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/raid1/www/Hosts/bankrupt/TCR_Public/220915.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 15, 2022, Vol. 26, No. 257 Headlines 1734 CENTENNIAL: Files for Chapter 11 to Sell Warehouse 175 SPRING STREET: Case Summary & Largest Unsecured Creditors 201 ORANGE GROVE: Bissell House Files for Chapter 11 Bankruptcy 3 KINGS CONSTRUCTION: Files Chapter 11 Case 5 STAR PROPERTY: Lender Seeks to Prohibit Cash Collateral Access A AND N DIAMOND: Case Summary & 13 Unsecured Creditors AG FOODS: Gets Approval to Hire Allen Barnes as Legal Counsel ARCHDIOCESE OF NEW ORLEANS: To Stop Payments to Accused Priests ARTERRA WINES: S&P Alters Outlook to Negative, Affirms 'B' ICR ATLANTA INVESTARS: Lender Seeks to Prohibit Cash Collateral Access BAY AREA DEVELOPMENT: Case Summary & One Unsecured Creditor BIONIK LABORATORIES: Acquires Florida Rehabilitation Center BIONIK LABORATORIES: Borrows $250K From GD Holding BIONIK LABORATORIES: Unit Buys Business Assets of Dearman for $215K BITNILE HOLDINGS: Unit Buys 1,325 Additional S19j Pro Antminers BRAVO MULTINATIONAL: Dissolves Business Advisory Board BULLSTRAP LLC: Gets OK to Hire Lorium Law as Bankruptcy Counsel CATSKILL CASE: Seeks to Hire Gregory Messer as Bankruptcy Counsel CHAZAR 410: Trustee Seeks to Hire Hilco Real Estate as Broker CHRISTIAN CARE: No Patient Care Concern, Initial PCO Report Says CLEANSPARK INC: Buys 10K More Latest Generation Mining Machines CUSTOM ALLOY: Public Sale Auction Set for Sept. 22 EXPRESS GRAIN: Seeks to Hire Craig M. Geno as Special Counsel FAIRPORT BAPTIST: No Patient Care Concern, 2nd PCO Report Says FINCO I: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable FLIPPERATI LLC: Lender Seeks to Prohibit Cash Collateral Access FUELCELL ENERGY: Incurs $29 Million Net Loss in Third Quarter FULL CIRCLE: Files Emergency Bid to Use Cash Collateral GAMESTOP CORP: Incurs $108.7 Million Net Loss in Second Quarter GETTY IMAGES: S&P Upgrades ICR to 'B+', Outlook Positive HOPE TRUCKER: Seeks to Hire Frank J. Giarratano as Accountant HOSPITALITY WOODWORKS: Unsecureds to Recover 39% to 62% in Plan IMPACT ENERGY: Case Summary & 10 Unsecured Creditors INGEVITY CORP: Fithc Affirms 'BB' Long-Term IDR, Outlook Stable INTERPACE BIOSCIENCES: Sells Pharma Services Business for $7M JAF 27 LLC: Files for Chapter 11; UST Seeks Dismissal JOHN V. GALLY: Gets OK to Hire Engelman Berger as Legal Counsel KEYSTONE GAS: Case Summary & 20 Largest Unsecured Creditors KOPIN CORP: Appoints Michael Murray as New CEO LABORATORIO ACROPILIS: Files Subchapter V Case LE CORBEAU D'ELIE: SARE Files for Chapter 11 Bankruptcy LONESOME VALLEY: Gets OK to Hire Allen Barnes as Legal Counsel LOTUS SKY: Files Emergency Bid to Use Cash Collateral LUCKY STAR-DEER: 41-60 Main Files Amendment to Disclosure Statement MARRONE BIO: Suspends Duty to File Reports With SEC MOLECULAR & DIAGNOSTIC: Confirmation Hearing Continued to Sept. 27 MULLEN AUTOMOTIVE: Buys Controlling Interest in Bollinger for $148M NEW SK HOLDCO: S&P Assigns 'CCC+' ICR on Financial Restructuring NEWELL BRANDS: Moody's Rates New $1BB Senior Unsecured Bonds 'Ba1' NO RUST REBAR: Fla. Building Slated for Auction Oct. 12 NUTRIBAND INC: Incurs $1 Million Net Loss in Second Quarter OLYMPIA SPORTS: To Liquidate in Chapter 11 Bankruptcy PRESBYTERIAN VILLAGES: Fitch Affirms 'BB' IDR, Outlook Stable RAMSEY, MN: S&P Lowers 2013A Lease Revenue Bonds Rating to 'BB+' RED RIVER: Seeks Approval to Tap Stretto as Administrative Advisor RIOME PLUMBING: Unsecured Creditors to Split $10K in Plan ROJESIE INC: Seeks to Hire Victor Torres Burgosan as Accountant SAN JORGE HOSPITAL: Seeks to Hire Lugo Mender Group as Counsel SEARS HOLDING: Justices Urged to Overturn Jurisdiction Ruling SNOWBIRD II: Taps Madeline Lia Duncan as Homeowners Assoc. Counsel STATERA BIOPHARMA: Appoints John Kallassy as Director STATERA BIOPHARMA: Inks LOI to Manufacture Antibody Products STATERA BIOPHARMA: Receives Noncompliance Notice From Nasdaq STRATEGIC INNOVATIONS: U.S. Trustee Appoints Subchapter V Trustee TMX FINANCE: S&P Alters Outlook to Negative, Affirms 'B-' ICR TOTAL URBAN FORESTRY: Tree Removal Biz. Files Subchapter V Case TRANSOCEAN LTD: Awarded $181M Contracts for Deepwater Asgard TRILOK FUSION: Seeks Cash Collateral Access TRIUMPH GROUP: Appoints Thomas Quigley III as VP Investor Relations VALLEY TRANSPORTATION: U.S. Trustee Appoints Subchapter V Trustee VBI VACCINES: To Market 3-Antigen Hepatitis B Vaccine in Europe WALL012 LLC: Seeks to Hire Eric A. Liepins as Legal Counsel WALL017 LLC: Seeks to Hire Eric A. Liepins as Legal Counsel YENOM ACQUISITIONS: Lender Seeks to Prohibit Cash Collateral Use [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1734 CENTENNIAL: Files for Chapter 11 to Sell Warehouse ------------------------------------------------------- 1734 Centennial LLC, a Single Asset Real Estate, has sought bankruptcy protection in Texas. The Debtor has hired a broker, Stouffer & Associates, LLP, to sell its warehouse property at 1734 Centennial Blvd., San Antonio, TX 78211. The value of the warehouse is $5 million. Stouffer employs Hank Hornsby as the realtor. The Debtor previously employed William Germany and Bayne, Snell & Krause to represent it and Ignacio Alvarez, Jr. in state court litigation case number 2019-CI-24195, the 288th Judicial District of Bexar County, Texas. The Debtor desires to retain William Germany and Bayne, Snell & Krause to continue representing it in this litigation and any related litigation, including but not limited to related adversary proceedings. The attorney shall no longer represent Ignacio Alvarez, Jr. in his individual capacity other than in his capacity as President of Debtor and other claims not related to Debtor's creditors. 1734 Centennial LLC 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.7, 2022, at 11:00 AM at Via Phone: (866)909-2905; Code: 5519921#. Proofs of claim are due by Jan. 5, 2023. About 1734 Centennial LLC 1734 Centennial LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). 1734 Centennial LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 22-51008) on Sept. 7, 2022. In the petition filed by Ignacio Alvarez Jr., as manager, the Debtor reported assets between $1 million and $10 million and liabilities between $500,000 and $1 million. The Debtor is represented by Ronald J Smeberg of Smeberg Law Firm, PLLC. 175 SPRING STREET: Case Summary & Largest Unsecured Creditors ------------------------------------------------------------- Ten affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- 175 Spring Street LLC (Lead Case) 22-11228 617 Eleventh Avenue New York, NY 10036 610 West 46th Street LLC 22-11229 617 11th Avenue New York, NY 10036 616-620 West 46th Street LLC 22-11230 617 11th Avenue New York, NY 10036 616 11th Avenue LLC 22-11232 617 11th Avenue New York, NY 10036 609 11th Avenue LLC 22-11233 617 11th Avenue New York, NY 10036 613 11th Avenue LLC 22-11234 617 11th Avenue New York, NY 10036 617 11th Avenue LLC 22-11236 617 11th Avenue New York, NY 10036 623 11th Avenue LLC 22-11237 617 11th Avenue New York, NY 10036 108 Merrick Boulevard LLC 22-11238 617 11th Avenue New York, NY 10036 533 West 27 Street Common Member LLC 22-11239 617 11th Avenue New York, NY 10036 Business Description: The Debtors are primarily engaged in renting and leasing real estate properties. Chapter 11 Petition Date: September 14, 2022 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. Martin Glenn Debtors' Counsel: Fred B. Ringel, Esq. LEECH TISHMAN ROBINSON BROG, PLLC 875 Third Avenue New York, NY 10022 Tel: (212) 603-6300 Debtors' Financial Advisor: GETZLER HENRICH & ASSOCIATES LLC 175 Spring Street's Total Assets: $0 175 Spring Street's Total Liabilities: $206,544,781 610 West 46th Street's Total Assets: $0 610 West 46th Street's Total Liabilities: $203,400,185 616-620 West's Total Assets: $0 616-620 West's Total Liabilities: $202,023,500 616 11th Avenue's Total Assets: $0 616 11th Avenue's Total Liabilities: $206,363,888 609 11th Avenue's Total Assets: $0 609 11th Avenue's Total Liabilities: $212,028,801 613 11th Avenue's Total Assets: $0 613 11th Avenue's Total Liabilities: $200,189,648 617 11th Avenue's Total Assets: $0 617 11th Avenue's Total Liabilities: $200,067,643 623 11th Avenue's Total Assets: $0 623 11th Avenue's Total Liabilities: $199,794,388 108 Merrick Boulevard's Total Assets: $0 108 Merrick Boulevard's Total Liabilities: $200,102,416 533 West 27 Street's Total Assets: $0 533 West 27 Street's Total Liabilities: $0 The petitions were signed by Robert Gans, manager of Starlin LLC, the managing member of 175 Spring Street LLC. Full-text copies of the petitions are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/X7Y4MFA/175_SPRING_STREET_LLC__nysbke-22-11228__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/XZ3SAOQ/610_WEST_46TH_STREET_LLC__nysbke-22-11229__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/JPRSG3I/616-620_WEST_46TH_STREET_LLC__nysbke-22-11230__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/JVR35TY/616_11TH_AVENUE_LLC__nysbke-22-11232__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/J6J5MXQ/609_11TH_AVENUE_LLC__nysbke-22-11233__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/OTYTJLI/613_11TH_AVENUE_LLC__nysbke-22-11234__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/O2YX7QA/617_11TH_AVENUE_LLC__nysbke-22-11236__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/PFQOUTY/623_11TH_AVENUE_LLC__nysbke-22-11237__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/LEG6TWA/108_MERRICK_BOULEVARD_LLC__nysbke-22-11238__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/LLKP4LQ/533_West_27_Street_Common_Member__nysbke-22-11239__0001.0.pdf?mcid=tGE4TAMA A. List of 175 Spring Street's Three Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. 617 11th Avenue LLC $10,000 617 11th Avenue New York, NY 10036 2. CT Corporation Staffing, Inc. $0 1209 Orange Street Wilmington, DE 19801 3. Westside Realty of New York $1,108,209 c/o 533 West 27 Street JV LLC 805 Third Ave Attn: G. Barnet New York, NY 10022 B. List of 610 West 46th Streets Four Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. 175 Spring Street LLC $1,312,685 617 11th Avenue New York, NY 10036 2. 616 11th Avenue LLC $15,000 617 11th Avenue New York, NY 10036 3. CT Corporation Staffing, Inc. $0 1209 Orange Street Wilmington, DE 19801 4. Westside Realty of New York $2,726,855 c/o 533 West 27 Street JV LLC 805 Third Ave. Attn: G. Barnet New York, NY 10022 C. List of 616-620 West's Two Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. CT Corporation Staffing, Inc. $0 1209 Orange Street Wilmington, DE 19801 2. WestSide Realty $2,726,855 of New York, I c/o 533 West 27 Street JV LLC 805 Third Av.; Attn: G. Barnett New York, NY 10022 D. List of 616 11th Avenue's Seven Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. 108 Merrick Boulevard LLC $49,012 617 11th Avenue New York, NY 10036 2. 175 Spring Street LLC $322,177 617 11th Avenue New York, NY 10036 3. 613 11th Avenue LLC $402,601 617 11th Avenue New York, NY 10036 4. 617 11th Avenue LLC $740,996 617 11th Avenue New York, NY 10036 5. 623 11th Avenue LLC $731,016 617 11th Avenue New York, NY 10036 6. CT Corporation Staffing, Inc. $0 1209 Orange Street Wilmington, DE 19801 7. Westside Realty of New York, I $4,821,441 c/o 533 West 27 Street JV LLC 805 Third Ave. Attn: G. Barnett New York, NY 10022 E. List of 609 11th Avenue's Ten Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. 175 Spring Street LLC $30,000 617 11th Avenue New York, NY 10036 2. 616 11th Avenue LLC $110,000 617 11th Avenue New York, NY 10036 3. 616-620 West 46th Street LLC $10,000 617 11th Avenue New York, NY 10036 4. 617 11th Avenue LLC $75,000 617 11th Avenue New York, NY 10036 5. 623 11th Avenue LLC $125,000 617 11th Avenue New York, NY 10036 6. CT Corporation Staffing, Inc. $0 1209 Orange Street Wilmington, DE 19801 7. Metropolitan Lumber, $2,804,577 Hardware & Building Supplies, Inc. 617 Eleventh Avenue New York, NY 10036 8. Mutual Security Services $505 P.O. Box 786137 Philadelphia, PA 19178-6137 9. NYC Water Board $8,631 P.O. Box 11863 Newark, NJ 07101-8163 10. Westside Realty of $1,447,037 New York, I c/o 533 West 27 Street JV LLC 805 Third Ave. Attn: G. Barnett New York, NY 10022 F. List of 613 11th Avenue's Four Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. 617 11th Avenue LLC $34,500 617 11th Avenue New York, NY 10036 2. CT Corporation Staffing, Inc. $0 1209 Orange Street Wilmington, DE 19801 3. Metropolitan Lumber, $409,557 Hardware & Building Supplies, Inc. 617 Eleventh Avenue New York, NY 10036 4. Westside Realty $448,946 of New York, I c/o 533 West 27 Street JV LLC 805 Third Ave. Attn: G. Barnett New York, NY 10022 G. List of 617 11th Avenue's Two Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. CT Corporation $0 Staffing, Inc. 1209 Orange Street Wilmington, DE 19801 2. Westside Realty of New York, I $733,896 c/o 533 West 27 Street LLC 805 Third Ave. Attn: G. Barnett New York, NY 10022 H. List of 623 11th Avenue's Five Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. 613 11th Avenue LLC $18,000 617 11th Avenue New York, NY 10036 2. 617 11th Avenue LLC $44,400 617 11th Avenue New York, NY 10036 3. CT Corporation Staffing, Inc. $0 1209 Orange Street Wilmington, DE 19801 4. Metropolitan Lumber, $145,665 Hardware & Building Supplies, Inc. 617 Eleventh Avenue New York, NY 10036 5. Westside Realty of New York, I $289,678 c/o 533 West Street JV LLC New York, NY 10022 I. List of 108 Merrick Boulevard's Three Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. 613 11th Avenue LLC $32,000 617 11th Avenue New York, NY 10036 2. CT Corporation $0 Staffing, Inc. 1209 Orange Street Wilmington, DE 19801 3. Westside Realty of $763,771 New York c/o 533 West 27 Street JV LLC 805 Third Av. Attn: G. Barnett New York, NY 10022 201 ORANGE GROVE: Bissell House Files for Chapter 11 Bankruptcy --------------------------------------------------------------- 201 Orange Grove Inc. filed for chapter 11 protection. The Debtor filed as a small business debtor seeking relief under Subchapter V of Chapter 11 of the Bankruptcy Code. The Debtor, a Single Asset Real Estate, owns the property at 201 Orange Grove Avenue, South Pasadena, CA 91030. The Bissell House is a bead and breakfast in South Pasadena, California, that offers genuine hospitality and a serene setting just 11 miles from downtown LA. Its historic Victorian home is a unique sanctuary, providing guests a boutique 201 Orange Grove Inc. estimates between 1 and 49 creditors. The petition states that funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Sept. 28, 2022, at 10:00 AM at UST-LA2, TELEPHONIC MEETING. CONFERENCE LINE:1-866-816-0394, PARTICIPANT CODE:5282999. Proofs of claim are due by Nov. 16, 2022. About 201 Orange Grove Inc. 201 Orange Grove Inc. -- https://bissellhouse.com -- is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). 201 Orange Grove Inc. filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-14917). In the petition filed by William D. Hoyman, as president and owner, the Debtor reported assets and liabilities between $1 million and $10 million. Gregory Kent Jones has been appointed as Subchapter V trustee. The Debtor is represented by Michael E Plotkin of Law Office of Michael E. Plotkin. 3 KINGS CONSTRUCTION: Files Chapter 11 Case ------------------------------------------- 3 Kings Construction Residential LLC sought bankruptcy protection in Georgia. The Debtor is a Limited Liability Company with one managing member: Mr. Tony Harris, Sr. Mr. Harris started this company on or about May 30, 2015. He continues to serve as the managing member, who oversees all projects and communicates with general and subcontractors. The Debtor constructs commercial and residential properties, specifically the grading and utility of properties. Since its inception, the Debtor has operated with integrity and profitability until 2020, when the COVID-19 Pandemic came about. The Debtor's income was severely impacted, and suffered, as homebuilding and commercial building were slowing in production because of the Pandemic. In addition, the Debtor was severely impacted by the skyrocketing commodity prices, shortage of land, and skilled labor. The Debtor generates business by bidding on contracts and from private owners. If the Debtor is a successful bidder, it then hires subcontractors to perform the underground utilities and grading. The Debtor pays its staff and subcontractors on a weekly basis for work performed the week prior, regardless of whether Debtor has received payment from the general contractor(s) or other relevant parties. As the Pandemic began to settle in 2021, the Debtor's workload increased, and it could not sustain the growth. The Debtor began losing money on projects as its customers failed to pay timely, which escalated into Debtor being unable to pay its suppliers and subcontractors timely. As the project owners continued to pay in an untimely manner, the Debtor began to lose revenue. The Debtor lost upwards of $500,000 on projects during this period. The loses and the disruption in income flow caused Debtor to look to merchant capital advance companies ("MCAs") to fund the shortfalls. The Debtor obtained funds from MCAs. Given the labor conditions and the growing demand for utility and grading, Debtor downsized. As a result of the downsizing, the Debtor was unable to meet the payment demands of the MCAs and the finance companies associated with the equipment used to complete the projects at-hand. The Debtor attempted to make payment arrangements with MCAs, finance companies and lien holders with FIFAs, but to no avail. Accordingly, the Debtor has determined, using its business judgment, that filing the Chapter 11 bankruptcy would best enable the Debtor to obtain a short breathing time and reorganize its debts, while continuing to operate and earn income. According to court documents,3 Kings Construction Residential estimates between 1 and 49 unsecured creditors. The petition states funds will be available to unsecured creditors. About 3 Kings Construction Residential 3 Kings Construction Residential LLC -- https://www.3kingsdev.com/ -- is a minority owned construction company with over 20 years of experience. 3 Kings Construction Residential LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-10965) on Sept. 7, 2022. In the petition filed by Tony Harris, as owner and CEO, the Debtor reported assets and liabilities between $1 million and $10 million. The Debtor is represented by Shannon Charlmane Worthy of Stanton and Worthy, LLC. 5 STAR PROPERTY: Lender Seeks to Prohibit Cash Collateral Access ---------------------------------------------------------------- NYMT Commercial Acquisitions, LLC, a secured creditor of 5 Star Property Group LLC, asks the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to prohibit the Debtor from using cash collateral without provision for adequate protection of NYMT's interests in the cash collateral. The Debtor owes NYMT, as successor to Flip Funding, LLC pursuant to a Note executed by the Debtor on September 10, 2021, in the original principal amount of $2,730,000. The Note is secured by a Security Deed, Assignment of Leases and Rents, Security Agreement and Fixture Filing also dated September 23, 2021. On May 6, 2022, Flip assigned its interest in the Loan Documents to NYMT. Accordingly, NYMT is the present holder of the Loan Documents and is a secured creditor of the Debtor with a first-priority security interest in the Properties and the revenues generated thereby. As of September 8, 2022, at least $3,345,693 is owed under the Loan Documents. In its Petition, the Debtor listed the value of the collateral securing the Loan Documents is $0. On August 5,2022, NYMT provided written notice to the Debtor of its defaults under the Loan Documents and accelerated the indebtedness. On September 2, 2022, the secured creditor provided written notice to the Debtor that NYMT was going to conduct a foreclosure sale of the Properties on October 4, 2022. The Debtor is in default under the Loan Documents because, among other things, the Debtor failed to make monthly payments pursuant to the Loan Documents beginning with payments due January 2022 and failed to pay the entirety of the amounts owed under the Loan Documents after receipt of the August 5, 2022 letter. The Debtor has not moved for permission to use the secured creditor's cash collateral or provided an adequate explanation for how cash collateral is being or was spent. The secured creditor objects to the continued use of its cash collateral by the Debtor unless adequate protection payments are provided sufficient to cover the diversion of any of the secured creditor's collateral away from the secured creditor as well as any diminution in value of the collateral. A copy of NYMT's motion is available at https://bit.ly/3RS1vi8 from PacerMonitor.com. About 5 Star Property Group, Inc. 5 Star Property Group, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-07801) on Oct. 20, 2020, listing under $1 million in both assets and liabilities. Buddy D. Ford, Esq., at BUDDY D. FORD, P.A. represents the Debtor as counsel. NYMT Commercial Acquisitions, LLC, as secured creditor, is represented by: Lisa Wolgast, Esq. Talia B. Wagner, Esq. Morris, Manning and Martin, LLP 3343 Peachtree Road, N.E., Suite 1600 Atlanta, GA 30326 A AND N DIAMOND: Case Summary & 13 Unsecured Creditors ------------------------------------------------------ Debtor: A and N Diamond, Inc. 11638 Wynnfield Lakes Cir. Jacksonville, FL 32246 Business Description: The Debtor owns express lube and car wash business located in Brunswick, GA, valued at $588,700. Chapter 11 Petition Date: September 14, 2022 Court: United States Bankruptcy Court Middle District of Florida Case No.: 22-01859 Debtor's Counsel: Brian K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP 5452 Arlington Expy. Jacksonville, FL 32211 Email: bkmickler@planlaw.com Total Assets: $598,773 Total Liabilities: $2,369,348 The petition was signed by Elia Hawara as president. A full-text copy of the petition containing, among other items, a list of the Debtor's 13 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/HMYORMQ/A_and_N_Diamond_Inc__flmbke-22-01859__0001.0.pdf?mcid=tGE4TAMA AG FOODS: Gets Approval to Hire Allen Barnes as Legal Counsel ------------------------------------------------------------- AG Foods, LLC received approval from the U.S. Bankruptcy Court for the District of Arizona to hire Allen Barnes & Jones, PLC as its legal counsel. The firm's services include: a. providing the Debtor with legal advice with respect to its reorganization; b. negotiating with secured and unsecured creditors; c. representing the Debtor at hearings set by the court in the bankruptcy case; and d. preparing reports and legal papers necessary for the Debtor's reorganization. The hourly rates charged by the firm for its services are as follows: Thomas H. Allen, Member $485 per hour Hilary L. Barnes, Member $450 per hour Michael A. Jones, Member $450 per hour Philip J. Giles, Member $360 per hour David B. Nelson, Associate $315 per hour Legal Assistants and Law Clerks $175 to 205 per hour The firm will also seek reimbursement for out-of-pocket expenses. The Debtor paid the firm a retainer in the amount of $10,000. Thomas Allen, Esq., a partner at Allen Barnes & Jones, 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: Thomas H. Allen, Esq. David B. Nelson, Esq. Allen Barnes & Jones, PLC 1850 N. Central Ave., Suite 1150 Phoenix, AZ 85004 Tel: (602) 256-6000 Fax: (602) 252-4712 Email: tallen@allenbarneslaw.com dnelson@allenbarneslaw.com About AG Foods, LLC AG Foods, LLC is a family-owned and operated restaurant. AG Foods, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 2-05750) on August 29, 2022. The petition was signed by George A. Singh as manager. At the time of filing, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Eddward P Ballinger Jr. presides over the case. Thomas H. Allen, Esq. at Allen Barnes & Jones, PLC represents the Debtor as its counsel. ARCHDIOCESE OF NEW ORLEANS: To Stop Payments to Accused Priests --------------------------------------------------------------- 4WWL reports that a U.S. bankruptcy judge rejected the Catholic church's argument that it should be allowed to keep paying monthly stipends to staff accused of sexual abuse. The federal bankruptcy judge has ordered the Archdiocese of New Orleans to stop paying retirement benefits to five priests who have been accused of sexually abusing minors or vulnerable adults but are not included on a list of more than 70 clergy the local church considers "credibly accused." U.S. Bankruptcy Judge Meredith Grabill issued the order Aug. 31, rejecting the local Catholic church's argument that it should be allowed to keep paying monthly stipends to priests, deacons and lay staff who face claims of sexual abuse in sealed documents that were turned over to the court by the Archdiocese earlier this 2022. From the very beginning of its bankruptcy case in May 2020, the Archdiocese tried to argue that it needed protection from dozens of pending sexual abuse lawsuits, but it should be allowed to keep paying retirement benefits to all living clergy -- including those on the "credibly accused list" released by Archbishop Gregory Aymond in November 2018 and updated with additional names over the years since. Grabill quickly ruled in 2020 that living clergy on the Archdiocese's official list should not continue to get stipends known as "maintenance" payments, although medical coverage could continue. But she has now taken what she called an "extraordinary" step to amend that ruling based on evidence provided by the Archdiocese this year. In February 2022, Grabill ordered the church to produce additional internal records from the past 10 years, "including, but not limited to, personnel files, Archdiocesan Review Board ... findings, and law enforcement referrals, maintained by any and all departments and offices within the Archdiocese — related to all Archdiocesan priests or lay persons serving in ministerial roles that have been accused of sexual abuse, whether placed by the Archbishop on the Credibly Accused List or not and whether named in a proof of claim filed in this case or not." Those records were filed with the court under seal. But when attorneys representing sexual abuse victims saw those records, they argued they "substantiate credible accusations of sexual abuse committed by five priests" who were never included by Aymond on the credibly accused list and, therefore, continued to receive full retirement benefits. Grabill says those payments must now stop, essentially finding that those priests must wait in line for their claims to be paid just like the abuse victims and other church creditors. "We continue to evaluate the court's decision in this matter but currently have no other comment," the Archdiocese said in a statement. The five priests whose retirement stipends must end are not named. WWL-TV and The Times-Picayune/New Orleans Advocate teamed up on investigations in 2020 and 2021 that exposed claims against living priests and clergy who were not on the credibly accused list. Aymond added a few names to that list, but others featured in the news reports were never added. Those include Metairie deacon VM Wheeler, who was criminally charged in December 2021 with molesting a preteen boy in the early 2000s, and the Rev. Luis Fernandez, who is retired in South Florida and declined to answer WWL-TV's questions about one of his former high school students accusing him of molesting him in the 1970s. The church tried to argue that its responsibility to take care of retired priests and deacons is not governed by U.S. federal law but by the Catholic Church's own laws, known as canon law. It argued that clergy would only lose their retirement benefits if they were laicized -- or stripped of their ordination as priests or deacons. Aymond told WWL-TV that he could remove priests and deacons from ministry, but he couldn't forcibly laicize those who don't voluntarily agree to leave the priesthood or deaconate. That could only be done by the Vatican. Grabill rejected the Archdiocese's argument that she was overstepping her authority. About The Roman Catholic Church of the Archdiocese of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans is a non-profit religious corporation incorporated under the laws of the State of Louisiana. On the Web: https://www.nolacatholic.org/ Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ARTERRA WINES: S&P Alters Outlook to Negative, Affirms 'B' ICR -------------------------------------------------------------- S&P Global Ratings revised the outlook on Arterra Wines Canada Inc. to negative from stable and affirmed all its ratings on the company, including the 'B' issuer credit rating. S&P said, "The negative outlook reflects our expectation that operating results will remain challenged due to changing consumer trends and margins will remain pressured reflecting extended supply-chain issues the industry faces. We could lower the rating on Arterra over the next 12 months if credit metrics weaken beyond our expectations." Increased leverage spurred by lower-than-expected EBITDA generation and reduced margins in the next 12 months. Arterra's EBITDA margins (S&P Global Ratings' adjusted) for first-quarter 2023 were lower as compared with first-quarter 2022 in the 13%-15% range), due to input cost inflation driven by global supply-chain disruptions. The cost of raw materials such as imported wine, glass bottles, and other packaging materials has increased due to inflation while international freight and shipping charges remained well above historical levels. S&P said, "For fiscal 2023, we expect Arterra will generate lower EBITDA than in fiscal 2022 (S&P Global Ratings' adjusted), in the range of about 10%, spurred by these headwinds. Arterra has executed numerous cost-savings programs aimed at enhancing operating margins, including stockkeeping unit (SKU) rationalization and staffing reductions implemented at the end of fiscal 2022. In addition, the company is in