d. If the Debtors fail to timely meet any of the following
case milestones:
(i) If the Debtors have not filed a bidding
procedures motion, in form and substance
acceptable to the DIP Lender, seeking approval
of bidding procedures for the sale of
substantially all of the Debtors' assets
pursuant to section 363 of the Bankruptcy Code,
on or before five business days after the
Petition Date;
(ii) If an order approving the Bidding Procedures
Motion, in form and substance acceptable to the
DIP Lender, has not been entered on or before the
date that is 30 days after the Petition Date;
(iii) If an order approving the Sale, in form and
substance acceptable to the DIP Lender, has not
been entered on or before the date that is 60
days
after the Petition Date; and
(iv) By no later than 60 days following the Petition
Date, the Approved 363 Sale will have closed.
e. The failure to comply with the Budget (subject to Permitted
Variances) in accordance with the Interim Order or the DIP Credit
Agreement for any weekly reporting period;
f. The filing by the Debtors of any motion seeking, or the
granting of any motion providing for, reversal or modification of
the Interim Order;
g. The filing by the Debtors of any motion seeking, or the
granting of any motion providing for, allowance of any
superpriority claim that is equal or senior to the Adequate
Protection Superpriority Claim (other than the DIP Superpriority
Claim) in this Chapter 11 Cases or in any Successor Case; or
h. The Debtors will have entered into any commitment or
agreement with respect to any financing (i) that is secured by a
security interest or other lien on all or any portion of the
Postpetition Collateral or the Prepetition Collateral which is
equal or senior to any security interest or other lien of the DIP
Lender, or (ii) any portion of which purports to be, or would be,
payable prior to payment in full of all DIP Obligations.
The Carve-Out means:
(i) Fees payable to the Clerk of the Court as and when they
are due without reference to the Budget;
(ii) In the event of a conversion of the Chapter 11 Case to
cases under Chapter 7 of the Bankruptcy Code, all reasonable and
documented fees and expenses, in an aggregate amount for all
Debtors not to exceed $25,000, incurred by a trustee under section
726(b) of the Bankruptcy Code;
(iii) Unpaid professional fees and expenses payable to any
Professional Person, in an aggregate amount for all Debtors equal
to the cumulative budgeted amounts on a line item basis for such
Professional Fees reflected in the Budget that are incurred or
accrued prior to the date on which the DIP Lender provides written
notice to the Debtors, the Debtors' counsel, the U.S. Trustee or
Sub V Trustee as the case may be and counsel to the Creditors'
Committee (if any) of an Event of Default;
(iv) Unpaid Professional Fees of the Debtors and the Creditors'
Committee's (if any), in each case incurred or accrued on or after
the Carve-Out Effective Date in an aggregate amount for all Debtors
not to exceed $100,000 for Debtors' Professional Persons and
$25,000 for Creditors' Committee Professional Persons (if any), to
the extent allowed at any time, whether by interim order,
procedural order or otherwise; and
(v) All accrued but unpaid wages and other compensation payable
to the Debtors' employees (including any obligations on account of
paid time off), whether arising before or after the Petition Date,
up to a maximum amount of $220,000.
A final hearing on the matter is set for September 27, 2022 at 11
a.m.
A copy of the order is available at https://bit.ly/3RmjjSA from
PacerMonitor.com.
About Level Four Orthotics
Level Four Orthotics & Prosthetics, Inc., doing business as Restore
POC, is a provider of custom prosthetics, orthotics, and infant
cranial remolding products with a mission to provide affordable,
quality products and limb loss solutions to patients in need.
Level Four Orthotics & Prosthetics and five affiliates, including
Cocco Enterprises, Inc., sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 22-10807) on August 29, 2022.
Level 4 reported assets and debt of $10 million to $50 million as
of the bankruptcy filing. The Debtors have prepetition loan
obligations totaling $20,235,011 as of the Petition Date secured by
some or all of the assets of each the Debtors.
The Hon. J. Kate Stickles is the case judge.
The Debtors tapped RUBERTO, ISRAEL & WEINER, P.C., as general
bankruptcy counsel, and CROSS & SIMON, LLC, as local bankruptcy
counsel. VERDOLINO & LOWEY, P.C., is the Debtors' accountant.
KROLL RESTRUCTURING ADMINISTRATION LLC is the claims agent.
LIQUID MEDIA: Continuing Losses Pose Going Concern Doubt
--------------------------------------------------------
Liquid Media Group Ltd. warned in a regulatory filing with the U.S.
Securities and Exchange Commission there is substantial doubt on
its ability to continue as a going concern.
Liquid Media explained that as at May 31, 2022, the Company has
generated losses since inception and has an accumulated deficit of
$33,361,484. The continued operations of the Company are dependent
on its ability to generate future cash flows or obtain additional
financing. Management has estimated that it does not have
sufficient working capital to meet the Company's liabilities and
commitments as they become due for the upcoming 12 months. These
material uncertainties cast substantial doubt upon the Company's
ability to continue as a going concern within one year of the
approval of these financial statements.
"There is a risk that additional financing will not be available on
a timely basis or on terms acceptable to the Company," the Company
said.
Liquid Media Group Ltd. is a business solutions company empowering
independent film and TV content creators to package, finance,
deliver and monetize their professional video intellectual property
globally. The head office of the Company is 67 East 5th Avenue,
Vancouver, BC, V5T 1G7 and the registered records office of the
Company is Suite 400, 725 Granville Street, PO Box 10325,
Vancouver, BC, V7Y 1G5. The Company's common shares are listed on
the Nasdaq Stock Market under the trading symbol "YVR".
On September 22, 2021, the Company acquired 100% of the shares of
IndieFlix Group, Inc., a Delaware corporation that has a global
'edutainment' streaming service that creates, promotes, and
supports social impact films.
On December 14, 2021, the Company acquired 100% of the shares of
iGEMS TV, Inc., a Delaware corporation which provides a
comprehensive content recommendation engine.
On March 7, 2022, the Company acquired 100% of the shares of
Digital Cinema UTD Holding Limited, a Malta corporation with four
subsidiaries located in the Czech Republic, United Kingdom, United
States of America, and South Africa which provides content supply
chain technology and services supporting independent intellectual
property owners, producers, sales agents, alternative content
distributors, downstream media platforms and studios.
As of May 31, 2022, the Company had $16.3 million in total assets
against $8.9 million in total liabilities.
MAGNOLIA OFFICE: Wins Cash Collateral Access Thru Oct 31
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
West Palm Beach Division, authorized Magnolia Office Investments,
LLC to use cash collateral on an interim basis in the ordinary
course of its business in accordance with the budget, with a 10%
variance.
The Debtor is permitted to use PS Funding, Inc.'s cash collateral
to pay reasonable necessary expenses as specified in the budget
through October 31, 2022, unless extended by further Court order or
with the written consent of the secured creditor.
As adequate protection for the Debtor's use of cash collateral, the
secured creditor will have a first priority post-petition security
interest in, and lien upon, all of the Debtor's personal property.
The Post-Petition Lien is, and will be deemed, perfected without
the need to execute or file any document or instrument that might
otherwise be required under applicable nonbankruptcy law to perfect
the said lien.
In the event that diminution occurs in the value of cash
collateral, PS Funding will be granted an administrative claim
under section 507(b) of the Bankruptcy Code. PS Funding's
administrative expense claim will not attach to or be paid from the
proceeds of any avoidance actions.
As additional adequate protection, the Debtor will deliver to the
Secured Creditor, through its counsel, monthly payments in the
amount of $21,000.
As further consideration for agreeing to the use of cash
collateral, PS Funding is granted limited relief from stay in order
to proceed to set its Motion for Summary Judgment and obtain
Judgment in the Circuit Court of the Second Judicial Circuit in and
for Leon County, Florida, in the case styled as PS Funding, Inc. v.
Magnolia Office Investments, LLC, et al., Case No. 2021-CA-000469
(Consolidated with Case No. 2020-CA-001219). As a result, the
automatic stay under 11 U.S.C. section 362 is modified as set forth
above as to PS Funding's interest in the real property located at
1211 Governors Square Blvd, Tallahassee, Florida 32301.
A further hearing on the matter is scheduled for October 26, 2022
at 1:30 p.m.
A copy of the order is available at https://bit.ly/3KPR5xe from
PacerMonitor.com.
About Magnolia Office Investments
Magnolia Office Investments LLC is a Single Asset Real Estate (as
defined in 11 U.S.C. Sec. 101(51B)). It owns the commercial office
building located at 1211 Governors Square Boulevard, Tallahassee,
Florida 3230, valued at $5.5 million.
Magnolia Office Investments sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-14044) on
May 24, 2022. In the petition signed by Anand Patel, as managing
member, Magnolia Office Investments, LLC listed estimated assets
and liabilities between $1 million and $10 million each.
The case is assigned to Honorable Bankruptcy Judge Erik P.
Kimball.
David L. Merrill, Esq., at The Associates, is the Debtor's
counsel.
MEDIPURE PHARMA: Gets CCAA Initial Stay Order; Deloitte as Monitor
------------------------------------------------------------------
Medipure Pharmaceuticals Inc. ("MPI") and Medipure Holdings Inc.
("MHI") both filed a Notice of Intention to Make a Proposal ("NOI")
pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act.
Deloitte Restructuring Inc. ("Deloitte") was appointed as the
proposal Trustee of the Companies. Pursuant to Section 69 of the
BIA, all proceedings against MPI and MHI are stayed as of that
date.
On Aug. 19, 2022, on application by the Companies, the Supreme
Court of British Columbia made an order ("Initial Order") granting
the Companies protection from their creditors pursuant to the
Companies Creditors Arrangement Act. Under the Initial Order,
Deloitte Restructuring Inc. was appointed as the Monitor of the
Companies with enhanced powers. These proceedings are a
continuation of the BIA Proceedings under which Deloitte was
appointed as the Proposal Trustee. The Initial Order discharges
Deloitte as the Proposal Trustee of the Companies under the BIA
Proceedings.
Publicly available documents related to these proceedings will be
posted to this website:
https://www.insolvencies.deloitte.ca/en-ca/pages/Medipure-Pharmaceuticals-Inc-and-Medipure-Holdings-Inc.aspx
The Monitor can be reached at:
Deloitte Restructuring Inc.
Attn: Jeff Keeble
410 West Georgia Street
Vancouver, BC V6B 0S7
Tel: 604-235-4197
Email: jkeeble@deloitte.ca
Counsel for the Petitioners:
Boughton Law Corporation
Attn: Martin Sennott
Shaun Driver
Sherri Evans (Assistant)
Elisa Gallaccio (Assistant)
700 - 595 Burrard Street
Vancouver, BC V7X 1S8
Tel: 604-687-6789
Fax: 604-683-5314
Email: msennott@boughtonlaw.com
sdriver@boughtonlaw.com
sevans@boughtonlaw.com
egallaccio@boughtonlaw.com
Counsel for the Monitor:
Clark Wilson LLP
Attn: Christopher Ramsay
Katie G. Mak
Jaime Landa (Assistant)
900 885 West Georgia Street
Vancouver, BC V6C 3H1
Tel: 604-687-5700
Fax: 604-687-6314
Email: CRamsay@cwilson.com
KMak@cwilson.com
JLanda@cwilson.com
Medipure Pharmaceuticals -- http://medipurepharmaceuticals.com/--
is a biopharmaceutical company conducting pioneering research in
prescription pharmaceuticals.
NAIL CARE SPA: Unsecureds Will Get 4% of Claims in Subchapter V
---------------------------------------------------------------
Nail Care Spa Salon, LLC, filed with the U.S. Bankruptcy Court for
the Northern District of Georgia a Plan of Reorganization for Small
Business under Subchapter V dated September 1, 2022.
The Debtor is a nail salon owned by Vi To and Tich Le Han Tran. Mr.
Tran manages the everyday operations of the business located at
3715 Northside Parkway, Building 400-100, Atlanta, GA 30327.
In March 2022, Touchmark garnished Debtor's bank account. Debtor is
unable to operate without the cash flow. Debtor filed bankruptcy
to cease the garnishments and develop a plan of repayment.
The Debtor's financial projections show that the Debtor will have
projected disposable income of $1,500.00. The final Plan payments
is expected to be paid on the last day of the 60th month after the
plan is confirmed.
This Plan of Reorganization proposes to pay creditors of the Debtor
from future income it receives from operation of its business.
Class 2 consists of the Secured Claim of Touchmark Bank. Based on
Debtor's estimated FMV at the time of filing of $10,000.00 and the
amount owed of $1,948,651.32 it appears that there is insufficient
value to pay this claim as a fully secured creditor. Accordingly,
the secured amount of $10,000.00 will be restructured into monthly
payments of $1,500.00. Any unsecured amount included in Class 3 and
treated as a claim in that class. Upon payment of the secured
amount, any judgment lien shall be deemed satisfied.
Class 3 consists of Non-Priority General Unsecured Creditors in the
amount of $1,944,274.63. If the creditors in Class 3 vote in favor
of the plan, Debtor shall pay the General Unsecured Creditors
monthly payments of $1,500.00 commencing on the 1st of the month
immediately following completion of the payment in Class 1 and
Class 2 and continuing every month thereafter for 46 months. Each
creditor in this class will be paid a pro-rata share of a total
payout amount of $1,500.00. There shall be no interest paid on
these claims. It is estimated that each creditor will receive 4% of
their claims.
If the Plan is confirmed under section 1191(b) of the Bankruptcy
Code, Debtor shall pay all of its projected disposable income over
a 5 year period beginning on the 1st of the month immediately
following the completion of the payment in Class 1 and Class 2 and
continuing every month thereafter for 46 months. Each creditor in
this class will be paid a pro-rata share of a total payout amount
of $1,500.00. There shall be no interest paid on these claims. It
is estimated that each creditor will receive 4% of their claims.
Class 5 consists of Equity Security Holders of the Debtor. Except
as may be expressly provided otherwise in the Plan, upon
confirmation the Debtor will retain all of the property of the
estate free and clear of all liens, claims, and encumbrances not
expressly retained by creditors. The Debtor will retain all of the
rights, powers, and duties of Debtor in Possession under the
Bankruptcy Code.
The source of funds for the payment pursuant to the Plan will be
Debtor's income from operation of its business.
A full-text copy of the Plan of Reorganization dated September 1,
2022, is available at https://bit.ly/3ASMTbm from PacerMonitor.com
at no charge.
Attorney for Debtor:
Ian M. Falcone, Esq.
Falcone Law Firm, P.C.
363 Lawrence Street
Marietta, GA 30060
Tel: (770) 426-9359
Email: Imffalconefirm.com
About Nail Care Spa
Salon
Nail Care Spa Salon, LLC, is a top-notch nail salon.
Nail Care Spa Salon sought protection under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-54228)
on June 3, 2022. In the petition filed by Richard A. Ramsey, the
Debtor estimated assets between $500,000 and $1 million and
estimated liabilities between $100,000 and $500,000.
Ian M. Falcone, of The Falcone Law Firm, P.C., is the Debtor's
counsel.
Tamara Ogier has been appointed as Subchapter V trustee.
NEWAGE INC: Bankruptcy Court Approves First Day Motions
-------------------------------------------------------
NewAge, Inc., on Sept. 2 disclosed that the U.S. Bankruptcy Court
for the District of Delaware has granted the Company interim
approval for first day motions related to its Chapter 11
restructuring. The approved motions will support the Company's
ongoing operations during its financial restructuring process.
The Court granted the Company access to a debtor-in-possession
("DIP") financing facility of $16 million provided by DIP
Financing, LLC, which combined with the Company's projected
revenues, will support its operations during the Chapter 11
process. The Court has also authorized the Company to continue
paying employee wages and benefits, as well as certain operational
requirements that allow the Company to honor its commitments to
brand partners. NewAge can pay vendors and suppliers for goods and
services provided after the filing date on normal terms.
For additional information about the Company's Chapter 11 process,
including access to Court filings and other documents related to
the court-supervised process, please visit
cases.stretto.com/NewAge, the Company's case website administered
by Stretto, a third-party claims and noticing agent.
About NewAge, Inc.
NewAge Inc. (Nasdaq: NBEV) is a purpose-driven firm dedicated to
inspiring the planet to Live Healthy. The Utah-based Company
commercializes a portfolio of organic and healthy products
worldwide primarily through a direct-to-consumer (D2C) route to
market distribution system across more than 50 countries. The
company competes in three major category platforms including health
and wellness, inner and outer beauty, and nutritional performance
and weight management -- through a network of exclusive independent
Brand Partners, empowered with the leading social selling tools and
technology available worldwide. On the Web:
http://www.NewAgeGroup.com/
NewAge Inc. and certain of its subsidiaries, Ariix LLC, Morinda
Holdings, Inc., and Morinda, Inc., sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10819)
on August 30, 2022.
NewAge reported total assets of $310,902,000 against total
liabilities of $149,447,000 as of the bankruptcy filing.
The Debtors tapped GREENBERG TRAURIG, LLP as bankruptcy counsel and
SIERRACONSTELLATION PARTNERS LLC as financial advisor. HOULIHAN
LOKEY CAPITAL, INC., conducted the prepetition marketing process
for the Debtors. STRETTO is the claims agent.
NORTHERN ENERGY: Unsecureds Will Get 5% of Claims in Plan
---------------------------------------------------------
Northern Energy Solutions, LLC, filed with the U.S. Bankruptcy
Court for the District of New Jersey a Small Business Plan of
Reorganization dated September 1, 2022.
The Debtor operates an electrical installation, management and
maintenance business. Evangelo G. Petropoulos ("George") is the
sole member of the Debtor. The Debtor maintains its office and
warehouse at 79 4th Avenue, Hawthorne, New Jersey 07506.
Due to the Covid-19 pandemic, the Debtor's operations decreased
significantly starting in March of 2020. From approximately March
of 2020 through the summer of 2021, the Debtor operated at a
significantly reduced capacity and even thereafter, due to the
effects the Covid-19 pandemic has had on the US economy, business
has still not returned to pre-pandemic leves. The Debtor's gross
revenue fell by approximately $500,000.00 from 2019 to 2020.
Unfortunately, revenue for 2021 was almost identical to that of
2020, once again off the 2019 revenue figures by approximately
$500,000.00.
The Debtor proposes to pay the secured portion of the U.S. Small
Business Administration's claim of $100,871.83 over a 60 month
term, at 4.5% interest, in monthly installments of $1,880.56
commencing 30 days after the Effective Date of the Plan.
The Debtor proposes to pay the priority tax portion of the Internal
Revenue Service's claim of $12,667.60 over a 60 month term, in
monthly installments of $211.13 commencing 30 days after the
Effective Date of the Plan.
The Debtor proposes to assume its real property lease with the
landlord; all of its leases of warehouse equipment; and all
contracts for and office maintenance.
The Debtor proposes to treat all other allowed claims, including
the deficiency claims of the U.S. Small Business Administration
("SBA") and the Internal Revenue Service ("IRS"), as general
unsecured claims under Bankruptcy Code Sec. 506(a). The Debtors
propose to make sixty monthly payments of $312.00 for distribution
on account of allowed unsecured claims; the holders of such claims
will share in the fund pro rata.
Class 4 consists of All General Unsecured Claims in the amounts of
less than $20,000.00 (Convenience class under Bankruptcy Code sec.
1122(b). Debtors to make a single distribution to the holders of
such claims, in amounts equal to 10% of such claims. Distribution
will be made thirty days after the effective date of the Plan. This
Class will receive a distribution of $5,827.37.