discussions with its large customers (provincial government-owned retail stores) to pass on inflation increases. However, amid an uncertain cost environment and delays in recouping cost increases, we forecast Arterra's 2023 EBITDA margins will contract and remain in the 14%-16% range from 18%-20% range in fiscal 2021. As a result, we expect significantly increased leverage measures in the next several quarters in the high-13.0x area (high-7.0x, excluding loan and NCE), above our previous expectations of 11.5x-12.0x (6.5x-7.0x excluding loan and NCE)." S&P said, "We expect lower retail volumes, signifying a change in consumer buying patterns. In fiscal 2022, Arterra's revenue declined 7%, below our previous expectations. Moreover, for the first quarter 2023, topline sales remained stressed as the Canadian wine industry witnessed consumers moving their alcohol consumption to on-premise from at-home consumption. In addition, off-premise sales revenue was affected by demand normalization from the COVID-19 pandemic as customers bought more from government liquor stores compared with purchases from grocery or owned and operated retail stores. We believe pricing initiatives implemented in first-quarter 2023 were slow paced (particularly for government retail stores) and the company could not offset the entire cost inflationary headwinds to consumers in terms of price increases. "We expect Arterra's operations will remain vulnerable to lower spending in a potential recessionary environment (fiscal 2024). Although in a weakened economic environment we expect on-premise sales will likely increase, we believe consumers will trade down to more affordable products. Nevertheless, for fiscal 2023 we expect about 2% topline growth, which would largely be due to pricing pass through to customers because volumes will likely be pressured. "FOCF will remain breakeven to negative for the next 12 months. In first-quarter 2023, Arterra invested about C$6.7 million for capital investments including a new point-of-sales system and toward operational investments to improve efficiencies with expansion in its digital capacities. Despite the investment in operating efficiency measures, we forecast the company`s fiscal 2023 FOCF will be breakeven to negative due to lower EBITDA and working capital requirements. However, we expect Arterra will maintain its fixed-charge coverage ratio of above 1.0x (cash interest payments, debt amortization, cash taxes, and capital expenditure) through the next 12 months. Moreover, the fully undrawn C$80 million revolver (due November 2025) does provide some cushion to liquidity in the near term. We also assume that Arterra will accrue shareholder and NCE interest on its balance sheet, instead of paying it out in cash. "The negative outlook reflects our expectation that Arterra's EBITDA generation and margins will be pressured for the next 12 months spurred by lower retail volume sales and high inflationary costs associated global supply-chain disruptions. This would lead to increased leverage measures in the high-13.0x area (high-7.0x excluding shareholder loans and NCE) in fiscal 2023. "We could lower the rating in the next 12 months if operating performance deteriorates and the debt-to-EBITDA ratio approaches 14x (8.0x excluding shareholder loans and NCE) or if the funds from operations (FFO)-to-debt ratio remains at low-single digit levels (including shareholder loans and NCE). This could be due to increased competition, unexpected key input cost headwinds, or operational missteps that could lead to lower EBITDA. We could also lower the rating if Arterra pays in cash its interest on its shareholder loan or cash dividends instead of accruing it for the next few years. "We could revise the outlook to stable if Arterra's operating performance substantially improves and leverage is sustained below 12x (7.0x excluding shareholder loans and NCE) or FFO to debt remains sustainably above mid-single-digit levels (including shareholder loans and NCE). In addition, we would expect the controlling shareholder would refrain from pursuing debt-financed dividends or acquisitions that would lead to a deterioration of credit ratios." ESG credit indicators: E-2, S-2, G-3 S&P said, "Governance factors are a moderately negative consideration in our credit rating analysis of Arterra, as is the case for most rated entities owned by private-equity sponsors. We believe the company's highly leveraged financial risk profile points to corporate decision-making that prioritizes the interests of the controlling owners. This also reflects the generally finite holding periods and a focus on maximizing shareholder returns." ATLANTA INVESTARS: Lender Seeks to Prohibit Cash Collateral Access ------------------------------------------------------------------ AlphaFlow Transitional Mortgage Trust 2021-WLI, a secured creditor of The Atlanta Investars LLC, asks the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to prohibit the Debtor from using cash collateral without provision for adequate protection of AlphaFlow's interests in the cash collateral. The Debtor is indebted to AlphaFlow, as successor to Flip Funding, LLC pursuant to a Note executed by the Debtor on October 15, 2021, in the original principal amount of $1,774,500. The Note is secured by the Security Deed, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated October 15, 2021. On May 6, 2022, Flip assigned its interest in the Loan Documents to AlphaFlow. Accordingly, AlphaFlow is the present holder of the Loan Documents and is a secured creditor with a first-priority security interest in the Properties and the revenues generated thereby. As of September 2, 2022, at least $2,205,499.29 is owed under the Loan Documents. On August 5, 2022, AlphaFlow provided written notice to the Debtor of its defaults under the Loan Documents and accelerated the indebtedness. On September 2, AlphaFlow provided written notice to the Debtor that it was going to conduct a foreclosure sale of the Properties on September 6, 2022. The Debtor is in default under the Loan Documents because, among other things, the Debtor failed to make monthly payments pursuant to the Loan Documents beginning with payments due November 2021 and failed to pay the entirety of the amounts owed under the Loan Documents after receipt of the August 5 letter. The Debtor has not filed a motion to use cash collateral nor has the secured creditor approved the Debtor's use of its cash collateral. Because the Debtor has not moved for permission to use AlphaFlow's cash collateral or provided an adequate explanation for how cash collateral is being or was spent, the secured creditor objects to the continued use of its cash collateral by the Debtor unless the secured creditor adequate protection payments sufficient to cover the diversion of any of the secured creditor's collateral away from the secured creditor as well as any diminution in value of the collateral. A copy of the motion is available at https://bit.ly/3L4JgE3 from PacerMonitor.com. About The Atlanta Investars LLC The Atlanta Investars LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-57057) on September 6, 2022. AlphaFlow Transitional Mortgage Trust 2021-WLI, as secured creditor, is represented by: Lisa Wolgast, Esq. Talia B. Wagner, Esq. Morris, Manning and Martin, LLP 3343 Peachtree Road, N.E., Suite 1600 Atlanta, GA 30326 BAY AREA DEVELOPMENT: Case Summary & One Unsecured Creditor ----------------------------------------------------------- Debtor: Bay Area Development Co. 507 N. Mansfield Los Angeles, CA 90036 Chapter 11 Petition Date: September 14, 2022 Court: United States Bankruptcy Court Central District of California Case No.: 22-15031 Debtor's Counsel: Vanessa M. Haberbush, Esq. HABERBUSH, LLP 444 West Ocean Boulevard Suite 1400 Long Beach, CA 90802 Tel: (562) 435-3456 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Leslie Klein as president & CEO. The Debtor listed the Department of Water and Power as its only unsecured creditor holding a claim of $1,500. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/YL7F5LY/Bay_Area_Development_Co__cacbke-22-15031__0001.0.pdf?mcid=tGE4TAMA BIONIK LABORATORIES: Acquires Florida Rehabilitation Center ----------------------------------------------------------- Bionik Laboratories Corp. has acquired a rehabilitation center in Clermont, Florida. The Center is revenue-producing, profitable and has an existing roster of patients and referral sources. Bionik intends for it to be rebranded to a specialized neuro-recovery center that will showcase Bionik's technology and solutions, providing treatment to patients with stroke, brain and spinal cord injuries, in addition to its historic treatment offerings. "This accretive transaction represents an exciting step in Bionik's evolution and comes with numerous strategic advantages," said Richard Russo, Jr., Bionik's interim CEO and chief financial officer. "We are leveraging our capital to acquire a revenue generating, cash-flow positive, and profitable rehabilitation center with a large patient referral base that is expected to strengthen and diversify Bionik's revenue streams and outlook for growth." Bionik financed the acquisition of the rehabilitation center with a secured convertible loan from an existing investor of the Company who is also one of its directors, indicating continuing support and belief in this new strategy. Mr. Russo continued, "We are pleased to secure this financing from an existing investor, demonstrating strong belief in our national rollout strategy. Our new strategy reflects our firm belief in the potential of early and intensive interventions to deliver the best outcomes for patients with stroke or neurotrauma. We are committed to helping patients achieve their highest level of independence. Building a network of neuro recovery centers will enable us to provide more patients with access to Bionik's InMotion systems, which are the gold standard for robotic upper extremity rehabilitation. The US physical therapy market is estimated to grow to $43 billion by 2025 and we believe that tapping into this market will allow Bionik to deliver increasing long-term value to shareholders." About BIONIK Laboratories Bionik Laboratories Corp. -- http://www.BIONIKlabs.com-- is a robotics company focused on providing rehabilitation and mobility solutions to individuals with neurological and mobility challenges from hospital to home. The Company has a portfolio of products focused on upper and lower extremity rehabilitation for stroke and other mobility-impaired patients, including three products on the market and three products in varying stages of development. Bionik reported a net loss and comprehensive loss of $10.41 million for the year ended March 31, 2022, compared to a net loss and comprehensive loss of $13.62 million for the year ended March 31, 2021. As of June 30, 2022, the Company had $4 million in total assets, $2.41 million in total liabilities, and $1.60 million in total stockholders' equity. Toronto, Canada-based MNP LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated June 9, 2022, citing that the Company has experienced losses and has a working capital deficiency and an accumulated deficit. These conditions, along with other matters, raise substantial doubt about Company's ability to continue as a going concern. BIONIK LABORATORIES: Borrows $250K From GD Holding -------------------------------------------------- Bionik Laboratories Corp. borrowed $250,000 from GD Holding, an affiliate of Remi Gaston-Dreyfus, a director of the Company. The Loan is evidenced by a Secured Convertible Promissory Note and is further subject to a related Collateral Pledge Agreement. The Company intends to use the proceeds from the Loan to finance the acquisition of the business assets of Dearman & Dearman PT LLC (including the trade name) of the Seller, which is doing business as Tower Aquatic & Sports Physical Therapy by Tower Aquatic LLC, a wholly-owned, indirect subsidiary of the Company. The Note bears interest at a fixed rate of 1% per month, computed based on a 360-day year of twelve 30-day months and will be payable, along with the principal amount, on the two year anniversary of the Issue Date. The Note will be convertible into equity of the Company upon the following events on the following terms: * On the Maturity Date without any action on the part of the Lender, the outstanding principal and accrued and unpaid interest under the Note will be converted into shares of common stock at a conversion price equal to the closing price of the Company's common stock on the Maturity Date. * Upon the consummation of the next equity or equity linked round of financing of the Company for cash proceeds, without any action on the part of the Lender, the outstanding principal and accrued and unpaid interest under the Note will be converted into the securities (or units of securities if more than one security are sold as a unit) issued by the Company in one or more tranches in the context of the Qualified Financing, based upon the issuance (or conversion) price of such securities. The Note is subject to the terms of the Pledge Agreement, and is secured by the Pledge Agreement and by any other security agreements, mortgages, deeds of trust, assignments or other instruments or agreements that may subsequently be given for good and valuable consideration as security for the Note. Pursuant to the Pledge Agreement, Bionik Inc., a wholly-owned subsidiary of the Company and the sole member of Tower, pledged 100% of the membership interests it owns in Tower, as security for the due and punctual payment and performance of the liabilities and obligations of the Company set forth in the Note. The Pledge Agreement contains customary warranties, covenants, rights and remedies in favor of the Lender and with respect to the Pledged Collateral. The Note contains customary events of default, which, if uncured, entitle the Holders to accelerate the due date of the unpaid principal amount of, and all accrued and unpaid interest on, their Note. About BIONIK Laboratories Bionik Laboratories Corp. -- http://www.BIONIKlabs.com-- is a robotics company focused on providing rehabilitation and mobility solutions to individuals with neurological and mobility challenges from hospital to home. The Company has a portfolio of products focused on upper and lower extremity rehabilitation for stroke and other mobility-impaired patients, including three products on the market and three products in varying stages of development. Bionik reported a net loss and comprehensive loss of $10.41 million for the year ended March 31, 2022, compared to a net loss and comprehensive loss of $13.62 million for the year ended March 31, 2021. As of June 30, 2022, the Company had $4 million in total assets, $2.41 million in total liabilities, and $1.60 million in total stockholders' equity. Toronto, Canada-based MNP LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated June 9, 2022, citing that the Company has experienced losses and has a working capital deficiency and an accumulated deficit. These conditions, along with other matters, raise substantial doubt about Company's ability to continue as a going concern. BIONIK LABORATORIES: Unit Buys Business Assets of Dearman for $215K ------------------------------------------------------------------- Tower Aquatic LLC, a newly-formed, wholly-owned, indirect subsidiary of Bionik Laboratories Corp., has consummated a Business Asset Purchase Agreement with Dearman & Dearman PT LLC. Pursuant to the Purchase Agreement, among other things, Tower purchased the business assets (including the trade name) of the Seller, which is doing business as Tower Aquatic & Sports Physical Therapy, for a cash purchase price of $215,000, subject to adjustment as described in the Purchase Agreement. Pursuant to the Purchase Agreement, the Purchase Price was deposited into escrow upon its execution, which was released to the Seller on the Closing Date. As part of the transactions contemplated by the Purchase Agreement, Tower assumed the property lease for the Business. The Seller made limited representations to Tower that are customary for a transaction of this nature and this size, which survive the Closing Date. Of the Purchase Price, $1,000 shall be held in escrow for thirty days after the Closing Date to secure such representations. The owners of the Seller agreed to one-year covenants not to compete against or solicit the customers, employees or contractors of, the Business. About BIONIK Laboratories Bionik Laboratories Corp. -- http://www.BIONIKlabs.com-- is a robotics company focused on providing rehabilitation and mobility solutions to individuals with neurological and mobility challenges from hospital to home. The Company has a portfolio of products focused on upper and lower extremity rehabilitation for stroke and other mobility-impaired patients, including three products on the market and three products in varying stages of development. Bionik reported a net loss and comprehensive loss of $10.41 million for the year ended March 31, 2022, compared to a net loss and comprehensive loss of $13.62 million for the year ended March 31, 2021. As of June 30, 2022, the Company had $4 million in total assets, $2.41 million in total liabilities, and $1.60 million in total stockholders' equity. Toronto, Canada-based MNP LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated June 9, 2022, citing that the Company has experienced losses and has a working capital deficiency and an accumulated deficit. These conditions, along with other matters, raise substantial doubt about Company's ability to continue as a going concern. BITNILE HOLDINGS: Unit Buys 1,325 Additional S19j Pro Antminers --------------------------------------------------------------- BitNile Holdings, Inc.'s subsidiary, BitNile, Inc., has entered into a contract with Bitmain Technologies Limited to purchase an additional 1,325 S19j Pro Antminers that feature a processing power of 100 TH/s. With this new contract, BNI has agreed to purchase a total of 21,925 Bitcoin miners. The purchase of the 1,325 S19j Pro Antminers is in addition to the previously disclosed purchase agreements with Bitmain for 20,600 Bitcoin miners, including 4,600 environmentally friendly S19 XP Antminers that feature a processing power of 140 terahashes per second ("TH/s") and 16,000 S19j Pro Antminers that feature a processing power of 100 TH/s. The Company's Founder and Executive Chairman, Milton "Todd" Ault, III stated, "I believe the long-term outlook for Bitcoin is positive and am pleased to be in a position to invest in additional Bitcoin mining equipment to expand our cryptocurrency mining operations." About BitNile Holdings BitNile Holdings, Inc. (formerly known as Ault Global Holdings, Inc.) -- www.BitNile.com -- is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, the Company owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma, and textiles. In addition, the Company extends credit to select entrepreneurial businesses through a licensed lending subsidiary. BitNile's headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV. BitNile reported a net loss of $23.97 million for the year ended Dec. 31, 2021, a net loss of $32.73 million for the year ended Dec. 31, 2020, a net loss of $32.94 million for the year ended Dec. 31, 2019, and a net loss of $32.98 million for the year ended Dec. 31, 2018. As of June 30, 2022, the Company had $596.27 million in total assets, $133.98 million in total liabilities, $116.89 million in redeemable noncontrolling interests in equity of subsidiaries, and $345.40 million in total stockholders' equity. BRAVO MULTINATIONAL: Dissolves Business Advisory Board ------------------------------------------------------ The Board of Directors of Bravo Multinational Incorporated has dissolved the "Business Advisory Board" that was formed in November 2020. The dissolution of the Business Advisory Board is not due to any disputes or disagreements, according to a Form 8-K filed with the Securities and Exchange Commission. About Bravo Multinational Based in Ontario, Canada, Bravo Multinational Incorporated -- http://www.bravomultinational.com-- is currently engaged in the business of leasing and selling gaming equipment. The Company, however, ceased operations in Nicaragua in 2017 due to political and economic instabilities. The Company is planning to operate its business in the US and other more stable democracies in Latin America. Bravo reported a net loss of $420,126 for the year ended Dec. 31, 2021, compared to a net loss of $60.47 million for the year ended Dec. 31, 2020. Lakewood, Co-based BF Borgers CPA PC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Feb. 17, 2022, citing that the Company's minimal activities raise substantial doubt about its ability to continue as a going concern. BULLSTRAP LLC: Gets OK to Hire Lorium Law as Bankruptcy Counsel --------------------------------------------------------------- Bullstrap, LLC received approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Chad P. Pugatch, Esq. and Lorium Law as its counsel. The firm will render these services: (a) give advice to the Debtor with respect to its powers and duties as a debtor in possession under Chapter 11 and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare and/or defend motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan and confirmation of same. Mr. Pugatch, an attorney with Lorium Law, assured the court that neither he, nor the firm, nor any attorneys in the firm represent any interest adverse to the Debtor or the estate, and are disinterested persons as required by 11 U.S.C. Sec. 327(a). The firm can be reached through: Chad P. Pugatch, Esq. LORIUM LAW 101 NE 3rd Avenue, Suite 1800 Fort Lauderdale, FL 33301 Telephone: (954) 462-8000 Email: cpugatch@loriumlaw.com About Bullstrap, LLC Bullstrap, LLC is a retailer of leather goods, including backpacks, cellular telephone cases, smart watch wristbands, and other lifestyle products. The Debtor has a substantial online presence. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-16627-EPK on August 26, 2022. In the petition signed by Claudio Conte, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Erik P. Kimball oversees the case. Chad P. Pugatch, Esq., at Loriun Law is the Debtor's counsel. CATSKILL CASE: Seeks to Hire Gregory Messer as Bankruptcy Counsel ----------------------------------------------------------------- Catskill Case Study, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Gregory Messer PLLC as bankruptcy counsel. The firm will render the following services: (a) give advice to the Debtor with respect to its powers and duties as a debtor-in-possession in the continued operation of its business and management of its property; (b) negotiate with creditors of the Debtor in working out a plan and to take necessary legal steps in order to confirm said plan, including, if need be, negotiations in financing a plan; (c) prepare, on behalf of the Debtor, as debtor-in-possession, necessary applications, answers, orders, reports, and other legal papers; (d) appear at judicial proceedings to protect the interests of the debtor-in-possession and to represent the Debtor in all matters pending in the Chapter 11 proceeding; and (e) perform all other legal services for the Debtor, as debtor-in-possession, as may be necessary herein. The firm's current billing rates for bankruptcy and real estate matters are $600 per hour. The firm does not bill for paraprofessional time. Gregory Messer will be paid a retainer in the amount of $35,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Gregory Messer, founding partner, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Gregory Messer can be reached at: Gregory Messer, Esq. Mark Bernstein, Esq. Law Offices of Gregory Messer 26 Court Street, Suite 2400 Brooklyn, NY 11242 Tel: (718) 858-1474 Email: gremesser@aol.com About Catskill Case Study Catskill Case Study LLC -- https://Milancasestudy.com/ -- is a construction contractor and owns various parcels of real property where it sells the property and provides contracting services. Due to ongoing litigation, Catskill Case Study LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-41817) on July 28, 2022. In the petition filed by Nicolas Mahedy, as managing member, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Gregory M. Messer, of the Law Office of Gregory Messer, PLLC, is the Debtor's counsel. CHAZAR 410: Trustee Seeks to Hire Hilco Real Estate as Broker ------------------------------------------------------------- Robin E. Phelan, as Chapter 11 Trustee of the Estate of Chazar 410 Holdings, Chazar 410 Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Hilco Real Estate, LLC as his real estate broker. The firm's services include: a. developing a sales strategy with the Trustee; b. soliciting interested parties for the sale and marketing of the Debtor's real property through a managed qualifying bid process; and c. conducting negotiations, at the Trustee's direction, for the sale of the property. Hilco will receive compensation as follows: a. In the event the Trustee enters into a real estate purchase agreement with a prospective third party purchaser for the purpose of such purchaser acting as a stalking horse purchaser for the Property (the Stalking Horse Bidder), and the Property is sold to such Stalking Horse Bidder for an amount equal to the Stalking Horse Bidder’s initial stalking horse bid amount (the Initial Stalking Horse Bid Amount), Hilco shall be entitled to receive (i) reimbursement of its Reimbursable Expenses as defined in Section 6 of the Agreement, which Reimbursable Expenses shall be capped at $15,000 and (ii) payment of a commission in an amount equal to 1 percent of the Initial Stalking Horse Bid Amount, to be paid at the closing of the Property. b. In the event that the Stalking Horse Bidder is the successful bidder for the Property and the Stalking Horse Bidder increases its Initial Stalking Horse Bid Amount during the Term of the Agreement, the Stalking Horse Bidder will be required to add the Buyer’s Premium to its increased bid amount, and the Buyer’s Premium will be paid to Hilco as its commission. c. Any bidder submitting the highest and/or best offer for the purchase of the Property, as well as any back-up bidders, in each case, as designated by the Trustee (each, a Successful Bidder), will be required to add to their final bid amount a buyer's premium in an amount equal to 5 percent of such Successful Bidder's final bid amount (the Buyer's Premium). The Buyer's Premium will be added to the amount of the Successful Bidder's final bid price and paid to Hilco in cash as its commission. The Buyer's Premium shall be added to the Successful Bidder's final bid price to determine the total purchase price for the Property. In the event the Trustee accepts an offer to sell the Property that does not include the Buyer's Premium as stated above, the Trustee agrees to pay to Hilco a commission equal to the same amount as would have been due if the total purchase price of the offer had been calculated using a Buyer's Premium of the percentage stated above. Sarah Baker, vice president of Hilco, disclosed in a court filing that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sarah Baker Hilco Real Estate, LLC 5 Revere Drive, Suite 206 Northbrook, IL 60062 Tel: (847) 504-2462 Fax: (847) 897-0874 Email: sbaker@hilcoglobal.com About Chazar 410 Holdings Fort Worth, Texas-based Chazar 410 Holdings, LLC filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Texas Case No. 21-42132) on Sept. 3, 2021, listing as much as $10 million in both assets and liabilities. Judge Mark X. Mullin oversees the case. Forshey & Prostok, LLP serves as the Debtor's legal counsel. CHRISTIAN CARE: No Patient Care Concern, Initial PCO Report Says ---------------------------------------------------------------- Suzanne Koenig, the court-appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Texas an initial report regarding the quality of patient care provided at the three senior living housing and health care facilities being operated by Christian Care Centers, Inc. and Christian Care Centers Foundation, Inc. The report, which covers the period from July 5 to Sept. 6, 2022, came after the ombudsman and her representatives conducted an initial visit last month to each of these facilities: Christian Care Communities and Services-Allen; Christian Care Communities and Services-Fort Worth and Christian Care Communities and Services-Mesquite. Based on these visits and certain follow-up inquiries, the ombudsman did not observe any significant concerns regarding resident care at the facilities. The facilities are managed and maintained in a consistent manner, with similar policies and protocols resulting in similar visit outcomes for each facility, according to the report. A copy of the initial ombudsman report is available for free at https://bit.ly/3TTk5YX from PacerMonitor.com. About Christian Care Centers Christian Care Centers, Inc. (CCCI) was incorporated in 1947 as a nonprofit Texas corporation. CCCI, a faith-based organization, operates three senior living housing and health care campuses in the Dallas/Fort Worth Metroplex. In addition, CCCI owns unimproved real property in Dallas County and Tarrant County, adjacent to the Mesquite and Fort Worth communities. Meanwhile, Christian Care Centers Foundation, Inc. Was incorporated in 1994 also as a nonprofit Texas corporation. It is a supporting organization that serves as an endowment organization for CCCI. CCCI and Christian Care Centers Foundation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 22-80000) on May 23, 2022. In the petitions signed by Mark Shapiro, chief restructuring officer, the Debtors disclosed up to $100 million in both assets and liabilities. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Husch Blackwell, LLP as legal counsel; Houlihan Lokey Capital, Inc. as investment banker; and Glassratner Advisory & Capital, LLC as restructuring advisor. Mark Shapiro, Glassratner's senior managing director, serves as the Debtors' chief restructuring officer. Epiq Corporate Restructuring, LLC is the claims, noticing, and solicitation agent. The U.S. Trustee for Region 6 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on June 3, 2022. The committee is represented by Kane Russell Coleman Logan, P.C. Suzanne Koenig was appointed as patient care ombudsman for the Debtors on July 5, 2022. Greenberg Traurig, LLP serves as the PCO's legal counsel. CLEANSPARK INC: Buys 10K More Latest Generation Mining Machines --------------------------------------------------------------- CleanSpark, Inc. has entered into a purchase agreement with Cryptech Solutions for 10,000 brand-new Bitmain Antminer S19j Pro units for a total price of $28.0 million, after credits and discounts. The servers are expected to be delivered to CleanSpark's facilities by late October or early November of this year. The Company said its sustainable growth strategy coupled with the current cryptocurrency market conditions enabled the Company to purchase the machines at a substantially discounted price compared to the spot market price earlier this year. Bitmain, the manufacturer and seller of the devices, sold the S19j Pro model on its official website in January for as much as $116 per TH/s whereas the Company purchased the 10,000 units for approximately $28.00 per TH/s. "During the tail end of the bull market last year, we strategically focused on building infrastructure instead of following the then industry trend of pre-ordering equipment months in advance," said Zach Bradford, CEO of CleanSpark. "This strategy positioned us to make purchases of landed rigs at significantly lower prices, thus reducing the time between deploying capital and hashing, accelerating our return on investment." "We prepared for challenging times, which allowed us to take advantage of unique opportunities created by the current market, accelerating our growth trajectory," said Matt Schultz, executive chairman. "Simply put, we've strategically avoided lengthy delays in receiving machines and energizing circuits, quickly adding long-term value to our stakeholders." The purchase follows CleanSpark's recent milestone of exceeding a bitcoin mining hashrate of 3.0 EH/s last week and the acquisition of its third mining site last month. The Company also made strategic purchases of over 5,000 units of the Antminer S19 series of machines and more than 1,000 units of the M30s series from June to August. CleanSpark now has more than 37,000 bitcoin mining machines operational at all its sites with a daily production high of 14.28 bitcoins and a current hashrate of 3.7 EH/s. CleanSpark has cemented its position as a top five bitcoin mining company in terms of both hashrate and monthly production. About CleanSpark Headquartered in Bountiful, Utah, CleanSpark, Inc. -- www.cleanspark.com -- is a bitcoin mining and energy technology company that is solving modern energy challenges. CleanSpark reported a net loss of $21.81 million for the year ended Sept. 30, 2021, a net loss of $23.35 million for the year ended Sept. 30, 2020, and a net loss of $26.12 million for the year ended Sept. 30, 2019. As of June 30, 2022, the Company had $411.06 million in total assets, $34.19 million in total liabilities, and $376.87 million in total stockholders' equity. CUSTOM ALLOY: Public Sale Auction Set for Sept. 22 -------------------------------------------------- In accordance with applicable provisions of the Uniform Commercial Code, CIBC Bank USA ("secured party") intends to offer for sale, at public auction under the UCC, all rights of Custom Alloy Corporation, CAC Michigan LLC, and CAC New Jersey LLC ("companies") in substantially all of the personal property collateral owned by the Companies and rights relating thereto. The public auction will be held on Sept. 22, 2022, at 12:00 p.m. (CST), at the offices of Goldberg Kohn Ltd., 55 E. Monroe, Ste. 3300, Chicago, IL 60603, with the option to participate virtually or telephonically as secured party may determine. Interested parties who intend to bid on the collateral must contact Michael Krakovsky of Stout Capital LLC, as sale advisor to the Companies, at mkrakovsky@stout.com to receive the terms of the sale and bidding instructions. EXPRESS GRAIN: Seeks to Hire Craig M. Geno as Special Counsel ------------------------------------------------------------- Express Grain Terminals, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to employ the Law Offices of Craig M. Geno, PLLC to serve as their special counsel. The Debtor sold substantially all of its assets in this case to third parties. The remaining business of the Debtor has to do with the prosecution of claims and causes of action, objection to claims, finalizing its disclosure statement, prosecuting its plan of liquidation and establishing a trust to administer the assets of the Debtor, post-confirmation. As special counsel, Craig M. Geno will render these services: a. advise and consult with the Debtor regarding the prosecution of the claims; b. prosecute the claims; c. represent the Debtor in court hearings and in trials of the claims; d. represent the Debtor in connection with any appeals which may arise out of the claims; and e. perform other legal services. The firm has agreed to undertake representation on a 1/3 contingency fee basis. Craig Geno, Esq., a partner at the Law Offices Of Craig M. Geno, 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: Craig M. Geno, Esq. Law Offices Of Craig M. Geno, PLLC 587 Highland Colony Parkway Ridgeland, MS 39157 Tel: (601) 427-0048 Email: cmgeno@cmgenolaw.com About Express Grain Terminals Greenwood, Mississippi-based Express Grain Terminals, LLC, produces soy products such as oil and biodiesel. Express Grains Terminals and its affiliates, Express Biodiesel, LLC and Express Processing, LLC, sought Chapter 11 protection (Bankr. N.D. Miss. Lead Case No. 21-11832) on Sept. 29, 2021. At the time of the filing, Express Grains Terminals listed up to $50 million in assets and up to $100 million in liabilities. Judge Selene D. Maddox oversees the cases. The Law Offices of Craig M. Geno, PLLC, is the Debtors' legal counsel. UMB Bank, N.A., the Debtors' lender, is represented by Spencer Fane LLP. FAIRPORT BAPTIST: No Patient Care Concern, 2nd PCO Report Says -------------------------------------------------------------- Eric Huebscher, the court-appointed patient care ombudsman, filed a second report regarding the quality of patient care provided at the nursing home operated by Fairport Baptist Homes and its affiliates. The report, which covers the period from July 6 to Sept. 6, 2022, came after the PCO conducted visits to the facility located in Fairport, N.Y., to interview employees and make on-site observations, and after his weekly calls with senior leadership to discuss any material issues. According to the report, the PCO did not note any specific patient care issues during this reporting period and did not receive any inquiries or calls regarding any patient care issues. All employees interviewed continued to be engaging, cooperative, transparent and professional. The PCO will continue to monitor the sale process, with an emphasis on any unreasonable delays that may impact on patient care. Timely completion of the sale process will benefit the patients and continued uninterrupted stability of the workforce, according to the report. A copy of the second PCO report is available for free at https://bit.ly/3enocfw from PacerMonitor.com. About Fairport Baptist Homes Fairport Baptist Homes and its affiliates, Fairport Baptist Homes Adult Care Facility, Inc., FBH Community Ministries and FBH Distinctive Living Communities, Inc., operate skilled nursing care facilities. Fairport Baptist Homes owns a New York-licensed 142-bed residential health care facility at the FBH campus in Fairport, N.Y., and 42 independent living units known as Deland Acres. On May 6, 2022, Fairport Baptist Homes and its affiliates sought Chapter 11 bankruptcy protection (Bankr. W.D.N.Y. Lead Case No. 22-20220). In the petition filed by Fairport President Thomas H. Poelma, Fairport Baptist Homes listed $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Debtors tapped John A. Mueller, Esq., at Lippes Mathias, LLP as bankruptcy counsel and Pullano & Farrow, PLLC as special counsel. Epiq Corporate Restructuring, LLC is the claims and noticing agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on June 2, 2022. Dentons US, LLP and ToneyKorf Partners, LLC serve as the committee's legal counsel and financial advisor, respectively. Eric M. Huebscher, the patient care ombudsman appointed in the Debtors' cases, is represented by Kelly C. Griffith, Esq., at Harris Beach, PLLC. FINCO I: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable -------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' issuer credit rating on FinCo I LLC (Fortress) and its 'BB' issue rating on the company's senior secured revolver and term loan. The outlook remains stable. The recovery rating on the senior secured debt remains '3', denoting its expectation for meaningful (50% rounded estimate) recovery in the event of a payment default. S&P also revised the group status of Fortress to parent company SoftBank Group Corp. to nonstrategic from moderately strategic. S&P said, "Following the acquisition of Fortress by SoftBank in 2017, we viewed Fortress as moderately strategic to parent company SoftBank Group Corp. This incorporated our expectation that SoftBank may provide some level of support to Fortress in a stress scenario. However, given that Fortress is small in scale compared with the group and operates highly independently from SoftBank, we consider it more opportunistic than strategic to the group. As such, we now view it as nonstrategic within the SoftBank group. That said, Fortress' issuer credit rating will still be subject to a cap at the group credit profile of SoftBank which is currently 'bb+'. "Our view of Fortress' business is supported by its long-dated, locked-up assets under management (AUM) and solid investment performance track record. However, its portfolio is less diversified than many of its larger and higher rated peers. As of June 30, 2022, 92% of AUM was in credit-oriented strategies, with the remaining 8% in private equity funds or permanent capital vehicles." New Residential Investment Group terminated its management agreement with Fortress in June 2022, resulting in a $6.7 billion decline in Fortress's AUM. As part of the contract termination, New Residential will pay Fortress a total of $400 million in 2022. Despite the loss of a large client account, S&P continues to consider the locked-up nature of most of the company's AUM as a credit strength. S&P said, "We expect leverage to be lower in 2022 due to the significant one-time payment from New Residential, but for leverage to remain between 3.0x-4.0x on a weighted average basis over the next 12-24 months despite our expectation for lower management fees due to the contract cancellation. This forecast also incorporates our base-case expectation that Fortress could use a portion of its large cash position to fund additional strategies or for distributions. We net most of Fortress' cash against its debt in our leverage calculation, and as its current cash balances are large, we could see wide swings in leverage depending upon the company's ultimate deployment of its cash balances. "The stable outlook reflects S&P Global Ratings' view that Fortress will operate with net debt to EBITDA of 3.0x to 4.0x over the next one to two years, without significant erosion of AUM or earnings. "We could lower our rating on Fortress if leverage rises above 4.0x on a sustained basis, or if we see declining investment performance, erosion in AUM and earnings, or if the company has materially weaker funding results. "We could raise our rating on Fortress if its leverage drops sustainably below 3.0x, provided there is no deterioration to SoftBank's group credit profile." -- S&P's recovery analysis includes the company's $950 million term loan and its $90 million revolving credit facility. -- S&P applies a 5.0x multiple for all asset managers because it believes this represents an average multiple for asset managers emerging from a simulated default. -- S&P's simulated default scenario includes poor investment performance or market depreciation, potential departures of talent, and fundraising difficulties leading to a reduction in EBITDA sufficient to trigger a payment default. -- Emergence EBITDA: $109 million -- Multiple: 5.0x -- Gross recovery value: $545 million -- Net recovery value for waterfall after administrative expenses (5%): $518 million -- Obligor/nonobligor valuation split: 100%/0% -- Estimated priority claims: None -- Remaining recovery value: $518 million -- Estimated first-lien claim: $998 million -- Value available for first-lien claim: $518 million --Recovery range: 50% FLIPPERATI LLC: Lender Seeks to Prohibit Cash Collateral Access --------------------------------------------------------------- NYMT Commercial Acquisitions, LLC, a secured creditor of Flipperati LLC, asks the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to prohibit the Debtor from using cash collateral without provision for adequate protection of NYMT's interests in the cash collateral. The Debtor is indebted to NYMT, as successor to Flip Funding, LLC pursuant to a Note executed by the Debtor on August 9, 2021 in the original principal amount of $2,730,000. The Note is secured by the Security Deed, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated August 9, 2021. On May 6, 2022, Flip assigned its interest in the Loan Documents to NYMT. Accordingly, NYMT is the present holder of the Loan Documents and is a secured creditor of the Debtor with a first-priority security interest in the Properties and the revenues generated thereby. As of September 8, 2022, at least $3,345,693 is owed under the Loan Documents. In its Petition, the Debtor listed the value of the collateral securing the Loan Documents is $0. On August 5, 2022, NYMT provided written notice to the Debtor of its defaults under the Loan Documents and accelerated the indebtedness. On September 2, NYMT provided written notice to the Debtor that it was going to conduct a foreclosure sale of the Properties on October 4. The Debtor is in default under the Loan Documents because, among other things, the Debtor failed to make monthly payments pursuant to the Loan Documents beginning with payments due January 2022 and failed to pay the entirety of the amounts owed under the Loan Documents on September 1, 2022, the maturity date of the Note. The Debtor has not filed a motion to use cash collateral nor has the secured creditor approved the Debtor's use of its cash collateral. Because the Debtor has not moved for permission to use the cash collateral or provided an adequate explanation for how cash collateral is being or was spent, NYMT objects to the continued use of its cash collateral by the Debtor unless the secured creditor adequate protection payments sufficient to cover the diversion of any of the secured creditor's collateral away from the secured creditor as well as any diminution in value of the collateral. A copy of the motion is available at https://bit.ly/3xDLogD from PacerMonitor.com. About Flipperati LLC Flipperati LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-57065) on September 6, 2022. NYMT Commercial Acquisitions, LLC, as secured creditor, is represented by: Lisa Wolgast, Esq. Talia B. Wagner, Esq. Morris, Manning and Martin, LLP 3343 Peachtree Road, N.E., Suite 1600 Atlanta, GA 30326 FUELCELL ENERGY: Incurs $29 Million Net Loss in Third Quarter ------------------------------------------------------------- Fuelcell Energy, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $28.98 million on $43.10 million of total revenues for the three months ended July 31, 2022, compared to a net loss of $12 million on $26.82 million of total revenues for the three months ended July 31, 2021. For the nine months ended July 31, 2022, the Company reported a net loss of $105.22 million on $91.28 million of total revenues compared to a net loss of $76.87 million on $55.65 million of total revenues for the nine months ended July 31, 2021. As of July 31, 2022, the Company had $944.42 million in total assets, $184.75 million in total liabilities, $59.86 million in redeemable series B preferred stock, $3.03 million in redeemable noncontrolling interest, and $696.78 million in total equity. Management Commentary "For the third quarter, we achieved our strongest quarterly revenue in five years, reflecting product sales and continued progress on our Powerhouse business strategy," said Mr. Jason Few, president and CEO. "We delivered Ex Works six modules to Korea Fuel Cell Co., Ltd. during the quarter, and we have completed manufacturing the eight modules needed to fulfill the order placed by Korea Fuel Cell Co., Ltd. in June 2022 and expect to deliver those modules Ex Works and recognize the resulting revenue in the fourth quarter of fiscal year 2022. The delivery of the six modules along with a 75% increase in revenues from the Company's Generation portfolio led to significantly increased total revenues in the third fiscal quarter, compared to the comparable prior-year quarter." "We are focused on continuing to improve our execution of our project backlog and growing our generation portfolio," continued Mr. Few. "This year, we have strengthened our project management team as well as invested in digitization tools to enhance project management effectiveness. We continue to advance our strategic agenda in terms of infrastructure, solutions, and talent to support our medium- and long-term goals. These steps include continued investment in both capability and capacity, which are targeted to enhance our global commercial organization and manufacturing capabilities as well as support our engineering focus on commercializing our carbon capture, carbon separation and solid oxide platforms." Mr. Few continued, "FuelCell Energy is in a dynamic period of transition as we work to launch several new solutions to support the accelerating energy transition. Earlier this year, we highlighted the approximately $2 trillion in combined, cumulative total addressable market opportunities through 2030 which we believe may be served by our commercially available solutions and those that are actively under development by the Company. Global policy support for clean energy continues to drive our confidence in our target to deliver revenue of over $300 million by the end of fiscal year 2025 and revenue exceeding $1 billion by the end of fiscal year 2030." Mr. Few concluded, "We are excited to see the expansive policy support package for clean energy and storage that was recently enacted in the United States. We believe that the Inflation Reduction Act is supportive of potential customers making investments utilizing our solutions. We expect that the various policy mechanisms within the Inflation Reduction Act will provide businesses with the long-term market and tax certainty needed to make important investment decisions, including in hiring, manufacturing, and partnerships. With this legislation, users and producers of fuel cell technology will be able to take advantage of investment tax credits, production tax credits for clean power and hydrogen, and carbon capture utilization and sequestration credits. Together, we believe these are important incentives for building and deploying more clean energy assets across the country, ensuring the United States leverages its rich natural resources, and decarbonizing our most challenging sectors without deindustrialization. The investments FuelCell Energy is making in our business are well aligned with these policy goals." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0000886128/000155837022014267/fcel-20220731x10q.htm About FuelCell Energy Headquartered in Danbury, Connecticut, FuelCell Energy, Inc. -- http://www.fuelcellenergy.com-- is a global developer of distributed baseload power solutions through its proprietary fuel cell technology. The Company targets large-scale power users with its megawatt-class installations globally, and currently offer sub-megawatt solutions for smaller power consumers in Europe. The Company develops turn-key distributed power generation solutions and operate and provide comprehensive service for the life of the power plant. FuelCell reported a net loss of $101.03 million for the year ended Oct. 31, 2021, a net loss of $89.11 million for the year ended Oct. 31, 2020, a net loss of $77.57 million for the year ended Oct. 31, 2019, and a net loss of $47.33 million for the year ended Oct. 31, 2018. As of Jan. 31, 2022, the Company had $854.69 million in total assets, $182.65 million in total liabilities, $59.86 million in redeemable series B preferred stock, $15.45 million in redeemable noncontrolling interests, and $596.74 million in total equity. FULL CIRCLE: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------- Full Circle Technologies, LLC asks the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, for authority to use cash collateral. The Debtor requires the use of cash collateral to make payroll and continue operations. A number of potential creditors have filed UCC-1's claiming a lien on the Debtor's accounts receivable and or inventory. According to the Secretary of State of Texas the following UCC-1's have been filed: 1. Small Business Administration file number 20-0022816162 filed June 4, 2020. 2. Porter Capital Corporation file number 21-0015421804 filed April 19, 2021. 3. Scansource, Inc file number 21-0026452042 filed June 24, 2021. 4. Mr. Advance file number 0021004686182 filed October 20, 2021. 5. Delta Bridge Funding file number 22-0014843307 filed March 24, 2022. 6. Lifetime Funding file number 22-0029375080 filed June 10, 2022. 7. Bayview First National Bank, A National Banking Association file number 22-0036634218 filed July 25, 2022. The SBA, Porter, Scansource, Advance, Delta, Lifetime and Bayview are the Secured Creditors. The Debtor is willing to provide the Secured Creditors with replacement liens pursuant to 11 U.S.C. section 552 in accordance with their existing priority without making any determination at this time as to the validity or priority of the claims asserted by the Secured Creditors. A copy of the motion and the Debtor's budget is available at https://bit.ly/3U4P7NN from PacerMonitor.com. The budget provides for $200,000 in projected income and $120,104 in total expenses. About Full Circle Technologies, LLC Full Circle Technologies, LLC provides video surveillance and secured access controls. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-31660) on September 9, 2022. In the petition signed by Abheeshek Sharma, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Eric A. Liepins, Esq., is the Debtor's counsel. GAMESTOP CORP: Incurs $108.7 Million Net Loss in Second Quarter --------------------------------------------------------------- GameStop Corp. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $108.7 million on $1.13 billion of net sales for the three months ended July 30, 2022, compared to a net loss of $61.6 million on $1.18 billion of net sales for the three months ended July 31, 2021. For the six months ended July 30, 2022, the Company reported a net loss of $266.6 million on $2.51 billion of net sales compared to a net loss of $128.4 million on $2.46 billion of net sales for the six months ended July 31, 2021. As of July 30, 2022, the Company had $2.79 billion in total assets, $1.45 billion in total liabilities, and $1.34 billion in total stockholders' equity. The Company's principal sources of liquidity are cash from operations, cash on hand, and borrowings from the capital markets, which include its revolving credit facilities. As of July 30, 2022, the Company had total unrestricted cash on hand of $908.9 million and an additional $399.1 million of available borrowing capacity under its revolving credit facilities. On March 15, 2021, the Company repaid its outstanding borrowings of $25.0 million under its then outstanding asset-based revolving credit facility. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1326380/000132638022000126/gme-20220730.htm About GameStop Grapevine, Texas-based GameStop Corp. is a specialty retailer offering games and entertainment products through its E-Commerce properties and thousands of stores. GameStop reported a net loss of $381.3 million in 2021, a net loss of $215.3 million in 2020, a net loss of $470.9 million in 2019, and a net loss of $673 million in 2018. As of Jan. 29, 2022, the Company had $3.49 billion in total assets, $1.89 billion in total liabilities, and $1.6 billion in total stockholders' equity. GETTY IMAGES: S&P Upgrades ICR to 'B+', Outlook Positive -------------------------------------------------------- S&P Global Ratings raised its ratings on U.S.-based Getty Images Inc., including its issuer credit rating to 'B+' from 'B-'. The positive outlook reflects the potential for an upgrade if Getty Images continues to report good organic revenue growth, maintains low- to mid-30% EBITDA margins, and pursues prudent financial policies. The upgrade reflects meaningful deleveraging and improved cash flow. Getty Images utilized proceeds from the transaction and cash on its balance sheet to retire $615 million of its preferred equity and $300 million of its first-lien term loan. The remaining preferred equity was converted into common equity. S&P said, "We forecast Getty Images' pro forma S&P Global Ratings-adjusted leverage will decline to the high-4x area in 2022 because we believe the company remains committed to deleveraging. We forecast improved free operating cash flow (FOCF) to debt in the low-7% area from 6% from debt reduction and earnings growth." S&P said, "We believe Getty Images benefits from good revenue visibility and a tiered product offering that drives our performance expectation. We forecast positive operating trends will continue and expect mid-single-digit percent revenue growth in 2022 driven by strong editorial sector growth from political advertising, increased annual subscription packages, sporting events, and a rebound in entertainment post Covid. While we expect growth to taper in the forecast years, Getty Images has good revenue visibility supported by 50% of revenue generated from its annual subscription-based model. This is further supported by its tiered offering that enables it to cross-sell products. "We believe Getty Images will pursue financial policies that will keep leverage in the mid-4x area. Following the shift in ownership to a publicly traded entity, Getty Images is approximately 48.5% owned by the Getty family, 20.4% by Koch Icon Investments, 17.6% by sponsors and special purpose acquisition company investors, and the remaining shares distributed to founders, private investment in public equity investors, and the public. We believe the company will adopt more transparent leverage targets with a focus on deleveraging to 2.5x-3x and pursue opportunistic acquisitions such that it maintains its leverage target. "The positive outlook reflects the potential for an upgrade if Getty Images continues its performance momentum. We believe the company will benefit from investments in marketing and technology to acquire new customers, enhance user experience, and extend its product portfolio to capture market share, partly offset by modest cost pressures. We forecast that the company will maintain a leverage in the mid-4x area." S&P could raise its rating on Getty Images if: -- S&P believes the company will sustain leverage below 4x or the company maintains performance momentum. This would entail good organic revenue growth, increased market share and subscription revenue, and maintaining low- to mid-30% EBITDA margins; and -- It demonstrates a conservative financial policy by not making large, debt-financed dividends or acquisitions. S&P could revise the outlook to stable if: -- EBITDA margins decline moderately; or -- Leverage increases to the high-4x area for a sustained period. This would be due to a combination of competitive pressures, recessionary environment, or a large acquisition without accretive earnings in the next one to two years. HOPE TRUCKER: Seeks to Hire Frank J. Giarratano as Accountant ------------------------------------------------------------- Hope Trucker Logistics, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Frank J. Giarratano, a certified public accountant practicing in Ellicott City, Maryland to perform accounting services. Mr. Giarratano's services include: -- serving as accountant; -- preparing financial reports, including monthly operating reports, as needed; and -- analyzing Debtor’s financial matters and advising Debtor as necessary. The Debtor has agreed to pay $400/month to the accountant. Mr. Giarratano assured the court that he is a disinterested person within the meaning of 11 U.S.C. Sec. 327. The accountant can be reached at: Frank J. Giarratano, CPA 4237 Red Bandana Way Ellicott City. MD 21042 Phone: (443) 283-2083 Fax: (443) 283-1407 About Hope Trucker Logistics Hope Trucker Logistics, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 22-11038) on Aug. 6, 2022, listing as much as $500,000 in both assets and liabilities. Faisal Khan, sole member, signed the petition. Ashvin Pandurangi, Esq., at Vivona Pandurangi, PLC is the Debtor's legal counsel. HOSPITALITY WOODWORKS: Unsecureds to Recover 39% to 62% in Plan --------------------------------------------------------------- Hospitality Woodworks, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Disclosure Statement for Plan of Reorganization dated September 12, 2022. The Debtor manufactures and installs custom furniture and millwork for commercial interiors, including upscale restaurants, hotels, and convention centers, primarily in the southeastern United States, working directly with local and national companies that operate those facilities (the "Business"). Given the Debtor's debt obligations, including rent owed to its current and former landlords, and extremely expensive debt incurred