Class 5 consists of All other General Unsecured Claims (including
deficiency claims of the Class 1 Creditor and allowed claims of
creditors holding security interests subordinate to the Class 1
Creditor). This Class shall receive a monthly payment of $346.00
for 60 months. This Class will receive a distribution of 5% of
their allowed claims. This Class is impaired.
Class 4 consists of Equity interest holder Evangelo G. Petropoulos.
Debtor will retain all equity interests in the Debtor.
The Debtor will fund the payments required by the plan by
contributing post-confirmation income realized through its
operations. The Debtor expects to have sufficient cash on hand to
make the payments required on the Effective Date.
A full-text copy of the Plan of Reorganization dated September 1,
2022, is available at https://bit.ly/3ATUerb from PacerMonitor.com
at no charge.
Attorneys for Debtor:
NORGAARD O'BOYLE & HANNON
Brian G. Hannon
bhannon@norgaardfirm.com
Jaclynn N. McDonnell
jmcdonnell@norgaardfirm.com
184 Grand Avenue
Englewood, NJ 07631
(201)871-1333
About Northern Energy Solutions
Northern Energy Solutions, LLC, operates an electrical
installation, management and maintenance business located at 79 4th
Avenue, Hawthorne, New Jersey 07506. Northern Energy Solutions does
not own the real property.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 22-14449) on June 3, 2022.
In the petition filed by Evangelo G. Petropoulos, owner and
president, the Debtor disclosed up to $100,000 in assets and up to
$1 million in liabilities.
Judge Stacey L. Meisel oversees the case.
Brian G. Hannon, Esq., at Norgaard, O'Boyle & Hannon, is the
Debtor's counsel.
O-I GLASS: S&P Upgrades ICR to 'BB-' on Continued Deleveraging
--------------------------------------------------------------
S&P Global Ratings raised the issuer credit rating to 'BB-' from
'B+' on Perrysburg, Ohio,-based glass bottle manufacturer O-I Glass
Inc. The outlook is stable.
S&P said, "At the same time, we raised the issue-level ratings on
O-I European Group's unsecured debt to 'BB-' from 'B+', and
Owens-Brockway's unsecured debt to 'B+' from 'B' in conjunction
with the issuer credit rating. The recovery ratings remain
unchanged at '3' and '5', respectively.
"The stable outlook reflects our expectation that O-I will maintain
leverage lower than 5x on an S&P Global Ratings adjusted basis. We
believe the company's restructuring and operational investments
will help limit impacts if a broader recession takes hold or
natural gas availability in the EU becomes significantly limited.
"O-I Glass has outperformed our expectation in the first half of
the year, and we expect adjusted debt to EBITDA will remain below
5x by the end of 2022. O-I has shown a degree of operational
consistency since the initial impacts from the COVID-19 pandemic.
We expect volumes will be up about 1% this year even as the
industry continues to experience a volatile operating environment,
including inflationary pressures across raw materials, labor,
energy, freight, and low inventory levels because of supply chain
issues. The company continues to push through higher selling prices
to offset cost inflation, and should continue to benefit from
efforts to improve pass-throughs on future contracts. We believe
revenues should grow in the low-double-digit percent area this
year. Though costs are rising, O-I began building stronger energy
capabilities into its operations before the pandemic, including
long-term energy contracts that are protecting it from volatile
energy markets. A better product mix in North America (including a
lower exposure to mega-beer)and generally tight inventory levels
will provide buffers should recessionary pressures take hold in
O-I's end markets.
"Operating cash flows, which we believe will exceed $750 million in
2022, and asset sales will help fund its capital allocation
priorities. The company's capital allocation includes up to $600
million in capital expenditure (capex) this year to fund its
revised growth plans. Due to supply chain issues, O-I has switched
its near-term development of MAGMA greenfield projects to focus on
legacy technology line additions and activation of idled furnaces.
The company believes these simpler projects, which they have ample
experience in executing, will create sufficient capacity to meet
growing demand in the near term. It will continue developing its
MAGMA technology, including a Generation 2 system in Bowling Green,
Ky., which will start mid-2024. Additionally, the company is
upgrading its assets to receive multiple fuel sources and diversify
relying solely on natural gas. The company says 20% of capacity in
the EU is already multi-fuel capable, and that number should
increase to 50% by the end of the year, which should ease issues
with natural gas curtailments stemming from lower imports from
Russia. Lastly, O-I is allocating cash to repay debt. This includes
$100 million toward its term loan that it used to fund its Paddock
524(g) trust (which it amended to extend the maturity to March 2027
from December 2023) and the redemption of $300 million of its
5.875% Owens-Brockway Glass Container notes due 2023.
"The stable outlook on O-I Glass reflects our expectation that
demand in its end markets will continue supporting higher selling
prices to offset cost inflation. Along with other cost initiatives,
it will also support EBITDA growth over the next 12 months and
maintain adjusted debt to EBITDA under 5x. This includes our
expectation the company will continue managing market volatility
through higher prices and other mechanisms to control costs, while
continuing to prudently manage cash flows despite its has high
investments for future growth. Additionally, we believe the company
will continue to execute actions to mitigate supply chain risks and
potential natural gas curtailments in the E.U.
"We could lower the rating if debt leverage remains well above
5.0x, which could occur if volume growth does not materialize as
the company expects, inflationary costs become unmanageable, if
energy availability becomes an issue due to the Russia-Ukraine
conflict, and/or if its expansion projects are delayed, pushing out
cash flows from expected new production lines.
"We could raise the rating if the company improves and sustains its
credit metrics, including a commitment maintain to debt leverage
lower than 4.0x. This would likely be a result of the company's
efforts to limit the impact of further inflationary pressures this
year while meeting its volume growth targets while successfully
implementing its expansion capital spending plans."
OLYMPIA SPORTS: Wins Interim Cash Collateral Access
---------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Pennsylvania
authorized Olympia Sports, Inc. to use cash collateral on an
interim basis in accordance with the budget.
The Debtor requires immediate authority to use cash collateral to
continue its business operations without interruption toward the
objective of formulating an effective plan of reorganization.
The U.S. Small Business Administration has a properly perfected
lien on the Debtor's property (including proceeds) at the
commencement of the case, including the Debtor's accounts,
inventory and other collateral which is or may result in cash
collateral.
The Debtor is permitted to use cash collateral for these purposes:
a. maintenance and preservation of its assets; and
b. the continued operation of its business, including but not
limited to payroll, payroll taxes, employee expenses, and insurance
costs.
The Court also authorized the Debtor to pay wages to current
employees in order to assure the ability to remain in business.
As adequate protection for the use of cash collateral, the SBA is
granted a replacement perfected security interest under Section
361(2) of the Bankruptcy Code to the extent the Secured Creditor's
cash collateral is used by the Debtor.
To the extent the adequate protection provided proves insufficient
to protect the SBA's interest in and to the cash collateral, the
Secured Creditor will have a superpriority administrative expense
claim, pursuant to Section 507(b) of the Bankruptcy Code, senior to
any and all claims against the Debtor under Section 507(a) of the
Bankruptcy Code.
The Debtor is also directed to make $731 in monthly payments to the
SBA. The payments are to be made the first of every month beginning
April 1.
The final hearing on the matter is scheduled for October 12, 2022,
at 12:30 p.m.
A copy of the order is available for free at https://bit.ly/3BgsUF0
from PacerMonitor.com.
About Olympia Sports, Inc.
Olympia Sports, Inc. owns and operates a shoes and clothing retail
store. Olympia Sports sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 22-10535) on March
2, 2022. In the petition signed by Jae Ko, president, the Debtor
disclosed $426,214 in assets and $1,001,666 in liabilities.
Judge Ashely M. Chan oversees the case.
Robert N. Braverman, Esq., at McDowell Law, PC is the Debtor's
counsel.
PEAK THEORY: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Peak Theory Inc.
3030 South 3380 East
Salt Lake City, UT 84109
Chapter 11 Petition Date: September 5, 2022
Court: United States Bankruptcy Court
District of Utah
Case No.: 22-23480
Judge: Hon. Joel T. Marker
Debtor's Counsel: Darren Neilson, Esq.
PARSONS BEHLE AND LATIMER
201 South Main Street Suite 1800
Salt Lake City, UT 84111
Tel: 801-536-6950
Email: dneilson@parsonsbehle.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Zac Park as 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/WVYBPKQ/Peak_Theory_Inc__utbke-22-23480__0001.0.pdf?mcid=tGE4TAMA
SUPERETTE INC: To Restructure Under CCAA Proceedings
----------------------------------------------------
Superette Inc, Superette Ontario Inc, 2659198 Ontario Inc., 2662133
Ontario Inc., 2662134 Ontario Inc., and 2662135 Ontario Inc.
("Superette Group") sought and obtained an initial order ("Initial
Order") from the Ontario Superior Court of Justice (Commercial
List) ("Court") pursuant to the Companies' Creditors Arrangement
Act ("CCAA").
Pursuant to the Initial Order, PricewaterhouseCoopers Inc., LIT was
appointed as monitor of the Companies ("Monitor"). In accordance
with section 23(1)(a) of the CCAA and paragraph 37 of the Initial
Order, a copy of the Initial Order is available on the Monitor's
website www.pwc.com/ca/superette.
During the CCAA Proceedings, Superette Group, with the assistance
of the Monitor, expects that it will continue to operate in the
normal course as it determines next steps and contemplates a path
forward to maximize value for the Companies and their
stakeholders.
Pursuant to the Initial Order, all proceedings against the
Companies, their directors and officers and the Monitor are stayed
and no such proceedings may be commenced or continued without leave
of the Court. The Stay of Proceedings prohibits any contractual
parties from ceasing to perform their contracts with the Companies
on account of the CCAA filing or there being any outstanding
amounts due as of the Filing Date.
In addition, except as provided for in the Initial Order, all
amounts owing by the Companies to their creditors for the period
prior to the Filing Date are stayed and cannot be paid at this
time.