through merchant cash advances, the Debtor was forced to file for chapter 11 protection to protect the going concern value of the Business, weather the storm, and enable the Debtor to meet its obligations upon emergence from chapter 11. Over the course of this case, the Debtor has steadily returned its operations to near prepandemic levels. By returning its operations to normal and reducing its monthly expenses and debt service obligations, the Debtor has improved its revenue, and the Debtor believes that the restructuring contemplated under the Plan will enable it to emerge from bankruptcy as a leaner company, poised for years of success. Cadence Bank holds a blanket lien on most of the Debtors' assets. The Debtor believes the approximate allowable amount of the Cadence's claim as of confirmation will be $30,393.40, with any remainder of its claim being treated as a General Unsecured Claim. The Debtor proposes to pay the secured amount of the claim over five years, plus 6% interest, with an estimated monthly payment of approximately $587.59 thereafter, until Cadence's secured claim is paid in full. Direct Capital holds a first-priority lien on certain assets. The Debtor believes the total current amount of Direct's claim is approximately $29,136.04, with $11,500.00 of that amount representing a secured claim, as indicated on the proof of claim filed by Direct. The Debtor proposes to pay such secured claim in equal monthly installments over five years with 6% interest, with an estimated monthly payment of $222.33, with the deficiency balance to be treated as a General Unsecured Claim. The Debtor estimates, based on its schedules and proofs of claims that have been filed, that there will be approximately $483,144.29 in allowed general unsecured claims, which includes the estimated deficiency claims of Cadence and Direct, and Wells Fargo, and accounts for likely amendments to the Debtor's schedules and claims objections, and assumes that all such amendments and objections are unopposed. Currently, it appears that if there were no amendments to the Debtor's schedules and no claims objections filed or sustained, the total amount of general unsecured claims would be $770,909.26. The Debtor proposes to satisfy General Unsecured Claims by paying a total of $300,000.00 in equal quarterly installment payments over five years, with each such quarterly payment equaling $10,000.00 during the first year, $12,500.00 during the second year, $15,000.00 during the third year, $17,500.00 during the fourth year, and $20,000.00 during the fifth year. Assuming that the Debtor's planned amendments to the Debtor's schedules and claims objections are not opposed, General Unsecured Creditors would receive a total recovery of approximately 62% of their allowed claim amounts. Even if the proposed distributions were allowed based on the claims register as it currently stands, General Unsecured Creditors would receive a total recovery of approximately 39% of their allowed claim amounts. Accordingly, the Debtor projects that General Unsecured Creditors would receive recoveries of 39-62% of the allowed amounts of their claims. David Robinson holds 100% of the equity interests in the Debtor and would continue to hold such interests after the Plan becomes effective. However, Mr. Robinson will not be allowed to take any distributions from the Debtor on account of his equity interest in the Debtor (though he may still receive a reasonable market-rate salary) unless and until all other distributions contemplated under the Plan have been made. The cash distributions contemplated by the Plan shall be funded by cash generated in the operation of the Reorganized Debtor's business. A full-text copy of the Disclosure Statement dated September 12, 2022, is available at https://bit.ly/3qy1xAd from PacerMonitor.com at no charge. Attorneys for the Debtor: William A. Roundtree, Esq. Benjamin R. Keck, Esq. Rountree Leitman & Klein LLC 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Phone: 404-584-1238 wrountree@rlklglaw.com bkeck@rlklglaw.com About Hospitality Woodworks Hospitality Woodworks, LLC is a manufacturer and installer of custom furniture and millwork commercial interiors, including upscale restaurants, hotels, and convention centers, primarily in the southeastern United States, working directly with local and national companies that operate those facilities. Hospitality Woodworks sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 21-51852) on March 5, 2021. In the petition signed by David Robinson, owner, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. William A. Rountree, Esq., at Rountree, Leitman & Klein, LLC represents the Debtor as counsel. IMPACT ENERGY: Case Summary & 10 Unsecured Creditors ---------------------------------------------------- Debtor: Impact Energy Partners LLC 432 Lovell Avenue Mill Valley CA 94941 Chapter 11 Petition Date: September 13, 2022 Court: United States Bankruptcy Court Northern District of California Case No.: 22-30476 Debtor's Counsel: John A. Vos, Esq. VOS LAW OFFICE 1430 Lincoln Avenue San Rafael, CA 94901 Tel: (415) 485-5332 Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by David Schactschneider, member, authorized representative of Impact Energy Partners. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/HW633AA/Impact_Energy_Partners_LLC__canbke-22-30476__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 10 Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Stefan Grafstein Personal Loan $4,000,000 220 Calle Manuel Domenech #750 San Juan, PR 00918 2. Greg Theisen Personal Loan $2,900,000 3990 27th SE Buffalo, MN 55313 3. Vito Francis Apa $2,700,000 2075 Arthur Island Port Severn, Ontario L0K 150 Canada 4. Julie Chuang Personal Loan $2,600,000 8080 Summitpoint Place Lewis Center, OH 43035 5. Matthew Johnthan Clonts $2,500,000 5000 Eaton Street Los Angeles, CA 90042 6. Private Mortgage Fund LLC Mortgage $2,000,000 23586 Calabasas Rd. Ste 100 Calabasas, CA 91302 7. Joffrey Hoffmann Personal Loan $87,000 3 Rue Des Iris 67750 Scherwiller, France 8. Rachel Schreiber $73,670 31 Rue Sainte Odile 67750 Scherwiller France 9. Maxime Chamley $44,000 6 Rue E'Eperney 67300 Schiltheim France 10. Avenir Consult, SARL $37,900 31 Rue Sinte Idile 67750 Scherwiller France INGEVITY CORP: Fithc Affirms 'BB' Long-Term IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Ingevity Corporation's Long-Term Issuer Default Rating (IDR) at 'BB'. Fitch has also affirmed the company's senior secured long-term issue ratings at 'BBB-'/'RR1' and senior unsecured long-term issue ratings at 'BB'/'RR4'. The Rating Outlook remains Stable. The ratings reflect the company's relatively modest size, strong margins owing to technological and market leadership in activated carbon for auto emissions control, elevated exposure to cyclical end-markets and its generally modest leverage. The Stable Outlook reflects Fitch's expectations for total debt/operating EBITDA to slightly increase but remain between 2.5x and 3.0x through the forecast horizon, with the assumed 4Q22 closing of the Ozark acquisition expected to be majority-funded through revolver borrowings. KEY RATING DRIVERS Improving Product, Feedstock Mix: As evidenced by the recent acquisitions of pavement marking materials businesses Ozark Materials, LLC, and Ozark Logistics, LLC (Ozark), and the strategic investment in Nexeon Limited, a manufacturer of silicon-based anode materials for the electronic vehicles (EV) and consumer electronics markets, Ingevity continues to improve its product portfolio diversification through strategic M&A. Ingevity also continues to de-risk its feedstock composition by diversifying its raw material inputs into soy and other alternative fatty acids (AFA), making its first sales of AFA and derivatives in 2021, while still exploring adding other vegetable oil-based products. Fitch views these growth initiatives as potential catalysts for an enhanced business profile more consistent with 'BB+' rated peers, to the extent they increase Ingevity's size and scale and reduce cash flow risk through lowering its exposure to crude tall oil (CTO) and autos while increasing customer stickiness. While Fitch projects capex and M&A spending to be elevated over the forecast horizon, the company is expected to maintain sufficient FCF generation and liquidity levels to provide financial flexibility through the forecast period. Temporarily Increasing Leverage: Ingevity restructured its capital structure in 2Q22, in which it fully repaid $300 million in 4.50% senior unsecured notes, extended and upsized its senior secured revolver, and fully repaid its senior secured term loan balance of $323 million. While the company currently holds an elevated revolver balance of $532 million as of June 30, 2022, LTM 1H22 total debt/operating EBITDA stands at 2.5x as compared to 2.8x at YE 2021. Fitch expects total debt/operating EBITDA to slightly increase to between 2.5x and 3.0x by YE 2022, with the assumed 4Q22 closing of the Ozark acquisition expected to be majority-funded through revolver borrowings. With the company expecting to return to its 2.0x-2.5x net leverage target by YE 2023, Fitch expects FCF to be primarily allocated toward debt reduction over the near term, and in a balanced manner including growth investments, both organic and inorganic, and measured share repurchases over the forecast horizon. Fitch notes that Ingevity's board of directors recently authorized the repurchase of up to $500 million of common stock. Resiliency Amid Inflation: Ingevity maintained solid performance through 2021 and 1H22, sustaining operating EBITDA margins around 30% and generating around $167 million in FCF through LTM 1H22, supported by favorable pricing to mitigate cost inflation impacts, partially offset by slightly weaker volumes. Fitch believes the company's recent performance highlights Ingevity's competitive strengths of its strong market positions - particularly in activated carbon materials - and its ability to pass through elevated costs. Fitch expects benefits from higher emissions standards and incremental end market diversification resulting from organic and inorganic growth investments to result in strong annual FCF generation of around $150 million on average over the forecast horizon, despite Fitch's forecasts for relatively sluggish global auto production. Emissions Standards Benefit Materials: Gasoline vapor emissions regulation drives volume in the Performance Materials segment. Ingevity's high market share and technological leadership should enable the segment to sustain Operating EBITDA margins over 40%. Recent U.S. and Canadian regulations phased in control systems that better utilize higher margin activated carbon. Other regions are implementing increasingly stringent emission regulations, including Euro 6D and China 6, which are now fully implemented, with Europe's Euro 7 and China's China 7 regulations expected to be implemented by mid-decade. Fitch believes the increase in global emission regulations more than offsets reduced auto sales and the long-term threat of continued electric vehicle use. The recent investment in Nexeon also diversifies the end-market exposure for Ingevity's activated carbon products toward EVs. Performance Chemicals Segment: Some of Ingevity's Performance Chemical (PC) segment products compete with petroleum and gum rosin products. However, the company has become more insulated from substitutes as it has continued to push toward more specialized product offerings through innovation and acquisitions, which is highlighted by improving segment EBITDA margins to 20% in 2021 from 13% in 2016. Longer term, Fitch believes the segment maintains the potential for strong growth prospects, given the global shift toward sustainability and the renewable sources of Ingevity's products versus those based from petroleum, which could help deliver the sustainability initiatives of customers. DERIVATION SUMMARY Ingevity is smaller than specialty chemical peers Axalta Coatings Systems Ltd. (not rated) and H.B. Fuller Company (BB/Stable). Ingevity generally maintains a conservative capital structure with total debt/operating EBITDA generally around 2.5x-3.0x compared with around 3.0x-4.0x for H.B. Fuller and Axalta. Fitch expects Ingevity's total debt/operating EBITDA will continue to trend below 3.0x, consistent with management's pre-acquisition leverage target. Ingevity's operating EBITDA margins are forecast to be approximately 30% throughout the forecast, which compares with margins for Fuller and Axalta in the low-mid teens range. This is primarily due to Ingevity's market position in its Performance Materials (PM) segment, which consistently sees margins above 40%. However, Fitch believes the company's PM segment has a higher degree of exposure to cyclical end markets compared with peers. The company is strategically shifting towards higher value product offerings within its PC segment to reduce earnings volatility, as exemplified by recent acquisitions and product developments. KEY ASSUMPTIONS -- Low double-digit organic revenue growth in 2022 followed by muted organic revenue growth thereafter, driven by lower expected macroeconomic growth leading to lower volumes for the PM segment and Industrial Specialties and Engineered Polymers product lines, partially offset by resiliency in the Pavement Technologies product line; -- Operating EBITDA margins decline but remain robust at around 27% on average, due to mix shift in volumes from PM to lower- margin PC segment; -- Capex of $175 million annually throughout the forecast as the company progresses through 'Ingevity 2.0' growth initiatives, coupled with anticipated capacity additions and debottlenecking; -- Excess cash flow applied to share repurchases. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Increase in size and scale through organic and inorganic investments that further enhance the business profile and reduce cash flow risk through increased customer stickiness and end market diversification; -- Adherence to a financial policy demonstrating a clear commitment to deleveraging to a total debt/operating EBITDA sustained below 2.5x. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Deviation from financial policy resulting in total debt/operating EBITDA sustained above 3.5x; -- Capital allocation prioritization toward additional acquisitions or stock repurchases in favor of debt repayments; -- Substantial sustained operating EBITDA margin deterioration signaling increased cash flow risk or integration risk associated with future investments. LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity: Ingevity upsized its revolver commitments to $1 billion from $500 million in June 2022, having also recently fully repaid its outstanding term loan principal amount of $323 million and the $300 million 4.50% senior notes due in 2026, improving the company's overall cost of capital. As of June 30, 2022, the company had approximately $131 million of cash and equivalents with $466 million in availability under its new $1 billion revolving credit facility due 2027. Even with the assumed 4Q22 closing of the Ozark acquisition expected to be majority funded with revolver borrowings, Fitch projects annual FCF generation to average around $150 million throughout the forecast, which should provide the company with adequate liquidity over the ratings horizon. ISSUER PROFILE Ingevity Corporation is a leading global manufacturer of specialty chemicals and high-performance activated carbon materials. It produces chemicals through refining crude tall oil and carbon materials from burning sawdust necessary to control gasoline emissions in automobiles. ESG CONSIDERATIONS Ingevity Corporation has a revised ESG Relevance Score of '4' from '3' for GHG Emissions & Air Quality due to the impact of the company's activated carbon materials towards global efforts to reduce harmful gasoline vapor emissions, which has a positive impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- Ingevity Corporation LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- INTERPACE BIOSCIENCES: Sells Pharma Services Business for $7M ------------------------------------------------------------- Interpace Biosciences, Inc. reported the closing of a definitive asset purchase agreement under which Flagship Biosciences, Inc. has acquired the Company's Pharma Services business (Interpace Pharma Solutions). The Company will use the proceeds from the transaction for working capital requirements and investments to help drive the growth of its molecular diagnostics business. As consideration for the transaction, under the purchase agreement, Interpace received a total purchase price of approximately $7,000,000 ($500,000 of which has been deposited into escrow), subject to a potential post-closing working capital adjustment, and the assumption by the purchaser of certain specified liabilities. In addition, subject to the terms and conditions set forth in the agreement, the purchaser will pay the subsidiary an earnout of up to $2,000,000 based on revenue for the period beginning Sept. 1, 2021 and ending Aug. 31, 2022. "With the completion of the transaction, we expect the Company's operating cash flow to improve by nearly $5 million annually. We will be a focused Molecular Diagnostic Company offering best in class solutions and diagnostic insights, for determining the presence of certain cancers to clinicians and their patients. We believe that eliminating the negative cash flow burden of the Pharma Services business will allow the Company and management to focus time and resources on product expansion, advancing the clinical utility of existing and new products, additional revenue growth through increased client acquisition, and reimbursement increases as a result of contract and billing improvement, leading to substantially improved margins," said Dr. Thomas Burnell, president and CEO. "In addition," continued Dr. Burnell "I believe the focus of our resources and attention solely to innovative improvements and growth of the Diagnostics business will provide the greatest benefit to our current and new clients as well as shareholders." About Interpace Headquartered in Parsippany, NJ, Interpace Biosciences f/k/a Interpace Diagnostics Group, Inc. -- http://www.interpace.com-- offers specialized services along the therapeutic value chain from early diagnosis and prognostic planning to targeted therapeutic applications. Clinical services, through Interpace Diagnostics, provides clinically useful molecular diagnostic tests, bioinformatics and pathology services for evaluating risk of cancer by leveraging the latest technology in personalized medicine for improved patient diagnosis and management. Pharma services, through Interpace Pharma Solutions, provides pharmacogenomics testing, genotyping, biorepository and other customized services to the pharmaceutical and biotech industries. Interpace Biosciences reported a net loss of $14.94 million for the year ended Dec. 31, 2021, compared to a net loss of $26.45 million for the year ended Dec. 31, 2020. As of June 30, 2022, the Company had $35.49 million in total assets, $36.90 million in total liabilities, $46.54 million in redeemable preferred stock, and a total stockholders' deficit of $47.95 million. Woodbridge, New Jersey-based BDO USA, LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 31, 2022, citing that the Company has suffered operating losses, has negative operating cash flows and is dependent upon its ability to generate profitable operations in the future and/or obtain additional financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. These conditions raise substantial doubt about its ability to continue as a going concern. JAF 27 LLC: Files for Chapter 11; UST Seeks Dismissal ----------------------------------------------------- JAF 27 LLC filed for chapter 11 protection in the District of Massachusetts. The U.S. Trustee immediately filed a motion to dismiss the case. The U.S. Trustee has been informed that the Debtor owns three pieces of real estate, two of which are improved, and one which is vacant land. One piece of real estate contains real property. To date, the Debtor has failed to provide the United States Trustee with any evidence that the Debtor is maintaining in force appropriate insurance coverage on its properties. The Debtor's failure to provide evidence that it is maintaining appropriate property and liability insurance constitutes cause for dismissal pursuant to 11 U.S.C. Sec. 1112(b)(4)(C). According to court filings, JAF 27 LLC estimates between 1 and 49 creditors. The petition states that funds will be available to unsecured creditors. About JAF 27 LLC JAF 27 LLC sought protection under Chapter 11 Subchapter V of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-40648) on September 7, 2022. In the petition filed by John A. Faneros, as manager, the Debtor reported assets and liabilities between $1 million and $10 million. The Debtor is represented by Christopher L. Murray of Law Office of Daniel W. Murray. JOHN V. GALLY: Gets OK to Hire Engelman Berger as Legal Counsel --------------------------------------------------------------- The John V. Gally Family Protective Trust Inc. received approval from the U.S. Bankruptcy Court for the District of Arizona to hire the law firm of Engelman Berger, P.C. as its legal counsel. Engelman Berger will render these legal services: (a) advise the Debtor regarding its powers and duties in the continued management and operation of its business and property; (b) represent the Debtor at the first meeting of creditors, initial debtor interview and all court hearings, adversary proceedings or contested matters that have been or may be filed; (c) attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of the Debtor's Chapter 11 case; (d) assist the Debtor with the preparation of its schedules of assets and liabilities and statement of financial affairs; (e) advise the Debtor with respect to any contemplated sales of assets or business combinations, formulate and implement appropriate closing procedures for such transactions, and prepare and prosecute all motions or pleadings necessary to obtain the court's authorization for such transactions; (f) advise the Debtor with respect to any post-petition financing and cash collateral arrangements, and negotiate, draft and prosecute all documents, motions and pleadings relating thereto; (g) advise the Debtor on all matters relating to the assumption, rejection or assignment of unexpired leases and executory contracts; (h) advise the Debtor with respect to legal issues arising in or relating to the Debtor's ordinary course of business; (i) take all necessary action to protect and preserve the Debtor's estate; (j) prepare, negotiate and take all actions necessary to obtain approval or confirmation of a disclosure statement, plan of reorganization and related agreements and documents; and (k) perform all other legal services relating to the administration and conduct of the Debtor's estate. The hourly rates of the firm's attorneys and staff are as follows: Bradley D. Pack $450 Other Shareholders $450 - $650 Associates $290 - $350 Cindy K. Solomon, Certified Paralegal $200 In addition, the firm will seek reimbursement for expenses incurred. As of the petition date, the firm holds a retainer in the amount of $25,000. Bradley Pack, Esq., an attorney at Engelman Berger, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bradley D. Pack, Esq. Engelman Berger, PC 2800 North Central Avenue, Suite 1200 Phoenix, AZ 85004 Telephone: (602) 271-9090 Facsimile: (602) 222-4999 Email: bdp@eblawyers.com About The John V. Gally Family Protective Trust The John V. Gally Family Protective Trust Inc. is a domestic business trust in Arizona. The John V. Gally Family Protective Trust filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 22-05770) on Aug. 30, 2022. In the petition filed by Caryn K. Mangisi, as Trustee, the Debtor reported assets between $1 million and $10 million and liabilities of the same range. The Debtor is represented by Bradley David Pack of ENGELMAN BERGER PC. JAMES E. CROSS of the Cross Law Firm, PLC was appointed as Subchapter V Trustee. KEYSTONE GAS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Keystone Gas Corporation 101 E. Broadway Street Drumright, OK 74030 Case No.: 22-12088 Chapter 11 Petition Date: September 14, 2022 Court: United States Bankruptcy Court Western District of Oklahoma Debtor's Counsel: Courtney Powell, Esq. SPENCER FANE LLP 1000 Walnut Suite 1400 Kansas City, MO 64106-2140 Tel: 816-474-8100 Email: cpowell@spencerfane.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Richard Allen Sellers, III, president of Keystone Gas Corporation. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/VG3UM4Y/Keystone_Gas_Corporation__okwbke-22-12088__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/H22KU3A/Keystone_Gas_Corporation__okwbke-22-12088__0001.0.pdf?mcid=tGE4TAMA KOPIN CORP: Appoints Michael Murray as New CEO ---------------------------------------------- Mr. Michael Murray has succeeded Dr. John C. C. Fan as CEO of Kopin Corporation, effective Sept. 6, 2022. Dr. Fan has held the role of CEO, along with chairman, since he founded the Company in 1985. Mr. Murray will also join Kopin's Board of Directors. "I am delighted and excited to have Michael lead Kopin, and I strongly recommended his appointment as President and CEO to the Board," said Dr. Fan. "We have been searching for a successor for some time and I believe Michael has the experience to successfully lead the Company in its next stage of growth. I will remain Chairman of Kopin and all the subsidiaries and will work closely with Michael on this important transition, while I continue to focus on strategic and scientific matters especially related to Metaverse," said Dr. Fan. Michael Murray joins Kopin from Ultra Electronics Group, a British Defense and Security company, where he served as president of the Cyber business, working with defense ministries and governments. An engineer by training, Mr. Murray has always been associated with technology-focused companies. Prior to Ultra Electronics, he worked at Aceinna as executive vice president and Analog Devices, where he led the Industrial Sensing business unit. At these companies Mr. Murray was involved in overall strategy of the business, product development, manufacturing, sales and marketing and acquisitions. "As a world-wide leader in micro-displays and optics for defense, industrial and consumer markets, I am excited to work with John, the Kopin team and Board of Directors to capitalize on the Company's success to date and increase its leadership in these areas," said Mr. Murray. Michael Murray earned his Associates Degree in Electronic Engineering from George Brown College, Canada in 2006. In 2009, he earned his Bachelor's degree in Business Management and in 2010 a Master of Science in Technology Commercialization from Northeastern University. In 2014, he obtained a Master's in Business Administration from Massachusetts Institute of Technology. About Kopin Kopin Corporation -- http://www.kopin.com-- is a developer and provider of innovative display and optical technologies sold as critical components and subassemblies for military, industrial and consumer products. Kopin's technology portfolio includes ultra-small Active Matrix Liquid Crystal displays (AMLCD), Liquid Crystal on Silicon (LCOS) displays and Organic Light Emitting Diode (OLED) displays, a variety of optics, and low-power ASICs. Kopin reported a net loss of $13.47 million for the year ended Dec. 25, 2021, a net loss of $4.53 million for the year ended Dec. 26, 2020, and a net loss of $29.37 million for the year ended Dec. 28, 2019. As of Dec. 25, 2021, the Company had $63.01 million in total assets, $23.38 million in total liabilities, and $39.63 million in total stockholders' equity. LABORATORIO ACROPILIS: Files Subchapter V Case ---------------------------------------------- Laboratorio Acroilis Inc. has returned to Chapter 11 bankruptcy. The Debtor filed as a small business debtor seeking relief under Subchapter V of Chapter 11 of the Bankruptcy Code. According to court documents, Laboratorio Acropilis Inc. 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. 21, 2022, at 10:00 AM via Telephonic Conference Information for AUST/Trial Attys. Proofs of claim are due by Nov. 18, 2022. About Laboratorio Acroilis Laboratorio Acroilis Inc. is a laboratory that operates independently of a hospital and physician's office to furnish physiological diagnostic services. Laboratorio Acroilis filed for bankruptcy at least twice in the past. Laboratorio Acroilis filed for Chapter 11 bankruptcy (Bankr. D.P.R. Case No. 19-02601) on May 8, 2019. Laboratorio Acroilis recently filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 22-02670) on Sept. 8, 2022. In the petition filed by Rebeca Daniel Leduc, as president, the Debtor reported assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Diana M. Torres-Cancel has been appointed as Subchapter V trustee. The Debtor is represented by Gloria Justiniano Irizarry of JUSTINIANO'S LAW OFFICE. LE CORBEAU D'ELIE: SARE Files for Chapter 11 Bankruptcy ------------------------------------------------------- Le Corbeau D'Elie LLC has returned to bankruptcy court, this time as a Chapter 11 debtor. The Debtor's property at 958 East 13th Street, in Brooklyn, New York, improved by a on-family house, is valued at $1.2 million. Secured creditor U.S. National Association is owed $1.4 million. According to the new filings, Le Corbeau D'Elie LLC 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. 