If you have any questions in respect of the Companies' CCAA
Proceedings, please contact the Monitor at:
PricewaterhouseCoopers Inc., LIT,
Monitor of Superette Inc. et al.
PwC Tower
18 York Street, Suite 2600
Toronto ON M5J 0B2
Tel: +1 416-416-941-8383
Fax: +1 416-814-3219
Michael McTaggart
Tel: 416-687-8924
Email: Michael.mctaggart@pwc.com
Meagan Binder
Tel: 416-687-9293
Email: binder.t.meagan@pwc.com
Tammy Muradova
Email: tammy.muradova@pwc.com
Lawyers for Superette Group:
Cassels Brock & Blackwell LLP
Suite 2100, Scotia Plaza 40 King Street
West Toronto, ON M5H 3C2
Joseph Bellissimo
Tel: 416-860-6572
Email: jbellissimo@cassels.com
Monique Sassi LSO
Tel: 416-860-6886
Email: msassi@cassels.com
Superette Inc. -- https://superetteshop.com/ -- is a retailer of
premium cannabis brands operating in Ontario, Canada.
TALEN ENERGY: Commences Process to Solicit Bids for Go-Shop
-----------------------------------------------------------
Talen Energy Supply, LLC on Aug. 30 disclosed that it has commenced
a process to solicit bids and consider proposals for a sale of the
Company (the "Go-Shop"). The Go-Shop process follows the approval
of the Company's upsized $1.55 billion equity backstop commitment
letter ("BCL") by the U.S. Bankruptcy Court of the Southern
District of Texas. With the approval of the BCL, TES has secured
the equity capital required to drive the long-term success of the
Talen-Cumulus platform and complete the Company's plan of
reorganization by year-end.
TES is conducting the Go-Shop process in parallel with the ongoing
restructuring process to maximize value to TES should a superior
sale proposal emerge. The Go-Shop process commenced yesterday, led
by Evercore, TES' investment banker, and continues for a period of
92 days. As previously announced, the Restructuring Committee of
the Company's Board of Managers has received an unsolicited
proposal to purchase 100% of TES in an all-cash transaction.
The Go-Shop process and upsized BCL are part of an amended
restructuring support agreement ("RSA") reached with an ad hoc
group of TES' unsecured noteholders that holds over 80% of the
principal amount of the Company's unsecured notes (the "Consenting
Noteholders") and backstopped by certain of the Consenting
Noteholders (the "Backstop Parties"), as announced by TES on August
10th. The amendments to the initial RSA and BCL provide for an
additional $250 million of equity capital commitments ("Rights
Offering"), as well as other provisions that will advance TES'
transformative recapitalization process. The additional capital
commitments raise the upper limit of the Rights Offering from $1.65
billion to $1.9 billion and increase the Backstop Parties'
commitment from $1.3 billion to $1.55 billion.
TES Chief Executive Officer Alejandro "Alex" Hernandez said, "Today
marks a significant step forward in advancing the TES restructuring
and positioning the Talen-Cumulus platform for long-term value
creation. TES remains committed to maximizing value for the benefit
of all stakeholders, including our employees and the communities we
serve. With the assistance of Evercore, we will conduct a sale
process for TES and its attractive asset base as we advance our
strategic recapitalization in parallel. TES is at the epicenter of
key global trends, including benefiting from recent commodity
market cyclical strength, while anchoring our long-term future to
energy transition, decarbonization and digital infrastructure
growth."
Chief Financial Officer John Chesser added, "We appreciate the
willingness of the Consenting Noteholders and Backstop Parties to
upsize their equity investment in TES and provide the Company with
the opportunity to explore additional value-maximizing
opportunities. The amendments to the RSA and BCL enable TES to
continue making meaningful progress towards completion of our
strategic recapitalization by the end of the year. We also look
forward to reviewing proposals from the Go-Shop process in
partnership with Evercore over the next 92 days."
Additional Information
On May 9, 2022, TES and certain of its affiliates filed for chapter
11 protection in the U.S. Bankruptcy Court for the Southern
District of Texas. The cases are pending before the Honorable
Marvin Isgur and are jointly administered under Case No. 22-90054.
Talen Energy Corporation, Cumulus Growth subsidiaries, LMBE-MC
Holdco II LLC and its subsidiaries, and Talen Receivables Funding
are not part of the filing.
Court documents and other information are available on a website
hosted by TES' claims agent, Kroll, at
https://cases.ra.kroll.com/talenenergy. TES has also established a
call center for questions at 844-721-3899 if calling from within
the United States or Canada or 347-292-4080 if calling from outside
these areas. Creditor inquiries can also be directed to
talenenergyinfo@ra.kroll.com.
TES has retained Weil Gotshal & Manges LLP as its restructuring
legal advisor, Freshfields Bruckhaus Deringer LLP as its M&A legal
advisor, Evercore as its investment banker and Alvarez & Marsal as
its restructuring financial advisor. The Consenting Noteholders are
represented by Kirkland & Ellis LLP and Rothschild & Co US Inc.
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.
TRILOK FUSION: Case Summary & Four Unsecured Creditors
------------------------------------------------------
Debtor: Trilok Fusion Arts, Inc.
143 Waverly Avenue
Brooklyn, NY 11205
Business Description: Trilok Fusion is an art center in New York
City offering ballet, tap, jazz, hip-hop,
art, music, technology classes.
Chapter 11 Petition Date: September 6, 2022
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 22-42116
Judge: Hon. Jil Mazer-Marino
Debtor's Counsel: Clover Barrett, Esq.
CLOVER BARRETT AND ASSOCIATES PC
338 Atlantic Avenue Suite 201
Brooklyn, NY 11201
Tel: (718) 625-8568
Email: cbarrettpc@aol.com
Total Assets: $327,346
Total Liabilities: $1,161,000
The petition was signed by Sudha Seetharaman as executive
director.
A full-text copy of the petition containing, among other items, a
list of the Debtor's four unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/KTNRDAA/Trilok_Fusion_Arts_Inc__nyebke-22-42116__0001.0.pdf?mcid=tGE4TAMA
UNIQUE FABRICATING: Lender Talks Continue
-----------------------------------------
Unique Fabricating, Inc., continues to talk with lenders in pursuit
of a cure or waiver of financial covenant defaults and to amend its
credit agreement, the Company disclosed in a recent regulatory
filing with the Securities and Exchange Commission.
On July 14, 2022, the Company entered into the Ninth Amendment to
Forbearance Agreement, which extends the Forbearance Period from
July 14, 2022 to September 12, 2022. The Company said it intends
to use the latest extension of its Forbearance Agreement, provided
by the Ninth Amendment to continue those lender negotiations.
As of December 31, 2020 and March 31, 2021, the Company was in
violation of its financial covenants, as defined in the Company's
Credit Agreement. The Company entered into a forbearance agreement,
dated April 9, 2021, which allowed the Company to be able to borrow
on its revolving line of credit, subject to the terms and
conditions to making a revolving credit advance, including
availability, and the lenders agreed, subject to the terms of the
forbearance agreement, as amended, to forbear from enforcing their
rights or seeking to collect payment of the Company's debt or
disposing of the collateral securing the debt. As of September 30,
2021, the Company was also in violation of the required Minimum
Consolidated EBITDA covenant (as amended by the Second Amendment to
the Forbearance Agreement dated September 21, 2021).
On December 9, 2021, the Company entered into the Third Amendment
to Forbearance Agreement with respect to the Amended and Restated
Credit Agreement, as amended. The Lenders in the Third Amendment to
the Forbearance Agreement, among other things, agreed to forbear
with respect to the Minimum Consolidated EBITDA covenant violation
and to suspend the Minimum Consolidated EBITDA covenant during the
remainder of the forbearance period. The Third Amendment included a
new covenant that began on December 15, 2021, which is tested
weekly on a rolling basis and requires that the Company's actual
cumulative total cash disbursements for the period being tested not
exceed total cash disbursements projected by the Company for the
same period by more than 15% at any time during the forbearance
period. The Third Amendment also reduced the Revolving Credit
Aggregate Commitment from $27 million to $25 million.
As of December 31, 2021, the Company was in violation of the
required Minimum Liquidity covenant, as provided in the Second
Amendment to the Forbearance Agreement. As a result, on February 4,
2022, the Company entered into the Fourth Amendment to Forbearance
Agreement. The Lenders in the Fourth Amendment to the Forbearance
Agreement agreed to waive the Minimum Liquidity covenant
violation.
Between February 25, 2022, and June 13, 2022, the Company entered
into four forbearance agreement amendments, each of these
amendments extended the Forbearance Period. The Fifth Amendment to
Forbearance Agreement (entered into February 25, 2022) extended the
Forbearance Period from February 28, 2022 to March 11, 2022. The
Sixth Amendment to Forbearance Agreement (entered into March 11,
2022) extended the Forbearance Period from March 11, 2022 to May
30, 2022. The Seventh Amendment to Forbearance Agreement (entered
into May 26, 2022) extended the Forbearance Period from May 30,
2022 to June 13, 2022. The Eighth Amendment to Forbearance
Agreement (entered into June 13, 2022) extended the Forbearance
Period from June 13, 2022 to July 14, 2022.
"The defaults, if not waived by our lenders, allows the lenders to
accelerate the maturity of the debt, making it immediately due and
payable," the Company said in its Form 10-Q Report filed with the
Securities and Exchange Commission for the quarterly period ended
June 30, 2022.
"Accordingly, all debt subject to the Credit Agreement, currently
totaling $47.7 million, has been classified as current as of June
30, 2022. The Company does not have sufficient cash and cash
equivalents on hand or available liquidity to repay such debt or
meet its obligations thereunder as they become due through twelve
months from date of issuance of these condensed consolidated
financial statements. These conditions raise substantial doubt
about the Company's ability to continue as a going concern."