7, 2022 at 12:00 PM. About Le Corbeau D'Elie Le Corbeau D'Elie LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). Le Corbeau D'Elie LLC previously filed for Chapter 7 bankruptcy (Bankr. E.D.N.Y. Case No. 18-bk-43583) on June 21, 2018, but less than a week later it sought the dismissal of its bankruptcy case. Le Corbeau D'Elie LLC filed for chapter 11 protection (Bankr. E.D.N.Y. Case No. 22-42126) on Sept. 7, 2022. In the petition filed by Thomas Dhaiti, the Debtor reported assets and liabilities between $1 million and $10 million each. LONESOME VALLEY: Gets OK to Hire Allen Barnes as Legal Counsel -------------------------------------------------------------- Lonesome Valley Brewing, Inc. received approval from the U.S. Bankruptcy Court for the District of Arizona to hire Allen Barnes & Jones, PLC as its legal counsel. The firm's services include: a. providing the Debtor with legal advice with respect to its reorganization; b. negotiating with secured and unsecured creditors; c. representing the Debtor at hearings set by the court in the bankruptcy case; and d. preparing reports and legal papers necessary for the Debtor's reorganization. The hourly rates charged by the firm for its services are as follows: Thomas H. Allen, Member $485 per hour Hilary L. Barnes, Member $450 per hour Michael A. Jones, Member $450 per hour Philip J. Giles, Member $360 per hour David B. Nelson, Associate $315 per hour Legal Assistants and Law Clerks $175 to 205 per hour The firm will also seek reimbursement for out-of-pocket expenses. The Debtor paid the firm a retainer in the amount of $8,500. Thomas Allen, Esq., a partner at Allen Barnes & Jones, 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: Thomas H. Allen, Esq. David B. Nelson, Esq. Allen Barnes & Jones, PLC 1850 N. Central Ave., Suite 1150 Phoenix, AZ 85004 Tel: (602) 256-6000 Fax: (602) 252-4712 Email: tallen@allenbarneslaw.com dnelson@allenbarneslaw.com About Lonesome Valley Brewing, Inc. Lonesome Valley Brewing, Inc. operates two bar and restaurant locations in northern Arizona: a craft brewery in Prescott Valley and a pub in Prescott. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 22-05747) on August 29, 2022. In the petition signed by Joanne Cole, chief financial officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Brenda K. Martin oversees the case. Thomas H. Allen, Esq., at Allen Barnes & Jones, PLC is the Debtor's counsel. LOTUS SKY: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------- Lotus Sky, LLC asks the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, for authority to use cash collateral. The Debtor has an immediate need to use the cash collateral of New Millennium Bank, the Debtor's secured creditor claiming liens on the Debtor's personal property including accounts receivables. The Debtor can adequately protect the interests of the Secured Lender as set forth in the proposed Interim Order for Use of Cash Collateral by providing the Secured Lender with post-petition liens, a priority claim in the Chapter 11 bankruptcy case, and cash flow payments. The cash collateral will be used to continue the Debtor's ongoing operations. The Debtor intends to rearrange its affairs and needs to continue to operate in order to pay its ongoing expenses, generate additional income and to propose a plan in the case. The Debtor asserts it has no outside sources of funding available and must rely on the use of cash collateral to continue its operations. A copy of the motion is available at https://bit.ly/3RCSJVl from PacerMonitor.com. About Lotus Sky, LLC Lotus Sky, LLC operates as an OYO Hotel in Amarillo, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-31618) on September 2, 2022. In the petition signed by Kunal Patel, owner, the Debtor disclosed up to $10 million in both assets and liabilities. Joyce Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's counsel. LUCKY STAR-DEER: 41-60 Main Files Amendment to Disclosure Statement ------------------------------------------------------------------- 41-60 Main Street LLC, a secured creditor of Debtors Lucky Star-Deer Park LLC and Flushing Landmark Realty LLC, submitted a First Amended Disclosure Statement describing First Amended Plan of Liquidation dated September 12, 2022. The Plan provides for the liquidation of the Debtors by selling the Debtors' only material assets, the Properties, to generate proceeds to pay Allowed Claims of the Debtors' estate. In general, the proceeds of the Sale of the Lucky Star Property will be distributed to creditors of Lucky Star and the proceeds of the Sale of the Flushing Landmark Property will be distributed to creditors of Flushing Landmark. The Proponent intends to sell the Properties to obtain their highest and best price, in accordance with applicable provisions of the Bankruptcy Code. The closing of the Sale shall take place following the Auction in accordance with the Bid Procedures. The Broker will market the Properties and conduct an Auction following confirmation in the following order: first, the Lucky Star Property; second, the Flushing Landmark Property. The Proponent will be entitled, within its discretion, to submit a credit bid in the Allowed amount of the 41-60 Claim (subject to a credit at the Flushing Landmark Property Sale in the amount of credit bid at the Lucky Star Property Sale, if the Proponent submits the highest and best bid (a "Successful Bidder") at the Lucky Star Property Sale). The Closing for each of the Properties shall take place after the Auction and the entry of an order approving each of the Sales to the Successful Bidder(s). The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 4 consists of Lucky Star General Unsecured Claims. The holders of the Allowed Class 4 Lucky Star General Unsecured Claims will receive on account of such Claims a pro rata distribution of Lucky Star Available Cash after payment in full to Class 1 Claims, the Class 2 Claim, the Class 3 Claim, and Statutory Fees and Administrative Claims of Lucky Star, with interest at the default rate specified in the applicable note for the Class 2 Claim and interest at the Federal Judgment Rate for the other Claims and fees; provided, however, that if the Proponent (or its nominee(s), designee(s) or assignee(s)) is the Successful Bidder of the Lucky Star Property based on a credit bid, the Proponent will provide a distribution of $21,944.00 to holders of Claims in Class 4 other than the 41-60 Main Street Unsecured Claim, the Proponent agreeing to waive the right to receive any distribution from such $21,944.00 as a member of this Class. * Holders of Allowed Class 6 Interests in Lucky Star shall continue to retain and maintain such Interests in Lucky Star and the Post-Confirmation Lucky Star following the Effective Date of the Plan in the same percentages as existed as of the Petition Date. Additionally, to the extent that there is any Lucky Star Available Cash after full payment of all Statutory Fees and Administrative Claims against Lucky Star and Claims in Class 1, Class 2, Class 3, Class 4 and Class 5, with interest from the Petition Date onwards at the rates set forth in the applicable Note(s) as to the Claim in Class 2 and Class 5, and interest from the Petition Date onwards at the Federal Judgment Rate as to all other Claims and Fees, with interest as to all such Classes being paid in full prior to any payments being made on account of principal, each holder of an Allowed Class 5 Interest in Lucky Star shall receive such remaining Lucky Star Available Cash, pro rata, in accordance with their respective percentage interests in Lucky Star. * Class 9 consists of Flushing Landmark General Unsecured Claims. Each holder of an Allowed Class 9 Flushing Landmark General Unsecured Claim will receive on account of such claim a pro rata distribution of Flushing Landmark Available Cash after all payments to the Class 2 Claim, Class 7 Claims, and Class 8 Claim, and Statutory Fees and Administrative Claims against Flushing Landmark, with interest from the Petition Date onwards at the rates set forth in the applicable Note(s) as to the Claim in Class 2, and interest from the Petition Date onwards at the Federal Judgment Rate as to all other Claims and Fees, with interest as to all such Classes being paid in full prior to any payments being made on account of principal; provided, however, that if the Proponent (or its nominee(s), designee(s) or assignee(s)) is the Successful Bidder of the Flushing Landmark Property based on a credit bid, the Proponent will provide a distribution of $20,264.83 to holders of Claims in Class 9 other than the 41-60 Main Street Unsecured Claim, the Proponent agreeing to waive the right to receive any distribution from such $20,264.83 as a member of this Class. * Holders of Allowed Class 10 Interests in Flushing Landmark shall continue to retain and maintain such Interests in Flushing Landmark and the Post-Confirmation Flushing Landmark following the Effective Date of the Plan in the same percentages as existed as of the Petition Date. Additionally, to the extent that there is any Flushing Landmark Available Cash after full payment of all Statutory Fees and Administrative Claims against Flushing Landmark and Claims in Class 2, Class 5, Class 7, Class 8 and Class 9, with interest from the Petition Date onwards at the rates set forth in the applicable Note(s) as to the Claim in Class 2 and Class 5, and interest from the Petition Date onwards at the Federal Judgment Rate as to all other Claims and Fees, with interest as to all such Classes being paid in full prior to any payments being made on account of principal, each holder of an Allowed Class 5 Interest in Lucky Star shall receive such remaining Flushing Landmark Available Cash, pro rata, in accordance with their respective percentage interests in Flushing Landmark. The Plan will be funded by monies made available from the Sale of the Properties (and the Property Causes of Action); however, the Proponent shall advance such funds as are necessary to make payments required under the Plan if the Sale proceeds are insufficient to fund all payments required under the Plan. As provided in the Bid Procedures, the Properties will be sold in the following order: first, the Lucky Star Property, and then the Flushing Landmark Property. Since the 41-60 Main Street Claim is secured by a first position lien against both Properties, the Plan provides that if the Lucky Star Property and the Flushing Landmark Property are sold, collectively, for more than the total amount of the 41-60 Main Street Claim, any additional net proceeds left over after paying the 41- 60 Main Street Claim in full (with interest at the default rate and all costs, expenses and fees) will be distributed to Disbursing Agent to become Lucky Star Available Cash and Flushing Landmark Available Cash pro rata based on the total net sale prices of each such Property. This reflects the understanding that no single Property will be enough to pay off the 41-60 Main Street Claim in full and that the order in which the Properties are sold, which is arbitrary, should not dictate which Debtor's creditors receive any proceeds left over after the 41-60 Main Street Claim is paid in full. That having been said, the Proponent does not believe that there will be enough net proceeds from the Sale of the Properties to pay off the 41-60 Main Street Claim in full. The Disbursing Agent shall take all necessary steps and perform all acts to consummate the terms and conditions for the Plan, and the Debtors shall not interfere with the Disbursing Agent in the performance of its duties. The Confirmation Order shall contain appropriate provisions consistent with Section 1142 of the Bankruptcy Code, directing the Debtors and any other necessary party to execute or deliver or to join in the extension or delivery of any instrument required to affect the Plan or to perform any act necessary to consummate the Plan. A full-text copy of the First Amended Disclosure Statement dated September 12, 2022, is available at https://bit.ly/3QIufc3 from PacerMonitor.com at no charge. Attorneys for 41-60 Main Street: KRISS & FEUERSTEIN LLP 360 Lexington Avenue, Suite 1200 New York, NY 10017 (211)661-2900 Jerold C. Feuerstein, Esq. Daniel N. Zinman, Esq. About Lucky Star-Deer Park Lucky Star-Deer Park, LLC, is a single asset real estate as defined in 11 U.S.C. Section 101(51B). The company is based in Flushing, N.Y. Lucky Star-Deer Park and affiliates, Flushing Landmark Realty LLC and Victoria Towers Development Corp., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case Nos. 20-73301, 20-73302 and 20-73303) on Oct. 30, 2020. On Nov. 3, 2020, another affiliate, Queen Elizabeth Realty Corp., filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 20-73327). Judge Robert E. Grossman oversees the cases, which are jointly administered under Case No. 20-73301. At the time of the filing, Lucky Star-Deer Park listed up to $50,000 in assets and up to $500,000 in liabilities. The Debtors tapped Rosen & Kantrow, PLLC as bankruptcy counsel; Certilman Balin and The Law Offices of Fred L. Seeman as special counsels; Joseph A. Broderick, P.C. as accountant; and Miu & Co. As audit consultant. MARRONE BIO: Suspends Duty to File Reports With SEC --------------------------------------------------- Pro Farm Group, Inc. (Formerly known as Marrone Bio Innovations, Inc.) filed a Form 15 with the Securities and Exchange Commission notifying the termination of registration of the Company's shares of common stock under Section 12(g) of the Securities Exchange Act of 1934. As a result of the Form 15 filing, the Company is no longer obliged to file periodic reports with the SEC. On July 13, 2022, pursuant to and in accordance with the Agreement and Plan of Merger, dated as of March 16, 2022, BCS Merger Sub, Inc., a wholly-owned subsidiary of Bioceres Crop Solutions Corp., merged with and into Pro Farm Group, with the latter surviving the merger as a wholly-owned subsidiary of Bioceres. About Marrone Bio Innovations Based in Davis, California, Marrone Bio Innovations, Inc. -- http://www.marronebio.com-- discovers, develops and sells innovative biological products for crop protection, plant health and waterway systems treatment. The Company's products are sold through distributors and other commercial partners to growers around the world for use in integrated pest management and crop protection systems that improve efficacy and increase yields and quality while protecting the environment. Its products are often used in conjunction with or as an alternative to other agricultural solutions to control pests and enhance plant nutrition and health. Marrone Bio reported a net loss of $16.55 million for the year ended Dec. 31, 2021, compared to a net loss of $20.17 million for the year ended Dec. 31, 2020. As of March 31, 2022, the Company had $76.21 million in total assets, $53.34 million in total liabilities, and $22.87 million in total stockholders' equity. San Francisco, CA-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 30, 2022, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. MOLECULAR & DIAGNOSTIC: Confirmation Hearing Continued to Sept. 27 ------------------------------------------------------------------ Judge Selene D. Maddox of the U.S. Bankruptcy Court for the Northern District of Mississippi has entered an order within which the confirmation hearing for the Plan filed by Molecular & Diagnostic Testing Labs of America, LLC set for September 6, 2022 at 10:30 a.m. is continued to September 27, 2022 at 10:30 a.m. A copy of the order dated September 12, 2022, is available at https://bit.ly/3BgmNz7 from PacerMonitor.com at no charge. Attorney for the Debtor: Robert Gambrell, Esq. GAMBRELL & ASSOCIATES, PLLC 101 Ricky D. Britt Blvd., Ste. 3 Oxford, MS 38655 Tel: (662)281-8800 Fax: (662)202-1004 E-mail: rg@ms-bankruptcy.com About Molecular & Diagnostic Molecular & Diagnostic Testing Labs of America, LLC is a reference lab located in Tupelo, Mississippi, providing laboratory testing services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 21-12201) on November 17, 2021. In the petition signed by Joseph R. Campbell a/k/a Joey Campbell, its managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Selene D. Maddox oversees the case. Robert Gambrell, Esq., at Gambrell & Associates, PLLC is the Debtor's counsel. MULLEN AUTOMOTIVE: Buys Controlling Interest in Bollinger for $148M ------------------------------------------------------------------- Mullen Automotive, Inc. has acquired a controlling interest in EV truck innovator Bollinger Motors. This is Mullen's first EV acquisition and propels the Company into the medium duty truck classes 3-6, along with the B1 and B2 sport utility trucks. The purchase price is $148.2 million in cash and stock for a 60% controlling interest, which gives Mullen the majority ownership of Bollinger Motors, Inc. and positions Bollinger to capture the electric sport utility and commercial vehicle markets. "This acquisition is one of the largest in the EV industry to date and provides Mullen with the unique opportunity to aggressively expand into the high-demand commercial EV space. The strong interest shown by major customers in all the high-volume segments like delivery, telecom, municipal services and utilities is a clear indication of the market's desire for Bollinger's vehicles," said David Michery, CEO and chairman of Mullen Automotive. "Combining Bollinger's vehicles with our existing class 1 and class 2 EV cargo van programs gives us the chance to dominate the entire class 1-6 commercial light and medium duty truck segments. In addition, Bollinger will be able to leverage Mullen's solid-state battery technology, making their current vehicles even more competitive as our technology launches across the total portfolio of EVs from both Mullen and Bollinger." Launched in 2015, Bollinger Motors is an American automobile designer and manufacturer of electric sport utility and medium duty vehicle lines. The company also successfully developed proprietary vehicle battery packs, drivetrains, and thermal and vehicle control software units. In 2017, Bollinger built and debuted the critically acclaimed B1 class 3 sport utility vehicle, the first of its kind. The company followed its initial success with the development of the second-generation B1 and B2 vehicles, before pausing in favor of commercial truck development. With years of history in class 3 truck development, intellectual property, patents and expertise, the company's decision made sense to pivot into commercial vehicle development for classes 3-6. As part of the acquisition, the company brings Mullen nearly 50,000 reservations previously taken for the B1 and B2 sport utility vehicles. With Mullen's acquisition and capital injection, both B1 and B2 programs will begin after the start of production for class 3-6 commercial truck programs. The Company brings a significant pipeline of interest from large companies for commercial electric truck classes 3-6 in a wide range of markets such as last mile delivery, refrigeration, utilities and their upfitters. On Sept. 1, 2022, Bollinger revealed for the first time the B4, a class 4 electric commercial truck. The B4 electric chassis cabs will be the first of the company's commercial lineup to hit the ground in upcoming client test programs. The new Bollinger B4 incorporates years of feedback from dozens of major fleets looking to electrify their vehicles. The result is a cab-forward truck, designed from the ground up to offer maximum cargo volume, accommodate unlimited adaptation and prioritize safety. Bollinger will be testing B4 chassis cab trucks this fall with numerous fleet customers, upfitters and charging companies to gather constructive feedback. "We are proud to design our commercial EVs from the ground up, here in America, offering greater efficiency, lower total cost of ownership and greater cargo volume. Our dream is to build the world's best trucks and SUVs," said Robert Bollinger, founder and CEO of Bollinger Motors. "Mullen shares a similar dream to build the best EV cars and trucks. This partnership will bring us closer to making those visions a reality, as it allows us to ramp up production on our end and get Mullen's EV programs to the market faster." "We have been looking at this space carefully and raising the capital in advance, allowing us to take advantage of opportunities that arise," added Michery. "We think Bollinger Motors is a perfect example of a smart investment in a known company and brand." "I am really impressed with what Robert Bollinger has created for the commercial vehicle space and the off-road capable B1 and B2 sport utility vehicles," Michery continued. "Bollinger is a true innovator and generational company, and we believe they have the potential to turn the sector on its head, similar to what the Hummer H1 did over 30 years ago. Bollinger is a transformative acquisition and paradigm shift for the EV industry." About Mullen Mullen Automotive Inc. (fka Net Element Inc.) operates a Southern California-based electric vehicle company that operates in various verticals of businesses focused within the automotive industry. The Company has two electric vehicles under development, one of which the Company expects to begin delivery of in the second quarter of 2024. Mullen has several divisions that operate synergistic businesses, being: CarHub, a digital platform that leverages artificial intelligence to offer an interactive solution for buying, selling and owning a car, and Mullen Energy, a division focused on advancing battery technology and emergency point-of-care solutions. Mullen Automotive reported a net loss of $44.24 million for the year ended Sept. 30, 2021, compared to a net loss of $30.18 million for the year ended Sept. 30, 2020. As of June 30, 2022, the Company had $84.26 million in total assets, $65.11 million in total liabilities, and $19.16 million in total stockholders' equity. Fort Lauderdale, Florida-based Daszkal Bolton LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated Dec. 29, 2021, citing that the Company has sustained net losses, has indebtedness in default, and has liabilities in excess of assets, which raise substantial doubt about its ability to continue as a going concern. NEW SK HOLDCO: S&P Assigns 'CCC+' ICR on Financial Restructuring ---------------------------------------------------------------- S&P Global Ratings assigned a 'CCC+' issuer credit rating to New SK HoldCo Inc. (Service King) with a negative outlook. S&P said, "We also assigned a 'CCC+' issue level rating and '4' (30%-50%, rounded estimate: 40%) recovery rating to the new senior secured credit facilities, consisting of an $803 million first-lien term loan and $57 million cash flow revolver. "Our negative outlook reflects our view that Service King could face difficulties passing through higher body technician wage costs beyond current negotiated levels to price sensitive insurance carrier customers. This could constrain its EBITDA margin recovery and cause sustained cash burn. "We withdrew the issuer credit rating and issue level ratings at legacy entity SK HoldCo LLC." Service King is emerging from restructuring following multiyear operational and capital structure challenges that led to its predecessor's selective default. Over the last few years, management missteps and significantly reduced collision volumes impacted by the COVID-19 pandemic and parts shortages led to poor operational performance and a major deterioration in margins. Currently, supply chain bottlenecks for parts and inflation in labor continue to limit margin improvement, even though Service King's collision volumes have modestly recovered. An aging pool of skilled body technicians and an overall tight labor market exacerbate labor challenges by increasing the cost to retain labor. Although Service King and other collision repair peers are raising prices to insurance carrier customers, the pace and magnitude of success in offsetting costs remains uncertain. While the company has had some recent success in negotiating bill rate increases with its core insurance carrier customers, labor costs continue to rise and further price increases are likely needed, which could limit Service King's EBITDA margin recovery. Shortages in aftermarket supplies have slowed the collision repair process, further impairing Service King's operations. Slower repair volumes represent a circular challenge for Service King's plans to recruit and retain body technicians that are compensated for completed work. When collision repair volumes slow or decline, as they did during the COVID-19 pandemic and subsequent parts shortages, it becomes more challenging to adequately incentivize and retain these body technicians. S&P's negative outlook reflects its view that Service King could face difficulties passing through higher body technician wage costs beyond current negotiated levels to price sensitive insurance carrier customers. This could constrain its EBITDA margin recovery and cause sustained cash burn. S&P could lower its rating if: -- EBITDA margins remain at suppressed levels and pressure FOCF to remain negative, causing liquidity to tighten; -- The new financial sponsors pursue aggressive financial policies that cause Service King or its group's credit health to deteriorate; or -- S&P believes there is a greater likelihood Service King will pursue a distressed exchange that it considers tantamount to a default. S&P could revise its outlook to stable if Service King's performance stabilizes such that EBITDA margins expand to support de-leveraging and sustainably generate FOCF to enhance its liquidity position. Service King could achieve performance stability through continued bill rate increases with insurance carrier customers and by successfully retaining body technicians at its collision repair centers that contribute to better operating efficiency. ESG credit indicators: E-2, S-2, G-4 Environmental and social credit factors have an overall neutral influence on S&P's rating analysis on Service King. The company focuses on collision repair, and the demand and cost for it will face no significant effects from increased electrification of auto powertrains. While Service King must manage its paint usage and disposal of old parts, the cost of oversight is reasonable. Governance is a negative consideration. S&P said, "Our assessment of Service King's financial risk profile as highly leveraged reflects corporate decision-making that prioritizes the interests of controlling owners, in line with our view of most rated entities owned by private-equity sponsors." This also reflects private-equity sponsors' generally finite holding periods and focus on maximizing shareholder returns. In addition, the negative consideration also reflects Service King's poor operating track record, which ultimately led to the previous entity's selective default. NEWELL BRANDS: Moody's Rates New $1BB Senior Unsecured Bonds 'Ba1' ------------------------------------------------------------------ Moody's Investors Service assigned Ba1 ratings to Newell Brands Inc.'s proposed new $1 billion senior unsecured bonds with tenors of five and seven years. All other ratings for the company including the Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating, Ba1 unsecured debt instrument ratings, and Not Prime commercial paper rating remain unchanged. The outlook remains positive, and the Speculative Grade Liquidity Rating remains unchanged at SGL-1. Proceeds from the notes will be used to repay outstanding debt and specifically the 3.85% $1.1 billion notes that mature in April 2023. The offering is credit positive because it extends Newell's maturity profile and better disperses maturities in future periods. The company's next maturity is manageable with $200 million 4.0% notes due in December 2024. Moody's expects that inflationary pressures will remain elevated for the remainder of this year and Newell will experience modest headwinds from lower consumer demand in some of its discretionary segments such as home fragrance, small home appliances, and outdoor & recreational. Newell's reduction in sales, operating margin, and operating cash flow guidance for fiscal 2022 reflect the pressures from these headwinds. The Ba1 CFR and positive outlook are not affected because Moody's believes the company remains committed to restore organic growth, improve the operating margin and reduce financial leverage with the company demonstrating good execution despite an increasingly challenging economic environment. Newell has a stated target net debt-to-EBITDA leverage ratio of 2.5x (based on the company's calculation) compared to 3.4x as of June 30, 2022, which indicates the company will continue to remain focused on reducing leverage. Moody's expects some temporary setback in growth and deleveraging for the remainder of 2022 as inflationary headwinds result in lower profitability with debt to EBITDA increasing to around 4.75x by year-end from 4.0x as of June 30, 2022. The company will generate negative free cash flows of around $300 million in 2022 as it will likely continue to pay out its annual large dividend of around $390 million per year. For 2023, Moody's expects Newell to return to organic growth and the company to benefit from continued integration through Project Ovid focused on improving distribution. However, risks remain elevated and the company's ability to improve performance next year or take pricing actions to offset any volume declines if inflation persists will be limited. Moody's expects the company to generate approximately $200 million to $300 million in free cash flows in 2023 and to continue to use excess cash to deleverage to below 3.75x (Moody's adjusted debt to EBITDA). The SGL-1 reflects Newell's very good liquidity with cash on hand of $323 million as of June 30, 2022, and $1.5 billion available under the new and recently upsized unsecured revolving credit facility expiring in 2027. The following ratings/assessments are affected by the action: New Assignments: Issuer: Newell Brands Inc. Senior Unsecured Notes, Assigned Ba1 (LGD4) RATINGS RATIONALE Newell's Ba1 CFR reflects its large scale, well recognized brands, strong product and geographic diversity, and good free cash flow generation ability. The financial and operating strategies are positioning the company for more consistent performance following a period of significant strategy shifts that included portfolio reshaping through acquisitions and divestitures. The rating is constrained by concerns around the long-term growth prospects of the company's mature product categories such as appliance and cookware, food storage, and writing which require constant investment to spur growth. The rating also reflects the moderate operating margin and potential pressure from rising input costs and supply chain disruptions. The high dividend payout ratio is also a significant drag on free cash flow. Moody's projects leverage will decline in 2023 compared to 4.0x as of June 30, 2022. Newell has a stated target net debt-to-EBITDA leverage ratio of 2.5x (based on the company's calculation compared to 3.4x as of June 30, 2022), which indicates the company will remain focused on reducing and sustaining leverage at a lower level. Moody's expects free cash flow to improve in 2023, which it could use for debt repayment, if needed, to offset any profit erosion caused by the current inflationary environment. Management's track record is improving as the company's strategic direction over the past three years has been consistent and management is successful improving margins through initiatives focused on cost reduction and integration of businesses acquired years ago. The company is also focused on some international expansion, which should help to offset some inflationary headwinds. Newell's exposure to environmental risks is moderately negative (E-3). The company has moderately negative exposure across most environmental subcategories except for neutral to low water management risk. Physical climate risks stem from concentrated manufacturing locations for certain products, though not necessarily located in high risk coastal or fire prone areas. The company's carbon transition risk is moderately negative and reflects the energy used in manufacturing of some of its products. Natural capital reliance reflects the use of raw materials such as oil-based resins, steel, and leather in its products. Waste and pollution risks are moderately negative given the limitations on end-of-life disposal of some of its products such as small electronics and plastic containers. Investment is necessary to minimize such environmental risks, and this can increase costs and reduce cash flow. Newell's exposure to social risks is moderately negative (S-3). The company has moderately negative exposure to demographic and social trends, health and safety and responsible production. Demographic and social trends reflect constantly changing consumer preferences that until recently have negatively impacted organic growth. Shifting trends will continue to influence the long-term demand for the company's products. The company's diverse business portfolio with a mix of growing products helps mitigate categories where demand is declining, providing some stability to the overall revenue base and good operating cash flow generation. Health and safety carry moderate risks given the cumbersome nature of product manufacturing that is somewhat labor intensive. Newell's ongoing investment in technology and automation to minimize such risks increase costs and complexity. Responsible production reflects moderately negative risks in the company's ability to source responsibly products through third party manufacturers within its global supply chain. The coronavirus outbreak and the government measures put in place to contain it continue to disrupt economies and credit markets across sectors and regions. Although an economic recovery is underway, continuation will be closely tied to containment of the virus. As a result, there is uncertainty around Moody's forecasts. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. The consumer durables industry is one of the sectors most meaningfully affected by the coronavirus because of exposure to discretionary spending. Newell's exposure to governance considerations positions it below average and the exposure carries overall moderately negative credit risks (G-3). Governance risk is driven primarily by its financial strategy and risk management policies reflecting moderate financial leverage albeit an aggressive dividend policy. The company continues to maintain a sizable dividend despite divestitures that have reduced the earnings base. However, Newell recently reduced its financial leverage targets with a goal of returning to investment grade. Newell's 2.5x target net debt-to-EBITDA leverage indicates a continued focus by management on further reducing leverage either through debt repayment or EBITDA growth. Management credibility and track record also is moderately negative reflecting numerous management and board changes over the past five years resulting in an unclear strategy that involved numerous acquisitions and changing divestiture plans. Current management has led the company with a much clearer direction and is taking actions to realize synergies from past acquisitions. Newell is a widely held public company. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The positive outlook reflects Moody's expectation that Newell's operating performance will moderately improve in 2023 and that the company will continue to improve operating performance while prioritizing reducing debt-to-EBITDA leverage to 3.75x or lower in 2023. Moody's expects free cash flow to improve meaningfully in 2023 from a weak level in 2022 due to improved earnings and a reduction in inventory and working capital from elevated levels that is consuming meaningful cash in 2022. Ratings could be upgraded if Newell delivers good operating execution including sustained organic revenue growth with a stable to higher EBITDA margin while maintaining a financial policy that results in sustained debt to EBITDA leverage below 3.75x. Newell would also need to maintain very good liquidity, solid free cash flow relative to debt, and a consistent strategic direction to be considered for an upgrade. Ratings could be downgraded if Newell's revenue or EBITDA margin weakens materially, liquidity deteriorates, or the company utilizes debt to fund acquisitions or share repurchases. Additionally, the ratings could be downgraded if Newell's debt-to-EBITDA is sustained above 4.5x or retained-cash-flow to net debt is below 10%. The principal methodology used in these ratings was Consumer Durables published in September 2021. Newell Brands Inc. is a global marketer of consumer and commercial products utilized in the home, office, and commercial segments. Key brands include Rubbermaid, Sharpie, Mr. Coffee and Yankee Candle. The publicly-traded company generated $10.5 billion of revenue for the 12 months ended June 30, 2022. NO RUST REBAR: Fla. Building Slated for Auction Oct. 12 ------------------------------------------------------- Fisher Auction Company and Trustee Realty Inc will hold an online auction on Oct. 12, 2022, at 11:00 a.m., of a 20,508± Square Foot Industrial Building on 1.3+/- Acres in Pompano Beach, Florida, owned by No Rust Rebar Inc. and Green Tech Development LLC. The property will be offered free and clear of all liens and claims to the highest and best bidder at or above a bid price of $3,000,000 plus a 6% Buyer's Premium. The Final Bid Price will be subject to the approval of the United States Bankruptcy Court, Southern District of Florida Fort Lauderdale Division. Broker Participation of the final bid price is at 2%. The Online Auction will be held on Fisher Auction Exclusive Auction Platform at https://Bid.fisherauction.com. Call 800-331-6620 or visit https://www.fisherauction.com for the Mandatory Real Estate Buyer Broker Participation Registration Form. Qualified bidders are required to wire into Dunn Law, P.A.'s Real Estate Trust Account, ("Escrow Agent") via a federal wire transfer in U.S. Funds (not an ACH Credit) a $100,000 Initial Escrow Deposit no later than 5:00 PM ET on Monday, Oct. 10, 2022. Contact Fisher Auction Company ("Auctioneer") for wiring instructions via email info@sherauction.com or call 954-942-0917, Ext. 4124. The highest and best bidder will execute the non-contingent Real Estate Sales Contract immediately following the Auction. An Additional Escrow Deposit totaling (10%) of the total purchase price in U.S. Funds will also be due via a Federal wire transfer to Dunn Law, P.A.'s Real Estate Trust Account, ("the Escrow Agent"), within twenty-four (24) hours of the conclusion of the Auction. For further information on the sale auction, contact: Fisher Auction Company 2112 East Atlantic Boulevard Pompano Beach, FL 33062 Florida: (954) 942-0917 Toll Free: (800) 331-6620 Fax: (954) 782-8143 Email: info@fisherauction.com Francis D. Santos Real Estate Auction Consultant Tel: 754-220-4116 Email: francis@sherauction.com Jason A. Welt, PA Real Estate Associate Tel: 954-803-0790 Email: w@jweltpa.com NUTRIBAND INC: Incurs $1 Million Net Loss in Second Quarter ----------------------------------------------------------- Nutriband Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.04 million on $456,149 of revenue for the three months ended July 31, 2022, compared to a net loss of $519,923 on $213,739 of revenue for the three months ended July 31, 2021. For the six months ended July 31, 2022, the Company reported a net loss of $1.73 million on $934,071 of revenue compared to a net loss of $835,880 on $647,227 of revenue for the six months ended July 31, 2021. As of July 31, 2022, the Company had $11.38 million in total assets, $985,242 in total liabilities, and $10.40 million in total stockholders' equity. As of July 31, 2022, the Company had cash and cash equivalents of $3,344,558 and working capital of $3,310,032. For the six months ended July 31, 2022, the Company incurred an operating loss of $1,720,125 and use cash flow from operations of $1,652,750. The Company has generated operating losses since its inception and has relied on sales of securities and issuance of third-party and related-party debt to support cash flow from operations. In October 2021, the Company consummated a public offering and received net proceeds of $5,836,230. The Company also received to date $3,239,845 proceeds from the exercise of warrants. "Management has prepared estimates of operations for fiscal year 2022 and 2023 believes that sufficient funds will be generated from operations to fund its operations for one year from the date of the filing of these condensed consolidated financial statements, which indicates improved operations and the Company's ability to continue operations as a going concern. The impact of COVID-19 on the Company's business has been considered in these assumptions; however, it is too early to know the full impact of COVID-19 or its timing on a return to normal operations." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1676047/000121390022054592/f10q0722_nutribandinc.htm About Nutriband Nutriband Inc. -- www.nutriband.com -- is primarily engaged in the development of a portfolio of transdermal pharmaceutical products. Its lead product under development is an abuse deterrent fentanyl patch incorporating its AVERSA abuse deterrence technology. AVERSA technology can be incorporated into any transdermal patch to prevent the abuse, misuse, diversion, and accidental exposure of drugs with abuse potential. Nutriband reported a net loss of $6.18 million for the year ended Jan. 31, 2022, a net loss of $2.93 million for the year ended Jan. 31, 2021, a net loss of $2.72 million for the year ended Jan. 31, 2020, and a net loss of $3.33 million for the year ended Jan. 31, 2019. As of April 30, 2022, the Company had $11.98 million in total assets, $904,375 in total liabilities, and $11.08 million in total stockholders' equity. OLYMPIA SPORTS: To Liquidate in Chapter 11 Bankruptcy ----------------------------------------------------- Sporting goods retailer Olympia Sports Acquisitions LLC filed for Chapter 11 protection with plans to liquidate. Olympia is a sporting goods retail company that maintains brick and mortar locations across the east coast, including Maine, New Hampshire, Vermont, New York, Massachusetts, Rhode Island and New Jersey. The retail stores range as small as 4,000 square feet, including numerous mall locations, up to 15,000 square feet. Olympia employs 324 employees. In 2020, Olympia's gross revenues were $50,000,000 with earnings before interest, taxes, depreciation and amortization of negative $10,000,000. In 2021, Olympia's gross revenues were $74,000,000 with an EBITDA of approximately negative $1,500,000. In 2022, through July 31, gross revenues were approximately $28,000,000 with an EBITDA of approximately negative $7,800,000. Olympia currently operates 35 retail stores with the intent to close all remaining stores by September 30, 2022. In the ordinary course of business, Olympia's sole source of revenue is the revenue produced from its retail store operations, where Olympia sells various sporting goods equipment, footwear and apparel. Until 2018, Olympia fully conducted business through its brick and mortar retail stores. At that point, Olympia attempted to enter into the ecommerce space through online sales. Due to the cost of shipping, the extent of the competition in the ecommerce space and other factors, the ecommerce space turned out to be an unprofitable venture and Olympia ceased its ecommerce operations in April of 2022. Given the poor financial performance of retail sales and other factors, in April 2022, Olympia decided to liquidate 22 of its stores to generate cash flow and operate in the short term. Later, in July 2022, Olympia decided to implement a liquidation and wind-down plan for all of its stores. Acquisition Spree Project Running Specialties Inc. was the parent company of several retail chains. Project Running is the 100% owner of RSG, who, in turn, is the parent company and 100% owner of Olympia Sports Acquisitions, LLC, Running Specialty Group LLC, and Project Sage Acquisition, LLC. Project Sage is the sole owner and shareholder of Legacy Shoes, Inc. (formerly known as Shoebuy.com, Inc.). Running Specialty is the parent company of Jackrabbit, who is the sole owner and member of Clever Training. RSG and the Jackrabbit Entities were acquired in 2017. The acquisition of these particular Debtors marked the beginning of a "family of brands" focused on footwear, apparel and accessories. At the time it was acquired, Jackrabbit was a running specialty retailer with approximately 55 brick and mortar stores and a significant ecommerce presence that targeted runners interested in high-end products and RSG was its parent company. Two former Jackrabbit employees became the CEO and CFO of RSG. In 2019, RSG Acquisitions, LLC acquired the intellectual property, seventy-five (75) retail stores and online store of Olympia. At that time, Olympia was operating approximately one hundred fifty- two (152) retail stores. The retail stores not purchased by RSG ceased operating. Ecommerce Sales, Pandemic Woes In the year prior to its acquisition, Shoebuy.com lost $19 million on sales of $131.4 million. The Debtors believed that Shoebuy.com's losses were a result of the high expense related to Shoebuy.com's "home grown" online platform which required a large amount of personnel to run it. The Debtors believed with a more streamlined and efficient online platform, Shoebuy.com would become extremely profitable. As such, in April 2021, Shoebuy.com, along with Olympia and Jackrabbit -- RSG Companies -- entered into a contract with Salesforce through which Salesforce would provide an extensive (and expensive) ecommerce package for the RSG Companies' online businesses ("Salesforce Contract"). While Olympia and Shoebuy.com struggled with the Salesforce platform and the ongoing effects of COVID, Jackrabbit remained largely unaffected and was EBITDA positive during this period. Jackrabbit's ongoing success allowed it to support Olympia's and Shoebuy.com's operations and further enabled the RSG Companies to continue to draw on the White Oak Loan to support their operations. However, notwithstanding Jackrabbit's support, it became evident that the RSG Companies continued operations were not sustainable given the ongoing challenges with the Salesforce platform and COVID related issues. At this point, the Former Executives began to contemplate a potential sale of Jackrabbit's assets to Fleet Feet Sports, LLC ("Fleet Feet"). In furtherance of the goal of consummating this sale, the Former Executives opted to focus their efforts and resources on maintaining sales levels at Jackrabbit. This impacted the availability of funds to support Shoebuy.com and Olympia. The asset sale of Jackrabbit to Fleet Feet was consummated in December 2021. The Former Executives terminated their relationship with the Debtors at this time, leaving new management to deal with the challenges left behind. While Fleet Feet acquired Jackrabbit's inventory-related liabilities, all other liabilities of Jackrabbit were excluded from the sale. As a result of the asset sale of Jackrabbit, the RSG Companies only used 15% of the services provided for in the Salesforce Contract. While the RSG Companies attempted to renegotiate the Salesforce Contract to account for the loss of Jackrabbit's activity, such efforts failed. By January 2022, the RSG Companies ceased making payments on the Salesforce Contract and Salesforce claimed that the RSG Companies defaulted under the Salesforce Contract. During this same period, despite the efforts to solve the problems created by the Salesforce platform, Shoebuy.com's sales never rebounded. In the spring of 2022, RSG made the decision to sell Shoebuy.com's assets (primarily IP and inventory) in order to stop the losses associated with its operations and to generate funds to pay down the White Oak Loan. The intellectual property of Shoebuy.com was sold to Designer Brands Inc. ("DSW") and the remaining inventory of Shoebuy.com was sold at cost. DSW did not acquire any of Shoebuy.com's liabilities as part of the sale, leaving RSG, Project Sage (its parent holding company) and the non-operating Shoebuy.com entity with the remaining liabilities. In April 2022, Olympia engaged Force Ten Partners, LLC, an advisory firm specializing in business restructuring and sourcing buyers for distressed businesses. At that time, Olympia had only 63 remaining brick and mortar stores. Force 10 completed an extensive analysis and modeling of the operation and profitability of the stores and based on that, determined that maintaining all remaining stores was not profitable or feasible. Thus, Olympia made the decision to liquidate 22 brick and mortar retail stores to generate the cash flow necessary to continue operating in the short-term. On April 21, 2022, Olympia engaged SB360 Capital Partners, LLC ("SB360") to conduct a going out of business sales process. As part of the GOB Sales Process, Olympia liquidated stores in order to generate cash to continue operating. In particular, SB360 closed 22 stores during April and May 2022. In July 2022, Olympia decided to liquidate all remaining stores and ceased buying product and inventory. Since engaging SB360, Olympia has, through the liquidation, been able to recover approximately 110% of the cost of goods sold. CEO Mark Coffey says that it is imperative that Olympia be able to continue the GOB Sales Process post-petition. As noted, Olympia plans to continue liquidating its stores before proposing a plan of liquidation in this Case. Continuing with the GOB Sales Process without interruption will offer the estates the best chance of maximizing returns to creditors About Olympia Sports Olympia Sports Acquisitions, LLC, is a sporting goods retail company that maintains brick and mortar locations across the East Coast, including Maine, New Hampshire, Vermont, New York, Massachusetts, Rhode Island, and New Jersey. On Sept. 11, 2022, Olympia Sports and several affiliates, including, RSG Acquisitions, LLC, Project Running Specialties, Inc., and The Running Specialty Group, LLC, sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10853). Olympia Sports estimated assets of $1 million to $10 million and liabilities of $10 million to $50 million as of the bankruptcy filing. The Debtors tapped SHULMAN BASTIAN FRIEDMAN & BUI LLP as general bankruptcy counsel; MORRIS JAMES LLP as local Delaware counsel; and FORCE 10 PARTNERS as restructuring advisor. BMC GROUP is the claims agent. PRESBYTERIAN VILLAGES: Fitch Affirms 'BB' IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed the 'BB' Issuer Default Rating (IDR) for the Presbyterian Villages of Michigan Obligated Group (PVM OG). Fitch has also affirmed the following PVM OG bonds at 'BB': -- $17.8 million series 2020A revenue bonds issued by the Public Finance Authority (Wisconsin); -- $28.2 million of series 2015 revenue bonds issued by the Michigan Finance Authority. The Rating Outlook is Stable. SECURITY The bonds are secured by a pledge of unrestricted receivables, a mortgage on certain properties and a debt service reserve fund. ANALYTICAL CONCLUSION The 'BB' IDR reflects PVM OG's soft financial profile in the context of its midrange revenue defensibility and weak operating risk profile assessments. Fitch sees 2022 as a transitional year. The Harbor Inn expansion on the East Harbor campus is not filling as expected. This, combined with sector-wide labor and inflationary pressures, may soften operations, possibly pushing the financial profile below acceptable levels for the 'BB' rating. The slow fill at Harbor Inn expansion is partially due to construction delays; however, marketing momentum in recent weeks suggests PVM OG may ultimately reach its projection of 94% stabilized occupancy by fiscal 2023. As of Aug. 29, 2022, 58% (21/36) ranch homes were occupied with 21% (13/60) of the apartments and only a few additional deposits. Harbor Inn was not presold because it is a rental community. Occupancy in the neighboring East Harbor ILUs remained strong at 96%. Historically, stronger operations at East Harbor combined with robust philanthropy and governmental support have buoyed softer operations on the Westland campus. To meet the low-income housing needs in the Westland campus' market, management is considering selling nearly half of the existing independent living units (ILUs) and vacant land to an affiliated Low Income Housing Tax Credit (LIHTC) development controlled and managed by PVM, outside the obligated group. As anticipated, the transaction will likely include recurring annual management and technology fees paid to the PVM OG. The sale is expected to occur in late 2023/early 2024. KEY RATING DRIVERS Revenue Defensibility: 'bbb' Mixed Market Assessments PVM OG includes two contrasting campuses: East Harbor and Westland. The historical strength of East Harbor's revenue defensibility is balanced against the challenges faced by Westland in the midrange assessment for the OG. Occupancy in the existing East Harbor ILUs has consistently been strong, at about 95% over the past several years compared to ILU occupancy of around 80% at Westland. Combined overall occupancy for the OG, including the expansion units was 77% (without Harbor inn 86%) on July 20, 2022. However, flagging occupancy at the Harbor Inn expansion indicates possible deterioration in demand. While Fitch still considers revenue defensibility mid-range, a prolonged fill up at the expansion could pressure the assessment to weak. The service areas differ for each campus as well. Westland primarily targets middle to low-income residents due to its challenged primary service area. Conversely, East Harbor is in a strong market area with favorable demographic characteristics. While competitors are present in the broader area, competition is somewhat limited in the communities immediately surrounding Westland and East Harbor. PVM OG mostly offers rental contracts, limiting exposure to local housing market volatility. Rate increases occur regularly. However, budgeted rate increases for 2022 remain below inflation, possibly indicating softening pricing flexibility. Management is not currently using discounting to attract new residents to the Harbor Inn expansion, but future use could pressure the pricing flexibility assessment to weak. Operating Risk: 'bb' Pressured Operations; Adequate Capital-Related Metrics Fitch's assessment of PVM OG's operating risk reflects its soft historical operating performance within the context of its rental contract mix. Over the last five fiscal years, PVM OG's operating ratio averaged 101%, its net operating margin (NOM) averaged negative 1.4% and its NOM- adjusted margin has averaged negative 1.3%. These ratios are consistent with a below investment grade rating and a weak operating assessment. If labor and inflationary pressures persist, along with operating stress at the Harbor Inn expansion, PVM OG's operating margins may deteriorate from the 'bb' assessment to include ORs over 105% and NOM below 0%. PVM OG actively pursues grant revenue from governmental agencies and runs contribution campaigns to increase its operating revenue and fund large capital projects. Fitch considers the additional funds somewhat volatile and expects them to only modestly enhance future revenue. PVM OG has a history of good capital investment, balanced against a somewhat elevated average age of plant of about 17 years. PVM OG reported it has no additional debt plans over the Outlook period. PVM OG's average capital-related metrics from fiscal 2017 through 2021 (revenue only MADS coverage of 1.5x, debt-to-net available of 10.2x and MADS at 9.8% of revenues) indicate moderate ability to absorb routine capital needs in the context of its current operations. Financial Profile: 'bb' Modest Financial Profile PVM OG's midrange revenue defensibility and weak operating risk assessments indicate that it has little ability to absorb any deterioration in its financial profile at its current rating. The stress of filling its expansion along with continued labor and inflationary pressures and any disruption to governmental and philanthropic assistance could weaken the balance sheet, triggering a downgrade. Mitigating the balance sheet weakness, PVM OG expects to receive $6.1 million in Employee Retention Credits (ERC) in September 2022. These funds will provide much-needed cushion for the current rating. Fitch calculated MADS coverage has been consistent with the weak assessment, averaging approximately 1.5x over the past five years. PVM OG's balance sheet has also been stable, albeit soft with unrestricted cash and investments at approximately $23 million in 2021, or 44% cash-to-adjusted debt at YE 2021, which is consistent with the 'BB' rating and 'bb' financial profile assessment. Unrestricted cash represented 250 days cash on hand (DCOH) in 2021, which is neutral to the assessment of PVM OG's financial profile. Management reports debt service coverage ratio (DSCR) and DCOH calculations based on the MTI prescribed covenant requirements. For the interim six months-ended June 30, 2022, Management reported 120 DCOH and 5.58x DSCR for the rolling 12 months ended June 30, 2022. Asymmetric Additional Risk Considerations No additional asymmetric risk considerations were relevant to the rating. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Cash-to-adjusted debt approaching 35%; -- MADS coverage below 1x. -- Failure to meet any bond covenant; -- Operating ratios above 105%; -- Deterioration in combined ILU occupancy below 70%. Factors that could, individually or collectively, lead to positive rating action/upgrade: -- The Outlook may be revised to positive if cash-to-adjusted debt stabilizes above 45%, MADS coverage is consistently above 1.2x and occupancy at the Harbor Inn expansion is sustained above 86%. CREDIT PROFILE PVM OG is an aging services network and is headquartered in Southfield, MI. It consists of PVM Corporate, the PVM Foundation, continuing care retirement communities in Westland and Chesterfield (East Harbor), Weinberg Green Houses and Presbyterian Village North (which owns 13 acres of undeveloped land and a general partner and limited partner interest in two Low Income Housing Tax Credit non-OG entities). The two PVM OG campuses total 385 independent rental units (including Harbor Inn), 116 assisted living units (ALU) and 102 skilled nursing (SNF) beds. With the issuance of the series 2020 bonds, PVM OG added the following entities: -- Harry and Jeanette Weinberg Green Houses (WGH) at Rivertown located in Detroit. PVM is the sole member of WGH. WGH was completed in 2017 and consists of 21 studio apartments; -- Harbor Inn, Chesterfield Township, Michigan. Presbyterian Village East is the sole member of Harbor Inn. The capital project that the bonds will primarily fund will support Harbor Inn which added 96 independent living apartments and ranch homes on the Village of East Harbor campus. PVM OG also has an ownership interest in approximately 2,021 ILUs and ALUs through nonobligated entities and an equity interest in two Program of All-Inclusive Care for the Elderly (PACE). PVM manages 486 ILUs and ALUs for which it does not have an ownership interest. All PVM owned and managed properties are in Michigan. PVM OG recorded $36 million in operating revenue in fiscal 2021 (Dec. 31 year-end). RAMSEY, MN: S&P Lowers 2013A Lease Revenue Bonds Rating to 'BB+' ---------------------------------------------------------------- S&P Global Ratings lowered its long-term rating on Ramsey, Minn.'s series 2013A lease revenue bonds, issued for PACT Charter School, to 'BB+' from 'BBB-'. At the same time, S&P Global ratings assigned its 'BB+' long-term rating to Ramsey's series 2022A and 2022B (taxable) charter school lease revenue and refunding bonds, issued for PACT Charter School. The outlook is negative. "The downgrade reflects a significant increase in PACT's leverage following the issuance of the series 2022 bonds, which is expected to increase the organization's debt outstanding to $41.3 million from $8.5 million," said S&P Global Ratings credit analyst Danielle Leonardis. The increase in leverage translates to a pro forma debt burden in excess of 32% of operating revenues and pro forma maximum annual debt service (MADS) coverage of less than 1x based on fiscal 2021 operating results. While S&P believes both pro form metrics are weak for the 'BB+' rating, the school's historically positive financial performance coupled with its long-standing operating history and consistently solid demand profile provide rating support. S&P said, "The negative outlook reflects our view of the risks associated with PACT's expansion into a second facility, and the additional debt burden, expectations of moderation of financial performance, both of which relies on significant growth in enrollment to improve. While we believe management has adequately planned the expansion and PACT has sufficient demand to be able to grow into enrollment projections, should enrollment projections not materialize as planned, the rating could be further pressured over time. "In our opinion, if construction and enrollment projections are met and additional revenues are received in a timely manner providing an improved and sustained level of pro forma MADS coverage and liquidity, we could revise the outlook to stable within our outlook horizon. Furthermore, incorporated within the consideration for a revision to stable outlook would be to PACT's ability to address the inherent risk associated with re-payment risk." RED RIVER: Seeks Approval to Tap Stretto as Administrative Advisor ------------------------------------------------------------------ Red River Waste Solutions, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Stretto, Inc. as its administrative advisor. The firm will render these services: (a) assist with, among other things, claims management and reconciliation, plan solicitation, balloting, disbursements, and tabulation of votes, and prepare any related reports, as required in support of confirmation of a chapter 11 plan, and in connection with such services, process requests for documents from parties in interest, including, if applicable, brokerage firms, bank back-offices and institutional holders; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) manage and coordinate any distributions pursuant to a chapter 11 plan; and (d) provide such other processing, solicitation, balloting and other administrative services described in the Services Agreement, but not included in the Section 156(c) application, as may be requested from time to time by the Debtor, the Court or the Office of the Clerk of the United States Bankruptcy Court for the Northern District of Texas. Stretto will bill the Debtors no less frequently than monthly for its services. Prior to the Petition Date, the Debtor provided Stretto an advance in the amount of $25,000. Sheryl Betance, senior managing director at Stretto, disclosed in a court filing that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sheryl Betance Stretto, Inc. 410 Exchange, Suite 100 Irvine, CA 92602 Tel: (800) 634-7734 / 714-716-1872 Email: sheryl.betance@stretto.com About Red River Waste Solutions Red River Waste Solutions LP is a Dripping Springs, Texas-based company that provides waste management services. It also offers solid waste and garbage pickup, recycling, industrial waste collection, disposal, and landfill management services. Red River Waste Solutions sought Chapter 11 protection (Bankr. N.D. Tex. Case No. 21-42423) on Oct. 14, 2021, listing up to $50 million in assets and up to $100 million in liabilities. James Calandra, chief restructuring officer of Red River Waste Solutions, signed the petition. Marcus Alan Helt, Esq., at McDermott Will & Emery LLP, is the Debtor's counsel. RIOME PLUMBING: Unsecured Creditors to Split $10K in Plan --------------------------------------------------------- Riome Plumbing & Mechanical LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Chapter 11 Plan of Reorganization dated September 12, 2022. The Debtor is a single asset real estate owner. It owns real estate located at 9 Edwards Court, Lawnside, NJ 08045. That property is occupied by Tyrone Pitts and his family. WBL SPO II LLC which holds a mortgage foreclosure judgment on the Debtor's real estate valued the property at $657,100.00 as set forth in its Proof of Claim. The Debtor had valued its real estate in its schedules based upon a Zillow appraisal at $649,000. The Chapter 11 Petition was filed for the purpose of putting the automatic stay in effect to stay a foreclosure sale that had been scheduled by WBL SPO II LLC. This is a reorganization plan. In order words, the Proponent seeks to accomplish payments under the Plan by distributing monies received by the debtor from capital contributions by the equity security holder. The Effective Date of the proposed Plan is thirty days after the day on which the confirmation order becomes a final order. Class 1 consists of the Claim of the State of NJ - Department of Labor. The Debtor shall pay to the Class 1 claimant the sum of $15,977.72 on June 14, 2023 and each June 14 thereafter until June 14, 2027 when the Debtor shall pay any remaining balance due plus such interest as may be allowed. Class 2 consists of the Claim of DSHC Enterprises LLC. The Debtor shall pay to the Class 2 claimant the sum of $17,931.87 on June 14, 2023 and each June 14 thereafter until June 14, 2027 when the Debtor will pay any remaining balance due plus such interest as may be allowed. Class 3 consists of the Claim of WBL SPO II LLC. The Debtor shall pay to the Class 3 claimant the sum of $65,000 on the effective date of the plan and shall pay $43,922.69 on June 14, 2023 and each June 14 thereafter until June 14, 2027 when the Debtor shall pay any remaining balance due plus such interest as may be allowed. Class 4 consists of the Claim of the State of NJ - Division of Taxation. The Debtor shall pay to the Class 4 claimant the sum of $11,875.83 on June 14, 2023 and each June 14 thereafter until June 14, 2027 when the Debtor shall pay any remaining balance due plus such interest as may be allowed. Class 5 consists of General unsecured claims. A one-time payment of $10,000.00 on the effective date of the plan to be paid on a pro rata basis to allowed general unsecured claims. The allowed unsecured claims total $332,662.63. Interest holder Tyrone Pitts shall retain ownership interest. The plan will be funded from capital contributions made by Tyrone Pitts, the Equity Security Holder. A full-text copy of the Disclosure Statement dated September 12, 2022, is available at https://bit.ly/3U9QFFZ from PacerMonitor.com at no charge. Attorneys for Debtor: David A. Kasen, Esq. KASEN & KASEN, P.C. Society Hill Office Park, Suite #3 1874 E. Marlton Pike Cherry Hill, NJ 08034 Telephone: (856) 424-4144 Fax: (856) 424-7565 Email: dkasen@kasenlaw.com About Riome Plumbing Riome Plumbing & Mechanical LLC is Categorized under Plumbers and Plumbing Contractors. Riome Plumbing & Mechanical LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 22-14859) on June 14, 2022. In the petition filed by Tyrone Pitts, as managing member, the Debtor reports estimated assets and liabilities between $500,000 and $1 million. David A. Kasen, of Kasen & Kasen PC, is the Debtor's counsel. ROJESIE INC: Seeks to Hire Victor Torres Burgosan as Accountant --------------------------------------------------------------- Rojesie Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Victor Torres Burgosan, an accountant practicing in Coamo, P.R. The Debtor requires an accountant to: a. assist in preparing monthly reports of operation; b. prepare necessary financial statements required by the Office of the U.S. Trustee; c. assist in preparing cash flow projections; d. assist in all financial and accounting pertaining to the administration of the estate; and e. prepare and file federal, state and municipal tax return. The hourly rates charged by Mr. Burgosan's firm are as follows: Accountant $85 per hour Associates $60 per hour Staff $60 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. The Debtor paid a retainer in the amount of $3,400. As disclosed in court filings, Mr. Torres neither holds nor represents any interest adverse to the Debtor and its estate. Mr. Torres can be reached at: Victor I. Torres Burgos, CPA Hacienda del Rio 31 Calle Jibarito Coamo, PR 00769-1380 Tel: 7878-825-2266 / 787-675-8851 Email: cpavitb@gmail.com About Rojesie Inc. Rojesie Inc., doing business as Parador Villas Sotomayor, sought protection under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 22-02529) on Aug. 29, 2022, listing $1 million to $10 million in both assets and liabilities. Jesus Rogelio Ramos Fuente, president of Rojesie, signed the petition. Carlos G. Garcia Miranda has been appointed as Subchapter V trustee. Judge Maria De Los Angeles Gonzalez presides over the case. The Debtor tapped the Law Office of Gloria Justiniano Irizarry and Victor I. Torres Burgos, CPA as legal counsel and accountant, respectively. SAN JORGE HOSPITAL: Seeks to Hire Lugo Mender Group as Counsel -------------------------------------------------------------- San Jorge Children's Hospital, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Lugo Mender Group, LLC as its legal counsel. The firm will render these services: a. advise the Debtor with respect to its duties, powers and responsibilities in this Chapter 11 case under the laws of the United States and Puerto Rico in which it conducts its operations, does business, or is involved in litigation; b. advise the Debtor in connection with its reorganization endeavors, including assisting in the formulation of a plan of reorganization to be prepared pursuant the provisions of 11 U.S.C. Section 1123 and 1129; c. assist the Debtor in developing reorganization strategies to maximize the value of its assets and operations; d. assist the Debtor with respect to negotiations with creditors for the purpose of arranging a feasible plan of reorganization; e. prepare legal papers; f. appear before the bankruptcy court or any other court in which the Debtor asserts a claim or defense directly or indirectly related to this bankruptcy case; g. collaborate with other professionals which may be retained within the bankruptcy case per Section 327 to prosecute the rights of the the Debtor and achieve the reorganization goals delineated; h. perform such other legal services for the Debtor as may be required in these proceedings or in connection with the operation of the business as the case may require. The firm's hourly rates are as follows: Wigberto Lugo Mender, Esq. $300 per hour Senior Associate Attorney $250 per hour Junior Associate Attorney $175 per hour Legal and Financial Assistants $125 per hour Lugo Mender Group has been paid a retainer in the amount of $50,000 for the legal services rendered in connection with the case. Wigberto Lugo Mender, Esq., principal of Lugo Mender Group, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Wigberto Lugo Mender, Esq. Lugo Mender Group, LLC 100 Carr. 165 Suite 501 Guaynabo, PR 00968-8052 Tel.: (787) 707-0404 Fax: (787) 707-0412 Email: wlugo@lugomender.com About San Jorge Children's Hospital San Jorge Children's Hospital, Inc. operates a hospital specializing in pediatrics. San Jorge Children's Hospital filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 22-02630) on Sept. 1, 2022, with between $10 million and $50 million in both assets and liabilities. Edward P. Smith, chief operating officer, signd the petition. Judge Maria De Los Angeles Gonzalez presides over the case. Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC represents the Debtor as counsel. SEARS HOLDING: Justices Urged to Overturn Jurisdiction Ruling ------------------------------------------------------------- Vince Sullivan of Law360 reports that the solicitor general of the United States urged the U.S. Supreme Court to overturn a ruling in a long-running dispute between the successor of retail giant Sears and the Mall of America over a transferred lease at the sprawling shopping center, saying jurisdictional issues don't apply. In an amicus brief filed to the high court late Tuesday, September 6, 2022, the solicitor general said the Second Circuit was wrong when it upheld a New York district court ruling that said sections of the bankruptcy code governing the manner. About Sears Holdings Corp. Sears Holdings Corporation -- http://www.searsholdings.com/-- began as a mail ordering catalog company in 1887 and became the world's largest retailer in the 1960s. At its peak, Sears was present in almost every big mall across the U.S., and sold everything from toys and auto parts to mail-order homes. Sears claims to be a market leader in the appliance, tool, lawn and garden, fitness equipment, and automotive repair and maintenance retail sectors. Sears and Kmart merged to form Sears Holdings in 2005 when they had 3,500 US stores between them. Kmart emerged in 2005 from its own bankruptcy. Unable to keep up with online stores and other brick-and-mortar retailers, a long series of store closings left it with 687 retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin Islands as of mid-October 2018. At that time, the Company employed 68,000 individuals. As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total assets against $11.33 billion in total liabilities. Unable to cover a $134 million debt payment due Oct. 15, 2018, Sears Holdings Corporation and 49 subsidiaries sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15, 2018. The Hon. Robert D. Drain is the case judge. The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel; M-III Partners as restructuring advisor; Lazard Freres & Co. LLC as investment banker; DLA Piper LLP as real estate advisor; and Prime Clerk as claims and noticing agent. The U.S. Trustee for Region 2 appointed nine creditors, including the Pension Benefit Guaranty Corp., and landlord Simon Property Group, L.P., to serve on the official committee of unsecured creditors. The committee tapped Akin Gump Strauss Hauer & Feld LLP as legal counsel; FTI Consulting as financial advisor; and Houlihan Lokey Capital, Inc. as investment banker. The U.S. Trustee for Region 2 on July 9, 2019, appointed five retirees to serve on the committee representing retirees with life insurance benefits in the Chapter 11 cases. * * * In February 2019, Bankruptcy Judge Robert Drain authorized Sears Holdings approval to sell the business to majority shareholder and CEO Eddie Lampert for approximately $5.2 billion. Lampert's ESL Investments, Inc., won an auction to acquire substantially all of Sears' assets, including the "Go Forward Stores" on a going-concern basis. The proposal allowed 425 stores to remain open and provided ongoing employment to 45,000 employees. The new parent is Transform SR Brands LLC, doing business as Transformco, referred to as "New Sears". Transform is an American privately held company formed on Feb. 11, 2019, to acquire some of the assets of Sears Holdings Corporation. The new company is owned by Eddie Lampert's ESL Investments. SNOWBIRD II: Taps Madeline Lia Duncan as Homeowners Assoc. Counsel ------------------------------------------------------------------ The Snowbird II Condominiums Association, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Madeline Lia Duncan, P.C. as homeowners association counsel. The firm can be reached through: a. providing legal advice to the Debtor with respect to its powers and duties as an HOA; and b. otherwise representing the Debtor and assisting undersigned counsel in negotiating with its creditors to prepare a plan of reorganization or other exit plan. The firm will bill these rates: Madeline Lia Duncan $275/hr Paralegal $85/hr The firm is "disinterested" as such term is defined in 11 U.S.C. Sec. 101(14), and has no connection with the Debtor, its creditors or any other party in interest, or their respective attorneys, and does not represent any interest adverse to the Debtor or the estate, according to court filings. The firm can be reached through: Madeline Lia Duncan , Esq. Madeline Lia Duncan, P.C. 7100 W 44th Ave #106 Wheat Ridge, CO 80033 Phone: +1 303-431-2377 About Snowbird II Condominiums Association The Snowbird II Condominiums Association, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-13181) on Aug. 23, 2022, listing up to $100,000 in assets and up to $1 million in liabilities. Harvey Sender servesas Subchapter V trustee. Judge Thomas B. Mcnamara presides over the case. Kevin S. Neiman, Esq., at the Law Offices of Kevin S. Neiman, PC represents the Debtor as counsel. STATERA BIOPHARMA: Appoints John Kallassy as Director ----------------------------------------------------- The Board of Directors of Statera Biopharma, Inc. appointed John Kallassy as a director of the Company, effective Sept. 2, 2022, to fill the vacancy created by Randy Saluck's resignation. Mr. Kallassy will serve in such position until his successor is elected and qualified or until his earlier death, resignation, or removal. Mr. Kallassy will serve as a member of the Board's audit committee, compensation committee, and nominating and corporate governance committee. The Board has affirmatively determined that Mr. Kallassy is "independent" within the meaning of the listing standards of The Nasdaq Stock Market. In addition, Mr. Kallassy is independent under Nasdaq's heightened independence standards applicable to audit committee and compensation committee members. The Board also appointed Mr. Kallassy as an "audit committee financial expert" as defined in Item 407(d)(5) of Regulation S-K and Chairperson of the Audit Committee of the Board. Mr. Kallassy currently serves as chief executive officer and Board Chairman of biotech company Bactana Corp and chief financial officer of animal health biologics company Torigen Pharmaceuticals, Inc. Mr. Kallassy has more than 25 years' experience in finance and biotech innovation, including roles as CEO of Siemens spinoff Zargis Medical Corp and chief financial officer of Jaguar Health, which he supported through its Nasdaq IPO in 2015. Mr. Kallassy received his bachelor's degree in biology from the State University of New York at Brockport, studied pharmacology at the University of Leeds, and received his MBA from Cornell's Johnson Graduate School of Management. About Statera Statera Biopharma, Inc. (formerly known as Cytocom, Inc. and Cleveland Biolabs) is a clinical-stage biopharmaceutical company developing novel immunotherapies targeting autoimmune, neutropenia/anemia, emerging viruses and cancers based on a proprietary platform designed to rebalance the body's immune system and restore homeostasis. The Company reported a net loss of $2.44 million for the year ended Dec. 31, 2020, a net loss of $2.69 million for the year ended Dec. 31, 2019, a net loss of $3.71 million for the year ended Dec. 31, 2018, and a net loss of $9.84 million for the year ended Dec. 31, 2017. As of Sept. 30, 2021, the Company had $98.04 million in total assets, $23.84 million in total liabilities, and $74.19 million in total stockholders' equity. An involuntary Chapter 11 bankruptcy case was filed against Statera on Aug. 16, 2022, by three alleged creditors of the Company alleging they are owed a total of $2.1 million on account of notes, unpaid wages, and severance. STATERA BIOPHARMA: Inks LOI to Manufacture Antibody Products ------------------------------------------------------------ Statera Biopharma, Inc. entered a Binding Letter of Intent ("LOI") with Lay Sciences, Inc., pursuant to which the Company will manufacture, and test IgY polyclonal antibody products created by Lay. The LOI provides for an exclusivity period of 90 days for negotiating and finalizing a definitive agreement. During the Exclusivity Period, which begins from the date of the LOI, Lay will not engage in activities with any third party in relation to the acquisition of the Company. Pursuant to the LOI, (i) Lay shall complete technology transfer to the Company; and (ii) the Company shall (A) assist Lay in testing its current and future products for activity and purity. In consideration of the manufacturing right granted to the Company by Lay, the Company shall (i) issue 500,000 shares of preferred stock of the Company to Lay and (ii) pay up to $500,000 to Lay within 30 days of the execution of the LOI. About Statera Statera Biopharma, Inc. (formerly known as Cytocom, Inc. and Cleveland Biolabs) is a clinical-stage biopharmaceutical company developing novel immunotherapies targeting autoimmune, neutropenia/anemia, emerging viruses and cancers based on a proprietary platform designed to rebalance the body's immune system and restore homeostasis. The Company reported a net loss of $2.44 million for the year ended Dec. 31, 2020, a net loss of $2.69 million for the year ended Dec. 31, 2019, a net loss of $3.71 million for the year ended Dec. 31, 2018, and a net loss of $9.84 million for the year ended Dec. 31, 2017. As of Sept. 30, 2021, the Company had $98.04 million in total assets, $23.84 million in total liabilities, and $74.19 million in total stockholders' equity. An involuntary Chapter 11 bankruptcy case was filed against Statera on Aug. 16, 2022, by three alleged creditors of the Company alleging they are owed a total of $2.1 million on account of notes, unpaid wages, and severance. STATERA BIOPHARMA: Receives Noncompliance Notice From Nasdaq ------------------------------------------------------------ Statera Biopharma, Inc. was notified by the Listing Qualifications Staff of The Nasdaq Stock Market LLC that the Company's common stock would be subject to delisting due to the Company's non-compliance with the filing requirement set forth in Nasdaq Listing Rule 5250(c)(1) unless the Company timely requested a hearing before the Nasdaq Hearings Panel. The Company has not yet filed the Form 10-K for the fiscal year ended Dec. 31, 2021, or the Forms 10-Q for the quarterly periods ended March 31, 2022 and June 30, 2022 with the Securities and Exchange Commission. The Company intends to timely request a hearing before the Panel, which request will stay any further action by Nasdaq at least pending the issuance of a decision by the Panel and the expiration of any extension the Panel may grant to the Company following the hearing. The Company said it is diligently working to evidence compliance with the filing requirement; however, there can be no assurance that the Panel will determine to continue the Company's listing or that the Company will be able to evidence compliance with the applicable listing criteria within the period of time that may be granted by the Panel. The Company expects and intends to submit the Form 10-K and the Form 10-Qs and intends to file the Form 10-K and Form 10-Qs as soon as practicable. About Statera Statera Biopharma, Inc. (formerly known as Cytocom, Inc. and Cleveland Biolabs) is a clinical-stage biopharmaceutical company developing novel immunotherapies targeting autoimmune, neutropenia/anemia, emerging viruses and cancers based on a proprietary platform designed to rebalance the body's immune system and restore homeostasis. The Company reported a net loss of $2.44 million for the year ended Dec. 31, 2020, a net loss of $2.69 million for the year ended Dec. 31, 2019, a net loss of $3.71 million for the year ended Dec. 31, 2018, and a net loss of $9.84 million for the year ended Dec. 31, 2017. As of Sept. 30, 2021, the Company had $98.04 million in total assets, $23.84 million in total liabilities, and $74.19 million in total stockholders' equity. An involuntary Chapter 11 bankruptcy case was filed against Statera on Aug. 16, 2022, by three alleged creditors of the Company alleging they are owed a total of $2.1 million on account of notes, unpaid wages, and severance. STRATEGIC INNOVATIONS: U.S. Trustee Appoints Subchapter V Trustee ----------------------------------------------------------------- Tracy Hope Davis, U.S. Trustee for Region 17, appointed David Sousa as Subchapter V trustee for Strategic Innovations, LLC. In a court filing, Mr. Sousa disclosed that he is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: David M. Sousa P.O. Box 3167 Visalia, CA 93278-3167 Tel: (559) 242-2065 Email: Dave@fresnotrustee.com About Strategic Innovations Strategic Innovations, LLC, a company in Fresno, Calif., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 22-11541) on Sept. 1, 2022, with between $1 million and $10 million in both assets and liabilities. Royce Newcomb, managing member, signed the petition. Judge Jennifer E. Niemann oversees the case. The Debtor tapped David C. Johnston, Esq., as legal counsel. TMX FINANCE: S&P Alters Outlook to Negative, Affirms 'B-' ICR ------------------------------------------------------------- S&P Global Ratings revised its outlook on TMX Finance LLC and subsidiaries to negative from stable. At the same time, S&P affirmed its 'B-' issuer credit rating. S&P also affirmed its 'B-' issue rating on the company's 11.125% senior secured notes due April 1, 2023. The recovery rating on the notes is '3' (55%), indicating its expectation for meaningful recovery in the event of default. The current unfavorable debt market conditions coupled with macroeconomic headwinds have created tougher financing conditions for companies looking to refinance or issue debt, which has led to a substantial decline in issuance volume. The outlook revision is based on the increased refinancing risk related to TMX's $333 million of 11.125% senior secured notes due April 1, 2023. The company also has a revolving credit facility, with $50 million outstanding as of June 30, 2022, which converted to a 12-month term loan in December 2021 and matures on Dec. 26, 2022. As of June 30, 2022, TMX had $81 million of cash on balance sheet and generated net cash from operations and investing activities of about $60 million. It may also need to use $50 million to pay off its term loan due December 2022. S&P said, "We don't expect the company's cash balance and funds from operations to be sufficient to repay the $333 million balance outstanding on its senior notes as of June 30, 2022. We could lower the rating if TMX does not refinance its 2018 notes due 2023 in the next few months." TMX's leverage rose as of June 30, mainly because of higher operating lease liabilities after the adoption of a new accounting guidance and, to a lesser extent, lower EBITDA. As of June 30, 2022, TMX's rolling-12-months leverage (adjusted debt to EBITDA) was 5.3x and EBITDA interest coverage was 2.0x, versus 3.8x and 2.7x, respectively, as of year-end 2021. An accounting change drove most of the increase. The company adopted ASU 2016-02, Leases on Jan. 1, 2022, and recognized operating lease liabilities on its balance sheet for the first time. The $256 million in operating lease liabilities on its balance sheet, as of June 30, 2022, was higher than the operating lease liability adjustment S&P previously made. (When lease liabilities are not reported on balance sheet, S&P discount future lease obligation payments and add that to debt.) In addition to the lease accounting change, for the six months ended June 30, 2022, TMX's adjusted EBITDA decreased to $84 million compared with $128 million during the same period in 2021, primarily as a result of higher provisions. The company's annualized net charge-offs to average combined loans receivable increased to 33.5% from 24.0%, mainly owing to origination growth and lower recovery. From a macroeconomic standpoint, our economists now expect U.S. GDP growth of 1.8% (versus 2.4% in June 2022), assess the risk of recession in the next 12 months as 45% (within a 40%-50% range), and predict risks increasing as S&P heads into 2023. S&P's base-case forecast assumes the company's originations will increase by low- or mid-single digits in 2022 and its provision of losses and net charge-offs will rise to pre-pandemic levels. TMX operates in the highly regulated consumer finance industry, and S&P continues to monitor its exposure to state and federal regulations. In April 2022, TMX decided to cease its lending operations in New Mexico, which made up about 1.2% of total loans receivable, after New Mexico passed a bill in March capping the annual percentage rate at 36% on loans up to $10,000 made under the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act (effective January 2023). During the past several years, TMX has also decided to wind down its operations in California, Virginia, and Illinois owing to interest rate cap regulations. The negative outlook over the next 12 months reflects increased refinancing risk related to TMX's upcoming 2023 maturity. S&P expects leverage, measured as gross debt to adjusted EBITDA, will be 4.0x-5.0x, EBITDA coverage will be 2.0x-3.0x, and net charge-offs (as a percentage of average receivables) will stay below 40%. S&P also expects TMX to have an adequate cushion in its debt covenant. S&P could lower the ratings if: -- The company does not refinance the notes due in April 2023 in the next few months; -- TMX's operational performance severely deteriorates, so that EBITDA coverage approaches 1.0x; or -- Any regulations impede the company's growth strategy. S&P could revise the outlook to stable over the next 12 months if TMX successfully refinances it upcoming debt maturity, leverage remains below 5.0x, and EBITDA interest coverage remains above 2.0x on a sustained basis. TOTAL URBAN FORESTRY: Tree Removal Biz. Files Subchapter V Case --------------------------------------------------------------- Total Urban Forestry LLC seeks bankruptcy protection in Florida. The Debtor filed as a small business debtor seeking relief under Subchapter V of Chapter 11 of the Bankruptcy Code. The Debtor is a tree removal business and has been in operation since 2016. Its business is based in Ocala, Florida, and it primarily serves Marion and surrounding counties. Joshua Sanders is the manager and 100% member. For the calendar year 2020, the gross revenue for the Debtor was $1,576,222, and the gross revenue for 2021 was $3,817,143. From Jan. 1, 2022, through September 2022, revenue was $1,013,057. At one time, Total Urban employed more than 50 employees, however, as a result of COvid-19 and rising fuel expenses and labor cost, the Debtor was forced to reduce its workforce. The cash flow of the Debtor and creditor's inability to work a payment plan to payoff the debt forced Total Urban Forestry to seek bankruptcy protection. Total Urban Forestry estimates between 1 and 49 creditors. The petition states that funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Oct. 