Credit Agreement
On November 8, 2018, Unique Fabricating NA, Inc. and Unique-Intasco
Canada, Inc. and Citizens Bank, National Association, acting as
lender and Administrative Agent, and other lenders, entered into an
Amended and Restated Credit Agreement, which amended and restated
the Original Credit Agreement entered into on April 29, 2016. The
Credit Agreement is a five-year agreement and provided for
borrowings up to an aggregate principal amount of $73.0 million.
The Credit Agreement, which is a senior secured credit facility
comprised of a revolving line of credit of up to $30.0 million to
the US Borrower, a $26.0 million principal amount term loan to the
US Borrower, a $12.0 million principal amount term loan to the CA
Borrower, and a two-year line to fund capital expenditures of up to
$2.5 million through November 8, 2019 and $5.0 million thereafter
through November 8, 2020 to the US Borrower. The Credit Agreement
has a maturity date for all borrowings of November 7, 2023.
The Credit Agreement, as amended, bore interest at the Company's
election of either (i) the greater of the Prime Rate or the Federal
Funds Effective Rate or (ii) the LIBOR rate, plus an applicable
margin ranging from 1.75% to 3.25% per annum in the case of the
Base Rate and 2.75% to 4.25% per annum in the case of the LIBOR
rate, in each case, based on senior leverage ratio thresholds,
measured quarterly, as increased by the Waiver and Fourth Amendment
to the Credit Agreement. The Seventh Amendment to the Credit
Agreement added a 1.0% LIBOR Floor and 2.0% Base Rate Floor.
"In response to these conditions, the Company is discussing with
its bank lenders entering into an amendment and waiver to cure the
covenant defaults. There is not any assurance that the lenders will
waive such non compliance or agree to an amendment to the current
provisions. Even if the lenders were to agree to waive the failures
to comply as of December 31, 2020, March 31, 2021, and September
30, 2021, there cannot be any assurance that, at any future date at
which compliance is measured, we will be able to comply with the
covenants contained in the Credit Agreement, as amended, given the
industry-wide and other challenges that we face . . . or that our
lenders would waive a default if that were to occur. Furthermore,
there can be no assurance that the Company will be able to enter
into an amendment or waiver with the lenders or if it enters into
an amendment, what the terms, restrictions, and covenants of the
amendment will contain. These plans have not been finalized and are
not within the Company's control, and therefore cannot be deemed
probable. As a result, the Company has concluded that management's
plans do not alleviate substantial doubt about the Company's
ability to continue as a going concern."
About Unique Fabricating
Unique Fabricating, Inc. engineers and manufactures components for
customers in the transportation, appliance, medical, and consumer /
off-road markets. The Company's solutions are comprised of
multi-material foam, rubber, and plastic components, and utilized
in noise, vibration and harshness management, acoustical
management, water and air sealing, decorative and other functional
applications. The Company leverages proprietary manufacturing
processes, including die cutting, thermoforming, compression
molding, fusion molding, and reaction injection molding to
manufacture a wide range of products, including air management
products, heating, ventilating, and air conditioning, seals, fender
stuffers, air ducts, acoustical insulation, door water shields, gas
tank pads, light gaskets, topper pads, mirror gaskets, glove box
liners, personal protection equipment, and packaging. The Company
operates as one reportable segment and is headquartered in Auburn
Hills, Michigan.
As of June 30, 2022, the Company had $95.5 million in total assets
against $75.5 million in total liabilities.
WALL018 LLC: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: WALL018, LLC
3926 Vista Woods Drive
Carrollton, TX 75007
Chapter 11 Petition Date: September 7, 2022
Court: United States Bankruptcy Court
Eastern District of Texas
Case No.: 22-41176
Debtor's Counsel: Eric A. Liepins, Esq.
ERIC A. LIEPINS
12770 Coit Road
Suite 850
Dallas, TX 75251
Tel: 972-991-5591
Fax: 972-991-5788
Email: eric@ealpc.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Tim Barton, president of Managing
Member.
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/XAXCYZI/WALL018LLC__txebke-22-41176__0001.0.pdf?mcid=tGE4TAMA
WALL019 LLC: Case Summary & 12 Unsecured Creditors
--------------------------------------------------
Debtor: WALL019, LLC
3926 Vista Woods Drive
Carrollton, TX 75007
Chapter 11 Petition Date: September 7, 2022
Court: United States Bankruptcy Court
Eastern District of Texas
Case No.: 22-41177
Debtor's Counsel: Eric A. Liepins, Esq.
ERIC A. LIEPINS
12770 Coit Road
Suite 850
Dallas, tX 75251
Tel: 972-991-5591
Fax: 972-991-5788
Email: eric@ealpc.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Tim Barton as president of managing
member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 12 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/XL2X4GY/WALL019LLC__txebke-22-41177__0001.0.pdf?mcid=tGE4TAMA
WATSONVILLE COMMUNITY: MPI Re-Leases Hospital to Pajaro Valley
--------------------------------------------------------------
Medical Properties Trust, Inc. on Sept. 7 disclosed that it has
successfully re-leased its Watsonville Community Hospital in
Watsonville, CA to Pajaro Valley Health Care District Corporation
("Pajaro") and has sold certain facilities to Prime Healthcare
("Prime") pursuant to a tenant purchase option.
In late August, Pajaro, a local not-for-profit organization
recently created with strong community and state government
financial support, acquired the operations of Watsonville Community
Hospital following a relatively short bankruptcy process. As part
of this transaction, MPT was repaid more than $30 million in
financing it provided to allow the hospital to remain open to host
tens of thousands of emergency department visits, admit thousands
of patients and facilitate thousands of surgeries since the default
of the original operator. The outcome of this transaction again
validates MPT's ability to underwrite hospitals with infrastructure
characteristics that are appealing to multiple competent
operators.
Also, in early September, MPT sold to Prime nine general acute
hospitals and two related medical office buildings in California,
Indiana, Nevada and Pennsylvania for net proceeds of roughly $360
million.
Proceeds from both of these transactions, as well as roughly $200
million of loan repayment proceeds expected as the result of
LifePoint Health's planned acquisition of a majority interest in
Springstone in the first half of 2023, will combine to provide MPT
approximately $600 million in near-term liquidity to reduce
leverage and execute select accretive acquisitions. Furthermore,
the impact of the Watsonville and Prime transactions is fully
considered in MPT's previously communicated per share estimates of
full-year 2022 net income and normalized funds from operations.
About Medical Properties Trust, Inc.
Medical Properties Trust, Inc. is a self-advised real estate
investment trust formed in 2003 to acquire and develop net-leased
hospital facilities. From its inception in Birmingham, Alabama, the
Company has grown to become one of the world's largest owners of
hospital real estate with roughly 435 facilities and 44,000 beds in
ten countries and across four continents. MPT's financing model
facilitates acquisitions and recapitalizations and allows operators
of hospitals to unlock the value of their real estate assets to
fund facility improvements, technology upgrades and other
investments in operations. For more information, please visit the
Company's website at www.medicalpropertiestrust.com.
About Watsonville Community Hospital
Watsonville Community Hospital (NYSE: MPW) --
https://watsonvillehospital.com/-- is your community healthcare
provider that offers a comprehensive portfolio of medical and
surgical services to the culturally diverse tri-county area along
California's Central Coast.
Watsonville Community Hospital sought Chapter 11 protection (Bankr.
N.D. Cal. Case No. 21-51477) on Dec. 5, 2021. The case is handled
by Honorable Judge Elaine Hammond.
The Debtor's attorneys are Debra Grassgreen, Maxim Litvak and
Steven Golden of Pachulski Stang Ziehl & Jones LLP. Force 10
Partners is the Debtor's financial advisor.
WINDSOR FALLS: Wins Interim Cash Collateral Access
--------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Jacksonville Division, authorized Windsor Falls Condominium
Association, Inc. to use cash collateral on an interim basis in
accordance with the budget.
The Debtor is prohibited on an interim basis from utilizing the
funds on deposit in all accounts denominated in its direct name, as
well as those held by its management company, Community Management
Concepts of Jacksonville, Inc, doing business as "Associa";
provided, however, that the Debtor may continue utilizing its
prepetition operating account, CIT Account 8161, to deposit
postpetition collections and to pay postpetition ordinary course
obligations, provided the balance in such account will not be
permitted to fall below $76,532.
To the extent the Debtor utilizes or utilized the cash collateral
of either Ansbacher or Truist, the creditors are granted, effective
as of the Petition Date valid and perfected, replacement security
interests in and liens on all property and accounts of the Debtor
to the same extent, and with the same priority, as the liens held
by Ansbacher and Truist as of the petition date. The Replacement
Liens will be valid and enforceable against any trustee appointed
in this Chapter 11 case or in any subsequent proceedings upon the
conversion of the Chapter 11 case to a case under Chapter 7 of the
Bankruptcy Code.
A further preliminary hearing on the matter is set for September 19
at 2 p.m.
A copy of the order is available at https://bit.ly/3KSHiGA from
PacerMonitor.com.
About Windsor Falls Condominium Association
Windsor Falls Condominium Association Inc. is the homeowner's
association for Windsor Falls Condominiums in Jacksonville,
Florida. It serves the needs of 384 homeowners.
Windsor Falls filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code on (Bankr. M.D. Fla. Case No.
22-01491) on July 27, 2022. In the petition filed by Ray Walz, as
president, the Debtor estimated assets between $1 million and $10
million and liabilities between $1 million and $10 million.
Robert Altman has been appointed as Subchapter V trustee.
Robert D Wilcox, Esq., at Wilcox Law Firm, is the Debtor's counsel.
[*] Epiq: Bankruptcy Filings Up 10% in August 2022
--------------------------------------------------
Bankruptcy filings in August 2022 across all chapters totaled
35,355, a 10% increase from the August 2021 total of 32,276,
according to new research released on Sept. 1 from Epiq's
Bankruptcy Analytics platform.
Overall commercial filings increased 6% in August 2022, as the
1,861 filings were up over the 1,753 commercial filings registered
in August 2021. Individual filings increased 10 % totaling 33,494
in August 2022 compared to the 30,523 filed in August of 2021.
Total filings, both commercial and individual, show a 15% increase
month-over-month compared to the July 2021 total of 30,854 filings.
August's commercial filings represent a 16% increase compared to
July's commercial filing total of 1,607, while August's individual
filings represent a 15% increase compared to July's individual
filing total of 29,247.
Notably, for the first time in months, all chapters registered a
month-over-month increase. Chapter 11 filings increased 81%,
totaling 466 filings in August 2022 compared to 257 registered in
July. Chapter 13 filings increased 15%, totaling 14,981 filings
compared to 12,992 registered in July. Chapter 7 filings increased
13%, totaling 19,884 compared to the 17,593 registered last month.
"New bankruptcy filings in August clearly show momentum in the
market," said Chris Kruse, senior vice president at Epiq
Bankruptcy. "Chapter 13 new filings continue the recent trend of
month-over-month growth, and for the first time since March, we
also see increases in new Chapter 7 filings in August. We expect
this trend to continue as the U.S. exits the summer and marches
toward the fourth quarter."
From a commercial Chapter 11 perspective, filings continue to trend
up. August's Chapter 11 filings totaling 466 increased 81% from the
257 registered in July 2022. Small business filings, captured as
subchapter V elections within Chapter 11, increased 41% to 140 in
August 2022 from 99 in August 2021. Similarly, August's commercial
Chapter 11 filings were up 91% over the 212 filings in July 2022.
The commercial filing total represented a
16% increase from the July 2022 commercial filing total of 1,607.
Subchapter V elections within Chapter 11 increased 42 % from the 85
filed in July 2022.
"Financially distressed households and companies are experiencing
expanding debt loads amid rising interest rates, inflation, and
supply chain concerns," said ABI Executive Director Amy
Quackenboss. "Though still at historically low numbers, the
increase in bankruptcy filings in August points to more families
and businesses looking for a path to alleviate mounting financial
challenges."
ABI has partnered with Epiq Bankruptcy to provide the most current
bankruptcy filing data for analysts, researchers, and members of
the news media. Epiq Bankruptcy is the leading provider of data,
technology, and services for companies operating in the business of
bankruptcy. Its new Bankruptcy Analytics subscription service
provides on-demand access to the industry's most dynamic bankruptcy
data, updated daily. Learn more at
https://bankruptcy.epiqglobal.com/analytics.
About Epiq Bankruptcy
Epiq Bankruptcy is a division of Epiq, a global technology-enabled
services leader to the legal services industry and corporations
that takes on large-scale, increasingly complex tasks for corporate
counsel, law firms, and business professionals with efficiency,
clarity, and confidence. Clients rely on Epiq to streamline the
administration of business operations, class action and mass tort,
court reporting, eDiscovery, regulatory, compliance, restructuring,
and bankruptcy matters. Epiq subject-matter experts and
technologies create efficiency through expertise and deliver
confidence to high-performing clients around the world. Learn more
at https://www.epiqglobal.com.
About ABI
ABI is the largest multi-disciplinary, nonpartisan organization
dedicated to research and education on matters related to
insolvency. ABI was founded in 1982 to provide Congress and the
public with unbiased analysis of bankruptcy issues. The ABI
membership includes nearly 10,000 attorneys, accountants, bankers,
judges, professors, lenders, turnaround specialists and other
bankruptcy professionals, providing a forum for the exchange of
ideas and information. For additional information on ABI, visit
www.abi.org. For additional conference information, visit
http://www.abi.org/calendar-of-events
[*] Former King & Spalding Restructuring Head Lands at Cadwalader
-----------------------------------------------------------------
Mike Rupe has joined Cadwalader, Wickersham & Taft LLP as a partner
and Head of Special Situations and Reorganizations, resident in the
New York office.
"We are thrilled to welcome Mike to our firm," said Cadwalader
managing partner Pat Quinn. "Mike's expertise and reputation both
in financial restructuring and private credit make him the ideal
leader of our growing special situations practice, fitting squarely
into our strategic growth plan."
Rupe advises financial institutions in all aspects of in- and
out-of-court workout, restructuring and reorganization matters,
with an emphasis on advising ad hoc lender groups. Rupe last
practiced at King & Spalding LLP, where he served as Head of
Financial Restructuring.
"Mike has extensive experience working with, and unique knowledge
of, private credit and other alternative lenders -- the dominant
constituency in significant restructurings," said Greg Petrick,
chair of Cadwalader's Financial Restructuring Group and a member of
the firm's Management Committee. "Adding Mike to our team positions
Cadwalader to assist this important and growing constituency in the
most complicated restructurings. We're delighted to have Mike join
us and our creditor-focused practice."
Rupe has represented creditor groups in a number of high-profile
chapter 11 cases and out-of-court restructurings, including those
of CEC Entertainment, APC Automotive Technologies, Fairway Group
Holdings, Gymboree Group and Payless Holdings, among others. Among
his career highlights, Rupe led the team representing a cross-over
lender group in the chapter 11 cases of Nine West Holdings, for
which he was recognized by IFLR1000 as a finalist for "Lawyer of
the Year: Restructuring and Insolvency."
"I could not be more excited to join Cadwalader and for the
opportunity to help continue to grow the firm's restructuring
practice as well as the firm's private credit practice," Rupe said.
"Cadwalader's reputation as a premier finance firm, its culture of
excellence, and the depth and breadth of its practices make the
firm exceptionally well-positioned to successfully guide clients
through periods of market disruption."
Rupe's arrival follows the recent expansion of the firm's private
credit and special situations capabilities through the addition of
partners Bevis Metcalfe and Matthew Smith in London. In the last 12
months, Cadwalader has also added partners Angela Batterson
(Finance), Jon Brose (Tax), Kiran Kadekar (Corporate) and Helen
Maher (Global Litigation) in New York and partners Michael Bergmann
(Corporate), Peter Malyshev (Financial Services) and Mercedes
Tunstall (Financial Services) in Washington, D.C.
Mike's representative experience includes:
* Represented an ad hoc group of first-lien term loan lenders in
the Chapter 11 cases of Payless Holdings LLC and its affiliated
debtors filed in the Eastern District of Missouri.
* Represented an ad hoc group of first-lien term loan lenders in
the Chapter 11 case of APC Automotive Technologies Intermediate
Holdings LLC, one of the largest North American aftermarket
suppliers of undercar replacement parts.
* Represented an ad hoc group of first-lien term loan lenders in
connection with the out-of-court restructuring of Totes Isotoner
Corporation, a leading designer, distributor and marketer of
high-quality rain gear in North America, France and the United
Kingdom.
* Represented a cross-over secured and unsecured term loan
lender group in the Chapter 11 cases of Nine West Holdings, Inc.
and its affiliated debtors filed in the Southern District of New
York. This matter garnered the following recognition for the
IFLR1000 US 2020 Awards: finalist for Lawyer of the Year –
Restructuring & Insolvency, Team of the Year – Restructuring &
Insolvency and Deal of the Year – Restructuring & Insolvency.
* Represented an ad hoc group of first-lien term loan lenders in
the prepackaged Chapter 11 cases of Joerns Healthcare, LLC, and its
affiliated debtors filed in the District of Delaware, recognized as
the 2019 Healthcare/Life Sciences Deal of the Year by The M&A
Advisor.
* Represented an ad hoc group of first-lien term loan lenders,
in the prepackaged Chapter 11 cases of Fairway Group Holdings Corp.
and its subsidiaries filed in the Southern District of New York.
Fairway's Chapter 11 has been recognized as the 2017 Consumer
Staples Deal of the Year (Over $100 Million) by The M&A Advisor and
the 2017 Turnaround Atlas Award for Pre-Pack Restructuring of the
Year (Under $1 Billion) by Global M&A Network.
* Represented an ad hoc group of first-lien term loan lenders in
connection with the restructuring of a leading provider of dental
facilities, support staff and business services to
multidisciplinary dental group practices throughout the United
States.
* Represented an ad hoc group of first-lien term loan lenders in
connection with the restructuring of a provider of design services,
equipment and supplies to the foodservice industry.
* Represented an ad hoc group of first-lien term loan lenders in
connection with the restructuring of a leading designer,
manufacturer and marketer of licensed apparel.
* Represented an ad hoc group of noteholders in the Chapter 11
case of CEC Entertainment (Chuck E. Cheese), a chain of American
restaurants and entertainment centers.
* Represented an ad hoc group of first-lien term loan lenders in
connection with the restructuring of a car rental company.
* Represented the senior lender in the Chapter 11 cases (and DIP
facility and successful credit bid for substantially all of the
debtor's assets) of CraftWorks Holdings, LLC and its subsidiaries,
a multi-brand casual dining restaurant chain operator.
* Represented the agent and term loan lender in connection with
the chapter 11 cases of Hollander Sleep Products, Inc., one of the
country's largest suppliers of pillows, mattress pads and other
bedding products to the retail industry.
* Represented an ad hoc group of first-lien term loan lenders in
connection with the out-of-court restructuring of MoneyGram
International, Inc., a global leader in cross-border P2P payments
and money transfers for individuals and businesses.
* Represented an ad hoc group of first-lien term loan lenders in
connection with an out-of-court transaction for Life Verdesian
Sciences, LLC, a developer and producer of nutrient management and
efficiency technologies for agricultural industries.
* Represented the sole term loan lender and DIP lender, in
connection with the Chapter 11 cases of Gymboree Group, Inc. and
its affiliated debtors filed in the Eastern District of Virginia.
* Represented an ad hoc group of first-lien term loan lenders in
the Chapter 11 cases of Charlotte Russe, Inc. and its affiliated
debtors in the Chapter 11 cases filed in the District of Delaware.
* Represented an ad hoc group of first-lien term loan lenders in
connection with an out-of-court transaction for Vince, LLC.
* Represented the largest lender in the Chapter 11 cases of
Roadhouse Holding Inc. (a/k/a Logan's Roadhouse) and its affiliated
debtors filed in the District of Delaware.