19, 2022, at 1:00 PM. U.S. Trustee (Jax) will hold the meeting telephonically. Call in Number: 866-718-3566. Passcode: 2721444#. Proofs of claim are due by Nov. 17, 2022. About Total Urban Forestry Total Urban Forestry LLC is a tree removal business based in Ocala, Florida. Total Urban Forestry LLC filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01807) on Sept. 8, 2022. In the petition filed by Joshua Sanders, as AMBR, the Debtor reported assets between $1 million and $10 million and liabilities between $1 million and $10 million. Jerrett M McConnell has been appointed as Subchapter V trustee. The Debtor is represented by Rehan N Khawaja of Law Offices of Rehan N. Khawaja. TRANSOCEAN LTD: Awarded $181M Contracts for Deepwater Asgard ------------------------------------------------------------ Transocean Ltd. announced that the ultra-deepwater drillship, Deepwater Asgard, received two contract awards in the U.S. Gulf of Mexico for a total of approximately 14 months of work, adding $181 million in firm backlog. The first award is a one-well contract with Murphy Oil Corporation at $395,000 per day. The contract is expected to commence late this fall after the rig completes its current contract and a planned out-of-service period. The contract also includes an option for a second well at the same dayrate. The backlog for the firm contract is approximately $20 million. The second award, a one-year contract with another operator at $440,000 per day (plus up to $40,000 per day for additional products and services), is expected to commence in the first half of 2023. This contract also includes three, one-year option periods at mutually agreed dayrates. The firm backlog associated with the contract is estimated to be approximately $161 million, excluding any revenue associated with the additional products and services. About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. Transocean reported a net loss of $591 million for the year ended Dec. 31, 2021, a net loss of $568 million for the year ended Dec. 31, 2020, and a net loss of $1.25 billion for the year ended Dec. 31, 2019. As of June 30, 2022, the Company had $20.55 billion in total assets, $1.53 billion in total current liabilities, $7.84 billion in total long-term liabilities, and $11.17 billion in total equity. * * * As reported by the TCR on July 11, 2022, S&P Global Ratings lowered its issuer credit rating on Switzerland-based offshore drilling company Transocean Ltd to 'CCC-' from 'CCC'. S&P's 'CCC-' issuer credit rating reflects its view that the Company will execute a distressed exchange or debt restructuring over the next six months. TRILOK FUSION: Seeks Cash Collateral Access ------------------------------------------- Trilok Fusion Arts, Inc. asks the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral and provide adequate protection. The Debtor requires the use of cash collateral to pay necessary expenses in the ordinary course of business in order to maintain its business operations. In its operation of the Trilok school, the Debtor incurs ordinary business expenses including costs for teachers and administrative staff. As a result of a financial crisis caused by the COVID-19 pandemic, Trilok fell behind in paying its rental payments on its lease of a building which houses its school in Brooklyn, New York. Despite its best efforts, Trilok has been unable to reach an agreement with landlord Waverly Corp. regarding the repayment of the arrears. Instead of entering into a workout agreement with Trilok, Waverly has brought an action to collect unpaid rent and evict Trilok from the leased premises. The Debtor intends to provide adequate assurance to the landlord by making post-petition rental payments as well as paying other financial obligations pursuant to the Lease. A copy of the motion is available at https://bit.ly/3Bxa6Bq from PacerMonitor.com. About Trilok Fusion Arts, Inc. Trilok Fusion Arts, Inc. is a not-for-profit organization formed in 2001 and commenced operations as an educational institution in 2007. The Trilok school provides education for children from Kindergarten to High School. The school's curriculum includes a premium academic program as well programs in Arts and Humanities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 22-42116) on September 6, 2022. In the petition signed by Sudha Seetharaman, executive director, the Debtor disclosed $327,346 in assets and $1,161,000 in liabilities. Judge Jil Mazer-Marino oversees the case. Clover Barrett, Esq., at Clover Barrett and Associates PC is the Debtor's counsel. TRIUMPH GROUP: Appoints Thomas Quigley III as VP Investor Relations ------------------------------------------------------------------- Triumph Group, Inc. has appointed Thomas A. Quigley, III as the Company's vice president, Investor Relations, Mergers & Acquisitions and treasurer effective Sept. 5, 2022. Mr. Quigley will step down as the Company's controller and principal accounting officer, a position he has held since November 2012. In connection with his new position, Mr. Quigley will receive a base salary of $338,000, a short-term incentive (STI) bonus opportunity of 60% of base salary, or $202,800, and a long-term incentive (LTI) bonus opportunity of 60% of base salary, or $202,800, for total target compensation of $743,600. Also effective Sept. 5, 2022, Kai W. Kasiguran was appointed as vice president, controller and principal accounting officer of the Company. Mr. Kasiguran previously served in a variety of roles at the Company from 2018 to 2022, most recently as the Company's assistant controller, corporate. From 2011 until joining the Company in 2018, Mr. Kasiguran held various roles within the audit practice of Ernst & Young, LLP, including Senior Audit Manager. In connection with his new position, Mr. Kasiguran will receive a base salary of $250,000, a short-term incentive (STI) bonus opportunity of 40% of base salary, or $100,000, and a long-term incentive (LTI) bonus opportunity of 45% of base salary, or $112,500, for total target compensation of $462,500. About Triumph Headquartered in Berwyn, Pennsylvania, Triumph Group, Inc. -- http://www.triumphgroup.com-- designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerospace and defense systems, components and structures. The company serves the global aviation industry, including original equipment manufacturers and the full spectrum of military and commercial aircraft operators. Triumph Group reported a net loss of $42.76 million for the year ended March 31, 2022, compared to a net loss of $450.91 million for the year ended March 31, 2021. As of June 30, 2022, the Company had $1.66 billion in total assets, $543.53 million in total current liabilities, $1.59 billion in long-term debt (less current portion), $287.62 million in accrued pension and other postretirement benefits, $7.26 million in deferred income taxes, $47.27 million in other noncurrent liabilities, and a total stockholders' deficit of $805.29 million. * * * As reported by the TCR on Aug. 18, 2021, Moody's Investors Service upgraded its ratings for Triumph Group, Inc., including the company's corporate family rating to Caa2 from Caa3 and Probability of Default Rating to Caa2-PD from Caa3-PD. The upgrades reflect Moody's expectations for stronger operating performance that will result in a gradual improvement in credit metrics through 2023. In June 2020, S&P Global Ratings lowered its issuer credit rating on Triumph Group Inc. to 'CCC+' from 'B-'. VALLEY TRANSPORTATION: U.S. Trustee Appoints Subchapter V Trustee ----------------------------------------------------------------- Tracy Hope Davis, U.S. Trustee for Region 17, appointed Lisa Holder as Subchapter V trustee for Valley Transportation, Inc. In a court filing, Ms. Holder disclosed that she is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Lisa Holder 3710 Earnhardt Drive Bakersfield, CA 93306 Telephone: (661) 205-2385 Email: Lholder@Lnhpc.com About Valley Transportation Valley Transportation, Inc. is a Fresno-based company that provides pickup and delivery services. On Sept. 1, 2022, Valley Transportation filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 22-11540), with between $1 million and $10 million in assets and between $500,000 and $1 million in liabilities. Deborah Simpson, chief executive officer of Valley Transportation, signed the petition. Judge Rene Lastreto II oversees the case. The Debtor tapped Riley C. Walter, Esq., at Wanger Jones Holsley as counsel. VBI VACCINES: To Market 3-Antigen Hepatitis B Vaccine in Europe --------------------------------------------------------------- Valneva SE and VBI Vaccines Inc. announced a partnership in select European markets for the marketing and distribution of PreHevbri [Hepatitis B vaccine (recombinant, adsorbed)], the only 3-antigen hepatitis B vaccine approved in Europe. Under the terms of the agreement, specialty vaccine company Valneva will promote and distribute PreHevbri throughout select European countries, which initially include the United Kingdom, Sweden, Norway, Denmark, Finland, Belgium, and the Netherlands. Valneva and VBI expect PreHevbri to be available in these countries in early 2023. Thomas Lingelbach, president and CEO of Valneva, commented: "We welcome this partnership with VBI which underlines Valneva's expertise in vaccine commercialization. Among the past years, we have continued to develop our third-party vaccine marketing and distribution activities further, notably with the signing of a distribution agreement with Bavarian Nordic in 2020, and we are extremely pleased to add VBI's Hepatitis B vaccine to this portfolio today. Our objective is to continue leveraging our commercial infrastructure to combat as many infectious diseases as we can." Jeff Baxter, president and CEO of VBI, commented: "This partnership is a significant milestone for PreHevbri, enabling us to hit the ground running in Europe. Valneva has substantial local knowledge, experience, and relationships in each of these European countries where we expect to launch, which will be of critical value as we work, collectively, to provide broad access to this differentiated 3-antigen HBV vaccine in Europe. Strategically, VBI and Valneva are two companies aligned by a shared mission to reduce the burden of infectious disease, and this new collaboration will build upon that meaningful synergy." PreHevbri was approved by the European Commission (EC) and the United Kingdom Medicines and Healthcare products Regulatory Agency (MHRA) in the second quarter of 2022 for active immunization against infection caused by all known subtypes of the hepatitis B virus (HBV) in adults. About VBI Vaccines VBI Vaccines Inc. -- www.vbivaccines.com -- is a biopharmaceutical company driven by immunology in the pursuit of powerful prevention and treatment of disease. Through its innovative approach to virus-like particles ("VLP s"), including a proprietary enveloped VLP ("eVLP") platform technology, VBI develops vaccine candidates that mimic the natural presentation of viruses, designed to elicit the innate power of the human immune system. VBI is committed to targeting and overcoming significant infectious diseases, including hepatitis B, coronaviruses, and cytomegalovirus (CMV), as well as aggressive cancers including glioblastoma (GBM). VBI is headquartered in Cambridge, Massachusetts, with research operations in Ottawa, Canada, and a research and manufacturing site in Rehovot, Israel. VBI Vaccines reported a net loss of $69.75 million for the year ended Dec. 31, 2021, compared to a net loss of $46.23 million for the year ended Dec. 31, 2020. As of June 30, 2022, the Company had $172.16 million in total assets, $40.53 million in total current liabilities, $26.07 million in total non-current liabilities, and $105.56 million in total stockholders' equity. Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 7, 2022, citing that the Company has an accumulated deficit as of Dec. 31, 2021 and cash outflows from operating activities for the year-ended Dec. 31, 2021 and, as such, will require significant additional funds to conduct clinical and non-clinical trials, achieve regulatory approvals, and subject to such approvals, commercially launch its products. These factors raise substantial doubt about its ability to continue as a going concern. WALL012 LLC: Seeks to Hire Eric A. Liepins as Legal Counsel ----------------------------------------------------------- WALL012, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Eric A. Liepins, PC as its bankruptcy counsel. The Debtor requires the assistance of a counsel for the purpose of orderly liquidating estate assets, reorganizing the claims of the estate, and determining the validity of claims asserted against the estate. The hourly rates of the firm's counsel and staff are as follows: Eric A. Liepins $275 Paralegals and Legal Assistants $30 - $50 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $2,500. Mr. Liepins, the sole shareholder of the firm, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric A. Liepins, Esq. Eric A. Liepins, PC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 991-5788 Email: eric@ealpc.com About WALL012 LLC WALL012 LLC, company in Carrollton, Texas, filed for Chapter 11 protection (Bankr. E.D. Texas Case No. 22-41135) on Sept. 1, 2022, with between $1 million and $10 million in both assets and liabilities. Tim Barton, president of WALL012, signed the petition. Eric A. Liepins, P.C. is the Debtor's legal counsel. WALL017 LLC: Seeks to Hire Eric A. Liepins as Legal Counsel ----------------------------------------------------------- WALL017 LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Eric A. Liepins, PC as its bankruptcy counsel. The Debtor requires the assistance of a counsel for the purpose of orderly liquidating estate assets, reorganizing the claims of the estate, and determining the validity of claims asserted against the estate. The hourly rates of the firm's counsel and staff are as follows: Eric A. Liepins $275 Paralegals and Legal Assistants $30 - $50 In addition, the firm will seek reimbursement for expenses incurred. The Debtor paid a retainer of $2,500. Mr. Liepins, the sole shareholder of the firm, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric A. Liepins, Esq. Eric A. Liepins, PC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 991-5788 Email: eric@ealpc.com About WALL017 LLC WALL017 LLC, a company in Carrollton, Texas, filed for Chapter 11 protection (Bankr. E.D. Texas Case No. 22-41137) on Sept. 1, 2022, with between $1 million and $10 million in both assets and liabilities. Tim Barton, president of WALL017, signed the petition. Eric A. Liepins, P.C. is the Debtor's legal counsel. YENOM ACQUISITIONS: Lender Seeks to Prohibit Cash Collateral Use ---------------------------------------------------------------- NYMT Commercial Acquisitions, LLC, a secured creditor of Yenom Acquisitions LLC, asks the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to prohibit the Debtor from using cash collateral without provision for adequate protection of NYMT's interests in the cash collateral. The Debtor is indebted to NYMT, as successor to Flip Funding, LLC pursuant to a Note executed by the Debtor on September 23, 2021, in the original principal amount of $2,730,000. The Note is secured by a Security Deed, Assignment of Leases and Rents, Security Agreement and Fixture Filing also dated September 23, 2021. On May 6, 2022, Flip assigned its interest in the Loan Documents to NYMT. Accordingly, NYMT is the present holder of the Loan Documents and is a secured creditor of the Debtor with a first-priority security interest in the Properties and the revenues generated thereby. As of September 8, 2022, at least $3,345,693 is owed under the Loan Documents. In its Petition, the Debtor listed the value of the collateral securing the Loan Documents is $0. On August 5, 2022, NYMT provided written notice to the Debtor of its defaults under the Loan Documents and accelerated the indebtedness. On September 2, NYMT provided written notice to the Debtor that it was going to conduct a foreclosure sale of the Properties on October 4. The Debtor is in default under the Loan Documents because, among other things, the Debtor failed to make monthly payments pursuant to the Loan Documents beginning with payments due January 2022 and failed to pay the entirety of the amounts owed under the Loan Documents after receipt of the August 5 letter. The Debtor has not filed a motion to use cash collateral nor has the secured creditor approved the Debtor's use of its cash collateral. Because the Debtor has not moved for permission to use NYMT's cash collateral or provided an adequate explanation for how cash collateral is being or was spent, NYMT objects to the continued use of its cash collateral by the Debtor unless adequate protection payments are provided sufficient to cover the diversion of any of the collateral away from the secured creditor as well as any diminution in value of the collateral. A copy of NYMT's motion is available at https://bit.ly/3Dio3ES from PacerMonitor.com. About Yenom Acquisitions LLC Yenom Acquisitions LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-57070) on September 6, 2022. NYMT Commercial Acquisitions, LLC, as secured creditor, is represented by: Lisa Wolgast, Esq. Talia B. Wagner, Esq. Morris, Manning and Martin, LLP 3343 Peachtree Road, N.E., Suite 1600 Atlanta, GA 30326 [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Frontline Medical Services LLC Bankr. D. Colo. Case No. 22-13411 Chapter 11 Petition filed September 6, 2022 See https://www.pacermonitor.com/view/NGZKSRA/Frontline_Medical_Services_LLC__cobke-22-13411__0001.0.pdf?mcid=tGE4TAMA represented by: Steven T. Mulligan, Esq. COAN, PAYTON & PAYNE, LLC E-mail: smulligan@cp2law.com In re Pilates and Yoga Center, LLC Bankr. S.D. Fla. Case No. 22-16923 Chapter 11 Petition filed September 6, 2022 See https://www.pacermonitor.com/view/4DOQ44Q/Pilates_and_Yoga_Center_LLC__flsbke-22-16923__0001.0.pdf?mcid=tGE4TAMA represented by: Brian K. McMahon, Esq. BRIAN K. MCMAHON, PA E-mail: briankmcmahon@gmail.com In re Marin Associates LLC Bankr. S.D. Fla. Case No. 22-16936 Chapter 11 Petition filed September 6, 2022 See https://www.pacermonitor.com/view/P26BFGI/NONE_Marin_associates__flsbke-22-16936__0001.0.pdf?mcid=tGE4TAMA represented by: David Winker, Esq. DAVID J. WINKER, PA E-mail: dwinker@dwrlc.com In re Flipperati LLC Bankr. N.D. Ga. Case No. 22-57065 Chapter 11 Petition filed September 6, 2022 Case Opened In re 2 Big Holdings LLC Bankr. N.D. Ga. Case No. 22-57073 Chapter 11 Petition filed September 6, 2022 Case Opened In re Alvarez Investment Group LLC Bankr. N.D. Ga. Case No. 22-57058 Chapter 11 Petition filed September 6, 2022 Case Opened In re The Atlanta Investars LLC Bankr. N.D. Ga. Case No. 22-57057 Chapter 11 Petition filed September 6, 2022 In re 5 Star Property Group LLC Bankr. N.D. Ga. Case No. 22-57060 Chapter 11 Petition filed September 6, 2022 Case Opened In re 2 Big Legacy LLC Bankr. N.D. Ga. Case No. 22-57062 Chapter 11 Petition filed September 6, 2022 Case Opened In re Yenom Acquisitions LLC Bankr. N.D. Ga. Case No. 22-57070 Chapter 11 Petition filed September 6, 2022 Case Opened In re Standing Ovation Renovations LLC Bankr. N.D. Ga. Case No. 22-57071 Chapter 11 Petition filed September 6, 2022 Case Opened In re Flourish Home Investors LLC Bankr. N.D. Ga. Case No. 22-57068 Chapter 11 Petition filed September 6, 2022 Case Opened In re Lionheart Trauma Support Services, LLC Bankr. E.D. Ky. Case No. 22-50861 Chapter 11 Petition filed September 6, 2022 See https://www.pacermonitor.com/view/QL2JASQ/Lionheart_Trauma_Support_Services__kyebke-22-50861__0001.0.pdf?mcid=tGE4TAMA represented by: Dean A. Langdon, Esq. DELCOTTO LAW GROUP PLLC In re R-Cubed Charlotte Investment Group, LLC Bankr. W.D.N.C. Case No. 22-30425 Chapter 11 Petition filed September 6, 2022 See https://www.pacermonitor.com/view/X6TWJ3I/R-Cubed_Charlotte_Investment_Group__ncwbke-22-30425__0001.0.pdf?mcid=tGE4TAMA represented by: Kimberly A. Sheek, Esq. LAW OFFICE OF KIMBERLY A. SHEEK E-mail: kimberlysheek@sheeklawfirm.com In re Angelena Donaree Pressley-Caffee Bankr. S.D. Tex. Case No. 22-32643 Chapter 11 Petition filed September 6, 2022 represented by: Susan Tran Adams, Esq. In re University RX LLC Bankr. E.D. Wisc. Case No. 22-23932 Chapter 11 Petition filed September 6, 2022 See https://www.pacermonitor.com/view/O3XBDFY/UNIVERSITY_RX_LLC__wiebke-22-23932__0001.0.pdf?mcid=tGE4TAMA represented by: Michelle A. Angell, Esq. KREKELER LAW, S.C. E-mail: mangell@ks-lawfirm.com In re Robert A. Germinara Bankr. D. Mass. Case No. 22-11282 Chapter 11 Petition filed September 7, 2022 represented by: George J. Nader, Esq. RILEY & DEVER, P.C. E-mail: nader@rileydever.com In re Hauser, Inc. Bankr. E.D. Mich. Case No. 22-47028 Chapter 11 Petition filed September 7, 2022 See https://www.pacermonitor.com/view/4U5IZKI/Hauser_Inc__miebke-22-47028__0001.0.pdf?mcid=tGE4TAMA represented by: Ryan D. Heilman, Esq. WERNETTE HEILMAN PLLC E-mail: ryan@wernetteheilman.com In re D Mart Carlstadt, LLC Bankr. D.N.J. Case No. 22-17072 Chapter 11 Petition filed September 7, 2022 See https://www.pacermonitor.com/view/5UGWD2Q/D_Mart_Carlstadt_LLC__njbke-22-17072__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re David Treyster Bankr. D.N.J. Case No. 22-17092 Chapter 11 Petition filed September 7, 2022 represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. E-mail: alla@kachanlaw.com In re Le Corbeau D'Elie, LLC Bankr. E.D.N.Y. Case No. 22-42126 Chapter 11 Petition filed September 7, 2022 See https://www.pacermonitor.com/view/EMI2M7A/Le_Corbeau_DElie_LLC__nyebke-22-42126__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Fix and Case, Inc. Bankr. E.D.N.Y. Case No. 22-42122 Chapter 11 Petition filed September 7, 2022 See https://www.pacermonitor.com/view/H3R2BWA/Fix_and_Case_Inc__nyebke-22-42122__0001.0.pdf?mcid=tGE4TAMA represented by: Edward Vaisman, Esq. VAISMAN LAW OFFICES E-mail: vaismanlaw@gmail.com In re Springfield House Bed and Breakfast, LLC Bankr. M.D. Pa. Case No. 22-01675 Chapter 11 Petition filed September 7, 2022 See https://www.pacermonitor.com/view/SY6C7WQ/Springfield_House_Bed_and_Breakfast__pambke-22-01675__0001.0.pdf?mcid=tGE4TAMA represented by: Brent C. Diefenderfer, Esq. CGA LAW FIRM E-mail: Bdiefenderfer@cgalaw.com In re Virginia Von Schaefer MD, Inc. Bankr. C.D. Cal. Case No. 22-11547 Chapter 11 Petition filed September 8, 2022 See https://www.pacermonitor.com/view/5GCBRUQ/Virginia_Von_Schaefer_MD_Inc__cacbke-22-11547__0001.0.pdf?mcid=tGE4TAMA represented by: Omero Banuelos, Esq. E-mail: omero@banuelos-law.com In re WT Pinnick Trust Bankr. M.D. Fla. Case No. 22-03662 Chapter 11 Petition filed September 8, 2022 See https://www.pacermonitor.com/view/6YK7PRQ/WT_Pinnick_Trust__flmbke-22-03662__0001.0.pdf?mcid=tGE4TAMA represented by: Gabriel Strine, Esq. STRINE LEGAL SERVICES, PLLC E-mail: grstrine@strinelegalservices.com In re Mac's Kwik Stop, Inc. Bankr. D. Kan. Case No. 22-20857 Chapter 11 Petition filed September 8, 2022 See https://www.pacermonitor.com/view/QKAQWKY/Macs_Kwik_Stop_Inc__ksbke-22-20857__0001.0.pdf?mcid=tGE4TAMA represented by: Colin Gotham, Esq. EVANS & MULLINIX, P.A. E-mail: cgotham@emlawkc.com In re Laboratorio Acropolis Inc. Bankr. D.P.R. Case No. 22-02670 Chapter 11 Petition filed September 8, 2022 See https://www.pacermonitor.com/view/FDPYLKQ/LABORATORIO_ACROPILIS_INC__prbke-22-02670__0001.0.pdf?mcid=tGE4TAMA represented by: Gloria Justiniano Irizarry, Esq. E-mail: justinianolaw@gmail.com In re Marina Babkina Bankr. E.D.N.Y. Case No. 22-42131 Chapter 11 Petition filed September 8, 2022 represented by: Alla Kachan, Esq. In re Georgia Boutsikakis Bankr. N.D. Ill. Case No. 22-10239 Chapter 11 Petition filed September 8, 2022 represented by: David Herzog, Esq. In re Eric R. Strang Bankr. W.D. Mich. Case No. 22-01823 Chapter 11 Petition filed September 8, 2022 In re Nomeinwe LLC Bankr. D.R.I. Case No. 22-10543 Chapter 11 Petition filed September 8, 2022 See https://www.pacermonitor.com/view/SHZN4WQ/Nomeinwe_LLC__ribke-22-10543__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Seagoville Farms, LLC Bankr. E.D. Tex. Case No. 22-41181 Chapter 11 Petition filed September 8, 2022 See https://www.pacermonitor.com/view/3PV4GIQ/Seagoville_Farms_LLC__txebke-22-41181__0001.0.pdf?mcid=tGE4TAMA represented by: Eric A. Liepins, Esq. ERIC A. LIEPINS Email: eric@ealpc.com In re Marovitch Concessions LLC Bankr. M.D. Fla. Case No. 22-03261 Chapter 11 Petition filed September 9, 2022 See https://www.pacermonitor.com/view/QDC6C5A/Marovitch_Concessions_LLC__flmbke-22-03261__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C. Bruner, Esq. BRUNER WRIGHT, P.A. Email: rbruner@brunerwright.com In re CRS Link Up, LLC Bankr. S.D. Fla. Case No. 22-17027 Chapter 11 Petition filed September 12, 2022 See https://www.pacermonitor.com/view/JF4U74Y/CRS_Link_Up_LLC__flsbke-22-17027__0001.0.pdf?mcid=tGE4TAMA represented by: Barry S. Mittelberg, Esq. BARRY S. MITTELBERG, P.A. Email: barry@mittelberglaw.com In re Pulse Fitness, LLC Bankr. E.D. Mich. Case No. 22-47113 Chapter 11 Petition filed September 9, 2022 See https://www.pacermonitor.com/view/TKQS7AQ/Pulse_Fitness_LLC__miebke-22-47113__0001.0.pdf?mcid=tGE4TAMA represented by: Elliot G. Crowder, Esq. STEVENSON & BULLOCK, P.L.C. Email: ecrowder@sbplclaw.com In re Spartan Pools LLC Bankr. D. Nev. Case No. 22-13244 Chapter 11 Petition filed September 9, 2022 See https://www.pacermonitor.com/view/5DBJK7I/SPARTAN_POOLS_LLC__nvbke-22-13244__0001.0.pdf?mcid=tGE4TAMA represented by: Zachariah Larson, Esq. LARSON & ZIRZOW, LLC Email: zlarson@lzlawnv.com In re Urban Motors LLC Bankr. D. Nev. Case No. 22-13236 Chapter 11 Petition filed September 9, 2022 See https://www.pacermonitor.com/view/EXVEGGQ/URBAN_MOTORS_LLC__nvbke-22-13236__0001.0.pdf?mcid=tGE4TAMA represented by: Robert E. Atkinson, Esq. ATKINSON LAW ASSOCIATES LTD. Email: bknotices@nv-lawfirm.com In re Flavorworkstruck LLC Bankr. E.D.N.Y. Case No. 22-42150 Chapter 11 Petition filed September 9, 2022 See https://www.pacermonitor.com/view/CBWQEUQ/Flavorworkstruck_LLC__nyebke-22-42150__0001.0.pdf?mcid=tGE4TAMA represented by: Karamvir Dahiya, Esq. DAHIYA LAW OFFICES, LLC Email: karam@bankruptcypundit.com In re Papacino's Bagels, Deli & Catering, Inc. Bankr. E.D.N.Y. Case No. 22-72367 Chapter 11 Petition filed September 9, 2022 See https://www.pacermonitor.com/view/AR55XLI/Papacinos_Bagels_Deli__Catering__nyebke-22-72367__0001.0.pdf?mcid=tGE4TAMA represented by: Ronald D. Weiss, Esq. RONALD D. WEISS, P.C. Email: weiss@ny-bankruptcy.com In re Academia De Desarrollo Integral Cristiano Inc. Bankr. D.P.R. Case No. 22-02689 Chapter 11 Petition filed September 9, 2022 See https://www.pacermonitor.com/view/TOE4VMA/ACADEMIA_DE_DESARROLLO_INTEGRAL__prbke-22-02689__0001.0.pdf?mcid=tGE4TAMA represented by: Alexis A. Betancourt Vincenty, Esq. LUGO MENDER GROUP, LLC Email: a_betancourt@lugomender.com In re Saul Hernandez Torres Bankr. D.P.R. Case No. 22-02688 Chapter 11 Petition filed September 9, 2022 represented by: Emily Darice Davila Rivera, Esq. In re Liloutie Rampersaud Bankr. E.D.N.Y. Case No. 22-42160 Chapter 11 Petition filed September 10, 2022 In re Tihi Restaurant Corp. Bankr. S.D.N.Y. Case No. 22-11216 Chapter 11 Petition filed September 11, 2022 See https://www.pacermonitor.com/view/FRMBTHY/Tihi_Restaurant_Corp__nysbke-22-11216__0001.0.pdf?mcid=tGE4TAMA represented by: Perry Ian Tischler, Esq. THE LAW OFFICES OF PERRY IAN TISCHLER, PC Email: ptischler@aol.com In re Chillking Chillers, Inc. Bankr. W.D. Tex. Case No. 22-10594 Chapter 11 Petition filed September 11, 2022 See https://www.pacermonitor.com/view/SDVK5UQ/Chillking_Chillers_Inc__txwbke-22-10594__0001.0.pdf?mcid=tGE4TAMA represented by: Stephen W. Sather, Esq. BARRON & NEWBURGER, P.C. Email: ssather@bn-lawyers.com In re Gardou Group, LLC Bankr. N.D. Cal. Case No. 22-40889 Chapter 11 Petition filed September 12, 2022 See https://www.pacermonitor.com/view/LSDUEJY/Gardou_Group_LLC__canbke-22-40889__0001.0.pdf?mcid=tGE4TAMA represented by: Marc Voisenat, Esq. LAW OFFICE OF MARC VOISENAT Email: voisenat@gmail.com In re Seahorse Restaurants, LLC Bankr. M.D. Fla. Case No. 22-03707 Chapter 11 Petition filed September 12, 2022 See https://www.pacermonitor.com/view/CJXTZ5I/Seahorse_Restaurants_LLC__flmbke-22-03707__0001.0.pdf?mcid=tGE4TAMA represented by: Edward J. Peterson, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. Email: epeterson@srbp.com In re Hazelton Trust a/k/a Hazleton Trust Bankr. S.D. Fla. Case No. 22-17022 Chapter 11 Petition filed September 12, 2022 See https://www.pacermonitor.com/view/KS6KPFY/Hazelton_Trust_aka_Hazleton_Trust__flsbke-22-17022__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey M. Siskind, Esq. SISKIND LEGAL, PLLC Email: jeffsiskind@msn.com In re Andrew Feltz Bankr. D.N.J. Case No. 22-17198 Chapter 11 Petition filed September 12, 2022 represented by: Christopher Martone, Esq. In re Fiore Holdings II LLC Bankr. D.N.J. Case No. 22-17212 Chapter 11 Petition filed September 12, 2022 See https://www.pacermonitor.com/view/PQNEPMI/FIORE_HOLDINGS_II_LLC__njbke-22-17212__0001.0.pdf?mcid=tGE4TAMA represented by: Avram D. White, Esq. LAW OFFICE OF AVRAM WHITE Email: avram.randr@gmail.com In re Complete Warehouse Solutions, Inc. Bankr. S.D.N.Y. Case No. 22-35577 Chapter 11 Petition filed September 12, 2022 See https://www.pacermonitor.com/view/GBOBIGA/Complete_Warehouse_Solutions_Inc__nysbke-22-35577__0001.0.pdf?mcid=tGE4TAMA represented by: Joel M. Shafferman, Esq. SHAFFERMAN & FELDMAN LLP Email: shaffermanjoel@gmail.com In re Bobby Loyd Bilyeu and Melody Jane Bilyeu Bankr. W.D. Okla. Case No. 22-12060 Chapter 11 Petition filed September 12, 2022 represented by: Stephen J. Moriarty, Esq. FELLERS, SNIDER ET AL Email: smoriarty@fellerssnider.com In re Ramon Orlando Ruiz Jimenez Bankr. D.P.R. Case No. 22-02713 Chapter 11 Petition filed September 12, 2022 represented by: Jesus Batista Sanchez, Esq. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. 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