Mr. Rupe can be reached at:
Michael "Mike" C. Rupe
Partner – New York
CADWALADER, WICKERSHAM & TAFT
200 Liberty Street
New York, NY 10281 V-CARD
Tel: +1 212 504 6171
E-mail: michael.rupe@cwt.com
About Cadwalader, Wickersham & Taft
Cadwalader, Wickersham & Taft LLP, established 230 years ago,
serves a diverse client base, including many of the world's leading
financial institutions, corporations and funds. With offices in New
York, London, Charlotte, Washington and Dublin, Cadwalader offers
legal expertise in antitrust, banking, corporate finance, corporate
governance, executive compensation, financial restructuring, health
care, intellectual property, litigation, mergers and acquisitions,
private equity, private wealth, real estate, financial regulation,
securitization, structured finance, tax and white-collar defense.
On the Web: http://www.cadwalader.com/
[*] Four Musick Peeler Partners Named Best Lawyers in America
-------------------------------------------------------------
Musick, Peeler & Garrett LLP on Sept. 7 disclosed that Partners
Steven Casselberry, James Hassan, J. Robert Liset, and Brian Holman
are recognized in the 2023 edition of Best Lawyers in America. Best
Lawyer awards are compiled by conducting exhaustive peer-review
surveys in which tens of thousands of leading lawyers
confidentially evaluate their professional peers and honor only the
top 5.3% of elite lawyers in the nation across 150 practice areas.
A multi-faceted attorney, Casselberry, who is a Partner in the
firm's Orange County office, combines his extensive deal making
talents with litigation experience to counsel clients in the
financial services, real estate and title insurance industries.
He's often recruited by creditors to resolve complex disputes,
recovering millions from borrowers or other debtors that would have
otherwise been withheld indefinitely. Casselberry regularly
represents financial institutions ranging in size from community
banks to regional and national institutions. He also commonly
assists mortgage bankers, brokers, lenders and investors with
mitigation, litigation, bankruptcy, foreclosure, and loan and fraud
investigation matters as well as business venture formations,
problem loan workouts and acquisition of loans in bulk.
Mr. Hassan is a partner in the firm's Los Angeles office and the
Chair of the Tax and Trusts and Estates practice groups. Mr.
Hassan specializes in taxation, probate and estate planning
matters. Mr. Hassan is also a member of the State Bar of
California, Los Angeles County Bar Association, American Bar
Association, California Society for Certified Public Accountants,
and the American Institute of Certified Public Accountants.
Mr. Liset is a Partner with the Healthcare Practice Group in the
firm's Los Angeles office. His primary practice is in the areas of
medical staff, administrative litigation, litigation, fraud and
abuse, corporate compliance (including HIPAA), licensing, EMTALA
investigations, Medicare decertification and bioethics. Over the
past couple of years, he has broadened his healthcare/litigation
practice and has had excellent results in Federal and state court
cases involving the California anti-SLAPP statute (Code of Civil
Procedure, Section 425.6), RICO (Racketeer Influenced and Corrupt
Organizations), a multi-million dollar hospital claims dispute
arbitration against a health maintenance organization and
represented UCI Medical Center in the liver organ transplant
scandal. For over ten years, Mr. Liset has represented all the
private trauma centers in their trauma contract negotiations with
the County of Los Angeles.
Mr. Holman is a Partner in the firm's Los Angeles office. He
advises and represents educational institutions and other parties
in facility and working capital financing transactions and on
general corporate and operations matters -- totaling over $1,75
billion in financing. Holman also represents financial institutions
and other parties in bankruptcy proceedings, out-of-court workouts,
commercial litigation and lending transactions. He has particular
experience in business bankruptcy cases where he has represented
secured and unsecured creditors, indenture trustees, foreign
representatives, creditors' committees, debtors and other parties
in interest.
About Musick Peeler
Founded in 1954, MusickPeeler -- http://www.MusickPeeler.com/--
has offices in five major commercial centers across California with
over 100 attorneys practicing in 16 disciplines.
[*] Mulligan Joins Greenspoon Marder's Corp & Business Practice
---------------------------------------------------------------
Am Law 200 law firm Greenspoon Marder on Aug. 30 announced the
expansion of the firm's Corporate & Business practice group with
the addition of partner Howard Mulligan in New York. Mr. Mulligan
brings a great deal of experience focusing his practice on the
intersecting disciplines of corporate law, mergers and
acquisitions, structured finance, fund formation, commercial real
estate, securities law, capital markets and business
restructurings.
"Howard's multifaceted practice further solidifies our
distinguished Corporate team, and his experience in the cannabis,
cryptocurrency, and blockchain space complements existing areas of
the firm," says Gerald Greenspoon, co-managing director at
Greenspoon Marder. "We are excited to welcome such a high-caliber
partner in Howard, and are confident that his extensive knowledge
in capital market transactions, restructurings, and fund formation
will elevate our current capabilities," says Michael Marder,
co-managing director at Greenspoon Marder.
"I am very excited about joining Greenspoon Marder and being part
of its collaborative and supportive workplace culture. I believe
that the firm's unique platform will be ideal to service my
existing clients and expand the parameters of my practice," says
Mr. Mulligan.
Mr. Mulligan has worked on a wide range of capital market
transactions relating to public offerings, private placements,
securitizations involving numerous asset classes, derivative
transactions, business restructurings, purchases of assets from
bankruptcy estates and more. He has been involved with acquisitions
and dispositions of cannabis and hemp related assets, equipment
lease portfolios and structured products, purchases and sales of
commercial real estate, including "B" notes and mezzanine loans, as
well as restructurings of synthetic transactions.
About Greenspoon Marder
Greenspoon Marder LLP -- http://www.gmlaw.com/-- is a full-service
law firm with over 200 attorneys and more than 20 office locations
across the United States. With operations from Miami to New York
and from Denver to Los Angeles, its firm attracts some of the
nation's top talent in key markets and innovation hubs. The firm's
core practice areas include Real Estate, Litigation, and
Transactional Services, complemented by the capabilities of a
full-service firm. Greenspoon Marder has upheld a spot on The
American Lawyer's Am Law 200 as one of the top law firms in the
U.S. since 2015, and its goal is to provide exceptional client
service by developing a thorough understanding of each client's
business needs and objectives in order to provide strategic,
cost-effective solutions.
[*] New Hampshire Bankruptcy Filings Remain Low in August 2022
--------------------------------------------------------------
Bob Sanders of NH Business Review reports that New Hampshire
bankruptcy filings remain at near-record low levels in August 2022.
But will inflation pressures put an end to trend?
Bankruptcy filings in New Hampshire appear to have plateaued during
the summer after falling to record lows during the pandemic. The
question is whether this is a temporary pause, or whether they will
start climbing again.
The summer brought high inflation, particularly when it comes to
the price of necessities that could drive people over the edge. On
the other hand, the unemployment rate remains at a record low 2
percent, and wages are going up (by 4.2 percent in July 2022),
though not as much as inflation (7.3 percent in July 2022).
There were some 62 bankruptcy filings in August – nine more than
in July, 10 more than June and two fewer than were filed in August
2021.
The state is still on track for a record low year. Year-to-date,
filings are averaging 53 a month. Last 2021, the average was 61. To
put it in perspective, there were some 447 bankruptcy filings in
August 2009 in the midst of the Great Recession. The average
monthly filing that year was 427.
[*] Polsinelli-TrBK: Distressed Filings Remain Low in Q2
--------------------------------------------------------
Although general distress remains low compared to prior years,
there are emerging signs that filings are starting to pick up, as
detailed in the newest Polsinelli-TrBK Distress Indices Report.
"We have yet to see the effects of the economic issues we are
facing, as they don't take effect immediately. People need time to
find solutions to inflation and rising interest rates, and those
solutions may involve filing for bankruptcy. We anticipate that the
bankruptcy filing numbers will continue to increase, especially in
the real estate industry, as we finish 2022," said Polsinelli
Shareholder Jeremy Johnson, a bankruptcy and restructuring attorney
and co-author of the report.
The Polsinelli-TrBK Distress Indices are the backbone of a
quarterly research report series that uses Chapter 11 filing data
-- bankruptcies with more than $1 million in assets -- as a proxy
for measuring financial distress in the overall U.S. economy and
breakdowns of distress specifically in the real estate and health
care services sectors. It is the only current measurement that
tracks both Main Street and Wall Street statistics.
Other significant updates in the report include:
* The Chapter 11 Distress Research Index was 29.75 for the
second quarter of 2022. The Chapter 11 Index decreased less than
one point since the last quarter. Compared with the same period one
year ago, the Index has decreased over 36 points and compared with
the benchmark period of the fourth quarter of 2010, it is down over
70 points.
* The Real Estate Distress Research Index was 19.98 for the
second quarter of 2022. The Real Estate Index increased less than
one point since the last quarter. Compared with the same period one
year ago, the Index has decreased over two points and compared with
the benchmark period of the fourth quarter of 2010, it is down over
80 points.
* The Health Care Services Distress Research Index was 213.33
for the second quarter of 2022. The Health Care Index decreased
over eight points since the last quarter. Compared with the same
period one year ago, the Index has increased 150 points and
compared with the benchmark period of the fourth quarter of 2010,
it is up over 113 points. After a few quarters during the pandemic
with low filing numbers, distress in health care has returned to
close to pre-pandemic levels.
The Polsinelli-TrBK Distress Indices track the increase or decrease
in all Chapter 11 filings with more than $1 million in assets since
the fourth quarter of 2010. Unlike the public markets, the
Polsinelli-TrBK Distress Indices include both public and private
companies, creating a broader economic view and one that may show
developing trends on Main Street before they appear on Wall
Street.
To access the full report, graphs and all past analyses, visit
www.distressindex.com.
About Polsinelli
Polsinelli is an Am Law 100 firm with 950 attorneys in 23 offices
nationwide. Recognized by legal research firm BTI Consulting as one
of the top firms for excellent client service and client
relationships, the firm's attorneys provide value through practical
legal counsel infused with business insight, and focus on health
care, financial services, real estate, intellectual property,
middle-market corporate, labor and employment and business
litigation. Polsinelli PC, Polsinelli LLP in California.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Hidden Acres Healthcare LLC
Bankr. M.D. Tenn. Case No. 22-02780
Chapter 11 Petition filed August 30, 2022
See
https://www.pacermonitor.com/view/ZIV5RMQ/Hidden_Acres_Healthcare_LLC__tnmbke-22-02780__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert Gonzales, Esq.
EMERGELAW, PLC
E-mail: robert@emerge.law
In re Trousdale Property Holdings, LLC
Bankr. M.D. Tenn. Case No. 22-02781
Chapter 11 Petition filed August 30, 2022
See
https://www.pacermonitor.com/view/Y7LBYGQ/Trousdale_Property_Holdings_LLC__tnmbke-22-02781__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert Gonzales, Esq.
EMERGELAW, PLC
E-mail: robert@emerge.law
In re Madisonville Real Estate Investors, LLC
Bankr. M.D. Tenn. Case No. 22-02783
Chapter 11 Petition filed August 30, 2022
See
https://www.pacermonitor.com/view/3NCBDXI/Madisonville_Real_Estate_Investors__tnmbke-22-02783__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert Gonzales, Esq.
EMERGELAW, PLC
E-mail: robert@emerge.law
In re BF Chinatown LLC
Bankr. E.D. Va. Case No. 22-11143
Chapter 11 Petition filed August 30, 2022
See
https://www.pacermonitor.com/view/LY7MJWI/BF_Chinatown_LLC__vaebke-22-11143__0001.0.pdf?mcid=tGE4TAMA
represented by: John P. Forest, II, Esq.
LAW OFFICE OF JOHN P. FOREST, II
E-mail: j.forest@stahlzelloe.com
In re Edwin Minassian
Bankr. C.D. Cal. Case No. 22-14801
Chapter 11 Petition filed August 31, 2022
represented by: Onyinye Anyama, Esq.
In re RSBR, INC.
Bankr. N.D. Cal. Case No. 22-40857
Chapter 11 Petition filed August 31, 2022
See
https://www.pacermonitor.com/view/CI424SY/RSBR_INC__canbke-22-40857__0001.0.pdf?mcid=tGE4TAMA
represented by: David C. Johnston, Esq.
DAVID C. JOHNSTON
E-mail: david@johnstonbusinesslaw.com
In re Da Lugo Investment LLC
Bankr. M.D. Fla. Case No. 22-03542
Chapter 11 Petition filed August 31, 2022
See
https://www.pacermonitor.com/view/J6MYIAI/DA_LUGO_INVESTMENT_LLC__flmbke-22-03542__0001.0.pdf?mcid=tGE4TAMA
represented by: Buddy D. Ford, Esq.
BUDDY D. FORD, P.A.
E-mail: All@tampaesq.com
In re Sitek Productions, Inc.
Bankr. M.D. Fla. Case No. 22-03141
Chapter 11 Petition filed August 31, 2022
See
https://www.pacermonitor.com/view/27MKFCA/Sitek_Productions_Inc__flmbke-22-03141__0001.0.pdf?mcid=tGE4TAMA
represented by: Edward J. Peterson, Esq.
STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
E-mail: epeterson@srbp.com
In re Sitek Logistics, Inc.
Bankr. M.D. Fla. Case No. 22-03142
Chapter 11 Petition filed August 31, 2022
See
https://www.pacermonitor.com/view/3WVF4YI/Sitek_Logistics_Inc__flmbke-22-03142__0001.0.pdf?mcid=tGE4TAMA
represented by: Edward J. Peterson, Esq.
STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
E-mail: epeterson@srbp.com
In re Carmen Monica Robles
Bankr. D. Nev. Case No. 22-13138
Chapter 11 Petition filed August 31, 2022
represented by: Zachariah Larson, Esq.
In re Sheila Marie Chesney
Bankr. W.D.N.C. Case No. 22-40109
Chapter 11 Petition filed August 31, 2022
represented by: Richard Wright, Esq.
In re Samuel O. Aguocha
Bankr. S.D. Tex. Case No. 22-32523
Chapter 11 Petition filed August 31, 2022
represented by: Samuel Milledge, Esq.
In re Karyn Anne Silver
Bankr. C.D. Cal. Case No. 22-14832
Chapter 11 Petition filed September 1, 2022
represented by: Stella Havkin, Esq.
In re Falcone Enterprises, Inc.
Bankr. S.D. Fla. Case No. 22-16878
Chapter 11 Petition filed September 1, 2022
See
https://www.pacermonitor.com/view/E5LENWY/Falcone_Enterprises_Inc__flsbke-22-16878__0001.0.pdf?mcid=tGE4TAMA
represented by: Susan D. Lasky, Esq.
SUE LASKY, PA
E-mail: Jessica@SueLasky.com
In re Body Tek Fitness, Inc.
Bankr. S.D. Fla. Case No. 22-16881
Chapter 11 Petition filed September 1, 2022
See
https://www.pacermonitor.com/view/GRIHTOA/Body_Tek_Fitness_Inc__flsbke-22-16881__0001.0.pdf?mcid=tGE4TAMA
represented by: Susan D Lasky, Esq.
SUE LASKY, PA
E-mail: Jessica@SueLasky.com
In re Secure America, LLC
Bankr. N.D. Ga. Case No. 22-56922
Chapter 11 Petition filed September 1, 2022
Case Opened
In re John M. Reynolds
Bankr. D.N.J. Case No. 22-16965
Chapter 11 Petition filed September 1, 2022
represented by: Daniel Straffi, Esq.
In re Albert Abraham Benarroch
Bankr. E.D.N.Y. Case No. 22-42081
Chapter 11 Petition filed September 1, 2022
represented by: Rachel Blumenfeld, Esq.
In re Pouriya Peter Mozaffary
Bankr. N.D. Cal. Case No. 22-40865
Chapter 11 Petition filed September 2, 2022
represented by: Joseph Angelo, Esq.
In re HDIP, Inc.
Bankr. M.D. Fla. Case No. 22-03610
Chapter 11 Petition filed September 2, 2022
See
https://www.pacermonitor.com/view/YSTOL7A/HDIP_Inc__flmbke-22-03610__0001.0.pdf?mcid=tGE4TAMA
represented by: Amy Denton Mayer, Esq.
STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
E-mail: amayer@srbp.com
In re Glenn Thomas LeBlanc and Donna Rae LeBlanc
Bankr. E.D. La. Case No. 22-11005
Chapter 11 Petition filed September 2, 2022
represented by: Robin DeLeo, Esq.
In re Newton Construction LLC
Bankr. D. Nev. Case No. 22-13186
Chapter 11 Petition filed September 2, 2022
See
https://www.pacermonitor.com/view/B4VS2OI/NEWTON_CONSTRUCTION_LLC__nvbke-22-13186__0001.0.pdf?mcid=tGE4TAMA
represented by: Corey B. Beck, Esq.
COREY B. BECK, ESQ.
E-mail: becksbk@yahoo.com
In re HyperFusion, LLC
Bankr. W.D. Tex. Case No. 22-10569
Chapter 11 Petition filed September 2, 2022
See
https://www.pacermonitor.com/view/3GZ2M7A/HyperFusion_LLC__txwbke-22-10569__0001.0.pdf?mcid=tGE4TAMA
represented by: Stephen W Sather, Esq.
BARRON & NEWBURGER, P.C.
E-mail: ssather@bn-lawyers.com
In re Jorgaby Investments, LLC
Bankr. S.D. Tex. Case No. 22-32611
Chapter 11 Petition filed September 5, 2022
See
https://www.pacermonitor.com/view/K3NZMEQ/Jorgaby_Investments_LLC__txsbke-22-32611__0001.0.pdf?mcid=tGE4TAMA
represented by: Donald Wyatt, Esq.
ATTORNEY DONALD WYATT PC
E-mail: don.wyatt@wyattpc.com
In re Inner City Builders and Developers, LLC
Bankr. S.D. Tex. Case No. 22-32616
Chapter 11 Petition filed September 5, 2022
See
https://www.pacermonitor.com/view/JFNP5NI/Inner_City_Builders_and_Developers__txsbke-22-32616__0001.0.pdf?mcid=tGE4TAMA
represented by: James Q. Pope, Esq.
THE POPE LAW FIRM
E-mail: jamesp@thepopelawfirm.com
In re Valram International, LLC
Bankr. S.D. Tex. Case No. 22-10126
Chapter 11 Petition filed September 5, 2022
See
https://www.pacermonitor.com/view/KFXW56A/Valram_International_LLC__txsbke-22-10126__0001.0.pdf?mcid=tGE4TAMA
represented by: Donald Wyatt, Esq.
ATTORNEY DONALD WYATT PC
E-mail: don.wyatt@wyattpc.com
In re Enrique Valenzuela, Jr. and Marisela Valenzuela
Bankr. S.D. Tex. Case No. 22-10127
Chapter 11 Petition filed September 5, 2022
represented by: Donald Wyatt, Esq.
In re Shiela Pullen
Bankr. S.D. Tex. Case No. 22-32618
Chapter 11 Petition filed September 5, 2022
represented by: Jack Fuerst, Esq.
In re Nova Enterprise, LLC
Bankr. E.D. Va. Case No. 22-11166
Chapter 11 Petition filed September 5, 2022
See
https://www.pacermonitor.com/view/F6IATFI/Nova_Enterprise_LLC__vaebke-22-11166__0001.0.pdf?mcid=tGE4TAMA
represented by: Jonathan B. Vivona, Esq.
VIVONA PANDURANGI, PLC
E-mail: jvivona@vpbklaw.com
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
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Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
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than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
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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
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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
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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.
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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.
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